Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 28, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | |
Class A [Member] | Class B [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'atx | ' | ' |
Entity Registrant Name | 'COSTA INC | ' | ' |
Entity Central Index Key | '0000025793 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,388,835 | 1,804,800 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $63,876 | $27,120 |
Short-term investments | 292 | 227 |
Accounts receivable, gross | 12,268 | 33,510 |
Allowance for doubtful accounts | -208 | -633 |
Accounts receivable, net | 12,060 | 32,877 |
Inventories | 17,900 | 38,020 |
Deferred income taxes | 2,631 | 3,417 |
Other current assets | 2,766 | 8,072 |
Total Current Assets | 99,525 | 109,733 |
Property, plant and equipment, gross | 10,079 | 112,901 |
Accumulated depreciation | -5,750 | -98,525 |
Property, Plant and Equipment, Net | 4,329 | 14,376 |
Goodwill | 15,279 | 15,279 |
Intangibles, Net | 7,828 | 8,606 |
Deferred Income Taxes | 4,114 | 11,570 |
Other Assets | 1,031 | 1,775 |
Total Assets | 132,106 | 161,339 |
Current Liabilities | ' | ' |
Accounts payable, accrued expenses and other liabilities | 5,853 | 26,399 |
Line of credit | 15,000 | 15,000 |
Accrued compensation and related taxes | 5,378 | 8,132 |
Retirement plan obligations | 2,360 | 2,731 |
Income taxes payable | 211 | 567 |
Total Current Liabilities | 28,802 | 52,829 |
Retirement Plan Obligations | 18,095 | 19,808 |
Other Long-Term Liabilities | 1,157 | 3,624 |
Commitments and Contingencies (Note L) | ' | ' |
Total Liabilities | 48,054 | 76,261 |
Shareholders' Equity | ' | ' |
Additional paid-in capital | 36,073 | 32,309 |
Retained earnings | 95,155 | 100,666 |
Accumulated other comprehensive loss | -16,073 | -19,852 |
Treasury stock, at cost | -52,534 | -49,027 |
Total Shareholders' Equity | 84,052 | 85,078 |
Total Liabilities and Shareholders' Equity | 132,106 | 161,339 |
Class A [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | 19,626 | 19,177 |
Class B [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | $1,805 | $1,805 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Class A [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,626,000 | 19,177,000 |
Common stock, shares outstanding | 11,386,000 | 11,163,000 |
Class B [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 1,805,000 | 1,805,000 |
Common stock, shares outstanding | 1,805,000 | 1,805,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Net sales | $24,569 | $19,449 | $80,824 | $66,952 |
Cost of goods sold | 10,156 | 7,978 | 33,187 | 27,493 |
Gross Profit | 14,413 | 11,471 | 47,637 | 39,459 |
Selling, general and administrative expenses | 12,328 | 8,722 | 33,648 | 27,049 |
Service and distribution costs | 1,519 | 1,063 | 4,000 | 3,225 |
Research and development expenses | 373 | 255 | 1,106 | 813 |
Operating Income | 193 | 1,431 | 8,883 | 8,372 |
Interest and other expense | -128 | -102 | -404 | -522 |
Interest and Other Expense | -128 | -102 | -404 | -522 |
Income from Continuing Operations Before Income Taxes | 65 | 1,329 | 8,479 | 7,850 |
Income tax provision | 240 | 432 | 3,123 | 2,597 |
(Loss) Income from Continuing Operations | -175 | 897 | 5,356 | 5,253 |
(Loss) Income from Discontinued Operations, Net of Tax | -10,064 | 1,142 | -10,867 | 1,985 |
Net (Loss) Income | ($10,239) | $2,039 | ($5,511) | $7,238 |
Basic: | ' | ' | ' | ' |
Continuing Operations | ($0.01) | $0.07 | $0.43 | $0.43 |
Discontinued Operations | ($0.81) | $0.09 | ($0.88) | $0.16 |
Net (Loss) Income Per Share | ($0.82) | $0.16 | ($0.45) | $0.59 |
Diluted: | ' | ' | ' | ' |
Continuing Operations | ($0.01) | $0.07 | $0.40 | $0.40 |
Discontinued Operations | ($0.81) | $0.08 | ($0.82) | $0.16 |
Net (Loss) Income Per Share | ($0.82) | $0.15 | ($0.42) | $0.56 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Denominator for Basic Net Income Per Share | 12,501 | 12,729 | 12,359 | 12,357 |
Effect of dilutive securities | ' | 597 | 907 | 621 |
Denominator for Diluted Net Income Per Share | 12,501 | 13,326 | 13,266 | 12,978 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net (Loss) Income | ($10,239) | $2,039 | ($5,511) | $7,238 |
Other Comprehensive (Loss) Income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 2,858 | 311 | 2,046 | 391 |
Unrealized gain on interest rate swap, net of tax | 9 | 13 | 57 | 28 |
Pension liability adjustment, net of tax | ' | -20 | 1,676 | 10 |
Comprehensive (Loss) Income | ($7,372) | $2,343 | ($1,732) | $7,667 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash (Used in) Provided by Operating Activities: | ' | ' |
Net (Loss) Income | ($5,511) | $7,238 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation | 3,608 | 3,813 |
Amortization | 534 | 554 |
Amortization of deferred gain | -2,216 | -391 |
Loss on sale of assets | 2,053 | ' |
Provision for bad debts | 234 | -177 |
Deferred income taxes | 5,455 | -320 |
Stock-based compensation and directors' fees | 4,790 | 1,076 |
Excess tax benefit from stock-based awards | -2,755 | -644 |
Unrealized gain on short-term investments | ' | -10 |
Unrealized (gain) loss on foreign exchange contracts | ' | 137 |
Unrealized foreign currency transaction gain | -108 | -71 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 6,351 | 337 |
Inventories | -10,405 | -2,668 |
Other assets | 1,081 | 895 |
Accounts payable | -6,463 | -1,727 |
Other liabilities | -4,382 | -3,890 |
Net Cash (Used in) Provided By Operating Activities | -7,734 | 4,152 |
Cash Provided by (Used in) Investing Activities: | ' | ' |
Purchases of short-term investments | -128 | -23,042 |
Sales of short-term investments | 63 | 22,826 |
Proceeds from sale of Assets | 50,424 | ' |
Additions to property, plant and equipment | -4,046 | -4,203 |
Additions to trademarks and patents | -173 | -265 |
Net Cash Provided by (Used in) Investing Activities | 46,140 | -4,684 |
Cash Used in Financing Activities: | ' | ' |
Borrowing on long-term debt | ' | 3,000 |
Repayment of long-term debt | ' | -7,221 |
