Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Feb. 19, 2015 | Jul. 05, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BlueLinx Holdings Inc. | ||
Entity Central Index Key | 1301787 | ||
Trading Symbol | bxc | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -2 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 89,416,236 | ||
Entity Public Float | $34,205,977 | ||
Document Type | 10-K | ||
Document Period End Date | 3-Jan-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 03, 2015 | Jan. 04, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $4,522 | $5,034 |
Accounts receivable, less allowances of $3,112 in fiscal 2014 and $4,359 in fiscal 2013 | 144,537 | 150,297 |
Inventories, net | 242,546 | 223,580 |
Other current assets | 23,289 | 22,814 |
Total current assets | 414,894 | 401,725 |
Property, plant, and equipment: | ||
Land and land improvements | 41,095 | 41,176 |
Buildings | 90,161 | 90,082 |
Machinery and equipment | 77,279 | 73,004 |
Construction in progress | 1,188 | 3,028 |
Property, plant, and equipment, at cost | 209,723 | 207,290 |
Accumulated depreciation | -104,456 | -96,171 |
Property, plant, and equipment, net | 105,267 | 111,119 |
Non-current deferred income tax assets, net | 501 | 824 |
Other non-current assets | 18,320 | 14,821 |
Total assets | 538,982 | 528,489 |
Current liabilities: | ||
Accounts payable | 67,291 | 60,363 |
Bank overdrafts | 27,280 | 19,377 |
Accrued compensation | 5,643 | 4,173 |
Current maturities of long-term debt | 2,679 | 9,141 |
Deferred income taxes, net | 518 | 823 |
Other current liabilities | 13,831 | 12,949 |
Total current liabilities | 117,242 | 106,826 |
Non-current liabilities: | ||
Long-term debt | 403,274 | 387,238 |
Other non-current liabilities | 54,492 | 40,323 |
Total liabilities | 575,008 | 534,387 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common Stock, $0.01 par value, 200,000,000 shares authorized; 88,748,638 and 86,545,000 shares issued and outstanding at January 3, 2015 and January 4, 2014, respectively | 888 | 866 |
Additional paid-in capital | 253,051 | 251,150 |
Accumulated other comprehensive income (loss) | -34,425 | -16,293 |
Accumulated stockholders’ equity (deficit) | -255,540 | -241,621 |
Total stockholders’ equity (deficit) | -36,026 | -5,898 |
Total liabilities and stockholders’ equity (deficit) | $538,982 | $528,489 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jan. 03, 2015 | Jan. 04, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $3,112 | $4,359 |
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 | 88,748,638 | 86,545,000 |
Common stock, shares outstanding | 88,748,638 | 86,545,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Income Statement [Abstract] | |||
Net sales | $1,979,393 | $2,151,972 | $1,907,842 |
Cost of sales | 1,750,289 | 1,923,489 | 1,677,772 |
Gross profit | 229,104 | 228,483 | 230,070 |
Operating expenses: | |||
Selling, general, and administrative | 206,095 | 240,667 | 215,996 |
Depreciation and amortization | 9,473 | 9,117 | 8,565 |
Total operating expenses | 215,568 | 249,784 | 224,561 |
Operating income (loss) | 13,536 | -21,301 | 5,509 |
Non-operating expenses (income): | |||
Interest expense | 26,771 | 28,024 | 28,157 |
Other expense (income), net | 325 | 306 | -7 |
Income (loss) before provision for (benefit from) income taxes | -13,560 | -49,631 | -22,641 |
Provision for (benefit from) income taxes | 312 | -9,013 | 386 |
Net income (loss) | -13,872 | -40,618 | -23,027 |
Basic and diluted weighted average number of common shares outstanding | 86,001 | 80,163 | 65,452 |
Basic and diluted net income (loss) per share applicable to common stock (in dollars per share) | ($0.16) | ($0.51) | ($0.35) |
Comprehensive income (loss): | |||
Net income (loss) | -13,872 | -40,618 | -23,027 |
Other comprehensive income (loss): | |||
Foreign currency translation, net of taxes | -481 | -161 | 103 |
Unrealized gain (loss) from pension plan, net of taxes | -17,651 | 13,910 | -8,245 |
Total other comprehensive income (loss) | -18,132 | 13,749 | -8,142 |
Comprehensive income (loss) | ($32,004) | ($26,869) | ($31,169) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($13,872) | ($40,618) | ($23,027) |
Adjustments to reconcile net income (loss) to cash used in operations: | |||
Depreciation and amortization | 9,473 | 9,117 | 8,565 |
Amortization of Financing Costs and Discounts | 3,156 | 3,184 | 3,746 |
Write-off of debt issuance costs | 0 | 119 | 0 |
Gain from sale of properties | -5,251 | -5,220 | -9,885 |
Gain from property insurance settlements | 0 | 0 | -476 |
Vacant property charges | 0 | 1,321 | -30 |
Severance charges | 2,067 | 5,607 | 0 |
Payments on modification on lease agreement | 0 | -300 | -5,875 |
Deferred income tax benefit charge (benefit) | 17 | -5 | -20 |
Restructuring payments | -2,805 | -3,057 | -6,084 |
Intraperiod income tax allocation related to hourly pension plan | 0 | -8,894 | 0 |
Pension expense | 901 | 4,591 | 3,942 |
Share-based compensation, excluding restructuring related | 3,840 | 3,222 | 2,797 |
Share-based compensation, restructuring related | 0 | 2,895 | 0 |
Decrease (increase) in restricted cash related to insurance and other | -263 | -1,810 | 695 |
Decrease (increase) in prepaid assets | -942 | -3,062 | 889 |
Accrued compensation and other | -2,442 | -3,033 | 4,538 |
Change in net cash used in other operating activities | -6,121 | -35,943 | -20,225 |
Changes in assets and liabilities: | |||
Accounts receivable | 5,760 | 7,168 | -18,593 |
Inventories | -18,966 | 6,479 | -44,482 |
Accounts payable | 7,026 | -17,585 | 9,050 |
Net cash used in operating activities | -12,301 | -39,881 | -74,250 |
Cash flows from investing activities: | |||
Property, plant, and equipment investments | -3,016 | -4,912 | -2,826 |
Proceeds from disposition of assets | 7,368 | 10,365 | 19,195 |
Net cash provided by investing activities | 4,352 | 5,453 | 16,369 |
Cash flows from financing activities: | |||
Excess tax benefits from share-based compensation arrangements | -16 | 16 | 0 |
Repurchase of shares to satisfy employee tax withholdings | -957 | -3,192 | -526 |
Repayments on revolving credit facilities | -476,473 | -560,186 | -473,349 |
Borrowings from revolving credit facilities | 494,794 | 599,968 | 550,270 |
Principal payments on mortgage | -9,220 | -19,038 | -37,272 |
Payments on capital lease obligations | -2,228 | -3,142 | -2,259 |
Increase (decrease) in bank overdrafts | 7,902 | -16,007 | 13,020 |
Increase (decrease) in restricted cash related to the mortgage | -6,066 | 40 | 9,970 |
Debt financing costs | -201 | -2,900 | -1,683 |
Proceeds from stock offering less expenses paid | -98 | 38,715 | 0 |
Net cash provided by financing activities | 7,437 | 34,274 | 58,171 |
Increase (decrease) in cash | -512 | -154 | 290 |
Cash and cash equivalents balance, beginning of period | 5,034 | 5,188 | 4,898 |
Cash and cash equivalents balance, end of period | 4,522 | 5,034 | 5,188 |
Supplemental Cash Flow Information | |||
Net income tax payments during the period | -210 | -332 | -508 |
Interest paid during the period | 23,147 | 24,706 | 24,288 |
Noncash transactions: | |||
Capital leases | $1,108 | $5,069 | $5,238 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock | Additional Paid-In-Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $8,374 | $620 | $207,626 | ($21,900) | ($177,972) |
Balance (in shares) at Dec. 31, 2011 | 62,013 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | -23,027 | -23,027 | |||
Foreign currency translation adjustment, net of tax | 103 | 103 | |||
Unrealized loss from pension plan, net of tax | -8,245 | -8,245 | |||
Issuance of restricted stock, net of forfeitures (in shares) | 1,875 | ||||
Issuance of restricted stock, net of forfeitures | 19 | 19 | |||
Compensation related to share-based grants | 2,730 | 2,730 | |||
Impact of net settled shares for vested grants (in shares) | -224 | ||||
Impact of net settled shares for vested grants | -526 | -2 | -524 | ||
Other | -20 | -17 | -3 | ||
Balance at Dec. 29, 2012 | -20,592 | 637 | 209,815 | -30,042 | -201,002 |
Balance (in shares) at Dec. 29, 2012 | 63,664 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | -40,618 | -40,618 | |||
Foreign currency translation adjustment, net of tax | -161 | -161 | |||
Unrealized loss from pension plan, net of tax | 13,910 | 13,910 | |||
Issuance of restricted stock, net of forfeitures (in shares) | 651 | ||||
Issuance of restricted stock, net of forfeitures | 6 | 6 | |||
Compensation related to share-based grants | 6,117 | 6,117 | |||
Impact of net settled shares for vested grants (in shares) | -1,255 | ||||
Impact of net settled shares for vested grants | -3,193 | -12 | -3,181 | ||
Other | -2 | -1 | -1 | ||
Impact of performance shares (in shares) | 628 | ||||
Impact of performance shares | 6 | 6 | |||
Issuance of stock related to rights offerings, net of expenses (in shares) | 22,857 | ||||
Issuance of stock related to rights offerings, net of expenses | 38,613 | 229 | 38,384 | ||
Excess tax benefits from share-based compensation arrangements | 16 | 16 | |||
Balance at Jan. 04, 2014 | -5,898 | 866 | 251,150 | -16,293 | -241,621 |
Balance (in shares) at Jan. 04, 2014 | 86,545 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | -13,872 | ||||
Foreign currency translation adjustment, net of tax | -481 | -481 | |||
Unrealized loss from pension plan, net of tax | -17,651 | -17,651 | |||
Issuance of restricted stock, net of forfeitures (in shares) | 1,827 | ||||
Issuance of restricted stock, net of forfeitures | 18 | 18 | |||
Compensation related to share-based grants | 2,896 | 2,896 | |||
Impact of net settled shares for vested grants (in shares) | -662 | ||||
Impact of net settled shares for vested grants | -963 | -6 | -957 | ||
Other | -69 | -22 | -47 | ||
Impact of performance shares (in shares) | 1,039 | ||||
Impact of performance shares | 10 | 10 | |||
Issuance of stock related to rights offerings, net of expenses (in shares) | 0 | ||||
Issuance of stock related to rights offerings, net of expenses | 0 | 0 | 0 | ||
Excess tax benefits from share-based compensation arrangements | -16 | -16 | |||
Balance at Jan. 03, 2015 | ($36,026) | $888 | $253,051 | ($34,425) | ($255,540) |
Balance (in shares) at Jan. 03, 2015 | 88,749 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 03, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
BlueLinx is a wholesale supplier of building products in North America. Our Consolidated Financial Statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries. These financial statements have been prepared in accordance with U.S. GAAP. All significant intercompany accounts and transactions have been eliminated. | |
Fiscal 2014 contained 52 weeks, fiscal 2013 contained 53 weeks, and fiscal 2012 contained 52 weeks. | |
Use of Estimates | |
We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with U.S. GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates. | |
Recently Adopted Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under ASU 2013-11, entities are required to present unrecognized tax benefits as a decrease in a net operating loss, a similar tax loss or a tax credit carryforward, if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The amendment, which did not materially impact our financial statements, is effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. We adopted this guidance during the first quarter of fiscal 2014. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This accounting standard, which did not materially impact our financial statements, is effective for fiscal and interim periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We adopted this guidance during the fourth quarter of fiscal 2014. | |
New Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. 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. | |
Reclassifications | |
Certain other amounts in the prior years’ consolidated financial statements and notes have been revised to conform to the current year presentation. During fiscal 2014, we separately have 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 separately have 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. | |
Revenue Recognition | |
We recognize revenue when the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, our price to the buyer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time of shipment for terms designated free on board (“FOB”) shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. | |
In addition, we provide inventory to certain customers through pre-arranged agreements on a consignment basis. Customer consigned inventory is maintained and stored by certain customers; however, ownership and risk of loss remains with us. When the consigned inventory is sold by the customer, we recognize revenue on a gross basis. Customer consigned inventory was approximately $6.3 million and $10.1 million at January 3, 2015, and January 4, 2014, respectively. | |
All revenues recognized are net of trade allowances, cash discounts and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been insignificant for each of the reported periods. | |
Accounts Receivable | |
Accounts receivable are stated at net realizable value, do not bear interest, and consist of amounts owed for orders shipped to customers. Management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts is determined based on a number of factors including specific customer account reviews, historical loss experience, current economic trends, and the creditworthiness of significant customers based on ongoing credit evaluations. | |
Inventory Valuation | |
The cost of all inventories is determined by the moving average cost method. We have included all material charges directly or indirectly incurred in bringing inventory to its existing condition and location. We evaluate our inventory value at the end of each quarter to ensure that inventory, when viewed by category, is carried at the lower of cost or market. Additionally, we estimate and maintain a reserve for damaged, excess and obsolete inventory. | |
Consideration Received from Vendors and Paid to Customers | |
Each year, we enter into agreements with many of our vendors providing for inventory purchase rebates, generally based on achievement of specified volume purchasing levels. We also receive rebates related to price protection and various marketing allowances that are common industry practice. We accrue for the receipt of vendor rebates based on purchases, and also reduce inventory to reflect the net acquisition cost (purchase price less expected purchase rebates). As of January 3, 2015, and January 4, 2014, the vendor rebate receivable totaled $7.1 million and $7.6 million, respectively. Adjustments to earnings resulting from revisions to rebate estimates have been immaterial. | |
In addition, we enter into agreements with many of our customers to offer customer rebates, generally based on achievement of specified sales levels and various marketing allowances that are common industry practice. We accrue for the payment of customer rebates based on sales to the customer, and also reduce sales to reflect the net sales (sales price less expected customer rebates). As of January 3, 2015, and January 4, 2014, the customer rebate payable totaled $6.4 million and $6.3 million, respectively. Adjustments to earnings resulting from revisions to rebate estimates have been immaterial. | |
Shipping and Handling | |
Amounts billed to customers in sales transactions related to shipping and handling are classified as revenue. Shipping and handling costs included in “Selling, general, and administrative” expenses were $91.8 million, $99.7 million, and $91.2 million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |
Advertising Costs | |
Advertising costs are expensed as incurred. Advertising expenses of $0.6 million, $1.2 million, and $1.1 million were included in “Selling, general and administrative” expenses for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |
Property, Plant, and Equipment | |
Property, plant, and equipment are recorded at cost. Lease obligations for which we assume or retain substantially all the property rights and risks of ownership are capitalized. Amortization of assets recorded under capital leases is included in “Depreciation and amortization” expense. Replacements of major units of property are capitalized and the replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement or disposition of assets, cost and accumulated depreciation are removed from the related accounts and any gain or loss is included in income. | |
Share-Based Compensation | |
We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to market or performance conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche to the extent market and performance conditions are considered probable. The calculation of fair value related to share-based compensation is subject to certain assumptions discussed in more detail in Note 10. Management updates such estimates when circumstances warrant. All compensation expense related to our share-based payment awards is recorded in “Selling, general and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). | |
Income Taxes | |
We account for deferred income taxes using the liability method. Accordingly, we recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Deferred tax assets and liabilities are recorded net, as current and noncurrent. A valuation allowance is recorded to reduce deferred tax assets when necessary. For additional information about our income taxes, see Note 5. | |
Self-Insurance | |
The Company is self-insured, up to certain limits, for most workers’ compensation losses, employee health benefits, general liability, and automotive liability losses, all subject to varying “per occurrence” retentions or deductible limits. The Company provides for estimated costs to settle both known claims and claims incurred but not yet reported. Liabilities associated with these claims are estimated, in part, by considering the frequency and severity of historical claims, both specific to us, as well as industry-wide loss experience and other actuarial assumptions. We determine our insurance obligations with the assistance of actuarial firms. Since there are many estimates and assumptions involved in recording insurance liabilities and in the case of workers’ compensation a significant period of time elapses before the ultimate resolution of claims, differences between actual future events and prior estimates and assumptions could result in adjustments to these liabilities. |
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended |
Jan. 03, 2015 | |
Property, Plant and Equipment [Abstract] | |
Assets Held for Sale | Assets Held for Sale |
In fiscal 2014, we designated certain assets as held for sale, due to strategic realignments of our business. At the time of designation, we ceased recognizing depreciation expense on these assets. As of January 3, 2015, 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. | |
During the second quarter of fiscal 2014, we finalized the sale of the Portland, Oregon, facility, which had a carrying amount of $1.9 million, and recognized a gain of $5.1 million on the sale in “Selling, general, and administrative” expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss). We also designated our Shreveport, Louisiana, distribution center as held for sale during the second quarter of fiscal 2014. This property has a total carrying amount of $0.2 million, and we plan to finalize a sale of the facility within the next 12 months. We continue to actively market all properties that are designated as held for sale. |
Restricted_Cash_Restricted_Cas
Restricted Cash Restricted Cash | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Restricted Cash | Restricted Cash | |||||||
Restricted cash primarily includes amounts held in escrow related to our mortgage and insurance for workers’ compensation, auto liability, and general liability. Restricted cash is included in “Other current assets” and “Other non-current assets” on the accompanying Consolidated Balance Sheets. | ||||||||
The table below provides the balances of each individual component in restricted cash: | ||||||||
3-Jan-15 | 4-Jan-14 | |||||||
(In thousands) | ||||||||
Cash in escrow: | ||||||||
Mortgage | $ | 6,067 | $ | — | ||||
Insurance | 7,430 | 7,921 | ||||||
Other | 4,513 | 3,760 | ||||||
Total | $ | 18,010 | $ | 11,681 | ||||
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
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 we cease 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. These costs are included in “Selling, general, and administrative” expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss), and in “Accrued compensation” on the Consolidated Balance Sheets. | ||||||||||||
During fiscal 2013, we strategically reviewed our distribution centers, which resulted in designating five distribution centers to be sold or closed. These distribution centers were closed or ceased operations during the third quarter of fiscal 2013. Also during fiscal 2013, we announced a change in executive leadership and reduction in force. These events are referred to as the “2013 restructuring”. In connection with the 2013 restructuring the Company recognized severance-related charges of $5.7 million, $2.9 million of related share-based compensation, and $1.4 million of other restructuring charges during fiscal 2013. In addition, the Company recognized facility lease obligation charges of $1.4 million for two closed facilities during fiscal 2013. | ||||||||||||
The table below summarizes our restructuring activity: | ||||||||||||
Reduction in | Facility Lease | Total | ||||||||||
Force | Obligation | |||||||||||
Activities | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2012 | $ | — | $ | — | $ | — | ||||||
Charges | 5,709 | 1,398 | 7,107 | |||||||||
Adjustments to reserves | (102 | ) | (68 | ) | (170 | ) | ||||||
Payments | (3,057 | ) | (402 | ) | (3,459 | ) | ||||||
Balance at January 4, 2014 | $ | 2,550 | $ | 928 | $ | 3,478 | ||||||
Charges | — | — | — | |||||||||
Adjustments to reserves | (168 | ) | 32 | (136 | ) | |||||||
Payments | (2,069 | ) | (413 | ) | (2,482 | ) | ||||||
Balance at January 3, 2015 | $ | 313 | $ | 547 | $ | 860 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Our provision for (benefit from) income taxes consisted of the following: | ||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||
Ended January 3, | Ended January 4, | Ended December 29, | ||||||||||
2015 | 2014 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal income taxes: | ||||||||||||
Current | $ | — | $ | (492 | ) | $ | 16 | |||||
Deferred | — | (7,385 | ) | — | ||||||||
State income taxes: | ||||||||||||
Current | 160 | 192 | 334 | |||||||||
Deferred | — | (1,343 | ) | — | ||||||||
Foreign income taxes: | ||||||||||||
Current | 134 | 19 | 56 | |||||||||
Deferred | 18 | (4 | ) | (20 | ) | |||||||
Provision for (benefit from) income taxes | $ | 312 | $ | (9,013 | ) | $ | 386 | |||||
The federal statutory income tax rate was 35%. Our provision for (benefit from) income taxes is reconciled to the federal statutory amount as follows: | ||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||
Ended January 3, | Ended January 4, | Ended December 29, | ||||||||||
2015 | 2014 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Benefit from income taxes computed at the federal statutory tax rate | $ | (4,746 | ) | $ | (17,371 | ) | $ | (7,924 | ) | |||
Benefit from state income taxes, net of federal benefit | (623 | ) | (1,991 | ) | (866 | ) | ||||||
Valuation allowance change | 5,656 | 19,445 | 8,820 | |||||||||
Nondeductible items | 232 | 270 | 484 | |||||||||
Benefit from allocation of income taxes to other comprehensive income (loss) | — | (8,726 | ) | — | ||||||||
Other | (207 | ) | (640 | ) | (128 | ) | ||||||
Provision for (benefit from) income taxes | $ | 312 | $ | (9,013 | ) | $ | 386 | |||||
In accordance with the intraperiod tax allocation provisions of GAAP, we are required to consider all items (including items recorded in other comprehensive income) in determining the amount of tax benefit resulting from a loss from continuing operations that should be allocated to continuing operations. In fiscal 2014 and fiscal 2012, there were no intraperiod tax allocations, since there was a loss in other comprehensive income for these periods. In fiscal 2013, a non-cash tax benefit was recorded on the loss from continuing operations in the amount of $8.7 million, which was offset in full by income tax expense recorded in other comprehensive income. While the income tax benefit from continuing operations is reported in our Consolidated Statements of Operations and Comprehensive Income (Loss), the income tax expense on other comprehensive income is recorded directly to accumulated other comprehensive income (loss), which is a component of stockholders’ equity (deficit). | ||||||||||||
Our financial statements contain certain deferred tax assets which primarily resulted from tax benefits associated with the loss before income taxes, as well as net deferred income tax assets resulting from other temporary differences related to certain reserves, pension obligations, and differences between book and tax depreciation and amortization. We record a valuation allowance against our net deferred tax assets when we determine that based on the weight of available evidence, it is more likely than not that our net deferred tax assets will not be realized. | ||||||||||||
In our evaluation of the weight of available evidence, we considered recent reported losses as negative evidence which carried substantial weight. Therefore, we considered evidence related to the four sources of taxable income, to determine whether such positive evidence outweighed the negative evidence associated with the losses incurred. The positive evidence considered included: | ||||||||||||
•taxable income in prior carryback years, if carryback is permitted under the tax law; | ||||||||||||
•future reversals of existing taxable temporary differences; | ||||||||||||
•tax planning strategies; and | ||||||||||||
•future taxable income exclusive of reversing temporary differences and carryforwards. | ||||||||||||
During fiscal years 2014 and 2013, we weighed all available positive and negative evidence, and concluded that the weight of the negative evidence of cumulative losses over several years continued to outweigh the positive evidence. Based on the conclusions reached, we maintained a full valuation allowance during fiscal years 2014 and 2013. | ||||||||||||
The components of our net deferred income tax assets (liabilities) are as follows: | ||||||||||||
January 3, | January 4, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Inventory reserves | $ | 3,333 | $ | 2,832 | ||||||||
Compensation-related accruals | 5,434 | 4,893 | ||||||||||
Accruals and reserves | 787 | 1,030 | ||||||||||
Accounts receivable | 728 | 1,291 | ||||||||||
Restructuring costs | 212 | 488 | ||||||||||
Property and equipment | 16 | — | ||||||||||
Pension | 13,214 | 8,245 | ||||||||||
Benefit from net operating loss (“NOL”) carryovers (1) | 76,264 | 70,169 | ||||||||||
Other | 685 | 703 | ||||||||||
Total gross deferred income tax assets | 100,673 | 89,651 | ||||||||||
Less: Valuation allowances | (99,979 | ) | (88,279 | ) | ||||||||
Total net deferred income tax assets | $ | 694 | $ | 1,372 | ||||||||
Deferred income tax liabilities: | ||||||||||||
Property and equipment | — | (365 | ) | |||||||||
Other | (711 | ) | (1,006 | ) | ||||||||
Total deferred income tax liabilities | (711 | ) | (1,371 | ) | ||||||||
Deferred income tax assets (liabilities), net | $ | (17 | ) | $ | 1 | |||||||
-1 | Our federal NOL carryovers are $184.2 million and will expire in 14 to 20 years. Our state NOL carryovers are $238.5 million and will expire in 1 to 20 years. | |||||||||||
Activity in our deferred tax asset valuation allowance for fiscal years 2014 and 2013 was as follows: | ||||||||||||
Fiscal Year | Fiscal Year | |||||||||||
Ended January 3, | Ended January 4, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Balance at beginning of the year | $ | 88,279 | $ | 78,050 | ||||||||
