BlueLinx (BXC) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2017	Aug. 10, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	BlueLinx Holdings Inc.
Entity Central Index Key	1,301,787
Trading Symbol	bxc
Current Fiscal Year Date	--12-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,098,221
Document Type	10-Q
Document Period End Date	Jul. 1, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Income Statement [Abstract]
Net sales	$ 474,001	$ 509,011	$ 902,609	$ 983,337
Cost of sales	413,455	451,624	787,629	868,354
Gross profit	60,546	57,387	114,980	114,983
Operating expenses (income):
Selling, general, and administrative	49,012	52,678	101,925	107,855
Gains from sales of property	0	(384)	(6,700)	(761)
Depreciation and amortization	2,253	2,396	4,616	4,871
Total operating expenses	51,265	54,690	99,841	111,965
Operating income	9,281	2,697	15,139	3,018
Non-operating expenses (income):
Interest expense	5,367	6,250	10,610	13,457
Other expense (income), net	0	135	(2)	(237)
Income (loss) before provision for (benefit from) income taxes	3,914	(3,688)	4,531	(10,202)
Provision for (benefit from) income taxes	676	(544)	709	(913)
Net income (loss)	$ 3,238	$ (3,144)	$ 3,822	$ (9,289)
Basic earnings (loss) per share (in dollars per share)	$ 0.36	$ (0.35)	$ 0.42	$ (1.05)
Diluted earnings (loss) per share (in dollars per share)	$ 0.35	$ (0.35)	$ 0.42	$ (1.05)
Comprehensive income (loss):
Net income (loss)	$ 3,238	$ (3,144)	$ 3,822	$ (9,289)
Other comprehensive income (loss):
Foreign currency translation, net of tax	2	34	14	306
Amortization of unrecognized pension loss, net of tax	268	223	536	447
Pension curtailment, net of tax	(592)	(12,185)	(592)	(12,185)
Total other comprehensive loss	(322)	(11,928)	(42)	(11,432)
Comprehensive income (loss)	$ 2,916	$ (15,072)	$ 3,780	$ (20,721)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Current assets:
Cash	$ 4,777	$ 5,540
Receivables, less allowances of $2,701 and $2,733, respectively	167,570	125,857
Inventories, net	220,677	191,287
Other current assets	20,228	23,126
Total current assets	413,252	345,810
Property and equipment:
Land and land improvements	30,703	34,609
Buildings	84,772	80,131
Machinery and equipment	75,036	72,122
Construction in progress	358	3,104
Property and equipment, at cost	190,869	189,966
Accumulated depreciation	(103,926)	(101,644)
Property and equipment, net	86,943	88,322
Other non-current assets	12,089	10,005
Total assets	512,284	444,137
Current liabilities:
Accounts payable	96,363	82,735
Bank overdrafts	22,296	21,696
Accrued compensation	6,047	8,349
Current maturities of long-term debt, net of discount of $415 and $201, respectively	56,585	29,469
Other current liabilities	13,892	12,092
Total current liabilities	195,183	154,341
Non-current liabilities:
Long-term debt, net of discount of $1,997 and $2,544, respectively	270,185	270,792
Pension benefit obligation	32,879	34,349
Other non-current liabilities	39,432	14,496
Total liabilities	537,679	473,978
Stockholders’ deficit:
Common Stock, $0.01 par value, Authorized - 20,000,000 shares, Issued and Outstanding - 9,098,221 and 9,031,263, respectively	91	90
Additional paid-in capital	258,548	257,972
Accumulated other comprehensive loss	(36,693)	(36,651)
Accumulated stockholders’ deficit	(247,341)	(251,252)
Total stockholders’ deficit	(25,395)	(29,841)
Total liabilities and stockholders’ deficit	$ 512,284	$ 444,137

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2,701	$ 2,733
Debt discount, current	415	201
Debt discount, noncurrent	$ 1,997	$ 2,544
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	9,098,221	9,031,263
Common stock, shares outstanding (in shares)	9,098,221	9,031,263

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Statement of Cash Flows [Abstract]
Net cash used in operating activities	$ (54,491)	$ (25,943)
Cash flows from investing activities:
Property and equipment investments	(189)	(344)
Proceeds from sale of assets	27,598	2,197
Net cash provided by investing activities	27,409	1,853
Cash flows from financing activities:
Repayments on revolving credit facilities	(172,932)	(282,371)
Borrowings from revolving credit facilities	227,654	308,673
Principal payments on mortgage	(28,976)	(9,431)
Increase in cash held in escrow related to the mortgage	1,490	9,118
Other, net	(917)	(1,467)
Net cash provided by financing activities	26,319	24,522
(Decrease) increase in cash	(763)	432
Cash, beginning of period	5,540	4,808
Cash, end of period	$ 4,777	$ 5,240