Excess tax benefit from stock-based awards | 2,755 | 644 |
Repurchase of share-based awards to satisfy tax withholdings | -1,162 | ' |
Proceeds from sale of Class A common stock, net | 90 | 320 |
Purchase of treasury stock | -3,113 | -2,198 |
Net Cash Used in Financing Activities | -1,430 | -5,455 |
Effect of exchange rate changes on cash and cash equivalents | -220 | 595 |
Increase (Decrease) in Cash and Cash Equivalents | 36,756 | -5,392 |
Cash and cash equivalents at beginning of period | 27,120 | 25,991 |
Cash and Cash Equivalents at End of Period | 63,876 | 20,599 |
SUPPLEMENTAL INFORMATION | ' | ' |
Income taxes paid, net | 1,236 | 1,490 |
Interest paid | $322 | $371 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
NOTE A - Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to present fairly the financial position as of September 28, 2013, the results of operations and comprehensive income (loss) for the three-month and nine-month periods ended September 28, 2013 and September 29, 2012, and the cash flows for the nine-month periods ended September 28, 2013 and September 29, 2012. The results of operations for the nine-month period ended September 28, 2013 are not necessarily indicative of the results to be expected for the full year. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated to the date of issuance of these financial statements. These financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 29, 2012, which includes consolidated financial statements and notes thereto for the years ended December 29, 2012, December 31, 2011 and January 1, 2011. The Company operates on a 52/53 week fiscal year, ending on the Saturday closest to December 31, and consists of 13 week fiscal quarters. | |
Subsequent to the September 6, 2013 divestiture of the Cross Accessory Division (“CAD”), the A. T. Cross Company renamed itself Costa Inc. (“the Company”). Costa Inc. trades on the NASDAQ stock exchange under the ticker symbol ATX. The Company now operates as one segment in the competitive sunglass business. The Company designs, manufactures and markets high-quality, high-performance polarized sunglasses under the brand names Costa and Native. The Company typically records its highest sales and operating income in the second quarter of the fiscal year. | |
Inventory
Inventory | 9 Months Ended | |||||
Sep. 28, 2013 | ||||||
Inventory [Abstract] | ' | |||||
Inventory | ' | |||||
NOTE B - Inventory | ||||||
The Company’s inventories are valued at the lower of cost or market. Cost is determined using the first in, first out method. The components of inventory are as follows: | ||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||
2013 | 2012 | |||||
Finished goods | $ | 8,779 | $ | 26,182 | ||
Work in process | 23 | 3,512 | ||||
Raw materials | 9,098 | 8,326 | ||||
$ | 17,900 | $ | 38,020 | |||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE C - Income Taxes from Continuing Operations | |
In the first nine months of 2013 the effective tax rate from continuing operations was 36.8%. In the first nine months of 2012 the effective tax rate from continuing operations was 33.1%. | |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
NOTE D – Discontinued Operations | ||||||||||||
On September 6, 2013, the Company completed the sale of its Cross Accessory Division to a newly-formed affiliate of Clarion Capital Partners, LLC (the "Purchaser"). In accordance with the agreement, dated July 13, 2013, the Purchaser assumed substantially all of the liabilities associated with the CAD Business, except those related to the U.S. defined benefit pension plan, certain pre-closing environmental matters and certain other liabilities, which were retained by the Company. Under the terms of the Asset Purchase Agreement the purchase price is subject to a post-closing adjustment for the final working capital sold. | ||||||||||||
The operating results of CAD, prior to the sale are reported within (loss) income from discontinued operations, net of tax, in the consolidated statement of income. The assets and liabilities sold with the business are listed below. | ||||||||||||
The following table sets forth summary information relating to Cross Accessory Division: | ||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | ||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net Sales | $ | 12,447 | $ | 23,946 | $ | 54,096 | $ | 67,196 | ||||
Operating (loss) income before income taxes | -3,295 | 1,170 | -3,605 | 2,203 | ||||||||
Loss on disposal of assets | -185 | - | -185 | - | ||||||||
Income tax provision on discontinued operations | 6,584 | 28 | 7,077 | 218 | ||||||||
(Loss) Income from Discontinued Operations | $ | -10,064 | $ | 1,142 | $ | -10,867 | $ | 1,985 | ||||
There was $2.9 million of cumulative translation losses which were reclassified from accumulated other comprehensive income to the income statement as part of the loss from discontinued operations. | ||||||||||||
The CAD assets and liabilities that were sold represent those reported as the CAD segment of the Company’s financial statements and were as follows: | ||||||||||||
(THOUSANDS OF DOLLARS) | ||||||||||||
Accounts Receivable | $ | 13,499 | ||||||||||
Inventory | 29,982 | |||||||||||
PP&E | 10,448 | |||||||||||
Other Assets | 6,493 | |||||||||||
Accounts payable, accrued expenses and other | -14,495 | |||||||||||
Other Liabilities | -988 | |||||||||||
Net Assets | $ | 44,939 | ||||||||||
Warranty_Costs
Warranty Costs | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||
Warranty Costs [Abstract] | ' | |||||||||||||||||||||
Warranty Costs | ' | |||||||||||||||||||||
NOTE E - Warranty Costs | ||||||||||||||||||||||
