Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 28, 2013 | Nov. 01, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'DAVEY TREE EXPERT CO | ' |
Entity Central Index Key | '0000277638 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 13,541,284 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $15,239 | $19,647 |
Accounts receivable, net | 115,928 | 115,563 |
Operating supplies | 5,865 | 6,030 |
Other current assets | 30,769 | 20,509 |
Total current assets | 167,801 | 161,749 |
Property and equipment | 477,840 | 451,679 |
Less accumulated depreciation | 340,773 | 325,963 |
Property and equipment | 137,067 | 125,716 |
Other assets | 17,520 | 14,284 |
Identified intangible assets and goodwill, net | 28,044 | 29,183 |
Total assets | 350,432 | 330,932 |
Current liabilities: | ' | ' |
Accounts payable | 30,190 | 36,972 |
Accrued expenses | 28,550 | 34,462 |
Other current liabilities | 30,889 | 27,107 |
Total current liabilities | 89,629 | 98,541 |
Long-term debt | 74,534 | 54,787 |
Self-insurance accruals | 40,509 | 41,618 |
Other noncurrent liabilities | 17,468 | 17,880 |
Total liabilities | 222,140 | 212,826 |
Common shareholders' equity: | ' | ' |
Common shares, $1.00 par value, per share; 24,000 shares authorized; 21,457 shares issued and outstanding | 21,457 | 21,457 |
Additional paid-in capital | 5,318 | 3,431 |
Common shares subscribed, unissued | 10,723 | 11,055 |
Retained earnings | 226,210 | 210,652 |
Accumulated other comprehensive loss | -7,389 | -7,115 |
Stockholders' equity before treasury stock | 256,319 | 239,480 |
Less: Cost of Common shares held in treasury; 7,895 shares at September 28, 2013 and 7,731 shares at December 31, 2012 | 120,219 | 112,159 |
Common shares subscription receivable | 7,808 | 9,215 |
Common shareholders' equity | 128,292 | 118,106 |
Total liabilities and shareholders' equity | $350,432 | $330,932 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 24,000,000 | 24,000,000 |
Common stock, shares issued | 21,457,000 | 21,457,000 |
Common stock, shares outstanding | 21,457,000 | 21,457,000 |
Treasury stock, shares | 7,894,613 | 7,730,878 |
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 |
Revenues | $194,772 | $178,647 | $533,675 | $507,702 |
Costs and expenses: | ' | ' | ' | ' |
Operating | 125,658 | 114,103 | 346,310 | 330,459 |
Selling | 32,376 | 28,618 | 89,623 | 81,218 |
General and administrative | 12,103 | 11,558 | 37,330 | 35,636 |
Depreciation and amortization | 10,255 | 9,935 | 29,471 | 29,062 |
Gain on sale of assets, net | -501 | -219 | -1,161 | -1,103 |
Costs and expenses | 179,891 | 163,995 | 501,573 | 475,272 |
Income from operations | 14,881 | 14,652 | 32,102 | 32,430 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -711 | -661 | -2,052 | -2,071 |
Interest income | 76 | 65 | 237 | 121 |
Other, net | -713 | -638 | -2,022 | -2,147 |
Income before income taxes | 13,533 | 13,418 | 28,265 | 28,333 |
Income taxes | 4,889 | 5,122 | 10,797 | 11,192 |
Net income | $8,644 | $8,296 | $17,468 | $17,141 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.63 | $0.59 | $1.24 | $1.22 |
Diluted | $0.61 | $0.56 | $1.20 | $1.18 |
Weighted-average shares outstanding: | ' | ' | ' | ' |
Basic | 13,720 | 14,133 | 14,087 | 14,008 |
Diluted | 14,255 | 14,766 | 14,547 | 14,535 |
Dividends declared per share | $0.05 | $0.05 | $0.14 | $0.13 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net income | $8,644 | $8,296 | $17,468 | $17,141 |
Components of other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 444 | 1,028 | -925 | 903 |
Change in deferred gains on cash flow hedges | 0 | 0 | 0 | 77 |
Amortization of defined benefit pension items: | ' | ' | ' | ' |
Net actuarial loss | 216 | 159 | 646 | 700 |
Prior service cost | 1 | 3 | 5 | 8 |
Defined benefit pension plan adjustments | 217 | 162 | 651 | 708 |
Other comprehensive income (loss) | 661 | 1,190 | -274 | 1,688 |
Comprehensive income | $9,305 | $9,486 | $17,194 | $18,829 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities | ' | ' |
Net Income | $17,468 | $17,141 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 29,471 | 29,062 |
Other | -314 | -793 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -365 | -27,599 |
Operating liabilities | -14,441 | 1,097 |
Other, net | -14,105 | -2,752 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | 246 | -985 |
Net cash provided by operating activities | 17,714 | 16,156 |
Capital expenditures: | ' | ' |
Equipment | -37,639 | -24,736 |
Land and buildings | -2,592 | -399 |
Purchases of businesses | -80 | -100 |
Other | 1,748 | 1,971 |
Net cash used in investing activities | -38,563 | -23,264 |
Financing activities | ' | ' |
Revolving credit facility proceeds, net | 20,300 | 7,500 |
Purchase of common shares for treasury | 13,716 | 9,682 |
Sale of common shares from treasury | 7,959 | 8,912 |
Dividends | -1,910 | -1,915 |
Other | 3,808 | 3,225 |
Net cash provided by financing activities | 16,441 | 8,040 |
Increase/(Decrease) in cash | -4,408 | 932 |
Cash, beginning of period | 19,647 | 10,267 |
Cash, end of period | 15,239 | 11,199 |
Supplemental cash flow information follows: | ' | ' |
Interest paid | 2,370 | 2,503 |
Income taxes paid | $16,901 | $8,888 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Preparation | 9 Months Ended |
Sep. 28, 2013 | |
Basis of Financial Statement Preparation [Abstract] | ' |
Basis of Financial Statement Preparation [Text Block] | ' |
Basis of Financial Statement Preparation | |
The condensed consolidated financial statements present the financial position, results of operations and cash flows of The Davey Tree Expert Company and its subsidiaries. “We,” “us,” “our,” “Davey,” “Davey Tree” and the “Company” means The Davey Tree Expert Company and its subsidiaries, unless the context indicates otherwise. | |
We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The consolidated financial statements include all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated. | |
Certain information and disclosures required by U.S. GAAP for complete financial statements have been omitted in accordance with the rules and regulations of the SEC. We suggest that these condensed consolidated financial statements be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2012 (the “2012 Annual Report”). | |
Use of Estimates in Financial Statement Preparation--The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect reported amounts. Our consolidated financial statements include amounts that are based on management’s best estimates and judgments. Estimates are used for, but not limited to, accounts receivable valuation, depreciable lives of fixed assets, self-insurance accruals, income taxes and revenue recognition. Actual results could differ from those estimates. | |
Interim Results of Operations--Interim results may not be indicative of calendar year performance because of seasonal and short-term variations. | |
Recent Accounting Guidance | |
The FASB Accounting Standards Codification--Changes to U.S. GAAP are established by the Financial Accounting Standards Board (the “FASB”) issuing Accounting Standards Updates (or “ASUs”) to the FASB's Accounting Standards Codification™ (the “Codification”). The Codification is the single source of nongovernmental authoritative U.S. GAAP in the United States. All other accounting guidance not included in the Codification is considered nonauthoritative. The Accounting Standards Updates are not authoritative in their own right; these updates serve only to update the Codification, provide background information about the guidance, and provide the bases for conclusions on the changes in the Codification. | |
In the description of the ASU that follows, references relate to the Codification Topic and descriptive title. | |
Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income--In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are 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 U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. ASU 2013-01 requires prospective adoption and effects financial statement presentation only. We adopted ASU 2013-02 as of the first quarter ended March 30, 2013 with no effect on our financial position, results of operations or cash flows. |
Seasonality_of_Business
Seasonality of Business | 9 Months Ended |
Sep. 28, 2013 | |
Seasonality of Business [Abstract] | ' |
Seasonality of Business [Text Block] | ' |
Seasonality of Business | |
Due to the seasonality of our business, our operating results for the nine months ended September 28, 2013 are not indicative of results that may be expected for any other interim period or for the year ending December 31, 2013. Business seasonality is the result of traditionally higher revenues during the second and third quarters as compared with the first and fourth quarters of the year, while the methods of accounting for fixed costs, such as depreciation expense, amortization, rent and interest expense, are not significantly impacted by business seasonality. |
Accounts_Receivable_Net_and_Su
Accounts Receivable, Net and Supplemental Balance-Sheet Information | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | ' | |||||||
Accounts receivable net and supplemental balance-sheet information [Text Block] | ' | |||||||
Accounts Receivable, Net and Supplemental Balance-Sheet Information | ||||||||
The following comprise accounts receivable, net, and other: | ||||||||
Accounts receivable, net | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 94,855 | $ | 105,044 | ||||
Receivables under contractual arrangements | 22,837 | 12,961 | ||||||
117,692 | 118,005 | |||||||
Less allowances for doubtful accounts | 1,764 | 2,442 | ||||||
Accounts receivable, net | $ | 115,928 | $ | 115,563 | ||||
Receivables under contractual arrangements consist of work-in-process in accordance with the terms of contracts, primarily with utility services customers. | ||||||||
The following comprise the amounts included in the balance sheet: | ||||||||
Other current assets | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Refundable income taxes | $ | 3,906 | $ | — | ||||
Deferred income taxes | 8,521 | 8,815 | ||||||
Prepaid expenses | 17,297 | 9,101 | ||||||
Other | 1,045 | 2,593 | ||||||
Total | $ | 30,769 | $ | 20,509 | ||||
C. | Accounts Receivable, Net and Supplemental Balance-Sheet Information (continued) | |||||||
Accrued expenses | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Employee compensation | $ | 16,657 | $ | 17,888 | ||||
Accrued compensated absences | 7,185 | 7,080 | ||||||
Self-insured medical claims | 1,270 | 2,571 | ||||||
Income tax payable | — | 2,013 | ||||||
Customer advances, deposits | — | 1,346 | ||||||
Taxes, other than income | 2,503 | 2,463 | ||||||
Other | 935 | 1,101 | ||||||
Total | $ | 28,550 | $ | 34,462 | ||||
Identified_Intangible_Assets_a
Identified Intangible Assets and Goodwill, Net | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Identified intangible assets and goodwill, net [Text Block] | ' | |||||||||||||||
Identified Intangible Assets and Goodwill, Net | ||||||||||||||||
The carrying amounts of the identified intangibles and goodwill acquired in connection with our historical investments in businesses were as follows: | ||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||
