Helios (HLIO) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 02, 2016	Jul. 29, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	SUN HYDRAULICS CORP
Entity Central Index Key	1,024,795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		26,922,090

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Current assets:
Cash and cash equivalents	$ 99,629	$ 81,932
Restricted cash	40	44
Accounts receivable, net of allowance for doubtful accounts of $218 and $184	19,751	13,531
Inventories	12,310	13,047
Income Taxes Receivable, Current	0	123
Deferred income taxes	462	460
Short-term investments	38,234	44,174
Other current assets	3,458	3,707
Total current assets	173,884	157,018
Property, plant and equipment, net	71,573	74,121
Goodwill	4,852	4,988
Other assets	6,355	5,413
Total assets	256,664	241,540
Current liabilities:
Accounts payable	5,457	4,422
Accrued expenses and other liabilities	4,569	4,849
Income taxes payable	1,634	0
Dividends payable	2,422	2,411
Total current liabilities	14,082	11,682
Deferred income taxes	7,665	7,411
Other noncurrent liabilities	0	260
Total liabilities	21,747	19,353
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, 26,921,211 and 26,786,518 shares outstanding	27	27
Capital in excess of par value	87,246	82,265
Retained earnings	159,226	149,938
Accumulated other comprehensive income (loss)	(11,582)	(10,043)
Total shareholders’ equity	234,917	222,187
Total liabilities and shareholders’ equity	$ 256,664	$ 241,540

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, accounts receivable	$ 218	$ 184
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	26,921,211	26,786,518

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Net sales	$ 50,809	$ 54,016	$ 101,837	$ 108,402
Cost of sales	31,856	32,612	63,343	65,603
Gross profit	18,953	21,404	38,494	42,799
Selling, engineering and administrative expenses	8,509	7,329	16,164	14,615
Operating income	10,444	14,075	22,330	28,184
Interest (income) expense, net	(386)	(344)	(758)	(661)
Foreign currency transaction (gain) loss, net	(151)	260	(265)	(699)
Miscellaneous (income) expense, net	387	185	564	212
Income before income taxes	10,594	13,974	22,789	29,332
Income tax provision	3,604	4,726	7,591	9,707
Net income	$ 6,990	$ 9,248	$ 15,198	$ 19,625
Basic net income per common share (in dollars per share)	$ 0.26	$ 0.35	$ 0.57	$ 0.74
Weighted average basic shares outstanding	26,908	26,684	26,857	26,645
Diluted net income per common share (in dollars per share)	$ 0.26	$ 0.35	$ 0.57	$ 0.74
Weighted average diluted shares outstanding	26,908	26,684	26,857	26,645
Dividends declared per share (in dollars per share)	$ 0.090	$ 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
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Statement of Comprehensive Income [Abstract]
Revenue, Net	$ 50,809	$ 54,016	$ 101,837	$ 108,402
Net income	6,990	9,248	15,198	19,625
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(2,510)	2,165	(2,192)	(2,359)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities, net of tax	457	(236)	653	(148)
Total other comprehensive income (loss)	(2,053)	1,929	(1,539)	(2,507)
Comprehensive income	4,937	11,177	13,659	17,118
Cost of Goods and Services Sold	31,856	32,612	63,343	65,603
Gross profit	18,953	21,404	38,494	42,799
Selling, General and Administrative Expense	8,509	7,329	16,164	14,615
Operating Income (Loss)	10,444	14,075	22,330	28,184
Investment Income, Interest	(386)	(344)	(758)	(661)
Foreign Currency Transaction Gain (Loss), before Tax	(151)	260	(265)	(699)
Nonoperating Income (Expense)	387	185	564	212
Income before income taxes	10,594	13,974	22,789	29,332
Income tax provision	$ 3,604	$ 4,726	$ 7,591	$ 9,707
Earnings Per Share, Basic	$ 0.26	$ 0.35	$ 0.57	$ 0.74
Weighted Average Number of Shares Outstanding, Basic	26,908	26,684	26,857	26,645
Earnings Per Share, Diluted	$ 0.26	$ 0.35	$ 0.57	$ 0.74
Weighted Average Number of Shares Outstanding, Diluted	26,908	26,684	26,857	26,645
Common Stock, Dividends, Per Share, Declared	$ 0.090	$ 0.09	$ 0.27	$ 0.27

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity (unaudited) - 6 months ended Jul. 02, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Preferred stock	Common stock	Capital in excess of par value	Retained earnings	Accumulated other comprehensive income (loss)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures			45
Beginning Balance at Jan. 02, 2016	$ 222,187	$ 0	$ 27	$ 82,265	$ 149,938	$ (10,043)
Beginning Balance, Shares at Jan. 02, 2016		0	26,786
Shares issued, other compensation	0
Shares issued, other comp, Shares			13
Shares issued, ESPP	418			418
Shares issued, ESPP, Shares			26
Shares issued, shared distribution	1,679			1,679
Shares issued, shared distribution, Shares			51
Stock-based compensation	2,884			2,884
Dividends declared	(5,910)				(5,910)
Net income	15,198				15,198
Other comprehensive income (loss)	(1,539)					(1,539)
Ending Balance at Jul. 02, 2016	$ 234,917	$ 0	$ 27	$ 87,246	$ 159,226	$ (11,582)
Ending Balance, Shares at Jul. 02, 2016		0	26,921