Costa and Native sunglasses are sold with a lifetime warranty against defects in materials and workmanship. Estimated warranty costs are accrued at the time of sale. The most significant factors in the estimation of warranty cost liabilities include the operating efficiency and related cost of the repair department, unit sales and the number of units that are eventually returned for warranty repair. The current portion of accrued warranty costs was $0.2 million at September 28, 2013 and December 29, 2012, and was recorded in accounts payable, accrued expenses and other liabilities. The following chart reflects the activity in aggregate accrued warranty costs: | ||||||||||||||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Accrued Warranty Costs - Beginning of Period | $ | 1,728 | $ | 1,887 | $ | 1,712 | $ | 1,892 | ||||||||||||||
Warranty costs paid | -106 | -67 | -369 | -205 | ||||||||||||||||||
Warranty costs accrued | 255 | 28 | 534 | 161 | ||||||||||||||||||
Warranty liability sold | -1,249 | - | -1,249 | - | ||||||||||||||||||
Accrued Warranty Costs - End of Period | $ | 628 | $ | 1,848 | $ | 628 | $ | 1,848 | ||||||||||||||
Line_Of_Credit
Line Of Credit | 9 Months Ended |
Sep. 28, 2013 | |
Line Of Credit [Abstract] | ' |
Line Of Credit | ' |
NOTE F - Line of Credit | |
The Company maintains a $40 million revolving line of credit with Bank of America, N.A. (the “Bank”). Under the line of credit agreement, the Bank agreed to make loans to the Company in an aggregate amount not to exceed $40 million, including up to $10 million equivalent in Eurocurrency loans denominated in pounds sterling or Euro (“Eurocurrency Loans”) and up to $30 million of other committed loans to the Company (“Committed Loans”) at any time. As part of the aggregate availability, the Bank may also issue up to $7.5 million in letters of credit. Subject to the limits on availability and the other terms and conditions of this credit agreement, amounts may be borrowed, repaid and reborrowed without penalty. This credit facility has a maturity date of and amounts outstanding have to be paid by December 31, 2013. | |
The interest rate for the Committed Loans will be, at the Company's option, either (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin or (ii) the higher of the federal funds rate plus 50 basis points or the Bank's prime rate plus an applicable margin. The interest rate for any Eurocurrency Loans will be an interest settlement rate for deposits in pounds sterling or Euro plus an applicable margin. The applicable margin for LIBOR and Eurocurrency loans will be an amount between 1.75% and 2.25%, and the applicable margin for federal funds or the Bank's prime rate will be an amount between 0.25% and 0.75%, which will vary from time to time based upon the Company's consolidated leverage ratio. | |
Under the line of credit agreement, the Company has agreed to comply with certain affirmative and negative covenants. The most restrictive covenant requires the Company to maintain a maximum ratio of consolidated funded indebtedness to consolidated adjusted EBITDA over any four-quarter period. The agreement requires the Company to maintain a minimum consolidated tangible net worth, computed at each year end, a maximum level of capital expenditures, each of which is calculated in accordance with the agreement. Amounts due under the credit agreement are guaranteed by certain domestic subsidiaries of the Company. Amounts due are also secured by a pledge of the assets of the Company and those of certain of its domestic subsidiaries. | |
At September 28, 2013, the outstanding balance of the Company's line of credit was $15.0 million, bearing an interest rate of approximately 2.0%, and the unused and available portion, according to the terms of the agreement, was $25.0 million. At December 29, 2012, the outstanding balance of the Company's line of credit was $15.0 million, bearing an interest rate of approximately 2.0%, and the unused and available portion, according to the terms of the agreement, was $25.0 million. | |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||
Employee Benefit Plans | ' | |||||||||||
NOTE G - Employee Benefit Plans | ||||||||||||
The following table illustrates the components of net periodic benefit cost: | ||||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | 59 | $ | 12 | $ | 176 | $ | 37 | ||||
Interest cost | 500 | 561 | 1,500 | 1,681 | ||||||||
Expected return on plan assets | -709 | -578 | -2,128 | -1,732 | ||||||||
Amortization of unrecognized loss | 449 | 287 | 1,349 | 863 | ||||||||
Amortization of prior service cost | 3 | 3 | 9 | 9 | ||||||||
Net Periodic Benefit Cost | $ | 302 | $ | 285 | $ | 906 | $ | 858 | ||||
The Company contributed $1.8 million to its defined benefit pension plans in the first nine months of 2013. The Company expects to contribute a total of $2.3 million to its defined benefit pension plans in 2013. Additionally, the Company expects to contribute $0.6 million to its defined contribution retirement plans in 2013. | ||||||||||||
In the second quarter of 2013, the Company settled a defined benefit pension plan that covered certain employees of its former manufacturing facility in Ireland. The Company incurred approximately $1.4 million in non-cash charges that are included in discontinued operations. | ||||||||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | |||||||||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||||||||
NOTE H - Goodwill and Other Intangible Assets | ||||||||||||||||||
Goodwill and indefinite-lived intangible assets are not amortized but are subject to annual impairment tests, more frequently if events or circumstances occur that would indicate a potential decline in their fair value. The Company performs the assessments annually during the fourth quarter or on an interim basis if potential impairment indicators arise. The fair value of the reporting unit's goodwill is determined using established income and market valuation approaches and the fair value of other indefinite-lived intangible assets, consisting of two trade names, is determined using a forward relief from royalty method. For further discussion about impairment analysis, see the "Impairment Analysis" section of Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our Form 10-K for the fiscal year ended December 29, 2012. | ||||||||||||||||||