Identified Intangible Assets and Goodwill, Net | Carrying | Accumulated | Carrying | Accumulated | ||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer lists/relationships | $ | 14,438 | $ | 11,137 | $ | 14,378 | $ | 10,319 | ||||||||
Employment-related | 5,634 | 5,446 | 5,430 | 5,082 | ||||||||||||
Tradenames | 4,527 | 3,634 | 4,528 | 3,267 | ||||||||||||
Amortized intangible assets | $ | 24,599 | $ | 20,217 | $ | 24,336 | $ | 18,668 | ||||||||
Less accumulated amortization | 20,217 | 18,668 | ||||||||||||||
Identified intangibles, net | 4,382 | 5,668 | ||||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Goodwill | 23,662 | 23,515 | ||||||||||||||
$ | 28,044 | $ | 29,183 | |||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term debt [Text Block] | ' | |||||||
Long-Term Debt | ||||||||
Our long-term debt consisted of the following: | ||||||||
September 28, | December 31, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | ||||||||
Prime rate borrowings | $ | 500 | $ | 9,200 | ||||
LIBOR borrowings | 44,000 | 15,000 | ||||||
44,500 | 24,200 | |||||||
Senior unsecured notes | 30,000 | 30,000 | ||||||
Term loans | 11,417 | 7,579 | ||||||
85,917 | 61,779 | |||||||
Less current portion | 11,383 | 6,992 | ||||||
$ | 74,534 | $ | 54,787 | |||||
Revolving Credit Facility and 5.09% Senior Unsecured Notes--We have a $140,000 revolving credit facility with a group of banks, which will expire in December 2014 and permits borrowings, as defined, up to $140,000 with a letter of credit sublimit of $100,000 and which, under certain circumstances, may be increased to $160,000. The revolving credit facility contains certain affirmative and negative covenants customary for this type of facility and includes financial covenant ratios, as defined, with respect to funded debt to EBITDA (earnings before interest, taxes, depreciation and amortization), and funded debt to capitalization. | ||||||||
As of September 28, 2013, we had unused commitments under the facility approximating $46,646, with $93,354 committed, consisting of borrowings of $44,500 and issued letters of credit of $48,854. Borrowings outstanding bear interest, at Davey Tree’s option, of either (a) a base rate plus a margin adjustment ranging from .0% to .25% or (b) LIBOR plus a margin adjustment ranging from 1.25% to 1.75%--with the margin adjustments in both instances based on a ratio of funded debt to EBITDA. The base rate is the greater of (i) the agent bank’s prime rate, (ii) LIBOR plus 1.5%, or (iii) the federal funds rate plus .5%. A commitment fee ranging from .20% to .30% is also required based on the average daily unborrowed commitment. | ||||||||
We issued $30,000 of 5.09% Senior Unsecured Notes, Series A, during July 2010 that are due July 22, 2020 (the “5.09% Senior Notes”). The 5.09% Senior Notes were issued pursuant to a Master Note Purchase Agreement (the “Purchase Agreement”) between the Company and the purchasers of the 5.09% Senior Notes. | ||||||||
The 5.09% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable semiannually and five equal, annual principal payments commence on July 22, 2016 (the sixth anniversary of issuance). The Purchase Agreement contains customary events of default and covenants related to limitations on indebtedness and transactions with affiliates and the maintenance of certain financial ratios. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Stock-based compensation[Text Block] | ' | |||||||||||||||||
F. | Stock-Based Compensation | |||||||||||||||||
The Davey Tree Expert Company 2004 Omnibus Stock Plan (the “Stock Plan”) was approved by our shareholders at our annual shareholders' meeting in May 2004. The Stock Plan is administered by the Compensation | ||||||||||||||||||
Committee of the Board of Directors, with the maximum number of common shares that may be granted to or purchased by all employees and directors under the Stock Plan being 10,000,000. In addition to the maintenance of the Employee Stock Purchase Plan, the Stock Plan provides for the grant of stock options, restricted stock, stock appreciation rights, stock purchase rights, stock equivalent units, cash awards, and other stock or performance-based incentives. These awards are payable in cash or common shares, or any combination thereof, as established by the Compensation Committee. | ||||||||||||||||||
Stock-based compensation expense under all share-based payment plans -- our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights and performance-based restricted stock units -- included in the results of operations follows: | ||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Compensation expense, all share-based payment plans | $ | 342 | $ | 285 | $ | 1,018 | $ | 1,210 | ||||||||||
Stock-based compensation consisted of the following: | ||||||||||||||||||
Employee Stock Purchase Plan--Under the Employee Stock Purchase Plan, all full-time employees with one year of service are eligible to purchase, through payroll deduction, common shares. Employee purchases under the Employee Stock Purchase Plan are at 85% of the fair market value of the common shares--a 15% discount. We recognize compensation costs as payroll deductions are made. The 15% discount of total shares purchased under the plan resulted in compensation cost of $307 being recognized for the nine months ended September 28, 2013 and $312 for the nine months ended September 29, 2012. | ||||||||||||||||||
Stock Option Plans--Stock options awarded before January 1, 2006 were granted at an exercise price equal to the fair market value of our common shares at the dates of grant. Stock options awarded on or after January 1, 2006 were required to be measured at fair value. At September 28, 2013, there were 667,207 stock options outstanding that were awarded after January 1, 2006. The stock options were awarded under a graded vesting schedule and have a term of ten years. Compensation costs for stock options are recognized over the requisite service period on the straight-line recognition method. Compensation cost recognized for stock options was $162 for the nine months ended September 28, 2013 and $122 for the nine months ended September 29, 2012. | ||||||||||||||||||
Stock-Settled Stock Appreciation Rights--During the nine months ended September 28, 2013, the Compensation Committee of the Board of Directors awarded 117,280 Stock-Settled Stock Appreciation Rights (“SSARs”) to certain management employees and nonemployee directors, which vest ratably over five years. A stock-settled stock appreciation right is an award that allows the recipient to receive common stock equal to the appreciation in the fair market value of our common stock between the date the award was granted and the conversion date of the shares vested. | ||||||||||||||||||
F. | Stock-Based Compensation (continued) | |||||||||||||||||
The following table summarizes our SSARs as of September 28, 2013. | ||||||||||||||||||
Stock-Settled | Number | Weighted- | Weighted- | Unrecognized | Aggregate | |||||||||||||
Stock Appreciation Rights | of | Average | Average | Compensation | Intrinsic | |||||||||||||
Rights | Award Date | Remaining | Cost | Value | ||||||||||||||
Value | Contractual | |||||||||||||||||
Life | ||||||||||||||||||
Unvested, January 1, 2013 | 257,817 | $ | 3.17 | |||||||||||||||
Granted | 117,280 | 3.17 | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Vested | (86,044 | ) | 3.22 | |||||||||||||||
Unvested, September 28, 2013 | 289,053 | $ | 3.16 | 2.3 years | $ | 712 | $ | 6,909 | ||||||||||
Employee SSARs | 259,320 | $ | 3.24 | 2.3 years | $ | 651 | $ | 6,198 | ||||||||||
Nonemployee Director SSARs | 29,733 | $ | 2.32 | 2.7 years | $ | 61 | $ | 711 | ||||||||||
Compensation costs for stock appreciation rights are determined using a fair-value method and amortized over the requisite service period. Compensation expense for stock appreciation rights was $233 for the nine months ended September 28, 2013 and $217 for the nine months ended September 29, 2012. | ||||||||||||||||||
Performance-Based Restricted Stock Units--During the nine months ended September 28, 2013, the Compensation Committee of the Board of Directors awarded 42,290 Performance-Based Restricted Stock Units to certain directors and management employees. The Compensation Committee made similar awards in prior periods. The awards vest over specified periods. The following table summarizes Performance-Based Restricted Stock Units as of September 28, 2013. | ||||||||||||||||||
Performance-Based | Number | Weighted- | Weighted- | Unrecognized | Aggregate | |||||||||||||
Restricted Stock Units | of | Average | Average | Compensation | Intrinsic | |||||||||||||
Stock | Grant Date | Remaining | Cost | Value | ||||||||||||||
Units | Value | Contractual | ||||||||||||||||
Life | ||||||||||||||||||
Unvested, January 1, 2013 | 78,653 | $ | 16.87 | |||||||||||||||
Granted | 42,290 | 21.67 | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Vested | (22,754 | ) | 16.48 | |||||||||||||||
Unvested, September 28, 2013 | 98,189 | $ | 19.03 | 3.1 years | $ | 1,227 | $ | 2,347 | ||||||||||
The fair value of the restricted stock units for awards made prior to January 1, 2006 is based on the market price of our common shares on the date of award and is recognized as compensation cost on the straight-line recognition method over the vesting period. Compensation cost for awards made after December 31, 2005 is determined using a fair-value method and amortized over the requisite service period. Compensation expense on restricted stock awards totaled $316 for the nine months ended September 28, 2013 and $559 for the nine months ended September 29, 2012. | ||||||||||||||||||
F. | Stock-Based Compensation (continued) | |||||||||||||||||
For stock-based awards issued on or after January 1, 2006, we estimated the fair value of each award on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our stock prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. | ||||||||||||||||||
The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumption. | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 28, | September 29, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Volatility rate | 11.3 | % | 11.7 | % | ||||||||||||||
Risk-free interest rate | 2.1 | % | 1.6 | % | ||||||||||||||
Expected dividend yield | 1.5 | % | 1.5 | % | ||||||||||||||
Expected life of awards (years) | 9.4 | 9.1 | ||||||||||||||||
General Stock Option Information--The following table summarizes activity under the stock option plans for the nine months ended September 28, 2013. | ||||||||||||||||||
Stock Options | Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | |||||||||||||||
Options | Exercise | Remaining | Value | |||||||||||||||
Outstanding | Price | Contractual | ||||||||||||||||
Life | ||||||||||||||||||
Outstanding, January 1, 2013 | 761,254 | $ | 11.38 | |||||||||||||||
Granted | 198,500 | 23.2 | ||||||||||||||||
Exercised | (173,547 | ) | 7.83 | |||||||||||||||
Forfeited | — | — | ||||||||||||||||
Outstanding, September 28, 2013 | 786,207 | $ | 15.14 | 5.2 years | $ | 6,884 | ||||||||||||
Exercisable, September 28, 2013 | 466,107 | $ | 11.4 | 3.0 years | $ | 5,824 | ||||||||||||
