Helios (HLIO) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 27, 2015	Jul. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	SUN HYDRAULICS CORP
Entity Central Index Key	1,024,795
Current Fiscal Year End Date	--01-02
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 27, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		26,694,921

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 71,667	$ 56,843
Restricted cash	316	319
Accounts receivable, net of allowance for doubtful accounts of $143 and $172	19,522	17,501
Inventories	12,430	14,098
Deferred income taxes	464	467
Short-term investments	43,749	43,353
Other current assets	3,003	2,966
Total current assets	151,151	135,547
Property, plant and equipment, net	76,478	77,716
Goodwill	5,040	5,141
Other assets	4,675	4,360
Total assets	237,344	222,764
Current liabilities:
Accounts payable	5,638	4,873
Accrued expenses and other liabilities	5,423	7,908
Income taxes payable	886	559
Dividends payable	2,402	2,392
Total current liabilities	14,349	15,732
Deferred income taxes	8,509	8,501
Other noncurrent liabilities	269	272
Total liabilities	23,127	24,505
Commitments and contingencies	0	0
Shareholders’ equity:
Preferred stock, 2,000,000 shares authorized, par value $0.001, no shares outstanding	0	0
Common stock, 50,000,000 shares authorized, par value $0.001, 26,688,080 and 26,572,774 shares outstanding	27	27
Capital in excess of par value	79,543	73,499
Retained earnings	141,239	128,818
Accumulated other comprehensive income (loss)	(6,592)	(4,085)
Total shareholders’ equity	214,217	198,259
Total liabilities and shareholders’ equity	$ 237,344	$ 222,764

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, accounts receivable	$ 143	$ 172
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	26,688,080	26,572,774

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Net sales	$ 54,016	$ 61,050	$ 108,402	$ 117,859
Cost of sales	32,612	35,294	65,603	68,036
Gross profit	21,404	25,756	42,799	49,823
Selling, engineering and administrative expenses	7,329	7,379	14,615	14,720
Operating income	14,075	18,377	28,184	35,103
Interest (income) expense, net	(344)	(284)	(661)	(596)
Foreign currency transaction (gain) loss, net	260	(37)	(699)	(30)
Miscellaneous (income) expense, net	185	274	212	358
Income before income taxes	13,974	18,424	29,332	35,371
Income tax provision	4,726	6,238	9,707	11,800
Net income	$ 9,248	$ 12,186	$ 19,625	$ 23,571
Basic net income per common share (in dollars per share)	$ 0.35	$ 0.46	$ 0.74	$ 0.89
Weighted average basic shares outstanding	26,684	26,444	26,645	26,409
Diluted net income per common share (in dollars per share)	$ 0.35	$ 0.46	$ 0.74	$ 0.89
Weighted average diluted shares outstanding	26,684	26,444	26,645	26,409
Dividends declared per share (in dollars per share)	$ 0.09	$ 0.09	$ 0.27	$ 0.27

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Statement of Comprehensive Income [Abstract]
Revenue, Net	$ 54,016	$ 61,050	$ 108,402	$ 117,859
Net income	9,248	12,186	19,625	23,571
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	2,165	2,741	(2,359)	2,668
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	(236)	126	(148)	195
Total other comprehensive income (loss)	1,929	2,867	(2,507)	2,863
Comprehensive income	11,177	15,053	17,118	26,434
Cost of Goods and Services Sold	32,612	35,294	65,603	68,036
Gross profit	21,404	25,756	42,799	49,823
Selling, General and Administrative Expense	7,329	7,379	14,615	14,720
Operating Income (Loss)	14,075	18,377	28,184	35,103
Investment Income, Interest	(344)	(284)	(661)	(596)
Foreign Currency Transaction Gain (Loss), before Tax	260	(37)	(699)	(30)
Nonoperating Income (Expense)	185	274	212	358
Income before income taxes	13,974	18,424	29,332	35,371
Income tax provision	$ 4,726	$ 6,238	$ 9,707	$ 11,800
Earnings Per Share, Basic	$ 0.35	$ 0.46	$ 0.74	$ 0.89
Weighted Average Number of Shares Outstanding, Basic	26,684	26,444	26,645	26,409
Earnings Per Share, Diluted	$ 0.35	$ 0.46	$ 0.74	$ 0.89
Weighted Average Number of Shares Outstanding, Diluted	26,684	26,444	26,645	26,409
Common Stock, Dividends, Per Share, Declared	$ 0.09	$ 0.09	$ 0.27	$ 0.27

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity (unaudited) - 6 months ended Jun. 27, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Preferred stock	Common stock	Capital in excess of par value	Retained earnings	Accumulated other comprehensive income
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures			(6)
Beginning Balance at Dec. 27, 2014	$ 198,259	$ 0	$ 27	$ 73,499	$ 128,818	$ (4,085)
Beginning Balance, Shares at Dec. 27, 2014		0	26,573
Shares issued, other comp	0
Shares issued, other comp, Shares			11
Shares issued, ESPP	550			550
Shares issued, ESPP, Shares			16
Shares issued, shared distribution	3,535			3,535
Shares issued, shared distribution, Shares			94
Stock-based compensation	1,959			1,959
Dividends declared	(7,204)				(7,204)
Net income	19,625				19,625
Other comprehensive income (loss)	(2,507)					(2,507)
Ending Balance at Jun. 27, 2015	$ 214,217	$ 0	$ 27	$ 79,543	$ 141,239	$ (6,592)
Ending Balance, Shares at Jun. 27, 2015		0	26,688

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Cash flows from operating activities:
Net income	$ 19,625	$ 23,571
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,572	4,212
(Gain)Loss on disposal of assets	94	134
Deferred Income Tax Expense (Benefit)	98	50
Allowance for doubtful accounts	(29)	0
Stock-based compensation expense	1,959	1,853
(Increase) decrease in, net of assets acquired:
Accounts receivable	(1,992)	(5,682)
Inventories	1,668	(856)
Income taxes receivable	0	954
Other current assets	(37)	(1,601)
Other assets	373	(99)
Increase (decrease) in, net of liabilities assumed:
Accounts payable	765	1,346
Accrued expenses and other liabilities	1,050	2,752
Income taxes payable	327	21
Other noncurrent liabilities	(3)	17
Net cash provided by operating activities	28,470	26,672
Cash flows from investing activities:
Payments to Acquire Intangible Assets	(575)	0
Capital expenditures	(3,079)	(5,057)
Purchases of short-term investments	(12,025)	(18,990)
Proceeds from sale of short-term investments	10,611	19,149
Net cash used in investing activities	(5,068)	(4,898)
Cash flows from financing activities:
Proceeds from stock issued	550	409
Dividends to shareholders	(7,194)	(7,129)
Change in restricted cash	3	(20)
Net cash used in financing activities	(6,641)	(6,740)
Effect of exchange rate changes on cash and cash equivalents	(1,937)	2,193
Net increase (decrease) in cash and cash equivalents	14,824	17,227
Cash and cash equivalents, beginning of period	56,843	54,912
Cash and cash equivalents, end of period	71,667	72,139
Cash paid:
Income taxes	9,369	10,775
Supplemental disclosure of noncash transactions:
Common stock issued for shared distribution through accrued expenses and other liabilities	$ 3,535	$ 3,226