At September 28, 2013 and December 29, 2012, the approximate $15.3 million carrying value of goodwill, $11.9 million of which is expected to be tax deductible. Other intangibles consisted of the following: | ||||||||||||||||||
(THOUSANDS OF DOLLARS) | 28-Sep-13 | 29-Dec-12 | ||||||||||||||||
GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | OTHER INTANGIBLES, NET | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | OTHER INTANGIBLES, NET | |||||||||||||
Amortized: | ||||||||||||||||||
Trademarks | $ | 250 | $ | 160 | $ | 90 | $ | 9,542 | $ | 9,163 | $ | 379 | ||||||
Patents | 323 | 165 | 158 | 3,642 | 3,334 | 308 | ||||||||||||
Customer relationships | 3,170 | 2,490 | 680 | 3,170 | 2,151 | 1,019 | ||||||||||||
$ | 3,743 | $ | 2,815 | $ | 928 | $ | 16,354 | $ | 14,648 | $ | 1,706 | |||||||
Not Amortized: | ||||||||||||||||||
Trade names | 6,900 | 6,900 | ||||||||||||||||
Intangibles, Net | $ | 7,828 | $ | 8,606 | ||||||||||||||
Amortization expense for the three and nine month periods ended September 28, 2013 was approximately $0.1 million and $0.5 million, respectively. The estimated future amortization expense for other intangibles remaining as of September 28, 2013 is as follows: | ||||||||||||||||||
(THOUSANDS OF DOLLARS) | 2013 | 2014 | 2015 | 2016 | 2017 | THEREAFTER | ||||||||||||
$ 158 | $ 518 | $ 165 | $ 47 | $ 38 | $ 2 | |||||||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||
NOTE I - Financial Instruments | ||||||||||||||||||||||||
The Company is exposed to market risks arising from adverse changes in foreign exchange and interest rates. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of derivatives. Certain derivatives are designated as cash flow hedges and qualify for hedge accounting treatment, while others do not qualify and are marked to market through earnings. Gains or losses from derivatives used to manage foreign exchange are classified as selling, general and administrative expenses. | ||||||||||||||||||||||||
For cash flow hedges, changes in fair value are deferred in accumulated other comprehensive loss within shareholders' equity until the underlying hedged item is recognized in net income. For fair value hedges, changes in fair value are recognized immediately in earnings, consistent with the underlying hedged item. Hedging transactions are limited to an underlying exposure. As a result, any change in the value of the derivative instruments would be substantially offset by an opposite change in the value of the underlying hedged items. Hedging ineffectiveness and a net earnings impact occur when the change in the value of the hedge does not offset the change in the value of the underlying hedged item. Ineffectiveness of the Company's hedges is not material. If the derivative instrument is terminated, the Company continues to defer the related gain or loss and include it as a component of the cost of the underlying hedged item. Upon determination that the underlying hedged item will not be part of an actual transaction, the Company recognizes the related gain or loss in the statement of income immediately. | ||||||||||||||||||||||||
The Company also uses derivatives that do not qualify for hedge accounting treatment. The Company accounts for such derivatives at market value with the resulting gains and losses reflected in the statements of income. | ||||||||||||||||||||||||
The Company enters into arrangements with one financial institution that it believes is creditworthy and generally settles such arrangements on a net basis. In addition, the Company performs a quarterly assessment of counterparty credit risk, including a review of credit ratings, credit default swap rates and potential nonperformance of the counterparty. Based on the most recent quarterly assessment of counterparty credit risk, the Company considers this risk to be low. | ||||||||||||||||||||||||
Foreign Exchange | ||||||||||||||||||||||||
The Company enters into derivatives, primarily forward foreign exchange contracts with terms of no more than one year, to manage risk associated with exposure to certain foreign currency denominated balance sheet positions, primarily intercompany accounts receivable. Gains or losses resulting from the translation of certain foreign currency balance sheet positions are recognized in the statement of operations as incurred. Foreign currency derivatives had a total notional value of $0 as of September 28, 2013 and $24.6 million as of December 29, 2012. Gains and losses on the derivatives were generally offset by changes in U.S. dollar value of the underlying hedged items. | ||||||||||||||||||||||||
Interest Rates | ||||||||||||||||||||||||
In 2010, the Company entered into a forward interest rate swap agreement with an initial notional amount of $15.0 million and a term of three years. This swap effectively fixed the interest rate on a portion of the Company’s line of credit at approximately 1.2%. The item being hedged was the first interest payment to be made on $15.0 million of principal expected to occur each month beginning March 31, 2011. The Company measures hedge ineffectiveness using the “hypothetical” derivative method. This swap was designated a cash flow hedge and the effect of the mark-to-market valuation is recorded as an adjustment, net of tax, to accumulated other comprehensive loss. The interest rate swap expired July 28, 2013. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||||||||
Level 2 | Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |||||||||||||||||||||||
Level 3 | Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. | |||||||||||||||||||||||
The fair values of our financial assets and liabilities are categorized as follows: | ||||||||||||||||||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||||||
Assets: | ||||||||||||||||||||||||
Money market funds (A) | $ | 56,002 | $ | - | $ | - | $ | 56,002 | $ | 705 | $ | - | $ | - | $ | 705 | ||||||||
Short-term investments (B) | 292 | - | - | 292 | 227 | - | - | 227 | ||||||||||||||||