Valuation allowance provided for taxes related to: | ||||||||||||
Loss before income taxes | 11,700 | 10,229 | ||||||||||
Balance at end of the year | $ | 99,979 | $ | 88,279 | ||||||||
We have recorded income tax and related interest liabilities where we believe certain of our tax positions are not more likely than not to be sustained if challenged. The following table summarizes the activity related to our unrecognized tax benefits: | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | 873 | ||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statue of limitations | (47 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at December 29, 2012 | 826 | |||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statue of limitations | (567 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at January 4, 2014 | 259 | |||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statute of limitations | (75 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at January 3, 2015 | $ | 184 | ||||||||||
Included in the unrecognized tax benefits at January 3, 2015, and January 4, 2014, were $0.2 million and $0.3 million, respectively, of tax benefits that, if recognized, would reduce our annual effective tax rate. We also accrued an immaterial amount of interest related to these unrecognized tax benefits during fiscal 2014 and 2013, and this amount is reported in “Interest expense” in our Consolidated Statements of Operations and Comprehensive Income (Loss). We do not expect our unrecognized tax benefits to change materially over the next 12 months. | ||||||||||||
We file U.S., state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2011 through 2014 tax years generally remain subject to examination by federal and most state and foreign tax authorities. |
Revolving_Credit_Facilities
Revolving Credit Facilities | 12 Months Ended |
Jan. 03, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities | Revolving Credit Facilities |
On August 4, 2006, we entered into our 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 January 3, 2015, we had outstanding borrowings of $225.6 million and excess availability of $58.5 million under the terms of the U.S. revolving credit facility. The interest rate on the U.S. revolving credit facility was 3.9% at January 3, 2015. | |
Our subsidiary BlueLinx Canada has 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 January 3, 2015, we had outstanding borrowings of $4.0 million and excess availability of $1.0 million under the terms of our Canadian revolving credit facility. The interest rate on the Canadian revolving credit facility was 4.0% at January 3, 2015. | |
Our U.S. and Canadian revolving credit facilities contain customary negative covenants and restrictions for asset based loans. The only covenant we deem material is a requirement that we maintain a fixed charge coverage ratio of 1.1 to 1.0 in the event our excess availability under the U.S. revolving credit facility falls below the greater of $33.2 million during the time the Tranche A Loan is outstanding, and $31.8 million at all times thereafter; or the amount equal to 12.5% of the lesser of the borrowing base or $467.5 million during the time the Tranche A Loan is outstanding, and $447.5 million at all times thereafter. We do not anticipate that our excess availability will drop below the Excess Availability Threshold as defined in the U.S. revolving credit facility agreement in the foreseeable future; however, if we did fall below this threshold, we currently would not meet the required fixed charge coverage ratio. We are in compliance with all covenants under these revolving credit facilities. |
Mortgage
Mortgage | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Debt Disclosure [Abstract] | ||||
Mortgage | Mortgage | |||
We have a ten year mortgage loan with German American Capital Corporation and Wells Fargo Bank. The mortgage matures on July 1, 2016, and is secured by the Company’s 49 distribution facilities. The stated interest rate on the mortgage is fixed at 6.35%. Loan principal will be paid in the following increments: | ||||
Principal Payments | ||||
(In thousands) | ||||
2015 | $ | 2,678 | ||
2016 | 175,044 | |||
Total | $ | 177,722 | ||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 03, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements |
We determine a fair value measurement based on the assumptions a market participant would use in pricing an asset or liability. The fair value measurement guidance established a three level hierarchy making a distinction between market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3). | |
Fair value measurements for defined benefit pension plan | |
The fair value hierarchy discussed above not only is applicable to assets and liabilities that are included in our consolidated balance sheets, but also is applied to certain other assets that indirectly impact our consolidated financial statements. For example, we sponsor and contribute to a single-employer defined benefit pension plan (see Note 9). Assets contributed by us become the property of the pension plan. Even though the Company no longer has control over these assets, we are indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts our future net periodic benefit cost, as well as amounts recognized in our consolidated balance sheets. The Company uses the fair value hierarchy to measure the fair value of assets held by our pension plan. We believe the pension plan asset fair value valuation to be Level 1 in the fair value hierarchy, as the assets held in the pension plan under GAAP consist of publicly traded securities. | |
Fair value measurements for financial instruments | |
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 used 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. Assumptions critical to our fair value measurements in the period are present value factors used in determining fair value and an interest rate. At January 3, 2015, the discounted carrying amount and fair value of our mortgage was $177.7 million and $183.0 million, respectively. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Benefits | Employee Benefits | ||||||||||||
Single-Employer Defined Benefit Pension Plan | |||||||||||||
Some of our hourly employees participate in a noncontributory defined benefit pension plan administered solely by us (the “pension plan”). Our funding policy for the pension plan is based on actuarial calculations and the applicable requirements of federal law. Benefits under the pension plan primarily are related to years of service. | |||||||||||||
The following tables set forth the change in projected benefit obligation and the change in plan assets for the pension plan: | |||||||||||||
January 3, | January 4, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Change in projected benefit obligation: | |||||||||||||
Projected benefit obligation at beginning of period | $ | 104,924 | $ | 114,330 | |||||||||
Service cost | 1,056 | 2,193 | |||||||||||
Interest cost | 5,123 | 4,750 | |||||||||||
Actuarial (gain) loss | 15,797 | (10,710 | ) | ||||||||||
Curtailment | — | (910 | ) | ||||||||||
Benefits paid | (4,945 | ) | (4,729 | ) | |||||||||
Projected benefit obligation at end of period | 121,955 | 104,924 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of assets at beginning of period | 77,039 | 67,760 | |||||||||||
Actual return on plan assets | 3,422 | 13,536 | |||||||||||
Employer contributions | 4,676 | 472 | |||||||||||
Benefits paid | (4,945 | ) | (4,729 | ) | |||||||||
Fair value of assets at end of period | 80,192 | 77,039 | |||||||||||
Net (unfunded) status of plan | $ | (41,763 | ) | $ | (27,885 | ) | |||||||
We recognize the unfunded status (i.e., the difference between the fair value of plan assets and the projected benefit obligations) of our pension plan in our Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive income (loss), net of tax. On January 3, 2015, we measured the fair value of our plan assets and benefit obligations. As of January 3, 2015, and January 4, 2014, the net unfunded status of our benefit plan was $41.8 million and $27.9 million, respectively. These amounts were included in “Other non-current liabilities” on our Consolidated Balance Sheets. | |||||||||||||
Actuarial gains and losses occur when actual experience differs from the estimates used to determine the components of net periodic pension cost, and when certain assumptions used to determine the fair value of the plan assets or projected benefit obligation are updated; including but not limited to, changes in the discount rate, plan amendments, differences between actual and expected returns on plan assets, mortality assumptions, and plan remeasurement. | |||||||||||||
We amortize a portion of unrecognized actuarial gains and losses for the pension plan into our Consolidated Statements of Operations and Comprehensive Income (Loss). The amount recognized in the current year’s operations is based on amortizing the unrecognized gains or losses for the pension plan that exceed the larger of 10% of the projected benefit obligation or the fair value of plan assets, also known as the corridor. In the current fiscal year, the amount representing the unrecognized gain or loss that exceeds the corridor is amortized over the average future service of the active plan participants. | |||||||||||||
The net adjustment to other comprehensive income (loss) for fiscal 2014, fiscal 2013, and fiscal 2012 was a $17.7 million loss; $13.9 million gain ($22.8 million gain, net of tax of $8.9 million); and a $8.2 million loss, primarily from the net recognized and unrecognized actuarial gain (loss) for those fiscal periods. Refer to footnote 16 for further discussion. | |||||||||||||
The increase in the unfunded obligation for the period was approximately $13.9 million and was comprised of $15.8 million of actuarial losses, $3.4 million of asset returns, $4.7 million of pension contributions, and a charge of $6.2 million due to current year service and interest cost. The main driver of the increase in the liability related to the actuarial loss was the change in the underlying discount rate assumption which decreased to 4.19% in fiscal 2014 from 5.00% in fiscal 2013. The net periodic pension cost also decreased to $0.9 million in fiscal 2014 from $4.6 million in fiscal 2013 and primarily was driven by amortization of actuarial losses and an increase in the discount rate. | |||||||||||||
In fiscal 2013, a freeze of non-union participants in the pension plan resulted in a reduction in future years of service for the active participants in the plan, which triggered a curtailment. As a result, there was a curtailment gain from the event which resulted in a decrease to the projected benefit obligation of $0.9 million in fiscal 2013. | |||||||||||||
The unfunded status and the amounts recognized on our Consolidated Balance Sheets for the pension plan are set forth in the following table: | |||||||||||||
January 3, | January 4, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Unfunded status | $ | (41,763 | ) | $ | (27,885 | ) | |||||||
Unrecognized prior service cost | 1 | 1 | |||||||||||
Unrecognized actuarial loss | 32,309 | 14,656 | |||||||||||
Net amount recognized | $ | (9,453 | ) | $ | (13,228 | ) | |||||||
Amounts recognized on the balance sheet consist of: | |||||||||||||
Accrued pension liability | (41,763 | ) | (27,885 | ) | |||||||||
Accumulated other comprehensive loss (pre-tax) | 32,310 | 14,657 | |||||||||||
Net amount recognized | $ | (9,453 | ) | $ | (13,228 | ) | |||||||
As of January 3, 2015, the amortization of unrecognized actuarial gains and losses will be recognized over the average remaining life expectancy of inactive plan participants, as almost all of the plan participants are inactive. The portion of estimated net loss for the pension plan that is expected to be amortized from accumulated other comprehensive income (loss) into net periodic cost over the next fiscal year is approximately $1.0 million. | |||||||||||||
The accumulated benefit obligation for the pension plan was $120.5 million and $103.7 million at January 3, 2015, and January 4, 2014, respectively. | |||||||||||||
Net periodic pension cost for the pension plan included the following: | |||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | |||||||||||
January 3, | January 4, | December 29, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 1,056 | $ | 2,193 | $ | 1,878 | |||||||
Interest cost on projected benefit obligation | 5,123 | 4,750 | 4,885 | ||||||||||
Expected return on plan assets | (6,041 | ) | (5,225 | ) | (4,897 | ) | |||||||
Amortization of unrecognized loss | 763 | 2,873 | 2,077 | ||||||||||
Net periodic pension cost | $ | 901 | $ | 4,591 | $ | 3,943 | |||||||
The following assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost: | |||||||||||||
3-Jan-15 | 4-Jan-14 | ||||||||||||
Projected benefit obligation: | |||||||||||||
Discount rate | 4.19 | % | 5 | % | |||||||||
Average rate of increase in future compensation levels | Graded 5.5-2.5% | Graded 5.5-2.5% | |||||||||||
Net periodic pension cost: | |||||||||||||
Discount rate | 5 | % | 4.24 | % | |||||||||
Average rate of increase in future compensation levels | Graded 5.5-2.5% | 3 | % | ||||||||||
Expected long-term rate of return on plan assets | 7.54 | % | 7.85 | % | |||||||||
Our estimates of the amount and timing of our future funding obligations for our defined benefit pension plan are based upon various assumptions specified above. These assumptions include, but are not limited to, the discount rate, projected return on plan assets, compensation increase rates, mortality rates, retirement patterns, and turnover rates. | |||||||||||||
Determination of expected long-term rate of return | |||||||||||||
In developing expected return assumptions for our pension plan, the most influential decision affecting long-term portfolio performance is the determination of overall asset allocation. An asset class is a group of securities that exhibit similar characteristics and behave similarly in the marketplace. The three main asset classes are equities, fixed income, and cash equivalents. | |||||||||||||
Upon calculation of the historical risk premium for each asset class, an expected rate of return can be established based on assumed 90-day Treasury bill rates. Based on the normal asset allocation structure of the portfolio (65% equities, 30% fixed income, and 5% other) with historical compound annualized risk free rate of 2.75%, the expected overall portfolio return is 8.29% offset by 0.75% expense estimate, resulting in a 7.54% net long term rate of return as of January 3, 2015. | |||||||||||||
Our percentage of fair value of total assets by asset category as of the applicable measurement dates are as follows: | |||||||||||||
Asset Category | January 3, | January 4, | |||||||||||
2015 | 2014 | ||||||||||||
Equity securities — domestic | 57 | % | 55 | % | |||||||||
Equity securities — international | 15 | % | 16 | % | |||||||||
Fixed income | 24 | % | 24 | % | |||||||||
Other | 4 | % | 5 | % | |||||||||
Total | 100 | % | 100 | % | |||||||||
The fair value of our plan assets are by asset category as of the applicable measurement dates are as follows: | |||||||||||||
Asset Category | January 3, | January 4, | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Equity securities — domestic | $ | 45,950 | $ | 42,710 | |||||||||
Equity securities — international | 11,924 | 12,067 | |||||||||||
Fixed income | 19,161 | 18,836 | |||||||||||
Other | 3,157 | 3,426 | |||||||||||
Total | $ | 80,192 | $ | 77,039 | |||||||||
Plan assets are valued using quoted market prices in active markets, and we consider the investments to be Level 1 in the fair value hierarchy. See Note 8 for a discussion of the levels of inputs to determine fair value. | |||||||||||||
Investment policy and strategy | |||||||||||||
Plan assets are managed as a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of plan equity investments is to maximize the long-term real growth of fund assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns, and provide some downside protection against the possibility of a prolonged decline in the market value of equity investments. We review this investment policy statement at least once per year. In addition, the portfolio is reviewed quarterly to determine the deviation from target weightings and is rebalanced as necessary. Target allocations for fiscal 2015 are 55% domestic and 10% international equity investments, 30% fixed income investments, and 5% cash. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the target allocation for each class. | |||||||||||||
Our estimated future benefit payments reflecting expected future service are as follows (in thousands): | |||||||||||||
Fiscal Year Ending | (In thousands) | ||||||||||||
January 2, 2016 | 5,399 | ||||||||||||
December 31, 2016 | 5,705 | ||||||||||||
December 30, 2017 | 6,000 | ||||||||||||
December 29, 2018 | 6,281 | ||||||||||||
28-Dec-19 | 6,491 | ||||||||||||
Thereafter | 35,581 | ||||||||||||
The Company’s minimum required contribution for plan year 2012 was $3.2 million. In an effort to preserve additional cash for operations, we applied for and were granted a waiver from the Internal Revenue Service for our 2012 minimum required contribution. Therefore, contributions waived for 2012 have been amortized over the succeeding five years, from 2013 to 2017, increasing our minimum required contributions in those years. | |||||||||||||
The Company’s minimum required contribution for plan year 2013 was $6.0 million. During fiscal 2013, we contributed certain qualifying employer real property located in Charleston, S.C. and Buffalo, N.Y. to the pension plan. The properties had a fair market value of approximately $6.8 million by independent appraisals prior to the contribution and were recorded by the pension plan at fair market value. We are leasing back the contributed properties for an initial term of twenty years with two five-year extension options and continue to use the properties in our distribution operations. The pension plan engaged an independent fiduciary who evaluated the transaction, negotiated the terms of the property contribution and the leases, and also manages the properties on behalf of the pension plan. Portions of the property contribution were designated to the 2014 and 2013 plan years. | |||||||||||||
We determined that the contribution of the properties does not meet the accounting definition of a plan asset, within the scope of relevant accounting guidance, due to continuing involvement of the Company and the leaseback of the properties. Accordingly, the contributed properties are not considered a contribution for financial reporting purposes and, as a result, are not included in plan assets and have no impact on the net pension liability recorded on our Consolidated Balance Sheets. Therefore, these assets continue to be recorded as assets of the Company, and we depreciate the carrying value of the properties in our financial statements. No gain or loss was recognized at the contribution date for financial reporting purposes. Rent payments are made on a monthly basis and are recorded as contributions to the pension plan, of which $0.6 million and $0.5 million has been recorded for the years ended January 3, 2015, and January 4, 2014, respectively. These rental payments reduce our unfunded obligation to the pension plan. | |||||||||||||
We currently are required to make four quarterly cash contributions during fiscal 2015 and 2016 of approximately $1.5 million related to our 2015 minimum required contribution, which totals $6.1 million. | |||||||||||||
Multiemployer Pension Plans | |||||||||||||
We participate in several multiemployer pension plans (“MEPPs”) administered by labor unions that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). Approximately 34% of our employees are covered by CBAs, of which approximately 30% are covered by CBAs that expire within one year. As one of many participating employers in these MEPPs, we are generally responsible with the other participating employers for any plan underfunding. Our contributions to a particular MEPP are established by the applicable CBAs; however, our required contributions may increase based on the funded status of an MEPP and legal requirements such as those of the Pension Protection Act of 2006 (“Pension Act”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact funded status of an MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. A FIP or RP requires a particular MEPP to adopt measures to correct its underfunded status. These measures may include, but are not limited to: an increase in our contribution rate to the applicable CBA, a reallocation of the contributions already being made by participating employers for various benefits to individuals participating in the MEPP, and/or a reduction in the benefits to be paid to future and/or current retirees. In addition, the Pension Act requires that a 5% surcharge be levied on employer contributions for the first year commencing shortly after the date the employer receives notice that the MEPP is in critical status (also referred to as red status) and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP. We have not been subject to any such surcharges, as the MEPP to which we are individually significant has not been considered in “critical” status. | |||||||||||||
We could also be obligated to make future payments to MEPPs if we either cease to have an obligation to contribute to the MEPP or significantly reduce our contributions to the MEPP because we reduce our number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closures, assuming the MEPP has unfunded vested benefits. The amount of such payments (known as a complete or partial withdrawal liability) generally would equal our proportionate share of the MEPPs' unfunded vested benefits. We believe that one of the MEPP's in which we participate has material unfunded vested benefits. Our share of the contributions in this plan exceeded 5% of total plan contributions for certain plan years. Due to uncertainty regarding future factors that could trigger a withdrawal liability, as well as the absence of specific information regarding matters such as the MEPP's current financial situation due in part to delays in reporting, the potential withdrawal or bankruptcy of other contributing employers, the impact of future plan performance or the success of current and future funding improvement or rehabilitation plans to restore solvency to the plan, we are unable to determine with certainty the amount and timing of any future withdrawal liability, changes in future funding obligations, or the impact of increased contributions, including those that could be triggered by a mass withdrawal of other employers from a MEPP. There can be no assurance that the impact of increased contributions, future funding obligations or future withdrawal liabilities will not be material to our results of operations, financial condition or cash flows. We believe that the probability of a withdrawal is remote, and therefore, we have not recorded a liability for the material MEPP on our Consolidated Balance Sheets. The following table lists our participation in our multiemployer plan that is individually significant, and other MEPP plans for the years ended, as follows: | |||||||||||||
Contributions (in thousands) | |||||||||||||
Pension Fund: | EIN/Pension Plan Number | Pension Act Zone Status | FIP Status | 2014 | 2013 | 2012 | |||||||
Lumber Employees Local 786 Retirement Fund | 516067407 | Yellow | Implemented | $ | 0.4 | $ | 0.4 | $ | 0.4 | ||||
(2009 - 2014) | |||||||||||||
Other | 0.6 | 0.9 | 0.9 | ||||||||||
Total | $ | 1 | $ | 1.3 | $ | 1.3 | |||||||
Contributions represent the amounts contributed to the plan during the fiscal years presented. Our contributions for fiscal year 2014 exceeded 5% of total plan contributions. Although the plan data for fiscal 2015 is not yet available, we would expect to continue to exceed 5% of total plan contributions. | |||||||||||||
Defined Contribution Plans | |||||||||||||
Our employees also participate in two defined contribution plans: the “hourly savings plan” covering hourly employees, and the “salaried savings plan” covering salaried employees. Contributions to the plans are based on employee contributions and compensation. Employer contributions to the hourly savings plan totaled $0.1 million, $0.1 million, and $0.1 million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. Employer contributions to the salaried savings plan totaled $0.9 million, $1.1 million, and $1.0 million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Stock-Based Compensation | Share-Based Compensation | ||||||||||||||||||
We have two share-based compensation plans covering officers, directors and certain employees and consultants: the 2004 Equity Incentive Plan (the “2004 Plan”) and the 2006 Long Term Equity Incentive Plan (the “2006 Plan”). The plans are designed to motivate and retain individuals who are responsible for the attainment of our primary long-term performance goals. The plans provide a means whereby our employees and directors develop a sense of proprietorship and personal involvement in our development and financial success and encourage them to devote their best efforts to our business. Although we do not have a formal policy on the matter, we issue new shares of our common stock to participants upon the exercise of options, settlement of restricted stock units, granting of restricted stock, or vesting of performance shares, out of the total amount of common shares authorized for issuance under the 2004 Plan or the 2006 Plan. | |||||||||||||||||||
The 2004 Plan provides for the grant of nonqualified stock options, incentive stock options and restricted shares of our common stock to participants of the plan selected by our Board of Directors or a committee of the Board that administers the 2004 Plan. We reserved 2,222,222 shares of our common stock for issuance under the 2004 Plan. The terms and conditions of awards under the 2004 Plan are determined by the Compensation Committee. | |||||||||||||||||||
The 2006 Plan permits the grant of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards, and other share-based awards to participants of the 2006 Plan selected by our Board of Directors or a committee of the Board that administers the 2006 Plan. We reserved 12,200,000 shares of our common stock for issuance under the 2006 Plan. The terms and conditions of awards under the 2006 Plan are determined by the Compensation Committee. Some of the awards issued under the 2006 Plan are subject to accelerated vesting in the event of a change in control as such an event is defined in the 2006 Plan. | |||||||||||||||||||
We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to market or performance conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche, to the extent the occurrence of such conditions are probable. All compensation expense related to our share-based payment awards is recorded in “Selling, general, and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||
During fiscal 2014, the Board of Directors granted certain of our employees, executive officers, and directors restricted stock awards. The restricted stock awards vest in equal annual increments over three years, vest in one year, or vest three years after the date of grant. These awards are time-based and are not based upon attainment of performance goals. | |||||||||||||||||||
As of January 3, 2015, there was $1.9 million of total unrecognized compensation expense related to restricted stock. The unrecognized compensation expense is expected to be recognized over a weighted average term of 1.9 years. As of January 3, 2015, the weighted average remaining contractual term for our restricted stock was 1.7 years and the maximum contractual term is 3.0 years. | |||||||||||||||||||
The following table summarizes activity for our restricted stock awards during fiscal 2014: | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||
Number of | Weighted | ||||||||||||||||||
Awards | Average Fair | ||||||||||||||||||