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015
Cash flows from operating activities:
Net income	$ 15,198	$ 19,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,034	4,572
(Gain)Loss on disposal of assets	316	94
Deferred Income Tax Expense (Benefit)	(131)	98
Allowance for doubtful accounts	34	(29)
Stock-based compensation expense	2,884	1,959
(Increase) decrease in:
Accounts receivable	(6,254)	(1,992)
Inventories	737	1,668
Income taxes receivable	123	0
Other current assets	249	(37)
Other assets	(55)	373
Increase (decrease) in:
Accounts payable	1,035	765
Accrued expenses and other liabilities	1,399	1,050
Income taxes payable	1,634	327
Other noncurrent liabilities	(260)	(3)
Net cash provided by operating activities	21,943	28,470
Cash flows from investing activities:
Payments to Acquire Intangible Assets	(850)	(575)
Capital expenditures	(2,557)	(3,079)
Proceeds from Sale of Productive Assets	2	0
Purchases of short-term investments	(9,637)	(12,025)
Proceeds from sale of short-term investments	15,803	10,611
Net cash provided by (used in) investing activities	2,761	(5,068)
Cash flows from financing activities:
Proceeds from stock issued	418	550
Dividends to shareholders	(5,900)	(7,194)
Change in restricted cash	4	3
Net cash used in financing activities	(5,478)	(6,641)
Effect of exchange rate changes on cash and cash equivalents	(1,529)	(1,937)
Net increase (decrease) in cash and cash equivalents	17,697	14,824
Cash and cash equivalents, beginning of period	81,932	56,843
Cash and cash equivalents, end of period	99,629	71,667
Cash paid:
Income taxes	5,582	9,369
Supplemental disclosure of noncash transactions:
Common stock issued for shared distribution through accrued expenses and other liabilities	$ 1,679	$ 3,535

Basis of Presentation and Summa

Basis of Presentation and Summary of Business	6 Months Ended
	Jul. 02, 2016
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 January 2, 2016 , filed by Sun Hydraulics Corporation (together with its subsidiaries, the “Company”) with the Securities and Exchange Commission on March 1, 2016. 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 July 2, 2016 , are not necessarily indicative of the results that may be expected for the period ending December 31, 2016 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 June 27, 2015 July 2, 2016 June 27, 2015 Net income $ 6,990 $ 9,248 $ 15,198 $ 19,625 Weighted average basic shares outstanding 26,908 26,684 26,857 26,645 Basic net income per common share $ 0.26 $ 0.35 $ 0.57 $ 0.74 Effect of dilutive stock options — — — — Weighted average diluted shares outstanding 26,908 26,684 26,857 26,645 Diluted net income per common share $ 0.26 $ 0.35 $ 0.57 $ 0.74

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 , 520,612 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 July 2, 2016 and June 27, 2015 , totaled $2,316 and $1,402 , respectively. The following table summarizes restricted stock activity from January 2, 2016, through July 2, 2016 : Number of shares (in thousands) Weighted average grant-date fair value Nonvested balance at January 2, 2016 161 33.54 Granted 45 33.22 Vested (16 ) 36.41 Forfeitures — — Nonvested balance at July 2, 2016 190 33.21 The Company had $3,567 of total unrecognized compensation cost related to restricted stock awards granted under the 2011 Plan as of July 2, 2016 . That cost is expected to be recognized over a weighted average period of 0.92 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 25,896 shares at a weighted average price of $25.89 , and 16,866 shares at a weighted average price of $32.63 , under the ESPP during the six months ended July 2, 2016 and June 27, 2015 , respectively. The Company recognized $137 and $124 of compensation expense during the six months ended July 2, 2016 and June 27, 2015 , respectively. At July 2, 2016 , 593,444 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 July 2, 2016 , 186,624 shares remained available for issuance under the 2012 Directors Plan. Directors were granted 12,750 and 10,625 shares for the six months ended July 2, 2016 and June 27, 2015 , respectively. The Company recognized director stock compensation expense of $407 and $409 for the six months ended July 2, 2016 and June 27, 2015 , respectively.

Restricted Cash

Restricted Cash	6 Months Ended
	Jul. 02, 2016
Restricted Cash [Abstract]
RESTRICTED CASH	RESTRICTED CASH On July 2, 2016 , the Company had restricted cash of $40 . A restricted cash reserve for customs and excise taxes in the U.K. operation was $ 40 at July 2, 2016 . 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.

