Knoll (KNL) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Information [Line Items]
Entity Registrant Name	KNOLL INC
Entity Central Index Key	1,011,570
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,358,830
Restricted stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		891,610

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,035	$ 9,854
Customer receivables, net of allowance for doubtful accounts of $7,488 and $8,059, respectively	83,081	84,425
Inventories, net	146,200	142,072
Prepaid expenses	27,431	27,461
Other current assets	12,480	12,996
Total current assets	272,227	276,808
Property, plant, and equipment, net	200,371	197,084
Goodwill	141,471	141,391
Intangible assets, net	241,048	241,870
Other non-trade receivables	26	26
Other noncurrent assets	1,436	1,434
Total assets	856,579	858,613
Current liabilities:
Current maturities of long-term debt	10,000	10,000
Accounts payable	89,923	97,518
Income taxes payable	44	81
Other current liabilities	94,403	114,774
Total current liabilities	194,370	222,373
Long-term debt	232,549	208,383
Deferred income taxes	80,265	76,854
Post-employment benefits other than pensions	5,053	5,124
Pension liability	15,388	17,428
Other noncurrent liabilities	17,777	18,982
Total liabilities	545,402	549,144
Commitments and contingent liabilities
Equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 65,425,961 shares issued and 49,364,084 shares outstanding (including 907,860 non-voting restricted shares and net of 16,061,877 treasury shares) at March 31, 2017 and 64,741,648 shares issued and 49,096,290 shares outstanding (including 993,962 non-voting restricted shares and net of 15,645,358 treasury shares) at December 31, 2016	494	491
Additional paid-in capital	48,667	55,148
Retained earnings	304,862	297,011
Accumulated other comprehensive loss	(43,060)	(43,403)
Total Knoll, Inc. stockholders' equity	310,963	309,247
Noncontrolling interests	214	222
Total equity	311,177	309,469
Total liabilities and equity	$ 856,579	$ 858,613

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,488	$ 8,059
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	65,425,961	64,741,648
Common stock, shares outstanding	49,364,084	49,096,290
Non-vesting restricted shares	907,860	993,962
Treasury shares	16,061,877	15,645,358

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Sales	$ 256,820	$ 284,629
Cost of sales	161,146	176,865
Gross profit	95,674	107,764
Selling, general, and administrative expenses	72,640	75,915
Operating profit	23,034	31,849
Interest expense	1,671	1,554
Other expense, net	203	2,604
Income before income tax expense	21,160	27,691
Income tax expense	5,764	10,280
Net earnings	15,396	17,411
Net (loss) earnings attributable to noncontrolling interests	(8)	11
Net earnings attributable to Knoll, Inc. stockholders	$ 15,404	$ 17,400
Net earnings per common share attributable to Knoll, Inc. stockholders:
Basic (in dollars per share)	$ 0.32	$ 0.36
Diluted (in dollars per share)	0.31	0.36
Dividends per share (in dollars per share)	$ 0.15	$ 0.15
Weighted-average number of common shares outstanding:
Basic (in shares)	48,456,225	47,904,593
Diluted (in shares)	49,382,892	48,594,395
Other comprehensive income (loss):
Pension and other postretirement liability adjustment, net of tax	$ (137)	$ 138
Foreign currency translation adjustment	480	4,049
Total other comprehensive income (loss), net of tax	343	4,187
Total comprehensive income	15,739	21,598
Comprehensive (loss) income attributable to noncontrolling interests	(8)	11
Comprehensive income attributable to Knoll, Inc. stockholders	$ 15,747	$ 21,587

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 15,396	$ 17,411
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation	5,089	4,560
Amortization expense (including deferred financing fees)	989	989
Inventory obsolescence	744	647
Loss on disposal of property, plant and equipment	25	7
Unrealized foreign currency (gains) losses	(12)	1,262
Stock-based compensation	3,344	2,138
Bad debt and customer credits	(509)	91
Changes in assets and liabilities:
Customer receivables	1,876	8,570
Inventories	(4,765)	(7,348)
Prepaid and other current assets	1,456	7,749
Accounts payable	(5,105)	1,299
Current and deferred income taxes	2,447	578
Other current liabilities	(13,895)	(16,393)
Other noncurrent assets and liabilities	(3,255)	(304)
Cash provided by operating activities	3,825	21,256
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, net	(10,650)	(7,017)
Cash used in investing activities	(10,650)	(7,017)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from credit facility	130,000	99,500
Repayment of credit facility	(106,000)	(99,500)
Payment of dividends	(8,427)	(7,196)
Proceeds from the issuance of common stock	526	399
Purchase of common stock for treasury	(10,348)	(1,902)
Contingent purchase price payment	(6,000)	(5,000)
Cash used in financing activities	(249)	(13,699)
Effect of exchange rate changes on cash and cash equivalents	255	616
Net (decrease) increase in cash and cash equivalents	(6,819)	1,156
Cash and cash equivalents at beginning of period	9,854	4,192
Cash and cash equivalents at end of period	$ 3,035	$ 5,348

