Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Oct. 04, 2014 | Nov. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BlueLinx Holdings Inc. | ' |
Entity Central Index Key | '0001301787 | ' |
Trading Symbol | 'bxc | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 88,747,548 |
Document Type | '10-Q | ' |
Document Period End Date | 4-Oct-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 04, 2014 | Sep. 28, 2013 | Oct. 04, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $549,845 | $557,952 | $1,525,283 | $1,665,697 |
Cost of sales | 485,265 | 495,460 | 1,345,994 | 1,491,563 |
Gross profit | 64,580 | 62,492 | 179,289 | 174,134 |
Operating expenses: | ' | ' | ' | ' |
Selling, general, and administrative | 56,136 | 57,255 | 158,006 | 185,184 |
Depreciation and amortization | 2,403 | 2,144 | 7,176 | 6,547 |
Total operating expenses | 58,539 | 59,399 | 165,182 | 191,731 |
Operating income (loss) | 6,041 | 3,093 | 14,107 | -17,597 |
Non-operating expenses (income): | ' | ' | ' | ' |
Interest expense | 6,777 | 6,918 | 20,090 | 21,026 |
Other expense (income), net | 193 | 17 | 313 | 252 |
Income (loss) before provision for (benefit from) income taxes | -929 | -3,842 | -6,296 | -38,875 |
Provision for (benefit from) income taxes | -69 | -636 | -65 | -714 |
Net income (loss) | -860 | -3,206 | -6,231 | -38,161 |
Basic and diluted weighted average number of common shares outstanding | 86,399 | 84,596 | 85,820 | 78,492 |
Basic and diluted net income (loss) per share applicable to common stock | ($0.01) | ($0.04) | ($0.07) | ($0.49) |
Comprehensive income (loss): | ' | ' | ' | ' |
Net (loss) income | -860 | -3,206 | -6,231 | -38,161 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of unrecognized loss, net of taxes | 117 | 437 | 349 | 1,313 |
Foreign currency translation | -284 | 92 | -248 | -179 |
Total other comprehensive income (loss) | -167 | 529 | 101 | 1,134 |
Comprehensive income (loss) | ($1,027) | ($2,677) | ($6,130) | ($37,027) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 04, 2014 | Jan. 04, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $7,839 | $5,034 |
Receivables, net | 205,845 | 150,297 |
Inventories, net | 264,920 | 223,580 |
Other current assets | 25,087 | 22,814 |
Total current assets | 503,691 | 401,725 |
Property, plant, and equipment: | ' | ' |
Land and land improvements | 41,095 | 41,176 |
Buildings | 90,116 | 90,082 |
Machinery and equipment | 77,230 | 73,004 |
Construction in progress | 478 | 3,028 |
Property, plant, and equipment, at cost | 208,919 | 207,290 |
Accumulated depreciation | -102,569 | -96,171 |
Property, plant, and equipment, net | 106,350 | 111,119 |
Non-current deferred income tax assets, net | 824 | 824 |
Other non-current assets | 16,560 | 14,821 |
Total assets | 627,425 | 528,489 |
Current liabilities: | ' | ' |
Accounts payable | 105,307 | 60,363 |
Bank overdrafts | 19,573 | 19,377 |
Accrued compensation | 6,872 | 4,173 |
Current maturities of long-term debt | 71,717 | 9,141 |
Deferred income taxes, net | 823 | 823 |
Other current liabilities | 13,685 | 12,949 |
Total current liabilities | 217,977 | 106,826 |
Non-current liabilities: | ' | ' |
Long-term debt | 382,514 | 387,238 |
Other non-current liabilities | 37,608 | 40,323 |
Total liabilities | 638,099 | 534,387 |
Stockholders' deficit: | ' | ' |
Common Stock, $0.01 par value, 200,000,000 shares authorized at July 5, 2014 and January 4, 2014; 88,897,561 and 86,545,000 shares issued at July 5, 2014 and January 4, 2014, respectively. | 888 | 866 |
Additional paid-in capital | 252,529 | 251,150 |
Accumulated other comprehensive loss | -16,192 | -16,293 |
Accumulated deficit | -247,899 | -241,621 |
Total stockholders' deficit | -10,674 | -5,898 |
Total liabilities and stockholders' deficit | $627,425 | $528,489 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Oct. 04, 2014 | Jan. 04, 2014 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 88,897,561 | 86,545,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 04, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($6,231) | ($38,161) |
Adjustments to reconcile net loss to net cash used in operations: | ' | ' |
Depreciation and amortization | 7,176 | 6,547 |
Amortization of debt issuance costs | 2,483 | 2,396 |
Write-off of debt issuance costs | 0 | 119 |
Gain from the sale of properties | -5,251 | -3,908 |
Restructuring Costs and Asset Impairment Charges | 0 | 1,398 |
Severance charges | 1,877 | 4,703 |
Restructuring payments | -2,323 | -1,977 |
Intraperiod income tax allocation related to the hourly pension plan | -224 | -840 |
Pension expense | 675 | 3,443 |
Share-based compensation expense, excluding restructuring related | 3,316 | 2,866 |
Share-based compensation expense, restructuring related | 0 | 2,711 |
Increase (Decrease) in Restricted Cash for Operating Activities | 667 | 2,028 |
Increase (Decrease) in Prepaid Expense and Other Assets | -3,183 | -761 |