Basis of Presentation and Summa

Basis of Presentation and Summary of Business	6 Months Ended
	Jun. 27, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF BUSINESS	BASIS OF PRESENTATION AND SUMMARY OF BUSINESS Sun Hydraulics Corporation, and its wholly-owned subsidiaries, design, manufacture, and sell screw-in cartridge valves and manifolds used in hydraulic systems. The Company has facilities in the United States, the United Kingdom, Germany, South Korea, France, China, and India. Sun Hydraulics Corporation (“Sun Hydraulics”), with its main offices located in Sarasota, Florida, designs, manufactures, and sells its products primarily through distributors. Sun Hydraulik Holdings Limited (“Sun Holdings”), a wholly-owned subsidiary of Sun Hydraulics, was formed to provide a holding company for the European market operations; its wholly-owned subsidiaries are Sun Hydraulics Limited (a British corporation, “Sun Ltd.”) and Sun Hydraulik GmbH (a German corporation, “Sun GmbH”). Sun Ltd. operates a manufacturing and distribution facility located in Coventry, England, and Sun GmbH operates a manufacturing and distribution facility located in Erkelenz, Germany. Sun Hydraulics Korea Corporation (“Sun Korea”), a wholly-owned subsidiary of Sun Hydraulics, located in Incheon, South Korea, operates a manufacturing and distribution facility. In 2012, Sun Korea acquired Seungwon Solutions Corporation (“Seungwon”), also located in Incheon, South Korea, a component supplier to Sun Korea and third parties. Sun Hydraulics (France) (“Sun France”), a liaison office located in Bordeaux, France, is used to service the French market. Sun Hydraulics established Sun Hydraulics China Co. Ltd., a representative office in Shanghai in January 2011, to develop new business opportunities in the Chinese market. Sun Hydraulics (India), a liaison office in Bangalore, India, is used to develop new business opportunities in the Indian market. In 2011, Sun Hydraulics purchased the outstanding shares of High Country Tek, Inc. (“HCT”) it did not already own. HCT, now a wholly-owned subsidiary of Sun Hydraulics, is located in Nevada City, California, and designs and manufactures ruggedized electronic/hydraulic control solutions for mobile equipment markets. In 2013, Sun Hydraulics purchased the remaining 60% of WhiteOak Inc., which was merged into HCT. WhiteOak, designs and produces complementary electronic control products. The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements are not included herein. The financial statements are prepared on a consistent basis (including normal recurring adjustments) and should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December 27, 2014 , filed by Sun Hydraulics Corporation (together with its subsidiaries, the “Company”) with the Securities and Exchange Commission on February 24, 2015. In Management’s opinion, all adjustments necessary for a fair presentation of the Company’s financial statements are reflected in the interim periods presented. Operating results for the six month period ended June 27, 2015 , are not necessarily indicative of the results that may be expected for the period ending January 2, 2016 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 27, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Earnings per share The following table represents the computation of basic and diluted earnings per common share (in thousands, except per share data): Three Months Ended Six Months Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Net income $ 9,248 $ 12,186 $ 19,625 $ 23,571 Weighted average basic shares outstanding 26,684 26,444 26,645 26,409 Basic net income per common share $ 0.35 $ 0.46 $ 0.74 $ 0.89 Effect of dilutive stock options — — — — Weighted average diluted shares outstanding 26,684 26,444 26,645 26,409 Diluted net income per common share $ 0.35 $ 0.46 $ 0.74 $ 0.89

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 27, 2015
Share-based Compensation [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company’s 2006 Stock Option Plan (“2006 Plan”) provides for the grant of incentive stock options and nonqualified stock options for the purchase of up to an aggregate of 1,125,000 shares of the Company’s common stock by officers, employees and directors of the Company. Under the terms of the plan, incentive stock options may be granted to employees at an exercise price per share of not less than the fair value per common share on the date of the grant (not less than 110% of the fair value in the case of holders of more than 10% of the Company’s voting stock). Nonqualified stock options may be granted at the discretion of the Company’s Board of Directors. The maximum term of an option may not exceed 10 years , and options become exercisable at such times and in such installments as determined by the Board of Directors. No awards have been granted under the 2006 Plan. The Company’s 2011 Equity Incentive Plan (“2011 Plan”) provides for the grant of up to an aggregate of 1,000,000 shares of restricted stock, restricted share units, stock appreciation rights, dividend or dividend equivalent rights, stock awards and other awards valued in whole or in part by reference to or otherwise based on the Company’s common stock, to officers, employees and directors of the Company. The 2011 Plan was approved by the Company’s shareholders at the 2012 Annual Meeting. At June 27, 2015 , 634,362 shares remained available to be issued through the 2011 Plan. Compensation cost is measured at the date of the grant and is recognized in earnings over the period in which the shares vest. Restricted stock expense for the six months ended June 27, 2015 and June 28, 2014 , totaled $1,402 and $1,357 , respectively. The following table summarizes restricted stock activity from December 27, 2014, through June 27, 2015 : Number of shares Weighted average grant-date fair value Nonvested balance at December 27, 2014 191 34.81 Granted — — Vested — — Forfeitures (6 ) — Nonvested balance at June 27, 2015 185 — The Company had $3,899 of total unrecognized compensation cost related to restricted stock awards granted under the 2011 Plan as of June 27, 2015 . That cost is expected to be recognized over a weighted average period of 1.29 years . The Company maintains an Employee Stock Purchase Plan (“ESPP”), in which most employees are eligible to participate. Employees in the United States who choose to participate are granted an opportunity to purchase common stock at 85 percent of market value on the first or last day of the quarterly purchase period, whichever is lower. Employees in the United Kingdom, under a separate plan, are granted an opportunity to purchase common stock at market value, on the first or last day of the quarterly purchase period, whichever is lower, with the Company issuing one additional free share of common stock for each six shares purchased by the employee under the ESPP. The ESPP authorizes the issuance, and the purchase by employees, of up to 1,096,875 shares of common stock through payroll deductions. No U.S. employee is allowed to buy more than $25 of common stock in any year, based on the market value of the common stock at the beginning of the purchase period, and no U.K. employee is allowed to buy more than the lesser of £1.5 or 10% of his or her annual salary in any year. Employees purchased 16,866 shares at a weighted average price of $32.63 , and 12,304 shares at a weighted average price of $33.35 , under the ESPP during the six months ended June 27, 2015 and June 28, 2014 , respectively. The Company recognized $124 and $104 of compensation expense during the six months ended June 27, 2015 and June 28, 2014 , respectively. At June 27, 2015 , 636,527 shares remained available to be issued through the ESPP and the U.K. plan. In March 2012, the Board of Directors adopted the Sun Hydraulics Corporation 2012 Nonemployee Director Fees Plan (the “2012 Directors Plan”), which was approved by the shareholders of the Company at its 2012 annual meeting. Under the 2012 Directors Plan as initially adopted, as compensation for attendance at each Board meeting and each meeting of each committee of the Board on which he or she serves when the committee meeting is not held within one day of a meeting of the Board, each Nonemployee Director was paid 500 shares of Common Stock. The Chairman’s fee was twice that of a regular director, and the fee for the chairs of each Board Committee was 125% that of a regular director. In February 2015, the Board adopted amendments to the 2012 Directors Plan which revised the compensation for Nonemployee Directors. Each Nonemployee Director now receives an annual retainer of 2,000 shares of Common Stock. The Chairman’s retainer is twice that of a regular director, and the retainer for the chairs of each Board Committee is 150% that of a regular director. In addition, each Nonemployee Director receives 250 shares of Common Stock for attendance at each Board meeting and each meeting of each committee of the Board on which he or she serves when the committee meeting is not held within one day of a meeting of the Board. In June 2015, the Company's shareholders approved the amendments to the 2012 Directors Plan. The Board has the authority to change from time to time, in any manner it deems desirable or appropriate, the share compensation to be awarded to all or any one or more Nonemployee Directors, provided that, with limited exceptions, such changes are subject to prior shareholder approval. The aggregate number of shares which may be issued during any single calendar year is limited to 35,000 shares. The 2012 Directors Plan authorizes the issuance of up to 270,000 shares of common stock. At June 27, 2015 , 212,124 shares remained available for issuance under the 2012 Directors Plan. Directors were granted 10,625 and 8,500 shares for the six months ended June 27, 2015 and June 28, 2014 , respectively. The Company recognized director stock compensation expense of $409 and $336 for the six months ended June 27, 2015 and June 28, 2014 , respectively.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 27, 2015
Restricted Cash [Abstract]
RESTRICTED CASH	RESTRICTED CASH On June 27, 2015 , the Company had restricted cash of $316 . A restricted cash reserve for customs and excise taxes in the U.K. operation was $ 47 at June 27, 2015 . The restricted amount was calculated as an estimate of two months of customs and excise taxes for items coming into the Company’s U.K. operations and is held with Lloyds TSB in the U.K. Restricted cash of $ 269 at June 27, 2015 , represents the holdback of the purchase price associated with the acquisition of Seungwon on October 18, 2012.

