Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |||
Sep. 28, 2013 | Oct. 21, 2013 | Oct. 21, 2013 | Oct. 21, 2013 | |
Common Class A [Member] | Common Class B [Member] | Common Class C [Member] | ||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'DIXIE GROUP INC | ' | ' | ' |
Entity Central Index Key | '0000029332 | ' | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' |
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 | ' | 12,429,669 | 872,562 | 0 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $590 | $491 |
Receivables, net | 48,157 | 32,469 |
Inventories | 90,470 | 72,245 |
Deferred income taxes | 6,678 | 5,615 |
Other current assets | 5,269 | 4,235 |
TOTAL CURRENT ASSETS | 151,164 | 115,055 |
PROPERTY, PLANT AND EQUIPMENT, NET | 74,269 | 69,483 |
OTHER ASSETS | 23,836 | 17,232 |
TOTAL ASSETS | 249,269 | 201,770 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 26,538 | 14,891 |
Accrued expenses | 23,831 | 19,147 |
Current portion of long-term debt | 4,259 | 4,059 |
TOTAL CURRENT LIABILITIES | 54,628 | 38,097 |
LONG-TERM DEBT | 102,751 | 80,166 |
DEFERRED INCOME TAXES | 4,591 | 3,824 |
OTHER LONG-TERM LIABILITIES | 18,840 | 15,637 |
TOTAL LIABILITIES | 180,810 | 137,724 |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 12,429,669 shares for 2013 and 12,173,961 shares for 2012 | 37,289 | 36,522 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 872,562 shares for 2013 and 952,784 shares for 2012 | 2,618 | 2,858 |
Additional paid-in capital | 136,945 | 136,744 |
Accumulated deficit | -108,147 | -111,840 |
Accumulated other comprehensive income (loss) | -246 | -238 |
TOTAL STOCKHOLDERS' EQUITY | 68,459 | 64,046 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $249,269 | $201,770 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parentheticals) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Common stock, par value | $3 | $3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 12,429,669 | 12,173,961 |
Class B Common stock, par value | $3 | $3 |
Class B Common stock, shares authorized | 16,000,000 | 16,000,000 |
Class B Common stock, shares issued | 872,562 | 952,784 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (Unaudited) (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 | ||||
NET SALES | $90,210 | $65,822 | $249,267 | $195,238 | ||||
Cost of sales | 68,110 | 49,265 | 186,453 | 147,260 | ||||
GROSS PROFIT | 22,100 | 16,557 | 62,814 | 47,978 | ||||
Selling and administrative expenses | 20,228 | 15,785 | 55,964 | 46,530 | ||||
Other operating (income) expense, net | 42 | -48 | 72 | 48 | ||||
OPERATING INCOME | 1,830 | 820 | 6,778 | 1,400 | ||||
Interest expense | 896 | 781 | 2,760 | 2,270 | ||||
Other (income) expense, net | 3 | -189 | 21 | -281 | ||||
Refinancing expenses | 0 | 0 | 94 | 0 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 931 | 228 | 3,903 | -589 | ||||
Income tax provision (benefit) | -501 | -41 | 142 | -349 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,432 | 269 | 3,761 | -240 | ||||
Loss from discontinued operations, net of tax | -20 | -167 | -67 | -272 | ||||
NET INCOME (LOSS) | $1,412 | $102 | $3,694 | ($512) | ||||
BASIC EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | ||||
Continuing operations | $0.11 | $0.02 | $0.28 | ($0.02) | ||||
Discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) | ||||
Net income (loss) | $0.11 | $0.01 | $0.27 | ($0.04) | ||||
BASIC SHARES OUTSTANDING | 12,760 | [1] | 12,650 | [1] | 12,722 | [1] | 12,630 | [1] |
DILUTED EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | ||||
Continuing operations | $0.11 | $0.02 | $0.28 | ($0.02) | ||||
Discontinued operations | $0 | ($0.01) | ($0.01) | ($0.02) | ||||
Net income (loss) | $0.11 | $0.01 | $0.27 | ($0.04) | ||||
DILUTED SHARES OUTSTANDING | 12,899 | [1],[2] | 12,713 | [1],[2] | 12,828 | [1],[2] | 12,630 | [1],[2] |
Dividends Per Share: | ' | ' | ' | ' | ||||
Common Stock | $0 | $0 | $0 | $0 | ||||
Class B Common Stock | $0 | $0 | $0 | $0 | ||||
[1] | Includes Common and Class B Common shares in thousands. | |||||||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock at the end of the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ending September 28, 2013 were 450 and 530, respectively and for the three and nine months ending September 29, 2012 were 766 and 836, respectively. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) (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 (LOSS) | $1,412 | $102 | $3,694 | ($512) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Unrealized loss on interest rate swaps | -418 | -142 | -171 | -465 |
Reclassification of loss into earnings from interest rate swaps | 52 | 23 | 124 | 71 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 73 | 98 | 219 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -6 | -6 | -18 | -17 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -14 | -14 | -41 | -40 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -386 | -66 | -8 | -232 |
COMPREHENSIVE INCOME (LOSS) | $1,026 | $36 | $3,686 | ($744) |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Income (loss) from continuing operations | $3,761 | ($240) |
Loss from discontinued operations | -67 | -272 |
Net income (loss) | 3,694 | -512 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 7,821 | 7,137 |
Provision (benefit) for deferred income taxes | -291 | -546 |
Net gain on property, plant and equipment disposals | 0 | -186 |
Stock-based compensation expense | 669 | 750 |
Excess tax benefits from stock-based compensation | -126 | 0 |
Write-off of deferred financing costs | 94 | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -15,573 | -2,817 |
Inventories | -16,283 | -7,052 |
Other current assets | -979 | -1,725 |
Accounts payable and accrued expenses | 16,479 | 943 |
Other operating assets and liabilities | -381 | -267 |
NET CASH USED IN OPERATING ACTIVITIES | -4,876 | -4,275 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Net proceeds from sales of property, plant and equipment | 13 | 186 |
Purchase of property, plant and equipment | -8,738 | -1,987 |
Net cash paid in business acquisitions | -2,170 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -10,895 | -1,801 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net borrowings on revolving credit line | 25,814 | 6,002 |
Payments on mortgage note payable | -10,141 | -553 |
Payments on note payable related to acquisition | -623 | 0 |
Borrowings on equipment financing | 4,128 | 2,503 |
Payments on equipment financing | -836 | -1,002 |
Payments on capitalized leases | -461 | -95 |
Borrowings on notes payable | 0 | 795 |
Payments on notes payable | -632 | -583 |
Change in outstanding checks in excess of cash | -1,051 | -923 |
Proceeds from stock option exercises | 141 | 0 |
Repurchases of Common Stock | -207 | -199 |
Excess tax benefits from stock-based compensation | 126 | 0 |
Payments for debt issuance costs | -388 | -53 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 15,870 | 5,892 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 99 | -184 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 491 | 298 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 590 | 114 |
Supplemental Cash Flow Information: | ' | ' |
Interest paid | 2,308 | 2,042 |
Income taxes paid, net of tax refunds | 35 | 1,315 |
Assets purchased under capital leases | 1,787 | 631 |
Fair value of assets acquired in acquisition, net of cash received | 8,391 | 0 |
Liabilities assumed in acquisition | -836 | 0 |
Note payable related to acquisition | -3,749 | 0 |
Accrued consideration related to acquisition | ($1,636) | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial statements which do not include all the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 29, 2012. Operating results for the three and nine month periods ended September 28, 2013 are not necessarily indicative of the results that may be expected for the entire 2013 year. | |
The Company is in one line of business, carpet manufacturing. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income". This ASU eliminated the option to report other comprehensive income and its components in the statement of stockholders' equity and required the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The Company adopted this ASU in December 2011 and presented the components of other comprehensive income in a separate statement following the statement of operations. In December 2011, the FASB issued ASU 2011-12, "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05". ASU 2011-12 deferred the changes in ASU 2011-05 that relate to the presentation of reclassification adjustments to other comprehensive income. In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". ASU 2013-02 requires the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, the Company is required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. As the new standard does not change the current requirements for reporting net income or other comprehensive income in the financial statements, the adoption of this ASU did not have a material effect on the Company's Consolidated Condensed Financial Statements. | |
In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. In January 2013, the FASB issued ASU No. 2013-01, "Balance Sheet (Topic 210)—Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities". The ASU clarifies that ordinary trade receivables are not in the scope of ASU No. 2011-11. ASU No. 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the Codification or subject to a master netting arrangement or similar agreement. The effective date is the same as the effective date of ASU 2011-11. The Company does not expect that the adoption of these ASUs will have a material effect on the Company’s Consolidated Condensed Financial Statements. | |
In July 2012, the FASB issued ASU No. 2012-02, "Intangibles--Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment." This ASU states that an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Codification Subtopic 350-30, "Intangibles--Goodwill and Other, General Intangibles Other than Goodwill." Under the guidance in this ASU, an entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this ASU did not have a material effect on the Company’s Consolidated Condensed Financial Statements. | |