Other | 770 | 1,255 |
Adjustments to reconcile net loss to cash used in operations, Total | -1,582 | -22,237 |
Changes in primary working capital components: | ' | ' |
Receivables | -55,548 | -50,462 |
Inventories | -41,340 | -29,663 |
Accounts payable | 45,042 | 31,568 |
Net cash used in operating activities | -53,428 | -70,794 |
Cash flows from investing activities: | ' | ' |
Property, plant and equipment investments | -1,816 | -4,005 |
Proceeds from disposition of assets | 7,240 | 8,073 |
Net cash provided by (used in) investing activities | 5,424 | 4,068 |
Cash flows from financing activities: | ' | ' |
Excess tax benefits from share-based compensation arrangements | 0 | 16 |
Repurchase of shares to satisfy employee tax withholdings | -957 | -2,867 |
Repayments on the revolving credit facilities | -337,547 | -422,231 |
Borrowings from the revolving credit facilities | 404,020 | 490,264 |
Payments of principal on mortgage | -8,827 | -7,554 |
Payments on capital lease obligations | -1,732 | -1,152 |
Increase (decrease) in bank overdrafts | 195 | -14,921 |
Decrease in restricted cash related to the mortgage | -4,044 | -8,970 |
Debt issuance costs | -201 | -2,893 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -98 | 38,715 |
Net cash provided by financing activities | 50,809 | 68,407 |
Increase in cash | 2,805 | 1,681 |
Balance, beginning of period | 5,034 | 5,188 |
Balance, end of period | $7,839 | $6,869 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 04, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited Consolidated Financial Statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries (the "Company"). These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the year ended January 4, 2014. | |
Management believes the accompanying unaudited Consolidated Financial Statements reflect all adjustments, including normal recurring items and restructuring and other items, considered necessary for a fair statement of results for the interim periods presented. We are exposed to fluctuations in quarterly sales volumes and expenses due to seasonal factors, with the second and third quarters typically accounting for the highest sales volumes. These seasonal factors are common in the building products distribution industry. | |
Our fiscal quarters are based on a 5-4-4 week period, with the exception of the fourth fiscal quarter of fiscal years containing 53 weeks, which are based on a 5-4-5 week period. | |
Recent Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, which will replace most existing revenue recognition guidance in GAAP and is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of this ASU will have on our consolidated financial statements. | |
In September 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists within one year from the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. | |
There were no other accounting pronouncements adopted during the third quarter of fiscal 2014 that had a material impact on our financial statements. | |
Reclassifications | |
During fiscal 2014, we have separately detailed certain amounts, which historically had been presented as “Other” changes in the “Cash flows from operating activities.” To conform the historical presentation to the current and future presentation, we have separately detailed similar items, including certain prepaid assets and inventory in prior periods from “Other” changes in the “Cash flows from operating activities”. | |
Additionally, during fiscal 2014, we reclassified certain amounts relating to debt discount, which historically had been presented as “Other non-current assets” to “Long-term debt” on the Consolidated Balance Sheets. To conform the historical presentation to the current and future presentation, we reclassified similar items in prior periods from “Other non-current assets” to “Long-term debt” on the Consolidated Balance Sheets. |
LongLived_Assets_Notes
Long-Lived Assets (Notes) | 9 Months Ended |
Oct. 04, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Long-Lived Assets | ' |
Long-Lived Assets | |
Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a current period operating or cash flow loss combined with historical losses or projected future losses, management’s decision to exit a facility, reductions in the fair market value of real properties and changes in other circumstances that indicate the carrying amount of an asset may not be recoverable. When such events or changes in circumstances are present, we estimate the future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use. | |
No impairment losses were recorded for the nine months ended October 4, 2014. | |