Derivatives not designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts (C) | - | - | - | - | - | 257 | - | 257 | ||||||||||||||||
$ | 56,294 | $ | - | $ | - | $ | 56,294 | $ | 932 | $ | 257 | $ | - | $ | 1,189 | |||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivatives designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps (D) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 87 | $ | - | $ | 87 | ||||||||
Derivatives not designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts (C) | - | - | - | - | - | 157 | - | 157 | ||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 244 | $ | - | $ | 244 | |||||||||
(A) Value is based on quoted market prices of identical instruments, fair value is included in cash and cash equivalents | ||||||||||||||||||||||||
(B) Value is based on quoted market prices of identical instruments | ||||||||||||||||||||||||
(C) Value is based on the present value of the forward rates less the contract rate multiplied by the notional amount, fair value is included in other current assets or accounts payable, accrued expenses and other liabilities | ||||||||||||||||||||||||
(D) Value is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, fair value is included in accounts payable, accrued expenses and other liabilities | ||||||||||||||||||||||||
Accounts receivable are recorded at net realizable value, which approximates fair value. Accounts payable, included in accounts payable, accrued expenses and other current liabilities, are recorded at historical cost, which approximates fair value due to the short-term nature of the liabilities. Line of credit is recorded at historical cost, which approximates fair value since the interest rate varies with prevailing market rates similar to level 2 categorized items. | ||||||||||||||||||||||||
The effective portion of the pre-tax gains (losses) on our derivative instruments for the three and nine month periods ended September 28, 2013 and September 29, 2012 are categorized in the following table: | ||||||||||||||||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fair Value / Non-designated Hedges: | ||||||||||||||||||||||||
Foreign exchange contracts (A) | $ | -8 | $ | -31 | $ | - | $ | -137 | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||
Effective portion recognized in other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Interest rate swaps | $ | 14 | $ | 57 | $ | 162 | $ | 152 | ||||||||||||||||
Effective portion reclassified from other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Interest rate swaps (B) | $ | -14 | $ | -36 | $ | -88 | $ | -108 | ||||||||||||||||
(A) | Included in discontinued operations | |||||||||||||||||||||||
(B) | Included in interest expense | |||||||||||||||||||||||
ShortTerm_Investments
Short-Term Investments | 9 Months Ended |
Sep. 28, 2013 | |
Short-Term Investments [Abstract] | ' |
Short-Term Investments | ' |
NOTE J - Short-Term Investments | |
At September 28, 2013, the Company had short-term investments of $0.3 million classified as trading securities. Realized and unrealized gains or losses on these short-term investments are included in other income. The amount of unrealized gain on these short-term investments was not material at September 28, 2013. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
NOTE K - New Accounting Pronouncements | |
In September 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplified how companies test goodwill for impairment. The ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in the goodwill accounting standard. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted this pronouncement in 2012. In July 2012, the FASB issued an ASU which expanded the scope of this valuation testing methodology to include all indefinite-lived assets and is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We do not expect this ASU to have a material effect on our financial position, results of operations or cash flows. | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” to amend Accounting Standards Codification Topic 220, “Comprehensive Income”. The amendment requires an entity to provide information about the amounts reclassified out of other comprehensive income by component. Entities are also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross reference to other disclosures required under US GAAP that provide additional details about those amounts. ASU 2013-02 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company has applied the requirements of ASU 2013-02 in the first quarter of 2013. | |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE L - Commitments and Contingencies | |
The Company was named as one of approximately ninety defendants in a contribution suit brought by CCL/Unilever relating to the J.M. Mills Landfill Site (the “Site”), which is part of the Peterson/Puritan Superfund Site in Cumberland, Rhode Island. These complaints alleged that the Company was liable under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") for contribution for Site investigation costs. The Company has reached settlement of the case and paid a settlement amount of approximately $0.2 million in 2010. | |
The Company expects that the Federal Environmental Protection Agency ("EPA") will select a remedy for the Site in 2014. At that time, the EPA will initiate an administrative process (the "Special Notice Process") pursuant to CERCLA whereby the EPA will request that those entities that the EPA contends arranged for the disposal of hazardous materials at the Site (the PRPs), undertake the selected remedy at the Site. The EPA contends that the Company is a PRP at the Site. During the Special Notice Process, the Company and the other PRPs will engage in negotiations with the EPA regarding the remedy, and among themselves regarding the contribution of each PRP to overall remediation costs. Neither the cost of the remedy nor the identity of all PRPs is known at this time. Therefore it is not possible to assess the outcome of the Special Notice Process as it may relate to the Company's contribution to remediation costs. | |