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report on Form 10-K”) for the year ended December 31, 2016 , as filed with the Securities and Exchange Commission. New Accounting Standards Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2018. We have elected to adopt the revenue recognition standard in the first quarter of 2018 with a cumulative adjustment to retained earnings. We have substantially completed our assessment of the new revenue recognition guidance. Based upon current interpretations, we do not anticipate the adoption of this standard to have a material impact on our financial statements, aside from adding expanded disclosures. Deferred Gains on Sale and Leaseback Transactions We amortize deferred gains on the sale and leaseback of real property under operating leases over the lives of these leases. The amortization of these gains is recorded as a reduction to rent expense. We amortize the deferred gains on the sale and leaseback of real property under capital leases over the lease term in proportion to the amortization of the leased asset (i.e. on a straight-line basis) as a reduction of selling, general, and administrative expense. Amortization of all deferred gain was immaterial for the three and six months ended July 1, 2017 . Upon adoption of ASU 2016-02, “Leases,” which we plan to adopt effective in the first quarter of fiscal 2019, the transition provisions of this accounting standard will allow us to continue to amortize the deferred gains on sale-leaseback transactions currently classified as capital leases, while the remaining deferred gain of approximately $1.6 million at the transition date pertaining to the sole sale-leaseback transaction accounted for as an operating lease will be reclassified to stockholders’ equity at that date.

Employee Benefits

Employee Benefits	6 Months Ended
	Jul. 01, 2017
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The following table shows the components of net periodic pension cost (in thousands): Three Months Ended Six Months Ended July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 Service cost $ 183 $ 252 $ 366 $ 504 Interest cost on projected benefit obligation 1,178 1,271 2,356 2,542 Expected return on plan assets (1,584 ) (1,551 ) (3,168 ) (3,102 ) Amortization of unrecognized loss 268 223 536 447 Net periodic pension cost $ 45 $ 195 $ 90 $ 391 During the first six months of fiscal 2017, we renegotiated our collective bargaining agreement with a unionized location. This collective bargaining agreement covers a number of specific items such as wages, medical coverage, and certain other benefit programs, including pension plan participation. As a result of this renegotiation, a significant percentage of the participants in the plan are no longer accruing future years of service, which triggered a curtailment. As a result of the curtailment, we performed a revaluation of plan assets and liabilities. The pension benefit obligation decreased $1.5 million as a result of changes in valuation assumptions; primarily, an increase in the balance of plan assets. The overall increase in plan asset valuation was partially offset by a decrease to accumulated other comprehensive income of $0.6 million as a result of a decrease in the discount rate, which was recorded in other comprehensive loss on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). No intraperiod income tax effect was required to be recorded as a result of the curtailment. Multiemployer Pension Plans During the first quarter of fiscal 2017, we entered into a new collective bargaining agreement with the Lumber Employees Local 786 union at our Chicago facility. As a result, we provided for a withdrawal from the related multi-employer pension plan, and, accordingly, recorded an estimated $4.5 million withdrawal liability on the Condensed Consolidated Balance Sheet in “other non-current liabilities,” and recorded an offsetting non-cash expense in the Condensed Consolidated Statement of Operations in “selling, general, and administrative” costs. In the second quarter of fiscal 2017, we reassessed our estimate of the withdrawal liability and recorded an additional $1.0 million to the aforementioned liability and expense accounts. Unless a lump sum payment is mutually agreed-upon, we would expect the liability to be paid over a 20 -year period, with payments substantially similar on a total annual basis to those disclosed in our Annual Report on Form 10-K, Item 8, Note 9, for the year ended December 31, 2016. However, we are currently negotiating a final determination of liability with the Plan’s trustees, and may consider alternative arrangements, such as a lump sum or partial lump sum payment, in exchange for a lower liability.

Assets Held for Sale and Net Ga

Assets Held for Sale and Net Gain on Disposition	6 Months Ended
	Jul. 01, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale and Net Gain on Disposition	Assets Held for Sale and Net Gain on Disposition We currently have designated two unoccupied properties as held for sale, due to strategic initiatives. At the time of designation as “held for sale,” we ceased recognizing depreciation expense on these assets. As of July 1, 2017 , two properties were designated as held for sale, and as of December 31, 2016 , four properties had been designated as held for sale. During that six months, two properties were sold, as further described below. As of July 1, 2017 , and December 31, 2016 , the net book value of total assets held for sale was $0.8 million and $2.7 million , respectively, and was included in “other current assets” in our Consolidated Balance Sheets. We are actively marketing the remaining two properties that are designated as held for sale. For the six months ended July 1, 2017 , we sold two non-operating distribution facilities previously designated as “held for sale,” and a parcel of excess land (the “Property Sales”). We recognized a gain of $6.7 million in the Condensed Consolidated Statements of Operations as a result of the Property Sales.