We have certain assets that we have designated as assets held for sale. At the time of designation, we ceased recognizing depreciation expense on these assets. As of October 4, 2014, and January 4, 2014, total assets held for sale were $0.9 million and $2.6 million, respectively, and were included in “Other current assets” in our Consolidated Balance Sheets. We continue to actively market all properties that are designated as held for sale. | |
We recognized a gain of $5.1 million on the sale of the closed Portland, Oregon facility in the second quarter of fiscal 2014, and a gain of approximately $0.2 million related to our Fremont, California location in the first quarter of fiscal 2014. The Fremont, California gain was related to the release of proceeds previously held in an escrow account for certain environmental remediation procedures. These gains were recorded in “Selling, general, and administrative” expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||
Oct. 04, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring Charges | ' | |||||||||||
Restructuring Charges | ||||||||||||
We account for exit and disposal costs by recognizing a liability for costs associated with an exit or disposal activity at fair value in the period in which it is incurred or when the entity ceases using the right conveyed by a contract (i.e., the right to use a leased property). We account for severance and outplacement costs by recognizing a liability for employees’ rights to post-employment benefits when management has committed to a plan, due to the existence of a post-employment benefit agreement. | ||||||||||||
The table below summarizes the balance of reduction in force activities and the related accrued facility lease obligation reserve and the changes in the accrual for the nine months ended October 4, 2014 (in thousands): | ||||||||||||
Reduction in | Facility Lease Obligation | Total Restructuring | ||||||||||
Force | ||||||||||||
Activities | ||||||||||||
Balance at January 4, 2014 | $ | 2,550 | $ | 928 | $ | 3,478 | ||||||
Adjustments to reserves | (168 | ) | 26 | (142 | ) | |||||||
Payments | (1,690 | ) | (310 | ) | (2,000 | ) | ||||||
Balance at October 4, 2014 | $ | 692 | $ | 644 | $ | 1,336 | ||||||
Employee_Benefits
Employee Benefits | 9 Months Ended | |||||||
Oct. 04, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefits | ' | |||||||
Employee Benefits | ||||||||
The decrease in net periodic pension cost for the third fiscal quarter ended October 4, 2014, and the nine months ended October 4, 2014, is primarily due to an increase in the discount rate, from 4.24% to 5.00%, a reduction in amortized losses, and an increased return on investments due to favorable market conditions. | ||||||||
The following table shows the components of net periodic pension cost (in thousands): | ||||||||
Three Months Ended | Three Months Ended | |||||||
October 4, 2014 | September 28, 2013 | |||||||
Service cost | $ | 264 | $ | 548 | ||||
Interest cost on projected benefit obligation | 1,280 | 1,188 | ||||||
Expected return on plan assets | (1,510 | ) | (1,306 | ) | ||||
Amortization of unrecognized loss | 191 | 718 | ||||||
Net periodic pension cost | $ | 225 | $ | 1,148 | ||||
Nine Months Ended | Nine Months Ended | |||||||
October 4, 2014 | September 28, 2013 | |||||||
Service cost | $ | 792 | $ | 1,644 | ||||
Interest cost on projected benefit obligation | 3,840 | 3,563 | ||||||
Expected return on plan assets | (4,530 | ) | (3,918 | ) | ||||
Amortization of unrecognized loss | 573 | 2,154 | ||||||
Net periodic pension cost | $ | 675 | $ | 3,443 | ||||
Revolving_Credit_Facilities
Revolving Credit Facilities (Revolving credit facility) | 9 Months Ended |
Oct. 04, 2014 | |
Revolving credit facility | ' |
Line of Credit Facility [Line Items] | ' |
Revolving Credit Facilities | ' |
Revolving Credit Facilities | |
On August 4, 2006, we entered into our U.S. revolving credit facility agreement (the “U.S. revolving credit facility”), as later amended, with several lenders including Wells Fargo Bank, National Association. The U.S. revolving credit facility has a final maturity of April 15, 2016, and maximum available credit of $467.5 million, which includes the $20.0 million Tranche A Loan, the maturity date of which is described below. The U.S. revolving credit facility also includes an additional $75.0 million uncommitted accordion credit facility, which permits us to increase the maximum available credit up to $542.5 million. Amounts outstanding under the U.S. revolving credit facility are secured on a first priority basis, by substantially all of our personal property and trade fixtures, including all accounts receivable, general intangibles, inventory and equipment. | |
On August 14, 2014, we amended our U.S. revolving credit facility, extending the final maturity date of the Tranche A Loan to June 30, 2015, and adjusting the credit limits of the loan to step down the available credit by $2.0 million per month beginning April 1, 2015, unless the principal payments cause excess availability to become less than $50.0 million, or an event of default exists. | |