As of September 28, 2013, there was approximately $939 of unrecognized compensation cost related to stock options outstanding. The cost is expected to be recognized over a weighted-average period of 3.3 years. “Intrinsic value” is defined as the amount by which the market price of a common share exceeds the exercise price of an option. | ||||||||||||||||||
Common shares are issued from treasury upon the exercise of stock options, stock appreciation rights, restricted stock units or purchases under the Employee Stock Purchase Plan. |
Net_Periodic_Benefit_Cost_Defi
Net Periodic Benefit Cost - Defined Benefit Pension Plans | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Net Periodic Benefit Cost, Defined Benefit Pension Plans [Abstract] | ' | |||||||||||||||
Net periodic benefit cost--defined benefit pension plans [Text Block] | ' | |||||||||||||||
Net Periodic Benefit Cost--Defined Benefit Pension Plans | ||||||||||||||||
The results of operations included the following net periodic benefit cost recognized related to our defined-benefit pension plans. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of pension cost | ||||||||||||||||
Service costs--increase in benefit obligation earned | $ | 55 | $ | 47 | $ | 166 | $ | 138 | ||||||||
Interest cost on projected benefit obligation | 379 | 412 | 1,136 | 1,244 | ||||||||||||
Expected return on plan assets | (439 | ) | (424 | ) | (1,319 | ) | (1,277 | ) | ||||||||
Settlement loss | — | — | — | 219 | ||||||||||||
Amortization of net actuarial loss | 347 | 259 | 1,041 | 781 | ||||||||||||
Amortization of prior service cost | 3 | 3 | 10 | 10 | ||||||||||||
Net pension cost of defined benefit pension plans | $ | 345 | $ | 297 | $ | 1,034 | $ | 1,115 | ||||||||
Employer Contributions--Contributions of $548 were made to our defined-benefit pension plans during the nine months ended September 28, 2013. We expect, as of September 28, 2013, to make additional defined-benefit plan contributions totaling $167 before December 31, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income taxes [Text Block] | ' |
Income Taxes | |
Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated annual tax rate changes, we make a cumulative adjustment. The 2013 annual effective tax rate is estimated to approximate 39%. Our annual effective tax rate for 2012 was 39.5%. | |
At December 31, 2012, we had unrecognized tax benefits of $2,638, of which $1,933 would affect our effective rate if recognized, and accrued interest expense related to unrecognized benefits of $142. At September 28, 2013, there were no significant changes in the unrecognized tax benefits, including the amount that would affect our effective rate if recognized, or the accrued interest expense related to the unrecognized benefits. Unrecognized tax benefits are the differences between a tax position taken, or expected to be taken in a tax return, and the benefit recognized for financial reporting purposes. | |
H. Income Taxes (continued) | |
The Company is routinely under audit by federal, state, local and Canadian authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. During 2010, the U.S. Internal Revenue Service completed its audit of the Company's U.S. income tax returns for 2007 and 2008 and Canada Revenue Agency completed its audit of the Company's Canadian operations for 2006, 2007 and 2008. With the exception of U.S. state jurisdictions, the Company is no longer subject to examination by tax authorities for the years through 2008. | |
The Company's U.S. income tax returns for 2011 and 2010 are currently under audit by the U.S. Internal Revenue Service. As of September 28, 2013, if certain pending tax matters settle, we believe it is reasonably possible that additional tax payments will be made during the next twelve months within a range of $500 to $800. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Accumulated other comprehensive income (loss) [Text Block] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Comprehensive income (or loss) is comprised of net income (or net loss) and other components, including currency translation adjustments and defined-benefit pension plan adjustments. | |||||||||||||
The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: | |||||||||||||
Foreign | Defined | Accumulated | |||||||||||
Currency | Benefit | Other | |||||||||||
Translation | Pension | Comprehensive | |||||||||||
Adjustments | Plans | Income (Loss) | |||||||||||
Balance at January 1, 2013 | $ | 3,511 | $ | (10,626 | ) | $ | (7,115 | ) | |||||
Other comprehensive income (loss) before reclassifications | |||||||||||||
Unrealized losses | (925 | ) | — | (925 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,051 | 1,051 | ||||||||||
Tax effect | — | (400 | ) | (400 | ) | ||||||||
Net of tax amount | (925 | ) | 651 | (274 | ) | ||||||||
Balance at September 28, 2013 | $ | 2,586 | $ | (9,975 | ) | $ | (7,389 | ) | |||||
The change in defined benefit pension plans of $651, net of tax, for the nine months ended September 28, 2013 is included in net periodic pension expense and is classified in the condensed statement of operations as costs and expenses, general and administrative. |
Per_Share_Amounts_and_Common_S
Per Share Amounts and Common Shares Outstanding | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Per Share Amounts and Common Shares Outstanding [Abstract] | ' | |||||||||||||||
Per share amounts and common shares outstanding [Text Block] | ' | |||||||||||||||
J. Per Share Amounts and Common Shares Outstanding | ||||||||||||||||
We calculate our basic earnings per share by dividing net income or net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated in a similar manner, but include the effect of dilutive securities. To the extent these securities are antidilutive, they are excluded from the calculation of earnings per share. The per share amounts were computed as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income available to common shareholders: | ||||||||||||||||
Net Income | $ | 8,644 | $ | 8,296 | $ | 17,468 | $ | 17,141 | ||||||||
Weighted-average shares: | ||||||||||||||||
Basic: | ||||||||||||||||
Outstanding | 13,583 | 14,039 | 13,680 | 13,914 | ||||||||||||
Partially-paid share subscriptions | 137 | 94 | 407 | 94 | ||||||||||||
Basic weighted-average shares | 13,720 | 14,133 | 14,087 | 14,008 | ||||||||||||
Diluted: | ||||||||||||||||
Basic from above | 13,720 | 14,133 | 14,087 | 14,008 | ||||||||||||
Incremental shares from assumed: | ||||||||||||||||
Exercise of stock subscription purchase rights | 59 | 17 | 35 | 5 | ||||||||||||
Exercise of stock options and awards | 476 | 616 | 425 | 522 | ||||||||||||
Diluted weighted-average shares | 14,255 | 14,766 | 14,547 | 14,535 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.22 | ||||||||
Diluted | $ | 0.61 | $ | 0.56 | $ | 1.2 | $ | 1.18 | ||||||||
Common Shares Outstanding--A summary of the activity of the common shares outstanding for the nine months ended September 28, 2013 follows: | ||||||||||||||||
Shares outstanding at January 1, 2013 | 13,726,002 | |||||||||||||||
Shares purchased | (589,155 | ) | ||||||||||||||
Shares sold | 226,959 | |||||||||||||||
Stock subscription offering -- cash purchases | 13,473 | |||||||||||||||
Options and awards exercised | 184,988 | |||||||||||||||
(163,735 | ) | |||||||||||||||
Shares outstanding at September 28, 2013 | 13,562,267 | |||||||||||||||
J. | Per Share Amounts and Common Shares Outstanding (continued) | |||||||||||||||
On September 28, 2013, we had 13,562,267 common shares outstanding, employee and director options exercisable to purchase 466,107 common shares, partially-paid subscriptions for 544,339 common shares and purchase rights outstanding for 208,674 common shares. | ||||||||||||||||
Stock Subscription Offering--Beginning May 2012, the Company offered to eligible employees and nonemployee directors the right to subscribe to common shares of the Company at $19.70 per share in accordance with the provisions of The Davey Tree Expert Company 2004 Omnibus Stock Plan and the rules of the Compensation Committee of the Company's Board of Directors (collectively, the "plan"). The offering period ended on August 1, 2012 and resulted in the subscription of 637,714 common shares for $12,563 at $19.70 per share. | ||||||||||||||||
Under the plan, a participant in the offering purchasing common shares for an aggregate purchase price of less than $5 had to pay with cash. All participants (excluding Company directors and officers) purchasing $5 or more of the common shares had an option to finance their purchase through a down-payment of at least 10% of the total purchase price and a seven-year promissory note for the balance due with interest at 2%. Payments on the promissory note can be made either by payroll deductions or annual lump-sum payments of both principal and interest. | ||||||||||||||||
Common shares purchased under the plan have been pledged as security for the payment of the promissory note and the common shares will not be issued until the promissory note is paid-in-full. Dividends will be paid on all subscribed shares, subject to forfeiture to the extent that payment is not ultimately made for the shares. | ||||||||||||||||
All participants in the offering purchasing in excess of $5 of common shares were granted a "right" to purchase one additional common share at a price of $19.70 per share for every three common shares purchased under the plan. As a result of the stock subscription, employees were granted rights to purchase 211,800 common shares. Each right may be exercised at the rate of one-seventh per year and will expire seven years after the date that the right was granted. Employees may not exercise a right should they cease to be employed by the Company. |
Operations_by_Business_Segment
Operations by Business Segment | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Operations by Business Segment [Abstract] | ' | ||||||||||||||||||||
Operations by business segment [Text Block] | ' | ||||||||||||||||||||
Operations by Business Segment | |||||||||||||||||||||
Our operating results are reported in two segments: Residential and Commercial Services, and Utility Services. Residential and Commercial Services provides for the treatment, preservation, maintenance, cultivation, planting and removal of trees, shrubs and other plant life; its services also include the practice of landscaping, tree surgery, tree feeding, and tree spraying, as well as the application of fertilizer, herbicides and insecticides. Utility Services is principally engaged in the practice of line clearing for investor-owned and municipal utilities, including the clearing of tree growth from power lines, clearance of rights-of-way and chemical brush control. Davey Resource Group, which provides services related to natural resource management and consulting, forestry research and development, and environmental planning, is a nonreportable segment and, along with other operating activities, including research, technical support and diagnostic facilities are included in “All Other.” | |||||||||||||||||||||