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Knoll, Inc. (the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet of the Company, as of December 31, 2016 , was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly the financial position of the Company and the results of the Company’s operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2016 . New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. The FASB subsequently deferred the effective date of this standard to December 15, 2017 with early adoption permitted as of December 15, 2016. The Company will adopt the new standard in the annual period beginning January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. Transition practical expedients are available for both methods. The Company plans to apply the modified retrospective transition method. The Company assembled an implementation work team to assess and document the accounting conclusions for the adoption of ASU 2014-09 and will continue to evaluate and assess the impact on the Company's consolidated financial statements. At this time, the Company does not believe the impact to the financial statements as a result of the adoption of this ASU will be material. In July 2015, the FASB issued ASU 2015-11 - Inventory (Topic 330) , which amends existing guidance for measuring inventories. This amendment will require the Company to measure inventories recorded using the first-in, first-out method at the lower of cost and net realizable value. This amendment does not change the methodology for measuring inventories recorded using the last-in, first-out method. This amendment is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company adopted this standard during the three months ended March 31, 2017, and the impact on its consolidated financial statements was not material. In February 2016, the FASB issued guidance codified in ASC 842, Leases, which supersedes the guidance in ASC 840, Leases. ASC 842 will be effective for the Company on January 1, 2019, and the Company will adopt the standard using the modified retrospective approach. While the Company continues to evaluate the provisions of ASC 842 to determine how it will be affected, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the accounting for goodwill impairment by removing the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Under the new guidance, goodwill impairment will be measured and recognized as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill allocated to the reporting unit. The revised guidance does not affect the reporting entity’s ability to first assess qualitative factors by reporting unit to determine whether it is necessary to perform the quantitative goodwill impairment test. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715). The new standard improves the presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will require all components of the Company's net periodic benefit cost (income), with the exception of service cost, currently reported within selling, general and administrative expenses, to be reclassified and reported within other expense. The adoption of this new standard will have no impact on pre-tax income or net income reported.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Information regarding the Company's inventories is as follows (in thousands): March 31, 2017 December 31, 2016 Raw materials $ 59,810 $ 60,217 Work-in-process 7,327 7,186 Finished goods 79,063 74,669 $ 146,200 $ 142,072 Inventory reserves for obsolescence and other estimated losses were $ 10.1 million and $9.5 million at March 31, 2017 and December 31, 2016 , respectively, and have been included in the amounts above.