As of October 4, 2014, we had outstanding borrowings of $273.6 million and excess availability of $86.1 million under the terms of the U.S. revolving credit facility. The interest rate on the U.S. revolving credit facility was 3.8% as of October 4, 2014. Additionally, as of October 4, 2014, we had outstanding letters of credit totaling $3.6 million, for the purposes of securing collateral requirements related to guaranteeing lease and certain other obligations. | |
Our subsidiary BlueLinx Building Products Canada Ltd. (“BlueLinx Canada”) has a revolving credit agreement (the “Canadian revolving credit facility”) with Canadian Imperial Bank of Commerce due upon the the earlier of August 12, 2016 or the maturity date of the U.S. revolving credit facility. The Canadian revolving credit facility has a maximum available credit of $10.0 million. The Canadian revolving credit facility also provides for an additional $5.0 million uncommitted accordion credit facility, which permits us to increase the maximum available credit up to $15.0 million. | |
As of October 4, 2014, we had outstanding borrowings of $4.1 million and excess availability of $1.8 million under the terms of our Canadian revolving credit facility. The interest rate on the Canadian revolving credit facility was 4.0% as of October 4, 2014. | |
We are in compliance with all covenants under these revolving credit facilities. |
Mortgage
Mortgage | 9 Months Ended | |||
Oct. 04, 2014 | ||||
Mortgage Disclosure [Abstract] | ' | |||
Mortgage | ' | |||
Mortgage | ||||
We have a ten-year mortgage loan with German American Capital Corporation and Wells Fargo Bank. The mortgage matures July 1, 2016, and is secured by the Company's 49 distribution facilities. The stated fixed rate interest rate on the mortgage is 6.35%. Loan principal will be paid in the following increments (in thousands): | ||||
Principal Payments | ||||
2014 | $ | 576 | ||
2015 | 2,496 | |||
2016 | 175,044 | |||
Thereafter | — | |||
Total | $ | 178,116 | ||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 04, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
Carrying amounts for our financial instruments are not significantly different from their fair value, with the exception of our mortgage. To determine the fair value of our mortgage, we use a discounted cash flow model. We believe the mortgage fair value valuation to be Level 2 in the fair value hierarchy, as the valuation model has inputs that are observable for substantially the full term of the liability. As of October 4, 2014, the discounted carrying amount and fair value of our mortgage was $178.1 million and $184.5 million, respectively. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended |
Oct. 04, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
Earnings per Share | |
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock awards. | |
Restricted stock granted by us to certain of our officers, directors, and other employees participate in dividends on the same basis as common shares and are non-forfeitable by the holder. The unvested restricted stock contains non-forfeitable rights to dividends or dividend equivalents. As a result, these share-based awards meet the definition of a participating security and are included in the weighted average number of common shares outstanding, pursuant to the two-class method, for the periods that present net income. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. | |
For the interim periods presented, all unexpired stock options and unvested restricted and performance share awards were not included in the computations of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Oct. 04, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Comprehensive income (loss) is a measure of income (loss) which includes both net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) results from items deferred from recognition into our Consolidated Statements of Operations and Comprehensive Income (Loss). Accumulated other comprehensive income (loss) is separately presented on our Consolidated Balance Sheets as part of common stockholders’ deficit. Other comprehensive income (loss) was $(0.2) million for the quarter ended October 4, 2014. Other comprehensive income (loss) was $0.1 million for the first nine months of fiscal 2014. | ||||||||||||||||
The changes in accumulated balances for each component of other comprehensive income (loss) for the quarter ended October 4, 2014, were as follows (in thousands): | ||||||||||||||||
Foreign currency, net | Defined | Other, net of tax | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
of tax | benefit pension | |||||||||||||||
plan, net of tax | ||||||||||||||||
Beginning balance | $ | 1,672 | $ | (17,909 | ) | $ | 212 | $ | (16,025 | ) | ||||||
Other comprehensive income (loss) before reclassification | (284 | ) | — | — | (284 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 117 | — | 117 | ||||||||||||