Measurement of Segment Profit and Loss and Segment Assets--We evaluate performance and allocate resources based primarily on operating income and also actively manage business unit operating assets. Segment information, including reconciling adjustments, is presented consistent with the basis described in the 2012 Annual Report. | |||||||||||||||||||||
K. Operations by Business Segment (continued) | |||||||||||||||||||||
Segment information reconciled to consolidated external reporting information follows: | |||||||||||||||||||||
Utility | Residential | All | Reconciling | Consolidated | |||||||||||||||||
Services | Commercial | Other | Adjustments | ||||||||||||||||||
Services | |||||||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||||||
Revenues | $ | 87,805 | $ | 89,457 | $ | 17,510 | $ | — | $ | 194,772 | |||||||||||
Income (loss) from operations | 3,040 | 11,213 | 1,579 | (951 | ) | (a) | 14,881 | ||||||||||||||
Interest expense | (711 | ) | (711 | ) | |||||||||||||||||
Interest income | 76 | 76 | |||||||||||||||||||
Other income (expense), net | (713 | ) | (713 | ) | |||||||||||||||||
Income before income taxes | $ | 13,533 | |||||||||||||||||||
Segment assets, total | $ | 131,309 | $ | 123,556 | $ | 21,118 | $ | 74,449 | (b) | $ | 350,432 | ||||||||||
Three Months Ended September 29, 2012 | |||||||||||||||||||||
Revenues | $ | 80,874 | $ | 81,438 | $ | 16,335 | $ | — | $ | 178,647 | |||||||||||
Income (loss) from operations | 2,343 | 10,925 | 1,633 | (249 | ) | (a) | 14,652 | ||||||||||||||
Interest expense | (661 | ) | (661 | ) | |||||||||||||||||
Interest income | 65 | 65 | |||||||||||||||||||
Other income (expense), net | (638 | ) | (638 | ) | |||||||||||||||||
Income before income taxes | $ | 13,418 | |||||||||||||||||||
Segment assets, total | $ | 125,178 | $ | 114,940 | $ | 21,528 | $ | 67,268 | (b) | $ | 328,914 | ||||||||||
Nine Months Ended September 28, 2013 | |||||||||||||||||||||
Revenues | $ | 245,982 | $ | 237,690 | $ | 50,003 | $ | — | $ | 533,675 | |||||||||||
Income (loss) from operations | 7,034 | 25,474 | 1,552 | (1,958 | ) | (a) | 32,102 | ||||||||||||||
Interest expense | (2,052 | ) | (2,052 | ) | |||||||||||||||||
Interest income | 237 | 237 | |||||||||||||||||||
Other income (expense), net | (2,022 | ) | (2,022 | ) | |||||||||||||||||
Income before income taxes | $ | 28,265 | |||||||||||||||||||
Segment assets, total | $ | 131,309 | $ | 123,556 | $ | 21,118 | $ | 74,449 | (b) | $ | 350,432 | ||||||||||
Nine Months Ended September 29, 2012 | |||||||||||||||||||||
Revenues | $ | 240,359 | $ | 219,864 | $ | 47,479 | $ | — | $ | 507,702 | |||||||||||
Income (loss) from operations | 7,398 | 23,058 | 3,235 | (1,261 | ) | (a) | 32,430 | ||||||||||||||
Interest expense | (2,071 | ) | (2,071 | ) | |||||||||||||||||
Interest income | 121 | 121 | |||||||||||||||||||
Other income (expense), net | (2,147 | ) | (2,147 | ) | |||||||||||||||||
Income before income taxes | $ | 28,333 | |||||||||||||||||||
Segment assets, total | $ | 125,178 | $ | 114,940 | $ | 21,528 | $ | 67,268 | (b) | $ | 328,914 | ||||||||||
Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: | |||||||||||||||||||||
(a) | Reclassification of depreciation expense and allocation of corporate expenses. | ||||||||||||||||||||
(b) | Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Fair_Value_Measurements_and_Fi
Fair Value Measurements and Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Measurements and Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair value measurements and financial instruments [Text Block] | ' | ||||||||||||||||
Fair Value Measurements and Financial Instruments | |||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principal or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable, and able and willing to transact for the asset or liability. | |||||||||||||||||
Valuation Hierarchy--A valuation hierarchy is used for presentation of the inputs to measure fair value. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are unadjusted quoted prices for similar assets and liabilities in active markets, unadjusted quoted prices for identical or similar assets in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis at September 28, 2013, were as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 28, 2013 Using: | |||||||||||||||||
Assets and Liabilities Recorded at | Total | Quoted Prices | Significant | Significant | |||||||||||||
Fair Value on a Recurring Basis | Carrying | in | Other | Unobservable | |||||||||||||
Value at | Active | Observable | Inputs | ||||||||||||||
September 28, | Markets | Inputs | (Level 3) | ||||||||||||||
2013 | (Level 1) | (Level 2) | |||||||||||||||
Assets: | |||||||||||||||||
Assets invested for self-insurance, classified as other assets, noncurrent | $ | 13,182 | $ | 13,182 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Fuel derivatives, classified as accrued expenses | $ | 29 | $ | — | $ | 29 | $ | — | |||||||||
Deferred compensation | 1,105 | — | 1,105 | — | |||||||||||||
L. | Fair Value Measurements and Financial Instruments (continued) | ||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis at December 31, 2012 were as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||
Assets and Liabilities Recorded at | Total | Quoted Prices | Significant | Significant | |||||||||||||
Fair Value on a Recurring Basis | Carrying | in | Other | Unobservable | |||||||||||||
Value at | Active | Observable | Inputs | ||||||||||||||
December 31, | Markets | Inputs | (Level 3) | ||||||||||||||
2012 | (Level 1) | (Level 2) | |||||||||||||||
Assets: | |||||||||||||||||
Assets invested for self-insurance, classified as other assets, noncurrent | $ | 10,758 | $ | 10,758 | $ | — | $ | — | |||||||||
Fuel derivatives, classified as other current assets | 38 | — | 38 | — | |||||||||||||
Liabilities: | |||||||||||||||||
Fuel derivatives, classified as accrued expenses | $ | 24 | $ | — | $ | 24 | $ | — | |||||||||
Deferred compensation | 873 | — | 873 | — | |||||||||||||
The assets invested for self-insurance are money market funds--classified as Level 1--based on quoted market prices of the identical underlying securities in active markets. The estimated fair values of our derivative instruments are calculated based on market rates to settle the instruments, representing the amount we would receive upon sale or pay upon transfer--Level 2 inputs. The estimated fair value of the deferred compensation--classified as Level 2--is based on the value of the Company's common shares, determined by independent valuation. | |||||||||||||||||
Fair Value of Financial Instruments--Fair value information is required to be presented for all financial instruments, whether reported at fair value or historical carrying value. | |||||||||||||||||
The fair values of our current assets and current liabilities, including cash, accounts receivable, accounts payable, and accrued expenses among others, approximate their reported carrying values because of their short-term nature. The assets invested for self-insurance and derivative instruments are reported at fair value. Financial instruments classified as noncurrent liabilities and their carrying values and fair values were as follows: | |||||||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||||||
Financial Instruments Recorded at | Carrying | Fair | Carrying | Fair | |||||||||||||
Historical Carrying Value | Value | Value | Value | Value | |||||||||||||
Revolving credit facility, noncurrent | $ | 44,500 | $ | 44,500 | $ | 24,200 | $ | 24,200 | |||||||||
Senior unsecured notes | 30,000 | 28,959 | 30,000 | 29,762 | |||||||||||||
Term loans, noncurrent | 34 | 34 | 587 | 587 | |||||||||||||
Total | $ | 74,534 | $ | 73,493 | $ | 54,787 | $ | 54,549 | |||||||||
L. | Fair Value Measurements and Financial Instruments (continued) | ||||||||||||||||
The carrying value of our revolving credit facility approximates fair value as the interest rates on the amounts outstanding are variable. The fair value of our senior unsecured notes and our term loans is determined based on expected future weighted-average interest rates with the same remaining maturities--Level 2 inputs. | |||||||||||||||||
Market Risk and Derivative Financial Instruments | |||||||||||||||||
In the normal course of business, we are exposed to market risk related to changes in foreign currency exchange rates, changes in interest rates and changes in fuel prices. We do not hold or issue derivative financial instruments for trading or speculative purposes. We use derivative financial instruments from time-to-time to manage risks, in part, associated with changes in interest rates and changes in fuel prices. | |||||||||||||||||
Foreign Currency Rate Risk--We are exposed to market risk related to foreign currency exchange rate risk resulting from our operations in Canada, where we provide a comprehensive range of horticultural services. Our financial results could be affected by factors such as changes in the foreign currency exchange rate or differing economic conditions in the Canadian markets as compared with the markets for our services in the United States. Our earnings are affected by translation exposures from currency fluctuations in the value of the U.S. dollar as compared to the Canadian dollar. Similarly, the Canadian dollar-denominated assets and liabilities may result in financial exposure as to the timing of transactions and the net asset / liability position of our Canadian operations. Presently, we do not engage in hedging activities related to our foreign currency rate risk. | |||||||||||||||||
Interest Rate Risk--We are exposed to market risk related to changes in interest rates on long-term debt obligations. We regularly monitor and measure our interest rate risk and, to the extent that we believe we are exposed, from time-to-time we have entered into interest rate swap contracts--derivative financial instruments--with the objective of altering interest rate exposures related to a portion of variable debt. | |||||||||||||||||
Interest Rate Swaps--From time-to-time we have held interest rate swaps—cash-flow hedges—to effectively convert a portion of our variable-rate revolving credit borrowings to a fixed rate, thus reducing the impact of interest-rate changes on future interest expense. Under the contracts, we agree with the counterparty to exchange, at specified intervals, the difference between variable-rate and fixed-rate amounts calculated on a notional principal amount. During the first quarter 2012, all interest rate swap contracts previously entered into expired. | |||||||||||||||||
Fuel Derivatives--Beginning in the second quarter 2011, we entered into fuel derivatives as “economic hedges” related to fuel consumed by Davey Tree service vehicles. The objectives of the economic hedges are to fix the price of a portion of our fuel needs and mitigate the earnings and cash flow volatility attributable to the risk of changing prices. | |||||||||||||||||
L. | Fair Value Measurements and Financial Instruments (continued) | ||||||||||||||||
The following tables set forth quantitative information related to our derivatives instruments and where these amounts are recorded in our consolidated financial statements. | |||||||||||||||||