Value | |||||||||||||||||||
Outstanding at January 4, 2014 | 1,618,283 | $ | 2.5 | ||||||||||||||||
Granted | 1,969,712 | 1.53 | |||||||||||||||||
Vested (1) | (1,256,147 | ) | 1.93 | ||||||||||||||||
Forfeited | (142,670 | ) | 1.99 | ||||||||||||||||
Outstanding at January 3, 2015 | 2,189,178 | $ | 1.68 | ||||||||||||||||
-1 | The total fair value vested in fiscal 2014, fiscal 2013, and fiscal 2012 was $2.4 million, $6.4 million, and $2.3 million, respectively. | ||||||||||||||||||
Performance shares | |||||||||||||||||||
During fiscal 2013, the Board of Directors granted certain of our executive officers and directors awards of performance shares of our common stock. The performance shares are released only upon the successful achievement of specific, measurable performance criteria approved by the Compensation Committee. The performance shares, when earned, vest in three equal tranches. If the performance targets are not met, the awards will be canceled, although 2013 performance criteria for the first tranche of the performance shares granted in fiscal 2013 was waived. | |||||||||||||||||||
As of January 3, 2015, there was $0.5 million of total unrecognized compensation expense related to performance shares. The unrecognized compensation expense is expected to be recognized over weighted average term of 0.9 years. As of January 3, 2015, the weighted average remaining contractual term for our performance shares was 0.7 years and the maximum contractual term is 3.0 years. | |||||||||||||||||||
The following table summarizes activity for our performance share awards during fiscal 2014: | |||||||||||||||||||
Performance Shares | |||||||||||||||||||
Number of | Weighted | ||||||||||||||||||
Awards | Average Fair | ||||||||||||||||||
Value | |||||||||||||||||||
Outstanding at January 4, 2014 | 2,192,868 | $ | 2.5 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Vested (1) (2) | (1,038,958 | ) | 1.64 | ||||||||||||||||
Forfeited | (51,821 | ) | 2.49 | ||||||||||||||||
Outstanding at January 3, 2015 (2) | 1,102,089 | $ | 1.56 | ||||||||||||||||
-1 | The total fair value vested in fiscal 2014 and fiscal 2013 was $1.7 million and $1.5 million, respectively. | ||||||||||||||||||
-2 | During fiscal 2014, four employees participating in the plan no longer were employed by the Company, and one director did not stand for re-election. The Compensation Committee approved an amendment to their Performance Share Award Agreements to allow their shares to vest, when they vest for individuals still employed by the Company. These amendments were determined to be modifications of the awards, and an adjustment related to the difference in fair value was recorded in fiscal 2014. The awards were classified as liability awards, and were marked to market. As of January 3, 2015, the fair value of these awards was based on the opening price of our common stock on January 2, 2015, of $1.14. There were 161,024 of these shares that vested in fiscal 2014, and 828,568 of these shares remaining as of January 3, 2015. | ||||||||||||||||||
Options | |||||||||||||||||||
The tables below summarize activity and include certain additional information related to our outstanding employee stock options for the year ended January 3, 2015. The maximum contractual term for stock options is ten years. There have been no new employee stock option grants and no stock option exercises during fiscal years 2014, 2013, and 2012. | |||||||||||||||||||
Options | |||||||||||||||||||
Shares | Weighted | ||||||||||||||||||
Average | |||||||||||||||||||
Exercise | |||||||||||||||||||
Price | |||||||||||||||||||
Outstanding at January 4, 2014 | 784,500 | $ | 5.05 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Exercised | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Expired | — | — | |||||||||||||||||
Outstanding at January 3, 2015 | 784,500 | 5.05 | |||||||||||||||||
Exercisable at January 3, 2015 | 784,500 | $ | 5.05 | ||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||
Weighted | Weighted Average Remaining | Weighted | Weighted Average Remaining | ||||||||||||||||
Price Range | Average | Contractual Life | Average | Contractual Life | |||||||||||||||
Number of | Exercise | (in Years) | Number of | Exercise | (in Years) | ||||||||||||||
Options | Price | Options | Price | ||||||||||||||||
$4.66 | 750,000 | $ | 4.66 | 3.2 | 750,000 | $ | 4.66 | 3.2 | |||||||||||
$11.40-$14.01 | 34,500 | $ | 13.25 | 1.3 | 34,500 | $ | 13.25 | 1.3 | |||||||||||
784,500 | 3.1 | 784,500 | 3.1 | ||||||||||||||||
Compensation Expense | |||||||||||||||||||
Share-based compensation expense is recognized only for those awards that are expected to vest, with forfeitures estimated at the date of grant based on our historical experience and future expectations. We recognize the effect of adjusting the estimated forfeiture rates in the period in which we change such estimated rates. Total share-based compensation expense from restricted stock, performance shares, and stock options, net of estimated forfeitures, was as follows: | |||||||||||||||||||
Fiscal Year Ended January 3, 2015 (1) | Fiscal Year Ended January 4, 2014 (2) | Fiscal Year Ended December 29, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Restricted Stock | $ | 1,941 | $ | 3,521 | $ | 2,730 | |||||||||||||
Performance Shares | 1,725 | 2,596 | — | ||||||||||||||||
Options and other (3) | 174 | — | 67 | ||||||||||||||||
Total | $ | 3,840 | $ | 6,117 | $ | 2,797 | |||||||||||||
-1 | During fiscal 2014, four employees participating in the plan no longer were employed by the Company, and one director did not stand for re-election. See “Performance shares” above. The Compensation Committee approved an amendment to their Restricted Share Award Agreements to accelerate the vesting of their restricted shares. These amendments were determined to be modifications of the awards, and an adjustment related to the difference in fair value was recorded in fiscal 2014. Share-based compensation expense of $1.2 million was accordingly recorded during fiscal 2014. | ||||||||||||||||||
-2 | Approximately $2.9 million of total share-based compensation during fiscal 2013 is related to the 2013 restructuring and change in executive leadership. | ||||||||||||||||||
-3 | As of January 3, 2015, there was no future compensation expense remaining for options. | ||||||||||||||||||
We recognized related income tax benefits in fiscal years 2014, 2013, and 2012 of $1.5 million, $2.4 million, and $1.1 million, respectively, which have been offset by a valuation allowance. We present the benefits of tax deductions in excess of recognized compensation expense as both a financing cash inflow and an operating cash outflow in our Consolidated Statements of Cash Flows when present. There were no material excess tax benefits in fiscal years 2014, 2013, and 2012. |
Income_Loss_per_Common_Share_I
Income (Loss) per Common Share Income (Loss) per Common Share | 12 Months Ended |
Jan. 03, 2015 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Common Share | Income (Loss) per Common Share |
We calculate our basic income (loss) per share by dividing net income (loss) by the weighted average number of common shares and participating securities outstanding for the period. Restricted stock granted by us to certain management employees and non-employee directors participate in dividends on the same basis as common shares. 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. | |
Given that the restricted stockholders do not have a contractual obligation to participate in the losses and the inclusion of such unvested restricted shares in our basic and dilutive per share calculations would be anti-dilutive, we have not included these amounts in our weighted average number of common shares outstanding for periods in which we report a net loss. Therefore, we have not included 2,189,177, 1,618,283, and 3,554,738 of unvested restricted shares that had the right to participate in dividends in our basic and dilutive calculations for fiscal years 2014, 2013, and 2012, respectively, because all periods reflected net losses. | |
Except when the effect would be anti-dilutive, the diluted earnings per share calculation includes the dilutive effect of the assumed exercise of stock options and performance shares using the treasury stock method. During fiscal 2013, we granted performance shares under our 2006 Plan, in which performance shares are issuable upon satisfaction of certain performance criteria. As of January 3, 2015, and January 4, 2014, we assumed that 1,102,091 and 2,192,868, respectively, of these performance shares will vest, net of forfeitures and vestings to date, based on our assumption that meeting the performance criteria is probable. The performance shares are not considered participating shares under the two-class method because they do not receive any non-transferable rights to dividends. The performance shares we assume will vest were not included in the computation of diluted earnings per share calculation because they were antidilutive. | |
Except when the effect would be anti-dilutive, the diluted earnings per share calculation includes the dilutive effect of the assumed exercise of stock options and vesting of performance shares using the treasury stock method. As we experienced losses in all periods, basic and diluted loss per share are computed by dividing net loss by the weighted average number of common shares outstanding for the period. For fiscal years 2014, 2013, and 2012, we excluded 4,129,822, 4,595,650, and 4,460,054 unvested share-based awards, respectively, from the diluted earnings per share calculation because they were anti-dilutive. The unvested share-based awards total excludes the assumed exercise of unexpired stock options. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 03, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Cerberus Capital Management, L.P., our majority shareholder, retains consultants who specialize in operations management and support, and who provide Cerberus with consulting advice concerning portfolio companies in which funds and accounts managed by Cerberus or its affiliates have invested. From time to time, Cerberus makes the services of these consultants available to Cerberus portfolio companies. We believe that the terms of these consulting arrangements are favorable to us, or, alternatively, are materially consistent with those terms that would have been obtained by us in an arrangement with an unaffiliated third party. We have normal service, purchase, and sales arrangements with other entities that are owned or controlled by Cerberus. We believe that these transactions are not material to our results of operations or financial position. |
Lease_Commitments_Lease_Commit
Lease Commitments Lease Commitments | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Leases [Abstract] | ||||||||
Leases Commitments | Lease Commitments | |||||||
Operating Leases | ||||||||
The Company leases real property, logistics equipment, and office equipment under long-term, non-cancelable operating leases. Certain of our operating leases have extension options and escalation clauses. Our real estate leases also provide for payments of other costs such as real estate taxes, insurance, and common area maintenance, which are not included in rental expense, sublease income, or the future minimum rental payments as set forth below. Total rental expense was approximately $4.5 million for fiscal 2014, and $4.8 million for both fiscal 2013 and fiscal 2012. | ||||||||
At January 3, 2015, our total operating lease commitments were as follows: | ||||||||
(In thousands) | ||||||||
2015 | $ | 5,729 | ||||||
2016 | 5,470 | |||||||
2017 | 5,310 | |||||||
2018 | 4,839 | |||||||
2019 | 1,799 | |||||||
Thereafter | 10,273 | |||||||
Total | $ | 33,420 | ||||||
Capital Leases | ||||||||
We have entered into certain long-term, non-cancelable capital leases for certain logistics equipment and vehicles. These capital leases have maturities of 5 to 7 years and interest rates ranging from 4.0% to 7.6%. As of January 3, 2015, the acquisition value and net book value of assets under capital leases was $16.4 million and $9.0 million, respectively. As of January 4, 2014, the basis and net book value of assets under capital leases was $15.4 million and $11.1 million, respectively. | ||||||||
At January 3, 2015, our total commitments under capital leases were as follows: | ||||||||
Principal | Interest | |||||||
(In thousands) | ||||||||
2015 | $ | 2,048 | $ | 463 | ||||
2016 | 1,993 | 321 | ||||||
2017 | 1,499 | 211 | ||||||
2018 | 1,563 | 112 | ||||||
2019 | 692 | 29 | ||||||
Thereafter | 228 | 8 | ||||||
Total | $ | 8,023 | $ | 1,144 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Fuel Purchase Obligation | |
On December 19, 2014, the Company entered into a commitment to purchase fuel from a vendor for a set price and quantity of fuel, beginning in January 2015. The contract has a one-year term, ending December 2015. | |
Environmental and Legal Matters | |
From time to time, we are involved in various proceedings incidental to our businesses, and we are subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which we operate. Although the ultimate outcome of these proceedings cannot be determined with certainty, based on presently available information management believes that adequate reserves have been established for probable losses with respect thereto. Management further believes that the ultimate outcome of these matters could be material to operating results in any given quarter but will not have a materially adverse effect on our long-term financial condition, our results of operations, or our cash flows. | |
Collective Bargaining Agreements | |
As of January 3, 2015, we employed approximately 1,700 persons on a full-time basis. Approximately 34% of our employees were represented by various labor unions, of which approximately 30% of the union contracts are up for renewal in fiscal 2015. We consider our relationship with our employees generally to be good. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jan. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On February 18, 2015, we refinanced our U.S. revolving credit facility, including the Tranche A Loan, with the Tenth Amendment to the U.S. revolving credit facility (the “Tenth Amendment”). | |
The Tenth Amendment extends the maturity date of the U.S. revolving credit facility to April 15, 2017; requires the refinancing, extension or replacement of our current mortgage on or before May 1, 2016, such that the maturity date of the new mortgage facility is not sooner than July 15, 2017; and requires the repayment of not less than $35 million by May 1, 2016. | |
Additionally, the Tenth Amendment extends the maturity date of the Tranche A Loan to June 30, 2016, with the principal amount decreasing by $2.0 million each month beginning on April 1, 2016, but such step downs will not occur if, after giving effect to the applicable reduction, excess availability (as defined, see Note 6) will be less than $50.0 million; amends the interest rate for the Tranche A Loan to begin increasing by 25 basis points each 90 days, beginning on April 1, 2015, with a maximum increase of 100 basis points; and, while the Tranche A Loan is outstanding, increases our fixed charge coverage ratio to 1.2 to 1.0 in certain situations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Comprehensive income (loss) is a measure of income 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’ equity (deficit). Other comprehensive income (loss) was $(18.1) million, $13.7 million, and $(8.1) million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | ||||||||||||||||
The changes in accumulated balances for each component of other comprehensive income (loss) for fiscal years 2012, 2013, and 2014 were as follows: | ||||||||||||||||
Foreign | Defined | Other, net of tax | Total | |||||||||||||
currency, net | benefit pension | |||||||||||||||
of tax | plan, net of tax | |||||||||||||||
(In thousands) | ||||||||||||||||
January 1, 2012, beginning balance | $ | 1,694 | $ | (23,806 | ) | $ | 212 | $ | (21,900 | ) | ||||||
Other comprehensive income (loss), net of tax (1) | 103 | (10,322 | ) | — | (10,219 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) | — | 2,077 | — | 2,077 | ||||||||||||
December 29, 2012, ending balance, net of tax | $ | 1,797 | $ | (32,051 | ) | $ | 212 | $ | (30,042 | ) | ||||||
Other comprehensive income (loss), net of tax (2) | (161 | ) | 12,158 | — | 11,997 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (2) | — | 1,752 | — | 1,752 | ||||||||||||
January 4, 2014, ending balance, net of tax | $ | 1,636 | $ | (18,141 | ) | $ | 212 | $ | (16,293 | ) | ||||||
Other comprehensive income (loss), net of tax (3) | (481 | ) | (18,416 | ) | — | (18,897 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (3) | — | 765 | — | 765 | ||||||||||||
January 3, 2015, ending balance, net of tax | $ | 1,155 | $ | (35,792 | ) | $ | 212 | $ | (34,425 | ) | ||||||
(1) For the fiscal year ended 2012, there was $2.1 million of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $10.3 million of unrecognized actuarial loss based on updated actuarial assumptions (see Note 9). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance. | ||||||||||||||||
(2) For the fiscal year ended 2013, there was $1.8 million (net of tax of $1.1 million) of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $12.2 million (net of tax of $7.8 million) of unrecognized actuarial gains based on updated actuarial assumptions included in other comprehensive income (see Note 9). We allocated income tax expense to accumulated other comprehensive income (loss) to the extent income was recorded in accumulated other comprehensive income (loss) and we have a loss in continuing operations (see Note 5). | ||||||||||||||||
(3) For the fiscal year ended 2014, there was $0.8 million of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $18.4 million of unrecognized actuarial loss based on updated actuarial assumptions (see Note 9). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance. |
Unaudited_Selected_Quarterly_F
Unaudited Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||||
Unaudited Selected Quarterly Financial Data | Unaudited Selected Quarterly Financial Data | |||||||||||||||||||||||||||||||
Fiscal 2014 contained 52 weeks and fiscal 2013 contained 53 weeks. 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. | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 5, | March 30, | July 5, | June 29, | October 4, | September 28, | January 3, | January 4, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Net sales | $ | 443,944 | $ | 503,153 | $ | 531,494 | $ | 604,592 | $ | 549,845 | $ | 557,952 | $ | 454,110 | $ | 486,275 | ||||||||||||||||
Gross profit | $ | 52,676 | $ | 56,458 | $ | 62,033 | $ | 55,185 | $ | 64,580 | $ | 62,492 | $ | 49,815 | $ | 54,348 | ||||||||||||||||
Net (loss) income | $ | (8,608 | ) | $ | (12,649 | ) | $ | 3,236 | $ | (22,306 | ) | $ | (860 | ) | $ | (3,206 | ) | $ | (7,640 | ) | $ | (2,457 | ) | |||||||||
Basic and diluted weighted average number of common shares outstanding | 85,187 | 66,714 | 85,874 | 84,167 | 86,399 | 84,596 | 86,545 | 84,818 | ||||||||||||||||||||||||
Basic and diluted net (loss) income per share applicable to common shares | $ | (0.10 | ) | $ | (0.19 | ) | $ | 0.04 | $ | (0.27 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.03 | ) | |||||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Supplemental Condensed Consolidating Financial Statements | Supplemental Condensed Consolidating Financial Statements | |||||||||||||||||||
The condensed consolidating financial information as of January 3, 2015, and January 4, 2014, and for fiscal 2014, fiscal 2013, and fiscal 2012 is provided due to restrictions in our U.S. revolving credit facility that limit distributions by BlueLinx Corporation, our operating company and our wholly-owned subsidiary, to us; which, in turn, may limit our ability to pay dividends to holders of our common stock. Also included in the supplemental condensed consolidated/combining financial statements are fifty-two single member limited liability companies, which are wholly owned by us (the “LLC subsidiaries”). The LLC subsidiaries own certain warehouse properties that are occupied by BlueLinx Corporation, each under the terms of a master lease agreement. The warehouse properties collateralize a mortgage loan and are not available to satisfy the debts and other obligations of either us or BlueLinx Corporation. Certain changes have been made to the prior year presentation to conform to the current year presentation. | ||||||||||||||||||||
The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended January 3, 2015, follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 1,979,393 | $ | 26,329 | $ | (26,329 | ) | $ | 1,979,393 | |||||||||
Cost of sales | — | 1,750,289 | — | — | 1,750,289 | |||||||||||||||
Gross profit | — | 229,104 | 26,329 | (26,329 | ) | 229,104 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 5,498 | 232,186 | (5,260 | ) | (26,329 | ) | 206,095 | |||||||||||||
Depreciation and amortization | — | 6,405 | 3,068 | — | 9,473 | |||||||||||||||
Total operating expenses | 5,498 | 238,591 | (2,192 | ) | (26,329 | ) | 215,568 | |||||||||||||
Operating income (loss) | (5,498 | ) | (9,487 | ) | 28,521 | — | 13,536 | |||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 13,688 | 13,083 | — | 26,771 | |||||||||||||||
Other expense (income), net | — | 337 | (12 | ) | — | 325 | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | (5,498 | ) | (23,512 | ) | 15,450 | — | (13,560 | ) | ||||||||||||
Provision for (benefit from) income taxes | (160 | ) | 22 | 450 | — | 312 | ||||||||||||||
Equity income (loss) of subsidiaries | (8,534 | ) | — | — | 8,534 | — | ||||||||||||||
Net income (loss) | $ | (13,872 | ) | $ | (23,534 | ) | $ | 15,000 | $ | 8,534 | $ | (13,872 | ) | |||||||
The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended January 4, 2014, follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 2,151,972 | $ | 27,363 | $ | (27,363 | ) | $ | 2,151,972 | |||||||||
Cost of sales | — | 1,923,489 | — | — | 1,923,489 | |||||||||||||||
Gross profit | — | 228,483 | 27,363 | (27,363 | ) | 228,483 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 5,913 | 267,232 | (5,115 | ) | (27,363 | ) | 240,667 | |||||||||||||
Depreciation and amortization | — | 5,700 | 3,417 | — | 9,117 | |||||||||||||||
Total operating expenses | 5,913 | 272,932 | (1,698 | ) | (27,363 | ) | 249,784 | |||||||||||||
Operating income (loss) | (5,913 | ) | (44,449 | ) | 29,061 | — | (21,301 | ) | ||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 13,686 | 14,338 | — | 28,024 | |||||||||||||||
Other expense (income), net | — | 318 | (12 | ) | — | 306 | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | (5,913 | ) | (58,453 | ) | 14,735 | — | (49,631 | ) | ||||||||||||
Provision for (benefit from) income taxes | (157 | ) | (9,248 | ) | 392 | — | (9,013 | ) | ||||||||||||
Equity income (loss) of subsidiaries | (34,862 | ) | — | — | 34,862 | — | ||||||||||||||
Net income (loss) | $ | (40,618 | ) | $ | (49,205 | ) | $ | 14,343 | $ | 34,862 | $ | (40,618 | ) | |||||||
The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended December 29, 2012, follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 1,907,842 | $ | 28,330 | $ | (28,330 | ) | $ | 1,907,842 | |||||||||
Cost of sales | — | 1,677,772 | — | — | 1,677,772 | |||||||||||||||
Gross profit | — | 230,070 | 28,330 | (28,330 | ) | 230,070 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 3,940 | 250,098 | (9,712 | ) | (28,330 | ) | 215,996 | |||||||||||||
Depreciation and amortization | — | 5,040 | 3,525 | — | 8,565 | |||||||||||||||
Total operating expenses | 3,940 | 255,138 | (6,187 | ) | (28,330 | ) | 224,561 | |||||||||||||
Operating income (loss) | (3,940 | ) | (25,068 | ) | 34,517 | — | 5,509 | |||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 12,159 | 15,998 | — | 28,157 | |||||||||||||||
Other expense (income), net | — | 10 | (17 | ) | — | (7 | ) | |||||||||||||
Income (loss) before provision for (benefit from) income taxes | (3,940 | ) | (37,237 | ) | 18,536 | — | (22,641 | ) | ||||||||||||
Provision for (benefit from) income taxes | 386 | — | — | — | 386 | |||||||||||||||
Equity income (loss) of subsidiaries | (18,701 | ) | — | — | 18,701 | — | ||||||||||||||
Net income (loss) | $ | (23,027 | ) | $ | (37,237 | ) | $ | 18,536 | $ | 18,701 | $ | (23,027 | ) | |||||||
The condensed consolidating balance sheet for BlueLinx Holdings Inc. as of January 3, 2015, follows: | ||||||||||||||||||||
BlueLinx | ||||||||||||||||||||
BlueLinx | Corporation | |||||||||||||||||||
Holdings Inc. | and | LLC | ||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 27 | $ | 4,495 | $ | — | $ | — | $ | 4,522 | ||||||||||
Receivables | — | 144,537 | — | — | 144,537 | |||||||||||||||
Inventories | — | 242,546 | — | — | 242,546 | |||||||||||||||
Deferred income tax asset, net | — | — | 50 | (50 | ) | — | ||||||||||||||
Other current assets | 228 | 22,353 | 708 | — | 23,289 | |||||||||||||||
Intercompany receivable | 74,071 | 30,634 | — | (104,705 | ) | — | ||||||||||||||
Total current assets | 74,326 | 444,565 | 758 | (104,755 | ) | 414,894 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Land and land improvements | — | 4,061 | 37,034 | — | 41,095 | |||||||||||||||
Buildings | — | 11,367 | 78,794 | — | 90,161 | |||||||||||||||
Machinery and equipment | — | 77,279 | — | — | 77,279 | |||||||||||||||
Construction in progress | — | 1,188 | — | — | 1,188 | |||||||||||||||
Property and equipment, at cost | — | 93,895 | 115,828 | — | 209,723 | |||||||||||||||
Accumulated depreciation | — | (70,077 | ) | (34,379 | ) | — | (104,456 | ) | ||||||||||||
Property and equipment, net | — | 23,818 | 81,449 | — | 105,267 | |||||||||||||||
Investment in subsidiaries | (78,264 | ) | — | — | 78,264 | — | ||||||||||||||
Non-current deferred income tax assets, net | — | 551 | — | (50 | ) | 501 | ||||||||||||||
Other non-current assets | — | 9,739 | 8,581 | — | 18,320 | |||||||||||||||
Total assets | $ | (3,938 | ) | $ | 478,673 | $ | 90,788 | $ | (26,541 | ) | $ | 538,982 | ||||||||
Liabilities: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 606 | $ | 66,685 | $ | — | $ | — | $ | 67,291 | ||||||||||
Bank overdrafts | — | 27,280 | — | — | 27,280 | |||||||||||||||
Accrued compensation | 23 | 5,620 | — | — | 5,643 | |||||||||||||||
Current maturities of long-term debt | — | — | 2,679 | — | 2,679 | |||||||||||||||
Deferred income tax liabilities, net | — | 568 | — | (50 | ) | 518 | ||||||||||||||
Other current liabilities | 413 | 12,342 | 1,076 | — | 13,831 | |||||||||||||||
Intercompany payable | 30,633 | 74,072 | — | (104,705 | ) | — | ||||||||||||||
Total current liabilities | 31,675 | 186,567 | 3,755 | (104,755 | ) | 117,242 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | — | 229,353 | 173,921 | — | 403,274 | |||||||||||||||
Non-current deferred income taxes | — | — | 50 | (50 | ) | — | ||||||||||||||
Other non-current liabilities | 413 | 54,079 | — | — | 54,492 | |||||||||||||||
Total liabilities | 32,088 | 469,999 | 177,726 | (104,805 | ) | 575,008 | ||||||||||||||
Stockholders’ equity (deficit)/Parent’s investment | (36,026 | ) | 8,674 | (86,938 | ) | 78,264 | (36,026 | ) | ||||||||||||
Total liabilities and equity (deficit) | $ | (3,938 | ) | $ | 478,673 | $ | 90,788 | $ | (26,541 | ) | $ | 538,982 | ||||||||
The condensed consolidating balance sheet for BlueLinx Holdings Inc. as of January 4, 2014, follows: | ||||||||||||||||||||
BlueLinx | ||||||||||||||||||||
BlueLinx | Corporation | |||||||||||||||||||
Holdings Inc. | and | LLC | ||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 47 | $ | 4,987 | $ | — | $ | — | $ | 5,034 | ||||||||||
Receivables | — | 150,297 | — | — | 150,297 | |||||||||||||||
Inventories | — | 223,580 | — | — | 223,580 | |||||||||||||||
Deferred income tax asset, net | — | — | 397 | (397 | ) | — | ||||||||||||||
Other current assets | 790 | 20,208 | 1,816 | — | 22,814 | |||||||||||||||
Intercompany receivable | 68,454 | 26,374 | — | (94,828 | ) | — | ||||||||||||||