Current-period other comprehensive income (loss), net of tax | (284 | ) | 117 | — | (167 | ) | ||||||||||
Ending balance, net of tax | $ | 1,388 | $ | (17,792 | ) | $ | 212 | $ | (16,192 | ) | ||||||
The changes in accumulated balances for each component of other comprehensive income (loss) for the first nine months of fiscal 2014 were as follows (in thousands): | ||||||||||||||||
Foreign currency, net | Defined | Other, net of tax | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
of tax | benefit pension | |||||||||||||||
plan, net of tax | ||||||||||||||||
Beginning balance | $ | 1,636 | $ | (18,141 | ) | $ | 212 | $ | (16,293 | ) | ||||||
Other comprehensive income (loss) before reclassification | (248 | ) | — | — | (248 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 349 | — | 349 | ||||||||||||
Current-period other comprehensive income (loss), net of tax | (248 | ) | 349 | — | $ | 101 | ||||||||||
Ending balance, net of tax | $ | 1,388 | $ | (17,792 | ) | $ | 212 | $ | (16,192 | ) | ||||||
Reclassifications out of accumulated other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the quarter ended October 4, 2014, were as follows (in thousands): | ||||||||||||||||
Amount reclassified from accumulated other | Affected line item in the | |||||||||||||||
comprehensive income (loss) | statement where net | |||||||||||||||
income is presented | ||||||||||||||||
Amortization of actuarial loss | $ | 191 | Selling, general, and administrative | |||||||||||||
Tax impact | 74 | Provision for (benefit from) income taxes (1) | ||||||||||||||
Total, net of tax | $ | 117 | Net of tax (2) | |||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the first nine months of fiscal 2014 were as follows (in thousands): | ||||||||||||||||
Amount reclassified from | Affected line item in the | |||||||||||||||
accumulated other | statement where net | |||||||||||||||
comprehensive income (loss) | income is presented | |||||||||||||||
Amortization of actuarial loss | $ | 573 | Selling, general, and administrative | |||||||||||||
Tax impact | 224 | Provision for (benefit from) income taxes (1) | ||||||||||||||
Total, net of tax | $ | 349 | Net of tax (2) | |||||||||||||
-1 | We allocated income tax expense to accumulated other comprehensive income (loss) into the Consolidated Statements of Operations to the extent income (loss) was recorded in accumulated other comprehensive income (loss) and we have a loss from continuing operations. | |||||||||||||||
-2 | These accumulated other comprehensive loss components, related to the hourly pension plan, are included in the computation of net periodic pension cost. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 04, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
11. Commitments and Contingencies | |
Legal Proceedings | |
We are, and from time to time may be, a party to routine legal proceedings incidental to the operation of our business. The outcome of any pending or threatened proceedings is not expected to have a material adverse effect on our financial condition, operating results or cash flows, based on our current understanding of the relevant facts. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Oct. 04, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
12. Subsequent Events | |
We are not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on our Consolidated Financial Statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 04, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Standards | ' |
Recent Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, which will replace most existing revenue recognition guidance in GAAP and is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of this ASU will have on our consolidated financial statements. | |
In September 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists within one year from the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. | |
There were no other accounting pronouncements adopted during the third quarter of fiscal 2014 that had a material impact on our financial statements. | |
Reclassifications | ' |
Reclassifications | |
During fiscal 2014, we have separately detailed certain amounts, which historically had been presented as “Other” changes in the “Cash flows from operating activities.” To conform the historical presentation to the current and future presentation, we have separately detailed similar items, including certain prepaid assets and inventory in prior periods from “Other” changes in the “Cash flows from operating activities”. | |
Additionally, during fiscal 2014, we reclassified certain amounts relating to debt discount, which historically had been presented as “Other non-current assets” to “Long-term debt” on the Consolidated Balance Sheets. To conform the historical presentation to the current and future presentation, we reclassified similar items in prior periods from “Other non-current assets” to “Long-term debt” on the Consolidated Balance Sheets. | |