PENSION AND OTHER POST-EMPLOYME

PENSION AND OTHER POST-EMPLOYMENT BENEFITS	3 Months Ended
	Mar. 31, 2017
Pension and Other Postretirement Benefit Expense [Abstract]
PENSION AND OTHER POST-EMPLOYMENT BENEFITS	PENSION AND OTHER POST-EMPLOYMENT BENEFITS The following table sets forth the components of the net periodic benefit income for the Company's pension and other post-employment benefit plans (in thousands): Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Service cost $ 175 $ 468 $ — $ — Interest cost 2,390 2,416 43 49 Expected return on plan assets (4,615 ) (3,612 ) — — Amortization of prior service credit — — (371 ) (280 ) Recognized actuarial loss (gain) 154 123 1 (62 ) Net periodic benefit (income) cost $ (1,896 ) $ (605 ) $ (327 ) $ (293 ) For the three months ended March 31, 2017 , $0.9 million of pension income was recognized in cost of sales and $0.9 million was recognized in selling, general, and administrative expenses. For the three months ended March 31, 2016 , $0.3 million of pension income was incurred in cost of sales and $0.3 million was incurred in selling, general, and administrative expenses.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments The fair values of the Company’s cash and cash equivalents, customer receivables, and accounts payable approximate carrying value due to their short maturities. The fair value of the Company’s long-term debt approximates its carrying value, as it is variable rate debt and the terms are comparable to market terms as of the balance sheet dates, and are classified as Level 2. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table represents the assets and liabilities, measured at fair value on a recurring basis and the basis for that measurement (in thousands): Fair Value as of March 31, 2017 Fair Value as of December 31, 2016 Liabilities: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Contingent purchase price payment - Holly Hunt $ — $ — $ — $ — $ — $ — $ 6,000 $ 6,000 Contingent purchase price payment - DatesWeiser — — 1,100 1,100 — — 1,100 1,100 Total $ — $ — $ 1,100 $ 1,100 $ — $ — $ 7,100 $ 7,100 Pursuant to the agreement governing the acquisition of HOLLY HUNT®, the Company may be required to make annual contingent purchase price payments. The payouts are based upon HOLLY HUNT® reaching an annual net sales target, for each year through 2016, and are paid out on or around February 20 of the following calendar year. The Company classifies this as a Level 3 measurement and is required to remeasure this liability at fair value on a recurring basis. The fair value of such contingent purchase price payments, totaling $16.0 million , was determined at the time of acquisition based upon net sales projections for HOLLY HUNT® for 2014, 2015, and 2016. The Company paid the remaining $6.0 million contingent purchase price in the three months ended March 31, 2017, as a result of HOLLY HUNT® achieving the 2016 net sales projections. Excluding the initial recognition of the liability for the contingent purchase price payments and payments made to reduce the liability, any changes in the fair value will be included within selling, general and administrative expenses. Pursuant to the agreement governing the acquisition of DatesWeiser, the Company may be required to make annual contingent purchase price payments. The payouts are based upon DatesWeiser reaching an annual net sales target, for each year through 2020. The Company classifies this as a Level 3 measurement and is required to remeasure this liability at fair value on a recurring basis. The fair value of such contingent purchase price payments was determined at the time of acquisition based upon net sales projections for DatesWeiser for 2017, 2018, 2019 and 2020. Excluding the initial recognition of the liability for the contingent purchase price payments and payments made to reduce the liability, any changes in the fair value will be included within selling, general and administrative expenses. There were no additional assets and/or liabilities recorded at fair value on a recurring basis as of March 31, 2017 or December 31, 2016 .

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS The Company's long-term debt is summarized as follows (in thousands): March 31, 2017 December 31, 2016 Balance of revolving credit facility $ 71,500 $ 45,000 Balance of term loan 172,500 175,000 Total long-term debt 244,000 220,000 Less: Current maturities of long-term debt 10,000 10,000 Less: Deferred financing fees, net 1,451 1,617 Long-term debt $ 232,549 $ 208,383

CONTINGENT LIABILITIES AND COMM

CONTINGENT LIABILITIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
CONTINGENT LIABILITIES AND COMMITMENTS	CONTINGENT LIABILITIES AND COMMITMENTS Litigation The Company is currently involved in matters of litigation, including environmental contingencies, arising in the ordinary course of business. The Company accrues for such matters when expenditures are probable and reasonably estimable. Based upon information presently known, management is of the opinion that such litigation, either individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Warranty The Company provides for estimated product warranty expenses when related products are sold and are included within other current liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, future warranty claims may differ from the amounts provided. Changes in the warranty reserve are as follows (in thousands): Balance, December 31, 2016 $ 8,906 Provision for warranty claims 1,106 Warranty claims paid (1,464 ) Foreign currency translation adjustment 302 Balance, March 31, 2017 $ 8,850 Warranty expense for the three months ended March 31, 2017 and 2016 was $1.1 million and $1.6 million , respectively.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
EQUITY	EQUITY The following table shows the change in equity attributable to Knoll, Inc. stockholders and noncontrolling interests during the three months ended March 31, 2017 (in thousands): Common Additional Retained Accumulated Total Noncontrolling Interests Total Equity Balance at December 31, 2016 $ 491 $ 55,148 $ 297,011 $ (43,403 ) $ 309,247 $ 222 $ 309,469 Net earnings — — 15,404 — 15,404 (8 ) 15,396 Other comprehensive income — — — 343 343 — 343 Shares issued for consideration: Exercise of stock options (22,500 shares) — 472 — — 472 — 472 Shares issued under stock incentive plan (668,899) 7 (3 ) — — 4 — 4 Shares issued to Board of Directors in lieu of cash (1,942 shares) — 50 — — 50 — 50 Stock-based compensation — 3,344 — — 3,344 — 3,344 Cash dividend ($0.15 per share) — — (7,553 ) — (7,553 ) — (7,553 ) Purchase of common stock (410,616 shares) (4 ) (10,344 ) — — (10,348 ) — (10,348 ) Balance at March 31, 2017 $ 494 $ 48,667 $ 304,862 $ (43,060 ) $ 310,963 $ 214 $ 311,177