In February 2013, the FASB issued ASU No. 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date". This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. For public entities, the ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The ASU shall be applied retrospectively to all prior periods presented for those obligations within the scope of this Subtopic that exist at the beginning of an entity's fiscal year of adoption. Early adoption is permitted. The Company does not expect that the adoption of this ASU will have a material effect on the Company's Consolidated Condensed Financial Statements. | |
In July 2013, the FASB issued ASU No. 2013-10, "Derivatives and Hedging (Topic 815) - Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes". This ASU allows the use of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a benchmark interest rate for hedge accounting purposes in addition to interest rates on direct Treasury obligations of the United States government and LIBOR. In addition, the ASU removes the restriction on using different benchmark rates for similar hedges. The ASU became effective on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this ASU did not have a material effect on the Company's Consolidated Condensed Financial Statements. | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists". This ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The Company does not expect that the adoption of this ASU will have a material effect on the Company's Consolidated Condensed Financial Statements. |
Receivables_Net
Receivables, Net | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables, Net | ' | |||||||
RECEIVABLES, NET | ||||||||
Receivables are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Customers, trade | $ | 46,293 | $ | 31,043 | ||||
Other receivables | 2,062 | 1,642 | ||||||
Gross receivables | 48,355 | 32,685 | ||||||
Less allowance for doubtful accounts | (198 | ) | (216 | ) | ||||
Net receivables | $ | 48,157 | $ | 32,469 | ||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 30,830 | $ | 23,002 | ||||
Work-in-process | 18,739 | 13,786 | ||||||
Finished goods | 54,445 | 49,251 | ||||||
Supplies, repair parts and other | 567 | 470 | ||||||
LIFO reserve | (14,111 | ) | (14,264 | ) | ||||
Total inventories | $ | 90,470 | $ | 72,245 | ||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
Property, plant and equipment consists of the following: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 7,071 | $ | 6,950 | ||||
Buildings and improvement | 50,519 | 50,293 | ||||||
Machinery and equipment | 147,807 | 137,432 | ||||||
205,397 | 194,675 | |||||||
Accumulated depreciation | (131,128 | ) | (125,192 | ) | ||||
Property, plant and equipment, net | $ | 74,269 | $ | 69,483 | ||||
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
ACQUISITIONS | ||||
On June 30, 2013, the Company acquired Robertex Associates, Inc. ("Robertex") from Robert P. Rothman. The Company acquired all the outstanding shares of capital stock of Robertex for an aggregate purchase price of $7,663, which included cash, a seller-financed note, deferred payments and an accrued contingent liability. The seller-financed note consists of five annual payments of principal and interest. The deferred payment is payable in five equal annual installments and the accrued contingent liability is payable in five annual payments based upon incremental growth in gross margins of selected products for five years subsequent to the acquisition. The Company has incurred direct incremental costs of approximately $257 related to this acquisition. These incremental costs are classified in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. | ||||
This acquisition is designed to increase the Company's market share in the wool markets it currently serves. Robertex produces wool floorcovering products under its Robertex and Carousel brands. | ||||
The purchase price consideration was as follows: | ||||
Cash paid | $ | 2,278 | ||
Seller-financed note | 3,749 | |||
Deferred payments to seller | 205 | |||
Contingent consideration | 1,431 | |||
Total purchase price | $ | 7,663 | ||
The acquisition has been accounted for as a business combination which requires, among other things, that assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The acquisition did not represent a material business combination. The following table summarizes the preliminary estimates of fair values of the assets acquired and liabilities assumed as of June 30, 2013 based on the preliminary purchase price allocation. The Company is in the process of validating and refining the assumptions and estimates required in establishing the fair values of the identifiable assets and liabilities. The final purchase price allocation may differ from the preliminary amounts disclosed below. The components of the preliminary purchase price allocation consisted of the following: | ||||
Cash | $ | 108 | ||
Accounts receivable | 115 | |||
Inventory | 1,942 | |||
Other current assets | 1 | |||
Property, plant and equipment | 1,863 | |||
Definite-lived intangible assets | 2,222 | |||
Goodwill | 2,248 | |||
Accounts payable | (643 | ) | ||
Accrued expenses | (193 | ) | ||
Total purchase price | $ | 7,663 | ||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||
The components of goodwill are as follows: | ||||||||||||||||||||||||
Goodwill | Accumulated Impairment Losses | Net | ||||||||||||||||||||||
Balance at December 29, 2012 | $ | 1,680 | $ | — | $ | 1,680 | ||||||||||||||||||
Additional goodwill recognized during the period (1) | 2,248 | — | 2,248 | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at September 28, 2013 | $ | 3,928 | $ | — | $ | 3,928 | ||||||||||||||||||
(1) Represents goodwill related to the Robertex Associates, Inc. acquisition as discussed in Note 6. | ||||||||||||||||||||||||
Intangible Assets Subject to Amortization: | ||||||||||||||||||||||||
The following table represents the components of the Company's intangible assets: | ||||||||||||||||||||||||
September 28, | December 29, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 1,062 | $ | (24 | ) | $ | 1,038 | $ | 208 | $ | — | $ | 208 | |||||||||||
Rug design coding | 144 | (11 | ) | 133 | 144 | — | 144 | |||||||||||||||||
Trade Names | 1,368 | (17 | ) | 1,351 | — | — | — | |||||||||||||||||
Total | $ | 2,574 | $ | (52 | ) | $ | 2,522 | $ | 352 | $ | — | $ | 352 | |||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Customer relationships | $ | 16 | $ | — | $ | 24 | $ | — | ||||||||||||||||
Rug design coding | 4 | — | 11 | — | ||||||||||||||||||||
Trade Names | 17 | — | 17 | — | ||||||||||||||||||||
Amortization expense | $ | 37 | $ | — | $ | 52 | $ | — | ||||||||||||||||
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Compensation and benefits | $ | 7,647 | $ | 5,637 | ||||
Provision for customer rebates, claims and allowances | 5,766 | 4,389 | ||||||
Advanced customer deposits | 2,801 | 1,828 | ||||||
Outstanding checks in excess of cash | 1,472 | 2,523 | ||||||
Other | 6,145 | 4,770 | ||||||
Total accrued expenses | $ | 23,831 | $ | 19,147 | ||||
Product_Warranty_Reserves
Product Warranty Reserves | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Product Warranty Reserves | ' | |||||||||||||||
PRODUCT WARRANTY RESERVES | ||||||||||||||||
The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience, including the level of sales and evaluation of pending claims. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Warranty reserve at beginning of period | $ | 1,566 | $ | 1,208 | $ | 1,297 | $ | 1,219 | ||||||||
Warranty liabilities accrued | 1,225 | 803 | 3,179 | 2,349 | ||||||||||||
Warranty liabilities settled | (1,111 | ) | (740 | ) | (2,888 | ) | (2,367 | ) | ||||||||
Changes for pre-existing warranty liabilities | 40 | (50 | ) | 132 | 20 | |||||||||||
Warranty reserve at end of period | $ | 1,720 | $ | 1,221 | $ | 1,720 | $ | 1,221 | ||||||||
LongTerm_Debt_and_Credit_Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Credit Arrangements | ' | |||||||
LONG-TERM DEBT AND CREDIT ARRANGEMENTS | ||||||||
Long-term debt consists of the following: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 85,936 | $ | 60,122 | ||||
Mortgage note payable | — | 10,141 | ||||||
Obligation to Development Authority of Gordon County | 4,696 | 5,339 | ||||||
Note payable - Robertex acquisition | 3,769 | — | ||||||
Equipment notes payable | 8,364 | 5,071 | ||||||
Notes payable | — | 632 | ||||||
Capital lease obligations | 4,245 | 2,920 | ||||||
Total long-term debt | 107,010 | 84,225 | ||||||
Less: current portion of long-term debt | (4,259 | ) | (4,059 | ) | ||||
Total long-term debt, less current portion | $ | 102,751 | $ | 80,166 | ||||
Revolving Credit Facility | ||||||||
On April 1, 2013, the Company amended its secured senior revolving credit facility (the "amended senior credit facility"). The amended senior credit facility extends the maturity date of the facility to April 1, 2018 and provides for a maximum of $110,000 of revolving credit, subject to borrowing base availability, including limited amounts of credit in the form of letters of credit and swingline loans. The borrowing base is equal to specified percentages of the Company's eligible accounts receivable, inventories, fixed assets and real property less reserves established, from time to time, by the administrative agent under the facility. | ||||||||
At the Company's election, revolving loans under the amended senior credit facility bear interest at annual rates equal to either (a) LIBOR for 1, 2 or 3 month periods, as selected by the Company, plus an applicable margin of either 1.50%, 1.75% or 2.00%, or (b) the higher of the prime rate, the Federal Funds rate plus 0.5%, or a daily LIBOR rate plus 1.00%, plus an applicable margin of either 0.50%, 0.75% or 1.00%. The applicable margin is determined based on availability under the amended senior credit facility with margins increasing as availability decreases. The Company also pays an unused line fee on the average amount by which the aggregate commitments exceed utilization of the senior credit facility equal to 0.375% per annum. | ||||||||