As of | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Economic Hedges - Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Fuel Derivatives: | |||||||||||||||||
Asset fair value of fuel derivatives, classified as other current assets | $ | — | $ | 38 | |||||||||||||
Liability fair value of fuel derivatives, classified as accrued expenses | $ | 29 | $ | 24 | |||||||||||||
Longest remaining term, in months | 3 | 12 | |||||||||||||||
Notional hedged volume, in thousands of gallons | 300 | 1,250 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cash Flow Hedges - Derivatives Designated as Hedging Instruments | |||||||||||||||||
Interest Rate Swaps: | |||||||||||||||||
Hedge gains, recognized in other comprehensive income | $ | — | $ | — | $ | — | $ | 123 | |||||||||
Economic Hedges - Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Fuel Derivatives: | |||||||||||||||||
Change in fair value, recognized in results of operations, as a (reduction)/increase in operating costs and expenses | $ | (92 | ) | $ | (616 | ) | $ | (125 | ) | $ | (650 | ) |
Contingencies
Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Contingencies [Abstract] | ' |
Contingencies [Text Block] | ' |
Contingencies | |
We are party to a number of lawsuits, threatened lawsuits and other claims arising out of the normal course of business. | |
With respect to all such matters, we record an accrual for a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In addition, narrative information is provided for matters as to which management believes a material loss is reasonably possible. | |
Management has assessed all such matters, including the matter described below, based on current information and made a judgment concerning their potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success. Management's judgment is made subject to the known uncertainty of litigation and management's judgment as to estimates made may prove materially different from actual results. | |
California Fire Litigation: San Diego County--Davey Tree Surgery Company, a Davey subsidiary, and Davey Resource Group, a Davey division, along with the Company have previously been sued, together with a utility services customer, San Diego Gas & Electric ("SDG&E"), and its parent company, as defendants, and as cross-defendants in cross-complaints filed by SDG&E, in the Superior Court of the State of California in and for the County of San Diego, arising out of a wildfire in San Diego County that started on October 22, 2007, referred to as the Rice Canyon fire. | |
Numerous lawsuits related to the Rice Canyon fire were filed against SDG&E, its parent company, Sempra Energy, and Davey. The earliest of the lawsuits naming Davey was filed on April 18, 2008. The Court ordered that the lawsuits be organized into four groups based on type of plaintiff, namely insurance subrogation claimants, individual/business claimants, governmental claimants, and plaintiffs seeking class certification. Plaintiffs' motions seeking class certification were denied and the orders denying class certification were affirmed on appeal. SDG&E filed cross-complaints against Davey for contractual indemnity, declaratory relief, and breach of contract. SDG&E has settled many of the third-party claims and asserted its claims against Davey for indemnity. | |
During the third quarter 2012, Davey entered into a Settlement and Release Agreement (the “Agreement”) among Davey, SDG&E and Davey's insurers. | |
Under the Agreement (a) Davey paid SDG&E an amount previously expensed and accrued as self-insurance, (b) Davey's insurers paid SDG&E amounts under Davey's insurance policies in effect during the period of the Rice Canyon fire, and (c) SDG&E dismissed its cross-complaints against Davey and agreed to defend and hold harmless Davey from any and all claims that are currently asserted against Davey. |
Basis_of_Financial_Statement_P1
Basis of Financial Statement Preparation (Policies) | 9 Months Ended |
Sep. 28, 2013 | |
Basis of Financial Statement Preparation [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The condensed consolidated financial statements present the financial position, results of operations and cash flows of The Davey Tree Expert Company and its subsidiaries. “We,” “us,” “our,” “Davey,” “Davey Tree” and the “Company” means The Davey Tree Expert Company and its subsidiaries, unless the context indicates otherwise. | |
We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The consolidated financial statements include all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated. | |
Certain information and disclosures required by U.S. GAAP for complete financial statements have been omitted in accordance with the rules and regulations of the SEC. We suggest that these condensed consolidated financial statements be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2012 (the “2012 Annual Report”). | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates in Financial Statement Preparation--The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect reported amounts. Our consolidated financial statements include amounts that are based on management’s best estimates and judgments. Estimates are used for, but not limited to, accounts receivable valuation, depreciable lives of fixed assets, self-insurance accruals, income taxes and revenue recognition. Actual results could differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income--In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are 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 U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. ASU 2013-01 requires prospective adoption and effects financial statement presentation only. We adopted ASU 2013-02 as of the first quarter ended March 30, 2013 with no effect on our financial position, results of operations or cash flows. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
We calculate our basic earnings per share by dividing net income or net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated in a similar manner, but include the effect of dilutive securities. To the extent these securities are antidilutive, they are excluded from the calculation of earnings per share. | |
Income Tax, Policy [Policy Text Block] | ' |
Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated annual tax rate changes, we make a cumulative adjustment. | |
Segment Reporting, Policy [Policy Text Block] | ' |
Measurement of Segment Profit and Loss and Segment Assets--We evaluate performance and allocate resources based primarily on operating income and also actively manage business unit operating assets. Segment information, including reconciling adjustments, is presented consistent with the basis described in the 2012 Annual Report. | |
Commitments and Contingencies, Policy [Policy Text Block] | ' |
We are party to a number of lawsuits, threatened lawsuits and other claims arising out of the normal course of business. | |
With respect to all such matters, we record an accrual for a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Accounts_Receivable_Net_and_Su1
Accounts Receivable, Net and Supplemental Balance-Sheet Information (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | ' | |||||||
Accounts receivable, net [Table Text Block] | ' | |||||||
The following comprise accounts receivable, net, and other: | ||||||||
Accounts receivable, net | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 94,855 | $ | 105,044 | ||||
Receivables under contractual arrangements | 22,837 | 12,961 | ||||||
117,692 | 118,005 | |||||||
Less allowances for doubtful accounts | 1,764 | 2,442 | ||||||
Accounts receivable, net | $ | 115,928 | $ | 115,563 | ||||
Other current assets [Table Text Block] | ' | |||||||
The following comprise the amounts included in the balance sheet: | ||||||||
Other current assets | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Refundable income taxes | $ | 3,906 | $ | — | ||||
Deferred income taxes | 8,521 | 8,815 | ||||||
Prepaid expenses | 17,297 | 9,101 | ||||||
Other | 1,045 | 2,593 | ||||||
Total | $ | 30,769 | $ | 20,509 | ||||
Accrued expenses [Table Text Block] | ' | |||||||
Accrued expenses | September 28, | December 31, | ||||||
2013 | 2012 | |||||||
Employee compensation | $ | 16,657 | $ | 17,888 | ||||
Accrued compensated absences | 7,185 | 7,080 | ||||||
Self-insured medical claims | 1,270 | 2,571 | ||||||
Income tax payable | — | 2,013 | ||||||
Customer advances, deposits | — | 1,346 | ||||||
Taxes, other than income | 2,503 | 2,463 | ||||||
Other | 935 | 1,101 | ||||||
Total | $ | 28,550 | $ | 34,462 | ||||
Identified_Intangible_Assets_a1
Identified Intangible Assets and Goodwill, Net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of identified intangible assets and goodwill, net [Table Text Block] | ' | |||||||||||||||
The carrying amounts of the identified intangibles and goodwill acquired in connection with our historical investments in businesses were as follows: | ||||||||||||||||
September 28, 2013 | December 31, 2012 | |||||||||||||||
Identified Intangible Assets and Goodwill, Net | Carrying | Accumulated | Carrying | Accumulated | ||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer lists/relationships | $ | 14,438 | $ | 11,137 | $ | 14,378 | $ | 10,319 | ||||||||
Employment-related | 5,634 | 5,446 | 5,430 | 5,082 | ||||||||||||
Tradenames | 4,527 | 3,634 | 4,528 | 3,267 | ||||||||||||
Amortized intangible assets | $ | 24,599 | $ | 20,217 | $ | 24,336 | $ | 18,668 | ||||||||
Less accumulated amortization | 20,217 | 18,668 | ||||||||||||||
Identified intangibles, net | 4,382 | 5,668 | ||||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Goodwill | 23,662 | 23,515 | ||||||||||||||
$ | 28,044 | $ | 29,183 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of debt [Table Text Block] | ' | |||||||
Our long-term debt consisted of the following: | ||||||||
September 28, | December 31, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | ||||||||
Prime rate borrowings | $ | 500 | $ | 9,200 | ||||
LIBOR borrowings | 44,000 | 15,000 | ||||||
44,500 | 24,200 | |||||||
Senior unsecured notes | 30,000 | 30,000 | ||||||
Term loans | 11,417 | 7,579 | ||||||
85,917 | 61,779 | |||||||
Less current portion | 11,383 | 6,992 | ||||||
$ | 74,534 | $ | 54,787 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Disclosure of share-based compensation arrangements by share-based payment award [Table Text Block] | ' | |||||||||||||||||
Stock-based compensation expense under all share-based payment plans -- our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights and performance-based restricted stock units -- included in the results of operations follows: | ||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Compensation expense, all share-based payment plans | $ | 342 | $ | 285 | $ | 1,018 | $ | 1,210 | ||||||||||
Schedule of share-based compensation, stock-settled stock appreciation rights award activity [Table Text Block] | ' | |||||||||||||||||
F. | Stock-Based Compensation (continued) | |||||||||||||||||
The following table summarizes our SSARs as of September 28, 2013. | ||||||||||||||||||
Stock-Settled | Number | Weighted- | Weighted- | Unrecognized | Aggregate | |||||||||||||
Stock Appreciation Rights | of | Average | Average | Compensation | Intrinsic | |||||||||||||