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2017 (in thousands): Foreign Pension and Total Balance, as of December 31, 2016 $ (13,998 ) $ (29,405 ) $ (43,403 ) Other comprehensive income before reclassifications 480 — 480 Amounts reclassified from accumulated other comprehensive income (loss) — (137 ) (137 ) Net current-period other comprehensive income 480 (137 ) 343 Balance, as of March 31, 2017 $ (13,518 ) $ (29,542 ) $ (43,060 ) The following reclassifications were made from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations and other comprehensive income (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Amortization of pension and other post-employment liability adjustments Prior service credits (1) $ (371 ) $ 280 Actuarial losses (1) 155 (61 ) Total before tax (216 ) 219 Tax benefit (expense) 79 (81 ) Net of tax $ (137 ) $ 138 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension costs. See Note 3 for additional information.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
COMMON STOCK AND EARNINGS PER SHARE	COMMON STOCK AND EARNINGS PER SHARE Basic earnings per share excludes the dilutive effect of common shares that could potentially be issued due to the exercise of stock options and unvested restricted stock and restricted stock units, and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share includes the effect of shares and potential shares and units issued under the stock incentive plans. The following table sets forth the reconciliation from basic to dilutive average common shares (in thousands): Three Months Ended March 31, 2017 2016 Numerator: Net earnings attributable to Knoll, Inc. stockholders $ 15,404 $ 17,400 Denominator: Denominator for basic earnings per shares - weighted-average shares 48,456 47,905 Effect of dilutive securities: Potentially dilutive shares resulting from stock plans 927 689 Denominator for diluted earnings per share - weighted-average shares 49,383 48,594 Antidilutive equity awards not included in weighted-average common shares—diluted 12 — Net earnings per common share attributable to Knoll, Inc. stockholders: Basic $ 0.32 $ 0.36 Diluted $ 0.31 $ 0.36