The amended senior credit facility includes certain affirmative and negative covenants that impose restrictions on the Company's financial and business operations, including limitations on debt, liens, investments, fundamental changes in the Company's business, asset dispositions, dividends and other similar restricted payments, transactions with affiliates, payments and modifications of certain existing debt, future negative pledges, and changes in the nature of the Company's business. The Company is also required to maintain a fixed charge coverage ratio of 1.1 to 1.0 during any period that borrowing availability is less than $12,100. | ||||||||
On July 1, 2013, in connection with the acquisition of Robertex, the Company entered into a Fourth Amendment to its senior credit facility to include the relevant assets in the Company's borrowing base, as well as, allow for the seller-financed note within the Robertex securities purchase agreement. | ||||||||
On July 30, 2013, the Company entered into a Fifth Amendment to its senior credit facility. The amendment increased the size of the revolver portion of the credit facility by $20,000 to a maximum of $130,000 (contingent on availability). In addition, the amendment provided for an increase in the fixed asset and real property borrowing bases, an increase in the level of the availability “trigger level” to $14,440 from $12,100, and extended the term of the facility to August 1, 2018. | ||||||||
The Company can use the proceeds of the amended senior credit facility for general corporate purposes, including financing acquisitions and refinancing other indebtedness. As of September 28, 2013, the unused borrowing availability under the amended senior credit facility was $26,374. | ||||||||
Mortgage Note Payable | ||||||||
On April 1, 2013, in connection with the amended senior credit facility, the Company terminated the five-year $11,063 mortgage loan which had a balance of $9,833. The mortgage loan was secured by the Company's Susan Street real estate and liens secondary to the senior credit facility. The mortgage loan was scheduled to mature on September 13, 2016. Prior to the termination, the mortgage loan bore interest at a variable rate equal to one month LIBOR plus 3.00% and was payable in equal monthly installments of principal of $61, plus interest calculated on the declining balance of the mortgage loan, with a final payment of $7,436 due on maturity. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: | ||||||||||||||||
Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; | ||||||||||||||||
Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and | ||||||||||||||||
Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||
The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 28, 2013 and December 29, 2012: | ||||||||||||||||
September 28, | December 29, | Fair Value Hierarchy Level | ||||||||||||||
2013 | 2012 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi trust (1) | $ | 13,475 | $ | 11,894 | Level 2 | |||||||||||
Interest rate swaps (2) | 209 | — | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 1,206 | $ | 1,086 | Level 2 | |||||||||||
Deferred compensation plan (3) | 12,433 | 11,066 | Level 1 | |||||||||||||
Contingent consideration (4) | 3,211 | 1,928 | Level 3 | |||||||||||||
-1 | The Company maintains a rabbi trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of company-owned life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||||||||||||||
-2 | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||||||||||||||
-3 | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of acquisitions in 2013 and 2012, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on significant inputs related to future sales volumes in the Crown Rug and Colormaster acquisitions and incremental growth in gross margins of selected products of the Company in the Robertex acquisition and thus represent Level 3 measurements. Accordingly, changes in management's judgments or estimations could result in additional charges or benefits, respectively, as appropriate. | |||||||||||||||
Changes in the fair value measurements using significant unobservable inputs (Level 3) during the nine months ending September 28, 2013 and September 29, 2012 were as follows: | ||||||||||||||||
September 28, | September 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 1,928 | $ | — | ||||||||||||
Contingent consideration liabilities recorded at fair value at acquisition | 1,431 | — | ||||||||||||||
Change in fair value of contingent consideration liabilities | 102 | — | ||||||||||||||
Settlements | (250 | ) | — | |||||||||||||
Ending balance | $ | 3,211 | $ | — | ||||||||||||
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three or nine months ended September 28, 2013 or September 29, 2012. | ||||||||||||||||
The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 590 | $ | 590 | $ | 491 | $ | 491 | ||||||||
Notes receivable, including current portion | 282 | 282 | 307 | 307 | ||||||||||||
Interest rate swaps | 209 | 209 | — | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 107,010 | 102,090 | 84,225 | 80,174 | ||||||||||||
Interest rate swaps | 1,206 | 1,206 | 1,086 | 1,086 | ||||||||||||
The fair values of the Company's long-term debt and capital leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivatives | ' | |||||||||||||||
DERIVATIVES | ||||||||||||||||
The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. | ||||||||||||||||
The following is a summary of the Company's interest rate swaps as of September 28, 2013: | ||||||||||||||||
Type | Notional Amount | Effective Date | Fixed Rate | Variable Rate | ||||||||||||
Interest rate swap | $ | 10,000 | October 3, 2011 through September 1, 2016 | 1.33% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 10,000 | March 1, 2013 through September 1, 2016 | 1.62% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 5,000 | June 1, 2013 through September 1, 2016 | 1.70% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 25,000 | September 1, 2016 through September 1, 2021 | 3.11% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 25,000 | September 1, 2015 through September 1, 2021 | 3.30% | 1 Month LIBOR | |||||||||||
The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: | ||||||||||||||||
Location on Consolidated Condensed Balance Sheets | Fair Value | |||||||||||||||
September 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Asset Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other Assets | $ | 209 | $ | — | |||||||||||
Total Asset Derivatives | $ | 209 | $ | — | ||||||||||||
Liability Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 327 | $ | 439 | |||||||||||
Interest rate swaps, long term portion | Other Long-Term Liabilities | 879 | 647 | |||||||||||||
Total Liability Derivatives | $ | 1,206 | $ | 1,086 | ||||||||||||
The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: | ||||||||||||||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (674 | ) | $ | (230 | ) | $ | (275 | ) | $ | (748 | ) | ||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (84 | ) | $ | (155 | ) | $ | (357 | ) | $ | (467 | ) | ||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | $ | — | $ | — | ||||||||
Amount of Gain or (Loss) Recognized in Income on Derivative (4) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaptions | $ | — | $ | 5 | $ | — | $ | 87 | ||||||||
-1 | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | |||||||||||||||
-2 | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 28, 2013 is $327. | |||||||||||||||
-3 | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps, if any, is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. | |||||||||||||||
-4 | The amount of gain (loss) recognized in income for derivatives not designated as hedging instruments is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
Defined Contribution Plans | ||||||||||||||||
The Company sponsors a 401(k) defined contribution plan that covers a significant portion, or approximately 75% of the Company's associates. This plan was modified in 2012 to include a mandatory Company match on the first 1% of participants' contributions. The Company matches the next 2% of participants' contributions if the Company meets prescribed earnings levels. The plan also provides for additional Company contributions above the 3% level if the Company attains certain additional performance targets. Matching contribution expense for this 401(k) plan was $246 and $51 for the three months ended September 28, 2013 and September 29, 2012, respectively and $681 and $182 for the nine months ended September 28, 2013 and September 29, 2012, respectively. | ||||||||||||||||
Additionally, the Company sponsors a 401(K) defined contribution plan that covers those associates at one facility who are under a collective-bargaining agreement, or approximately 25% of the Company's associates. Under this plan, the Company generally matches participants' contributions, on a sliding scale, up to a maximum of 2.75% of the participant's earnings. Matching contribution expense for the collective-bargaining 401(k) plan was $22 and $16 for the three months ended September 28, 2013 and September 29, 2012, respectively and $63 and $61 for the nine months ended September 28, 2013 and September 29, 2012, respectively. | ||||||||||||||||
Non-Qualified Retirement Savings Plan | ||||||||||||||||
The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $12,433 at September 28, 2013 and $11,066 at December 29, 2012 and are included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $13,475 at September 28, 2013 and $11,894 at December 29, 2012 and is included in other assets in the Company's Consolidated Condensed Balance Sheets. | ||||||||||||||||
Multi-Employer Pension Plan | ||||||||||||||||
The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. Expenses related to the multi-employer pension plan were $72 and $59 for the three months ended September 28, 2013 and September 29, 2012, respectively and $202 and $193 for the nine months ended September 28, 2013 and September 29, 2012, respectively. | ||||||||||||||||
Postretirement Plans | ||||||||||||||||
The Company sponsors a legacy postretirement benefit plan that provides life insurance to a limited number of associates as a result of a prior acquisition. The Company also sponsors a postretirement benefit plan that provides medical insurance for a limited number of associates who retired prior to January 1, 2003 and life insurance to a limited number of associates upon retirement. | ||||||||||||||||
Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 6 | $ | 6 | ||||||||
Interest cost | 5 | 6 | 16 | 18 | ||||||||||||
Amortization of prior service credits | (22 | ) | (22 | ) | (66 | ) | (66 | ) | ||||||||
Recognized net actuarial gains | (10 | ) | (10 | ) | (29 | ) | (29 | ) | ||||||||
Net periodic benefit cost (credit) | $ | (25 | ) | $ | (24 | ) | $ | (73 | ) | $ | (71 | ) | ||||
Amounts contributed or expected to be contributed by the Company during the current fiscal year to its postretirement plans are not anticipated to be significantly different from amounts disclosed in the Company's 2012 Annual Report filed on Form 10-K. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company's effective income tax provision (benefit) rates are based upon estimated annual income tax rates. The difference between the effective rates and the statutory rates for the three and nine months ended September 28, 2013 was primarily the result of the recognition of $795 of federal and state tax credits primarily related to research and development credits for the years of 2009 through 2012. Additionally, the first nine months included a $202 non-taxable settlement gain associated with a company-owned insurance policy and $157 in federal tax credits as a result of tax legislation passed in January 2013. The difference in rates for the three and nine months ended September 29, 2012 was primarily due to changes to the provision as the result of filing the federal income tax return as well as the utilization of certain state tax net operating loss carryforwards that resulted in the reversal of the valuation related to their utilization. | |
The Company and its subsidiaries are subject to United States federal income taxes, as well as income taxes in a number of state jurisdictions. The tax years subsequent to 2009 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2009. A few state jurisdictions remain open to examination for tax years subsequent to 2008. | |
The Company's unrecognized tax benefits were $313 at September 28, 2013 and $5 at December 29, 2012. Such benefits, if recognized, would affect the Company's effective tax rate. No significant interest or penalties were accrued as of September 28, 2013 or December 29, 2012. The Company does not expect its unrecognized tax benefits to change significantly during the next twelve months. |
Common_Stock_and_Earnings_Loss
Common Stock and Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||||||||||||
Common Stock and Earnings (Loss) Per Share | ' | |||||||||||||||
COMMON STOCK AND EARNINGS (LOSS) PER SHARE | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1,432 | $ | 269 | $ | 3,761 | $ | (240 | ) | |||||||
Less: Allocation of earnings to participating securities | (57 | ) | (10 | ) | (149 | ) | — | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,375 | $ | 259 | $ | 3,612 | $ | (240 | ) | |||||||
Basic weighted-average shares outstanding (1) | 12,760 | 12,650 | 12,722 | 12,630 | ||||||||||||
Basic earnings (loss) per share - continuing operations | $ | 0.11 | $ | 0.02 | $ | 0.28 | $ | (0.02 | ) | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,375 | $ | 259 | $ | 3,612 | $ | (240 | ) | |||||||
Add: Undistributed earnings reallocated to unvested shareholders | 1 | — | 1 | — | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,376 | $ | 259 | $ | 3,613 | $ | (240 | ) | |||||||
Basic weighted-average shares outstanding (1) | 12,760 | 12,650 | 12,722 | 12,630 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options (2) | 77 | — | 45 | — | ||||||||||||
Directors' stock performance units (2) | 62 | 63 | 61 | — | ||||||||||||
Diluted weighted-average shares outstanding (1)(2) | 12,899 | 12,713 | 12,828 | 12,630 | ||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.11 | $ | 0.02 | $ | 0.28 | $ | (0.02 | ) | |||||||
-1 | Includes Common and Class B Common shares in thousands. | |||||||||||||||
-2 | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock at the end of the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ending September 28, 2013 were 450 and 530, respectively and for the three and nine months ending September 29, 2012 were 766 and 836, respectively. |
Stock_Compensation_Expense
Stock Compensation Expense | 9 Months Ended |
Sep. 28, 2013 | |
Share-based Compensation [Abstract] | ' |
Stock Compensation Expense | ' |
STOCK COMPENSATION EXPENSE | |
The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. Pursuant to a policy adopted by the Compensation Committee of the Board of Directors applicable to awards granted for years 2009 through 2013, $5.00 per share will be used as the market value per share to calculate the number of shares to be issued if the market value per share is less than $5.00 per share on the grant date. The Company's stock compensation expense was $178 and $669 for the three and nine months ended September 28, 2013, respectively, and $335 and $750 for the three and nine months ended September 29, 2012, respectively. | |
On March 12, 2013, the Company issued 173,249 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $899, or $5.190 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 14 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Components of other comprehensive income (loss) are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||||||
Before income taxes | $ | (674 | ) | $ | (230 | ) | $ | (275 | ) | $ | (748 | ) | ||||
Income taxes | (256 | ) | (88 | ) | (104 | ) | (283 | ) | ||||||||
Net of taxes | (418 | ) | (142 | ) | (171 | ) | (465 | ) | ||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||||||
Before income taxes | 84 | 37 | 199 | 114 | ||||||||||||
Income taxes | 32 | 14 | 75 | 43 | ||||||||||||
Net of taxes | 52 | 23 | 124 | 71 | ||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||||||
Before income taxes | — | 118 | 158 | 353 | ||||||||||||
Income taxes | — | 45 | 60 | 134 | ||||||||||||
Net of taxes | — | 73 | 98 | 219 | ||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (10 | ) | (10 | ) | (29 | ) | (29 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | (11 | ) | (12 | ) | ||||||||
Net of taxes | (6 | ) | (6 | ) | (18 | ) | (17 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (22 | ) | (22 | ) | (66 | ) | (66 | ) | ||||||||
Income taxes | (8 | ) | (8 | ) | (25 | ) | (26 | ) | ||||||||
Net of taxes | (14 | ) | (14 | ) | (41 | ) | (40 | ) | ||||||||
Other comprehensive income (loss) | $ | (386 | ) | $ | (66 | ) | $ | (8 | ) | $ | (232 | ) | ||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||||||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. | |||||||||||||||
Components of accumulated other comprehensive income (loss), net of tax, are as follows: | ||||||||||||||||
Interest Rate Swaps | Post-Retirement Liabilities | Total | ||||||||||||||
Balance at December 29, 2012 | $ | (654 | ) | $ | 416 | $ | (238 | ) | ||||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $104 | (171 | ) | — | (171 | ) | |||||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $75 | 124 | — | 124 | |||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $11 | — | (18 | ) | (18 | ) | |||||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $25 | — | (41 | ) | (41 | ) | |||||||||||
Balance at September 28, 2013 | $ | (603 | ) | $ | 357 | $ | (246 | ) | ||||||||
Other_Income_Expense
Other (Income) Expense | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other (Income) Expense | ' | |||||||||||||||
OTHER (INCOME) EXPENSE | ||||||||||||||||
Other operating (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other operating (income) expense, net: | ||||||||||||||||
Insurance proceeds (1) | $ | — | $ | — | $ | (202 | ) | $ | — | |||||||
Gain on property, plant and equipment disposals | (10 | ) | — | — | — | |||||||||||
Retirement expenses | 20 | 28 | 139 | 164 | ||||||||||||
Miscellaneous (income) expense | 32 | (76 | ) | 135 | (116 | ) | ||||||||||
Other operating (income) expense, net | $ | 42 | $ | (48 | ) | $ | 72 | $ | 48 | |||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the nine months ending September 28, 2013. | |||||||||||||||
Other (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other (income) expense, net: | ||||||||||||||||
(Gain) loss on non-hedged swaptions | $ | — | $ | (5 | ) | $ | — | $ | (87 | ) | ||||||
Gain on sale of non-operating assets | — | (187 | ) | — | (187 | ) | ||||||||||
Miscellaneous (income) expense | 3 | 3 | 21 | (7 | ) | |||||||||||
Other (income) expense, net | $ | 3 | $ | (189 | ) | $ | 21 | $ | (281 | ) | ||||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
CONTINGENCIES | |
The Company assesses its exposure related to legal matters, including those pertaining to product liability, safety and health matters and other items that arise in the regular course of its business. If the Company determines that it is probable a loss will be incurred, the amount of the loss, or an amount within the range of loss, that can be reasonably estimated will be recorded. | |
Environmental Remediation | |
The Company accrues for losses associated with environmental remediation obligations when such losses are probable and estimable. Remediation obligations are accrued based on the latest available information and are recorded at undiscounted amounts. The Company regularly monitors the progress of environmental remediation. Should studies indicate that the cost of remediation has changed from the previous estimate, an adjustment to the liability would be recorded in the period in which such determination is made. (See Note 20) | |
Legal Proceedings | |
The Company is plaintiff in a lawsuit pending against a former compounding supplier. In its lawsuit, the Company alleges that the former supplier sold defective carpet backing compound to the Company over a period of several months, which, when applied to certain of the Company’s products, caused those products to become defective and unmerchantable in the ordinary course of the Company’s business. In a written settlement agreement executed prior to the lawsuit, the supplier admitted liability and agreed to be responsible for all damages caused by the defective compound. Among other matters, the agreement provided that the supplier would execute demand notes payable to the Company in the principal amount of the Company’s damages as they were determined. Notwithstanding its agreement, the former supplier refused to execute a final demand note in the principal amount of $546, representing damages caused by the defective compound to inventory held by the Company, and has refused to otherwise pay for such damages. Accordingly the Company filed suit to collect those damages. | |