Impairment or Disposal of Long-Lived Assets | ' |
Long-Lived Assets | |
Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a current period operating or cash flow loss combined with historical losses or projected future losses, management’s decision to exit a facility, reductions in the fair market value of real properties and changes in other circumstances that indicate the carrying amount of an asset may not be recoverable. When such events or changes in circumstances are present, we estimate the future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use. | |
No impairment losses were recorded for the nine months ended October 4, 2014. | |
We have certain assets that we have designated as assets held for sale. At the time of designation, we ceased recognizing depreciation expense on these assets. As of October 4, 2014, and January 4, 2014, total assets held for sale were $0.9 million and $2.6 million, respectively, and were included in “Other current assets” in our Consolidated Balance Sheets. We continue to actively market all properties that are designated as held for sale. | |
We recognized a gain of $5.1 million on the sale of the closed Portland, Oregon facility in the second quarter of fiscal 2014, and a gain of approximately $0.2 million related to our Fremont, California location in the first quarter of fiscal 2014. The Fremont, California gain was related to the release of proceeds previously held in an escrow account for certain environmental remediation procedures. These gains were recorded in “Selling, general, and administrative” expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). | |
Earnings Per Share | ' |
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock awards. | |
Restricted stock granted by us to certain of our officers, directors, and other employees participate in dividends on the same basis as common shares and are non-forfeitable by the holder. The unvested restricted stock contains non-forfeitable rights to dividends or dividend equivalents. As a result, these share-based awards meet the definition of a participating security and are included in the weighted average number of common shares outstanding, pursuant to the two-class method, for the periods that present net income. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. | |
For the interim periods presented, all unexpired stock options and unvested restricted and performance share awards were not included in the computations of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||
Oct. 04, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of summary of the balances of accrued facility lease obligation reserve and severance and the changes in the accruals | ' | |||||||||||
The table below summarizes the balance of reduction in force activities and the related accrued facility lease obligation reserve and the changes in the accrual for the nine months ended October 4, 2014 (in thousands): | ||||||||||||
Reduction in | Facility Lease Obligation | Total Restructuring | ||||||||||
Force | ||||||||||||
Activities | ||||||||||||
Balance at January 4, 2014 | $ | 2,550 | $ | 928 | $ | 3,478 | ||||||
Adjustments to reserves | (168 | ) | 26 | (142 | ) | |||||||
Payments | (1,690 | ) | (310 | ) | (2,000 | ) | ||||||
Balance at October 4, 2014 | $ | 692 | $ | 644 | $ | 1,336 | ||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 9 Months Ended | |||||||
Oct. 04, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of net periodic pension cost for pension plans | ' | |||||||
The following table shows the components of net periodic pension cost (in thousands): | ||||||||
Three Months Ended | Three Months Ended | |||||||
October 4, 2014 | September 28, 2013 | |||||||
Service cost | $ | 264 | $ | 548 | ||||
Interest cost on projected benefit obligation | 1,280 | 1,188 | ||||||
Expected return on plan assets | (1,510 | ) | (1,306 | ) | ||||
Amortization of unrecognized loss | 191 | 718 | ||||||
Net periodic pension cost | $ | 225 | $ | 1,148 | ||||
Nine Months Ended | Nine Months Ended | |||||||
October 4, 2014 | September 28, 2013 | |||||||
Service cost | $ | 792 | $ | 1,644 | ||||
Interest cost on projected benefit obligation | 3,840 | 3,563 | ||||||
Expected return on plan assets | (4,530 | ) | (3,918 | ) | ||||
Amortization of unrecognized loss | 573 | 2,154 | ||||||
Net periodic pension cost | $ | 675 | $ | 3,443 | ||||
Mortgage_Tables
Mortgage (Tables) | 9 Months Ended | |||
Oct. 04, 2014 | ||||
Mortgage Disclosure [Abstract] | ' | |||
Schedule of mortgage outstanding principal balance | ' | |||
Principal Payments | ||||
2014 | $ | 576 | ||
2015 | 2,496 | |||
2016 | 175,044 | |||
Thereafter | — | |||