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
	Jul. 01, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure To determine the fair value of our mortgage, we use a discounted cash flow model. We believe the mortgage fair value valuation to be Level 2 in the fair value hierarchy, as the valuation model has inputs that are observable for substantially the full term of the liability. As of July 1, 2017 , the carrying amount and fair value of our mortgage was $97.8 million and $100.8 million , respectively. The difference between the book value and the fair value is derived from the difference between the period-end market interest rate and the stated rate of our fixed-rate mortgage. The fair value of our debt is not indicative of the amounts at which we could settle our debt.

Other Non-Current Liabilities

Other Non-Current Liabilities	6 Months Ended
	Jul. 01, 2017
Other Liabilities Disclosure [Abstract]
Other Non-Current Liabilities	Other Non-Current Liabilities The following table shows the components of other non-current liabilities (in millions): July 1, 2017 December 31, 2016 Capital leases - real estate $ 7.9 $ — Deferred gain on sale-leaseback transactions 11.2 — Capital leases - logistics equipment 7.0 8.6 Other 13.3 5.9 Total $ 39.4 $ 14.5

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding unvested restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock awards, restricted stock units, performance shares, and stock options. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation for the quarter and year to date during fiscal 2017 include all outstanding options and performance shares, and an immaterial number of restricted stock units. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share data): Three months ended Six months ended July 1, 2017 July 2, 2016 (1) July 1, 2017 July 2, 2016 (1) Net income (loss) $ 3,238 $ (3,144 ) $ 3,822 $ (9,289 ) Basic weighted shares outstanding 9,055 8,895 9,011 8,886 Dilutive effect of share-based awards 135 — 130 — Diluted weighted average shares outstanding 9,190 8,895 9,141 8,886 Basic earnings (loss) per share $ 0.36 $ (0.35 ) $ 0.42 $ (1.05 ) Diluted earnings (loss) per share $ 0.35 $ (0.35 ) $ 0.42 $ (1.05 ) (1) Basic and diluted earnings per share are equivalent for the three and six months ended July 2, 2016 , due to net losses for those periods.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jul. 01, 2017
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive 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 loss is separately presented on our Consolidated Balance Sheets as part of common stockholders’ deficit. The changes in balances for each component of Accumulated Other Comprehensive Loss for the six months ended July 1, 2017 , were as follows (in thousands): Foreign currency, net of tax Defined benefit pension plan, net of tax Other, net of tax Total Accumulated Other Comprehensive Loss December 31, 2016, beginning balance $ 660 $ (37,523 ) $ 212 $ (36,651 ) Other comprehensive income (loss), net of tax (1) 14 (56 ) — (42 ) July 1, 2017, ending balance, net of tax $ 674 $ (37,579 ) $ 212 $ (36,693 ) (1) For the six months ended July 1, 2017 , the actuarial loss recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as a component of net periodic pension cost was significantly offset by the effect of pension curtailment (see Note 2). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance.