Total current assets | 69,291 | 425,446 | 2,213 | (95,225 | ) | 401,725 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Land and land improvements | — | 4,040 | 37,136 | — | 41,176 | |||||||||||||||
Buildings | — | 10,839 | 79,243 | — | 90,082 | |||||||||||||||
Machinery and equipment | — | 73,004 | — | — | 73,004 | |||||||||||||||
Construction in progress | — | 3,028 | — | — | 3,028 | |||||||||||||||
Property and equipment, at cost | — | 90,911 | 116,379 | — | 207,290 | |||||||||||||||
Accumulated depreciation | — | (64,557 | ) | (31,614 | ) | — | (96,171 | ) | ||||||||||||
Property and equipment, net | — | 26,354 | 84,765 | — | 111,119 | |||||||||||||||
Investment in subsidiaries | (47,735 | ) | — | — | 47,735 | — | ||||||||||||||
Non-current deferred income tax assets, net | — | 1,221 | — | (397 | ) | 824 | ||||||||||||||
Other non-current assets | — | 11,768 | 3,053 | — | 14,821 | |||||||||||||||
Total assets | $ | 21,556 | $ | 464,789 | $ | 90,031 | $ | (47,887 | ) | $ | 528,489 | |||||||||
Liabilities: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,080 | $ | 59,283 | $ | — | $ | — | $ | 60,363 | ||||||||||
Bank overdrafts | — | 19,377 | — | — | 19,377 | |||||||||||||||
Accrued compensation | — | 4,173 | — | — | 4,173 | |||||||||||||||
Current maturities of long-term debt | — | — | 9,141 | — | 9,141 | |||||||||||||||
Deferred income tax liabilities, net | — | 1,220 | — | (397 | ) | 823 | ||||||||||||||
Other current liabilities | — | 11,727 | 1,222 | — | 12,949 | |||||||||||||||
Intercompany payable | 26,374 | 68,454 | — | (94,828 | ) | — | ||||||||||||||
Total current liabilities | 27,454 | 164,234 | 10,363 | (95,225 | ) | 106,826 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | — | 211,193 | 176,045 | — | 387,238 | |||||||||||||||
Non-current deferred income taxes | — | — | 397 | (397 | ) | — | ||||||||||||||
Other non-current liabilities | — | 40,323 | — | — | 40,323 | |||||||||||||||
Total liabilities | 27,454 | 415,750 | 186,805 | (95,622 | ) | 534,387 | ||||||||||||||
Stockholders’ equity (deficit)/Parent’s investment | (5,898 | ) | 49,039 | (96,774 | ) | 47,735 | (5,898 | ) | ||||||||||||
Total liabilities and equity (deficit) | $ | 21,556 | $ | 464,789 | $ | 90,031 | $ | (47,887 | ) | $ | 528,489 | |||||||||
The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended January 3, 2015, follows (in thousands): | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | Eliminations | Consolidated | ||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (13,872 | ) | $ | (23,534 | ) | $ | 15,000 | $ | 8,534 | $ | (13,872 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | 6,405 | 3,068 | — | 9,473 | |||||||||||||||
Amortization of debt issue costs | — | 1,735 | 1,421 | — | 3,156 | |||||||||||||||
Loss (gain) from sale of properties | — | — | (5,251 | ) | — | (5,251 | ) | |||||||||||||
Severance charges | — | 2,067 | — | — | 2,067 | |||||||||||||||
Restructuring payments | — | (2,805 | ) | — | — | (2,805 | ) | |||||||||||||
Deferred income tax benefit | — | 17 | — | — | 17 | |||||||||||||||
Pension expense | — | 901 | — | — | 901 | |||||||||||||||
Share-based compensation, excluding restructuring related | 1,590 | 2,250 | — | — | 3,840 | |||||||||||||||
Increase in restricted cash related to insurance and other | — | (263 | ) | — | — | (263 | ) | |||||||||||||
Decrease (increase) in prepaid assets | 89 | (1,031 | ) | — | — | (942 | ) | |||||||||||||
Accrued compensation and other | 1,322 | (2,857 | ) | (907 | ) | — | (2,442 | ) | ||||||||||||
Equity in earnings of subsidiaries | 8,534 | — | — | (8,534 | ) | — | ||||||||||||||
Intercompany receivable | (5,617 | ) | (4,262 | ) | — | 9,879 | — | |||||||||||||
Intercompany payable | 4,259 | 5,620 | — | (9,879 | ) | — | ||||||||||||||
(3,695 | ) | (15,757 | ) | 13,331 | — | (6,121 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | 5,760 | — | — | 5,760 | |||||||||||||||
Inventories | — | (18,966 | ) | — | — | (18,966 | ) | |||||||||||||
Accounts payable | (376 | ) | 7,402 | — | — | 7,026 | ||||||||||||||
Net cash (used in) provided by operating activities | (4,071 | ) | (21,561 | ) | 13,331 | — | (12,301 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | 4,359 | 806 | (5,165 | ) | — | — | ||||||||||||||
Property, plant and equipment investments | — | (3,016 | ) | — | — | (3,016 | ) | |||||||||||||
Proceeds from disposition of assets | — | 248 | 7,120 | — | 7,368 | |||||||||||||||
Net cash provided by (used in) investing activities | 4,359 | (1,962 | ) | 1,955 | — | 4,352 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | — | (16 | ) | — | — | (16 | ) | |||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (210 | ) | (747 | ) | — | — | (957 | ) | ||||||||||||
Repayments on revolving credit facilities | — | (476,473 | ) | — | — | (476,473 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 494,794 | — | — | 494,794 | |||||||||||||||
Payments of principal on mortgage | — | — | (9,220 | ) | — | (9,220 | ) | |||||||||||||
Payments on capital lease obligations | — | (2,228 | ) | — | — | (2,228 | ) | |||||||||||||
(Decrease) increase in bank overdrafts | — | 7,902 | — | — | 7,902 | |||||||||||||||
Increase in restricted cash related to the mortgage | — | — | (6,066 | ) | — | (6,066 | ) | |||||||||||||
Proceeds from rights offering, less expenses paid | (98 | ) | — | — | — | (98 | ) | |||||||||||||
Debt issuance costs | — | (201 | ) | — | — | (201 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (308 | ) | 23,031 | (15,286 | ) | — | 7,437 | |||||||||||||
Increase (decrease) in cash | (20 | ) | (492 | ) | — | — | (512 | ) | ||||||||||||
Balance, beginning of period | 47 | 4,987 | — | — | 5,034 | |||||||||||||||
Balance, end of period | $ | 27 | $ | 4,495 | $ | — | $ | — | $ | 4,522 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income tax refunds (income taxes paid) during the period | $ | — | $ | 40 | $ | (250 | ) | $ | — | $ | (210 | ) | ||||||||
Interest paid during the period | $ | — | $ | 11,490 | $ | 11,657 | $ | — | $ | 23,147 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 1,108 | $ | — | $ | — | $ | 1,108 | ||||||||||
The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended January 4, 2014, follows (in thousands): | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | Eliminations | Consolidated | ||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (40,618 | ) | $ | (49,205 | ) | $ | 14,343 | $ | 34,862 | $ | (40,618 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | 5,700 | 3,417 | — | 9,117 | |||||||||||||||
Amortization of debt issue costs | — | 1,841 | 1,343 | — | 3,184 | |||||||||||||||
Write-off of debt issuance costs | — | 119 | — | — | 119 | |||||||||||||||
Loss (gain) from sale of properties | — | 554 | (5,774 | ) | — | (5,220 | ) | |||||||||||||
Vacant property charges, net | — | 1,321 | — | — | 1,321 | |||||||||||||||
Severance charges | — | 5,607 | — | — | 5,607 | |||||||||||||||
Payments on modification of lease agreement | — | (300 | ) | — | — | (300 | ) | |||||||||||||
Deferred income tax benefit | — | (5 | ) | (397 | ) | 397 | (5 | ) | ||||||||||||
Restructuring payments | — | (3,057 | ) | — | — | (3,057 | ) | |||||||||||||
Intraperiod income tax allocation related to the hourly pension plan | — | (8,894 | ) | — | — | (8,894 | ) | |||||||||||||
Pension expense | — | 4,591 | — | — | 4,591 | |||||||||||||||
Share-based compensation, excluding restructuring related | 904 | 2,318 | — | — | 3,222 | |||||||||||||||
Share-based compensation, restructuring related | — | 2,895 | — | — | 2,895 | |||||||||||||||
Increase in restricted cash related to insurance and other | — | (1,810 | ) | — | — | (1,810 | ) | |||||||||||||
Decrease (increase) in prepaid assets | (14 | ) | (3,048 | ) | — | — | (3,062 | ) | ||||||||||||
Accrued compensation and other | 698 | (3,959 | ) | 625 | (397 | ) | (3,033 | ) | ||||||||||||
Equity (deficit) in earnings of subsidiaries | 34,862 | — | — | (34,862 | ) | — | ||||||||||||||
Intercompany receivable | 5,527 | 2,440 | — | (7,967 | ) | — | ||||||||||||||
Intercompany payable | (2,440 | ) | (5,527 | ) | — | 7,967 | — | |||||||||||||
(1,081 | ) | (48,419 | ) | 13,557 | — | (35,943 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | 7,168 | — | — | 7,168 | |||||||||||||||
Inventories | — | 6,479 | — | — | 6,479 | |||||||||||||||
Accounts payable | 779 | (17,973 | ) | (391 | ) | — | (17,585 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (302 | ) | (52,745 | ) | 13,166 | — | (39,881 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | (35,202 | ) | 38,663 | (3,461 | ) | — | — | |||||||||||||
Property, plant and equipment investments | — | (4,912 | ) | — | — | (4,912 | ) | |||||||||||||
Proceeds from disposition of assets | — | 1,072 | 9,293 | — | 10,365 | |||||||||||||||
Net cash provided by (used in) investing activities | (35,202 | ) | 34,823 | 5,832 | — | 5,453 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | — | 16 | — | — | 16 | |||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (3,192 | ) | — | — | — | (3,192 | ) | |||||||||||||
Repayments on revolving credit facilities | — | (560,186 | ) | — | — | (560,186 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 599,968 | — | — | 599,968 | |||||||||||||||
Payments of principal on mortgage | — | — | (19,038 | ) | — | (19,038 | ) | |||||||||||||
Payments on capital lease obligations | — | (3,142 | ) | — | — | (3,142 | ) | |||||||||||||
(Decrease) increase in bank overdrafts | — | (16,007 | ) | — | — | (16,007 | ) | |||||||||||||
Increase in restricted cash related to the mortgage | — | — | 40 | — | 40 | |||||||||||||||
Proceeds from rights offering, less expenses paid | 38,715 | — | — | — | 38,715 | |||||||||||||||
Debt issuance costs | — | (2,900 | ) | — | — | (2,900 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 35,523 | 17,749 | (18,998 | ) | — | 34,274 | ||||||||||||||
Increase (decrease) in cash | 19 | (173 | ) | — | — | (154 | ) | |||||||||||||
Balance, beginning of period | 28 | 5,160 | — | — | 5,188 | |||||||||||||||
Balance, end of period | $ | 47 | $ | 4,987 | $ | — | $ | — | $ | 5,034 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income taxes paid during the period | $ | — | $ | (61 | ) | $ | (271 | ) | $ | — | $ | (332 | ) | |||||||
Interest paid during the period | $ | — | $ | 11,226 | $ | 13,480 | $ | — | $ | 24,706 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 5,069 | $ | — | $ | — | $ | 5,069 | ||||||||||
The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended December 29, 2012, follows (in thousands): | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (23,027 | ) | $ | (37,237 | ) | $ | 18,536 | $ | 18,701 | $ | (23,027 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ||||||||||||||||||||
Depreciation and amortization | — | 5,040 | 3,525 | — | 8,565 | |||||||||||||||
Amortization of debt issue costs | — | 2,471 | 1,275 | — | 3,746 | |||||||||||||||
Gain from sale of properties | — | — | (9,885 | ) | — | (9,885 | ) | |||||||||||||
Gain from property insurance settlement | — | — | (476 | ) | — | (476 | ) | |||||||||||||
Vacant property charges, net | — | (30 | ) | — | — | (30 | ) | |||||||||||||
Payments on modification of lease agreement | — | (5,875 | ) | — | — | (5,875 | ) | |||||||||||||
Deferred income tax benefit | — | (20 | ) | — | — | (20 | ) | |||||||||||||
Restructuring payments | — | (6,084 | ) | — | — | (6,084 | ) | |||||||||||||
Pension expense | — | 3,942 | — | — | 3,942 | |||||||||||||||
Share-based compensation, excluding restructuring related | 528 | 2,269 | — | — | 2,797 | |||||||||||||||
Decrease (increase) in restricted cash related to insurance and other | — | 695 | — | — | 695 | |||||||||||||||
Decrease (increase) in prepaid assets | 189 | 700 | — | — | 889 | |||||||||||||||
Accrued compensation and other | (1,160 | ) | 6,259 | (561 | ) | — | 4,538 | |||||||||||||
Equity (deficit) in earnings of subsidiaries | 18,701 | — | — | (18,701 | ) | — | ||||||||||||||
Intercompany receivable | (6,940 | ) | (10,332 | ) | — | 17,272 | — | |||||||||||||
Intercompany payable | 10,332 | 6,940 | — | (17,272 | ) | — | ||||||||||||||
(1,377 | ) | (31,262 | ) | 12,414 | — | (20,225 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | (18,593 | ) | — | — | (18,593 | ) | |||||||||||||
Inventories | — | (44,482 | ) | — | — | (44,482 | ) | |||||||||||||
Accounts payable | 42 | 8,619 | 389 | — | 9,050 | |||||||||||||||
Net cash (used in) provided by operating activities | (1,335 | ) | (85,718 | ) | 12,803 | — | (74,250 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | 1,862 | 154 | (2,016 | ) | — | — | ||||||||||||||
Property, plant and equipment investments | — | (2,826 | ) | — | — | (2,826 | ) | |||||||||||||
Proceeds from disposition of assets | — | 997 | 18,198 | — | 19,195 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,862 | (1,675 | ) | 16,182 | — | 16,369 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (526 | ) | — | — | — | (526 | ) | |||||||||||||
Repayments on revolving credit facilities | — | (473,349 | ) | — | — | (473,349 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 550,270 | — | — | 550,270 | |||||||||||||||
Principal payments on mortgage | — | — | (37,272 | ) | — | (37,272 | ) | |||||||||||||
Payments on capital lease obligations | — | (2,259 | ) | — | — | (2,259 | ) | |||||||||||||
Increase in bank overdrafts | — | 13,020 | — | — | 13,020 | |||||||||||||||
Decrease in restricted cash related to the mortgage | — | — | 9,970 | — | 9,970 | |||||||||||||||
Debt financing costs | — | — | (1,683 | ) | — | (1,683 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (526 | ) | 87,682 | (28,985 | ) | — | 58,171 | |||||||||||||
Increase in cash | 1 | 289 | — | — | 290 | |||||||||||||||
Cash balance, beginning of period | 27 | 4,871 | — | — | 4,898 | |||||||||||||||
Cash and cash equivalents balance, end of period | $ | 28 | $ | 5,160 | $ | — | $ | — | $ | 5,188 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income tax refunds (income taxes paid) during the period | $ | — | $ | 37 | $ | (545 | ) | $ | — | $ | (508 | ) | ||||||||
Interest paid during the period | $ | — | $ | 9,309 | $ | 14,979 | $ | — | $ | 24,288 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 5,238 | $ | — | $ | — | $ | 5,238 | ||||||||||
The condensed consolidating statement of stockholders’ equity (deficit) for BlueLinx Holdings Inc. for fiscal 2012, fiscal 2013, and fiscal 2014 follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | |||||||||||||||||||
Holdings Inc. | Corporation | LLC | ||||||||||||||||||
and Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | 8,374 | $ | 83,626 | $ | (124,175 | ) | $ | 40,549 | $ | 8,374 | |||||||||
Net (loss) income | (23,027 | ) | (37,237 | ) | 18,536 | 18,701 | (23,027 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | 103 | 103 | — | (103 | ) | 103 | ||||||||||||||
Unrealized loss (income) from pension plan, net of tax | (8,245 | ) | (8,245 | ) | — | 8,245 | (8,245 | ) | ||||||||||||
Issuance of restricted stock, net of forfeitures | 19 | 19 | — | (19 | ) | 19 | ||||||||||||||
Compensation related to share-based grants | 2,730 | — | — | — | 2,730 | |||||||||||||||
Impact of net settled shares for vested grants | (526 | ) | — | — | — | (526 | ) | |||||||||||||
Other | (20 | ) | — | — | — | (20 | ) | |||||||||||||
Net transactions with the Parent | — | 2,337 | (2,017 | ) | (320 | ) | — | |||||||||||||
Balance, December 29, 2012 | $ | (20,592 | ) | $ | 40,603 | $ | (107,656 | ) | $ | 67,053 | $ | (20,592 | ) | |||||||
Net (loss) income | (40,618 | ) | (49,205 | ) | 14,343 | 34,862 | (40,618 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | (161 | ) | (161 | ) | — | 161 | (161 | ) | ||||||||||||
Unrealized income (loss) from pension plan, net of tax | 13,910 | 13,910 | — | (13,910 | ) | 13,910 | ||||||||||||||
Issuance of restricted stock, net of forfeitures | 6 | 6 | — | (6 | ) | 6 | ||||||||||||||
Issuance of performance shares | 6 | 6 | — | (6 | ) | 6 | ||||||||||||||
Issuance of stock related to the rights offering, net of expenses | 38,613 | — | — | — | 38,613 | |||||||||||||||
Compensation related to share-based grants | 6,117 | — | — | — | 6,117 | |||||||||||||||
Impact of net settled shares for vested grants | (3,193 | ) | — | — | — | (3,193 | ) | |||||||||||||
Excess tax benefits from share-based compensation arrangements | 16 | — | — | — | 16 | |||||||||||||||
Other | (2 | ) | — | — | — | (2 | ) | |||||||||||||
Net transactions with the Parent | — | 43,880 | (3,461 | ) | (40,419 | ) | — | |||||||||||||
Balance, January 4, 2014 | $ | (5,898 | ) | $ | 49,039 | $ | (96,774 | ) | $ | 47,735 | $ | (5,898 | ) | |||||||
Net (loss) income | (13,872 | ) | (23,534 | ) | 15,000 | 8,534 | (13,872 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | (481 | ) | (481 | ) | — | 481 | (481 | ) | ||||||||||||
Unrealized income (loss) from pension plan, net of tax | (17,651 | ) | (17,651 | ) | — | 17,651 | (17,651 | ) | ||||||||||||
Issuance of restricted stock, net of forfeitures | 18 | — | — | — | 18 | |||||||||||||||
Issuance of performance shares | 10 | — | — | — | 10 | |||||||||||||||
Issuance of stock related to the rights offering, net of expenses | — | — | — | — | — | |||||||||||||||
Compensation related to share-based grants | 2,896 | — | — | — | 2,896 | |||||||||||||||
Impact of net settled shares for vested grants | (963 | ) | — | — | — | (963 | ) | |||||||||||||
Excess tax benefits from share-based compensation arrangements | (16 | ) | — | — | — | (16 | ) | |||||||||||||
Other | (69 | ) | — | — | — | (69 | ) | |||||||||||||
Net transactions with the Parent | — | 1,301 | (5,164 | ) | 3,863 | — | ||||||||||||||
Balance, January 3, 2015 | $ | (36,026 | ) | $ | 8,674 | $ | (86,938 | ) | $ | 78,264 | $ | (36,026 | ) | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
BlueLinx is a wholesale supplier of building products in North America. Our Consolidated Financial Statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries. These financial statements have been prepared in accordance with U.S. GAAP. All significant intercompany accounts and transactions have been eliminated. | |
Use of Estimates | Use of Estimates |
We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with U.S. GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates. | |
New Accounting Standards | Recently Adopted Accounting Standards |
In July 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under ASU 2013-11, entities are required to present unrecognized tax benefits as a decrease in a net operating loss, a similar tax loss or a tax credit carryforward, if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date. The amendment, which did not materially impact our financial statements, is effective for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. We adopted this guidance during the first quarter of fiscal 2014. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This accounting standard, which did not materially impact our financial statements, is effective for fiscal and interim periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We adopted this guidance during the fourth quarter of fiscal 2014. | |
New Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in U.S. 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. | |
Reclassifications | Reclassifications |
Certain other amounts in the prior years’ consolidated financial statements and notes have been revised to conform to the current year presentation. During fiscal 2014, we separately have 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 separately have 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. | |
Revenue Recognition | Revenue Recognition |
We recognize revenue when the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, our price to the buyer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time of shipment for terms designated free on board (“FOB”) shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. | |
In addition, we provide inventory to certain customers through pre-arranged agreements on a consignment basis. Customer consigned inventory is maintained and stored by certain customers; however, ownership and risk of loss remains with us. When the consigned inventory is sold by the customer, we recognize revenue on a gross basis. Customer consigned inventory was approximately $6.3 million and $10.1 million at January 3, 2015, and January 4, 2014, respectively. | |
All revenues recognized are net of trade allowances, cash discounts and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been insignificant for each of the reported periods. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable are stated at net realizable value, do not bear interest, and consist of amounts owed for orders shipped to customers. Management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts is determined based on a number of factors including specific customer account reviews, historical loss experience, current economic trends, and the creditworthiness of significant customers based on ongoing credit evaluations. | |
Inventory Valuation | Inventory Valuation |
The cost of all inventories is determined by the moving average cost method. We have included all material charges directly or indirectly incurred in bringing inventory to its existing condition and location. We evaluate our inventory value at the end of each quarter to ensure that inventory, when viewed by category, is carried at the lower of cost or market. Additionally, we estimate and maintain a reserve for damaged, excess and obsolete inventory | |
Consideration Received from Vendors and Paid to Customers | Consideration Received from Vendors and Paid to Customers |
Each year, we enter into agreements with many of our vendors providing for inventory purchase rebates, generally based on achievement of specified volume purchasing levels. We also receive rebates related to price protection and various marketing allowances that are common industry practice. We accrue for the receipt of vendor rebates based on purchases, and also reduce inventory to reflect the net acquisition cost (purchase price less expected purchase rebates). As of January 3, 2015, and January 4, 2014, the vendor rebate receivable totaled $7.1 million and $7.6 million, respectively. Adjustments to earnings resulting from revisions to rebate estimates have been immaterial. | |
In addition, we enter into agreements with many of our customers to offer customer rebates, generally based on achievement of specified sales levels and various marketing allowances that are common industry practice. We accrue for the payment of customer rebates based on sales to the customer, and also reduce sales to reflect the net sales (sales price less expected customer rebates). As of January 3, 2015, and January 4, 2014, the customer rebate payable totaled $6.4 million and $6.3 million, respectively. Adjustments to earnings resulting from revisions to rebate estimates have been immaterial. | |
Shipping and Handling | Shipping and Handling |
Amounts billed to customers in sales transactions related to shipping and handling are classified as revenue. Shipping and handling costs included in “Selling, general, and administrative” expenses were $91.8 million, $99.7 million, and $91.2 million for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |
Advertising Costs | Advertising Costs |
Advertising costs are expensed as incurred. Advertising expenses of $0.6 million, $1.2 million, and $1.1 million were included in “Selling, general and administrative” expenses for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |
Property, Plant, and Equipment | Property, Plant, and Equipment |
Property, plant, and equipment are recorded at cost. Lease obligations for which we assume or retain substantially all the property rights and risks of ownership are capitalized. Amortization of assets recorded under capital leases is included in “Depreciation and amortization” expense. Replacements of major units of property are capitalized and the replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement or disposition of assets, cost and accumulated depreciation are removed from the related accounts and any gain or loss is included in income. | |
Share-Based Compensation | Share-Based Compensation |
We recognize compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to market or performance conditions, in which case we recognize compensation expense over the requisite service period of each separate vesting tranche to the extent market and performance conditions are considered probable. The calculation of fair value related to share-based compensation is subject to certain assumptions discussed in more detail in Note 10. Management updates such estimates when circumstances warrant. All compensation expense related to our share-based payment awards is recorded in “Selling, general and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). | |
Income Taxes | Income Taxes |
We account for deferred income taxes using the liability method. Accordingly, we recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Deferred tax assets and liabilities are recorded net, as current and noncurrent. A valuation allowance is recorded to reduce deferred tax assets when necessary. For additional information about our income taxes, see Note 5. | |
Self-insurance | Self-Insurance |
The Company is self-insured, up to certain limits, for most workers’ compensation losses, employee health benefits, general liability, and automotive liability losses, all subject to varying “per occurrence” retentions or deductible limits. The Company provides for estimated costs to settle both known claims and claims incurred but not yet reported. Liabilities associated with these claims are estimated, in part, by considering the frequency and severity of historical claims, both specific to us, as well as industry-wide loss experience and other actuarial assumptions. We determine our insurance obligations with the assistance of actuarial firms. Since there are many estimates and assumptions involved in recording insurance liabilities and in the case of workers’ compensation a significant period of time elapses before the ultimate resolution of claims, differences between actual future events and prior estimates and assumptions could result in adjustments to these liabilities. | |
Restricted Cash | Restricted Cash |
Restricted cash primarily includes amounts held in escrow related to our mortgage and insurance for workers’ compensation, auto liability, and general liability. Restricted cash is included in “Other current assets” and “Other non-current assets” on the accompanying Consolidated Balance Sheets. | |
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 we cease 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. These costs are included in “Selling, general, and administrative” expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss), and in “Accrued compensation” on the Consolidated Balance Sheets. | |
Fair Value Measurements | Fair Value Measurements |
We determine a fair value measurement based on the assumptions a market participant would use in pricing an asset or liability. The fair value measurement guidance established a three level hierarchy making a distinction between market participant assumptions based on (i) unadjusted quoted prices for identical assets or liabilities in an active market (Level 1), (ii) quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (Level 2), and (iii) prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (Level 3). | |
Income (Loss) per Common Share | Income (Loss) per Common Share |
We calculate our basic income (loss) per share by dividing net income (loss) by the weighted average number of common shares and participating securities outstanding for the period. Restricted stock granted by us to certain management employees and non-employee directors participate in dividends on the same basis as common shares. 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. |
Restricted_Cash_Restricted_Cas1
Restricted Cash Restricted Cash (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Schedule of components of restricted cash | The table below provides the balances of each individual component in restricted cash: | |||||||