Total | $ | 178,116 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Oct. 04, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of changes in accumulated balances for each component of other comprehensive income (loss) | ' | |||||||||||||||
Foreign currency, net | Defined | Other, net of tax | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
of tax | benefit pension | |||||||||||||||
plan, net of tax | ||||||||||||||||
Beginning balance | $ | 1,672 | $ | (17,909 | ) | $ | 212 | $ | (16,025 | ) | ||||||
Other comprehensive income (loss) before reclassification | (284 | ) | — | — | (284 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 117 | — | 117 | ||||||||||||
Current-period other comprehensive income (loss), net of tax | (284 | ) | 117 | — | (167 | ) | ||||||||||
Ending balance, net of tax | $ | 1,388 | $ | (17,792 | ) | $ | 212 | $ | (16,192 | ) | ||||||
Foreign currency, net | Defined | Other, net of tax | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
of tax | benefit pension | |||||||||||||||
plan, net of tax | ||||||||||||||||
Beginning balance | $ | 1,636 | $ | (18,141 | ) | $ | 212 | $ | (16,293 | ) | ||||||
Other comprehensive income (loss) before reclassification | (248 | ) | — | — | (248 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 349 | — | 349 | ||||||||||||
Current-period other comprehensive income (loss), net of tax | (248 | ) | 349 | — | $ | 101 | ||||||||||
Ending balance, net of tax | $ | 1,388 | $ | (17,792 | ) | $ | 212 | $ | (16,192 | ) | ||||||
Schedule of reclassifications out of accumulated other comprehensive loss | ' | |||||||||||||||
Amount reclassified from | Affected line item in the | |||||||||||||||
accumulated other | statement where net | |||||||||||||||
comprehensive income (loss) | income is presented | |||||||||||||||
Amortization of actuarial loss | $ | 573 | Selling, general, and administrative | |||||||||||||
Tax impact | 224 | Provision for (benefit from) income taxes (1) | ||||||||||||||
Total, net of tax | $ | 349 | Net of tax (2) | |||||||||||||
Amount reclassified from accumulated other | Affected line item in the | |||||||||||||||
comprehensive income (loss) | statement where net | |||||||||||||||
income is presented | ||||||||||||||||
Amortization of actuarial loss | $ | 191 | Selling, general, and administrative | |||||||||||||
Tax impact | 74 | Provision for (benefit from) income taxes (1) | ||||||||||||||
Total, net of tax | $ | 117 | Net of tax (2) | |||||||||||||
LongLived_Assets_Details
Long-Lived Assets (Details) (USD $) | Oct. 04, 2014 | Jan. 04, 2014 | Apr. 05, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Oct. 04, 2014 |
In Millions, unless otherwise specified | Other Current Assets [Member] | Other Current Assets [Member] | Fremont, California [Member] | Fremont, California [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] |
Portland, Oregon [Member] | Portland, Oregon [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' |
Assets Held-for-sale, Current | $0.90 | $2.60 | ' | ' | ' | ' |
Gain (Loss) on Disposition of Business | ' | ' | $0.20 | $0.20 | $5.10 | $5.10 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 04, 2014 | Sep. 28, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' |
Payments | ($2,323) | ($1,977) |
2013 restructuring | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at January 4, 2014 | 3,478 | ' |
Assumption changes | -142 | ' |
Payments | -2,000 | ' |
Balance at October 4, 2014 | 1,336 | ' |
2013 restructuring | Reduction in Force Activities | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at January 4, 2014 | 2,550 | ' |
Assumption changes | -168 | ' |
Payments | -1,690 | ' |
Balance at October 4, 2014 | 692 | ' |
2013 restructuring | Facility Lease Obligation | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance at January 4, 2014 | 928 | ' |
Assumption changes | 26 | ' |
Payments | -310 | ' |
Balance at October 4, 2014 | $644 | ' |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 04, 2014 | Sep. 28, 2013 | Oct. 04, 2014 | Sep. 28, 2013 | Jan. 04, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Discount rate used in calculating net periodic pension cost | 5.00% | ' | 5.00% | ' | 4.24% |
Net periodic pension cost | ' | ' | ' | ' | ' |
Service cost | $264 | $548 | $792 | $1,644 | ' |
Interest cost on projected benefit obligation | 1,280 | 1,188 | 3,840 | 3,563 | ' |
Expected return on plan assets | -1,510 | -1,306 | -4,530 | -3,918 | ' |
Amortization of unrecognized loss | 191 | 718 | 573 | 2,154 | ' |
Net periodic pension cost | $225 | $1,148 | $675 | $3,443 | ' |
Revolving_Credit_Facilities_De
Revolving Credit Facilities (Detail Textuals) (U.S., Wells Fargo Bank, USD $) | 0 Months Ended | ||||
Aug. 14, 2014 | Aug. 04, 2006 | Oct. 04, 2014 | Jan. 04, 2014 | Aug. 04, 2006 | |
Revolving credit facility | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Date of the final maturity of revolving credit facility | ' | 15-Apr-16 | ' | ' | ' |