The Company is involved in various other litigation and legal matters that have arisen in the ordinary course of business. To its knowledge, management believes that the ultimate resolution of any of those existing matters will not have a material adverse effect on the Company's consolidated financial position or results of operations. | |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||
Sep. 28, 2013 | ||||||
Inventory [Abstract] | ' | |||||
Components Of Inventory | ' | |||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||
2013 | 2012 | |||||
Finished goods | $ | 8,779 | $ | 26,182 | ||
Work in process | 23 | 3,512 | ||||
Raw materials | 9,098 | 8,326 | ||||
$ | 17,900 | $ | 38,020 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||
Schedule Of Discontinued Operations, Financial Information | ' | |||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | ||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net Sales | $ | 12,447 | $ | 23,946 | $ | 54,096 | $ | 67,196 | ||||
Operating (loss) income before income taxes | -3,295 | 1,170 | -3,605 | 2,203 | ||||||||
Loss on disposal of assets | -185 | - | -185 | - | ||||||||
Income tax provision on discontinued operations | 6,584 | 28 | 7,077 | 218 | ||||||||
(Loss) Income from Discontinued Operations | $ | -10,064 | $ | 1,142 | $ | -10,867 | $ | 1,985 | ||||
There was $2.9 million of cumulative translation losses which were reclassified from accumulated other comprehensive income to the income statement as part of the loss from discontinued operations. | ||||||||||||
The CAD assets and liabilities that were sold represent those reported as the CAD segment of the Company’s financial statements and were as follows: | ||||||||||||
(THOUSANDS OF DOLLARS) | ||||||||||||
Accounts Receivable | $ | 13,499 | ||||||||||
Inventory | 29,982 | |||||||||||
PP&E | 10,448 | |||||||||||
Other Assets | 6,493 | |||||||||||
Accounts payable, accrued expenses and other | -14,495 | |||||||||||
Other Liabilities | -988 | |||||||||||
Net Assets | $ | 44,939 | ||||||||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||
Warranty Costs [Abstract] | ' | |||||||||||||||||||||
Schedule Of Activity Reflects In Aggregate Accrued Warranty Costs | ' | |||||||||||||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Accrued Warranty Costs - Beginning of Period | $ | 1,728 | $ | 1,887 | $ | 1,712 | $ | 1,892 | ||||||||||||||
Warranty costs paid | -106 | -67 | -369 | -205 | ||||||||||||||||||
Warranty costs accrued | 255 | 28 | 534 | 161 | ||||||||||||||||||
Warranty liability sold | -1,249 | - | -1,249 | - | ||||||||||||||||||
Accrued Warranty Costs - End of Period | $ | 628 | $ | 1,848 | $ | 628 | $ | 1,848 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | 59 | $ | 12 | $ | 176 | $ | 37 | ||||
Interest cost | 500 | 561 | 1,500 | 1,681 | ||||||||
Expected return on plan assets | -709 | -578 | -2,128 | -1,732 | ||||||||
Amortization of unrecognized loss | 449 | 287 | 1,349 | 863 | ||||||||
Amortization of prior service cost | 3 | 3 | 9 | 9 | ||||||||
Net Periodic Benefit Cost | $ | 302 | $ | 285 | $ | 906 | $ | 858 | ||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | |||||||||||||||||
Schedule Of Other Intangibles | ' | |||||||||||||||||
(THOUSANDS OF DOLLARS) | 28-Sep-13 | 29-Dec-12 | ||||||||||||||||
GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | OTHER INTANGIBLES, NET | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | OTHER INTANGIBLES, NET | |||||||||||||
Amortized: | ||||||||||||||||||
Trademarks | $ | 250 | $ | 160 | $ | 90 | $ | 9,542 | $ | 9,163 | $ | 379 | ||||||
Patents | 323 | 165 | 158 | 3,642 | 3,334 | 308 | ||||||||||||
Customer relationships | 3,170 | 2,490 | 680 | 3,170 | 2,151 | 1,019 | ||||||||||||
$ | 3,743 | $ | 2,815 | $ | 928 | $ | 16,354 | $ | 14,648 | $ | 1,706 | |||||||
Not Amortized: | ||||||||||||||||||
Trade names | 6,900 | 6,900 | ||||||||||||||||
Intangibles, Net | $ | 7,828 | $ | 8,606 | ||||||||||||||
Estimated Future Amortization Expense For Other Intangibles | ' | |||||||||||||||||
(THOUSANDS OF DOLLARS) | 2013 | 2014 | 2015 | 2016 | 2017 | THEREAFTER | ||||||||||||
$ 158 | $ 518 | $ 165 | $ 47 | $ 38 | $ 2 | |||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||||||||||||||
Fair Values Of Financial Assets And Liabilities | ' | |||||||||||||||||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||||||
Assets: | ||||||||||||||||||||||||
Money market funds (A) | $ | 56,002 | $ | - | $ | - | $ | 56,002 | $ | 705 | $ | - | $ | - | $ | 705 | ||||||||
Short-term investments (B) | 292 | - | - | 292 | 227 | - | - | 227 | ||||||||||||||||
Derivatives not designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts (C) | - | - | - | - | - | 257 | - | 257 | ||||||||||||||||
$ | 56,294 | $ | - | $ | - | $ | 56,294 | $ | 932 | $ | 257 | $ | - | $ | 1,189 | |||||||||
(THOUSANDS OF DOLLARS) | SEPTEMBER 28, | DECEMBER 29, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivatives designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps (D) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 87 | $ | - | $ | 87 | ||||||||
Derivatives not designated as | ||||||||||||||||||||||||
hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts (C) | - | - | - | - | - | 157 | - | 157 | ||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 244 | $ | - | $ | 244 | |||||||||
(A) Value is based on quoted market prices of identical instruments, fair value is included in cash and cash equivalents | ||||||||||||||||||||||||
(B) Value is based on quoted market prices of identical instruments | ||||||||||||||||||||||||
(C) Value is based on the present value of the forward rates less the contract rate multiplied by the notional amount, fair value is included in other current assets or accounts payable, accrued expenses and other liabilities | ||||||||||||||||||||||||
(D) Value is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, fair value is included in accounts payable, accrued expenses and other liabilities | ||||||||||||||||||||||||
