Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 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 | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 479,318 | $ 476,049 | $ 1,381,927 | $ 1,459,386 |
Cost of sales | 418,773 | 415,999 | 1,206,402 | 1,284,354 |
Gross profit | 60,545 | 60,050 | 175,525 | 175,032 |
Operating expenses (income): | ||||
Selling, general, and administrative | 46,817 | 49,152 | 148,742 | 157,006 |
Gains from sales of property | 0 | (13,940) | (6,700) | (14,701) |
Depreciation and amortization | 2,249 | 2,220 | 6,865 | 7,091 |
Total operating expenses | 49,066 | 37,432 | 148,907 | 149,396 |
Operating income | 11,479 | 22,618 | 26,618 | 25,636 |
Non-operating expenses (income): | ||||
Interest expense | 5,670 | 6,105 | 16,280 | 19,562 |
Other income, net | 0 | (17) | (2) | (255) |
Income before provision for income taxes | 5,809 | 16,530 | 10,340 | 6,329 |
Provision for income taxes | 123 | 1,522 | 832 | 609 |
Net income | $ 5,686 | $ 15,008 | $ 9,508 | $ 5,720 |
Basic earnings per share (in dollars per share) | $ 0.63 | $ 1.69 | $ 1.05 | $ 0.64 |
Diluted earnings per share (in dollars per share) | $ 0.62 | $ 1.68 | $ 1.04 | $ 0.64 |
Comprehensive income (loss): | ||||
Net income | $ 5,686 | $ 15,008 | $ 9,508 | $ 5,720 |
Other comprehensive income (loss): | ||||
Foreign currency translation, net of tax | 0 | (29) | 14 | 277 |
Amortization of unrecognized pension loss, net of tax | 260 | 340 | 796 | 787 |
Pension curtailment, net of tax | 0 | 0 | (592) | (12,185) |
Total other comprehensive income (loss) | 260 | 311 | 218 | (11,121) |
Comprehensive income (loss) | $ 5,946 | $ 15,319 | $ 9,726 | $ (5,401) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 5,590 | $ 5,540 |
Receivables, less allowances of $2,738 and $2,733, respectively | 173,748 | 125,857 |
Inventories, net | 206,788 | 191,287 |
Other current assets | 21,063 | 23,126 |
Total current assets | 407,189 | 345,810 |
Property and equipment: | ||
Land and land improvements | 30,715 | 34,609 |
Buildings | 84,772 | 80,131 |
Machinery and equipment | 75,133 | 72,122 |
Construction in progress | 428 | 3,104 |
Property and equipment, at cost | 191,048 | 189,966 |
Accumulated depreciation | (105,846) | (101,644) |
Property and equipment, net | 85,202 | 88,322 |
Other non-current assets | 13,969 | 10,005 |
Total assets | 506,360 | 444,137 |
Current liabilities: | ||
Accounts payable | 97,606 | 82,735 |
Bank overdrafts | 21,641 | 21,696 |
Accrued compensation | 8,491 | 8,349 |
Current maturities of long-term debt, net of discount of $480 and $201, respectively | 54,521 | 29,469 |
Other current liabilities | 15,081 | 12,092 |
Total current liabilities | 197,340 | 154,341 |
Non-current liabilities: | ||
Long-term debt, net of discount of $1,766 and $2,544, respectively | 258,789 | 270,792 |
Pension benefit obligation | 31,452 | 34,349 |
Other non-current liabilities | 37,922 | 14,496 |
Total liabilities | 525,503 | 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 | 258,854 | 257,972 |
Accumulated other comprehensive loss | (36,433) | (36,651) |
Accumulated stockholders’ deficit | (241,655) | (251,252) |
Total stockholders’ deficit | (19,143) | (29,841) |
Total liabilities and stockholders’ deficit | $ 506,360 | $ 444,137 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2,738 | $ 2,733 |
Debt discount, current | 480 | 201 |
Debt discount, noncurrent | $ 1,766 | $ 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 | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (38,278) | $ (170) |
Cash flows from investing activities: | ||
Property and equipment investments | (241) | (511) |
Proceeds from sale of assets | 27,461 | 18,900 |
Net cash provided by investing activities | 27,220 | 18,389 |
Cash flows from financing activities: | ||
Repayments on revolving credit facilities | (288,841) | (399,283) |
Borrowings from revolving credit facilities | 329,936 | 401,963 |
Principal payments on mortgage | (28,976) | (26,041) |
Decrease in bank overdrafts | (55) | (1,733) |
Increase in cash released from escrow related to the mortgage | 1,490 | 9,118 |
Other, net | (2,446) | (2,347) |
Net cash provided by (used in) financing activities | 11,108 | (18,323) |
Increase (decrease) in cash | 50 | (104) |
Cash, beginning of period | 5,540 | 4,808 |
Cash, end of period | $ 5,590 | $ 4,704 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 on March 2, 2017. New Accounting Standards Revenue from Contracts with Customers. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits The following table shows the components of net periodic pension cost (in thousands): Three Months Ended Nine Months Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Service cost $ 133 $ 246 $ 499 $ 750 Interest cost on projected benefit obligation 1,153 1,179 3,509 3,721 Expected return on plan assets (1,684 ) (1,561 ) (4,852 ) (4,663 ) Amortization of unrecognized loss 260 340 796 787 Net periodic pension (credit) cost $ (138 ) $ 204 $ (48 ) $ 595 |
Assets Held for Sale and Net Ga
Assets Held for Sale and Net Gain on Disposition | 9 Months Ended |
Sep. 30, 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 that these properties were designated as “held for sale,” we ceased recognizing depreciation expense on these assets. As of September 30, 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 nine months ended September 30, 2017, two properties were sold, as further described below. As of September 30, 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 nine months ended September 30, 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 |