Liquidity and ASU 2014-15

Liquidity and ASU 2014-15	6 Months Ended
	Jul. 01, 2017
Debt Disclosure [Abstract]
Liquidity and ASU 2014-15	Liquidity and ASU 2014-15 As of July 1, 2017 , we had outstanding borrowings of $231.3 million and excess availability of $74.2 million under the terms of the revolving credit facility, including the Tranche A Loan (together, the “revolving credit facility”), based on qualifying inventory and accounts receivable. A portion of our debt is classified as “Current maturities of long-term debt” on our Condensed Consolidated Balance Sheet as of July 1, 2017 , since it is due within the next twelve months. These amounts consist of a $55.0 million principal reduction of our mortgage, which is due by July 1, 2018, and $2.0 million commitment reduction of the Tranche A Loan. We are actively engaged in marketing certain of our real estate holdings in sale and leaseback transactions in order to meet the principal reduction date specified by our mortgage loan. As stated in our Annual Report on Form 10-K, Note 1, the FASB previously issued ASU 2014-15, which is codified in Accounting Standards Codified (“ASC”) 205, “Presentation of Financial Statements,” which requires footnote disclosures concerning, among other matters, an entity’s ability to repay its obligations through normal operational or other sources over the twelve months following the date of financial statement issuance. We have adopted this accounting standard, as disclosed in our Annual Report on Form 10-K, Note 15. As stated above, our mortgage requires a principal payment of $55.0 million due no later than July 1, 2018. We note that our plans and intentions to satisfy this obligation include sale and leaseback transactions, as well as potentially refinancing the mortgage. Additionally, our revolving credit facility, the entire balance of which is stated above, is due on July 15, 2018. As we have in the past, we expect to extend or refinance the revolving credit facility. However, there can be no assurance that we could extend or refinance our debt on terms that are favorable or acceptable to us, or at all.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report on Form 10-K”) for the year ended December 31, 2016 , as filed with the Securities and Exchange Commission.
New Accounting Standards	New Accounting Standards Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2018. We have elected to adopt the revenue recognition standard in the first quarter of 2018 with a cumulative adjustment to retained earnings. We have substantially completed our assessment of the new revenue recognition guidance. Based upon current interpretations, we do not anticipate the adoption of this standard to have a material impact on our financial statements, aside from adding expanded disclosures.
Earnings per Share	We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding unvested restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock awards, restricted stock units, performance shares, and stock options. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation for the quarter and year to date during fiscal 2017 include all outstanding options and performance shares, and an immaterial number of restricted stock units.
Deferred Gains on Sale and Leaseback Transactions	Deferred Gains on Sale and Leaseback Transactions We amortize deferred gains on the sale and leaseback of real property under operating leases over the lives of these leases. The amortization of these gains is recorded as a reduction to rent expense. We amortize the deferred gains on the sale and leaseback of real property under capital leases over the lease term in proportion to the amortization of the leased asset (i.e. on a straight-line basis) as a reduction of selling, general, and administrative expense. Amortization of all deferred gain was immaterial for the three and six months ended July 1, 2017 . Upon adoption of ASU 2016-02, “Leases,” which we plan to adopt effective in the first quarter of fiscal 2019, the transition provisions of this accounting standard will allow us to continue to amortize the deferred gains on sale-leaseback transactions currently classified as capital leases, while the remaining deferred gain of approximately $1.6 million at the transition date pertaining to the sole sale-leaseback transaction accounted for as an operating lease will be reclassified to stockholders’ equity at that date.

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jul. 01, 2017
Retirement Benefits [Abstract]
Schedule of net periodic pension cost for pension plans	The following table shows the components of net periodic pension cost (in thousands): Three Months Ended Six Months Ended July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 Service cost $ 183 $ 252 $ 366 $ 504 Interest cost on projected benefit obligation 1,178 1,271 2,356 2,542 Expected return on plan assets (1,584 ) (1,551 ) (3,168 ) (3,102 ) Amortization of unrecognized loss 268 223 536 447 Net periodic pension cost $ 45 $ 195 $ 90 $ 391

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)	6 Months Ended
	Jul. 01, 2017
Other Liabilities Disclosure [Abstract]
Schedule of non-current liabilities	The following table shows the components of other non-current liabilities (in millions): July 1, 2017 December 31, 2016 Capital leases - real estate $ 7.9 $ — Deferred gain on sale-leaseback transactions 11.2 — Capital leases - logistics equipment 7.0 8.6 Other 13.3 5.9 Total $ 39.4 $ 14.5

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Earnings per Share	The following table shows the computation of basic and diluted earnings per share (in thousands, except per share data): Three months ended Six months ended July 1, 2017 July 2, 2016 (1) July 1, 2017 July 2, 2016 (1) Net income (loss) $ 3,238 $ (3,144 ) $ 3,822 $ (9,289 ) Basic weighted shares outstanding 9,055 8,895 9,011 8,886 Dilutive effect of share-based awards 135 — 130 — Diluted weighted average shares outstanding 9,190 8,895 9,141 8,886 Basic earnings (loss) per share $ 0.36 $ (0.35 ) $ 0.42 $ (1.05 ) Diluted earnings (loss) per share $ 0.35 $ (0.35 ) $ 0.42 $ (1.05 ) (1) Basic and diluted earnings per share are equivalent for the three and six months ended July 2, 2016 , due to net losses for those periods.