Inventories

Inventories	6 Months Ended
	Jun. 27, 2015
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES June 27, 2015 December 27, 2014 Raw materials $ 5,578 $ 6,329 Work in process 3,890 3,979 Finished goods 3,616 4,433 Provision for slow moving inventory (654 ) (643 ) Total $ 12,430 $ 14,098

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 27, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS A summary of changes in goodwill at June 27, 2015 is as follows: Balance, December 27, 2014 $ 5,141 Acquisitions — Currency translation (101 ) Balance, June 27, 2015 $ 5,040 Valuation models reflecting the expected future cash flow projections are used to value reporting units. A valuation of the reporting unit at December 27, 2014 indicated that there was no impairment of the carrying value of the goodwill at Sun Korea. A valuation of the reporting unit at September 27, 2014 indicated that there was no impairment of the carrying value of the goodwill at HCT. As of June 27, 2015 , no factors were identified that indicated impairment of the carrying value of goodwill. In 2014, the Company entered into a licensing agreement with Sturman Industries, Inc., recognizing intangible assets of $1,075 in 2014 and $575 in the six months ending June 27, 2015 . The agreement is for licensed technology to be used with the Company's electrically actuated hydraulic cartridge valves. Royalties will be paid from the date of the first commercial sale and continue for fifteen years thereafter, or until the last related licensed patent expires, whichever is the later date. The Company recognized $2,658 and $746 in identifiable intangible assets as a result of the acquisitions of HCT and WhiteOak, respectively. Intangible assets are held in other assets on the balance sheet. At June 27, 2015 and December 27, 2014 , intangible assets consisted of the following: June 27, 2015 December 27, 2014 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Definite-lived intangibles: Trade Name $ 774 $ (302 ) $ 472 $ 774 $ (264 ) $ 510 Non-compete agreement 11 (11 ) — 11 (10 ) 1 Technology 935 (260 ) 675 868 (216 ) 652 Customer relationships 1,751 (317 ) 1,434 1,751 (272 ) 1,479 Licensing agreement 1,650 (60 ) 1,590 1,075 (11 ) 1,064 $ 5,121 $ (950 ) $ 4,171 $ 4,479 $ (773 ) $ 3,706 Total estimated amortization expense for the years 2016 through 2020 is presented below. The remaining amortization for 2015 is approximately $150 . Year: 2016 473 2017 473 2018 473 2019 473 2020 473 Total $ 2,365 Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No such events or circumstances occurred during the six months ended June 27, 2015 .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 27, 2015
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Effective August 1, 2011 , the Company entered into a credit and security agreement in the U.S. with Fifth Third Bank (the “Bank”). The agreement initially provided for three separate credit facilities totaling $50,000 . As noted below, at June 27, 2015 , two of the original facilities remained available. Facility A is a $15,000 unsecured revolving line of credit and requires monthly payments of interest. Facility A has a floating interest rate of 1.45% over the 30 -day LIBOR Rate (as defined). Facility B is an accordion feature to increase the revolving line of credit to a $35,000 secured revolving line of credit. Facility B will be secured by the Company’s U.S. assets, including its manufacturing facilities, and requires monthly payments of interest. Facility B will bear interest at the 30 -day LIBOR Rate or the Bank’s Base Rate (as defined), at the Company’s discretion, plus a margin based on the Borrower’s Funded Debt to EBITDA Leverage Ratio (as defined). The LIBOR Margin ranges from 1.45% to 2.25% and the Bank’s Base Rate ranges from (0.25)% to 0.00% . Facility C is a $15,000 construction and term loan. The Company did not activate Facility C for the construction of its new Sarasota factory and access to this facility has expired. Facility A or Facility B (if activated) is payable in full on August 1, 2016. Maturity may be accelerated by the Bank upon an Event of Default (as defined). Prepayment may be made without penalty or premium at any time upon the required notice to the Bank. Facility A is subject to debt covenants (capitalized terms are defined therein) including: 1) Minimum Tangible Net Worth of not less than $92,000 , increased annually by 50% of Net Income, and 2) Minimum EBITDA of not less than $5,000 ; and requires the Company to maintain its primary domestic deposit accounts with the bank. At June 27, 2015 , the Company was in compliance with all debt covenants related to Facility A as follows: Covenant Required Ratio/Amount Actual Ratio/Amount Minimum Tangible Net Worth $175,067 $ 205,006 Minimum EBITDA Not less than $5 million $ 66,444 If Facility B is activated, covenant 2 above will automatically terminate and two additional covenants will be required: 1) Funded Debt to EBITDA ratio equal to or less than 3.0 : 1.0 , and 2) EBIT to Interest Expense ratio of not less than 2.5 : 1.0 . As of June 27, 2015 , the Company had not activated Facility B. The Company did not have any amounts drawn on Facilities A, B, or C for the periods ended June 27, 2015 , and June 28, 2014 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 27, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At June 27, 2015 , the Company had an unrecognized tax benefit of $1,206 including accrued interest. If recognized, the unrecognized tax benefit would have a favorable effect on the effective tax rate in future periods. The Company recognizes interest and penalties related to income tax matters in income tax expense. Interest accrued as of June 27, 2015 , is not considered material to the Company’s consolidated financial statements. The Company files U.S. federal income tax returns as well as income tax returns in various states and foreign jurisdictions. The Company is no longer subject to income tax examinations by tax authorities for years prior to 2005 for the majority of tax jurisdictions. The Company’s federal returns are currently under examination by the Internal Revenue Service (IRS) in the United States for the periods 2005 through 2012 . To date, there have not been any significant proposed adjustments that have not been accounted for in the Company’s consolidated financial statements. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next twelve months the Company will resolve some or all of the matters presently under consideration for 2005 through 2012 with the IRS and that there could be significant increases or decreases to unrecognized tax benefits.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 27, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The individual subsidiaries comprising the Company operate predominantly in a single industry as manufacturers and distributors of hydraulic components. Given the similar nature of products offered for sale, the type of customers, the methods of distribution and how the Company is managed, the Company determined that it has only one operating and reporting segment for both internal and external reporting purposes. Geographic Region Information: Net sales are measured based on the geographic destination of sales. Total and long-lived assets are shown based on the physical location of the assets. Long-lived assets primarily include net property, plant and equipment: Three Months Ended June 27, 2015 Three Months Ended June 28, 2014 Six months ended June 27, 2015 Six months ended June 28, 2014 Net sales Americas $ 25,940 $ 30,259 $ 51,829 $ 55,843 Europe/Africa/ME 16,302 18,773 32,916 36,922 Asia/Pacific 11,774 12,018 23,657 25,094 Total $ 54,016 $ 61,050 $ 108,402 $ 117,859 June 27, 2015 December 27, 2014 Total assets Americas $ 158,798 $ 145,816 Europe/Africa/ME 61,559 59,439 Asia/Pacific 16,987 17,509 Total $ 237,344 $ 222,764 Long-lived assets Americas $ 73,070 $ 73,315 Europe/Africa/ME 8,802 9,233 Asia/Pacific 4,321 4,669 Total $ 86,193 $ 87,217