3-Jan-15 | 4-Jan-14 | |||||||
(In thousands) | ||||||||
Cash in escrow: | ||||||||
Mortgage | $ | 6,067 | $ | — | ||||
Insurance | 7,430 | 7,921 | ||||||
Other | 4,513 | 3,760 | ||||||
Total | $ | 18,010 | $ | 11,681 | ||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Schedule of the summary of restructuring activity | The table below summarizes our restructuring activity: | |||||||||||
Reduction in | Facility Lease | Total | ||||||||||
Force | Obligation | |||||||||||
Activities | ||||||||||||
(In thousands) | ||||||||||||
Balance at December 29, 2012 | $ | — | $ | — | $ | — | ||||||
Charges | 5,709 | 1,398 | 7,107 | |||||||||
Adjustments to reserves | (102 | ) | (68 | ) | (170 | ) | ||||||
Payments | (3,057 | ) | (402 | ) | (3,459 | ) | ||||||
Balance at January 4, 2014 | $ | 2,550 | $ | 928 | $ | 3,478 | ||||||
Charges | — | — | — | |||||||||
Adjustments to reserves | (168 | ) | 32 | (136 | ) | |||||||
Payments | (2,069 | ) | (413 | ) | (2,482 | ) | ||||||
Balance at January 3, 2015 | $ | 313 | $ | 547 | $ | 860 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of (benefit from) provision for income taxes | Our provision for (benefit from) income taxes consisted of the following: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||
Ended January 3, | Ended January 4, | Ended December 29, | ||||||||||
2015 | 2014 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal income taxes: | ||||||||||||
Current | $ | — | $ | (492 | ) | $ | 16 | |||||
Deferred | — | (7,385 | ) | — | ||||||||
State income taxes: | ||||||||||||
Current | 160 | 192 | 334 | |||||||||
Deferred | — | (1,343 | ) | — | ||||||||
Foreign income taxes: | ||||||||||||
Current | 134 | 19 | 56 | |||||||||
Deferred | 18 | (4 | ) | (20 | ) | |||||||
Provision for (benefit from) income taxes | $ | 312 | $ | (9,013 | ) | $ | 386 | |||||
Schedule of provision for (benefit from) income taxes is reconciled to the federal statutory | Our provision for (benefit from) income taxes is reconciled to the federal statutory amount as follows: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | ||||||||||
Ended January 3, | Ended January 4, | Ended December 29, | ||||||||||
2015 | 2014 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Benefit from income taxes computed at the federal statutory tax rate | $ | (4,746 | ) | $ | (17,371 | ) | $ | (7,924 | ) | |||
Benefit from state income taxes, net of federal benefit | (623 | ) | (1,991 | ) | (866 | ) | ||||||
Valuation allowance change | 5,656 | 19,445 | 8,820 | |||||||||
Nondeductible items | 232 | 270 | 484 | |||||||||
Benefit from allocation of income taxes to other comprehensive income (loss) | — | (8,726 | ) | — | ||||||||
Other | (207 | ) | (640 | ) | (128 | ) | ||||||
Provision for (benefit from) income taxes | $ | 312 | $ | (9,013 | ) | $ | 386 | |||||
Schedule of net deferred income tax assets (liabilities) | The components of our net deferred income tax assets (liabilities) are as follows: | |||||||||||
January 3, | January 4, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Inventory reserves | $ | 3,333 | $ | 2,832 | ||||||||
Compensation-related accruals | 5,434 | 4,893 | ||||||||||
Accruals and reserves | 787 | 1,030 | ||||||||||
Accounts receivable | 728 | 1,291 | ||||||||||
Restructuring costs | 212 | 488 | ||||||||||
Property and equipment | 16 | — | ||||||||||
Pension | 13,214 | 8,245 | ||||||||||
Benefit from net operating loss (“NOL”) carryovers (1) | 76,264 | 70,169 | ||||||||||
Other | 685 | 703 | ||||||||||
Total gross deferred income tax assets | 100,673 | 89,651 | ||||||||||
Less: Valuation allowances | (99,979 | ) | (88,279 | ) | ||||||||
Total net deferred income tax assets | $ | 694 | $ | 1,372 | ||||||||
Deferred income tax liabilities: | ||||||||||||
Property and equipment | — | (365 | ) | |||||||||
Other | (711 | ) | (1,006 | ) | ||||||||
Total deferred income tax liabilities | (711 | ) | (1,371 | ) | ||||||||
Deferred income tax assets (liabilities), net | $ | (17 | ) | $ | 1 | |||||||
-1 | Our federal NOL carryovers are $184.2 million and will expire in 14 to 20 years. Our state NOL carryovers are $238.5 million and will expire in 1 to 20 years. | |||||||||||
Schedule of activity in deferred tax asset valuation allowance | Activity in our deferred tax asset valuation allowance for fiscal years 2014 and 2013 was as follows: | |||||||||||
Fiscal Year | Fiscal Year | |||||||||||
Ended January 3, | Ended January 4, | |||||||||||
2015 | 2014 | |||||||||||
(In thousands) | ||||||||||||
Balance at beginning of the year | $ | 88,279 | $ | 78,050 | ||||||||
Valuation allowance provided for taxes related to: | ||||||||||||
Loss before income taxes | 11,700 | 10,229 | ||||||||||
Balance at end of the year | $ | 99,979 | $ | 88,279 | ||||||||
Schedule of activity related to unrecognized tax benefits | The following table summarizes the activity related to our unrecognized tax benefits: | |||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | 873 | ||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statue of limitations | (47 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at December 29, 2012 | 826 | |||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statue of limitations | (567 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at January 4, 2014 | 259 | |||||||||||
Increases related to current year tax positions | — | |||||||||||
Additions for tax positions in prior years | — | |||||||||||
Reductions for tax positions in prior years | — | |||||||||||
Reductions due to lapse of applicable statute of limitations | (75 | ) | ||||||||||
Settlements | — | |||||||||||
Balance at January 3, 2015 | $ | 184 | ||||||||||
Mortgage_Tables
Mortgage (Tables) | 12 Months Ended | |||
Jan. 03, 2015 | ||||
Debt Disclosure [Abstract] | ||||
Schedule of mortgage outstanding principal balance | Loan principal will be paid in the following increments: | |||
Principal Payments | ||||
(In thousands) | ||||
2015 | $ | 2,678 | ||
2016 | 175,044 | |||
Total | $ | 177,722 | ||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Schedule of changes in projected benefit obligations and change in plan assets | The following tables set forth the change in projected benefit obligation and the change in plan assets for the pension plan: | ||||||||||||
January 3, | January 4, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Change in projected benefit obligation: | |||||||||||||
Projected benefit obligation at beginning of period | $ | 104,924 | $ | 114,330 | |||||||||
Service cost | 1,056 | 2,193 | |||||||||||
Interest cost | 5,123 | 4,750 | |||||||||||
Actuarial (gain) loss | 15,797 | (10,710 | ) | ||||||||||
Curtailment | — | (910 | ) | ||||||||||
Benefits paid | (4,945 | ) | (4,729 | ) | |||||||||
Projected benefit obligation at end of period | 121,955 | 104,924 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of assets at beginning of period | 77,039 | 67,760 | |||||||||||
Actual return on plan assets | 3,422 | 13,536 | |||||||||||
Employer contributions | 4,676 | 472 | |||||||||||
Benefits paid | (4,945 | ) | (4,729 | ) | |||||||||
Fair value of assets at end of period | 80,192 | 77,039 | |||||||||||
Net (unfunded) status of plan | $ | (41,763 | ) | $ | (27,885 | ) | |||||||
Schedule of amounts recognized on consolidated balance sheets | The unfunded status and the amounts recognized on our Consolidated Balance Sheets for the pension plan are set forth in the following table: | ||||||||||||
January 3, | January 4, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Unfunded status | $ | (41,763 | ) | $ | (27,885 | ) | |||||||
Unrecognized prior service cost | 1 | 1 | |||||||||||
Unrecognized actuarial loss | 32,309 | 14,656 | |||||||||||
Net amount recognized | $ | (9,453 | ) | $ | (13,228 | ) | |||||||
Amounts recognized on the balance sheet consist of: | |||||||||||||
Accrued pension liability | (41,763 | ) | (27,885 | ) | |||||||||
Accumulated other comprehensive loss (pre-tax) | 32,310 | 14,657 | |||||||||||
Net amount recognized | $ | (9,453 | ) | $ | (13,228 | ) | |||||||
Schedule of net periodic pension cost for pension plans | Net periodic pension cost for the pension plan included the following: | ||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | |||||||||||
January 3, | January 4, | December 29, | |||||||||||
2015 | 2014 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 1,056 | $ | 2,193 | $ | 1,878 | |||||||
Interest cost on projected benefit obligation | 5,123 | 4,750 | 4,885 | ||||||||||
Expected return on plan assets | (6,041 | ) | (5,225 | ) | (4,897 | ) | |||||||
Amortization of unrecognized loss | 763 | 2,873 | 2,077 | ||||||||||
Net periodic pension cost | $ | 901 | $ | 4,591 | $ | 3,943 | |||||||
Schedule of assumptions used to determine the projected benefit obligation | The following assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost: | ||||||||||||
3-Jan-15 | 4-Jan-14 | ||||||||||||
Projected benefit obligation: | |||||||||||||
Discount rate | 4.19 | % | 5 | % | |||||||||
Average rate of increase in future compensation levels | Graded 5.5-2.5% | Graded 5.5-2.5% | |||||||||||
Net periodic pension cost: | |||||||||||||
Discount rate | 5 | % | 4.24 | % | |||||||||
Average rate of increase in future compensation levels | Graded 5.5-2.5% | 3 | % | ||||||||||
Expected long-term rate of return on plan assets | 7.54 | % | 7.85 | % | |||||||||
Schedule of percentage of fair value of total assets by asset category | Our percentage of fair value of total assets by asset category as of the applicable measurement dates are as follows: | ||||||||||||
Asset Category | January 3, | January 4, | |||||||||||
2015 | 2014 | ||||||||||||
Equity securities — domestic | 57 | % | 55 | % | |||||||||
Equity securities — international | 15 | % | 16 | % | |||||||||
Fixed income | 24 | % | 24 | % | |||||||||
Other | 4 | % | 5 | % | |||||||||
Total | 100 | % | 100 | % | |||||||||
Schedule of fair value of plan assets by asset category | The fair value of our plan assets are by asset category as of the applicable measurement dates are as follows: | ||||||||||||
Asset Category | January 3, | January 4, | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Equity securities — domestic | $ | 45,950 | $ | 42,710 | |||||||||
Equity securities — international | 11,924 | 12,067 | |||||||||||
Fixed income | 19,161 | 18,836 | |||||||||||
Other | 3,157 | 3,426 | |||||||||||
Total | $ | 80,192 | $ | 77,039 | |||||||||
Schedule of estimated future benefit payments | Our estimated future benefit payments reflecting expected future service are as follows (in thousands): | ||||||||||||
Fiscal Year Ending | (In thousands) | ||||||||||||
January 2, 2016 | 5,399 | ||||||||||||
December 31, 2016 | 5,705 | ||||||||||||
December 30, 2017 | 6,000 | ||||||||||||
December 29, 2018 | 6,281 | ||||||||||||
28-Dec-19 | 6,491 | ||||||||||||
Thereafter | 35,581 | ||||||||||||
Schedule of Multiemployer Plans [Table Text Block] | The following table lists our participation in our multiemployer plan that is individually significant, and other MEPP plans for the years ended, as follows: | ||||||||||||
Contributions (in thousands) | |||||||||||||
Pension Fund: | EIN/Pension Plan Number | Pension Act Zone Status | FIP Status | 2014 | 2013 | 2012 | |||||||
Lumber Employees Local 786 Retirement Fund | 516067407 | Yellow | Implemented | $ | 0.4 | $ | 0.4 | $ | 0.4 | ||||
(2009 - 2014) | |||||||||||||
Other | 0.6 | 0.9 | 0.9 | ||||||||||
Total | $ | 1 | $ | 1.3 | $ | 1.3 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Schedule of expense for restricted stock, performance shares, restricted stock units, and stock options, net of estimated forfeitures | Total share-based compensation expense from restricted stock, performance shares, and stock options, net of estimated forfeitures, was as follows: | ||||||||||||||||||
Fiscal Year Ended January 3, 2015 (1) | Fiscal Year Ended January 4, 2014 (2) | Fiscal Year Ended December 29, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Restricted Stock | $ | 1,941 | $ | 3,521 | $ | 2,730 | |||||||||||||
Performance Shares | 1,725 | 2,596 | — | ||||||||||||||||
Options and other (3) | 174 | — | 67 | ||||||||||||||||
Total | $ | 3,840 | $ | 6,117 | $ | 2,797 | |||||||||||||
-1 | During fiscal 2014, four employees participating in the plan no longer were employed by the Company, and one director did not stand for re-election. See “Performance shares” above. The Compensation Committee approved an amendment to their Restricted Share Award Agreements to accelerate the vesting of their restricted shares. These amendments were determined to be modifications of the awards, and an adjustment related to the difference in fair value was recorded in fiscal 2014. Share-based compensation expense of $1.2 million was accordingly recorded during fiscal 2014. | ||||||||||||||||||
-2 | Approximately $2.9 million of total share-based compensation during fiscal 2013 is related to the 2013 restructuring and change in executive leadership. | ||||||||||||||||||
-3 | As of January 3, 2015, there was no future compensation expense remaining for options. | ||||||||||||||||||
Restricted Stock | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Schedule of activity for restricted stock and restricted stock units | The following table summarizes activity for our restricted stock awards during fiscal 2014: | ||||||||||||||||||
Restricted Stock | |||||||||||||||||||
Number of | Weighted | ||||||||||||||||||
Awards | Average Fair | ||||||||||||||||||
Value | |||||||||||||||||||
Outstanding at January 4, 2014 | 1,618,283 | $ | 2.5 | ||||||||||||||||
Granted | 1,969,712 | 1.53 | |||||||||||||||||
Vested (1) | (1,256,147 | ) | 1.93 | ||||||||||||||||
Forfeited | (142,670 | ) | 1.99 | ||||||||||||||||
Outstanding at January 3, 2015 | 2,189,178 | $ | 1.68 | ||||||||||||||||
-1 | The total fair value vested in fiscal 2014, fiscal 2013, and fiscal 2012 was $2.4 million, $6.4 million, and $2.3 million, respectively. | ||||||||||||||||||
Performance Shares | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Schedule of outstanding employee stock options | The following table summarizes activity for our performance share awards during fiscal 2014: | ||||||||||||||||||
Performance Shares | |||||||||||||||||||
Number of | Weighted | ||||||||||||||||||
Awards | Average Fair | ||||||||||||||||||
Value | |||||||||||||||||||
Outstanding at January 4, 2014 | 2,192,868 | $ | 2.5 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Vested (1) (2) | (1,038,958 | ) | 1.64 | ||||||||||||||||
Forfeited | (51,821 | ) | 2.49 | ||||||||||||||||
Outstanding at January 3, 2015 (2) | 1,102,089 | $ | 1.56 | ||||||||||||||||
-1 | The total fair value vested in fiscal 2014 and fiscal 2013 was $1.7 million and $1.5 million, respectively. | ||||||||||||||||||
-2 | During fiscal 2014, four employees participating in the plan no longer were employed by the Company, and one director did not stand for re-election. The Compensation Committee approved an amendment to their Performance Share Award Agreements to allow their shares to vest, when they vest for individuals still employed by the Company. These amendments were determined to be modifications of the awards, and an adjustment related to the difference in fair value was recorded in fiscal 2014. The awards were classified as liability awards, and were marked to market. As of January 3, 2015, the fair value of these awards was based on the opening price of our common stock on January 2, 2015, of $1.14. There were 161,024 of these shares that vested in fiscal 2014, and 828,568 of these shares remaining as of January 3, 2015. | ||||||||||||||||||
Stock options | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Schedule of outstanding employee stock options | The tables below summarize activity and include certain additional information related to our outstanding employee stock options for the year ended January 3, 2015. The maximum contractual term for stock options is ten years. There have been no new employee stock option grants and no stock option exercises during fiscal years 2014, 2013, and 2012. | ||||||||||||||||||
Options | |||||||||||||||||||
Shares | Weighted | ||||||||||||||||||
Average | |||||||||||||||||||
Exercise | |||||||||||||||||||
Price | |||||||||||||||||||
Outstanding at January 4, 2014 | 784,500 | $ | 5.05 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Exercised | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Expired | — | — | |||||||||||||||||
Outstanding at January 3, 2015 | 784,500 | 5.05 | |||||||||||||||||
Exercisable at January 3, 2015 | 784,500 | $ | 5.05 | ||||||||||||||||
Schedule of share-based compensation, shares authorized under stock option plans, by exercise price range | |||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||
Weighted | Weighted Average Remaining | Weighted | Weighted Average Remaining | ||||||||||||||||
Price Range | Average | Contractual Life | Average | Contractual Life | |||||||||||||||
Number of | Exercise | (in Years) | Number of | Exercise | (in Years) | ||||||||||||||
Options | Price | Options | Price | ||||||||||||||||
$4.66 | 750,000 | $ | 4.66 | 3.2 | 750,000 | $ | 4.66 | 3.2 | |||||||||||
$11.40-$14.01 | 34,500 | $ | 13.25 | 1.3 | 34,500 | $ | 13.25 | 1.3 | |||||||||||
784,500 | 3.1 | 784,500 | 3.1 | ||||||||||||||||
Lease_Commitments_Lease_Commit1
Lease Commitments Lease Commitments (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Leases [Abstract] | ||||||||
Schedule of commitments under operating leases | At January 3, 2015, our total operating lease commitments were as follows: | |||||||
(In thousands) | ||||||||
2015 | $ | 5,729 | ||||||
2016 | 5,470 | |||||||
2017 | 5,310 | |||||||
2018 | 4,839 | |||||||
2019 | 1,799 | |||||||
Thereafter | 10,273 | |||||||
Total | $ | 33,420 | ||||||
Schedule of commitments under capital leases | At January 3, 2015, our total commitments under capital leases were as follows: | |||||||
Principal | Interest | |||||||
(In thousands) | ||||||||
2015 | $ | 2,048 | $ | 463 | ||||
2016 | 1,993 | 321 | ||||||
2017 | 1,499 | 211 | ||||||
2018 | 1,563 | 112 | ||||||
2019 | 692 | 29 | ||||||
Thereafter | 228 | 8 | ||||||
Total | $ | 8,023 | $ | 1,144 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Schedule of changes in accumulated balances for each component of other comprehensive income (loss) | The changes in accumulated balances for each component of other comprehensive income (loss) for fiscal years 2012, 2013, and 2014 were as follows: | |||||||||||||||
Foreign | Defined | Other, net of tax | Total | |||||||||||||
currency, net | benefit pension | |||||||||||||||
of tax | plan, net of tax | |||||||||||||||
(In thousands) | ||||||||||||||||
January 1, 2012, beginning balance | $ | 1,694 | $ | (23,806 | ) | $ | 212 | $ | (21,900 | ) | ||||||
Other comprehensive income (loss), net of tax (1) | 103 | (10,322 | ) | — | (10,219 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) | — | 2,077 | — | 2,077 | ||||||||||||
December 29, 2012, ending balance, net of tax | $ | 1,797 | $ | (32,051 | ) | $ | 212 | $ | (30,042 | ) | ||||||
Other comprehensive income (loss), net of tax (2) | (161 | ) | 12,158 | — | 11,997 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (2) | — | 1,752 | — | 1,752 | ||||||||||||
January 4, 2014, ending balance, net of tax | $ | 1,636 | $ | (18,141 | ) | $ | 212 | $ | (16,293 | ) | ||||||
Other comprehensive income (loss), net of tax (3) | (481 | ) | (18,416 | ) | — | (18,897 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (3) | — | 765 | — | 765 | ||||||||||||
January 3, 2015, ending balance, net of tax | $ | 1,155 | $ | (35,792 | ) | $ | 212 | $ | (34,425 | ) | ||||||
(1) For the fiscal year ended 2012, there was $2.1 million of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $10.3 million of unrecognized actuarial loss based on updated actuarial assumptions (see Note 9). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance. | ||||||||||||||||
(2) For the fiscal year ended 2013, there was $1.8 million (net of tax of $1.1 million) of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $12.2 million (net of tax of $7.8 million) of unrecognized actuarial gains based on updated actuarial assumptions included in other comprehensive income (see Note 9). We allocated income tax expense to accumulated other comprehensive income (loss) to the extent income was recorded in accumulated other comprehensive income (loss) and we have a loss in continuing operations (see Note 5). | ||||||||||||||||
(3) For the fiscal year ended 2014, there was $0.8 million of actuarial loss recognized in the statements of operations as a component of net periodic pension cost. There was $18.4 million of unrecognized actuarial loss based on updated actuarial assumptions (see Note 9). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance. |
Unaudited_Selected_Quarterly_F1
Unaudited Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of quarterly financial information | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | Three Months | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 5, | March 30, | July 5, | June 29, | October 4, | September 28, | January 3, | January 4, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Net sales | $ | 443,944 | $ | 503,153 | $ | 531,494 | $ | 604,592 | $ | 549,845 | $ | 557,952 | $ | 454,110 | $ | 486,275 | ||||||||||||||||
Gross profit | $ | 52,676 | $ | 56,458 | $ | 62,033 | $ | 55,185 | $ | 64,580 | $ | 62,492 | $ | 49,815 | $ | 54,348 | ||||||||||||||||
Net (loss) income | $ | (8,608 | ) | $ | (12,649 | ) | $ | 3,236 | $ | (22,306 | ) | $ | (860 | ) | $ | (3,206 | ) | $ | (7,640 | ) | $ | (2,457 | ) | |||||||||
Basic and diluted weighted average number of common shares outstanding | 85,187 | 66,714 | 85,874 | 84,167 | 86,399 | 84,596 | 86,545 | 84,818 | ||||||||||||||||||||||||
Basic and diluted net (loss) income per share applicable to common shares | $ | (0.10 | ) | $ | (0.19 | ) | $ | 0.04 | $ | (0.27 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.03 | ) | |||||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Schedule of condensed consolidating statement of operations | The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended January 3, 2015, follows: | |||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 1,979,393 | $ | 26,329 | $ | (26,329 | ) | $ | 1,979,393 | |||||||||
Cost of sales | — | 1,750,289 | — | — | 1,750,289 | |||||||||||||||
Gross profit | — | 229,104 | 26,329 | (26,329 | ) | 229,104 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 5,498 | 232,186 | (5,260 | ) | (26,329 | ) | 206,095 | |||||||||||||
Depreciation and amortization | — | 6,405 | 3,068 | — | 9,473 | |||||||||||||||
Total operating expenses | 5,498 | 238,591 | (2,192 | ) | (26,329 | ) | 215,568 | |||||||||||||
Operating income (loss) | (5,498 | ) | (9,487 | ) | 28,521 | — | 13,536 | |||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 13,688 | 13,083 | — | 26,771 | |||||||||||||||
Other expense (income), net | — | 337 | (12 | ) | — | 325 | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | (5,498 | ) | (23,512 | ) | 15,450 | — | (13,560 | ) | ||||||||||||
Provision for (benefit from) income taxes | (160 | ) | 22 | 450 | — | 312 | ||||||||||||||
Equity income (loss) of subsidiaries | (8,534 | ) | — | — | 8,534 | — | ||||||||||||||
Net income (loss) | $ | (13,872 | ) | $ | (23,534 | ) | $ | 15,000 | $ | 8,534 | $ | (13,872 | ) | |||||||
The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended January 4, 2014, follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 2,151,972 | $ | 27,363 | $ | (27,363 | ) | $ | 2,151,972 | |||||||||
Cost of sales | — | 1,923,489 | — | — | 1,923,489 | |||||||||||||||
Gross profit | — | 228,483 | 27,363 | (27,363 | ) | 228,483 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 5,913 | 267,232 | (5,115 | ) | (27,363 | ) | 240,667 | |||||||||||||
Depreciation and amortization | — | 5,700 | 3,417 | — | 9,117 | |||||||||||||||
Total operating expenses | 5,913 | 272,932 | (1,698 | ) | (27,363 | ) | 249,784 | |||||||||||||
Operating income (loss) | (5,913 | ) | (44,449 | ) | 29,061 | — | (21,301 | ) | ||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 13,686 | 14,338 | — | 28,024 | |||||||||||||||
Other expense (income), net | — | 318 | (12 | ) | — | 306 | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | (5,913 | ) | (58,453 | ) | 14,735 | — | (49,631 | ) | ||||||||||||
Provision for (benefit from) income taxes | (157 | ) | (9,248 | ) | 392 | — | (9,013 | ) | ||||||||||||
Equity income (loss) of subsidiaries | (34,862 | ) | — | — | 34,862 | — | ||||||||||||||
Net income (loss) | $ | (40,618 | ) | $ | (49,205 | ) | $ | 14,343 | $ | 34,862 | $ | (40,618 | ) | |||||||
The condensed consolidating statement of operations for BlueLinx Holdings Inc. for the fiscal year ended December 29, 2012, follows: | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings | Corporation | Subsidiaries | ||||||||||||||||||
and Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net sales | $ | — | $ | 1,907,842 | $ | 28,330 | $ | (28,330 | ) | $ | 1,907,842 | |||||||||
Cost of sales | — | 1,677,772 | — | — | 1,677,772 | |||||||||||||||
Gross profit | — | 230,070 | 28,330 | (28,330 | ) | 230,070 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general, and administrative | 3,940 | 250,098 | (9,712 | ) | (28,330 | ) | 215,996 | |||||||||||||
Depreciation and amortization | — | 5,040 | 3,525 | — | 8,565 | |||||||||||||||
Total operating expenses | 3,940 | 255,138 | (6,187 | ) | (28,330 | ) | 224,561 | |||||||||||||
Operating income (loss) | (3,940 | ) | (25,068 | ) | 34,517 | — | 5,509 | |||||||||||||
Non-operating expenses: | ||||||||||||||||||||
Interest expense | — | 12,159 | 15,998 | — | 28,157 | |||||||||||||||
Other expense (income), net | — | 10 | (17 | ) | — | (7 | ) | |||||||||||||
Income (loss) before provision for (benefit from) income taxes | (3,940 | ) | (37,237 | ) | 18,536 | — | (22,641 | ) | ||||||||||||
Provision for (benefit from) income taxes | 386 | — | — | — | 386 | |||||||||||||||
Equity income (loss) of subsidiaries | (18,701 | ) | — | — | 18,701 | — | ||||||||||||||
Net income (loss) | $ | (23,027 | ) | $ | (37,237 | ) | $ | 18,536 | $ | 18,701 | $ | (23,027 | ) | |||||||
Schedule of condensed consolidating balance sheet | The condensed consolidating balance sheet for BlueLinx Holdings Inc. as of January 3, 2015, follows: | |||||||||||||||||||
BlueLinx | ||||||||||||||||||||
BlueLinx | Corporation | |||||||||||||||||||
Holdings Inc. | and | LLC | ||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 27 | $ | 4,495 | $ | — | $ | — | $ | 4,522 | ||||||||||
Receivables | — | 144,537 | — | — | 144,537 | |||||||||||||||
Inventories | — | 242,546 | — | — | 242,546 | |||||||||||||||
Deferred income tax asset, net | — | — | 50 | (50 | ) | — | ||||||||||||||
Other current assets | 228 | 22,353 | 708 | — | 23,289 | |||||||||||||||
Intercompany receivable | 74,071 | 30,634 | — | (104,705 | ) | — | ||||||||||||||
Total current assets | 74,326 | 444,565 | 758 | (104,755 | ) | 414,894 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Land and land improvements | — | 4,061 | 37,034 | — | 41,095 | |||||||||||||||
Buildings | — | 11,367 | 78,794 | — | 90,161 | |||||||||||||||
Machinery and equipment | — | 77,279 | — | — | 77,279 | |||||||||||||||
Construction in progress | — | 1,188 | — | — | 1,188 | |||||||||||||||
Property and equipment, at cost | — | 93,895 | 115,828 | — | 209,723 | |||||||||||||||
Accumulated depreciation | — | (70,077 | ) | (34,379 | ) | — | (104,456 | ) | ||||||||||||
Property and equipment, net | — | 23,818 | 81,449 | — | 105,267 | |||||||||||||||
Investment in subsidiaries | (78,264 | ) | — | — | 78,264 | — | ||||||||||||||
Non-current deferred income tax assets, net | — | 551 | — | (50 | ) | 501 | ||||||||||||||
Other non-current assets | — | 9,739 | 8,581 | — | 18,320 | |||||||||||||||
Total assets | $ | (3,938 | ) | $ | 478,673 | $ | 90,788 | $ | (26,541 | ) | $ | 538,982 | ||||||||
Liabilities: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 606 | $ | 66,685 | $ | — | $ | — | $ | 67,291 | ||||||||||
Bank overdrafts | — | 27,280 | — | — | 27,280 | |||||||||||||||
Accrued compensation | 23 | 5,620 | — | — | 5,643 | |||||||||||||||