Fair Value Disclosure
Fair Value Disclosure | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , the carrying amount and fair value of our mortgage was $97.8 million and $100.4 million |
Other Non-Current Liabilities
Other Non-Current Liabilities | 9 Months Ended |
Sep. 30, 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 thousands): September 30, 2017 December 31, 2016 Capital leases - real estate $ 7,940 $ — Deferred gain on sale-leaseback transactions 10,945 — Capital leases - logistics equipment 6,930 8,559 Other 12,107 5,937 Total $ 37,922 $ 14,496 In the first quarter of 2017, we entered into three sale and leaseback transactions. Our capital lease - real estate obligations arose from sale-leaseback transactions on distribution centers located in Tampa, Florida and Ft. Worth, Texas. As a result of these transactions, we recognized a capital lease asset and obligation originally totaling $8.0 million on these properties. The remaining sale-leaseback property located in Miami, Florida, was classified as an operating lease. We originally recognized a total deferred gain of $13.7 million on these three sale-leaseback transactions, which will be amortized over the life of the applicable lease in the case of the capital leases; or, in the case of the operating lease, will be amortized over the life of the applicable lease until our adoption of ASC 842, at which time the remaining deferred gain will be reclassified as a decrease to stockholders’ deficit. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 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 or out-of-the-money 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, additionally, for year-to-date only, 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 Nine months ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Net income $ 5,686 $ 15,008 $ 9,508 $ 5,720 Basic weighted shares outstanding 9,079 8,900 9,033 8,891 Dilutive effect of share-based awards 164 30 152 72 Diluted weighted average shares outstanding 9,243 8,930 9,185 8,963 Basic earnings per share $ 0.63 $ 1.69 $ 1.05 $ 0.64 Diluted earnings per share $ 0.62 $ 1.68 $ 1.04 $ 0.64 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive income is a measure of income which includes both net income and other comprehensive income. Other comprehensive income results from items deferred from recognition into our Consolidated Statements of Income 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 nine months ended September 30, 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, net of tax (1) 14 204 — 218 September 30, 2017, ending balance, net of tax $ 674 $ (37,319 ) $ 212 $ (36,433 ) (1) For the nine months ended September 30, 2017, the actuarial loss recognized in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) as a component of net periodic pension cost of $0.8 million (see Note 2), was partially offset by the effect of fiscal second quarter pension curtailment of $0.6 million |
Liquidity and ASU 2014-15
Liquidity and ASU 2014-15 | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Liquidity and ASU 2014-15 | Liquidity and ASU 2014-15 As of September 30, 2017 , we had outstanding borrowings of $217.7 million and excess availability of $82.7 million under the terms of the prior revolving credit facility, including the Tranche A Loan (together, the “prior revolving credit facility”), based on qualifying inventory and accounts receivable. We replaced the prior revolving credit facility on October 10, 2017, as further described in Note 9. A portion of our debt is classified as “Current maturities of long-term debt” on our Condensed Consolidated Balance Sheet as of September 30, 2017 , since it is due within the next twelve months. This amount consists of a $55.0 million principal reduction of our mortgage, which is due by July 1, 2018. 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 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 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event We entered into a Credit Agreement, dated as of October 10, 2017, by and among us, certain of our subsidiaries, as borrowers or guarantors; Wells Fargo Bank, National Association, in its capacity as administrative agent; and certain other financial institutions party thereto (the “Credit Agreement”). The Credit Agreement provides for a senior secured revolving loan and letter of credit facility of up to $335.0 million and an uncommitted accordion feature that permits us to increase the facility by an aggregate additional principal amount of up to $75.0 million , subject to certain conditions, including lender consent. The maturity date of the Credit Agreement is October 10, 2022. The Credit Agreement replaced our previous $335.0 million secured revolving credit facility, which consisted of a revolving loan facility of up to $335.0 million and a Tranche A revolving loan facility of up to $16.0 million |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 |
New Accounting Standards | New Accounting Standards Revenue from Contracts with Customers. |