Effective Portion Of Pre-Tax Gains (Losses) On Derivative Instruments | ' | |||||||||||||||||||||||
(THOUSANDS OF DOLLARS) | THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||||
SEPTEMBER 28, | SEPTEMBER 29, | SEPTEMBER 28, | SEPTEMBER 29, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fair Value / Non-designated Hedges: | ||||||||||||||||||||||||
Foreign exchange contracts (A) | $ | -8 | $ | -31 | $ | - | $ | -137 | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||
Effective portion recognized in other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Interest rate swaps | $ | 14 | $ | 57 | $ | 162 | $ | 152 | ||||||||||||||||
Effective portion reclassified from other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Interest rate swaps (B) | $ | -14 | $ | -36 | $ | -88 | $ | -108 | ||||||||||||||||
(A) | Included in discontinued operations | |||||||||||||||||||||||
(B) | Included in interest expense | |||||||||||||||||||||||
Inventory_Components_Of_Invent
Inventory (Components Of Inventory) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Finished goods | $8,779 | $26,182 |
Work in process | 23 | 3,512 |
Raw materials | 9,098 | 8,326 |
Inventories | $17,900 | $38,020 |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Income Taxes [Abstract] | ' | ' |
Percentage of effective tax rate | 36.80% | 33.10% |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Discontinued Operations [Abstract] | ' |
Reclassification from accumulated other comprehensive income, related to discontinued operations | $2.90 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Discontinued Operations, Income Statement Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Discontinued Operations [Abstract] | ' | ' | ' | ' |
Net sales | $12,447 | $23,946 | $54,096 | $67,196 |
Operating (loss) income before income taxes | -3,295 | 1,170 | -3,605 | 2,203 |
Gain (loss) on disposal of assets | -185 | ' | -185 | ' |
Income tax provision on discontinued operations | 6,584 | 28 | 7,077 | 218 |
(Loss) Income from discontinued operations | ($10,064) | $1,142 | ($10,867) | $1,985 |
Discontinued_Operations_Schedu1
Discontinued Operations (Schedule Of Discontinued Operations, Balance Sheet Information) (Details) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Discontinued Operations [Abstract] | ' |
Accounts Receivable | $13,499 |
Inventory | 29,982 |
PP&E | 10,448 |
Other Assets | 6,493 |
Accounts payable, accrued expenses and other | -14,495 |
Other Liabilities | -988 |
Net Assets | $44,939 |
Warranty_Costs_Narrative_Detai
Warranty Costs (Narrative) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Warranty Costs [Abstract] | ' | ' |
Accrued warranty costs, current | $0.20 | $0.20 |
Warranty_Costs_Schedule_Of_Act
Warranty Costs (Schedule Of Activity Reflects In Aggregate Accrued Warranty Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Warranty Costs [Abstract] | ' | ' | ' | ' |
Accrued Warranty Costs - Beginning of Period | $1,728 | $1,887 | $1,712 | $1,892 |
Warranty costs paid | -106 | -67 | -369 | -205 |
Warranty costs accrued | 255 | 28 | 534 | 161 |
Warranty liability sold | -1,249 | ' | -1,249 | ' |
Accrued Warranty Costs - End of Period | $628 | $1,848 | $628 | $1,848 |
Line_Of_Credit_Details
Line Of Credit (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity under credit facility | $40 | ' |
Expiration date of credit facility | 31-Dec-13 | ' |
Outstanding balance under credit facility | 15 | 15 |
Interest rate of credit facility | 2.00% | 2.00% |
Unused and available portion of credit facility | 25 | 25 |
Eurocurrency Loans [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity under credit facility | 10 | ' |
Committed Loans [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity under credit facility | 30 | ' |
Letters Of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity under credit facility | $7.50 | ' |
LIBOR [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument rate, minimum | 1.75% | ' |
Debt instrument rate, maximum | 2.25% | ' |
Federal Funds Rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument rate, minimum | 0.25% | ' |
Debt instrument rate, maximum | 0.75% | ' |
Federal Funds Rate [Member] | Committed Loans [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Basis spread on federal funds rate | 0.50% | ' |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2013 | Sep. 28, 2013 |
Employee Benefit Plans [Abstract] | ' | ' |
Employer contribution to defined benefit pension plans | ' | $1.80 |
Expected contribution to defined benefit pension plans | ' | 2.3 |
Expected contribution to defined contribution retirement plans | ' | 0.6 |
Defined benefit pension plan, settled | $1.40 | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Employee Benefit Plans [Abstract] | ' | ' | ' | ' |
Service cost | $59 | $12 | $176 | $37 |
Interest cost | 500 | 561 | 1,500 | 1,681 |
Expected return on plan assets | -709 | -578 | -2,128 | -1,732 |
Amortization of unrecognized loss | 449 | 287 | 1,349 | 863 |
Amortization of prior service cost | 3 | 3 | 9 | 9 |
Net Periodic Benefit Cost | $302 | $285 | $906 | $858 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Goodwill and Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Carrying value of goodwill | $15,279,000 | $15,279,000 | ' | $15,279,000 |
Amortization expense for other intangible assets | 100,000 | 534,000 | 554,000 | ' |
Cross Optical Group [Member] | ' | ' | ' | ' |
Goodwill and Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Number of trade names | ' | 2 | ' | ' |
Goodwill expected to be tax deductible | $11,900,000 | $11,900,000 | ' | $11,900,000 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Other Intangibles) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
GROSS CARRYING AMOUNT, Amortized | $3,743 | $16,354 |
ACCUMULATED AMORTIZATION, Amortized | 2,815 | 14,648 |
OTHER INTANGIBLES, NET, Amortized | 928 | 1,706 |
OTHER INTANGIBLES, NET | 7,828 | 8,606 |