Current maturities of long-term debt | — | — | 2,679 | — | 2,679 | |||||||||||||||
Deferred income tax liabilities, net | — | 568 | — | (50 | ) | 518 | ||||||||||||||
Other current liabilities | 413 | 12,342 | 1,076 | — | 13,831 | |||||||||||||||
Intercompany payable | 30,633 | 74,072 | — | (104,705 | ) | — | ||||||||||||||
Total current liabilities | 31,675 | 186,567 | 3,755 | (104,755 | ) | 117,242 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | — | 229,353 | 173,921 | — | 403,274 | |||||||||||||||
Non-current deferred income taxes | — | — | 50 | (50 | ) | — | ||||||||||||||
Other non-current liabilities | 413 | 54,079 | — | — | 54,492 | |||||||||||||||
Total liabilities | 32,088 | 469,999 | 177,726 | (104,805 | ) | 575,008 | ||||||||||||||
Stockholders’ equity (deficit)/Parent’s investment | (36,026 | ) | 8,674 | (86,938 | ) | 78,264 | (36,026 | ) | ||||||||||||
Total liabilities and equity (deficit) | $ | (3,938 | ) | $ | 478,673 | $ | 90,788 | $ | (26,541 | ) | $ | 538,982 | ||||||||
The condensed consolidating balance sheet for BlueLinx Holdings Inc. as of January 4, 2014, follows: | ||||||||||||||||||||
BlueLinx | ||||||||||||||||||||
BlueLinx | Corporation | |||||||||||||||||||
Holdings Inc. | and | LLC | ||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | 47 | $ | 4,987 | $ | — | $ | — | $ | 5,034 | ||||||||||
Receivables | — | 150,297 | — | — | 150,297 | |||||||||||||||
Inventories | — | 223,580 | — | — | 223,580 | |||||||||||||||
Deferred income tax asset, net | — | — | 397 | (397 | ) | — | ||||||||||||||
Other current assets | 790 | 20,208 | 1,816 | — | 22,814 | |||||||||||||||
Intercompany receivable | 68,454 | 26,374 | — | (94,828 | ) | — | ||||||||||||||
Total current assets | 69,291 | 425,446 | 2,213 | (95,225 | ) | 401,725 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Land and land improvements | — | 4,040 | 37,136 | — | 41,176 | |||||||||||||||
Buildings | — | 10,839 | 79,243 | — | 90,082 | |||||||||||||||
Machinery and equipment | — | 73,004 | — | — | 73,004 | |||||||||||||||
Construction in progress | — | 3,028 | — | — | 3,028 | |||||||||||||||
Property and equipment, at cost | — | 90,911 | 116,379 | — | 207,290 | |||||||||||||||
Accumulated depreciation | — | (64,557 | ) | (31,614 | ) | — | (96,171 | ) | ||||||||||||
Property and equipment, net | — | 26,354 | 84,765 | — | 111,119 | |||||||||||||||
Investment in subsidiaries | (47,735 | ) | — | — | 47,735 | — | ||||||||||||||
Non-current deferred income tax assets, net | — | 1,221 | — | (397 | ) | 824 | ||||||||||||||
Other non-current assets | — | 11,768 | 3,053 | — | 14,821 | |||||||||||||||
Total assets | $ | 21,556 | $ | 464,789 | $ | 90,031 | $ | (47,887 | ) | $ | 528,489 | |||||||||
Liabilities: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 1,080 | $ | 59,283 | $ | — | $ | — | $ | 60,363 | ||||||||||
Bank overdrafts | — | 19,377 | — | — | 19,377 | |||||||||||||||
Accrued compensation | — | 4,173 | — | — | 4,173 | |||||||||||||||
Current maturities of long-term debt | — | — | 9,141 | — | 9,141 | |||||||||||||||
Deferred income tax liabilities, net | — | 1,220 | — | (397 | ) | 823 | ||||||||||||||
Other current liabilities | — | 11,727 | 1,222 | — | 12,949 | |||||||||||||||
Intercompany payable | 26,374 | 68,454 | — | (94,828 | ) | — | ||||||||||||||
Total current liabilities | 27,454 | 164,234 | 10,363 | (95,225 | ) | 106,826 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | — | 211,193 | 176,045 | — | 387,238 | |||||||||||||||
Non-current deferred income taxes | — | — | 397 | (397 | ) | — | ||||||||||||||
Other non-current liabilities | — | 40,323 | — | — | 40,323 | |||||||||||||||
Total liabilities | 27,454 | 415,750 | 186,805 | (95,622 | ) | 534,387 | ||||||||||||||
Stockholders’ equity (deficit)/Parent’s investment | (5,898 | ) | 49,039 | (96,774 | ) | 47,735 | (5,898 | ) | ||||||||||||
Total liabilities and equity (deficit) | $ | 21,556 | $ | 464,789 | $ | 90,031 | $ | (47,887 | ) | $ | 528,489 | |||||||||
Schedule of condensed consolidating statement of cash flows | The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended January 3, 2015, follows (in thousands): | |||||||||||||||||||
BlueLinx | BlueLinx | LLC | Eliminations | Consolidated | ||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (13,872 | ) | $ | (23,534 | ) | $ | 15,000 | $ | 8,534 | $ | (13,872 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | 6,405 | 3,068 | — | 9,473 | |||||||||||||||
Amortization of debt issue costs | — | 1,735 | 1,421 | — | 3,156 | |||||||||||||||
Loss (gain) from sale of properties | — | — | (5,251 | ) | — | (5,251 | ) | |||||||||||||
Severance charges | — | 2,067 | — | — | 2,067 | |||||||||||||||
Restructuring payments | — | (2,805 | ) | — | — | (2,805 | ) | |||||||||||||
Deferred income tax benefit | — | 17 | — | — | 17 | |||||||||||||||
Pension expense | — | 901 | — | — | 901 | |||||||||||||||
Share-based compensation, excluding restructuring related | 1,590 | 2,250 | — | — | 3,840 | |||||||||||||||
Increase in restricted cash related to insurance and other | — | (263 | ) | — | — | (263 | ) | |||||||||||||
Decrease (increase) in prepaid assets | 89 | (1,031 | ) | — | — | (942 | ) | |||||||||||||
Accrued compensation and other | 1,322 | (2,857 | ) | (907 | ) | — | (2,442 | ) | ||||||||||||
Equity in earnings of subsidiaries | 8,534 | — | — | (8,534 | ) | — | ||||||||||||||
Intercompany receivable | (5,617 | ) | (4,262 | ) | — | 9,879 | — | |||||||||||||
Intercompany payable | 4,259 | 5,620 | — | (9,879 | ) | — | ||||||||||||||
(3,695 | ) | (15,757 | ) | 13,331 | — | (6,121 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | 5,760 | — | — | 5,760 | |||||||||||||||
Inventories | — | (18,966 | ) | — | — | (18,966 | ) | |||||||||||||
Accounts payable | (376 | ) | 7,402 | — | — | 7,026 | ||||||||||||||
Net cash (used in) provided by operating activities | (4,071 | ) | (21,561 | ) | 13,331 | — | (12,301 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | 4,359 | 806 | (5,165 | ) | — | — | ||||||||||||||
Property, plant and equipment investments | — | (3,016 | ) | — | — | (3,016 | ) | |||||||||||||
Proceeds from disposition of assets | — | 248 | 7,120 | — | 7,368 | |||||||||||||||
Net cash provided by (used in) investing activities | 4,359 | (1,962 | ) | 1,955 | — | 4,352 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | — | (16 | ) | — | — | (16 | ) | |||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (210 | ) | (747 | ) | — | — | (957 | ) | ||||||||||||
Repayments on revolving credit facilities | — | (476,473 | ) | — | — | (476,473 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 494,794 | — | — | 494,794 | |||||||||||||||
Payments of principal on mortgage | — | — | (9,220 | ) | — | (9,220 | ) | |||||||||||||
Payments on capital lease obligations | — | (2,228 | ) | — | — | (2,228 | ) | |||||||||||||
(Decrease) increase in bank overdrafts | — | 7,902 | — | — | 7,902 | |||||||||||||||
Increase in restricted cash related to the mortgage | — | — | (6,066 | ) | — | (6,066 | ) | |||||||||||||
Proceeds from rights offering, less expenses paid | (98 | ) | — | — | — | (98 | ) | |||||||||||||
Debt issuance costs | — | (201 | ) | — | — | (201 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (308 | ) | 23,031 | (15,286 | ) | — | 7,437 | |||||||||||||
Increase (decrease) in cash | (20 | ) | (492 | ) | — | — | (512 | ) | ||||||||||||
Balance, beginning of period | 47 | 4,987 | — | — | 5,034 | |||||||||||||||
Balance, end of period | $ | 27 | $ | 4,495 | $ | — | $ | — | $ | 4,522 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income tax refunds (income taxes paid) during the period | $ | — | $ | 40 | $ | (250 | ) | $ | — | $ | (210 | ) | ||||||||
Interest paid during the period | $ | — | $ | 11,490 | $ | 11,657 | $ | — | $ | 23,147 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 1,108 | $ | — | $ | — | $ | 1,108 | ||||||||||
The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended January 4, 2014, follows (in thousands): | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | Eliminations | Consolidated | ||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (40,618 | ) | $ | (49,205 | ) | $ | 14,343 | $ | 34,862 | $ | (40,618 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | — | 5,700 | 3,417 | — | 9,117 | |||||||||||||||
Amortization of debt issue costs | — | 1,841 | 1,343 | — | 3,184 | |||||||||||||||
Write-off of debt issuance costs | — | 119 | — | — | 119 | |||||||||||||||
Loss (gain) from sale of properties | — | 554 | (5,774 | ) | — | (5,220 | ) | |||||||||||||
Vacant property charges, net | — | 1,321 | — | — | 1,321 | |||||||||||||||
Severance charges | — | 5,607 | — | — | 5,607 | |||||||||||||||
Payments on modification of lease agreement | — | (300 | ) | — | — | (300 | ) | |||||||||||||
Deferred income tax benefit | — | (5 | ) | (397 | ) | 397 | (5 | ) | ||||||||||||
Restructuring payments | — | (3,057 | ) | — | — | (3,057 | ) | |||||||||||||
Intraperiod income tax allocation related to the hourly pension plan | — | (8,894 | ) | — | — | (8,894 | ) | |||||||||||||
Pension expense | — | 4,591 | — | — | 4,591 | |||||||||||||||
Share-based compensation, excluding restructuring related | 904 | 2,318 | — | — | 3,222 | |||||||||||||||
Share-based compensation, restructuring related | — | 2,895 | — | — | 2,895 | |||||||||||||||
Increase in restricted cash related to insurance and other | — | (1,810 | ) | — | — | (1,810 | ) | |||||||||||||
Decrease (increase) in prepaid assets | (14 | ) | (3,048 | ) | — | — | (3,062 | ) | ||||||||||||
Accrued compensation and other | 698 | (3,959 | ) | 625 | (397 | ) | (3,033 | ) | ||||||||||||
Equity (deficit) in earnings of subsidiaries | 34,862 | — | — | (34,862 | ) | — | ||||||||||||||
Intercompany receivable | 5,527 | 2,440 | — | (7,967 | ) | — | ||||||||||||||
Intercompany payable | (2,440 | ) | (5,527 | ) | — | 7,967 | — | |||||||||||||
(1,081 | ) | (48,419 | ) | 13,557 | — | (35,943 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | 7,168 | — | — | 7,168 | |||||||||||||||
Inventories | — | 6,479 | — | — | 6,479 | |||||||||||||||
Accounts payable | 779 | (17,973 | ) | (391 | ) | — | (17,585 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (302 | ) | (52,745 | ) | 13,166 | — | (39,881 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | (35,202 | ) | 38,663 | (3,461 | ) | — | — | |||||||||||||
Property, plant and equipment investments | — | (4,912 | ) | — | — | (4,912 | ) | |||||||||||||
Proceeds from disposition of assets | — | 1,072 | 9,293 | — | 10,365 | |||||||||||||||
Net cash provided by (used in) investing activities | (35,202 | ) | 34,823 | 5,832 | — | 5,453 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | — | 16 | — | — | 16 | |||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (3,192 | ) | — | — | — | (3,192 | ) | |||||||||||||
Repayments on revolving credit facilities | — | (560,186 | ) | — | — | (560,186 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 599,968 | — | — | 599,968 | |||||||||||||||
Payments of principal on mortgage | — | — | (19,038 | ) | — | (19,038 | ) | |||||||||||||
Payments on capital lease obligations | — | (3,142 | ) | — | — | (3,142 | ) | |||||||||||||
(Decrease) increase in bank overdrafts | — | (16,007 | ) | — | — | (16,007 | ) | |||||||||||||
Increase in restricted cash related to the mortgage | — | — | 40 | — | 40 | |||||||||||||||
Proceeds from rights offering, less expenses paid | 38,715 | — | — | — | 38,715 | |||||||||||||||
Debt issuance costs | — | (2,900 | ) | — | — | (2,900 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 35,523 | 17,749 | (18,998 | ) | — | 34,274 | ||||||||||||||
Increase (decrease) in cash | 19 | (173 | ) | — | — | (154 | ) | |||||||||||||
Balance, beginning of period | 28 | 5,160 | — | — | 5,188 | |||||||||||||||
Balance, end of period | $ | 47 | $ | 4,987 | $ | — | $ | — | $ | 5,034 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income taxes paid during the period | $ | — | $ | (61 | ) | $ | (271 | ) | $ | — | $ | (332 | ) | |||||||
Interest paid during the period | $ | — | $ | 11,226 | $ | 13,480 | $ | — | $ | 24,706 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 5,069 | $ | — | $ | — | $ | 5,069 | ||||||||||
The condensed consolidating statement of cash flows for BlueLinx Holdings Inc. for the fiscal year ended December 29, 2012, follows (in thousands): | ||||||||||||||||||||
BlueLinx | BlueLinx | LLC | ||||||||||||||||||
Holdings Inc. | Corporation | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (23,027 | ) | $ | (37,237 | ) | $ | 18,536 | $ | 18,701 | $ | (23,027 | ) | |||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operations: | ||||||||||||||||||||
Depreciation and amortization | — | 5,040 | 3,525 | — | 8,565 | |||||||||||||||
Amortization of debt issue costs | — | 2,471 | 1,275 | — | 3,746 | |||||||||||||||
Gain from sale of properties | — | — | (9,885 | ) | — | (9,885 | ) | |||||||||||||
Gain from property insurance settlement | — | — | (476 | ) | — | (476 | ) | |||||||||||||
Vacant property charges, net | — | (30 | ) | — | — | (30 | ) | |||||||||||||
Payments on modification of lease agreement | — | (5,875 | ) | — | — | (5,875 | ) | |||||||||||||
Deferred income tax benefit | — | (20 | ) | — | — | (20 | ) | |||||||||||||
Restructuring payments | — | (6,084 | ) | — | — | (6,084 | ) | |||||||||||||
Pension expense | — | 3,942 | — | — | 3,942 | |||||||||||||||
Share-based compensation, excluding restructuring related | 528 | 2,269 | — | — | 2,797 | |||||||||||||||
Decrease (increase) in restricted cash related to insurance and other | — | 695 | — | — | 695 | |||||||||||||||
Decrease (increase) in prepaid assets | 189 | 700 | — | — | 889 | |||||||||||||||
Accrued compensation and other | (1,160 | ) | 6,259 | (561 | ) | — | 4,538 | |||||||||||||
Equity (deficit) in earnings of subsidiaries | 18,701 | — | — | (18,701 | ) | — | ||||||||||||||
Intercompany receivable | (6,940 | ) | (10,332 | ) | — | 17,272 | — | |||||||||||||
Intercompany payable | 10,332 | 6,940 | — | (17,272 | ) | — | ||||||||||||||
(1,377 | ) | (31,262 | ) | 12,414 | — | (20,225 | ) | |||||||||||||
Changes in primary working capital components: | ||||||||||||||||||||
Receivables | — | (18,593 | ) | — | — | (18,593 | ) | |||||||||||||
Inventories | — | (44,482 | ) | — | — | (44,482 | ) | |||||||||||||
Accounts payable | 42 | 8,619 | 389 | — | 9,050 | |||||||||||||||
Net cash (used in) provided by operating activities | (1,335 | ) | (85,718 | ) | 12,803 | — | (74,250 | ) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in subsidiaries | 1,862 | 154 | (2,016 | ) | — | — | ||||||||||||||
Property, plant and equipment investments | — | (2,826 | ) | — | — | (2,826 | ) | |||||||||||||
Proceeds from disposition of assets | — | 997 | 18,198 | — | 19,195 | |||||||||||||||
Net cash provided by (used in) investing activities | 1,862 | (1,675 | ) | 16,182 | — | 16,369 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repurchase of shares to satisfy employee tax withholdings | (526 | ) | — | — | — | (526 | ) | |||||||||||||
Repayments on revolving credit facilities | — | (473,349 | ) | — | — | (473,349 | ) | |||||||||||||
Borrowings on revolving credit facilities | — | 550,270 | — | — | 550,270 | |||||||||||||||
Principal payments on mortgage | — | — | (37,272 | ) | — | (37,272 | ) | |||||||||||||
Payments on capital lease obligations | — | (2,259 | ) | — | — | (2,259 | ) | |||||||||||||
Increase in bank overdrafts | — | 13,020 | — | — | 13,020 | |||||||||||||||
Decrease in restricted cash related to the mortgage | — | — | 9,970 | — | 9,970 | |||||||||||||||
Debt financing costs | — | — | (1,683 | ) | — | (1,683 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (526 | ) | 87,682 | (28,985 | ) | — | 58,171 | |||||||||||||
Increase in cash | 1 | 289 | — | — | 290 | |||||||||||||||
Cash balance, beginning of period | 27 | 4,871 | — | — | 4,898 | |||||||||||||||
Cash and cash equivalents balance, end of period | $ | 28 | $ | 5,160 | $ | — | $ | — | $ | 5,188 | ||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Net income tax refunds (income taxes paid) during the period | $ | — | $ | 37 | $ | (545 | ) | $ | — | $ | (508 | ) | ||||||||
Interest paid during the period | $ | — | $ | 9,309 | $ | 14,979 | $ | — | $ | 24,288 | ||||||||||
Noncash transactions: | ||||||||||||||||||||
Capital leases | $ | — | $ | 5,238 | $ | — | $ | — | $ | 5,238 | ||||||||||
Schedule of condensed consolidating statement of stockholders' equity (deficit) | The condensed consolidating statement of stockholders’ equity (deficit) for BlueLinx Holdings Inc. for fiscal 2012, fiscal 2013, and fiscal 2014 follows: | |||||||||||||||||||
BlueLinx | BlueLinx | |||||||||||||||||||
Holdings Inc. | Corporation | LLC | ||||||||||||||||||
and Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | 8,374 | $ | 83,626 | $ | (124,175 | ) | $ | 40,549 | $ | 8,374 | |||||||||
Net (loss) income | (23,027 | ) | (37,237 | ) | 18,536 | 18,701 | (23,027 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | 103 | 103 | — | (103 | ) | 103 | ||||||||||||||
Unrealized loss (income) from pension plan, net of tax | (8,245 | ) | (8,245 | ) | — | 8,245 | (8,245 | ) | ||||||||||||
Issuance of restricted stock, net of forfeitures | 19 | 19 | — | (19 | ) | 19 | ||||||||||||||
Compensation related to share-based grants | 2,730 | — | — | — | 2,730 | |||||||||||||||
Impact of net settled shares for vested grants | (526 | ) | — | — | — | (526 | ) | |||||||||||||
Other | (20 | ) | — | — | — | (20 | ) | |||||||||||||
Net transactions with the Parent | — | 2,337 | (2,017 | ) | (320 | ) | — | |||||||||||||
Balance, December 29, 2012 | $ | (20,592 | ) | $ | 40,603 | $ | (107,656 | ) | $ | 67,053 | $ | (20,592 | ) | |||||||
Net (loss) income | (40,618 | ) | (49,205 | ) | 14,343 | 34,862 | (40,618 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | (161 | ) | (161 | ) | — | 161 | (161 | ) | ||||||||||||
Unrealized income (loss) from pension plan, net of tax | 13,910 | 13,910 | — | (13,910 | ) | 13,910 | ||||||||||||||
Issuance of restricted stock, net of forfeitures | 6 | 6 | — | (6 | ) | 6 | ||||||||||||||
Issuance of performance shares | 6 | 6 | — | (6 | ) | 6 | ||||||||||||||
Issuance of stock related to the rights offering, net of expenses | 38,613 | — | — | — | 38,613 | |||||||||||||||
Compensation related to share-based grants | 6,117 | — | — | — | 6,117 | |||||||||||||||
Impact of net settled shares for vested grants | (3,193 | ) | — | — | — | (3,193 | ) | |||||||||||||
Excess tax benefits from share-based compensation arrangements | 16 | — | — | — | 16 | |||||||||||||||
Other | (2 | ) | — | — | — | (2 | ) | |||||||||||||
Net transactions with the Parent | — | 43,880 | (3,461 | ) | (40,419 | ) | — | |||||||||||||
Balance, January 4, 2014 | $ | (5,898 | ) | $ | 49,039 | $ | (96,774 | ) | $ | 47,735 | $ | (5,898 | ) | |||||||
Net (loss) income | (13,872 | ) | (23,534 | ) | 15,000 | 8,534 | (13,872 | ) | ||||||||||||
Foreign currency translation adjustment, net of tax | (481 | ) | (481 | ) | — | 481 | (481 | ) | ||||||||||||
Unrealized income (loss) from pension plan, net of tax | (17,651 | ) | (17,651 | ) | — | 17,651 | (17,651 | ) | ||||||||||||
Issuance of restricted stock, net of forfeitures | 18 | — | — | — | 18 | |||||||||||||||
Issuance of performance shares | 10 | — | — | — | 10 | |||||||||||||||
Issuance of stock related to the rights offering, net of expenses | — | — | — | — | — | |||||||||||||||
Compensation related to share-based grants | 2,896 | — | — | — | 2,896 | |||||||||||||||
Impact of net settled shares for vested grants | (963 | ) | — | — | — | (963 | ) | |||||||||||||
Excess tax benefits from share-based compensation arrangements | (16 | ) | — | — | — | (16 | ) | |||||||||||||
Other | (69 | ) | — | — | — | (69 | ) | |||||||||||||
Net transactions with the Parent | — | 1,301 | (5,164 | ) | 3,863 | — | ||||||||||||||
Balance, January 3, 2015 | $ | (36,026 | ) | $ | 8,674 | $ | (86,938 | ) | $ | 78,264 | $ | (36,026 | ) | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Customer consigned inventory | $6.30 | $10.10 | |
Vendor rebate receivable | 7.1 | 7.6 | |
Customer rebate payable | 6.4 | 6.3 | |
Depreciation method | straight-line method | ||
Selling, general and administrative expenses | |||
Shipping and handling costs | 91.8 | 99.7 | 91.2 |
Advertising expenses | $0.60 | $1.20 | $1.10 |
Assets_Held_for_Sale_Detail_Te
Assets Held for Sale (Detail Textuals) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jul. 05, 2014 | Jan. 03, 2015 | Jan. 04, 2014 |
Office space and other location held for sale | |||
Assets Held For Sale and Net Gain On Disposition [Line Items] | |||
Assets held for sale | $1.90 | ||
Distribution centers held for sale | |||
Assets Held For Sale and Net Gain On Disposition [Line Items] | |||
Assets held for sale | 0.2 | ||
Selling, general and administrative expenses | |||
Assets Held For Sale and Net Gain On Disposition [Line Items] | |||
Recognized gain on sale of asset | 5.1 | ||
Other current assets | |||
Assets Held For Sale and Net Gain On Disposition [Line Items] | |||
Total assets held for sale | $0.90 | $2.60 |
Restricted_Cash_Restricted_Cas2
Restricted Cash Restricted Cash (Details) (USD $) | Jan. 03, 2015 | Jan. 04, 2014 |
In Thousands, unless otherwise specified | ||
Cash in escrow: | ||
Restricted cash | $18,010 | $11,681 |
Mortgage | ||
Cash in escrow: | ||
Restricted cash | 6,067 | 0 |
Insurance | ||
Cash in escrow: | ||
Restricted cash | 7,430 | 7,921 |
Other | ||
Cash in escrow: | ||
Restricted cash | $4,513 | $3,760 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Restructuring Reserve [Roll Forward] | |||
Payments | ($2,805) | ($3,057) | ($6,084) |
2013 Facility Lease Obligation and Severance Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 3,478 | 0 | |
Charges | 0 | 7,107 | |
Adjustments to reserves | -136 | -170 | |
Payments | -2,482 | -3,459 | |
Ending Balance | 860 | 3,478 | |
2013 Facility Lease Obligation and Severance Costs | Reduction in Force Activities | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 2,550 | 0 | |
Charges | 0 | 5,709 | |
Adjustments to reserves | -168 | -102 | |
Payments | -2,069 | -3,057 | |
Ending Balance | 313 | 2,550 | |
2013 Facility Lease Obligation and Severance Costs | Facility Lease Obligation | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 928 | 0 | |
Charges | 0 | 1,398 | |
Adjustments to reserves | 32 | -68 | |
Payments | -413 | -402 | |
Ending Balance | $547 | $928 |
Restructuring_Charges_Detail_T
Restructuring Charges (Detail Textuals) (USD $) | 12 Months Ended | 3 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | Jun. 29, 2013 | |
Distribution_Center | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | $2,067,000 | $5,607,000 | $0 | |
2013 Facility Lease Obligation and Severance Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of distribution centers to be sold or closed | 5 | |||
Severance and lease facility restructuring charges | 0 | 7,107,000 | ||
2013 Facility Lease Obligation and Severance Costs | Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance charges | 5,700,000 | |||
Share based compensation | 2,900,000 | |||
Other restructuring related charges | 1,400,000 | |||
2013 Facility Lease Obligation and Severance Costs | Facility Lease Obligation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and lease facility restructuring charges | 0 | 1,398,000 | ||
2013 Facility Lease Obligation and Severance Costs | Facility Lease Obligation | Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and lease facility restructuring charges | $1,400,000 | |||
Number of facilities closed for which lease reserves were recorded | 2 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Federal income taxes: | |||
Current | $0 | ($492) | $16 |
Deferred | 0 | -7,385 | 0 |
State income taxes: | |||
Current | 160 | 192 | 334 |
Deferred | 0 | -1,343 | 0 |
Foreign income taxes: | |||
Current | 134 | 19 | 56 |
Deferred | 18 | -4 | -20 |
Provision for (benefit from) income taxes | $312 | ($9,013) | $386 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Benefit from income taxes computed at the federal statutory tax rate | ($4,746) | ($17,371) | ($7,924) |
Benefit from state income taxes, net of federal benefit | -623 | -1,991 | -866 |
Valuation allowance change | 5,656 | 19,445 | 8,820 |
Nondeductible items | 232 | 270 | 484 |
Benefit from allocation of income taxes to other comprehensive income (loss) | 0 | -8,726 | 0 |
Other | -207 | -640 | -128 |
Provision for (benefit from) income taxes | $312 | ($9,013) | $386 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Federal NOL carryovers | 184,200,000 | ||
State NOL carryovers | 238,500,000 | ||
Deferred income tax assets: | |||
Inventory reserves | 3,333,000 | 2,832,000 | |
Compensation-related accruals | 5,434,000 | 4,893,000 | |
Accruals and reserves | 787,000 | 1,030,000 | |
Accounts receivable | 728,000 | 1,291,000 | |
Restructuring costs | 212,000 | 488,000 | |
Property and equipment | 16,000 | 0 | |
Pension | 13,214,000 | 8,245,000 | |
Benefit from net operating loss (“NOLâ€) carryovers (1) | 76,264,000 | 70,169,000 | |
Other | 685,000 | 703,000 | |
Total gross deferred income tax assets | 100,673,000 | 89,651,000 | |
Less: Valuation allowances | -99,979,000 | -88,279,000 | -78,050,000 |
Total net deferred income tax assets | 694,000 | 1,372,000 | |
Deferred income tax liabilities: | |||
Property and equipment | 0 | -365,000 | |
Other | -711,000 | -1,006,000 | |
Total deferred income tax liabilities | -711,000 | -1,371,000 | |
Deferred income tax assets (liabilities), net | -17,000 | $1,000 | |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration dates | expire in 14 to 20 years | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration dates | expire in 1 to 20 years |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of the year | $88,279 | $78,050 |
Loss before income taxes | 11,700 | 10,229 |
Balance at end of the year | $99,979 | $88,279 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $259 | $826 | $873 |
Increases related to current year tax positions | 0 | 0 | 0 |
Additions for tax positions in prior years | 0 | 0 | 0 |
Reductions for tax positions in prior years | 0 | 0 | 0 |
Reductions due to lapse of applicable statue of limitations | -75 | -567 | -47 |
Settlements | 0 | 0 | 0 |
Ending Balance | $184 | $259 | $826 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 35.00% | |
Non-cash tax benefit on the loss from continuing operations | $8.70 | |
Unrecognized tax benefits, if recognized, would reduce effective tax rate | $0.20 | $0.30 |
Revolving_Credit_Facilities_De
Revolving Credit Facilities (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | |
Jan. 03, 2015 | Aug. 14, 2014 | Aug. 04, 2006 | |
Revolving credit facility | US | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio | 1.1 | ||
Minimum remaining borrowing capacity level before covered ratio is applicable, while Tranche A Loan is outstanding | $33,200,000 | ||
Minimum remaining borrowing capacity level before covered ratio is applicable | 31,800,000 | ||
Minimum percentage of maximum borrowing capacity or alternative base, before covered ratio is applicable | 12.50% | ||
Alternative base amount applied against minimum percentage to determine required excess funds, before covered ratio is applicable, while Tranche A Loan is outstanding | 467,500,000 | ||
Alternative base amount applied against minimum percentage to determine required excess funds, before covered ratio is applicable | 447,500,000 | ||
U.S. | Revolving credit facility | Wells Fargo Bank | |||
Line of Credit Facility [Line Items] | |||
Date of the final maturity of revolving credit facility | 15-Apr-16 | ||
U.S. revolving credit facility maximum available credit less the uncommitted accordion feature | 467,500,000 | ||
Line of credit accordion credit | 75,000,000 | ||
Revolving credit facility maximum available credit | 542,500,000 | ||
Decrease to borrowing capacity of revolving credit facility per month | 2,000,000 | ||
Outstanding lines of credit | 225,600,000 | ||
Revolving credit facility excess availability | 58,500,000 | ||
Interest rate on revolving credit facility | 3.90% | ||
U.S. | Revolving credit facility | Wells Fargo Bank | Minimum | |||