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 27, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company applies fair value accounting guidelines for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Under these guidelines, fair value is defined as the price that would be received for the sale of an asset or paid to transfer a liability (i.e. an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Unobservable inputs that are supported by little, infrequent, or no market activity and reflect the Company’s own assumptions about inputs used in pricing the asset or liability. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s valuation techniques used to measure the fair value of marketable equity securities, mutual funds, and phantom stock units were derived from quoted prices in active markets for identical assets or liabilities. The valuation techniques used to measure the fair value of all other financial instruments were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The Company’s short-term investments have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designation at each balance sheet date. The Company may or may not hold securities with stated maturities greater than 12 months until maturity. As management views these securities as available to support current operations, the Company classifies securities with maturities beyond 12 months as current assets under the caption short-term investments in the accompanying Consolidated Balance Sheets. These investments are carried at fair value, with the unrealized gains and losses reported as a component of shareholder’s equity. Realized gains and losses on sales of investments are generally determined using the specific identification method, and are included in miscellaneous (income) expense in the Consolidated Statements of Operations. The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at June 27, 2015 and December 27, 2014 . June 27, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 1,591 $ 32 $ (212 ) $ 1,411 Mutual funds 3,488 5 (315 ) 3,178 Subtotal $ 5,079 $ 37 $ (527 ) $ 4,589 Level 2: Corporate fixed income $ 34,272 $ 12 $ (1,013 ) $ 33,271 Municipal bonds 3,038 — (76 ) 2,962 Certificates of deposit and time deposits 2,237 — — 2,237 Asset backed securities 719 — (29 ) 690 Subtotal $ 40,266 $ 12 $ (1,118 ) $ 39,160 Total $ 45,345 $ 49 $ (1,645 ) $ 43,749 Liabilities Level 1: Phantom stock units $ 47 $ — $ — $ 47 Total $ 47 $ — $ — $ 47 December 27, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 2,145 $ 65 $ (282 ) $ 1,928 Mutual funds 3,106 2 (227 ) 2,881 Subtotal $ 5,251 $ 67 $ (509 ) $ 4,809 Level 2: Corporate fixed income $ 33,740 $ 6 $ (868 ) $ 32,878 Municipal bonds 2,441 — (33 ) 2,408 Certificates of deposit and time deposits 2,439 — — 2,439 Asset backed securities 842 — (23 ) 819 Subtotal $ 39,462 $ 6 $ (924 ) $ 38,544 Total $ 44,713 $ 73 $ (1,433 ) $ 43,353 Liabilities Level 1: Phantom stock units $ 30 $ — $ — $ 30 Total $ 30 $ — $ — $ 30 The Company recognized a net realized loss on investments during the six months ended June 27, 2015 of $117 and a net realized gain of $160 during the six months ended June 28, 2014 . As of June 27, 2015 , gross unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were not significant. The Company considers these unrealized losses in market value of its investments to be temporary in nature. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. There were no other-than-temporary impairments during the six month period ended June 27, 2015 . Maturities of investments at June 27, 2015 are as follows: Adjusted Cost Fair Value Due in less than one year $ 15,259 $ 15,128 Due after one year but within five years 17,098 16,749 Due after five years but within ten years 4,673 4,184 Due after ten years 3,236 3,099 Equity securities 1,591 1,411 Mutual Funds 3,488 3,178 Total $ 45,345 $ 43,749 The Company reports phantom stock units as a liability. The Company recognized expense relating to this liability of $17 and $21 , for the six month periods ended June 27, 2015 and June 28, 2014 , respectively. Phantom stock units vest over a period of three years. The Company did not have any fair value adjustments for assets and liabilities measured at fair value on a nonrecurring basis during the period ended June 27, 2015 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 27, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated Other Comprehensive Income by Component Six Months Ended June 27, 2015 Unrealized Foreign Total Balance at December 27, 2014 $ (859 ) $ (3,226 ) $ (4,085 ) Other comprehensive income (loss) before reclassifications (222 ) (2,359 ) (2,581 ) Amounts reclassified from accumulated other comprehensive income 74 — 74 Net current period other comprehensive income (loss) (148 ) (2,359 ) (2,507 ) Balance, June 27, 2015 $ (1,007 ) $ (5,585 ) $ (6,592 ) Reclassifications out of Accumulated Other Comprehensive Income Six Months Ended June 27, 2015 Details about Accumulated Other Six Months Ended Affected Line Unrealized gains and losses on available-for-sale securities Realized gain/(loss) on sale of securities $ (117 ) Miscellaneous (income) expense, net (117 ) Total before tax 43 Tax benefit $ (74 ) Net of tax Total reclassifications for the period $ (74 )