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2017 and 2016 were based on the estimated effective tax rates applicable for the full years ending December 31, 2017 and 2016 and includes items specifically related to the interim periods. The Company’s effective tax rate was 27.2% and 37.1% for the three months ended March 31, 2017 and 2016 , respectively. The decrease in the Company's effective tax rate for the three months ended March 31, 2017 was due primarily to the adoption of ASU 2016-09 in the third quarter of 2016, which impacted the accounting treatment of excess tax benefits related to vesting of equity awards in the three months ended March 31, 2017. This resulted in the realization of tax benefits as a reduction to income tax expense in the quarter. In addition, the effective tax rate was affected by the geographic mix of pretax income and the varying effective tax rates in the countries and states in which the Company operates. As of March 31, 2017 and December 31, 2016 , the Company had unrecognized tax benefits of approximately $0.9 million , respectively. These unrecognized tax benefit amounts would affect the effective tax rate if recognized. As of March 31, 2017 , the Company is subject to U.S. Federal Income Tax examination for the tax years 2007 through 2016, and to non-U.S. income tax examination for the tax years 2010 to 2016. In addition, the Company is subject to state and local income tax examinations for the tax years 2007 through 2016.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company manages business through its reporting segments: Office, Studio, and Coverings. All unallocated expenses are included within Corporate. The Office segment includes a complete range of workplace products that address diverse workplace planning paradigms. These products include: systems furniture, seating, storage, tables, desks and KnollExtra® accessories as well as the international sales of North American Office products. The Studio segment includes KnollStudio®, HOLLY HUNT®, Knoll Europe and DatesWeiser. KnollStudio products, include iconic seating, lounge furniture, side, cafe and dining chairs as well as conference, training and dining and occasional tables. HOLLY HUNT® is known for high quality residential furniture, lighting, rugs, textiles and leathers. In 2016, HOLLY HUNT® acquired Vladimir Kagan Design Group, a renowned collection of modern luxury furnishings. Knoll Europe, which markets and sells both KnollStudio and Knoll Office products, manufactures and sells products to customers primarily in Europe. DatesWeiser, known for its sophisticated meeting and conference tables and credenzas, sets a standard for design, quality and technology integration. The Coverings segment includes KnollTextiles®, Spinneybeck® (including Filzfelt®), and Edelman® Leather. These businesses provide a wide range of customers with high-quality fabrics, felt, leather and related architectural products. In 2016, the Company revised its segment presentation to segregate Corporate costs. The Company believes this facilitates improved communication as it reports segment results and better aligns with how it views and operates the Company. Corporate costs include unallocated costs relating to shared services and general corporate activities such as legal expenses, acquisition expenses, certain finance, human resources, administrative and executive expenses and other expenses that are not directly attributable to an operating segment. Dedicated, direct selling, general and administrative expenses of the segments continue to be included within segment operating profit. Management regularly reviews the costs included in the Corporate function, and believes disclosing such information provides more visibility and transparency of how the chief operating decision maker reviews the results for the Company. The tables below present the Company’s segment information with Corporate costs excluded from operating segment results. Prior year amounts have been recast to conform to the current presentation (in thousands): Three Months Ended March 31, 2017 2016 SALES Office $ 149,832 $ 185,356 Studio 79,073 71,506 Coverings 27,915 27,767 Corporate — — Knoll, Inc. $ 256,820 $ 284,629 INTERSEGMENT SALES (1) Office $ 274 $ 581 Studio 1,098 1,305 Coverings 1,951 2,247 Corporate — — Knoll, Inc. $ 3,323 $ 4,133 OPERATING PROFIT Office $ 8,776 $ 19,833 Studio 11,639 10,483 Coverings 6,236 6,722 Corporate (3,617 ) (5,189 ) Knoll, Inc. (2) $ 23,034 $ 31,849 _______________________________________________________________________________ (1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Knoll, Inc. (the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet of the Company, as of December 31, 2016 , was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly the financial position of the Company and the results of the Company’s operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2016 .
New Accounting Pronouncements	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU supersedes the revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. The FASB subsequently deferred the effective date of this standard to December 15, 2017 with early adoption permitted as of December 15, 2016. The Company will adopt the new standard in the annual period beginning January 1, 2018. The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. Transition practical expedients are available for both methods. The Company plans to apply the modified retrospective transition method. The Company assembled an implementation work team to assess and document the accounting conclusions for the adoption of ASU 2014-09 and will continue to evaluate and assess the impact on the Company's consolidated financial statements. At this time, the Company does not believe the impact to the financial statements as a result of the adoption of this ASU will be material. In July 2015, the FASB issued ASU 2015-11 - Inventory (Topic 330) , which amends existing guidance for measuring inventories. This amendment will require the Company to measure inventories recorded using the first-in, first-out method at the lower of cost and net realizable value. This amendment does not change the methodology for measuring inventories recorded using the last-in, first-out method. This amendment is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company adopted this standard during the three months ended March 31, 2017, and the impact on its consolidated financial statements was not material. In February 2016, the FASB issued guidance codified in ASC 842, Leases, which supersedes the guidance in ASC 840, Leases. ASC 842 will be effective for the Company on January 1, 2019, and the Company will adopt the standard using the modified retrospective approach. While the Company continues to evaluate the provisions of ASC 842 to determine how it will be affected, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 simplifies the accounting for goodwill impairment by removing the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Under the new guidance, goodwill impairment will be measured and recognized as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill allocated to the reporting unit. The revised guidance does not affect the reporting entity’s ability to first assess qualitative factors by reporting unit to determine whether it is necessary to perform the quantitative goodwill impairment test. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715). The new standard improves the presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will require all components of the Company's net periodic benefit cost (income), with the exception of service cost, currently reported within selling, general and administrative expenses, to be reclassified and reported within other expense. The adoption of this new standard will have no impact on pre-tax income or net income reported.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of inventories	Information regarding the Company's inventories is as follows (in thousands): March 31, 2017 December 31, 2016 Raw materials $ 59,810 $ 60,217 Work-in-process 7,327 7,186 Finished goods 79,063 74,669 $ 146,200 $ 142,072