Rights | Award Date | Remaining | Cost | Value | ||||||||||||||
Value | Contractual | |||||||||||||||||
Life | ||||||||||||||||||
Unvested, January 1, 2013 | 257,817 | $ | 3.17 | |||||||||||||||
Granted | 117,280 | 3.17 | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Vested | (86,044 | ) | 3.22 | |||||||||||||||
Unvested, September 28, 2013 | 289,053 | $ | 3.16 | 2.3 years | $ | 712 | $ | 6,909 | ||||||||||
Employee SSARs | 259,320 | $ | 3.24 | 2.3 years | $ | 651 | $ | 6,198 | ||||||||||
Nonemployee Director SSARs | 29,733 | $ | 2.32 | 2.7 years | $ | 61 | $ | 711 | ||||||||||
Schedule of share-based compensation, performance-based restricted stock units award activity [Table Text Block] | ' | |||||||||||||||||
The following table summarizes Performance-Based Restricted Stock Units as of September 28, 2013. | ||||||||||||||||||
Performance-Based | Number | Weighted- | Weighted- | Unrecognized | Aggregate | |||||||||||||
Restricted Stock Units | of | Average | Average | Compensation | Intrinsic | |||||||||||||
Stock | Grant Date | Remaining | Cost | Value | ||||||||||||||
Units | Value | Contractual | ||||||||||||||||
Life | ||||||||||||||||||
Unvested, January 1, 2013 | 78,653 | $ | 16.87 | |||||||||||||||
Granted | 42,290 | 21.67 | ||||||||||||||||
Forfeited | — | — | ||||||||||||||||
Vested | (22,754 | ) | 16.48 | |||||||||||||||
Unvested, September 28, 2013 | 98,189 | $ | 19.03 | 3.1 years | $ | 1,227 | $ | 2,347 | ||||||||||
Schedule of share-based payment award, stock options, valuation assumptions [Table Text Block] | ' | |||||||||||||||||
The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumption. | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 28, | September 29, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Volatility rate | 11.3 | % | 11.7 | % | ||||||||||||||
Risk-free interest rate | 2.1 | % | 1.6 | % | ||||||||||||||
Expected dividend yield | 1.5 | % | 1.5 | % | ||||||||||||||
Expected life of awards (years) | 9.4 | 9.1 | ||||||||||||||||
Schedule of share-based compensation, stock options activity [Table Text Block] | ' | |||||||||||||||||
The following table summarizes activity under the stock option plans for the nine months ended September 28, 2013. | ||||||||||||||||||
Stock Options | Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic | |||||||||||||||
Options | Exercise | Remaining | Value | |||||||||||||||
Outstanding | Price | Contractual | ||||||||||||||||
Life | ||||||||||||||||||
Outstanding, January 1, 2013 | 761,254 | $ | 11.38 | |||||||||||||||
Granted | 198,500 | 23.2 | ||||||||||||||||
Exercised | (173,547 | ) | 7.83 | |||||||||||||||
Forfeited | — | — | ||||||||||||||||
Outstanding, September 28, 2013 | 786,207 | $ | 15.14 | 5.2 years | $ | 6,884 | ||||||||||||
Exercisable, September 28, 2013 | 466,107 | $ | 11.4 | 3.0 years | $ | 5,824 | ||||||||||||
Net_Periodic_Benefit_Cost_Defi1
Net Periodic Benefit Cost - Defined Benefit Pension Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Net Periodic Benefit Cost, Defined Benefit Pension Plans [Abstract] | ' | |||||||||||||||
Schedule of defined benefit pension plans, components of pesion cost [Table Text Block] | ' | |||||||||||||||
The results of operations included the following net periodic benefit cost recognized related to our defined-benefit pension plans. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of pension cost | ||||||||||||||||
Service costs--increase in benefit obligation earned | $ | 55 | $ | 47 | $ | 166 | $ | 138 | ||||||||
Interest cost on projected benefit obligation | 379 | 412 | 1,136 | 1,244 | ||||||||||||
Expected return on plan assets | (439 | ) | (424 | ) | (1,319 | ) | (1,277 | ) | ||||||||
Settlement loss | — | — | — | 219 | ||||||||||||
Amortization of net actuarial loss | 347 | 259 | 1,041 | 781 | ||||||||||||
Amortization of prior service cost | 3 | 3 | 10 | 10 | ||||||||||||
Net pension cost of defined benefit pension plans | $ | 345 | $ | 297 | $ | 1,034 | $ | 1,115 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Schedule of other comprehensive income (loss) [Table Text Block] | ' | ||||||||||||
The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: | |||||||||||||
Foreign | Defined | Accumulated | |||||||||||
Currency | Benefit | Other | |||||||||||
Translation | Pension | Comprehensive | |||||||||||
Adjustments | Plans | Income (Loss) | |||||||||||
Balance at January 1, 2013 | $ | 3,511 | $ | (10,626 | ) | $ | (7,115 | ) | |||||
Other comprehensive income (loss) before reclassifications | |||||||||||||
Unrealized losses | (925 | ) | — | (925 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,051 | 1,051 | ||||||||||
Tax effect | — | (400 | ) | (400 | ) | ||||||||
Net of tax amount | (925 | ) | 651 | (274 | ) | ||||||||
Balance at September 28, 2013 | $ | 2,586 | $ | (9,975 | ) | $ | (7,389 | ) | |||||
Per_Share_Amounts_and_Common_S1
Per Share Amounts and Common Shares Outstanding (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Per Share Amounts and Common Shares Outstanding [Abstract] | ' | |||||||||||||||
Schedule of earnings per share, basic and diluted [Table Text Block] | ' | |||||||||||||||
J. Per Share Amounts and Common Shares Outstanding | ||||||||||||||||
We calculate our basic earnings per share by dividing net income or net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated in a similar manner, but include the effect of dilutive securities. To the extent these securities are antidilutive, they are excluded from the calculation of earnings per share. The per share amounts were computed as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income available to common shareholders: | ||||||||||||||||
Net Income | $ | 8,644 | $ | 8,296 | $ | 17,468 | $ | 17,141 | ||||||||
Weighted-average shares: | ||||||||||||||||
Basic: | ||||||||||||||||
Outstanding | 13,583 | 14,039 | 13,680 | 13,914 | ||||||||||||
Partially-paid share subscriptions | 137 | 94 | 407 | 94 | ||||||||||||
Basic weighted-average shares | 13,720 | 14,133 | 14,087 | 14,008 | ||||||||||||
Diluted: | ||||||||||||||||
Basic from above | 13,720 | 14,133 | 14,087 | 14,008 | ||||||||||||
Incremental shares from assumed: | ||||||||||||||||
Exercise of stock subscription purchase rights | 59 | 17 | 35 | 5 | ||||||||||||
Exercise of stock options and awards | 476 | 616 | 425 | 522 | ||||||||||||
Diluted weighted-average shares | 14,255 | 14,766 | 14,547 | 14,535 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.22 | ||||||||
Diluted | $ | 0.61 | $ | 0.56 | $ | 1.2 | $ | 1.18 | ||||||||
Schedule of common shares outstanding [Table Text Block] | ' | |||||||||||||||
A summary of the activity of the common shares outstanding for the nine months ended September 28, 2013 follows: | ||||||||||||||||
Shares outstanding at January 1, 2013 | 13,726,002 | |||||||||||||||
Shares purchased | (589,155 | ) | ||||||||||||||
Shares sold | 226,959 | |||||||||||||||
Stock subscription offering -- cash purchases | 13,473 | |||||||||||||||
Options and awards exercised | 184,988 | |||||||||||||||
(163,735 | ) | |||||||||||||||
Shares outstanding at September 28, 2013 | 13,562,267 | |||||||||||||||
Operations_by_Business_Segment1
Operations by Business Segment (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Operations by Business Segment [Abstract] | ' | ||||||||||||||||||||
Schedule of segment reporting information, by segment [Table Text Block] | ' | ||||||||||||||||||||
Segment information reconciled to consolidated external reporting information follows: | |||||||||||||||||||||
Utility | Residential | All | Reconciling | Consolidated | |||||||||||||||||
Services | Commercial | Other | Adjustments | ||||||||||||||||||
Services | |||||||||||||||||||||
Three Months Ended September 28, 2013 | |||||||||||||||||||||
Revenues | $ | 87,805 | $ | 89,457 | $ | 17,510 | $ | — | $ | 194,772 | |||||||||||
Income (loss) from operations | 3,040 | 11,213 | 1,579 | (951 | ) | (a) | 14,881 | ||||||||||||||
Interest expense | (711 | ) | (711 | ) | |||||||||||||||||
Interest income | 76 | 76 | |||||||||||||||||||
Other income (expense), net | (713 | ) | (713 | ) | |||||||||||||||||
Income before income taxes | $ | 13,533 | |||||||||||||||||||
Segment assets, total | $ | 131,309 | $ | 123,556 | $ | 21,118 | $ | 74,449 | (b) | $ | 350,432 | ||||||||||
Three Months Ended September 29, 2012 | |||||||||||||||||||||
Revenues | $ | 80,874 | $ | 81,438 | $ | 16,335 | $ | — | $ | 178,647 | |||||||||||
Income (loss) from operations | 2,343 | 10,925 | 1,633 | (249 | ) | (a) | 14,652 | ||||||||||||||
Interest expense | (661 | ) | (661 | ) | |||||||||||||||||
Interest income | 65 | 65 | |||||||||||||||||||
Other income (expense), net | (638 | ) | (638 | ) | |||||||||||||||||
Income before income taxes | $ | 13,418 | |||||||||||||||||||
Segment assets, total | $ | 125,178 | $ | 114,940 | $ | 21,528 | $ | 67,268 | (b) | $ | 328,914 | ||||||||||
Nine Months Ended September 28, 2013 | |||||||||||||||||||||
Revenues | $ | 245,982 | $ | 237,690 | $ | 50,003 | $ | — | $ | 533,675 | |||||||||||
Income (loss) from operations | 7,034 | 25,474 | 1,552 | (1,958 | ) | (a) | 32,102 | ||||||||||||||
Interest expense | (2,052 | ) | (2,052 | ) | |||||||||||||||||
Interest income | 237 | 237 | |||||||||||||||||||
Other income (expense), net | (2,022 | ) | (2,022 | ) | |||||||||||||||||
Income before income taxes | $ | 28,265 | |||||||||||||||||||
Segment assets, total | $ | 131,309 | $ | 123,556 | $ | 21,118 | $ | 74,449 | (b) | $ | 350,432 | ||||||||||
Nine Months Ended September 29, 2012 | |||||||||||||||||||||
Revenues | $ | 240,359 | $ | 219,864 | $ | 47,479 | $ | — | $ | 507,702 | |||||||||||
Income (loss) from operations | 7,398 | 23,058 | 3,235 | (1,261 | ) | (a) | 32,430 | ||||||||||||||
Interest expense | (2,071 | ) | (2,071 | ) | |||||||||||||||||
Interest income | 121 | 121 | |||||||||||||||||||
Other income (expense), net | (2,147 | ) | (2,147 | ) | |||||||||||||||||
Income before income taxes | $ | 28,333 | |||||||||||||||||||
Segment assets, total | $ | 125,178 | $ | 114,940 | $ | 21,528 | $ | 67,268 | (b) | $ | 328,914 | ||||||||||
Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: | |||||||||||||||||||||
(a) | Reclassification of depreciation expense and allocation of corporate expenses. | ||||||||||||||||||||
(b) | Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Fair_Value_Measurements_and_Fi1
Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis [Table Text Block] | ' | ||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis at September 28, 2013, were as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
September 28, 2013 Using: | |||||||||||||||||
Assets and Liabilities Recorded at | Total | Quoted Prices | Significant | Significant | |||||||||||||
Fair Value on a Recurring Basis | Carrying | in | Other | Unobservable | |||||||||||||
Value at | Active | Observable | Inputs | ||||||||||||||
September 28, | Markets | Inputs | (Level 3) | ||||||||||||||
2013 | (Level 1) | (Level 2) | |||||||||||||||
Assets: | |||||||||||||||||
Assets invested for self-insurance, classified as other assets, noncurrent | $ | 13,182 | $ | 13,182 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Fuel derivatives, classified as accrued expenses | $ | 29 | $ | — | $ | 29 | $ | — | |||||||||