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 27, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In July 2015, the FASB issued guidance on Simplifying the Measurement of Inventory. The guidance requires inventory be measured at the lower of cost and net realizable value. Additionally, the guidance defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The guidance should be applied prospectively. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued guidance on Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. The guidance applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued guidance on Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. The core principle of the new guidance is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard provides a five-step analysis of transactions to determine when and how revenue is recognized. Additionally, the guidance requires disaggregated disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for annual and interim periods beginning after December 15, 2016. The FASB has subsequently delayed this standard by one year. Early adoption is permitted as of the original effective date. The Company is currently evaluating the effects, if any, adoption of this guidance will have on the Company’s consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 27, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is not a party to any legal proceedings other than routine litigation incidental to its business. In the opinion of management, the amount of ultimate liability with respect to these actions will not materially affect the results of operations, financial position or cash flows of the Company.

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Events (Notes)	6 Months Ended
	Jun. 27, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	14. SUBSEQUENT EVENT The Company sold its 10,000 square foot distribution and manufacturing facility in Incheon, Korea on July 6, 2015. A gain on the disposal of the building of approximately $ 1,300 will be recognized in the third quarter of 2015.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 27, 2015
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The Company applies fair value accounting guidelines for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Under these guidelines, fair value is defined as the price that would be received for the sale of an asset or paid to transfer a liability (i.e. an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 - Unobservable inputs that are supported by little, infrequent, or no market activity and reflect the Company’s own assumptions about inputs used in pricing the asset or liability. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s valuation techniques used to measure the fair value of marketable equity securities, mutual funds, and phantom stock units were derived from quoted prices in active markets for identical assets or liabilities. The valuation techniques used to measure the fair value of all other financial instruments were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The Company’s short-term investments have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the designation at each balance sheet date. The Company may or may not hold securities with stated maturities greater than 12 months until maturity. As management views these securities as available to support current operations, the Company classifies securities with maturities beyond 12 months as current assets under the caption short-term investments in the accompanying Consolidated Balance Sheets. These investments are carried at fair value, with the unrealized gains and losses reported as a component of shareholder’s equity. Realized gains and losses on sales of investments are generally determined using the specific identification method, and are included in miscellaneous (income) expense in the Consolidated Statements of Operations.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 27, 2015
Accounting Policies [Abstract]
Computation of basic and diluted earnings per common share	The following table represents the computation of basic and diluted earnings per common share (in thousands, except per share data): Three Months Ended Six Months Ended June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Net income $ 9,248 $ 12,186 $ 19,625 $ 23,571 Weighted average basic shares outstanding 26,684 26,444 26,645 26,409 Basic net income per common share $ 0.35 $ 0.46 $ 0.74 $ 0.89 Effect of dilutive stock options — — — — Weighted average diluted shares outstanding 26,684 26,444 26,645 26,409 Diluted net income per common share $ 0.35 $ 0.46 $ 0.74 $ 0.89

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 27, 2015
Share-based Compensation [Abstract]
Summary of restricted stock activity	The following table summarizes restricted stock activity from December 27, 2014, through June 27, 2015 : Number of shares Weighted average grant-date fair value Nonvested balance at December 27, 2014 191 34.81 Granted — — Vested — — Forfeitures (6 ) — Nonvested balance at June 27, 2015 185 —

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 27, 2015
Inventory Disclosure [Abstract]
Summary of inventories	June 27, 2015 December 27, 2014 Raw materials $ 5,578 $ 6,329 Work in process 3,890 3,979 Finished goods 3,616 4,433 Provision for slow moving inventory (654 ) (643 ) Total $ 12,430 $ 14,098

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 27, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of changes in goodwill	A summary of changes in goodwill at June 27, 2015 is as follows: Balance, December 27, 2014 $ 5,141 Acquisitions — Currency translation (101 ) Balance, June 27, 2015 $ 5,040
Schedule of intangible assets	At June 27, 2015 and December 27, 2014 , intangible assets consisted of the following: June 27, 2015 December 27, 2014 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Definite-lived intangibles: Trade Name $ 774 $ (302 ) $ 472 $ 774 $ (264 ) $ 510 Non-compete agreement 11 (11 ) — 11 (10 ) 1 Technology 935 (260 ) 675 868 (216 ) 652 Customer relationships 1,751 (317 ) 1,434 1,751 (272 ) 1,479 Licensing agreement 1,650 (60 ) 1,590 1,075 (11 ) 1,064 $ 5,121 $ (950 ) $ 4,171 $ 4,479 $ (773 ) $ 3,706
Schedule of estimated amortization expense	Total estimated amortization expense for the years 2016 through 2020 is presented below. The remaining amortization for 2015 is approximately $150 . Year: 2016 473 2017 473 2018 473 2019 473 2020 473 Total $ 2,365

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	6 Months Ended
	Jun. 27, 2015
Long-term Debt, Unclassified [Abstract]
Long-term Debt Covenants	At June 27, 2015 , the Company was in compliance with all debt covenants related to Facility A as follows: Covenant Required Ratio/Amount Actual Ratio/Amount Minimum Tangible Net Worth $175,067 $ 205,006 Minimum EBITDA Not less than $5 million $ 66,444

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 27, 2015
Segment Reporting [Abstract]
Schedule of segment information	Long-lived assets primarily include net property, plant and equipment: Three Months Ended June 27, 2015 Three Months Ended June 28, 2014 Six months ended June 27, 2015 Six months ended June 28, 2014 Net sales Americas $ 25,940 $ 30,259 $ 51,829 $ 55,843 Europe/Africa/ME 16,302 18,773 32,916 36,922 Asia/Pacific 11,774 12,018 23,657 25,094 Total $ 54,016 $ 61,050 $ 108,402 $ 117,859 June 27, 2015 December 27, 2014 Total assets Americas $ 158,798 $ 145,816 Europe/Africa/ME 61,559 59,439 Asia/Pacific 16,987 17,509 Total $ 237,344 $ 222,764 Long-lived assets Americas $ 73,070 $ 73,315 Europe/Africa/ME 8,802 9,233 Asia/Pacific 4,321 4,669 Total $ 86,193 $ 87,217