PENSION AND OTHER POST-EMPLOY19

PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2017
Pension and Other Postretirement Benefit Expense [Abstract]
Schedule of components of the net periodic benefit cost	The following table sets forth the components of the net periodic benefit income for the Company's pension and other post-employment benefit plans (in thousands): Pension Benefits Other Benefits Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Service cost $ 175 $ 468 $ — $ — Interest cost 2,390 2,416 43 49 Expected return on plan assets (4,615 ) (3,612 ) — — Amortization of prior service credit — — (371 ) (280 ) Recognized actuarial loss (gain) 154 123 1 (62 ) Net periodic benefit (income) cost $ (1,896 ) $ (605 ) $ (327 ) $ (293 )

FAIR VALUE OF FINANCIAL INSTR20

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of indefinite lived intangible assets recorded at fair value on a recurring basis	The following table represents the assets and liabilities, measured at fair value on a recurring basis and the basis for that measurement (in thousands): Fair Value as of March 31, 2017 Fair Value as of December 31, 2016 Liabilities: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Contingent purchase price payment - Holly Hunt $ — $ — $ — $ — $ — $ — $ 6,000 $ 6,000 Contingent purchase price payment - DatesWeiser — — 1,100 1,100 — — 1,100 1,100 Total $ — $ — $ 1,100 $ 1,100 $ — $ — $ 7,100 $ 7,100

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company's long-term debt is summarized as follows (in thousands): March 31, 2017 December 31, 2016 Balance of revolving credit facility $ 71,500 $ 45,000 Balance of term loan 172,500 175,000 Total long-term debt 244,000 220,000 Less: Current maturities of long-term debt 10,000 10,000 Less: Deferred financing fees, net 1,451 1,617 Long-term debt $ 232,549 $ 208,383

CONTINGENT LIABILITIES AND CO22

CONTINGENT LIABILITIES AND COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of changes in the warranty reserve	Changes in the warranty reserve are as follows (in thousands): Balance, December 31, 2016 $ 8,906 Provision for warranty claims 1,106 Warranty claims paid (1,464 ) Foreign currency translation adjustment 302 Balance, March 31, 2017 $ 8,850

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of stockholders' equity	The following table shows the change in equity attributable to Knoll, Inc. stockholders and noncontrolling interests during the three months ended March 31, 2017 (in thousands): Common Additional Retained Accumulated Total Noncontrolling Interests Total Equity Balance at December 31, 2016 $ 491 $ 55,148 $ 297,011 $ (43,403 ) $ 309,247 $ 222 $ 309,469 Net earnings — — 15,404 — 15,404 (8 ) 15,396 Other comprehensive income — — — 343 343 — 343 Shares issued for consideration: Exercise of stock options (22,500 shares) — 472 — — 472 — 472 Shares issued under stock incentive plan (668,899) 7 (3 ) — — 4 — 4 Shares issued to Board of Directors in lieu of cash (1,942 shares) — 50 — — 50 — 50 Stock-based compensation — 3,344 — — 3,344 — 3,344 Cash dividend ($0.15 per share) — — (7,553 ) — (7,553 ) — (7,553 ) Purchase of common stock (410,616 shares) (4 ) (10,344 ) — — (10,348 ) — (10,348 ) Balance at March 31, 2017 $ 494 $ 48,667 $ 304,862 $ (43,060 ) $ 310,963 $ 214 $ 311,177

ACCUMULATED OTHER COMPREHENSI24

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2017 (in thousands): Foreign Pension and Total Balance, as of December 31, 2016 $ (13,998 ) $ (29,405 ) $ (43,403 ) Other comprehensive income before reclassifications 480 — 480 Amounts reclassified from accumulated other comprehensive income (loss) — (137 ) (137 ) Net current-period other comprehensive income 480 (137 ) 343 Balance, as of March 31, 2017 $ (13,518 ) $ (29,542 ) $ (43,060 )
Reclassification out of accumulated other comprehensive income	The following reclassifications were made from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations and other comprehensive income (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Amortization of pension and other post-employment liability adjustments Prior service credits (1) $ (371 ) $ 280 Actuarial losses (1) 155 (61 ) Total before tax (216 ) 219 Tax benefit (expense) 79 (81 ) Net of tax $ (137 ) $ 138 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension costs. See Note 3 for additional information.