Deferred compensation | 1,105 | — | 1,105 | — | |||||||||||||
L. | Fair Value Measurements and Financial Instruments (continued) | ||||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis at December 31, 2012 were as follows: | |||||||||||||||||
Fair Value Measurements at | |||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||
Assets and Liabilities Recorded at | Total | Quoted Prices | Significant | Significant | |||||||||||||
Fair Value on a Recurring Basis | Carrying | in | Other | Unobservable | |||||||||||||
Value at | Active | Observable | Inputs | ||||||||||||||
December 31, | Markets | Inputs | (Level 3) | ||||||||||||||
2012 | (Level 1) | (Level 2) | |||||||||||||||
Assets: | |||||||||||||||||
Assets invested for self-insurance, classified as other assets, noncurrent | $ | 10,758 | $ | 10,758 | $ | — | $ | — | |||||||||
Fuel derivatives, classified as other current assets | 38 | — | 38 | — | |||||||||||||
Liabilities: | |||||||||||||||||
Fuel derivatives, classified as accrued expenses | $ | 24 | $ | — | $ | 24 | $ | — | |||||||||
Deferred compensation | 873 | — | 873 | — | |||||||||||||
Financial instruments recorded at historical carrying value [Table Text Block] | ' | ||||||||||||||||
Financial instruments classified as noncurrent liabilities and their carrying values and fair values were as follows: | |||||||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||||||
Financial Instruments Recorded at | Carrying | Fair | Carrying | Fair | |||||||||||||
Historical Carrying Value | Value | Value | Value | Value | |||||||||||||
Revolving credit facility, noncurrent | $ | 44,500 | $ | 44,500 | $ | 24,200 | $ | 24,200 | |||||||||
Senior unsecured notes | 30,000 | 28,959 | 30,000 | 29,762 | |||||||||||||
Term loans, noncurrent | 34 | 34 | 587 | 587 | |||||||||||||
Total | $ | 74,534 | $ | 73,493 | $ | 54,787 | $ | 54,549 | |||||||||
Schedule of derivative instruments in statement of financial position, fair value [Table Text Block] | ' | ||||||||||||||||
L. | Fair Value Measurements and Financial Instruments (continued) | ||||||||||||||||
The following tables set forth quantitative information related to our derivatives instruments and where these amounts are recorded in our consolidated financial statements. | |||||||||||||||||
As of | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Economic Hedges - Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Fuel Derivatives: | |||||||||||||||||
Asset fair value of fuel derivatives, classified as other current assets | $ | — | $ | 38 | |||||||||||||
Liability fair value of fuel derivatives, classified as accrued expenses | $ | 29 | $ | 24 | |||||||||||||
Longest remaining term, in months | 3 | 12 | |||||||||||||||
Notional hedged volume, in thousands of gallons | 300 | 1,250 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cash Flow Hedges - Derivatives Designated as Hedging Instruments | |||||||||||||||||
Interest Rate Swaps: | |||||||||||||||||
Hedge gains, recognized in other comprehensive income | $ | — | $ | — | $ | — | $ | 123 | |||||||||
Economic Hedges - Derivatives Not Designated as Hedging Instruments | |||||||||||||||||
Fuel Derivatives: | |||||||||||||||||
Change in fair value, recognized in results of operations, as a (reduction)/increase in operating costs and expenses | $ | (92 | ) | $ | (616 | ) | $ | (125 | ) | $ | (650 | ) |
Accounts_Receivable_Net_and_Su2
Accounts Receivable, Net and Supplemental Balance-Sheet Information (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net | ' | ' |
Accounts receivable | $94,855 | $105,044 |
Receivables under contractual arrangements | 22,837 | 12,961 |
Accounts receivable, gross, current | 117,692 | 118,005 |
Less allowances for doubtful accounts | 1,764 | 2,442 |
Accounts receivable, net | 115,928 | 115,563 |
Other current assets | ' | ' |
Refundable income taxes | 3,906 | 0 |
Deferred income taxes | 8,521 | 8,815 |
Prepaid expenses | 17,297 | 9,101 |
Other | 1,045 | 2,593 |
Other current assets, total | 30,769 | 20,509 |
Accrued expenses | ' | ' |
Employee compensation | 16,657 | 17,888 |
Accrued compensated absences | 7,185 | 7,080 |
Self-insured medical claims | 1,270 | 2,571 |
Income tax payable | 0 | 2,013 |
Customer advances, deposits | 0 | 1,346 |
Taxes, other than income | 2,503 | 2,463 |
Other | 935 | 1,101 |
Total | $28,550 | $34,462 |
Identified_Intangible_Assets_a2
Identified Intangible Assets and Goodwill, Net (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | $24,599 | $24,336 |
Accumulated amortization | 20,217 | 18,668 |
Identified intangibles, net | 4,382 | 5,668 |
Goodwill | 23,662 | 23,515 |
Identified intangible assets and goodwill, net | 28,044 | 29,183 |
Customer lists/relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 14,438 | 14,378 |
Accumulated amortization | 11,137 | 10,319 |
Employment-related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 5,634 | 5,430 |
Accumulated amortization | 5,446 | 5,082 |
Tradenames [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Carrying amount | 4,527 | 4,528 |
Accumulated amortization | $3,634 | $3,267 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Prime rate borrowings | $500 | $9,200 |
LIBOR borrowings | 44,000 | 15,000 |
Revolving credit facility borrowings, total | 44,500 | 24,200 |
Senior unsecured notes | 30,000 | 30,000 |
Term loans | 11,417 | 7,579 |
Long-term debt | 85,917 | 61,779 |
Less current portion | 11,383 | 6,992 |
Long-term debt | $74,534 | $54,787 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Line of credit [Member] | Letter of credit [Member] | ||
Base rate, LIBOR [Member] | Base rate, federal funds [Member] | Base rate [Member] | Base rate [Member] | LIBOR [Member] | LIBOR [Member] | |||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, current borrowing Capacity | $140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit, sublimit | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing Capacity | 160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitments under credit facility | 46,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed under credit facility | ' | ' | ' | ' | 93,354 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility borrowings | 44,500 | 24,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,854 |
Outstanding borrowings interest rate margin adjustment, range | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.25% | 1.25% | 1.75% | ' |
Debt instrument, variable rate, base rate calculation | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' | ' |
Line of credit facility, commitment fee percentage | ' | ' | 0.20% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | $30,000 | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes, interest rate | 5.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of principal payments | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anniversary when principal payments begin | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, number of shares authorized | 10,000,000 | ' | 10,000,000 | ' |
Compensation expense, all share-based payment plans | $342 | $285 | $1,018 | $1,210 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Volatility rate | ' | ' | 11.30% | 11.70% |
Risk free interest rate | ' | ' | 2.10% | 1.60% |
Expected dividend yield | ' | ' | 1.50% | 1.50% |
Expected life of awards (years) | ' | ' | '9 years 4 months 24 days | '9 years 1 month 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding, beginning balance | ' | ' | 761,254 | ' |
Granted | ' | ' | 198,500 | ' |
Exercised | ' | ' | -173,547 | ' |
Forfeited | ' | ' | 0 | ' |
Outstanding, ending balance | 786,207 | ' | 786,207 | ' |
Exercisable, ending balance | 466,107 | ' | 466,107 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Outstanding, weighted average exercise price, beginning balance | ' | ' | $11.38 | ' |
Granted, weighted average exercise price | ' | ' | $23.20 | ' |
Exercised, weighted average exercise price | ' | ' | $7.83 | ' |
Forfeited, weighted average exercise price | ' | ' | $0 | ' |
Outstanding, weighted average exercise price, ending balance | $15.14 | ' | $15.14 | ' |
Exercisable, weighted average exercise price, ending balance | $11.40 | ' | $11.40 | ' |
Outstanding, weighted average remaining contractual life (years) | ' | ' | '5 years 2 months 27 days | ' |
Exercisable, weighted average remaining contractual life (years) | ' | ' | '2 years 11 months 19 days | ' |
Outstanding, aggregate intrinsic value | 6,884 | ' | 6,884 | ' |
Exercisable, aggregate intrinsic value | 5,824 | ' | 5,824 | ' |
Outstanding, unrecognized compensation cost | 939 | ' | 939 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '3 years 3 months 22 days | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense, all share-based payment plans | ' | ' | 307 | 312 |
Employee stock purchase plan, service period | ' | ' | '1 year | ' |
Employee stock purchase plan, percentage of market price, Purchase Date | ' | ' | 85.00% | ' |
Employee stock purchase, discount from market price, purchase date | ' | ' | 15.00% | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense, all share-based payment plans | ' | ' | 162 | 122 |
Stock options, awarded, outstanding | 667,207 | ' | 667,207 | ' |
Stock options awarded, vesting period (years) | ' | ' | '10 years | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense, all share-based payment plans | ' | ' | 233 | 217 |
Stock options awarded, vesting period (years) | ' | ' | '5 years | ' |
Stock appreciation rights, awarded | ' | ' | 117,280 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' |
Unvested, beginning balance | ' | ' | 257,817 | ' |
Granted | ' | ' | 117,280 | ' |
Forfeited | ' | ' | 0 | ' |
Vested | ' | ' | -86,044 | ' |
Unvested, ending balance | 289,053 | ' | 289,053 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Unvested, weighted average award date value, beginning balance | ' | ' | $3.17 | ' |
Granted, weighted average award date value | ' | ' | $3.17 | ' |
Forfeited, weighted average award date value | ' | ' | $0 | ' |
Vested, weighted average award date value | ' | ' | $3.22 | ' |
Unvested, weighted average award date value, ending balance | $3.16 | ' | $3.16 | ' |
Weighted average remaining contractual life (years) | ' | ' | '2 years 3 months 18 days | ' |
Unrecognized compensation cost | 712 | ' | 712 | ' |
Aggregate intrinsic value | 6,909 | ' | 6,909 | ' |
Employee SSARs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' |
Unvested, ending balance | 259,320 | ' | 259,320 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Unvested, weighted average award date value, ending balance | $3.24 | ' | $3.24 | ' |
Weighted average remaining contractual life (years) | ' | ' | '2 years 3 months 18 days | ' |
Unrecognized compensation cost | 651 | ' | 651 | ' |
Aggregate intrinsic value | 6,198 | ' | 6,198 | ' |
Nonemployee Director SSARs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' |
Unvested, ending balance | 29,733 | ' | 29,733 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Unvested, weighted average award date value, ending balance | $2.32 | ' | $2.32 | ' |
Weighted average remaining contractual life (years) | ' | ' | '2 years 8 months 12 days | ' |