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 27, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at June 27, 2015 and December 27, 2014 . June 27, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 1,591 $ 32 $ (212 ) $ 1,411 Mutual funds 3,488 5 (315 ) 3,178 Subtotal $ 5,079 $ 37 $ (527 ) $ 4,589 Level 2: Corporate fixed income $ 34,272 $ 12 $ (1,013 ) $ 33,271 Municipal bonds 3,038 — (76 ) 2,962 Certificates of deposit and time deposits 2,237 — — 2,237 Asset backed securities 719 — (29 ) 690 Subtotal $ 40,266 $ 12 $ (1,118 ) $ 39,160 Total $ 45,345 $ 49 $ (1,645 ) $ 43,749 Liabilities Level 1: Phantom stock units $ 47 $ — $ — $ 47 Total $ 47 $ — $ — $ 47 December 27, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 2,145 $ 65 $ (282 ) $ 1,928 Mutual funds 3,106 2 (227 ) 2,881 Subtotal $ 5,251 $ 67 $ (509 ) $ 4,809 Level 2: Corporate fixed income $ 33,740 $ 6 $ (868 ) $ 32,878 Municipal bonds 2,441 — (33 ) 2,408 Certificates of deposit and time deposits 2,439 — — 2,439 Asset backed securities 842 — (23 ) 819 Subtotal $ 39,462 $ 6 $ (924 ) $ 38,544 Total $ 44,713 $ 73 $ (1,433 ) $ 43,353 Liabilities Level 1: Phantom stock units $ 30 $ — $ — $ 30 Total $ 30 $ — $ — $ 30
Summary of maturities of marketable securities	Maturities of investments at June 27, 2015 are as follows: Adjusted Cost Fair Value Due in less than one year $ 15,259 $ 15,128 Due after one year but within five years 17,098 16,749 Due after five years but within ten years 4,673 4,184 Due after ten years 3,236 3,099 Equity securities 1,591 1,411 Mutual Funds 3,488 3,178 Total $ 45,345 $ 43,749

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 27, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	Changes in Accumulated Other Comprehensive Income by Component Six Months Ended June 27, 2015 Unrealized Foreign Total Balance at December 27, 2014 $ (859 ) $ (3,226 ) $ (4,085 ) Other comprehensive income (loss) before reclassifications (222 ) (2,359 ) (2,581 ) Amounts reclassified from accumulated other comprehensive income 74 — 74 Net current period other comprehensive income (loss) (148 ) (2,359 ) (2,507 ) Balance, June 27, 2015 $ (1,007 ) $ (5,585 ) $ (6,592 )
Summary of reclassifications out of Accumulated Other Comprehensive Income	Reclassifications out of Accumulated Other Comprehensive Income Six Months Ended June 27, 2015 Details about Accumulated Other Six Months Ended Affected Line Unrealized gains and losses on available-for-sale securities Realized gain/(loss) on sale of securities $ (117 ) Miscellaneous (income) expense, net (117 ) Total before tax 43 Tax benefit $ (74 ) Net of tax Total reclassifications for the period $ (74 )

Basis of Presentation and Sum31

Basis of Presentation and Summary of Business (Details Textual)	Apr. 01, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of Common Stock Purchased	60.00%

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Computation of basic and diluted earnings per common share
Net income	$ 9,248	$ 12,186	$ 19,625	$ 23,571
Weighted average basic shares outstanding	26,684	26,444	26,645	26,409
Basic net income per common share (in dollars per share)	$ 0.35	$ 0.46	$ 0.74	$ 0.89
Effect of dilutive stock options	0	0	0	0
Weighted average diluted shares outstanding	26,684	26,444	26,645	26,409
Diluted net income per common share (in dollars per share)	$ 0.35	$ 0.46	$ 0.74	$ 0.89

Stock Based Compensation (Detai

Stock Based Compensation (Details) - Jun. 27, 2015 - $ / shares shares in Thousands	Total	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested Beginning balance Number of shares		191
Granted, Number of shares	0
Vested, Number of shares	0
Forfeitures, Number of shares	6
Nonvested Ending balance Number of shares	185	185
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested Beginning balance, Weighted average grant-date fair value		$ 34.81
Nonvested Ending balance, Weighted average grant-date fair value	$ 0	$ 0

Stock Based Compensation (Det34

Stock Based Compensation (Details Textual) $ / shares in Units, $ in Thousands	Jun. 01, 2015shares	Mar. 31, 2012shares	Jun. 27, 2015USD ($)Awards$ / sharesshares	Jun. 28, 2014USD ($)	Jun. 27, 2015USD ($)$ / sharesshares	Jun. 27, 2015GBP (£)shares	Jun. 28, 2014USD ($)shares	Dec. 27, 2014$ / shares
Stock Option Plans (Textual) [Abstract]
Aggregate shares of restricted stock grant			0
Total unrecognized compensation | $			$ 3,899		$ 3,899
Recognized weighted average period (in years)			1 year 2 months 45 days
Ratio for additional common stock shares issued, under ESPP					6	6
Share based Compensation Expenses | $					$ 124		$ 104
Director Equity Plan [Member]
Stock Option Plans (Textual) [Abstract]
Shares available for issuance			35,000		35,000
Remaining number of shares to be issued			270,000		270,000
Stock option granted, shares					10,625	10,625	8,500
Fee for the chairs of each Board committee	150.00%	125.00%
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance	2,000
Common stock shares for each nonemployee director	250	500
Share based Compensation Expenses under Director's plan | $					$ 409		$ 336
2006 Stock Option Plan [Member]
Stock Option Plans (Textual) [Abstract]
Shares available for issuance			1,125,000		1,125,000
Exercise price per share not less than fair value percent			110.00%
Exercise price per share more than voting stock			10.00%
Number of awards granted under 2006 plan | Awards			0
2006 Stock Option Plan [Member] | Maximum [Member]
Stock Option Plans (Textual) [Abstract]
Stock options maximum term (in years)			10 years
2001 Restricted Stock Plan [Member]
Stock Option Plans (Textual) [Abstract]
Restricted stock expense | $			$ 1,402	$ 1,357
Equity Incentive Plan (2011 Plan) [Member]
Stock Option Plans (Textual) [Abstract]
Aggregate shares of restricted stock grant			1,000,000
Remaining number of shares to be issued			634,362		634,362
Employee Stock Purchase Plan [Member]
Stock Option Plans (Textual) [Abstract]
Aggregate shares of restricted stock grant					1,096,875	1,096,875
Rate of common stock at market value					85.00%	85.00%
Number of shares purchased by employees					16,866	16,866	12,304
Weighted average price | $ / shares			$ 32.63		$ 32.63			$ 33.35
Employee Stock Purchase Plan [Member] | Minimum [Member]
Stock Option Plans (Textual) [Abstract]
Allowable purchase rate of common stock based on annual salary					10.00%	10.00%
Employee Stock Purchase Plan [Member] | Minimum [Member] | United States [Member]
Stock Option Plans (Textual) [Abstract]
Shares allowed to be purchased by U.S. employees and U.K. employees | $					$ 25
Employee Stock Purchase Plan [Member] | Minimum [Member] | United Kingdom [Member]
Stock Option Plans (Textual) [Abstract]
Shares allowed to be purchased by U.S. employees and U.K. employees | £						£ 1,500
Employee Stock Purchase Plan and U.K. Plan [Member]
Stock Option Plans (Textual) [Abstract]
Remaining number of shares to be issued			636,527		636,527
Nonemployee Director Equity and Deferred Compensation Plan [Member]
Stock Option Plans (Textual) [Abstract]
Shares available for issuance			212,124		212,124