Inventories

Inventories	6 Months Ended
	Jul. 02, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES July 2, 2016 January 2, 2016 Raw materials $ 5,404 $ 5,555 Work in process 4,269 4,478 Finished goods 3,121 3,464 Provision for slow moving inventory (484 ) (450 ) Total $ 12,310 $ 13,047

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS A summary of changes in goodwill at July 2, 2016 is as follows: Balance, January 2, 2016 $ 4,988 Acquisitions — Currency translation (136 ) Balance, July 2, 2016 $ 4,852 Valuation models reflecting the expected future cash flow projections are used to value reporting units. A valuation of the reporting unit at January 2, 2016 indicated that there was no impairment of the carrying value of the goodwill at Sun Korea. A valuation of the reporting unit at September 26, 2015 indicated that there was no impairment of the carrying value of the goodwill at HCT. 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. In 2014, the Company entered into a licensing agreement with Sturman Industries, Inc., recognizing intangible assets of $1,075 in 2014 and $1,425 in 2015, and $850 in the six months ending July 2, 2016 . 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. At July 2, 2016 and January 2, 2016, intangible assets consisted of the following: July 2, 2016 January 2, 2016 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Definite-lived intangibles: Trade Name $ 774 $ (378 ) $ 396 $ 774 $ (340 ) $ 434 Non-compete agreement 11 (11 ) — 11 (11 ) — Technology 935 (405 ) 530 935 (304 ) 631 Customer relationships 1,751 (410 ) 1,341 1,751 (363 ) 1,388 Licensing agreement 3,350 (256 ) 3,094 2,500 (140 ) 2,360 $ 6,821 $ (1,460 ) $ 5,361 $ 5,971 $ (1,158 ) $ 4,813 Total estimated amortization expense for the years 2017 through 2021 is presented below. The remaining amortization for 2016 is approximately $236 . Year: 2017 486 2018 486 2019 486 2020 486 2021 486 Total $ 2,430 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 July 2, 2016 .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 , 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 July 2, 2016 , 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 $194,585 $224,704 Minimum EBITDA Not less than $5 million $51,695 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 July 2, 2016 , 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 July 2, 2016 , and June 27, 2015 . See Note 14, Subsequent Event, for additional information.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 02, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At July 2, 2016 , the Company had an unrecognized tax benefit of $2,142 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 July 2, 2016 , 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
	Jul. 02, 2016
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 July 2, 2016 Three Months Ended June 27, 2015 Six months ended July 2, 2016 Six months ended June 27, 2015 Net sales Americas $ 23,402 $ 25,940 $ 48,117 $ 51,829 Europe/Africa/ME 15,803 16,302 31,480 32,916 Asia/Pacific 11,604 11,774 22,240 23,657 Total $ 50,809 $ 54,016 $ 101,837 $ 108,402 July 2, 2016 January 2, 2016 Total assets Americas $ 184,356 $ 168,662 Europe/Africa/ME 55,988 56,720 Asia/Pacific 16,320 16,158 Total $ 256,664 $ 241,540 Long-lived assets Americas $ 71,518 $ 72,529 Europe/Africa/ME 6,939 7,923 Asia/Pacific 4,323 4,070 Total $ 82,780 $ 84,522

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jul. 02, 2016
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 and mutual funds 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 July 2, 2016 and January 2, 2016. July 2, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 638 $ 12 $ (35 ) $ 615 Mutual funds 2,209 36 (267 ) 1,978 Subtotal $ 2,847 $ 48 $ (302 ) $ 2,593 Level 2: Corporate fixed income $ 31,649 $ 121 $ (803 ) $ 30,967 Municipal bonds 2,979 9 (41 ) 2,947 Certificates of deposit and time deposits 1,324 — — 1,324 Asset backed securities 402 2 (1 ) 403 Subtotal $ 36,354 $ 132 $ (845 ) $ 35,641 Total $ 39,201 $ 180 $ (1,147 ) $ 38,234 Liabilities Level 2: Phantom stock units $ 21 $ — $ — $ 21 Total $ 21 $ — $ — $ 21 January 2, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 1,318 $ 28 $ (36 ) $ 1,310 Mutual funds 2,611 1 (238 ) 2,374 Subtotal $ 3,929 $ 29 $ (274 ) $ 3,684 Level 2: Corporate fixed income $ 35,936 $ 8 $ (1,682 ) $ 34,262 Municipal bonds 2,897 — (94 ) 2,803 Certificates of deposit and time deposits 2,947 — — 2,947 Asset backed securities 498 — (20 ) 478 Subtotal $ 42,278 $ 8 $ (1,796 ) $ 40,490 Total $ 46,207 $ 37 $ (2,070 ) $ 44,174 Liabilities Level 2: Phantom stock units $ 17 $ — $ — $ 17 Total $ 17 $ — $ — $ 17 The Company recognized a net realized loss on investments during the six months ended July 2, 2016 of $309 and a net realized loss of $117 during the six months ended June 27, 2015 . As of July 2, 2016 , 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. During the six months ended July 2, 2016, the Company recognized an impairment charge of $276 , which is included in the net realized loss for the period. There were no other-than-temporary impairments during the six month periods ended June 27, 2015. Maturities of investments at July 2, 2016 are as follows: Adjusted Cost Fair Value Due in less than one year $ 10,758 $ 10,699 Due after one year but within five years 16,658 16,218 Due after five years but within ten years 5,030 4,954 Due after ten years 3,908 3,770 Total $ 36,354 $ 35,641 The Company reports phantom stock units as a liability. The Company recognized expense relating to this liability of $4 and $17 , for the six month periods ended July 2, 2016 and June 27, 2015 , 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 July 2, 2016 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 Unrealized Foreign Total Balance at January 2, 2016 $ (1,262 ) $ (8,781 ) $ (10,043 ) Other comprehensive income (loss) before reclassifications 458 (2,192 ) (1,734 ) Amounts reclassified from accumulated other comprehensive income 195 — 195 Net current period other comprehensive income (loss) 653 (2,192 ) (1,539 ) Balance, July 2, 2016 $ (609 ) $ (10,973 ) $ (11,582 ) Reclassifications out of Accumulated Other Comprehensive Income Six Months Ended July 2, 2016 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 $ (33 ) Miscellaneous (income) expense, net Other than temporary impairment (276 ) Miscellaneous (income) expense, net (309 ) Total before tax 114 Tax benefit $ (195 ) Net of tax Total reclassifications for the period $ (195 )