Although the outcome of litigation is never certain, the Company believes that its claim is valid and collectible, and intends to vigorously pursue such claim against the former supplier. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
The Company has previously either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. The Company has certain contingent obligations directly related to such operations, primarily related to self-insured workers' compensation and environmental liabilities. Costs related to these obligations for those businesses are classified as discontinued operations. | ||||||||||||||||
Discontinued operations are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Loss from discontinued operations: | ||||||||||||||||
Workers' compensation costs | $ | (15 | ) | $ | (52 | ) | $ | (42 | ) | $ | (85 | ) | ||||
Environmental remediation costs | (13 | ) | (158 | ) | (53 | ) | (283 | ) | ||||||||
Loss from discontinued operations, before taxes | (28 | ) | (210 | ) | (95 | ) | (368 | ) | ||||||||
Income tax benefit | (8 | ) | (43 | ) | (28 | ) | (96 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (20 | ) | $ | (167 | ) | $ | (67 | ) | $ | (272 | ) | ||||
Workers' Compensation | ||||||||||||||||
Undiscounted reserves are maintained for the self-insured workers' compensation obligations. These reserves are administered by a third party workers' compensation service provider under the supervision of Company personnel. Such reserves are reassessed on a quarterly basis. Pre-tax cost incurred for workers' compensation as a component of discontinued operations primarily represents a change in estimate for each period from unanticipated medical costs and administrative fees associated with the Company's obligations. | ||||||||||||||||
Environmental Remediation | ||||||||||||||||
Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has ongoing obligations at five previously owned sites that were associated with its discontinued textile businesses. Each of these sites contains relatively low levels of ground or ground water contaminants. Each site has a Corrective Action Plan ("CAP") with the applicable authoritative state regulatory body responsible for oversight for environmental compliance and the Company contracts with third party qualified environmental specialists for related remediation, monitoring and reporting for each location. The CAP for four of these sites involves natural attenuation (degradation of the contaminants through naturally occurring events) over periods currently estimated at 10 to 20 years and the CAP on the remaining site involves a pump and treat remediation process, currently estimated to remediate over a period of 25 years. Additionally, the Company has an environmental liability related to the property of a facility and related business that was sold in 2004. The CAP, involving an oxidation-based remediation plan, was approved in 2010 and is currently estimated to remediate over a 7 year period beginning in 2010. The Company has an accrual for environmental remediation obligations of $1,832 and $1,838 as of September 28, 2013 and December 29, 2012. The liability established represents the Company's best estimate of possible loss and is the reasonable amount to which there is any meaningful degree of certainty given the periods of estimated remediation and the dollars applicable to such remediation for those periods. The actual timeline to remediate, and thus, the ultimate cost to complete such remediation through these remediation efforts, may differ significantly from our estimates. Pre-tax cost for environmental remediation obligations classified as discontinued operations were primarily a result of specific events requiring action and additional expense in each period. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
SUBSEQUENT EVENT | |
On October 31, 2013, the Company entered into a 10 year operating lease agreement to lease a warehouse in North Georgia. The lease is estimated to begin on or about May 1, 2014. Base annual rent is initially set at approximately $64 per month. Total base rent payable over the lease period is $7,976. The Company has two options to extend the term of the lease for an additional five year period. In addition to the base rent, the Company will be obligated to pay additional rent for the real estate taxes and insurance on the building during the lease period. |
Receivables_Net_Tables
Receivables, Net (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Receivables are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Customers, trade | $ | 46,293 | $ | 31,043 | ||||
Other receivables | 2,062 | 1,642 | ||||||
Gross receivables | 48,355 | 32,685 | ||||||
Less allowance for doubtful accounts | (198 | ) | (216 | ) | ||||
Net receivables | $ | 48,157 | $ | 32,469 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 30,830 | $ | 23,002 | ||||
Work-in-process | 18,739 | 13,786 | ||||||
Finished goods | 54,445 | 49,251 | ||||||
Supplies, repair parts and other | 567 | 470 | ||||||
LIFO reserve | (14,111 | ) | (14,264 | ) | ||||
Total inventories | $ | 90,470 | $ | 72,245 | ||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consists of the following: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Land and improvements | $ | 7,071 | $ | 6,950 | ||||
Buildings and improvement | 50,519 | 50,293 | ||||||
Machinery and equipment | 147,807 | 137,432 | ||||||
205,397 | 194,675 | |||||||
Accumulated depreciation | (131,128 | ) | (125,192 | ) | ||||
Property, plant and equipment, net | $ | 74,269 | $ | 69,483 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Business Acquisition [Line Items] | ' | |||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The purchase price consideration was as follows: | ||||
Cash paid | $ | 2,278 | ||
Seller-financed note | 3,749 | |||
Deferred payments to seller | 205 | |||
Contingent consideration | 1,431 | |||
Total purchase price | $ | 7,663 | ||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||
The components of the preliminary purchase price allocation consisted of the following: | ||||
Cash | $ | 108 | ||
Accounts receivable | 115 | |||
Inventory | 1,942 | |||
Other current assets | 1 | |||
Property, plant and equipment | 1,863 | |||
Definite-lived intangible assets | 2,222 | |||
Goodwill | 2,248 | |||
Accounts payable | (643 | ) | ||
Accrued expenses | (193 | ) | ||
Total purchase price | $ | 7,663 | ||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The components of goodwill are as follows: | ||||||||||||||||||||||||
Goodwill | Accumulated Impairment Losses | Net | ||||||||||||||||||||||
Balance at December 29, 2012 | $ | 1,680 | $ | — | $ | 1,680 | ||||||||||||||||||
Additional goodwill recognized during the period (1) | 2,248 | — | 2,248 | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at September 28, 2013 | $ | 3,928 | $ | — | $ | 3,928 | ||||||||||||||||||
(1) Represents goodwill related to the Robertex Associates, Inc. acquisition as discussed in Note 6. | ||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||||||||||
The following table represents the components of the Company's intangible assets: | ||||||||||||||||||||||||
September 28, | December 29, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 1,062 | $ | (24 | ) | $ | 1,038 | $ | 208 | $ | — | $ | 208 | |||||||||||
Rug design coding | 144 | (11 | ) | 133 | 144 | — | 144 | |||||||||||||||||
Trade Names | 1,368 | (17 | ) | 1,351 | — | — | — | |||||||||||||||||
Total | $ | 2,574 | $ | (52 | ) | $ | 2,522 | $ | 352 | $ | — | $ | 352 | |||||||||||
Schedule Of Finite Lived Intangible Assets Amortization Expenses [Table Text Block] | ' | |||||||||||||||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Customer relationships | $ | 16 | $ | — | $ | 24 | $ | — | ||||||||||||||||
Rug design coding | 4 | — | 11 | — | ||||||||||||||||||||
Trade Names | 17 | — | 17 | — | ||||||||||||||||||||
Amortization expense | $ | 37 | $ | — | $ | 52 | $ | — | ||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued expenses are summarized as follows: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Compensation and benefits | $ | 7,647 | $ | 5,637 | ||||
Provision for customer rebates, claims and allowances | 5,766 | 4,389 | ||||||
Advanced customer deposits | 2,801 | 1,828 | ||||||
Outstanding checks in excess of cash | 1,472 | 2,523 | ||||||
Other | 6,145 | 4,770 | ||||||
Total accrued expenses | $ | 23,831 | $ | 19,147 | ||||
Product_Warranty_Reserves_Tabl
Product Warranty Reserves (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||||||
The following is a summary of the Company's product warranty activity. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Warranty reserve at beginning of period | $ | 1,566 | $ | 1,208 | $ | 1,297 | $ | 1,219 | ||||||||
Warranty liabilities accrued | 1,225 | 803 | 3,179 | 2,349 | ||||||||||||
Warranty liabilities settled | (1,111 | ) | (740 | ) | (2,888 | ) | (2,367 | ) | ||||||||
Changes for pre-existing warranty liabilities | 40 | (50 | ) | 132 | 20 | |||||||||||
Warranty reserve at end of period | $ | 1,720 | $ | 1,221 | $ | 1,720 | $ | 1,221 | ||||||||
LongTerm_Debt_and_Credit_Arran1
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consists of the following: | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 85,936 | $ | 60,122 | ||||
Mortgage note payable | — | 10,141 | ||||||
Obligation to Development Authority of Gordon County | 4,696 | 5,339 | ||||||
Note payable - Robertex acquisition | 3,769 | — | ||||||
Equipment notes payable | 8,364 | 5,071 | ||||||
Notes payable | — | 632 | ||||||
Capital lease obligations | 4,245 | 2,920 | ||||||
Total long-term debt | 107,010 | 84,225 | ||||||
Less: current portion of long-term debt | (4,259 | ) | (4,059 | ) | ||||
Total long-term debt, less current portion | $ | 102,751 | $ | 80,166 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 28, 2013 and December 29, 2012: | ||||||||||||||||