Line of Credit Facility [Line Items] | |||
Unused borrowing capacity threshold of revolving credit facility to terminate contractual monthly capacity decrease | 50,000,000 | ||
U.S. | Tranche A Loan | Wells Fargo Bank | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Revolving Credit Converted to Term Loan, Pursuant to Credit Agreement | 20,000,000 | ||
CANADA | Revolving credit facility | CIBC Asset Based Lending Inc | Bluelinx Building Products Canada Ltd | |||
Line of Credit Facility [Line Items] | |||
Line of credit accordion credit | 5,000,000 | ||
Revolving credit facility maximum available credit | 15,000,000 | ||
Outstanding lines of credit | 4,000,000 | ||
Revolving credit facility excess availability | 1,000,000 | ||
Interest rate on revolving credit facility | 4.00% | ||
Maximum available credit | $10,000,000 |
Mortgage_Details
Mortgage (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Mortgage outstanding principal balance | |
2015 | $2,678 |
2016 | 175,044 |
Total | $177,722 |
Mortgage_Detail_Textuals
Mortgage (Detail Textuals) (Mortgage) | 12 Months Ended |
Jan. 03, 2015 | |
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 $) | Jan. 03, 2015 |
In Millions, unless otherwise specified | |
Discounted carrying value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Value of mortgage | $177.70 |
Fair value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Value of mortgage | $183 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of period | $104,924 | $114,330 | |
Service cost | 1,056 | 2,193 | 1,878 |
Interest cost | 5,123 | 4,750 | 4,885 |
Actuarial (gain) loss | 15,797 | -10,710 | |
Curtailment | 0 | -910 | |
Benefits paid | -4,945 | -4,729 | |
Projected benefit obligation at end of period | 121,955 | 104,924 | 114,330 |
Change in plan assets: | |||
Fair value of assets at beginning of period | 77,039 | 67,760 | |
Actual return on plan assets | 3,422 | 13,536 | |
Employer contributions | 4,676 | 472 | |
Benefits paid | -4,945 | -4,729 | |
Fair value of assets at end of period | 80,192 | 77,039 | 67,760 |
Net (unfunded) status of plan | ($41,763) | ($27,885) |
Employee_Benefits_Details_1
Employee Benefits (Details 1) (USD $) | Jan. 03, 2015 | Jan. 04, 2014 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Unfunded status | $41,763 | $27,885 |
Unrecognized prior service cost | 1 | 1 |
Unrecognized actuarial loss | 32,309 | 14,656 |
Net amount recognized | -9,453 | -13,228 |
Amounts recognized on the balance sheet consist of: | ||
Accumulated other comprehensive loss (pre-tax) | 32,310 | 14,657 |
Net amount recognized | ($9,453) | ($13,228) |
Employee_Benefits_Details_2
Employee Benefits (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Net periodic pension cost | |||
Service cost | $1,056 | $2,193 | $1,878 |
Interest cost on projected benefit obligation | 5,123 | 4,750 | 4,885 |
Expected return on plan assets | -6,041 | -5,225 | -4,897 |
Amortization of unrecognized loss | 763 | 2,873 | 2,077 |
Net periodic pension cost | $901 | $4,591 | $3,943 |
Employee_Benefits_Details_3
Employee Benefits (Details 3) | 12 Months Ended | |
Jan. 03, 2015 | Jan. 04, 2014 | |
Projected benefit obligation: | ||
Discount rate | 4.19% | 5.00% |
Net periodic pension cost | ||
Discount rate | 5.00% | 4.24% |
Average rate of increase in future compensation levels | 3.00% | |
Expected long-term rate of return on plan assets | 7.54% | 7.85% |
Minimum | ||
Projected benefit obligation: | ||
Average rate of increase in future compensation levels | 2.50% | 2.50% |
Net periodic pension cost | ||
Average rate of increase in future compensation levels | 2.50% | |
Maximum | ||
Projected benefit obligation: | ||
Average rate of increase in future compensation levels | 5.50% | 5.50% |
Net periodic pension cost | ||
Average rate of increase in future compensation levels | 5.50% |
Employee_Benefits_Details_4
Employee Benefits (Details 4) (USD $) | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Asset allocation structure of the portfolio | |||
Percentage of fair value of total assets by asset category | 100.00% | 100.00% | |
Fair value of plan assets by asset category | $80,192 | $77,039 | $67,760 |
Level 1 | |||
Asset allocation structure of the portfolio | |||
Fair value of plan assets by asset category | 80,192 | 77,039 | |
Equity securities - domestic | |||
Asset allocation structure of the portfolio | |||
Percentage of fair value of total assets by asset category | 57.00% | 55.00% | |
Equity securities - domestic | Level 1 | |||
Asset allocation structure of the portfolio | |||
Fair value of plan assets by asset category | 45,950 | 42,710 | |
Equity securities - international | |||
Asset allocation structure of the portfolio | |||
Percentage of fair value of total assets by asset category | 15.00% | 16.00% | |
Equity securities - international | Level 1 | |||
Asset allocation structure of the portfolio | |||
Fair value of plan assets by asset category | 11,924 | 12,067 | |
Fixed income | |||
Asset allocation structure of the portfolio | |||
Percentage of fair value of total assets by asset category | 24.00% | 24.00% | |
Fixed income | Level 1 | |||
Asset allocation structure of the portfolio | |||
Fair value of plan assets by asset category | 19,161 | 18,836 | |
Other | |||
Asset allocation structure of the portfolio | |||
Percentage of fair value of total assets by asset category | 4.00% | 5.00% | |
Other | Level 1 | |||
Asset allocation structure of the portfolio | |||
Fair value of plan assets by asset category | $3,157 | $3,426 |
Employee_Benefits_Details_5
Employee Benefits (Details 5) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2-Jan-16 | $5,399 |
31-Dec-16 | 5,705 |
30-Dec-17 | 6,000 |
29-Dec-18 | 6,281 |
28-Dec-19 | 6,491 |
Thereafter | $35,581 |
Employee_Benefits_Employee_Ben
Employee Benefits Employee Benefits (Details 6) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Multiemployer Plans [Line Items] | |||
Multiemployer contributions for the period | $1 | $1.30 | $1.30 |
Lumber Employees Local 786 Retirement Fund | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plans, Certified Zone Status | Yellow | ||
Entity Tax Identification Number | 516067407 | ||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | ||
Multiemployer contributions for the period | 0.4 | 0.4 | 0.4 |
Multiemployer Plans, Certified Zone Status, Date | 31-Dec-14 | ||
Other Multiemployer Plans | |||
Multiemployer Plans [Line Items] | |||
Multiemployer contributions for the period | $0.60 | $0.90 | $0.90 |
Employee_Benefits_Detail_Textu
Employee Benefits (Detail Textuals) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Net unfunded status of benefit plan | $41,763,000 | $27,885,000 | |
Net adjustment to other comprehensive income (loss) net of tax | -17,700,000 | 13,900,000 | -8,200,000 |
Net adjustment to other comprehensive income (loss) before tax | 22,800,000 | ||
Net adjustment to other comprehensive income (loss), tax (expense) benefit | -8,900,000 | ||
Decrease in the unfunded obligation | 13,900,000 | ||
Actuarial (gain) loss | 15,797,000 | -10,710,000 | |
Actual return on plan assets | 3,422,000 | 13,536,000 | |
Employer contributions | 4,676,000 | 472,000 | |
Charge due to to current year service and interest cost | 6,200,000 | ||
Discount rate | 4.19% | 5.00% | |
Net periodic pension costs | 900,000 | 4,600,000 | |
Discount rate on net periodic pension cost | 5.00% | 4.24% | |
Recognized net gain (loss) due to curtailments | 900,000 | ||
Estimated net loss expected to be amortized from accumulated other comprehensive loss into net periodic cost over the next fiscal year | 1,000,000 | ||
Accumulated benefit obligation for the hourly pension plan | $120,500,000 | $103,700,000 |
Employee_Benefits_Detail_Textu1
Employee Benefits (Detail Textuals 1) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | Jun. 29, 2013 |
Asset allocation structure of the portfolio | ||||
Compound annualized risk free rate | 2.75% | |||
Expected overall portfolio return percentage | 8.29% | |||
Percentage of estimated expense | 0.75% | |||
Net long term rate of return | 7.54% | |||
Total defined benefit employer minimum required contribution | $6 | $3.20 | ||
Deferred and amortized period for defined benefit plan contribution | 5 years | |||
Quarterly future employer contribution in 2015 | 1.5 | |||
Minimum required contribution for plan year, per quarter cash contributions during fiscal - 2015 | 6.1 | |||
Percentages of employees represented by various labour unions | 34.00% | |||
Percentage of collective bargaining agreements up for renewal | 30.00% | |||
Contributions to the hourly defined contribution plan | 0.1 | 0.1 | 0.1 | |
Contributions to the salaried defined contribution plan | 0.9 | 1.1 | 1 | |
Equities | ||||
Asset allocation structure of the portfolio | ||||
Asset allocation structure of the portfolio | 65.00% | |||
Equity securities - domestic | ||||
Asset allocation structure of the portfolio | ||||
Target allocations for fiscal 2015 | 55.00% | |||
Equity securities - international | ||||
Asset allocation structure of the portfolio | ||||
Target allocations for fiscal 2015 | 10.00% | |||
Fixed income | ||||
Asset allocation structure of the portfolio | ||||
Asset allocation structure of the portfolio | 30.00% | |||
Target allocations for fiscal 2015 | 30.00% | |||
Other | ||||
Asset allocation structure of the portfolio | ||||
Asset allocation structure of the portfolio | 5.00% | |||
Target allocations for fiscal 2015 | 5.00% | |||
Hourly Pension Plan | ||||
Asset allocation structure of the portfolio | ||||
Independent appraisals cost of land and buildings located in Charleston, S.C. and Buffalo, N.Y. | 6.8 | |||
Lease back period for real property | 20 years | |||
Lease back period extension options for real property | 5 years | |||
Rent payments on monthly basis contributions in hourly pension plan | $0.60 | $0.50 | ||
Number of minimum quarterly cash contributions during fiscal 2015 and 2016 | 4 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | |
Restricted Stock | |||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Nonvested Number of Shares [Roll Forward] | |||
Outstanding | 1,618,283 | ||
Granted | 1,969,712 | ||
Vested | -1,256,147 | ||
Forfeited | -142,670 | ||
Outstanding | 2,189,178 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding | $2.50 | ||
Granted | $1.53 | ||
Vested | $1.93 | ||
Forfeited | $1.99 | ||
Outstanding | $1.68 | ||
Performance Shares | |||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Nonvested Number of Shares [Roll Forward] | |||
Outstanding | 2,192,868 | ||
Granted | 0 | ||
Vested | -1,038,958 | ||
Forfeited | -51,821 | ||
Outstanding | 1,102,089 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding | $2.50 | ||
Granted | $0 | ||
Vested | $1.64 | ||
Forfeited | $2.49 | ||
Outstanding | $1.56 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding | 784,500 | ||
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | 0 |
Forfeited | 0 | ||
Expired | 0 | ||
Outstanding | 784,500 | 784,500 | |
Exercisable | 784,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding | $5.05 | ||
Granted | $0 | ||
Exercised | $0 | ||
Forfeited | $0 | ||
Expired | $0 | ||
Outstanding | $5.05 | $5.05 | |
Exercisable | $5.05 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (Stock options, USD $) | 12 Months Ended |
Jan. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, outstanding | 784,500 |
Weighted average remaining contractual life (in years), options outstanding | 3 years 1 month 6 days |
Number of options, exercisable | 784,500 |
Weighted average remaining contractual life (in years), exercisable | 3 years 1 month 6 days |
Price Range $4.66 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, outstanding | 750,000 |
Exercise price | 4.66 |
Weighted average exercise price, options outstanding | 4.66 |
Weighted average remaining contractual life (in years), options outstanding | 3 years 2 months 12 days |
Number of options, exercisable | 750,000 |
Weighted average exercise price, exercisable | 4.66 |
Weighted average remaining contractual life (in years), exercisable | 3 years 2 months 12 days |
Price Range $11.40-$14.01 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, outstanding | 34,500 |
Price range, minimum | 11.4 |
Price range, maximum | 14.01 |
Weighted average exercise price, options outstanding | 13.25 |
Weighted average remaining contractual life (in years), options outstanding | 1 year 3 months 18 days |
Number of options, exercisable | 34,500 |
Weighted average exercise price, exercisable | 13.25 |
Weighted average remaining contractual life (in years), exercisable | 1 year 3 months 18 days |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $3,840 | $6,117 | $2,797 |
Restricted Stock | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 1,941 | 3,521 | 2,730 |
Performance Shares | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 1,725 | 2,596 | 0 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $174 | $0 | $67 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details Textuals) (USD $) | 12 Months Ended | |||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | Jan. 02, 2015 | |
Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair value of vested stocks | $2,400,000 | $6,400,000 | $2,300,000 | |
Employees no longer employed by the Company | 4 | |||
Director who did not stand for re-election | 1 | |||
Stock-based compensation expense | 3,840,000 | 6,117,000 | 2,797,000 | |
Benefits of tax deductions in excess of recognized compensation expense | -16,000 | 16,000 | 0 | |
Stock-Based Compensation Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual term | 1 year 8 months 12 days | |||
Share based compensation related to 2013 restructuring and change in executive leadership | 2,900,000 | |||
Income tax benefits offset by a valuation allowance | 1,500,000 | 2,400,000 | 1,100,000 | |
Stock-Based Compensation Expense | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual term | 10 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | 1,900,000 | |||
Weighted average term for compensation expense to be recognized | 1 year 10 months 24 days | |||
Stock-based compensation expense | 1,941,000 | 3,521,000 | 2,730,000 | |
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period | 1 year | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period | 3 years | |||
Weighted average remaining contractual term | 3 years | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | 500,000 | |||
Weighted average term for compensation expense to be recognized | 10 months 24 days | |||
Weighted average remaining contractual term | 8 months 12 days | |||
Total fair value of vested stocks | 1,700,000 | 1,500,000 | ||
Stock-based compensation expense | 1,725,000 | 2,596,000 | 0 | |
Performance Shares | Former Directors and Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of awards based on opening price of common stock (in dollars per share) | $1.14 | |||
Shares vested during the period | 161,024 | |||
Nonvested number of shares outstanding | 828,568 | |||
Stock-based compensation expense | 1,200,000 | |||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual term | 3 years | |||
Restricted Stock Units (RSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual term | 3 years | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted in the period | 0 | 0 | 0 | |
Stock options exercised in the period | 0 | 0 | 0 | |
Stock-based compensation expense | 174,000 | 0 | 67,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $0 | |||
Long term equity incentive plan 2004 | Stock-Based Compensation Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares reserved for issuance | 2,222,222 | |||
Long term equity incentive plan 2006 | Stock-Based Compensation Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares reserved for issuance | 12,200,000 |
Income_Loss_per_Common_Share_I1
Income (Loss) per Common Share Income (Loss) per Common Share (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,129,822 | 4,595,650 | 4,460,054 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,189,177 | 1,618,283 | 3,554,738 |
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,102,091 | 2,192,868 |
Lease_Commitments_Lease_Commit2
Lease Commitments Lease Commitments (Details) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $5,729 |
2016 | 5,470 |
2017 | 5,310 |
2018 | 4,839 |
2019 | 1,799 |
Thereafter | 10,273 |
Total | $33,420 |
Lease_Commitments_Lease_Commit3
Lease Commitments Lease Commitments (Details 1) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Principal Payments on Capital Leases [Abstract] | |
2015 | $2,048 |
2016 | 1,993 |
2017 | 1,499 |
2018 | 1,563 |
2019 | 692 |
Thereafter | 228 |
Total | 8,023 |
Interest Payments on Capital Leases [Abstract] | |
2015 | 463 |
2016 | 321 |
2017 | 211 |
2018 | 112 |
2019 | 29 |
Thereafter | 8 |
Total | $1,144 |
Lease_Commitments_Lease_Commit4
Lease Commitments Lease Commitments (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Capital Leased Assets [Line Items] | |||
Total rent expense | $4.50 | $4.80 | $4.80 |
Basis of assets under capital leases | 16.4 | 15.4 | |
Net book value of assets under capital leases | $9 | $11.10 | |
Minimum | |||
Capital Leased Assets [Line Items] | |||
Capital lease maturity | 5 years | ||
Capital lease interest rate | 4.00% | ||
Maximum | |||
Capital Leased Assets [Line Items] | |||
Capital lease maturity | 7 years | ||
Capital lease interest rate | 7.60% |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail Textuals) | 12 Months Ended |
Jan. 03, 2015 | |
Employee | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Term | 1 year |
Number of persons employed on full-time basis | 1,700 |
Percentages of employees represented by various labour unions | 34.00% |
Percentage of collective bargaining agreements up for renewal | 30.00% |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Event (Details) (Subsequent Event, USD $) | 0 Months Ended | |
Feb. 18, 2015 | Feb. 18, 2015 | |
Revolving credit facility | ||
Subsequent Event [Line Items] | ||
Fixed charge coverage ratio | 1.2 | 1.2 |
Tranche A Loan | ||
Subsequent Event [Line Items] | ||
Decrease to borrowing capacity of revolving credit facility per month | $2,000,000 | |
Periodic increase in interest rate, starting April 1, 2015 | 25.00% | 25.00% |
Maximum increase in interest rate | 100.00% | 100.00% |
Minimum | Revolving credit facility | ||
Subsequent Event [Line Items] | ||
Credit facility, required repayment amount by May 1, 2016 | 35,000,000 | 35,000,000 |
Unused borrowing capacity threshold of revolving credit facility to terminate contractual monthly capacity decrease | $50,000,000 | 50,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($16,293) | ($30,042) | ($21,900) |
Other comprehensive income (loss) before reclassification, net of tax | -18,897 | 11,997 | -10,219 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 765 | 1,752 | 2,077 |
Ending balance, net of tax | -34,425 | -16,293 | -30,042 |
Foreign currency, net of tax | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 1,636 | 1,797 | 1,694 |
Other comprehensive income (loss) before reclassification, net of tax | -481 | -161 | 103 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Ending balance, net of tax | 1,155 | 1,636 | 1,797 |
Defined benefit pension plan, net of tax | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -18,141 | -32,051 | -23,806 |
Other comprehensive income (loss) before reclassification, net of tax | -18,416 | 12,158 | -10,322 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 765 | 1,752 | 2,077 |
Ending balance, net of tax | -35,792 | -18,141 | -32,051 |
Other, net of tax | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 212 | 212 | 212 |
Other comprehensive income (loss) before reclassification, net of tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Ending balance, net of tax | $212 | $212 | $212 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Detail Textuals) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), net | ($18,100,000) | $13,700,000 | ($8,100,000) |
Actuarial loss recognized in the statements of operations as a component of net periodic pension costs, net of tax | 765,000 | 1,752,000 | 2,077,000 |
Tax expense (benefit) of actuarial losses recognized in the statements of operations as a s component of net periodic pension cost | -1,100,000 | ||
Unrecognized actuarial gain (loss) based on updated actuarial assumption included in other comprehensive income, net of tax | -18,897,000 | 11,997,000 | -10,219,000 |
Tax expense (benefit) of unrecognized actuarial gain (loss) based on updated actuarial assumption included in other comprehensive income | 7,800,000 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Actuarial loss recognized in the statements of operations as a component of net periodic pension costs, net of tax | 765,000 | 1,752,000 | 2,077,000 |
Unrecognized actuarial gain (loss) based on updated actuarial assumption included in other comprehensive income, net of tax | ($18,416,000) | $12,158,000 | ($10,322,000) |
Unaudited_Selected_Quarterly_F2
Unaudited Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Jan. 04, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $454,110 | $549,845 | $531,494 | $443,944 | $486,275 | $557,952 | $604,592 | $503,153 | $1,979,393 | $2,151,972 | $1,907,842 |
Gross profit | 49,815 | 64,580 | 62,033 | 52,676 | 54,348 | 62,492 | 55,185 | 56,458 | 229,104 | 228,483 | 230,070 |
Net (loss) income | ($7,640) | ($860) | $3,236 | ($8,608) | ($2,457) | ($3,206) | ($22,306) | ($12,649) | ($13,872) | ($40,618) | ($23,027) |
Basic and diluted weighted average number of common shares outstanding (in shares) | 86,545 | 86,399 | 85,874 | 85,187 | 84,818 | 84,596 | 84,167 | 66,714 | 86,001 | 80,163 | 65,452 |
Basic and diluted net (loss) income per share applicable to common shares (in dollars per share) | ($0.09) | ($0.01) | $0.04 | ($0.10) | ($0.03) | ($0.04) | ($0.27) | ($0.19) | ($0.16) | ($0.51) | ($0.35) |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Jan. 04, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Consolidating statement of operations | |||||||||||
Net sales | $454,110 | $549,845 | $531,494 | $443,944 | $486,275 | $557,952 | $604,592 | $503,153 | $1,979,393 | $2,151,972 | $1,907,842 |
Cost of sales | 1,750,289 | 1,923,489 | 1,677,772 | ||||||||
Gross profit | 49,815 | 64,580 | 62,033 | 52,676 | 54,348 | 62,492 | 55,185 | 56,458 | 229,104 | 228,483 | 230,070 |
Operating expenses (income): | |||||||||||
Selling, general, and administrative | 206,095 | 240,667 | 215,996 | ||||||||
Depreciation and amortization | 9,473 | 9,117 | 8,565 | ||||||||
Total operating expenses (income) | 215,568 | 249,784 | 224,561 | ||||||||
Operating (loss) income | 13,536 | -21,301 | 5,509 | ||||||||
Non-operating expenses: | |||||||||||
Interest expense | 26,771 | 28,024 | 28,157 | ||||||||
Other expense (income), net | 325 | 306 | -7 | ||||||||
(Loss) income before provision for (benefit from) income taxes | -13,560 | -49,631 | -22,641 | ||||||||
Provision for (benefit from) income taxes | 312 | -9,013 | 386 | ||||||||
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | -7,640 | -860 | 3,236 | -8,608 | -2,457 | -3,206 | -22,306 | -12,649 | -13,872 | -40,618 | -23,027 |
BlueLinx Holdings | |||||||||||
Consolidating statement of operations | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Operating expenses (income): | |||||||||||
Selling, general, and administrative | 5,498 | 5,913 | 3,940 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total operating expenses (income) | 5,498 | 5,913 | 3,940 | ||||||||
Operating (loss) income | -5,498 | -5,913 | -3,940 | ||||||||
Non-operating expenses: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense (income), net | 0 | 0 | 0 | ||||||||
(Loss) income before provision for (benefit from) income taxes | -5,498 | -5,913 | -3,940 | ||||||||
Provision for (benefit from) income taxes | -160 | -157 | 386 | ||||||||
Equity in (loss) income of subsidiaries | -8,534 | -34,862 | -18,701 | ||||||||
Net income (loss) | -13,872 | -40,618 | -23,027 | ||||||||
BlueLinx Corporation and Subsidiaries | |||||||||||
Consolidating statement of operations | |||||||||||
Net sales | 1,979,393 | 2,151,972 | 1,907,842 | ||||||||
Cost of sales | 1,750,289 | 1,923,489 | 1,677,772 | ||||||||
Gross profit | 229,104 | 228,483 | 230,070 | ||||||||
Operating expenses (income): | |||||||||||
Selling, general, and administrative | 232,186 | 267,232 | 250,098 | ||||||||
Depreciation and amortization | 6,405 | 5,700 | 5,040 | ||||||||
Total operating expenses (income) | 238,591 | 272,932 | 255,138 | ||||||||
Operating (loss) income | -9,487 | -44,449 | -25,068 | ||||||||
Non-operating expenses: | |||||||||||
Interest expense | 13,688 | 13,686 | 12,159 | ||||||||
Other expense (income), net | 337 | 318 | 10 | ||||||||
(Loss) income before provision for (benefit from) income taxes | -23,512 | -58,453 | -37,237 | ||||||||
Provision for (benefit from) income taxes | 22 | -9,248 | 0 | ||||||||
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | -23,534 | -49,205 | -37,237 | ||||||||
LLC Subsidiaries | |||||||||||
Consolidating statement of operations | |||||||||||
Net sales | 26,329 | 27,363 | 28,330 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 26,329 | 27,363 | 28,330 | ||||||||
Operating expenses (income): | |||||||||||
Selling, general, and administrative | -5,260 | -5,115 | -9,712 | ||||||||
Depreciation and amortization | 3,068 | 3,417 | 3,525 | ||||||||
Total operating expenses (income) | -2,192 | -1,698 | -6,187 | ||||||||
Operating (loss) income | 28,521 | 29,061 | 34,517 | ||||||||
Non-operating expenses: | |||||||||||
Interest expense | 13,083 | 14,338 | 15,998 | ||||||||
Other expense (income), net | -12 | -12 | -17 | ||||||||
(Loss) income before provision for (benefit from) income taxes | 15,450 | 14,735 | 18,536 | ||||||||
Provision for (benefit from) income taxes | 450 | 392 | 0 | ||||||||
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | 15,000 | 14,343 | 18,536 | ||||||||
Eliminations | |||||||||||
Consolidating statement of operations | |||||||||||
Net sales | -26,329 | -27,363 | -28,330 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | -26,329 | -27,363 | -28,330 | ||||||||
Operating expenses (income): | |||||||||||
Selling, general, and administrative | -26,329 | -27,363 | -28,330 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total operating expenses (income) | -26,329 | -27,363 | -28,330 | ||||||||
Operating (loss) income | 0 | 0 | 0 | ||||||||
Non-operating expenses: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense (income), net | 0 | 0 | 0 | ||||||||
(Loss) income before provision for (benefit from) income taxes | 0 | 0 | 0 | ||||||||
Provision for (benefit from) income taxes | 0 | 0 | 0 | ||||||||
Equity in (loss) income of subsidiaries | 8,534 | 34,862 | 18,701 | ||||||||
Net income (loss) | $8,534 | $34,862 | $18,701 |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Statements (Details 1) (USD $) | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash | $4,522 | $5,034 | $5,188 | $4,898 |
Receivables | 144,537 | 150,297 | ||
Inventories | 242,546 | 223,580 | ||
Deferred Tax Assets, Net, Current | 0 | 0 | ||
Other Assets, Current | 23,289 | 22,814 | ||
Intercompany Receivable | 0 | 0 | ||
Total current assets | 414,894 | 401,725 | ||
Property and equipment: | ||||
Land and land improvements | 41,095 | 41,176 | ||
Buildings and Improvements, Gross | 90,161 | 90,082 | ||
Machinery and Equipment, Gross | 77,279 | 73,004 | ||
Construction in Progress, Gross | 1,188 | 3,028 | ||
Property, Plant and Equipment, Gross | 209,723 | 207,290 | ||
Accumulated depreciation | -104,456 | -96,171 | ||
Property and equipment, net | 105,267 | 111,119 | ||
Investment in subsidiaries | 0 | 0 | ||
Non-current deferred income tax assets, net | 501 | 824 | ||
Other non-current assets | 18,320 | 14,821 | ||
Total assets | 538,982 | 528,489 | ||
Current liabilities: | ||||
Accounts payable | 67,291 | 60,363 | ||
Bank overdrafts | 27,280 | 19,377 | ||
Accrued compensation | 5,643 | 4,173 | ||
Current maturities of long-term debt | 2,679 | 9,141 | ||
Deferred income tax liabilities, net | 518 | 823 | ||