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jul. 02, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued guidance on a new credit loss standard that replaces the incurred loss impairment methodology in current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. It is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption for fiscal year beginning after December 15, 2018 is permitted. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued guidance on Compensation-Stock Compensation, Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of accounting for share-based payment awards. The effective date will be the first quarter of fiscal year 2017, 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 March 2016, the FASB issued guidance on Investments-Equity Method and Joint Ventures which eliminates the retroactive adjustments to an investment qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. The effective date will be the first quarter of fiscal year 2017. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued guidance on Derivatives and Hedging which simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by clarifying that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. The effective date will be the first quarter of fiscal year 2017, 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 February 2016, the FASB issued guidance on Accounting for Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The guidance is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the effects, if any, adoption of this guidance will have on the Company’s consolidated financial statements. In January 2016, the FASB issued guidance on changes to the accounting for financial instruments that primarily affect equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This standard is effective in 2018 with certain provisions allowing for early adoption. The Company is currently evaluating the effects, if any, adoption of this guidance will have on the Company’s consolidated financial statements. In November 2015, the FASB issued guidance that requires all deferred tax assets and liabilities, along with any related valuation allowance, to be classified as noncurrent on the Consolidated Statement of Financial Position. Previous guidance requires the deferred taxes for each jurisdiction to be presented as a net current asset or liability and net noncurrent asset or liability. As a result of the new guidance, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that only permits offsetting deferred tax assets and liabilities within a single jurisdiction. The new guidance is effective January 1, 2017, 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 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 was originally to be 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
	Jul. 02, 2016
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 Event	6 Months Ended
	Jul. 02, 2016
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On July 29, 2016 the Company entered into a new credit agreement (the “2016 Credit Agreement”), with PNC Bank, National Association (the “Bank”), as administrative agent, and the lenders party thereto. The 2016 Credit Agreement provides the Company with a revolving line of credit (“the Facility”) of up to $100 million that is available through July 29, 2021. The 2016 Credit Agreement includes an accordion feature to increase the revolving line of credit by up to an additional $75 million . Interest is payable quarterly for loans under the Base Rate Option (as defined), and interest is payable on the last day of the applicable Interest Period (as defined) (and, if such Interest Period is longer than three (3) Months, interest is also payable on the 90th day of such Interest Period) for loans under the Euro Rate Option (as defined) . The loans under the facility will bear interest at the Euro Rate (as defined) or the Base Rate (as defined), at the Company’s option, plus the Applicable Margin (as defined) based on the Borrower’s Leverage Ratio (as defined). The Applicable Margin ranges from 1.25% to 2.00% for the Euro Rate and ranges from 0.25% to 1.00% for the Base Rate. Subject to customary breakage fees for loans under the Euro Rate Option that are prepaid on a day other than the last day of the applicable Interest Period, prepayment may be made without penalty or premium at any time upon the required notice to the Bank. The 2016 Credit Agreement requires the Company (together with its subsidiaries) to comply with certain financial tests, including a minimum Interest Coverage Ratio (as defined) of 3.0 to 1.0 and a maximum Leverage Ratio (as defined) of 3.5 to 1.0. As of the date of this filing, the Company was in compliance with all debt covenants related to the Facility. The 2016 Credit Agreement also requires the Company to comply with a number of restrictive covenants. These covenants limit, in certain circumstances, the Company’s ability to take a variety of actions, including but not limited to: incur indebtedness; create or maintain liens on its property or assets; make investments, loans and advances; repurchase shares of its Common Stock; engage in acquisitions, mergers, joint ventures, consolidations and asset sales; and pay dividends and distributions. The 2016 Credit Agreement contains customary default provisions and has various non-financial covenants, both requiring the Company to refrain from taking certain future actions (as described above) and requiring the Company to take certain affirmative actions, such as maintaining its corporate existence, paying liabilities timely, maintaining insurance, and providing its bank lending group with financial information on a timely basis. Maturity of the Credit Facility may be accelerated by the Bank upon an Event of Default (as defined). The Company and certain of its subsidiaries agreed to take certain actions to secure borrowings under the 2016 Credit Agreement. As a result, (i) the Company entered into a Pledge Agreement with the Bank, for the benefit of the lenders, granting a security interest in certain equity ownership in certain of its subsidiaries to secure amounts borrowed under the 2016 Credit Agreement and (ii) the Company’s domestic subsidiary entered into a Guaranty Agreement guarantying payment and performance of the Company’s obligations under the 2016 Credit Agreement. The 2016 Credit Agreement incorporates sub-facilities for swing loans up to $15 million and issuance of letters of credit up to $5 million . Swing loans and letters of credit issued under the 2016 Credit Agreement decrease availability under the $100 million revolving line of credit.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 02, 2016
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 and mutual funds 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
	Jul. 02, 2016
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 July 2, 2016 June 27, 2015 July 2, 2016 June 27, 2015 Net income $ 6,990 $ 9,248 $ 15,198 $ 19,625 Weighted average basic shares outstanding 26,908 26,684 26,857 26,645 Basic net income per common share $ 0.26 $ 0.35 $ 0.57 $ 0.74 Effect of dilutive stock options — — — — Weighted average diluted shares outstanding 26,908 26,684 26,857 26,645 Diluted net income per common share $ 0.26 $ 0.35 $ 0.57 $ 0.74