September 28, | December 29, | Fair Value Hierarchy Level | ||||||||||||||
2013 | 2012 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi trust (1) | $ | 13,475 | $ | 11,894 | Level 2 | |||||||||||
Interest rate swaps (2) | 209 | — | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 1,206 | $ | 1,086 | Level 2 | |||||||||||
Deferred compensation plan (3) | 12,433 | 11,066 | Level 1 | |||||||||||||
Contingent consideration (4) | 3,211 | 1,928 | Level 3 | |||||||||||||
-1 | The Company maintains a rabbi trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of company-owned life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||||||||||||||
-2 | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||||||||||||||
-3 | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of acquisitions in 2013 and 2012, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on significant inputs related to future sales volumes in the Crown Rug and Colormaster acquisitions and incremental growth in gross margins of selected products of the Company in the Robertex acquisition and thus represent Level 3 measurements. Accordingly, changes in management's judgments or estimations could result in additional charges or benefits, respectively, as appropriate. | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
Changes in the fair value measurements using significant unobservable inputs (Level 3) during the nine months ending September 28, 2013 and September 29, 2012 were as follows: | ||||||||||||||||
September 28, | September 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 1,928 | $ | — | ||||||||||||
Contingent consideration liabilities recorded at fair value at acquisition | 1,431 | — | ||||||||||||||
Change in fair value of contingent consideration liabilities | 102 | — | ||||||||||||||
Settlements | (250 | ) | — | |||||||||||||
Ending balance | $ | 3,211 | $ | — | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: | ||||||||||||||||
28-Sep-13 | 29-Dec-12 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 590 | $ | 590 | $ | 491 | $ | 491 | ||||||||
Notes receivable, including current portion | 282 | 282 | 307 | 307 | ||||||||||||
Interest rate swaps | 209 | 209 | — | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 107,010 | 102,090 | 84,225 | 80,174 | ||||||||||||
Interest rate swaps | 1,206 | 1,206 | 1,086 | 1,086 | ||||||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | |||||||||||||||
The following is a summary of the Company's interest rate swaps as of September 28, 2013: | ||||||||||||||||
Type | Notional Amount | Effective Date | Fixed Rate | Variable Rate | ||||||||||||
Interest rate swap | $ | 10,000 | October 3, 2011 through September 1, 2016 | 1.33% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 10,000 | March 1, 2013 through September 1, 2016 | 1.62% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 5,000 | June 1, 2013 through September 1, 2016 | 1.70% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 25,000 | September 1, 2016 through September 1, 2021 | 3.11% | 1 Month LIBOR | |||||||||||
Interest rate swap | $ | 25,000 | September 1, 2015 through September 1, 2021 | 3.30% | 1 Month LIBOR | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||
The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: | ||||||||||||||||
Location on Consolidated Condensed Balance Sheets | Fair Value | |||||||||||||||
September 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Asset Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other Assets | $ | 209 | $ | — | |||||||||||
Total Asset Derivatives | $ | 209 | $ | — | ||||||||||||
Liability Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 327 | $ | 439 | |||||||||||
Interest rate swaps, long term portion | Other Long-Term Liabilities | 879 | 647 | |||||||||||||
Total Liability Derivatives | $ | 1,206 | $ | 1,086 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||
The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: | ||||||||||||||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (674 | ) | $ | (230 | ) | $ | (275 | ) | $ | (748 | ) | ||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (84 | ) | $ | (155 | ) | $ | (357 | ) | $ | (467 | ) | ||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | $ | — | $ | — | ||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||
Amount of Gain or (Loss) Recognized in Income on Derivative (4) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swaptions | $ | — | $ | 5 | $ | — | $ | 87 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 6 | $ | 6 | ||||||||
Interest cost | 5 | 6 | 16 | 18 | ||||||||||||
Amortization of prior service credits | (22 | ) | (22 | ) | (66 | ) | (66 | ) | ||||||||
Recognized net actuarial gains | (10 | ) | (10 | ) | (29 | ) | (29 | ) | ||||||||
Net periodic benefit cost (credit) | $ | (25 | ) | $ | (24 | ) | $ | (73 | ) | $ | (71 | ) |
Common_Stock_and_Earnings_Loss1
Common Stock and Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1,432 | $ | 269 | $ | 3,761 | $ | (240 | ) | |||||||
Less: Allocation of earnings to participating securities | (57 | ) | (10 | ) | (149 | ) | — | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,375 | $ | 259 | $ | 3,612 | $ | (240 | ) | |||||||
Basic weighted-average shares outstanding (1) | 12,760 | 12,650 | 12,722 | 12,630 | ||||||||||||
Basic earnings (loss) per share - continuing operations | $ | 0.11 | $ | 0.02 | $ | 0.28 | $ | (0.02 | ) | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,375 | $ | 259 | $ | 3,612 | $ | (240 | ) | |||||||
Add: Undistributed earnings reallocated to unvested shareholders | 1 | — | 1 | — | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 1,376 | $ | 259 | $ | 3,613 | $ | (240 | ) | |||||||
Basic weighted-average shares outstanding (1) | 12,760 | 12,650 | 12,722 | 12,630 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options (2) | 77 | — | 45 | — | ||||||||||||
Directors' stock performance units (2) | 62 | 63 | 61 | — | ||||||||||||
Diluted weighted-average shares outstanding (1)(2) | 12,899 | 12,713 | 12,828 | 12,630 | ||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.11 | $ | 0.02 | $ | 0.28 | $ | (0.02 | ) | |||||||
-1 | Includes Common and Class B Common shares in thousands. | |||||||||||||||
-2 | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock at the end of the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ending September 28, 2013 were 450 and 530, respectively and for the three and nine months ending September 29, 2012 were 766 and 836, respectively. |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Components of other comprehensive income (loss) are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||||||
Before income taxes | $ | (674 | ) | $ | (230 | ) | $ | (275 | ) | $ | (748 | ) | ||||
Income taxes | (256 | ) | (88 | ) | (104 | ) | (283 | ) | ||||||||
Net of taxes | (418 | ) | (142 | ) | (171 | ) | (465 | ) | ||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||||||
Before income taxes | 84 | 37 | 199 | 114 | ||||||||||||
Income taxes | 32 | 14 | 75 | 43 | ||||||||||||
Net of taxes | 52 | 23 | 124 | 71 | ||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||||||
Before income taxes | — | 118 | 158 | 353 | ||||||||||||
Income taxes | — | 45 | 60 | 134 | ||||||||||||
Net of taxes | — | 73 | 98 | 219 | ||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (10 | ) | (10 | ) | (29 | ) | (29 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | (11 | ) | (12 | ) | ||||||||
Net of taxes | (6 | ) | (6 | ) | (18 | ) | (17 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (22 | ) | (22 | ) | (66 | ) | (66 | ) | ||||||||
Income taxes | (8 | ) | (8 | ) | (25 | ) | (26 | ) | ||||||||
Net of taxes | (14 | ) | (14 | ) | (41 | ) | (40 | ) | ||||||||
Other comprehensive income (loss) | $ | (386 | ) | $ | (66 | ) | $ | (8 | ) | $ | (232 | ) | ||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||||||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
Components of accumulated other comprehensive income (loss), net of tax, are as follows: | ||||||||||||||||
Interest Rate Swaps | Post-Retirement Liabilities | Total | ||||||||||||||
Balance at December 29, 2012 | $ | (654 | ) | $ | 416 | $ | (238 | ) | ||||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $104 | (171 | ) | — | (171 | ) | |||||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $75 | 124 | — | 124 | |||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $11 | — | (18 | ) | (18 | ) | |||||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $25 | — | (41 | ) | (41 | ) | |||||||||||
Balance at September 28, 2013 | $ | (603 | ) | $ | 357 | $ | (246 | ) | ||||||||
Other_Income_Expense_Tables
Other (Income) Expense (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Other (Income) Expense [Abstract] | ' | |||||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ' | |||||||||||||||
Other operating (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other operating (income) expense, net: | ||||||||||||||||
Insurance proceeds (1) | $ | — | $ | — | $ | (202 | ) | $ | — | |||||||
Gain on property, plant and equipment disposals | (10 | ) | — | — | — | |||||||||||
Retirement expenses | 20 | 28 | 139 | 164 | ||||||||||||
Miscellaneous (income) expense | 32 | (76 | ) | 135 | (116 | ) | ||||||||||
Other operating (income) expense, net | $ | 42 | $ | (48 | ) | $ | 72 | $ | 48 | |||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the nine months ending September 28, 2013. | |||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||||||
Other (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other (income) expense, net: | ||||||||||||||||
(Gain) loss on non-hedged swaptions | $ | — | $ | (5 | ) | $ | — | $ | (87 | ) | ||||||
Gain on sale of non-operating assets | — | (187 | ) | — | (187 | ) | ||||||||||
Miscellaneous (income) expense | 3 | 3 | 21 | (7 | ) | |||||||||||
Other (income) expense, net | $ | 3 | $ | (189 | ) | $ | 21 | $ | (281 | ) | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
Discontinued operations are summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Loss from discontinued operations: | ||||||||||||||||
Workers' compensation costs | $ | (15 | ) | $ | (52 | ) | $ | (42 | ) | $ | (85 | ) | ||||
Environmental remediation costs | (13 | ) | (158 | ) | (53 | ) | (283 | ) | ||||||||