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Dec. 27, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 316	$ 319
Estimated period of restricted cash amount	2 months
Seungwon Acquisition [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 269
United Kingdom [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 47

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Summary of inventories
Raw materials	$ 5,578	$ 6,329
Work in process	3,890	3,979
Finished goods	3,616	4,433
Provision for slow moving inventory	(654)	(643)
Total	$ 12,430	$ 14,098

Goodwill and Intangible Asset37

Goodwill and Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2015USD ($)
Summary of changes in goodwill
Goodwill, Beginning Balance	$ 5,141
Acquisitions	0
Currency translation	(101)
Goodwill, Ending Balance	$ 5,040

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 27, 2015	Dec. 27, 2014
Definite-lived intangibles:
Gross carrying amount	$ 5,121,000	$ 4,479,000
Accumulated amortization	(950,000)	(773,000)
Net carrying amount	4,171,000	3,706,000
Trade Name
Definite-lived intangibles:
Gross carrying amount	774,000	774,000
Accumulated amortization	(302,000)	(264,000)
Net carrying amount	472,000	510,000
Noncompete Agreements [Member]
Definite-lived intangibles:
Gross carrying amount	11,000	11,000
Accumulated amortization	(11,000)	(10,000)
Net carrying amount	0	1,000
Non-compete agreement
Definite-lived intangibles:
Gross carrying amount	935,000	868,000
Accumulated amortization	(260,000)	(216,000)
Net carrying amount	675,000	652,000
Technology
Definite-lived intangibles:
Gross carrying amount	1,751,000	1,751,000
Accumulated amortization	(317,000)	(272,000)
Net carrying amount	1,434,000	1,479,000
Licensing Agreements [Member]
Definite-lived intangibles:
Gross carrying amount	1,650,000	1,075,000
Accumulated amortization	(60,000)	(11,000)
Net carrying amount	1,590,000	1,064,000
Subsidiaries [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0

Goodwill and Intangible Asset39

Goodwill and Intangible Assets (Details 2) $ in Thousands	Jun. 27, 2015USD ($)
Schedule of estimated amortization expense
2,014	$ 473
2,015	473
2,016	473
2,017	473
2,018	473
Total	$ 2,365

Goodwill and Intangible Asset40

Goodwill and Intangible Assets (Details Textual) - USD ($)	6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Sep. 27, 2014	Dec. 27, 2014
Finite-Lived Intangible Assets [Line Items]
Remaining amortization	$ 150,000
Subsidiaries [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of carrying value of goodwill	0			$ 0
HCT [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of carrying value of goodwill			$ 0
Identifiable intangible assets	2,658,000
Series of Individually Immaterial Business Acquisitions [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	746,000
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 575	$ 1,075

Long-Term Debt (Details)

Long-Term Debt (Details)	Aug. 01, 2011USD ($)CreditFacility	Jun. 27, 2015USD ($)CreditFacility	Jun. 27, 2015USD ($)covenant	Jun. 28, 2014USD ($)
Long-Term Debt (Textual) [Abstract]
Effective date	Aug. 1, 2011
Number of credit facilities | CreditFacility	3	2
Credit facilities, maximum capacity	$ 50,000,000
Required minimum tangible net worth		$ 175,067,000	$ 175,067,000
Actual tangible net worth		205,006,000	205,006,000
Required minimum EBITDA (not less than)		5,000,000	5,000,000
Actual EBITDA		66,444,000	$ 66,444,000
Number of debt covenants | covenant			2
Funded debt to EBITDA			3
EBIT to Interest Expense ratio			2.5
Line of Credit Amortization			$ 0	$ 0
Facility B [Member]
Long-Term Debt (Textual) [Abstract]
Credit facilities, maximum capacity		35,000,000	$ 35,000,000
Line of Credit Facility, Interest Rate Description			P30D
Facility [Member]
Long-Term Debt (Textual) [Abstract]
Credit facilities, maximum capacity		$ 15,000,000	$ 15,000,000
Variable interest rate		1.45%
Line of Credit Facility, Interest Rate Description			P30D
Debt Instrument, Restrictive Covenants			92,000,000
Debt covenant, Minimum Tangible Net Worth			5,000,000
Debt Covenant, Minimum Tangible Net Worth, Annual Increase by Percentage of Net Income			50.00%
Facility B [Member]
Long-Term Debt (Textual) [Abstract]
Expiration date			Aug. 1, 2016
Funded debt to EBITDA			3
EBIT to Interest Expense ratio			2.5
Facility B [Member] | Base Rate [Member] | Minimum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate			(0.25%)
Facility B [Member] | Base Rate [Member] | Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate			0.00%
Facility B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate			1.45%
Facility B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate			2.25%
Facility [Member]
Long-Term Debt (Textual) [Abstract]
Expiration date			Aug. 1, 2016
Secured Debt [Member]
Long-Term Debt (Textual) [Abstract]
Payments on credit facility			Facility C requires monthly payments of interest for the first 24 months and monthly payments of principal plus accrued interest for 60 months
Secured Debt [Member] | Secured Debt [Member]
Long-Term Debt (Textual) [Abstract]
Credit facilities, maximum capacity		$ 15,000,000	$ 15,000,000

Income Taxes (Details)

Income Taxes (Details) - Jun. 27, 2015 - USD ($) $ in Thousands	Total
Income Tax Disclosure [Abstract]
Unrecognized tax benefit	$ 1,206
Federal returns currently under examination	The Company’s federal returns are currently under examination by the Internal Revenue Service (IRS) in the United States for the periods 2005 through 2012

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Dec. 27, 2014
Net sales
Net sales	$ 54,016	$ 61,050	$ 108,402	$ 117,859
Total assets
Total assets	237,344		237,344		$ 222,764
Long-lived assets
Long-lived assets	86,193		86,193		87,217
Americas [Member]
Net sales
Net sales	25,940	30,259	51,829	55,843
Total assets
Total assets	158,798		158,798		145,816
Long-lived assets
Long-lived assets	73,070		73,070		73,315
EMEA [Member]
Net sales
Net sales	16,302	18,773	32,916	36,922
Total assets
Total assets	61,559		61,559		59,439
Long-lived assets
Long-lived assets	8,802		8,802		9,233
Asia/Pacific [Member]
Net sales
Net sales	11,774	$ 12,018	23,657	$ 25,094
Total assets
Total assets	16,987		16,987		17,509
Long-lived assets
Long-lived assets	$ 4,321		$ 4,321		$ 4,669