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jul. 01, 2017
Equity [Abstract]
Schedule of changes in accumulated balances for each component of other comprehensive income (loss)	The changes in balances for each component of Accumulated Other Comprehensive Loss for the six months ended July 1, 2017 , were as follows (in thousands): Foreign currency, net of tax Defined benefit pension plan, net of tax Other, net of tax Total Accumulated Other Comprehensive Loss December 31, 2016, beginning balance $ 660 $ (37,523 ) $ 212 $ (36,651 ) Other comprehensive income (loss), net of tax (1) 14 (56 ) — (42 ) July 1, 2017, ending balance, net of tax $ 674 $ (37,579 ) $ 212 $ (36,693 ) (1) For the six months ended July 1, 2017 , the actuarial loss recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as a component of net periodic pension cost was significantly offset by the effect of pension curtailment (see Note 2). There was no intraperiod income tax allocation and the deferred tax benefit was fully offset by a valuation allowance.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Apr. 01, 2019	Jul. 01, 2017	Dec. 31, 2016
Item Effected [Line Items]
Deferred gain		$ (11.2)	$ 0
Accounting Standards Update 2016-02 | Scenario, Forecast
Item Effected [Line Items]
Deferred gain	$ 1.6
Accounting Standards Update 2016-02 | Scenario, Forecast | Retained Earnings
Item Effected [Line Items]
Reclass to stockholder's equity	$ 1.6

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 01, 2017	Apr. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Retirement Benefits [Abstract]
Service cost	$ 183		$ 252	$ 366	$ 504
Interest cost on projected benefit obligation	1,178		1,271	2,356	2,542
Expected return on plan assets	(1,584)		(1,551)	(3,168)	(3,102)
Amortization of unrecognized loss	268		223	536	447
Net periodic pension cost	45		195	90	391
Pension benefit obligation decreased as a result of changes in valuation assumptions related to curtailment				1,500
Pension curtailment	592		$ 12,185	$ 592	$ 12,185
Multiemployer plan, withdrawal obligation		$ 4,500
Multiemployer plan, additional withdrawal obligation recorded	1,000
Multiemployer plan, additional withdrawal obligation expense recorded	$ 1,000	$ 4,500
Multiemployer plans, withdrawal obligation repayment period				20 years

Assets Held for Sale and Net 21

Assets Held for Sale and Net Gain on Disposition (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017USD ($)property	Jul. 02, 2016USD ($)	Jul. 01, 2017USD ($)property	Jul. 02, 2016USD ($)	Dec. 31, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	2		2		4
Number of properties sold | property			2
Gain disposition of property plant equipment | $	$ 0	$ 384	$ 6,700	$ 761
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, assets, current | $	$ 800		$ 800		$ 2,700

Fair Value Disclosure (Details)

Fair Value Disclosure (Details) $ in Millions	Jul. 01, 2017USD ($)
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage, fair value disclosure	$ 97.8
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage, fair value disclosure	$ 100.8

Other Non-Current Liabilities23

Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Other Liabilities, Noncurrent [Abstract]
Deferred gain on sale-leaseback transactions	$ 11,200	$ 0
Other	13,300	5,900
Total other non-current liabilities	39,432	14,496
Real estate
Other Liabilities, Noncurrent [Abstract]
Capital leases	7,900	0
Logistics equipment
Other Liabilities, Noncurrent [Abstract]
Capital leases	$ 7,000	$ 8,600

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Earnings Per Share [Abstract]
Net income (loss)	$ 3,238	$ (3,144)	$ 3,822	$ (9,289)
Basic weighted shares outstanding (in shares)	9,055	8,895	9,011	8,886
Dilutive effect of share-based awards (in shares)	135	0	130	0
Diluted weighted average shares outstanding (in shares)	9,190	8,895	9,141	8,886
Basic earnings per share (in dollars per share)	$ 0.36	$ (0.35)	$ 0.42	$ (1.05)
Diluted earnings per share (in dollars per share)	$ 0.35	$ (0.35)	$ 0.42	$ (1.05)

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ (29,841)
Other comprehensive income (loss), net of tax	$ (322)	$ (11,928)	(42)	$ (11,432)
Ending balance, net of tax	(25,395)		(25,395)
Foreign currency, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			660
Other comprehensive income (loss), net of tax			14
Ending balance, net of tax	674		674
Defined benefit pension plan, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(37,523)
Other comprehensive income (loss), net of tax			(56)
Ending balance, net of tax	(37,579)		(37,579)
Other, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			212
Other comprehensive income (loss), net of tax			0
Ending balance, net of tax	212		212
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(36,651)
Other comprehensive income (loss), net of tax			(42)
Ending balance, net of tax	$ (36,693)		$ (36,693)

Liquidity and ASU 2014-15 (Deta

Liquidity and ASU 2014-15 (Details) $ in Millions	Jul. 01, 2017USD ($)
Mortgages
Debt Instrument [Line Items]
Debt repayments of principal within the next twelve months	$ 55
Tranche A Loan
Debt Instrument [Line Items]
Debt repayments of principal within the next twelve months	2
United States | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit facility	231.3
Line of credit facility, remaining borrowing capacity	$ 74.2