Loss from discontinued operations, before taxes | (28 | ) | (210 | ) | (95 | ) | (368 | ) | ||||||||
Income tax benefit | (8 | ) | (43 | ) | (28 | ) | (96 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (20 | ) | $ | (167 | ) | $ | (67 | ) | $ | (272 | ) |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Customers, trade | $46,293 | $31,043 |
Other receivables | 2,062 | 1,642 |
Gross receivables | 48,355 | 32,685 |
Less allowance for doubtful accounts | -198 | -216 |
Net receivables | $48,157 | $32,469 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $30,830 | $23,002 |
Work-in-process | 18,739 | 13,786 |
Finished goods | 54,445 | 49,251 |
Supplies, repair parts and other | 567 | 470 |
LIFO reserve | -14,111 | -14,264 |
Total inventories | $90,470 | $72,245 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land and improvements | $7,071 | $6,950 |
Buildings and improvement | 50,519 | 50,293 |
Machinery and equipment | 147,807 | 137,432 |
Property, Plant and Equipment, Gross | 205,397 | 194,675 |
Accumulated depreciation | -131,128 | -125,192 |
Property, plant and equipment, net | $74,269 | $69,483 |
Acquisitions_Purchase_Price_Co
Acquisitions Purchase Price Consideration (Details) (USD $) | Sep. 28, 2013 | Jul. 01, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | ' | ' | ' |
Transaction costs of acquisition | ' | $257 | ' |
Total purchase price | ' | 7,663 | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash Paid | ' | 2,278 | ' |
Seller-financed note | ' | 3,749 | ' |
Deferred payments | ' | 205 | ' |
Contingent consideration | -1,431 | 1,431 | 0 |
Total purchase price | ' | $7,663 | ' |
Acquisitions_Purchase_Price_Al
Acquisitions Purchase Price Allocation (Details) (USD $) | Jul. 01, 2013 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Cash | $108 |
Accounts receivable | 115 |
Inventory | 1,942 |
Other current assets | 1 |
Property, plant and equipment | 1,863 |
Definite-lived intangible assets | 2,222 |
Goodwill | 2,248 |
Accounts payable | -643 |
Accrued expenses | -193 |
Total purchase price | $7,663 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at December 29, 2012 | $1,680 | ' |
Additional goodwill recognized during the period | 2,248 | ' |
Impairment losses recognized during the period | 0 | ' |
Other changes in the carrying amounts during the period | 0 | ' |
Balance at September 28, 2013 | 3,928 | ' |
Goodwill | 3,928 | 1,680 |
Accumulated Impairment Losses | $0 | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $2,574 | $352 |
Accumulated Amortization | -52 | 0 |
Net | 2,522 | 352 |
Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 1,062 | 208 |
Accumulated Amortization | -24 | 0 |
Net | 1,038 | 208 |
Rug Design Coding [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 144 | 144 |
Accumulated Amortization | -11 | 0 |
Net | 133 | 144 |
Trade Names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 1,368 | 0 |
Accumulated Amortization | -17 | 0 |
Net | $1,351 | $0 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Schedule of Finite-Lived Amortization Expense (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 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $37 | $0 | $52 | $0 |
Customer Relationships [Member] | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 16 | 0 | 24 | 0 |
Rug Design Coding [Member] | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 4 | 0 | 11 | 0 |
Trade Names [Member] | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $17 | $0 | $17 | $0 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Compensation and benefits | $7,647 | $5,637 |
Provision for customer rebates, claims and allowances | 5,766 | 4,389 |
Advanced customer deposits | 2,801 | 1,828 |
Outstanding checks in excess of cash | 1,472 | 2,523 |
Other | 6,145 | 4,770 |
Total accrued expenses | $23,831 | $19,147 |
Product_Warranty_Reserves_Deta
Product Warranty Reserves (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 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Warranty reserve at beginning of period | $1,566 | $1,208 | $1,297 | $1,219 |
Warranty liabilities accrued | 1,225 | 803 | 3,179 | 2,349 |
Warranty liabilities settled | -1,111 | -740 | -2,888 | -2,367 |
Changes for pre-existing warranty liabilities | 40 | -50 | 132 | 20 |
Warranty reserve at end of period | $1,720 | $1,221 | $1,720 | $1,221 |
LongTerm_Debt_and_Credit_Arran2
Long-Term Debt and Credit Arrangements (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility | $85,936 | $60,122 |
Mortgage note payable | 0 | 10,141 |
Obligation to Development Authority of Gordon County | 4,696 | 5,339 |
Note payable - Robertex acquisition | 3,769 | 0 |
Equipment notes payable | 8,364 | 5,071 |
Notes payable | 0 | 632 |
Capital lease obligations | 4,245 | 2,920 |
Total long-term debt | 107,010 | 84,225 |
Less: current portion of long-term debt | -4,259 | -4,059 |
Total long-term debt, less current portion | $102,751 | $80,166 |
LongTerm_Debt_and_Credit_Arran3
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Apr. 01, 2013 | Sep. 28, 2013 | Jul. 30, 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 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Minimum [Member] | Alternative [Member] | Alternative [Member] | Alternative [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | |
Rate | Revolving Credit Facility [Member] | Minimum [Member] | Midpoint [Member] | Maximum [Member] | Federal Funds [Member] | Daily Libor [Member] | Minimum [Member] | Midpoint [Member] | Maximum [Member] | ||||
Libor [Member] | Libor [Member] | Libor [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Rate | Rate | Rate | Rate | Rate | ||||||
Rate | Rate | Rate | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | $110,000 | ' | $130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 1.50% | 1.75% | 2.00% | 0.50% | 1.00% | 0.50% | 0.75% | 1.00% |
Commitment Fee Percentage | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Borrowing Capacity for No Financial Covenants | 12,100 | ' | 14,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Additional Borrowing Capacity | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Borrowing Capacity | $26,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Credit_Arran4
Long-Term Debt and Credit Arrangements (Mortgage Note Payable) (Details) (Secured Debt [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Y | |
Rate | |
Secured Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Term of Secured Debt (in years) | 5 |
Mortgage Loan | $11,063 |
Extinguishment of Debt, Amount | 9,833 |
Basis Spread on Variable Rate | 3.00% |
Periodic Payment, Principal | 61 |
Final Payment, Principal | $7,436 |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured on a Recurring and Nonrecurring Basis (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 28, 2013 | Dec. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Rabbi trust (1) | $13,475 | [1] | $11,894 | [1] |
Interest rate swaps (2) | 209 | [2] | 0 | [2] |
Liabilities: | ' | ' | ||
Interest rate swaps (2) | 1,206 | [2] | 1,086 | [2] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Deferred compensation plan (3) | 12,433 | [3] | 11,066 | [3] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Contingent consideration (4) | $3,211 | [4] | $1,928 | [4] |
[1] | The Company maintains a rabbi trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of company-owned life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||
[2] | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||
[3] | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||
[4] | As a result of acquisitions in 2013 and 2012, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on significant inputs related to future sales volumes in the Crown Rug and Colormaster acquisitions and incremental growth in gross margins of selected products of the Company in the Robertex acquisition and thus represent Level 3 measurements. Accordingly, changes in management's judgments or estimations could result in additional charges or benefits, respectively, as appropriate. |
Fair_Value_Measurements_Liabil
Fair Value Measurements Liabilities Measured on a Recurring Basis - Unobservable Input Reconciliation (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Jul. 01, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Beginning balance | $1,928 | $0 | ' |
Contingent consideration liabilities recorded at fair value at acquisition | 1,431 | 0 | -1,431 |
Change in fair value of contingent consideration liabilities | 102 | 0 | ' |
Settlements | -250 | 0 | ' |
Ending balance | $3,211 | $0 | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements Carrying Amounts and Fair Values (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | $590 | $491 |
Notes receivable, including current portion | 282 | 307 |
Interest rate swaps | -209 | 0 |
Financial liabilities: | ' | ' |
Long-term debt and capital leases, including current portion | 107,010 | 84,225 |
Interest rate swaps | -1,206 | -1,086 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 590 | 491 |
Notes receivable, including current portion | 282 | 307 |
Interest rate swaps | -209 | 0 |
Financial liabilities: | ' | ' |
Long-term debt and capital leases, including current portion | 102,090 | 80,174 |
Interest rate swaps | ($1,206) | ($1,086) |
Derivatives_Summary_of_Derivat
Derivatives (Summary of Derivative Instruments) (Details) (Interest Rate Swap [Member], USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | Rate |
Effective October 3, 2011 through September 1, 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $10,000 |
Fixed Interest Rate | 1.33% |
Effective March 1, 2013 through September 1, 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 10,000 |
Fixed Interest Rate | 1.62% |
Effective June 1, 2013 through September 1, 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 5,000 |
Fixed Interest Rate | 1.70% |
Effective September 1, 2016 through September 1, 2021 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 25,000 |
Fixed Interest Rate | 3.11% |
Effective September 1, 2015 through September 1, 2021 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $25,000 |
Fixed Interest Rate | 3.30% |
Derivatives_Derivatives_Fair_V