Fair Value of Financial Instr44

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 27, 2015	Dec. 27, 2014
Assets
Asset measured at, fair value	$ 43,749,000
Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	45,345,000	$ 44,713,000
Assets measured at fair value, Unrealized gains	49,000	73,000
Assets measured at fair value, Unrealized losses	(1,645,000)	(1,433,000)
Asset measured at, fair value	43,749,000	43,353,000
Level 1 [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	5,079,000	5,251,000
Assets measured at fair value, Unrealized gains	37,000	67,000
Assets measured at fair value, Unrealized losses	(527,000)	(509,000)
Asset measured at, fair value	4,589,000	4,809,000
Liabilities
Liabilities measured at fair value, Unrealized gains	0	0
Liabilities measured at fair value, Unrealized losses	0	0
Liabilities measured at fair value	47,000	30,000
Convertible Debt, Fair Value Disclosures	47,000	30,000
Level 1 [Member] | Phantom Share Units (PSUs) [Member] | Recurring [Member]
Assets
Liabilities Measured at Fair Value Adjusted Cost	47,000	30,000
Liabilities
Liabilities measured at fair value, Unrealized gains	0	0
Liabilities measured at fair value, Unrealized losses	0	0
Liabilities measured at fair value	47,000	30,000
Level 1 [Member] | Equity securities [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	1,591,000	2,145,000
Assets measured at fair value, Unrealized gains	32,000	65,000
Assets measured at fair value, Unrealized losses	(212,000)	(282,000)
Asset measured at, fair value	1,411,000	1,928,000
Level 1 [Member] | Mutual funds [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	3,488,000	3,106,000
Assets measured at fair value, Unrealized gains	5,000	2,000
Assets measured at fair value, Unrealized losses	(315,000)	(227,000)
Asset measured at, fair value	3,178,000	2,881,000
Level 2 [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	40,266,000	39,462,000
Assets measured at fair value, Unrealized gains	12,000	6,000
Assets measured at fair value, Unrealized losses	(1,118,000)	(924,000)
Asset measured at, fair value	39,160,000	38,544,000
Level 2 [Member] | Corporate fixed income [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	34,272,000	33,740,000
Assets measured at fair value, Unrealized gains	12,000	6,000
Assets measured at fair value, Unrealized losses	(1,013,000)	(868,000)
Asset measured at, fair value	33,271,000	32,878,000
Level 2 [Member] | Municipal bonds [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	3,038,000	2,441,000
Assets measured at fair value, Unrealized gains	0	0
Assets measured at fair value, Unrealized losses	(76,000)	(33,000)
Asset measured at, fair value	2,962,000	2,408,000
Level 2 [Member] | Certificates of deposit [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	2,237,000	2,439,000
Assets measured at fair value, Unrealized gains	0	0
Assets measured at fair value, Unrealized losses	0	0
Asset measured at, fair value	2,237,000	2,439,000
Level 2 [Member] | Asset backed securities [Member] | Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	719,000	842,000
Assets measured at fair value, Unrealized gains	0	0
Assets measured at fair value, Unrealized losses	(29,000)	(23,000)
Asset measured at, fair value	$ 690,000	$ 819,000

Fair Value of Financial Instr45

Fair Value of Financial Instruments (Details 1) - Fair Value, Measurement Frequency [Domain] - Fair Value Hierarchy [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Summary of maturities of marketable securities
Due in less than one year, adjusted cost	$ 15,259
Due after one year but within five years, adjusted cost	17,098
Due after five years but within ten years, adjusted cost	4,673
Due after ten years, adjusted cost	3,236
Equity securities, adjusted cost	1,591
Mutual Funds, adjusted cost	3,488
Due in less than one year, fair value	15,128
Due after one year but within five years, fair value	16,749
Due after five years but within ten years, fair value	4,184
Due after ten years, fair value	3,099
Equity securities, fair value	1,411
Mutual Funds, fair value	3,178
Available-for-sale Debt Securities, Amortized Cost Basis	45,345
Asset measured at, fair value	$ 43,749
Phantom Share Units (PSUs) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Fair Value Liability Recorded for Share Based Awards Related Expense	$ 17	$ 21

Fair Value of Financial Instr46

Fair Value of Financial Instruments (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 27, 2015	Jun. 27, 2015	Jun. 28, 2014
Fair Value of Financial Instruments (Textual) [Abstract]
Securities held with stated maturities		12 months
Securities classifies as current assets under caption marketable securities maturities		12 months
Realized loss on available for sale securities		$ 117,000	$ 160,000
Other than Temporary Impairment Losses, Investments	$ 0
Nonrecurring [Member]
Fair Value of Financial Instruments (Textual) [Abstract]
Fair value adjustments for assets measured at fair value		0
Fair value adjustments for liabilities measured at fair value		$ 0
Phantom Share Units (PSUs) [Member]
Fair Value of Financial Instruments (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Recognized expense related to deferred director stock units and phantom stock units liability		$ 17,000	$ 21,000

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Income - Changes in AOCI (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2015USD ($)
Changes in Accumulated Other Comprehensive Income, by Component
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	$ (4,085)
Other comprehensive income (loss) before reclassifications	(2,581)
Amounts reclassified from accumulated other comprehensive income	74
Net current period other comprehensive income (loss)	(2,507)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(6,592)
Unrealized Gains and Losses on Available-for- Sale Securities [Member]
Changes in Accumulated Other Comprehensive Income, by Component
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(859)
Other comprehensive income (loss) before reclassifications	(222)
Amounts reclassified from accumulated other comprehensive income	74
Net current period other comprehensive income (loss)	(148)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(1,007)
Foreign Currency Items [Member]
Changes in Accumulated Other Comprehensive Income, by Component
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(3,226)
Other comprehensive income (loss) before reclassifications	(2,359)
Amounts reclassified from accumulated other comprehensive income	0
Net current period other comprehensive income (loss)	(2,359)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	$ (5,585)

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Summary of reclassifications out of Accumulated Other Comprehensive Income
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Total before tax	$ 13,974	$ 18,424	$ 29,332	$ 35,371
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Tax benefit	(4,726)	(6,238)	(9,707)	(11,800)
Net income	$ 9,248	$ 12,186	19,625	$ 23,571
Reclassification out of Accumulated Other Comprehensive Income [Member]
Summary of reclassifications out of Accumulated Other Comprehensive Income
Net income			(74)
Unrealized gains and losses on available-for-sale securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Summary of reclassifications out of Accumulated Other Comprehensive Income
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Total before tax			(117)
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Tax benefit			43
Net income			(74)
Accumulated Other-than-Temporary Impairment [Member] | Unrealized gains and losses on available-for-sale securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Summary of reclassifications out of Accumulated Other Comprehensive Income
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Realized gain/(loss) on sale of securities			$ (117)

Subsequent Event Subsequent E49

Subsequent Event Subsequent Event (Details) $ in Thousands	Jul. 06, 2015USD ($)
Subsequent Event [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 1,300