COMMON STOCK AND EARNINGS PER25

COMMON STOCK AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of reconciliation of basic to dilutive average common shares	The following table sets forth the reconciliation from basic to dilutive average common shares (in thousands): Three Months Ended March 31, 2017 2016 Numerator: Net earnings attributable to Knoll, Inc. stockholders $ 15,404 $ 17,400 Denominator: Denominator for basic earnings per shares - weighted-average shares 48,456 47,905 Effect of dilutive securities: Potentially dilutive shares resulting from stock plans 927 689 Denominator for diluted earnings per share - weighted-average shares 49,383 48,594 Antidilutive equity awards not included in weighted-average common shares—diluted 12 — Net earnings per common share attributable to Knoll, Inc. stockholders: Basic $ 0.32 $ 0.36 Diluted $ 0.31 $ 0.36

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of certain financial information related to segments	The tables below present the Company’s segment information with Corporate costs excluded from operating segment results. Prior year amounts have been recast to conform to the current presentation (in thousands): Three Months Ended March 31, 2017 2016 SALES Office $ 149,832 $ 185,356 Studio 79,073 71,506 Coverings 27,915 27,767 Corporate — — Knoll, Inc. $ 256,820 $ 284,629 INTERSEGMENT SALES (1) Office $ 274 $ 581 Studio 1,098 1,305 Coverings 1,951 2,247 Corporate — — Knoll, Inc. $ 3,323 $ 4,133 OPERATING PROFIT Office $ 8,776 $ 19,833 Studio 11,639 10,483 Coverings 6,236 6,722 Corporate (3,617 ) (5,189 ) Knoll, Inc. (2) $ 23,034 $ 31,849 _______________________________________________________________________________ (1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 59,810	$ 60,217
Work-in-process	7,327	7,186
Finished goods	79,063	74,669
Inventories, net	146,200	142,072
Inventory reserves for obsolescence and other estimated losses	$ 10,100	$ 9,500

PENSION AND OTHER POST-EMPLOY28

PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Benefits
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
Service cost	$ 175	$ 468
Interest cost	2,390	2,416
Expected return on plan assets	(4,615)	(3,612)
Amortization of prior service credit	0	0
Recognized actuarial loss (gain)	154	123
Net periodic benefit (income) cost	(1,896)	(605)
Pension Benefits | Cost of sales
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
Net periodic benefit (income) cost	900	300
Pension Benefits | Selling, general and administrative expenses
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
Net periodic benefit (income) cost	900	300
Other Benefits
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
Service cost	0	0
Interest cost	43	49
Expected return on plan assets	0	0
Amortization of prior service credit	(371)	(280)
Recognized actuarial loss (gain)	1	(62)
Net periodic benefit (income) cost	$ (327)	$ (293)

FAIR VALUE OF FINANCIAL INSTR29

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	$ 1,100	$ 7,100	$ 16,000
Holly Hunt Enterprises, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	0	6,000
DatesWeiser
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	1,100	1,100
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	1,100	7,100
Level 3 | Holly Hunt Enterprises, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	0	6,000
Level 3 | DatesWeiser
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price payment	$ 1,100	$ 1,100

INDEBTEDNESS (Details)

INDEBTEDNESS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Long-term debt
Long-term debt	$ 244,000	$ 220,000
Less: Current maturities of long-term debt	10,000	10,000
Less: Deferred financing fees, net	1,451	1,617
Long-term debt	232,549	208,383
Revolving credit facility
Long-term debt
Long-term debt	71,500	45,000
Term loan
Long-term debt
Long-term debt	$ 172,500	$ 175,000

CONTINGENT LIABILITIES AND CO31

CONTINGENT LIABILITIES AND COMMITMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in warranty reserve
Balance, December 31, 2016	$ 8,906
Provision for warranty claims	1,106	$ 1,600
Warranty claims paid	(1,464)
Foreign currency translation adjustment	302
Balance, March 31, 2017	$ 8,850