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jul. 02, 2016
Share-based Compensation [Abstract]
Summary of restricted stock activity	The following table summarizes restricted stock activity from January 2, 2016, through July 2, 2016 : Number of shares (in thousands) Weighted average grant-date fair value Nonvested balance at January 2, 2016 161 33.54 Granted 45 33.22 Vested (16 ) 36.41 Forfeitures — — Nonvested balance at July 2, 2016 190 33.21

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 02, 2016
Inventory Disclosure [Abstract]
Summary of inventories	July 2, 2016 January 2, 2016 Raw materials $ 5,404 $ 5,555 Work in process 4,269 4,478 Finished goods 3,121 3,464 Provision for slow moving inventory (484 ) (450 ) Total $ 12,310 $ 13,047

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of changes in goodwill	A summary of changes in goodwill at July 2, 2016 is as follows: Balance, January 2, 2016 $ 4,988 Acquisitions — Currency translation (136 ) Balance, July 2, 2016 $ 4,852
Schedule of intangible assets	At July 2, 2016 and January 2, 2016, intangible assets consisted of the following: July 2, 2016 January 2, 2016 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Definite-lived intangibles: Trade Name $ 774 $ (378 ) $ 396 $ 774 $ (340 ) $ 434 Non-compete agreement 11 (11 ) — 11 (11 ) — Technology 935 (405 ) 530 935 (304 ) 631 Customer relationships 1,751 (410 ) 1,341 1,751 (363 ) 1,388 Licensing agreement 3,350 (256 ) 3,094 2,500 (140 ) 2,360 $ 6,821 $ (1,460 ) $ 5,361 $ 5,971 $ (1,158 ) $ 4,813
Schedule of estimated amortization expense	Total estimated amortization expense for the years 2017 through 2021 is presented below. The remaining amortization for 2016 is approximately $236 . Year: 2017 486 2018 486 2019 486 2020 486 2021 486 Total $ 2,430

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Tables)	6 Months Ended
	Jul. 02, 2016
Long-term Debt, Unclassified [Abstract]
Long-term Debt Covenants	At July 2, 2016 , 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 $194,585 $224,704 Minimum EBITDA Not less than $5 million $51,695

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jul. 02, 2016
Segment Reporting [Abstract]
Schedule of segment information	Long-lived assets primarily include net property, plant and equipment: Three Months Ended July 2, 2016 Three Months Ended June 27, 2015 Six months ended July 2, 2016 Six months ended June 27, 2015 Net sales Americas $ 23,402 $ 25,940 $ 48,117 $ 51,829 Europe/Africa/ME 15,803 16,302 31,480 32,916 Asia/Pacific 11,604 11,774 22,240 23,657 Total $ 50,809 $ 54,016 $ 101,837 $ 108,402 July 2, 2016 January 2, 2016 Total assets Americas $ 184,356 $ 168,662 Europe/Africa/ME 55,988 56,720 Asia/Pacific 16,320 16,158 Total $ 256,664 $ 241,540 Long-lived assets Americas $ 71,518 $ 72,529 Europe/Africa/ME 6,939 7,923 Asia/Pacific 4,323 4,070 Total $ 82,780 $ 84,522

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 and January 2, 2016. July 2, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 638 $ 12 $ (35 ) $ 615 Mutual funds 2,209 36 (267 ) 1,978 Subtotal $ 2,847 $ 48 $ (302 ) $ 2,593 Level 2: Corporate fixed income $ 31,649 $ 121 $ (803 ) $ 30,967 Municipal bonds 2,979 9 (41 ) 2,947 Certificates of deposit and time deposits 1,324 — — 1,324 Asset backed securities 402 2 (1 ) 403 Subtotal $ 36,354 $ 132 $ (845 ) $ 35,641 Total $ 39,201 $ 180 $ (1,147 ) $ 38,234 Liabilities Level 2: Phantom stock units $ 21 $ — $ — $ 21 Total $ 21 $ — $ — $ 21 January 2, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: Equity securities $ 1,318 $ 28 $ (36 ) $ 1,310 Mutual funds 2,611 1 (238 ) 2,374 Subtotal $ 3,929 $ 29 $ (274 ) $ 3,684 Level 2: Corporate fixed income $ 35,936 $ 8 $ (1,682 ) $ 34,262 Municipal bonds 2,897 — (94 ) 2,803 Certificates of deposit and time deposits 2,947 — — 2,947 Asset backed securities 498 — (20 ) 478 Subtotal $ 42,278 $ 8 $ (1,796 ) $ 40,490 Total $ 46,207 $ 37 $ (2,070 ) $ 44,174 Liabilities Level 2: Phantom stock units $ 17 $ — $ — $ 17 Total $ 17 $ — $ — $ 17
Summary of maturities of marketable securities	Maturities of investments at July 2, 2016 are as follows: Adjusted Cost Fair Value Due in less than one year $ 10,758 $ 10,699 Due after one year but within five years 16,658 16,218 Due after five years but within ten years 5,030 4,954 Due after ten years 3,908 3,770 Total $ 36,354 $ 35,641