Unrecognized compensation cost | 61 | ' | 61 | ' |
Aggregate intrinsic value | 711 | ' | 711 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense, all share-based payment plans | ' | ' | 316 | 559 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' |
Unvested, beginning balance | ' | ' | 78,653 | ' |
Granted | ' | ' | 42,290 | ' |
Forfeited | ' | ' | 0 | ' |
Vested | ' | ' | -22,754 | ' |
Unvested, ending balance | 98,189 | ' | 98,189 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Unvested, weighted average award date value, beginning balance | ' | ' | $16.87 | ' |
Granted, weighted average award date value | ' | ' | $21.67 | ' |
Forfeited, weighted average award date value | ' | ' | $0 | ' |
Vested, weighted average award date value | ' | ' | $16.48 | ' |
Unvested, weighted average award date value, ending balance | $19.03 | ' | $19.03 | ' |
Weighted average remaining contractual life (years) | ' | ' | '3 years 1 month 6 days | ' |
Unrecognized compensation cost | 1,227 | ' | 1,227 | ' |
Aggregate intrinsic value | $2,347 | ' | $2,347 | ' |
Net_Periodic_Benefit_Cost_Defi2
Net Periodic Benefit Cost - Defined Benefit Pension Plans (Details) (Pension plans, defined benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Pension plans, defined benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service costs--increase in benefit obligation earned | $55 | $47 | $166 | $138 |
Interest cost on projected benefit obligation | 379 | 412 | 1,136 | 1,244 |
Expected return on plan assets | -439 | -424 | -1,319 | -1,277 |
Settlement loss | 0 | 0 | 0 | 219 |
Amortization of net actuarial loss | 347 | 259 | 1,041 | 781 |
Amortization of prior service cost | 3 | 3 | 10 | 10 |
Net pension cost of defined benefit pension plans | 345 | 297 | 1,034 | 1,115 |
Contributions by employer | ' | ' | 548 | ' |
Estimated future employer contributions in current fiscal year | $167 | ' | $167 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Effective income tax rate | 39.00% | 39.50% |
Unrecognized tax benefits | $2,638 | $2,638 |
Unrecognized tax benefits that would impact effective tax rate | 1,933 | 1,933 |
Unrecognized tax benefits, interest on income taxes accrued | 142 | 142 |
Additional tax payments on pending tax matters, lower bound | 500 | ' |
Additional tax payments on pending tax matters, upper bound | $800 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Accumulated other comprehensive income (loss) [Roll Forward] | ' |
Balance at January 1, 2013 | ($7,115) |
Unrealized losses | -925 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,051 |
Tax effect | -400 |
Net of tax amount | -274 |
Balance at September 28, 2013 | -7,389 |
Foreign currencty translation adjustments [Member] | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' |
Balance at January 1, 2013 | 3,511 |
Unrealized losses | -925 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Tax effect | 0 |
Net of tax amount | -925 |
Balance at September 28, 2013 | 2,586 |
Defined benefit pension plans [Member] | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' |
Balance at January 1, 2013 | -10,626 |
Unrealized losses | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,051 |
Tax effect | -400 |
Net of tax amount | 651 |
Balance at September 28, 2013 | ($9,975) |
Per_Share_Amounts_and_Common_S2
Per Share Amounts and Common Shares Outstanding (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Per Share Amounts and Common Shares Outstanding [Abstract] | ' | ' | ' | ' |
Net Income | $8,644 | $8,296 | $17,468 | $17,141 |
Weighted-average shares outstanding, basic | 13,583,000 | 14,039,000 | 13,680,000 | 13,914,000 |
Weighted-average shares, partially-paid share subscriptions | 137,000 | 94,000 | 407,000 | 94,000 |
Basic weighted average shares | 13,720,000 | 14,133,000 | 14,087,000 | 14,008,000 |
Incremental shares from assumed exercise of stock subscription purchase rights | 59,000 | 17,000 | 35,000 | 5,000 |
Incremental shares from assumed exercise of stock options and awards | 476,000 | 616,000 | 425,000 | 522,000 |
Diluted weighted-average shares | 14,255,000 | 14,766,000 | 14,547,000 | 14,535,000 |
Basic | $0.63 | $0.59 | $1.24 | $1.22 |
Diluted | $0.61 | $0.56 | $1.20 | $1.18 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Shares outstanding at January 1, 2013 | ' | ' | 13,726,002 | ' |
Shares purchased | ' | ' | -589,155 | ' |
Shares sold | ' | ' | 226,959 | ' |
Stock subscription offering -- cash purchases | ' | ' | 13,473 | ' |
Options and awards exercised | ' | ' | 184,988 | ' |
Change in shares outstanding | ' | ' | -163,735 | ' |
Shares outstanding at September 28, 2013 | 13,562,267 | ' | 13,562,267 | ' |
Employee and director options exercisable | 466,107 | ' | 466,107 | ' |
Partially-paid subscriptions | 544,339 | ' | 544,339 | ' |
Purchase rights outstanding | 208,674 | ' | 208,674 | ' |
Per_Share_Amounts_and_Common_S3
Per Share Amounts and Common Shares Outstanding stock subscription (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2013 | Sep. 28, 2013 | |
Per Share Amounts and Common Shares Outstanding [Abstract] | ' | ' |
Stock subscription offering, subscription price | $19.70 | $19.70 |
Stock subscription offering, number of shares subscribed | ' | 637,714 |
stock subscription offering, value of shares subscribed | ' | $12,563,000 |
Stock subscription offering, minimum financed amount | 5,000 | 5,000 |
Stock subscription offering, down payment | 10.00% | 10.00% |
Stock subscription offering, term (in years) | ' | '7 years |
Stock subscription offering interest rate | ' | 2.00% |
Stock subscription offering, minimum amount to receive right | $5,000 | $5,000 |
Stock subscription offering, number of shares purchased to receive one right | ' | 3 |
Stock subscription offering, number of rights issued | 211,800 | ' |
Stock subscription offering, portion exercisable per year | ' | 14.29% |
Stock subscription offering, right expiration term (in years) | ' | 'P7Y |
Operations_by_Business_Segment2
Operations by Business Segment (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 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Number of Reportable Segments | ' | ' | 2 | ' | ' | ||||
Revenues | $194,772 | $178,647 | $533,675 | $507,702 | ' | ||||
Income (loss) from operations | 14,881 | 14,652 | 32,102 | 32,430 | ' | ||||
Interest expense | -711 | -661 | -2,052 | -2,071 | ' | ||||
Interest income | 76 | 65 | 237 | 121 | ' | ||||
Other income (expense), net | -713 | -638 | -2,022 | -2,147 | ' | ||||
Income before income taxes | 13,533 | 13,418 | 28,265 | 28,333 | ' | ||||
Segment assets, total | 350,432 | 328,914 | 350,432 | 328,914 | 330,932 | ||||
Utility services [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 87,805 | 80,874 | 245,982 | 240,359 | ' | ||||
Income (loss) from operations | 3,040 | 2,343 | 7,034 | 7,398 | ' | ||||
Segment assets, total | 131,309 | 125,178 | 131,309 | 125,178 | ' | ||||
Residential commercial services [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 89,457 | 81,438 | 237,690 | 219,864 | ' | ||||
Income (loss) from operations | 11,213 | 10,925 | 25,474 | 23,058 | ' | ||||
Segment assets, total | 123,556 | 114,940 | 123,556 | 114,940 | ' | ||||
All other [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 17,510 | 16,335 | 50,003 | 47,479 | ' | ||||
Income (loss) from operations | 1,579 | 1,633 | 1,552 | 3,235 | ' | ||||
Segment assets, total | 21,118 | 21,528 | 21,118 | 21,528 | ' | ||||
Reconciling adjustments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Income (loss) from operations | -951 | [1] | -249 | [1] | -1,958 | [1] | -1,261 | [1] | ' |
Interest expense | -711 | -661 | -2,052 | -2,071 | ' | ||||
Interest income | 76 | 65 | 237 | 121 | ' | ||||
Other income (expense), net | -713 | -638 | -2,022 | -2,147 | ' | ||||
Segment assets, total | $74,449 | [2] | $67,268 | [2] | $74,449 | [2] | $67,268 | [2] | ' |
[1] | (a)Reclassification of depreciation expense and allocation of corporate expenses. | ||||||||
[2] | (b)Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Fair_Value_Measurements_and_Fi2
Fair Value Measurements and Financial Instruments (Details) (Fair value, measurements, recurring [Member], USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted prices in active markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets invested for self-insurance, classified as other assets, noncurrent | $13,182 | $10,758 |
Fuel derivatives, classified as other current assets | ' | 0 |
Fuel derivatives, classified as accrued expenses | 0 | 0 |
Deferred compensation | 0 | 0 |
Significant other observable inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets invested for self-insurance, classified as other assets, noncurrent | 0 | 0 |
Fuel derivatives, classified as other current assets | 0 | 38 |
Fuel derivatives, classified as accrued expenses | 29 | 24 |
Deferred compensation | 1,105 | 873 |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets invested for self-insurance, classified as other assets, noncurrent | 0 | 0 |
Fuel derivatives, classified as other current assets | ' | 0 |
Fuel derivatives, classified as accrued expenses | 0 | 0 |
Deferred compensation | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets invested for self-insurance, classified as other assets, noncurrent | 13,182 | 10,758 |
Fuel derivatives, classified as other current assets | ' | 38 |
Fuel derivatives, classified as accrued expenses | 29 | 24 |
Deferred compensation | $1,105 | $873 |
Fair_Value_Measurements_and_Fi3
Fair Value Measurements and Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | Carrying Value [Member] | Carrying Value [Member] | Fair Value [Member] | Fair Value [Member] | Longest remaining term, in months [Member] | Longest remaining term, in months [Member] | Notional hedged volume, in thousands of gallons [Member] | Notional hedged volume, in thousands of gallons [Member] | Change During Period, Fair Value Disclosure [Member] | Change During Period, Fair Value Disclosure [Member] | Change During Period, Fair Value Disclosure [Member] | Change During Period, Fair Value Disclosure [Member] | ||
gal | gal | |||||||||||||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, noncurrent | ' | ' | $44,500 | $24,200 | $44,500 | $24,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | 30,000 | 30,000 | 30,000 | 30,000 | 28,959 | 29,762 | ' | ' | ' | ' | ' | ' | ' | ' |
Term loans, noncurrent | ' | ' | 34 | 587 | 34 | 587 | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | 74,534 | 54,787 | 73,493 | 54,549 | ' | ' | ' | ' | ' | ' | ' | ' |
Price Risk Derivatives [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longest remaining term, in months | ' | ' | ' | ' | ' | ' | '3 months | '12 months | ' | ' | ' | ' | ' | ' |
Notional hedged volume, in thousands of gallons | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,250,000 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge gains, recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 123 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value, recognized in results of operations, as an (increase in)/decrease in operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($92) | ($616) | ($125) | ($650) |