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 309,469
Net earnings	15,396
Other comprehensive income	343	$ 4,187
Exercise of stock options (22,500 shares)	472
Shares issued under stock incentive plan (668,899)	4
Shares issued to Board of Directors in lieu of cash (1,942 shares)	50
Stock-based compensation	3,344
Cash dividend ($0.15 per share)	(7,553)
Purchase of common stock (410,616 shares)	(10,348)
Ending Balance	$ 311,177
Exercise of stock options (in shares)	22,500
Shares issued under stock incentive plans (in shares)	668,899
Shares issued to Board of Directors in lieu of cash (in shares)	1,942
Cash dividend (in dollars per share)	$ 0.15
Purchase of common stock (in shares)	410,616
Total Knoll, Inc. Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 309,247
Net earnings	15,404
Other comprehensive income	343
Exercise of stock options (22,500 shares)	472
Shares issued under stock incentive plan (668,899)	4
Shares issued to Board of Directors in lieu of cash (1,942 shares)	50
Stock-based compensation	3,344
Cash dividend ($0.15 per share)	(7,553)
Purchase of common stock (410,616 shares)	(10,348)
Ending Balance	310,963
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	491
Shares issued under stock incentive plan (668,899)	7
Purchase of common stock (410,616 shares)	(4)
Ending Balance	494
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	55,148
Exercise of stock options (22,500 shares)	472
Shares issued under stock incentive plan (668,899)	(3)
Shares issued to Board of Directors in lieu of cash (1,942 shares)	50
Stock-based compensation	3,344
Purchase of common stock (410,616 shares)	(10,344)
Ending Balance	48,667
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	297,011
Net earnings	15,404
Cash dividend ($0.15 per share)	(7,553)
Ending Balance	304,862
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(43,403)
Other comprehensive income	343
Ending Balance	(43,060)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	222
Net earnings	(8)
Ending Balance	$ 214

ACCUMULATED OTHER COMPREHENSI33

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ (43,403)
Other comprehensive income before reclassifications	480
Amounts reclassified from accumulated other comprehensive income (loss)	(137)
Net current-period other comprehensive income	343
Ending Balance	(43,060)
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(13,998)
Other comprehensive income before reclassifications	480
Amounts reclassified from accumulated other comprehensive income (loss)	0
Net current-period other comprehensive income	480
Ending Balance	(13,518)
Pension and Other Post-Employment Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(29,405)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive income (loss)	(137)
Net current-period other comprehensive income	(137)
Ending Balance	$ (29,542)

ACCUMULATED OTHER COMPREHENSI34

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit (expense)	$ (5,764)	$ (10,280)
Net of tax	15,396
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credits	(371)	280
Actuarial losses	155	(61)
Total before tax	(216)	219
Tax benefit (expense)	79	(81)
Net of tax	$ (137)	$ 138

COMMON STOCK AND EARNINGS PER35

COMMON STOCK AND EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net earnings attributable to Knoll, Inc. stockholders	$ 15,404	$ 17,400
Weighted-average shares of common stock outstanding—basic (in shares)	48,456,225	47,904,593
Potentially dilutive shares resulting from stock plans (in shares)	927,000	689,000
Denominator for diluted earnings per share - weighted-average shares (in shares)	49,382,892	48,594,395
Antidilutive equity awards not included in weighted-average common shares—diluted (in shares)	12,000	0
Basic (in dollars per share)	$ 0.32	$ 0.36
Diluted (in dollars per share)	$ 0.31	$ 0.36

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective tax rate	27.20%	37.10%
Unrecognized tax benefits, which would reduce the effective tax rate if recognized	$ 0.9		$ 0.9

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Financial information of segments
SALES	$ 256,820	$ 284,629
OPERATING PROFIT	23,034	31,849
Operating Segments
Financial information of segments
SALES	256,820	284,629
INTERSEGMENT SALES	3,323	4,133
Corporate
Financial information of segments
SALES	0	0
INTERSEGMENT SALES	0	0
OPERATING PROFIT	(3,617)	(5,189)
Office | Operating Segments
Financial information of segments
SALES	149,832	185,356
INTERSEGMENT SALES	274	581
OPERATING PROFIT	8,776	19,833
Studio | Operating Segments
Financial information of segments
SALES	79,073	71,506
INTERSEGMENT SALES	1,098	1,305
OPERATING PROFIT	11,639	10,483
Coverings | Operating Segments
Financial information of segments
SALES	27,915	27,767
INTERSEGMENT SALES	1,951	2,247
OPERATING PROFIT	$ 6,236	$ 6,722