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 02, 2016
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 July 2, 2016 Unrealized Foreign Total Balance at January 2, 2016 $ (1,262 ) $ (8,781 ) $ (10,043 ) Other comprehensive income (loss) before reclassifications 458 (2,192 ) (1,734 ) Amounts reclassified from accumulated other comprehensive income 195 — 195 Net current period other comprehensive income (loss) 653 (2,192 ) (1,539 ) Balance, July 2, 2016 $ (609 ) $ (10,973 ) $ (11,582 )
Summary of reclassifications out of Accumulated Other Comprehensive Income	Reclassifications out of Accumulated Other Comprehensive Income Six Months Ended July 2, 2016 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 $ (33 ) Miscellaneous (income) expense, net Other than temporary impairment (276 ) Miscellaneous (income) expense, net (309 ) Total before tax 114 Tax benefit $ (195 ) Net of tax Total reclassifications for the period $ (195 )

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
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
Computation of basic and diluted earnings per common share
Net income	$ 6,990	$ 9,248	$ 15,198	$ 19,625
Weighted average basic shares outstanding	26,908	26,684	26,857	26,645
Basic net income per common share (in dollars per share)	$ 0.26	$ 0.35	$ 0.57	$ 0.74
Effect of dilutive stock options	0	0	0	0
Weighted average diluted shares outstanding	26,908	26,684	26,857	26,645
Diluted net income per common share (in dollars per share)	$ 0.26	$ 0.35	$ 0.57	$ 0.74

Stock Based Compensation (Detai

Stock Based Compensation (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jul. 02, 2016	Jul. 02, 2016	Jan. 02, 2016
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		161
Granted, Number of shares	45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value			$ 33.22
Vested, Number of shares	(16)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number			$ 36.41
Forfeitures, Number of shares	0
Nonvested Ending balance Number of shares	190	190
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		$ 33.54
Nonvested Ending balance, Weighted average grant-date fair value	$ 33.21	$ 33.21

Stock Based Compensation (Det34

Stock Based Compensation (Details Textual) $ / shares in Units, $ in Thousands	Jun. 01, 2015shares	Mar. 31, 2012shares	Jul. 02, 2016USD ($)Awards$ / sharesshares	Jun. 27, 2015USD ($)	Jul. 02, 2016USD ($)$ / sharesshares	Jul. 02, 2016GBP (£)shares	Jun. 27, 2015USD ($)shares	Jan. 02, 2016$ / shares
Stock Option Plans (Textual) [Abstract]
Aggregate shares of restricted stock grant			45,000
Total unrecognized compensation | $			$ 3,567		$ 3,567
Recognized weighted average period (in years)			11 months
Ratio for additional common stock shares issued, under ESPP					6	6
Share based Compensation Expenses | $					$ 137		$ 124
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					12,750	12,750	10,625
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 | $					$ 407		$ 409
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 | $			$ 2,316	$ 1,402
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			520,612		520,612
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					25,896	25,896	16,866
Weighted average price | $ / shares			$ 25.89		$ 25.89			$ 32.63
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			593,444		593,444
Nonemployee Director Equity and Deferred Compensation Plan [Member]
Stock Option Plans (Textual) [Abstract]
Shares available for issuance			186,624		186,624

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2016	Jan. 02, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 40	$ 44
Estimated period of restricted cash amount	2 months
United Kingdom [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 40

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2016	Jan. 02, 2016
Summary of inventories
Raw materials	$ 5,404	$ 5,555
Work in process	4,269	4,478
Finished goods	3,121	3,464
Provision for slow moving inventory	(484)	(450)
Total	$ 12,310	$ 13,047

Goodwill and Intangible Asset37

Goodwill and Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2016USD ($)
Summary of changes in goodwill
Goodwill, Beginning Balance	$ 4,988
Acquisitions	0
Currency translation	(136)
Goodwill, Ending Balance	$ 4,852

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 27, 2015	Dec. 27, 2014	Jul. 02, 2016	Jan. 02, 2016
Definite-lived intangibles:
Gross carrying amount			$ 6,821,000	$ 5,971,000
Accumulated amortization			(1,460,000)	(1,158,000)
Net carrying amount			5,361,000	4,813,000
Trade Name
Definite-lived intangibles:
Gross carrying amount			774,000	774,000
Accumulated amortization			(378,000)	(340,000)
Net carrying amount			396,000	434,000
Noncompete Agreements [Member]
Definite-lived intangibles:
Gross carrying amount			11,000	11,000
Accumulated amortization			(11,000)	(11,000)
Net carrying amount			0	0
Non-compete agreement
Definite-lived intangibles:
Gross carrying amount			935,000	935,000
Accumulated amortization			(405,000)	(304,000)
Net carrying amount			530,000	631,000
Technology
Definite-lived intangibles:
Gross carrying amount			1,751,000	1,751,000
Accumulated amortization			(410,000)	(363,000)
Net carrying amount			1,341,000	1,388,000
Licensing Agreements [Member]
Definite-lived intangibles:
Gross carrying amount			3,350,000	2,500,000
Accumulated amortization			(256,000)	(140,000)
Net carrying amount			3,094,000	$ 2,360,000
Subsidiaries [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss		$ 0
HCT [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill, Impairment Loss	$ 0
Definite-lived intangibles:
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			2,658,000
WhiteOak [Member]
Definite-lived intangibles:
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			$ 746,000