Other current liabilities | 13,831 | 12,949 | ||
Intercompany payable | 0 | 0 | ||
Total current liabilities | 117,242 | 106,826 | ||
Non-current liabilities: | ||||
Long-term debt | 403,274 | 387,238 | ||
Other non-current liabilities | 54,492 | 40,323 | ||
Non-current deferred income taxes | 0 | 0 | ||
Total liabilities | 575,008 | 534,387 | ||
Stockholders' (deficit) equity/Parent's Investment | -36,026 | -5,898 | -20,592 | 8,374 |
Total liabilities and (deficit) equity | 538,982 | 528,489 | ||
BlueLinx Holdings Inc. | ||||
Current assets: | ||||
Cash | 27 | 47 | 28 | 27 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred Tax Assets, Net, Current | 0 | 0 | ||
Other Assets, Current | 228 | 790 | ||
Intercompany Receivable | 74,071 | 68,454 | ||
Total current assets | 74,326 | 69,291 | ||
Property and equipment: | ||||
Land and land improvements | 0 | 0 | ||
Buildings and Improvements, Gross | 0 | 0 | ||
Machinery and Equipment, Gross | 0 | 0 | ||
Construction in Progress, Gross | 0 | 0 | ||
Property, Plant and Equipment, Gross | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investment in subsidiaries | -78,264 | -47,735 | ||
Non-current deferred income tax assets, net | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Total assets | -3,938 | 21,556 | ||
Current liabilities: | ||||
Accounts payable | 606 | 1,080 | ||
Bank overdrafts | 0 | 0 | ||
Accrued compensation | 23 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Other current liabilities | 413 | 0 | ||
Intercompany payable | 30,633 | 26,374 | ||
Total current liabilities | 31,675 | 27,454 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 413 | 0 | ||
Non-current deferred income taxes | 0 | 0 | ||
Total liabilities | 32,088 | 27,454 | ||
Stockholders' (deficit) equity/Parent's Investment | -36,026 | -5,898 | -20,592 | 8,374 |
Total liabilities and (deficit) equity | -3,938 | 21,556 | ||
BlueLinx Corporation and Subsidiaries | ||||
Current assets: | ||||
Cash | 4,495 | 4,987 | 5,160 | 4,871 |
Receivables | 144,537 | 150,297 | ||
Inventories | 242,546 | 223,580 | ||
Deferred Tax Assets, Net, Current | 0 | 0 | ||
Other Assets, Current | 22,353 | 20,208 | ||
Intercompany Receivable | 30,634 | 26,374 | ||
Total current assets | 444,565 | 425,446 | ||
Property and equipment: | ||||
Land and land improvements | 4,061 | 4,040 | ||
Buildings and Improvements, Gross | 11,367 | 10,839 | ||
Machinery and Equipment, Gross | 77,279 | 73,004 | ||
Construction in Progress, Gross | 1,188 | 3,028 | ||
Property, Plant and Equipment, Gross | 93,895 | 90,911 | ||
Accumulated depreciation | -70,077 | -64,557 | ||
Property and equipment, net | 23,818 | 26,354 | ||
Investment in subsidiaries | 0 | 0 | ||
Non-current deferred income tax assets, net | 551 | 1,221 | ||
Other non-current assets | 9,739 | 11,768 | ||
Total assets | 478,673 | 464,789 | ||
Current liabilities: | ||||
Accounts payable | 66,685 | 59,283 | ||
Bank overdrafts | 27,280 | 19,377 | ||
Accrued compensation | 5,620 | 4,173 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | 568 | 1,220 | ||
Other current liabilities | 12,342 | 11,727 | ||
Intercompany payable | 74,072 | 68,454 | ||
Total current liabilities | 186,567 | 164,234 | ||
Non-current liabilities: | ||||
Long-term debt | 229,353 | 211,193 | ||
Other non-current liabilities | 54,079 | 40,323 | ||
Non-current deferred income taxes | 0 | 0 | ||
Total liabilities | 469,999 | 415,750 | ||
Stockholders' (deficit) equity/Parent's Investment | 8,674 | 49,039 | 40,603 | 83,626 |
Total liabilities and (deficit) equity | 478,673 | 464,789 | ||
LLC Subsidiaries | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred Tax Assets, Net, Current | 50 | 397 | ||
Other Assets, Current | 708 | 1,816 | ||
Intercompany Receivable | 0 | 0 | ||
Total current assets | 758 | 2,213 | ||
Property and equipment: | ||||
Land and land improvements | 37,034 | 37,136 | ||
Buildings and Improvements, Gross | 78,794 | 79,243 | ||
Machinery and Equipment, Gross | 0 | 0 | ||
Construction in Progress, Gross | 0 | 0 | ||
Property, Plant and Equipment, Gross | 115,828 | 116,379 | ||
Accumulated depreciation | -34,379 | -31,614 | ||
Property and equipment, net | 81,449 | 84,765 | ||
Investment in subsidiaries | 0 | 0 | ||
Non-current deferred income tax assets, net | 0 | 0 | ||
Other non-current assets | 8,581 | 3,053 | ||
Total assets | 90,788 | 90,031 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Bank overdrafts | 0 | 0 | ||
Accrued compensation | 0 | 0 | ||
Current maturities of long-term debt | 2,679 | 9,141 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Other current liabilities | 1,076 | 1,222 | ||
Intercompany payable | 0 | 0 | ||
Total current liabilities | 3,755 | 10,363 | ||
Non-current liabilities: | ||||
Long-term debt | 173,921 | 176,045 | ||
Other non-current liabilities | 0 | 0 | ||
Non-current deferred income taxes | 50 | 397 | ||
Total liabilities | 177,726 | 186,805 | ||
Stockholders' (deficit) equity/Parent's Investment | -86,938 | -96,774 | -107,656 | -124,175 |
Total liabilities and (deficit) equity | 90,788 | 90,031 | ||
Eliminations | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred Tax Assets, Net, Current | -50 | -397 | ||
Other Assets, Current | 0 | 0 | ||
Intercompany Receivable | -104,705 | -94,828 | ||
Total current assets | -104,755 | -95,225 | ||
Property and equipment: | ||||
Land and land improvements | 0 | 0 | ||
Buildings and Improvements, Gross | 0 | 0 | ||
Machinery and Equipment, Gross | 0 | 0 | ||
Construction in Progress, Gross | 0 | 0 | ||
Property, Plant and Equipment, Gross | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investment in subsidiaries | 78,264 | 47,735 | ||
Non-current deferred income tax assets, net | -50 | -397 | ||
Other non-current assets | 0 | 0 | ||
Total assets | -26,541 | -47,887 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Bank overdrafts | 0 | 0 | ||
Accrued compensation | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | -50 | -397 | ||
Other current liabilities | 0 | 0 | ||
Intercompany payable | -104,705 | -94,828 | ||
Total current liabilities | -104,755 | -95,225 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Non-current deferred income taxes | -50 | -397 | ||
Total liabilities | -104,805 | -95,622 | ||
Stockholders' (deficit) equity/Parent's Investment | 78,264 | 47,735 | 67,053 | 40,549 |
Total liabilities and (deficit) equity | ($26,541) | ($47,887) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Statements (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Jan. 04, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Cash flows from operating activities: | |||||||||||
Net (loss) income | ($7,640) | ($860) | $3,236 | ($8,608) | ($2,457) | ($3,206) | ($22,306) | ($12,649) | ($13,872) | ($40,618) | ($23,027) |
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 9,473 | 9,117 | 8,565 | ||||||||
Amortization of debt issue costs | 3,156 | 3,184 | 3,746 | ||||||||
Write-off of debt issuance costs | 0 | 119 | 0 | ||||||||
Loss (gain) from sale of properties | -5,251 | -5,220 | -9,885 | ||||||||
Gain from property insurance settlements | 0 | 0 | -476 | ||||||||
Vacant property charges | 0 | 1,321 | -30 | ||||||||
Severance charges | 2,067 | 5,607 | 0 | ||||||||
Restructuring payments | -2,805 | -3,057 | -6,084 | ||||||||
Payments on modification on lease agreement | 0 | -300 | -5,875 | ||||||||
Deferred income tax benefit charge (benefit) | 17 | -5 | -20 | ||||||||
Intraperiod income tax allocation related to hourly pension plan | 0 | -8,894 | 0 | ||||||||
Pension expense | 901 | 4,591 | 3,942 | ||||||||
Share-based compensation, excluding restructuring related | 3,840 | 3,222 | 2,797 | ||||||||
Share-based compensation, restructuring related | 0 | 2,895 | 0 | ||||||||
Increase in restricted cash related to insurance and other | -263 | -1,810 | 695 | ||||||||
Decrease (increase) in prepaid assets | -942 | -3,062 | 889 | ||||||||
Accrued compensation and other | -2,442 | -3,033 | 4,538 | ||||||||
Equity (deficit) in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Intercompany receivable | 0 | 0 | 0 | ||||||||
Intercompany payable | 0 | 0 | 0 | ||||||||
Change in net cash used in other operating activities | -6,121 | -35,943 | -20,225 | ||||||||
Changes in primary working capital components: | |||||||||||
Accounts receivable | 5,760 | 7,168 | -18,593 | ||||||||
Inventories | -18,966 | 6,479 | -44,482 | ||||||||
Accounts payable | 7,026 | -17,585 | 9,050 | ||||||||
Net cash (used in) provided by operating activities | -12,301 | -39,881 | -74,250 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiaries | 0 | 0 | 0 | ||||||||
Property, plant, and equipment investments | -3,016 | -4,912 | -2,826 | ||||||||
Proceeds from disposition of assets | 7,368 | 10,365 | 19,195 | ||||||||
Net cash provided by investing activities | 4,352 | 5,453 | 16,369 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits from share-based compensation arrangements | -16 | 16 | 0 | ||||||||
Repurchase of shares to satisfy employee tax withholdings | -957 | -3,192 | -526 | ||||||||
Repayments on revolving credit facilities | -476,473 | -560,186 | -473,349 | ||||||||
Borrowings from revolving credit facilities | 494,794 | 599,968 | 550,270 | ||||||||
Payments of principal on mortgage | -9,220 | -19,038 | -37,272 | ||||||||
Payments on capital lease obligations | -2,228 | -3,142 | -2,259 | ||||||||
(Decrease) increase in bank overdrafts | 7,902 | -16,007 | 13,020 | ||||||||
Increase (decrease) in restricted cash related to the mortgage | -6,066 | 40 | 9,970 | ||||||||
Proceeds from rights/stock offering, less expenses paid | -98 | 38,715 | 0 | ||||||||
Debt financing costs | -201 | -2,900 | -1,683 | ||||||||
Net cash provided by (used in) financing activities | 7,437 | 34,274 | 58,171 | ||||||||
Increase (decrease) in cash | -512 | -154 | 290 | ||||||||
Cash and cash equivalents balance, beginning of period | 5,034 | 5,188 | 5,034 | 5,188 | 4,898 | ||||||
Cash and cash equivalents balance, end of period | 4,522 | 5,034 | 4,522 | 5,034 | 5,188 | ||||||
Supplemental cash flow information: | |||||||||||
Income Taxes Paid, Net | -210 | -332 | -508 | ||||||||
Interest paid during the period | 23,147 | 24,706 | 24,288 | ||||||||
Noncash transactions: | |||||||||||
Capital leases | 1,108 | 5,069 | 5,238 | ||||||||
BlueLinx Holdings | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | -13,872 | -40,618 | -23,027 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Amortization of debt issue costs | 0 | 0 | 0 | ||||||||
Write-off of debt issuance costs | 0 | ||||||||||
Loss (gain) from sale of properties | 0 | 0 | 0 | ||||||||
Gain from property insurance settlements | 0 | ||||||||||
Vacant property charges | 0 | 0 | |||||||||
Severance charges | 0 | 0 | |||||||||
Restructuring payments | 0 | 0 | 0 | ||||||||
Payments on modification on lease agreement | 0 | 0 | |||||||||
Deferred income tax benefit charge (benefit) | 0 | 0 | 0 | ||||||||
Intraperiod income tax allocation related to hourly pension plan | 0 | ||||||||||
Pension expense | 0 | 0 | 0 | ||||||||
Share-based compensation, excluding restructuring related | 1,590 | 904 | 528 | ||||||||
Share-based compensation, restructuring related | 0 | ||||||||||
Increase in restricted cash related to insurance and other | 0 | 0 | 0 | ||||||||
Decrease (increase) in prepaid assets | 89 | -14 | 189 | ||||||||
Accrued compensation and other | 1,322 | 698 | -1,160 | ||||||||
Equity (deficit) in earnings of subsidiaries | 8,534 | 34,862 | 18,701 | ||||||||
Intercompany receivable | -5,617 | 5,527 | -6,940 | ||||||||
Intercompany payable | 4,259 | -2,440 | 10,332 | ||||||||
Change in net cash used in other operating activities | -3,695 | -1,081 | -1,377 | ||||||||
Changes in primary working capital components: | |||||||||||
Accounts receivable | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | -376 | 779 | 42 | ||||||||
Net cash (used in) provided by operating activities | -4,071 | -302 | -1,335 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiaries | 4,359 | -35,202 | 1,862 | ||||||||
Property, plant, and equipment investments | 0 | 0 | 0 | ||||||||
Proceeds from disposition of assets | 0 | 0 | 0 | ||||||||
Net cash provided by investing activities | 4,359 | -35,202 | 1,862 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Repurchase of shares to satisfy employee tax withholdings | -210 | -3,192 | -526 | ||||||||
Repayments on revolving credit facilities | 0 | 0 | 0 | ||||||||
Borrowings from revolving credit facilities | 0 | 0 | 0 | ||||||||
Payments of principal on mortgage | 0 | 0 | 0 | ||||||||
Payments on capital lease obligations | 0 | 0 | 0 | ||||||||
(Decrease) increase in bank overdrafts | 0 | 0 | 0 | ||||||||
Increase (decrease) in restricted cash related to the mortgage | 0 | 0 | 0 | ||||||||
Proceeds from rights/stock offering, less expenses paid | -98 | 38,715 | |||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | -308 | 35,523 | -526 | ||||||||
Increase (decrease) in cash | -20 | 19 | 1 | ||||||||
Cash and cash equivalents balance, beginning of period | 47 | 28 | 47 | 28 | 27 | ||||||
Cash and cash equivalents balance, end of period | 27 | 47 | 27 | 47 | 28 | ||||||
Supplemental cash flow information: | |||||||||||
Income Taxes Paid, Net | 0 | 0 | 0 | ||||||||
Interest paid during the period | 0 | 0 | 0 | ||||||||
Noncash transactions: | |||||||||||
Capital leases | 0 | 0 | 0 | ||||||||
BlueLinx Corporation | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | -23,534 | -49,205 | -37,237 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 6,405 | 5,700 | 5,040 | ||||||||
Amortization of debt issue costs | 1,735 | 1,841 | 2,471 | ||||||||
Write-off of debt issuance costs | 119 | ||||||||||
Loss (gain) from sale of properties | 0 | 554 | 0 | ||||||||
Gain from property insurance settlements | 0 | ||||||||||
Vacant property charges | 1,321 | -30 | |||||||||
Severance charges | 2,067 | 5,607 | |||||||||
Restructuring payments | -2,805 | -3,057 | -6,084 | ||||||||
Payments on modification on lease agreement | -300 | -5,875 | |||||||||
Deferred income tax benefit charge (benefit) | 17 | -5 | -20 | ||||||||
Intraperiod income tax allocation related to hourly pension plan | -8,894 | ||||||||||
Pension expense | 901 | 4,591 | 3,942 | ||||||||
Share-based compensation, excluding restructuring related | 2,250 | 2,318 | 2,269 | ||||||||
Share-based compensation, restructuring related | 2,895 | ||||||||||
Increase in restricted cash related to insurance and other | -263 | -1,810 | 695 | ||||||||
Decrease (increase) in prepaid assets | -1,031 | -3,048 | 700 | ||||||||
Accrued compensation and other | -2,857 | -3,959 | 6,259 | ||||||||
Equity (deficit) in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Intercompany receivable | -4,262 | 2,440 | -10,332 | ||||||||
Intercompany payable | 5,620 | -5,527 | 6,940 | ||||||||
Change in net cash used in other operating activities | -15,757 | -48,419 | -31,262 | ||||||||
Changes in primary working capital components: | |||||||||||
Accounts receivable | 5,760 | 7,168 | -18,593 | ||||||||
Inventories | -18,966 | 6,479 | -44,482 | ||||||||
Accounts payable | 7,402 | -17,973 | 8,619 | ||||||||
Net cash (used in) provided by operating activities | -21,561 | -52,745 | -85,718 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiaries | 806 | 38,663 | 154 | ||||||||
Property, plant, and equipment investments | -3,016 | -4,912 | -2,826 | ||||||||
Proceeds from disposition of assets | 248 | 1,072 | 997 | ||||||||
Net cash provided by investing activities | -1,962 | 34,823 | -1,675 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits from share-based compensation arrangements | -16 | 16 | |||||||||
Repurchase of shares to satisfy employee tax withholdings | -747 | 0 | 0 | ||||||||
Repayments on revolving credit facilities | -476,473 | -560,186 | -473,349 | ||||||||
Borrowings from revolving credit facilities | 494,794 | 599,968 | 550,270 | ||||||||
Payments of principal on mortgage | 0 | 0 | 0 | ||||||||
Payments on capital lease obligations | -2,228 | -3,142 | -2,259 | ||||||||
(Decrease) increase in bank overdrafts | 7,902 | -16,007 | 13,020 | ||||||||
Increase (decrease) in restricted cash related to the mortgage | 0 | 0 | 0 | ||||||||
Proceeds from rights/stock offering, less expenses paid | 0 | 0 | |||||||||
Debt financing costs | -201 | -2,900 | 0 | ||||||||
Net cash provided by (used in) financing activities | 23,031 | 17,749 | 87,682 | ||||||||
Increase (decrease) in cash | -492 | -173 | 289 | ||||||||
Cash and cash equivalents balance, beginning of period | 4,987 | 5,160 | 4,987 | 5,160 | 4,871 | ||||||
Cash and cash equivalents balance, end of period | 4,495 | 4,987 | 4,495 | 4,987 | 5,160 | ||||||
Supplemental cash flow information: | |||||||||||
Income Taxes Paid, Net | 40 | -61 | 37 | ||||||||
Interest paid during the period | 11,490 | 11,226 | 9,309 | ||||||||
Noncash transactions: | |||||||||||
Capital leases | 1,108 | 5,069 | 5,238 | ||||||||
LLC Subsidiaries | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | 15,000 | 14,343 | 18,536 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 3,068 | 3,417 | 3,525 | ||||||||
Amortization of debt issue costs | 1,421 | 1,343 | 1,275 | ||||||||
Write-off of debt issuance costs | 0 | ||||||||||
Loss (gain) from sale of properties | -5,251 | -5,774 | -9,885 | ||||||||
Gain from property insurance settlements | -476 | ||||||||||
Vacant property charges | 0 | 0 | |||||||||
Severance charges | 0 | 0 | |||||||||
Restructuring payments | 0 | 0 | 0 | ||||||||
Payments on modification on lease agreement | 0 | 0 | |||||||||
Deferred income tax benefit charge (benefit) | 0 | -397 | 0 | ||||||||
Intraperiod income tax allocation related to hourly pension plan | 0 | ||||||||||
Pension expense | 0 | 0 | 0 | ||||||||
Share-based compensation, excluding restructuring related | 0 | 0 | 0 | ||||||||
Share-based compensation, restructuring related | 0 | ||||||||||
Increase in restricted cash related to insurance and other | 0 | 0 | 0 | ||||||||
Decrease (increase) in prepaid assets | 0 | 0 | 0 | ||||||||
Accrued compensation and other | -907 | 625 | -561 | ||||||||
Equity (deficit) in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Intercompany receivable | 0 | 0 | 0 | ||||||||
Intercompany payable | 0 | 0 | 0 | ||||||||
Change in net cash used in other operating activities | 13,331 | 13,557 | 12,414 | ||||||||
Changes in primary working capital components: | |||||||||||
Accounts receivable | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | -391 | 389 | ||||||||
Net cash (used in) provided by operating activities | 13,331 | 13,166 | 12,803 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiaries | -5,165 | -3,461 | -2,016 | ||||||||
Property, plant, and equipment investments | 0 | 0 | 0 | ||||||||
Proceeds from disposition of assets | 7,120 | 9,293 | 18,198 | ||||||||
Net cash provided by investing activities | 1,955 | 5,832 | 16,182 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Repurchase of shares to satisfy employee tax withholdings | 0 | 0 | 0 | ||||||||
Repayments on revolving credit facilities | 0 | 0 | 0 | ||||||||
Borrowings from revolving credit facilities | 0 | 0 | 0 | ||||||||
Payments of principal on mortgage | -9,220 | -19,038 | -37,272 | ||||||||
Payments on capital lease obligations | 0 | 0 | 0 | ||||||||
(Decrease) increase in bank overdrafts | 0 | 0 | 0 | ||||||||
Increase (decrease) in restricted cash related to the mortgage | -6,066 | 40 | 9,970 | ||||||||
Proceeds from rights/stock offering, less expenses paid | 0 | 0 | |||||||||
Debt financing costs | 0 | 0 | -1,683 | ||||||||
Net cash provided by (used in) financing activities | -15,286 | -18,998 | -28,985 | ||||||||
Increase (decrease) in cash | 0 | 0 | 0 | ||||||||
Cash and cash equivalents balance, beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents balance, end of period | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental cash flow information: | |||||||||||
Income Taxes Paid, Net | -250 | -271 | -545 | ||||||||
Interest paid during the period | 11,657 | 13,480 | 14,979 | ||||||||
Noncash transactions: | |||||||||||
Capital leases | 0 | 0 | 0 | ||||||||
Eliminations | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | 8,534 | 34,862 | 18,701 | ||||||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Amortization of debt issue costs | 0 | 0 | 0 | ||||||||
Write-off of debt issuance costs | 0 | ||||||||||
Loss (gain) from sale of properties | 0 | 0 | 0 | ||||||||
Gain from property insurance settlements | 0 | ||||||||||
Vacant property charges | 0 | 0 | |||||||||
Severance charges | 0 | 0 | |||||||||
Restructuring payments | 0 | 0 | 0 | ||||||||
Payments on modification on lease agreement | 0 | 0 | |||||||||
Deferred income tax benefit charge (benefit) | 0 | 397 | 0 | ||||||||
Intraperiod income tax allocation related to hourly pension plan | 0 | ||||||||||
Pension expense | 0 | 0 | 0 | ||||||||
Share-based compensation, excluding restructuring related | 0 | 0 | 0 | ||||||||
Share-based compensation, restructuring related | 0 | ||||||||||
Increase in restricted cash related to insurance and other | 0 | 0 | 0 | ||||||||
Decrease (increase) in prepaid assets | 0 | 0 | 0 | ||||||||
Accrued compensation and other | 0 | -397 | 0 | ||||||||
Equity (deficit) in earnings of subsidiaries | -8,534 | -34,862 | -18,701 | ||||||||
Intercompany receivable | 9,879 | -7,967 | 17,272 | ||||||||
Intercompany payable | -9,879 | 7,967 | -17,272 | ||||||||
Change in net cash used in other operating activities | 0 | 0 | 0 | ||||||||
Changes in primary working capital components: | |||||||||||
Accounts receivable | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by operating activities | 0 | 0 | 0 | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in subsidiaries | 0 | 0 | 0 | ||||||||
Property, plant, and equipment investments | 0 | 0 | 0 | ||||||||
Proceeds from disposition of assets | 0 | 0 | 0 | ||||||||
Net cash provided by investing activities | 0 | 0 | 0 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Repurchase of shares to satisfy employee tax withholdings | 0 | 0 | 0 | ||||||||
Repayments on revolving credit facilities | 0 | 0 | 0 | ||||||||
Borrowings from revolving credit facilities | 0 | 0 | 0 | ||||||||
Payments of principal on mortgage | 0 | 0 | 0 | ||||||||
Payments on capital lease obligations | 0 | 0 | 0 | ||||||||
(Decrease) increase in bank overdrafts | 0 | 0 | 0 | ||||||||
Increase (decrease) in restricted cash related to the mortgage | 0 | 0 | 0 | ||||||||
Proceeds from rights/stock offering, less expenses paid | 0 | 0 | |||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ||||||||
Increase (decrease) in cash | 0 | 0 | 0 | ||||||||
Cash and cash equivalents balance, beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents balance, end of period | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental cash flow information: | |||||||||||
Income Taxes Paid, Net | 0 | 0 | 0 | ||||||||
Interest paid during the period | 0 | 0 | 0 | ||||||||
Noncash transactions: | |||||||||||
Capital leases | $0 | $0 | $0 |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Financial Statements (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Jan. 04, 2014 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jan. 03, 2015 | Jan. 04, 2014 | Dec. 29, 2012 |
Supplemental Statement Of Stockholders' Equity [Abstract] | |||||||||||
Balance | ($5,898) | ($20,592) | ($5,898) | ($20,592) | $8,374 | ||||||
Net (loss) income | -7,640 | -860 | 3,236 | -8,608 | -2,457 | -3,206 | -22,306 | -12,649 | -13,872 | -40,618 | -23,027 |
Foreign currency translation adjustment, net of tax | -481 | -161 | 103 | ||||||||
Unrealized (loss) income from pension plan, net of taxes | -17,651 | 13,910 | -8,245 | ||||||||
Issuance of restricted stock, net of forfeitures | 18 | 6 | 19 | ||||||||
Issuance of performance shares | 10 | 6 | |||||||||
Issuance of stock related to the rights offerings, net of expenses | 0 | 38,613 | |||||||||
Compensation related to share-based grants | 2,896 | 6,117 | 2,730 | ||||||||
Impact of net settled shares for vested grants | -963 | -3,193 | -526 | ||||||||
Excess tax benefits from share-based compensation arrangements | -16 | 16 | |||||||||
Other | -69 | -2 | -20 | ||||||||
Net transactions with Parent | 0 | 0 | 0 | ||||||||
Balance | -36,026 | -5,898 | -36,026 | -5,898 | -20,592 | ||||||
BlueLinx Holdings Inc. | |||||||||||
Supplemental Statement Of Stockholders' Equity [Abstract] | |||||||||||
Balance | -5,898 | -20,592 | -5,898 | -20,592 | 8,374 | ||||||
Net (loss) income | -13,872 | -40,618 | -23,027 | ||||||||
Foreign currency translation adjustment, net of tax | -481 | -161 | 103 | ||||||||
Unrealized (loss) income from pension plan, net of taxes | -17,651 | 13,910 | -8,245 | ||||||||
Issuance of restricted stock, net of forfeitures | 18 | 6 | 19 | ||||||||
Issuance of performance shares | 10 | 6 | |||||||||
Issuance of stock related to the rights offerings, net of expenses | 0 | 38,613 | |||||||||
Compensation related to share-based grants | 2,896 | 6,117 | 2,730 | ||||||||
Impact of net settled shares for vested grants | -963 | -3,193 | -526 | ||||||||
Excess tax benefits from share-based compensation arrangements | -16 | 16 | |||||||||
Other | -69 | -2 | -20 | ||||||||
Net transactions with Parent | 0 | 0 | 0 | ||||||||
Balance | -36,026 | -5,898 | -36,026 | -5,898 | -20,592 | ||||||
BlueLinx Corporation and Subsidiaries | |||||||||||
Supplemental Statement Of Stockholders' Equity [Abstract] | |||||||||||
Balance | 49,039 | 40,603 | 49,039 | 40,603 | 83,626 | ||||||
Net (loss) income | -23,534 | -49,205 | -37,237 | ||||||||
Foreign currency translation adjustment, net of tax | -481 | -161 | 103 | ||||||||
Unrealized (loss) income from pension plan, net of taxes | -17,651 | 13,910 | -8,245 | ||||||||
Issuance of restricted stock, net of forfeitures | 0 | 6 | 19 | ||||||||
Issuance of performance shares | 0 | 6 | |||||||||
Issuance of stock related to the rights offerings, net of expenses | 0 | 0 | |||||||||
Compensation related to share-based grants | 0 | 0 | 0 | ||||||||
Impact of net settled shares for vested grants | 0 | 0 | 0 | ||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Other | 0 | 0 | 0 | ||||||||
Net transactions with Parent | 1,301 | 43,880 | 2,337 | ||||||||
Balance | 8,674 | 49,039 | 8,674 | 49,039 | 40,603 | ||||||
LLC Subsidiaries | |||||||||||
Supplemental Statement Of Stockholders' Equity [Abstract] | |||||||||||
Balance | -96,774 | -107,656 | -96,774 | -107,656 | -124,175 | ||||||
Net (loss) income | 15,000 | 14,343 | 18,536 | ||||||||
Foreign currency translation adjustment, net of tax | 0 | 0 | 0 | ||||||||
Unrealized (loss) income from pension plan, net of taxes | 0 | 0 | 0 | ||||||||
Issuance of restricted stock, net of forfeitures | 0 | 0 | 0 | ||||||||
Issuance of performance shares | 0 | 0 | |||||||||
Issuance of stock related to the rights offerings, net of expenses | 0 | 0 | |||||||||
Compensation related to share-based grants | 0 | 0 | 0 | ||||||||
Impact of net settled shares for vested grants | 0 | 0 | 0 | ||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Other | 0 | 0 | 0 | ||||||||
Net transactions with Parent | -5,164 | -3,461 | -2,017 | ||||||||
Balance | -86,938 | -96,774 | -86,938 | -96,774 | -107,656 | ||||||
Eliminations | |||||||||||
Supplemental Statement Of Stockholders' Equity [Abstract] | |||||||||||
Balance | 47,735 | 67,053 | 47,735 | 67,053 | 40,549 | ||||||
Net (loss) income | 8,534 | 34,862 | 18,701 | ||||||||
Foreign currency translation adjustment, net of tax | 481 | 161 | -103 | ||||||||
Unrealized (loss) income from pension plan, net of taxes | 17,651 | -13,910 | 8,245 | ||||||||
Issuance of restricted stock, net of forfeitures | 0 | -6 | -19 | ||||||||
Issuance of performance shares | 0 | -6 | |||||||||
Issuance of stock related to the rights offerings, net of expenses | 0 | 0 | |||||||||
Compensation related to share-based grants | 0 | 0 | 0 | ||||||||
Impact of net settled shares for vested grants | 0 | 0 | 0 | ||||||||
Excess tax benefits from share-based compensation arrangements | 0 | 0 | |||||||||
Other | 0 | 0 | 0 | ||||||||
Net transactions with Parent | 3,863 | -40,419 | -320 | ||||||||
Balance | $78,264 | $47,735 | $78,264 | $47,735 | $67,053 |