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 or out-of-the-money 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, additionally, for year-to-date only, an immaterial number of restricted stock units. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Service cost $ 133 $ 246 $ 499 $ 750 Interest cost on projected benefit obligation 1,153 1,179 3,509 3,721 Expected return on plan assets (1,684 ) (1,561 ) (4,852 ) (4,663 ) Amortization of unrecognized loss 260 340 796 787 Net periodic pension (credit) cost $ (138 ) $ 204 $ (48 ) $ 595 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of non-current liabilities | The following table shows the components of other non-current liabilities (in thousands): September 30, 2017 December 31, 2016 Capital leases - real estate $ 7,940 $ — Deferred gain on sale-leaseback transactions 10,945 — Capital leases - logistics equipment 6,930 8,559 Other 12,107 5,937 Total $ 37,922 $ 14,496 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, 2017 October 1, 2016 September 30, 2017 October 1, 2016 Net income $ 5,686 $ 15,008 $ 9,508 $ 5,720 Basic weighted shares outstanding 9,079 8,900 9,033 8,891 Dilutive effect of share-based awards 164 30 152 72 Diluted weighted average shares outstanding 9,243 8,930 9,185 8,963 Basic earnings per share $ 0.63 $ 1.69 $ 1.05 $ 0.64 Diluted earnings per share $ 0.62 $ 1.68 $ 1.04 $ 0.64 |
Accumulated Other Comprehensi19
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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, net of tax (1) 14 204 — 218 September 30, 2017, ending balance, net of tax $ 674 $ (37,319 ) $ 212 $ (36,433 ) (1) For the nine months ended September 30, 2017, the actuarial loss recognized in the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) as a component of net periodic pension cost of $0.8 million (see Note 2), was partially offset by the effect of fiscal second quarter pension curtailment of $0.6 million |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 133 | $ 246 | $ 499 | $ 750 |
Interest cost on projected benefit obligation | 1,153 | 1,179 | 3,509 | 3,721 |
Expected return on plan assets | (1,684) | (1,561) | (4,852) | (4,663) |
Amortization of unrecognized loss | 260 | 340 | 796 | 787 |
Net periodic pension (credit) cost | $ (138) | $ 204 | $ (48) | $ 595 |
Assets Held for Sale and Net 21
Assets Held for Sale and Net Gain on Disposition (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)property | Oct. 01, 2016USD ($) | Sep. 30, 2017USD ($)property | Oct. 01, 2016USD ($) | 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 | $ 13,940 | $ 6,700 | $ 14,701 | |
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 | Sep. 30, 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 | $ 100.4 |
Other Non-Current Liabilities23
Other Non-Current Liabilities (Details) $ in Thousands | Sep. 30, 2017USD ($) | Apr. 01, 2017USD ($)property | Dec. 31, 2016USD ($) |
Other Liabilities, Noncurrent [Abstract] | |||
Deferred gain on sale-leaseback transactions | $ 10,945 | $ 0 | |
Other | 12,107 | 5,937 | |
Total other non-current liabilities | 37,922 | 14,496 | |
Number of properties in sale-leaseback arrangement | property | 3 | ||
Capital lease obligations | $ 8,000 | ||
Sale leaseback transaction, deferred gain, gross | $ 13,700 | ||
Real estate | |||
Other Liabilities, Noncurrent [Abstract] | |||
Capital leases | 7,940 | 0 | |
Logistics equipment | |||
Other Liabilities, Noncurrent [Abstract] | |||
Capital leases | $ 6,930 | $ 8,559 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 5,686 | $ 15,008 | $ 9,508 | $ 5,720 |
Basic weighted shares outstanding (in shares) | 9,079 | 8,900 | 9,033 | 8,891 |
Dilutive effect of share-based awards (in shares) | 164 | 30 | 152 | 72 |
Diluted weighted average shares outstanding (in shares) | 9,243 | 8,930 | 9,185 | 8,963 |
Basic earnings per share (in dollars per share) | $ 0.63 | $ 1.69 | $ 1.05 | $ 0.64 |
Diluted earnings per share (in dollars per share) | $ 0.62 | $ 1.68 | $ 1.04 | $ 0.64 |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jul. 01, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | $ (29,841) | ||||
Other comprehensive income (loss), net of tax | $ 260 | $ 311 | 218 | $ (11,121) | |
Ending balance, net of tax | (19,143) | (19,143) | |||
Amortization of unrecognized pension loss, net of tax | 260 | 340 | 796 | 787 | |
Pension curtailment, net of tax | 0 | $ 600 | $ 0 | 592 | $ 12,185 |
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 | 204 | ||||
Ending balance, net of tax | (37,319) | (37,319) | |||
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 | 218 | ||||
Ending balance, net of tax | $ (36,433) | $ (36,433) |
Liquidity and ASU 2014-15 (Deta
Liquidity and ASU 2014-15 (Detail) $ in Millions | Sep. 30, 2017USD ($) |
Mortgages | |
Debt Instrument [Line Items] | |
Debt repayments of principal within the next twelve months | $ 55 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Long-term line of credit facility | 217.7 |
Line of credit facility, remaining borrowing capacity | $ 82.7 |
Subsequent Event (Details)
Subsequent Event (Details) - Wells Fargo Bank - Line of Credit - USD ($) | Oct. 10, 2017 | Aug. 04, 2006 |
Revolving Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 335,000,000 | |
Tranche A Loan | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 16,000,000 | |
Subsequent Event | Letter of Credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 335,000,000 | |
Subsequent Event | Revolving Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility, additional borrowing capacity under uncommitted accordion feature | $ 75,000,000 |