Maximum borrowing capacity without the accordion feature | ' | ' | ' | ' | $467,500,000 |
Line of credit uncommitted accordion credit facility | ' | 75,000,000 | ' | ' | ' |
Revolving credit facility maximum available credit less the uncommitted accordion feature plus the additional loan commitment | ' | ' | ' | ' | 542,500,000 |
Monthly decrease to the borrowing capacity, under amended credit agreement | 2,000,000 | ' | ' | ' | ' |
Outstanding lines of credit | ' | ' | 273,600,000 | ' | ' |
Revolving credit facility excess availability | ' | ' | 86,100,000 | ' | ' |
Interest rate on revolving credit facility | ' | ' | 3.80% | ' | ' |
Outstanding letters of credit | ' | ' | ' | 3,600,000 | ' |
Revolving credit facility | Minimum | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Excess availability under the credit facility to terminate contractual decrease to the borrowing capacity | 50,000,000 | ' | ' | ' | ' |
Tranche A Loan | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Loan amount of the credit facility | ' | $20,000,000 | ' | ' | $20,000,000 |
Revolving_Credit_Facilities_De1
Revolving Credit Facilities (Detail Textuals 1) (Canada, Revolving credit facility, CIBC Asset Based Lending Inc, USD $) | 0 Months Ended | |
Oct. 04, 2014 | Oct. 04, 2014 | |
Line of Credit Facility [Line Items] | ' | ' |
Outstanding lines of credit | $4,100,000 | $4,100,000 |
Bluelinx Building Products Canada Ltd | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity without the accordion feature | ' | 10,000,000 |
Line of credit uncommitted accordion credit facility | 5,000,000 | ' |
Revolving credit facility maximum available credit less the uncommitted accordion feature plus the additional loan commitment | ' | 15,000,000 |
Revolving credit facility excess availability | ' | $1,800,000 |
Interest rate on revolving credit facility | ' | 4.00% |
Mortgage_Details
Mortgage (Details) (USD $) | Oct. 04, 2014 |
In Thousands, unless otherwise specified | |
Mortgage outstanding principal balance | ' |
2014 | $576 |
2015 | 2,496 |
2016 | 175,044 |
Thereafter | 0 |
Total | $178,116 |
Mortgage_Detail_Textuals
Mortgage (Detail Textuals) (Mortgage) | 9 Months Ended |
Oct. 04, 2014 | |
Facility | |
Mortgage | ' |
Debt Instrument [Line Items] | ' |
Mortgage loan term | '10 years |
Distribution facilities | 49 |
Mortgage interest rate | 6.35% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail Textuals) (USD $) | Oct. 04, 2014 |
In Millions, unless otherwise specified | |
Discounted carrying amount | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other Long-term Debt, Noncurrent | $178.10 |
Fair value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Debt Instrument, Fair Value Disclosure | $184.50 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 04, 2014 | Sep. 28, 2013 | Oct. 04, 2014 | Sep. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ($16,025) | ' | ($16,293) | ' |
Other comprehensive income (loss) before reclassification | -284 | ' | -248 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 117 | ' | 349 | ' |
Total other comprehensive income (loss) | -167 | 529 | 101 | 1,134 |
Ending balance, net of tax | -16,192 | ' | -16,192 | ' |
Foreign currency, net of tax | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,672 | ' | 1,636 | ' |
Other comprehensive income (loss) before reclassification | -284 | ' | -248 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | ' | 0 | ' |
Total other comprehensive income (loss) | -284 | ' | -248 | ' |
Ending balance, net of tax | 1,388 | ' | 1,388 | ' |
Defined benefit pension plan, net of tax | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | -17,909 | ' | -18,141 | ' |
Other comprehensive income (loss) before reclassification | 0 | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 117 | ' | 349 | ' |
Total other comprehensive income (loss) | 117 | ' | 349 | ' |
Ending balance, net of tax | -17,792 | ' | -17,792 | ' |
Other, net of tax | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | 212 | ' | 212 | ' |
Other comprehensive income (loss) before reclassification | 0 | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | ' | 0 | ' |
Total other comprehensive income (loss) | 0 | ' | 0 | ' |
Ending balance, net of tax | $212 | ' | $212 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details 1) (Reclassifications out of accumulated other comprehensive loss, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 04, 2014 | Oct. 04, 2014 |
Reclassifications out of accumulated other comprehensive loss | ' | ' |
Amortization of defined benefit pension items: | ' | ' |
Total before tax | $191 | $573 |
Tax impact | 74 | 224 |
Total, net of tax | $117 | $349 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 04, 2014 | Oct. 04, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Other comprehensive income (loss) | ($0.20) | $0.10 |