Goodwill and Intangible Asset39

Goodwill and Intangible Assets (Details 2) $ in Thousands	Jul. 02, 2016USD ($)
Schedule of estimated amortization expense
2,014	$ 486
2,015	486
2,016	486
2,017	486
2,018	486
Total	$ 2,430

Goodwill and Intangible Asset40

Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 29, 2014	Jul. 02, 2016	Jun. 27, 2015	Dec. 27, 2014
Finite-Lived Intangible Assets [Line Items]
Remaining amortization		$ 236,000
Subsidiaries [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of carrying value of goodwill				$ 0
HCT [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of carrying value of goodwill			$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		2,658,000
WhiteOak [Member]
Finite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		746,000
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 1,075,000	$ 850,000	$ 1,425,000

Long-Term Debt (Details)

Long-Term Debt (Details)	Aug. 01, 2011USD ($)CreditFacility	Jul. 02, 2016USD ($)CreditFacility	Jul. 02, 2016USD ($)covenant	Jun. 27, 2015USD ($)
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		$ 194,585,000	$ 194,585,000
Actual tangible net worth		224,704,000	224,704,000
Required minimum EBITDA (not less than)		5,000,000	5,000,000
Actual EBITDA		51,695,000	$ 51,695,000
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 (percent)		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 (percent)			(0.25%)
Facility B [Member] | Base Rate [Member] | Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate (percent)			0.00%
Facility B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate (percent)			1.45%
Facility B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Long-Term Debt (Textual) [Abstract]
Variable interest rate (percent)			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) $ in Thousands	6 Months Ended
	Jul. 02, 2016USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefit	$ 2,142
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
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015	Jan. 02, 2016
Net sales
Net sales	$ 50,809	$ 54,016	$ 101,837	$ 108,402
Total assets
Total assets	256,664		256,664		$ 241,540
Long-lived assets
Long-lived assets	82,780		82,780		84,522
Americas [Member]
Net sales
Net sales	23,402	25,940	48,117	51,829
Total assets
Total assets	184,356		184,356		168,662
Long-lived assets
Long-lived assets	71,518		71,518		72,529
EMEA [Member]
Net sales
Net sales	15,803	16,302	31,480	32,916
Total assets
Total assets	55,988		55,988		56,720
Long-lived assets
Long-lived assets	6,939		6,939		7,923
Asia/Pacific [Member]
Net sales
Net sales	11,604	$ 11,774	22,240	$ 23,657
Total assets
Total assets	16,320		16,320		16,158
Long-lived assets
Long-lived assets	$ 4,323		$ 4,323		$ 4,070

Fair Value of Financial Instr44

Fair Value of Financial Instruments (Details) - USD ($)	Jul. 02, 2016	Jan. 02, 2016
Assets
Asset measured at, fair value	$ 35,641,000
Recurring [Member]
Assets
Assets measured at fair value, Adjusted cost	39,201,000	$ 46,207,000
Assets measured at fair value, Unrealized gains	180,000	37,000
Assets measured at fair value, Unrealized losses	(1,147,000)	(2,070,000)
Asset measured at, fair value	38,234,000	44,174,000
Recurring [Member] | Level 1 [Member]
Assets
Assets measured at fair value, Adjusted cost	2,847,000	3,929,000
Assets measured at fair value, Unrealized gains	48,000	29,000
Assets measured at fair value, Unrealized losses	(302,000)	(274,000)
Asset measured at, fair value	2,593,000	3,684,000
Recurring [Member] | Level 1 [Member] | Equity securities [Member]
Assets
Assets measured at fair value, Adjusted cost	638,000	1,318,000
Assets measured at fair value, Unrealized gains	12,000	28,000
Assets measured at fair value, Unrealized losses	(35,000)	(36,000)
Asset measured at, fair value	615,000	1,310,000
Recurring [Member] | Level 1 [Member] | Mutual funds [Member]
Assets
Assets measured at fair value, Adjusted cost	2,209,000	2,611,000
Assets measured at fair value, Unrealized gains	36,000	1,000
Assets measured at fair value, Unrealized losses	(267,000)	(238,000)
Asset measured at, fair value	1,978,000	2,374,000
Recurring [Member] | Level 2 [Member]
Assets
Assets measured at fair value, Adjusted cost	36,354,000	42,278,000
Assets measured at fair value, Unrealized gains	132,000	8,000
Assets measured at fair value, Unrealized losses	(845,000)	(1,796,000)
Asset measured at, fair value	35,641,000	40,490,000
Liabilities
Liabilities measured at fair value, Unrealized gains	0	0
Liabilities measured at fair value, Unrealized losses	0	0
Liabilities measured at fair value	21,000	17,000
Convertible Debt, Fair Value Disclosures	21,000	17,000
Recurring [Member] | Level 2 [Member] | Corporate fixed income [Member]
Assets
Assets measured at fair value, Adjusted cost	31,649,000	35,936,000
Assets measured at fair value, Unrealized gains	121,000	8,000
Assets measured at fair value, Unrealized losses	(803,000)	(1,682,000)
Asset measured at, fair value	30,967,000	34,262,000
Recurring [Member] | Level 2 [Member] | Municipal bonds [Member]
Assets
Assets measured at fair value, Adjusted cost	2,979,000	2,897,000
Assets measured at fair value, Unrealized gains	9,000	0
Assets measured at fair value, Unrealized losses	(41,000)	(94,000)
Asset measured at, fair value	2,947,000	2,803,000
Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member]
Assets
Assets measured at fair value, Adjusted cost	1,324,000	2,947,000
Assets measured at fair value, Unrealized gains	0	0
Assets measured at fair value, Unrealized losses	0	0
Asset measured at, fair value	1,324,000	2,947,000
Recurring [Member] | Level 2 [Member] | Asset backed securities [Member]
Assets
Assets measured at fair value, Adjusted cost	402,000	498,000
Assets measured at fair value, Unrealized gains	2,000	0
Assets measured at fair value, Unrealized losses	(1,000)	(20,000)
Asset measured at, fair value	403,000	478,000
Recurring [Member] | Level 2 [Member] | Phantom Share Units (PSUs) [Member]
Assets
Liabilities Measured at Fair Value Adjusted Cost	21,000	17,000
Liabilities
Liabilities measured at fair value, Unrealized gains	0	0
Liabilities measured at fair value, Unrealized losses	0	0
Liabilities measured at fair value	$ 21,000	$ 17,000