Trademarks [Member] | ' | ' |
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
GROSS CARRYING AMOUNT, Amortized | 250 | 9,542 |
ACCUMULATED AMORTIZATION, Amortized | 160 | 9,163 |
OTHER INTANGIBLES, NET, Amortized | 90 | 379 |
Patents [Member] | ' | ' |
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
GROSS CARRYING AMOUNT, Amortized | 323 | 3,642 |
ACCUMULATED AMORTIZATION, Amortized | 165 | 3,334 |
OTHER INTANGIBLES, NET, Amortized | 158 | 308 |
Customer Relationships [Member] | ' | ' |
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
GROSS CARRYING AMOUNT, Amortized | 3,170 | 3,170 |
ACCUMULATED AMORTIZATION, Amortized | 2,490 | 2,151 |
OTHER INTANGIBLES, NET, Amortized | 680 | 1,019 |
Trade Names [Member] | ' | ' |
Finite and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
OTHER INTANGIBLES, NET, Not Amortized | $6,900 | $6,900 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Estimated Future Amortization Expense For Other Intangibles) (Details) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | ' |
2013 | $158 |
2014 | 518 |
2015 | 165 |
2016 | 47 |
2017 | 38 |
THEREAFTER | $2 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 |
In Millions, unless otherwise specified | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Interest Rate Swaps [Member] |
Derivative [Line Items] | ' | ' | ' |
Foreign currency derivatives notional value | $0 | $24.60 | ' |
Derivative, Inception Date | ' | ' | 1-Jan-11 |
Notional amount of interest rate swap | ' | ' | $15 |
Term of derivative contracts | ' | ' | '3 years |
Interest rate on portion of the Company's line of credit | ' | ' | 1.20% |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Values Of Financial Assets And Liabilities) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of financial assets | $56,294 | $1,189 | ||
Fair values of financial liabilities | ' | 244 | ||
Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of financial assets | 56,294 | 932 | ||
Fair values of financial liabilities | ' | ' | ||
Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of financial assets | ' | 257 | ||
Fair values of financial liabilities | ' | 244 | ||
Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of financial assets | ' | ' | ||
Fair values of financial liabilities | ' | ' | ||
Money Market Funds [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | 56,002 | [1] | 705 | [1] |
Money Market Funds [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | 56,002 | [1] | 705 | [1] |
Money Market Funds [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | ' | [1] | ' | [1] |
Money Market Funds [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | ' | [1] | ' | [1] |
Short-Term Investments [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | 292 | [2] | 227 | [2] |
Short-Term Investments [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | 292 | [2] | 227 | [2] |
Short-Term Investments [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | ' | [2] | ' | [2] |
Short-Term Investments [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of non-derivative financial assets | ' | [2] | ' | [2] |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial assets | ' | [3] | 257 | [3] |
Fair values of derivative financial liabilities | ' | 157 | [3] | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial assets | ' | [3] | ' | [3] |
Fair values of derivative financial liabilities | ' | [3] | ' | [3] |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial assets | ' | [3] | 257 | [3] |
Fair values of derivative financial liabilities | ' | 157 | [3] | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial assets | ' | [3] | ' | [3] |
Fair values of derivative financial liabilities | ' | [3] | ' | [3] |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial liabilities | ' | 87 | [4] | |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instruments [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial liabilities | ' | [4] | ' | [4] |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instruments [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial liabilities | ' | 87 | [4] | |
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instruments [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fair values of derivative financial liabilities | ' | [4] | ' | [4] |
[1] | Value is based on quoted market prices of identical instruments, fair value is included in cash and cash equivalents | |||
[2] | Value is based on quoted market prices of identical instruments | |||
[3] | Value is based on the present value of the forward rates less the contract rate multiplied by the notional amount, fair value is included in other current assets or accounts payable, accrued expenses and other liabilities | |||
[4] | Value is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, fair value is included in accounts payable, accrued expenses and other liabilities |
Financial_Instruments_Effectiv
Financial Instruments (Effective Portion Of Pre-Tax Gains (Losses) On Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-tax gains (losses) on derivative instruments | ' | ' | ' | ($137) | ||||
Fair Value Hedges [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Pre-tax gains (losses) on derivative instruments | -8 | [1] | -31 | [1] | ' | -137 | [1] | |
Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Effective portion recognized in other comprehensive income | 14 | 57 | 162 | 152 | ||||
Effective portion reclassified from other comprehensive income | ($14) | [2] | ($36) | [2] | ($88) | [2] | ($108) | [2] |
[1] | Included in discontinued operations | |||||||
[2] | Included in interest expense |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Short-Term Investments [Abstract] | ' | ' |
Short-term investments | $292 | $227 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 | Jan. 01, 2011 |
defendant | ||
Commitments And Contingencies [Abstract] | ' | ' |
Number of defendants | 90 | ' |
Payment on settlement of case | ' | $0.20 |