Fair Value of Financial Instr45

Fair Value of Financial Instruments (Details 1) $ in Thousands	Jul. 02, 2016USD ($)
Summary of maturities of marketable securities
Due in less than one year, adjusted cost	$ 10,758
Due after one year but within five years, adjusted cost	16,658
Due after five years but within ten years, adjusted cost	5,030
Due after ten years, adjusted cost	3,908
Due in less than one year, fair value	10,699
Due after one year but within five years, fair value	16,218
Due after five years but within ten years, fair value	4,954
Due after ten years, fair value	3,770
Available-for-sale Debt Securities, Amortized Cost Basis	36,354
Asset measured at, fair value	$ 35,641

Fair Value of Financial Instr46

Fair Value of Financial Instruments (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 02, 2016	Jul. 02, 2016	Jun. 27, 2015
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		$ 309,000	$ 117,000
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]
Recognized expense related to deferred director stock units and phantom stock units liability		$ 4,000	$ 17,000
Vesting period		3 years

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Income - Changes in AOCI (Details) $ in Thousands	6 Months Ended
	Jul. 02, 2016USD ($)
Changes in Accumulated Other Comprehensive Income, by Component
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	$ (10,043)
Other comprehensive income (loss) before reclassifications	(1,734)
Amounts reclassified from accumulated other comprehensive income	195
Net current period other comprehensive income (loss)	(1,539)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(11,582)
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	(1,262)
Other comprehensive income (loss) before reclassifications	458
Amounts reclassified from accumulated other comprehensive income	195
Net current period other comprehensive income (loss)	653
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	(609)
Foreign Currency Items [Member]
Changes in Accumulated Other Comprehensive Income, by Component
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance	(8,781)
Other comprehensive income (loss) before reclassifications	(2,192)
Amounts reclassified from accumulated other comprehensive income	0
Net current period other comprehensive income (loss)	(2,192)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance	$ (10,973)

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2016	Jun. 27, 2015	Jul. 02, 2016	Jun. 27, 2015
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	$ 10,594	$ 13,974	$ 22,789	$ 29,332
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Tax benefit	(3,604)	(4,726)	(7,591)	(9,707)
Net income	$ 6,990	$ 9,248	15,198	$ 19,625
Reclassification out of Accumulated Other Comprehensive Income [Member]
Summary of reclassifications out of Accumulated Other Comprehensive Income
Net income			(195)
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			(309)
Amount Reclassified from AOCI, Unrealized gains and losses on available-for-sale securities, Tax benefit			114
Net income			(195)
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			(33)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax			$ (276)

Subsequent Event (Details)

Subsequent Event (Details)	Jul. 29, 2016USD ($)	Aug. 01, 2011USD ($)
Subsequent Event [Line Items]
Credit facilities, maximum capacity		$ 50,000,000
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Credit facilities, maximum capacity	$ 100,000,000
Accordion feature to increase maximum capacity	$ 75,000,000
Interest coverage ratio (percent)	3
Leverage ratio (percent)	3.5
Subsequent Event [Member] | Line of Credit [Member] | Swing Loans [Member]
Subsequent Event [Line Items]
Credit facilities, maximum capacity	$ 15,000,000
Subsequent Event [Member] | Line of Credit [Member] | Letter of Credit [Member]
Subsequent Event [Line Items]
Credit facilities, maximum capacity	$ 5,000,000
Euro Rate [Member] | Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Variable interest rate (percent)	2.00%
Minimum [Member] | Euro Rate [Member] | Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Variable interest rate (percent)	1.25%
Minimum [Member] | Base Rate [Member] | Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Variable interest rate (percent)	0.25%
Maximum [Member] | Base Rate [Member] | Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Variable interest rate (percent)	1.00%