Derivatives (Derivatives - Fair Value and Designation) (Details) (Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Asset, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | $209 | $0 |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 1,206 | 1,086 |
Other Assets [Member] | ' | ' |
Derivative Asset, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 209 | 0 |
Accrued Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 327 | 439 |
Other Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | $879 | $647 |
Derivatives_Schedule_of_Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (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 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | ($674) | ($230) | ($275) | ($748) | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | -84 | [1],[2] | -155 | [1],[2] | -357 | [1],[2] | -467 | [1],[2] |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 327 | ' | 327 | ' | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Other Income [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income | $0 | [4] | $5 | [4] | $0 | [4] | $87 | [4] |
[1] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | |||||||
[2] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 28, 2013 is $327. | |||||||
[3] | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps, if any, is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. | |||||||
[4] | The amount of gain (loss) recognized in income for derivatives not designated as hedging instruments is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Contribution Plans) (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 |
Rate | ||||
Non-Collective-Bargaining Plan [Member] | ' | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' | ' |
Percentage of Employees Covered | ' | ' | 75.00% | ' |
Employer Matching Contribution, Percentage | ' | ' | 1.00% | ' |
Employer Matching Contribution, Discretionary Percentage | ' | ' | 2.00% | ' |
Maximum Annual Contribution Per Employee, Percentage | ' | ' | 3.00% | ' |
Cost Recognized | $246 | $51 | $681 | $182 |
Collective-Bargaining Plan [Member] | ' | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' | ' |
Percentage of Employees Covered | ' | ' | 25.00% | ' |
Maximum Annual Contribution Per Employee, Percentage | ' | ' | 2.75% | ' |
Cost Recognized | $22 | $16 | $63 | $61 |
Employee_Benefit_Plans_Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Liability to Participants | $12,433 | $11,066 |
Cash Surrender Value of Life Insurance | $13,475 | $11,894 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans (Multi-Employer Pension Plan) (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 |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Expenses Related to the Multemployer Plan | $72 | $59 | $202 | $193 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (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 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $2 | $2 | $6 | $6 |
Interest cost | 5 | 6 | 16 | 18 |
Amortization of prior service credits | -22 | -22 | -66 | -66 |
Recognized net actuarial gains | -10 | -10 | -29 | -29 |
Net periodic benefit cost (credit) | ($25) | ($24) | ($73) | ($71) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2013 | Sep. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Reconciliation, Other Adjustments | ' | $202 |
Income Tax Reconciliation, Tax Credits | $157 | $795 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized Tax Benefits | $313 | $5 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | $0 |
Common_Stock_and_Earnings_Loss2
Common Stock and Earnings (Loss) Per Share (Details) (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 | ||||
Basic earnings (loss) per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations | $1,432 | $269 | $3,761 | ($240) | ||||
Less: Allocation of earnings to participating securities | -57 | -10 | -149 | 0 | ||||
Income (loss) from continuing operations available to common shareholders - basic | 1,375 | 259 | 3,612 | -240 | ||||
Basic weighted-average shares outstanding (1) | 12,760 | [1] | 12,650 | [1] | 12,722 | [1] | 12,630 | [1] |
Basic earnings (loss) per share - continuing operations | $0.11 | $0.02 | $0.28 | ($0.02) | ||||
Diluted earnings (loss) per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations available to common shareholders - basic | 1,375 | 259 | 3,612 | -240 | ||||
Add: Undistributed earnings reallocated to unvested shareholders | 1 | 0 | 1 | 0 | ||||
Income (loss) from continuing operations available to common shareholders - basic | $1,376 | $259 | $3,613 | ($240) | ||||
Effect of dilutive securities: | ' | ' | ' | ' | ||||
Stock options (2) | 77 | [2] | 0 | [2] | 45 | [2] | 0 | [2] |
Directors' stock performance units (2) | 62 | [2] | 63 | [2] | 61 | [2] | 0 | [2] |
Diluted weighted-average shares outstanding (1)(2) | 12,899 | [1],[2] | 12,713 | [1],[2] | 12,828 | [1],[2] | 12,630 | [1],[2] |
Diluted earnings (loss) per share - continuing operations | $0.11 | $0.02 | $0.28 | ($0.02) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 450 | 766 | 530 | 836 | ||||
[1] | Includes Common and Class B Common shares in thousands. | |||||||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock at the end of the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ending September 28, 2013 were 450 and 530, respectively and for the three and nine months ending September 29, 2012 were 766 and 836, respectively. |
Stock_Compensation_Expense_Det
Stock Compensation Expense (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 | Mar. 12, 2013 |
Y | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Minimum Market Value Per Share for Calculation of Shares | ' | ' | $5 | ' | ' |
Allocated Share-based Compensation Expense | $178 | $335 | $669 | $750 | ' |
Restricted Stock Granted in Period | ' | ' | ' | ' | 173,249 |
Grant Date Fair Value of Restricted Stock | ' | ' | ' | ' | $899 |
Weighted Average Grant Date Fair Value of Resticted Stock | ' | ' | ' | ' | $5.19 |
Minimum Award Vesting Period of Restricted Stock Issued | ' | ' | 2 | ' | ' |
Maximum Award Vesting Period of Restricted Stock Issued | ' | ' | 14 | ' | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (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 | ||
Unrealized gain (loss) on interest rate swaps: | ' | ' | ' | ' | ||
Before income taxes | ($674) | ($230) | ($275) | ($748) | ||
Income taxes | -256 | -88 | -104 | -283 | ||
Net of taxes | -418 | -142 | -171 | -465 | ||
Reclassification of loss into earnings from interest rate swaps (1): | ' | ' | ' | ' | ||
Before income taxes | 84 | [1] | 37 | [1] | 199 | 114 |
Income taxes | 32 | 14 | 75 | 43 | ||
Net of taxes | 52 | 23 | 124 | 71 | ||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ' | ' | ' | ' | ||
Before income taxes | 0 | [1] | 118 | [1] | 158 | 353 |
Income taxes | 0 | 45 | 60 | 134 | ||
Net of taxes | 0 | 73 | 98 | 219 | ||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ' | ' | ' | ' | ||
Before income taxes | -10 | [2] | -10 | [2] | -29 | -29 |
Income taxes | -4 | -4 | -11 | -12 | ||
Net of taxes | -6 | -6 | -18 | -17 | ||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ' | ' | ' | ' | ||
Before income taxes | -22 | [2] | -22 | [2] | -66 | -66 |
Income taxes | -8 | -8 | -25 | -26 | ||
Net of taxes | -14 | -14 | -41 | -40 | ||
Other comprehensive income (loss) | ($386) | ($66) | ($8) | ($232) | ||
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | |||||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net earnings (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (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 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive loss - interest rate swaps | ' | ' | ($654) | ' |
Accumulated other comprehensive - postretirement liabilities | ' | ' | 416 | ' |
Accumulated other comprehensive loss - total | ' | ' | -238 | ' |
Unrealized loss on interest rate swaps | -418 | -142 | -171 | -465 |
Reclassification of loss into earnings from interest rate swaps | 52 | 23 | 124 | 71 |
Amortization of unrealized losses on dedesignated interest rate swaps | 0 | 73 | 98 | 219 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -6 | -6 | -18 | -17 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -14 | -14 | -41 | -40 |
Accumulated other comprehensive loss - interest rate swaps | -603 | ' | -603 | ' |
Accumulated other comprehensive - postretirement liabilities | 357 | ' | 357 | ' |
Accumulated other comprehensive loss - total | -246 | ' | -246 | ' |
Unrealized gain (loss) on interest rate swaps - income taxes | 256 | 88 | 104 | 283 |
Reclassification of loss into earnings from interest rate swaps - income taxes | 32 | 14 | 75 | 43 |
Amortization of unrealized loss on dedesignated interest rate swap - income taxes | 0 | 45 | 60 | 134 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans - income taxes | 4 | 4 | 11 | 12 |
Reclassification of prior service credits into earnings from postretirement benefit plans - income taxes | $8 | $8 | $25 | $26 |
Other_Income_Expense_Details
Other (Income) Expense (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 | ||
Other operating (income) expense, net: | ' | ' | ' | ' | ||
Insurance proceeds (1) | $0 | [1] | $0 | ($202) | $0 | [1] |
Gain on property, plant and equipment disposals | -10 | 0 | 0 | 0 | ||
Retirement expenses | 20 | 28 | 139 | 164 | ||
Miscellaneous (income) expense | 32 | -76 | 135 | -116 | ||
Other operating (income) expense, net | $42 | ($48) | $72 | $48 | ||
[1] | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the nine months ending September 28, 2013. |
Other_Income_Expense_Component
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (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 |
Other (income) expense, net: | ' | ' | ' | ' |
(Gain) loss on non-hedged swaptions | $0 | ($5) | $0 | ($87) |
Gain on property, plant and equipment disposals | 0 | -187 | 0 | -187 |
Miscellaneous (income) expense | 3 | 3 | 21 | -7 |
Other (income) expense, net | $3 | ($189) | $21 | ($281) |
Discontinued_Operations_Detail
Discontinued Operations (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 |
Loss from discontinued operations: | ' | ' | ' | ' |
Workers' compensation costs | ($15) | ($52) | ($42) | ($85) |
Environmental remediation costs | -13 | -158 | -53 | -283 |
Loss from discontinued operations, before taxes | -28 | -210 | -95 | -368 |
Income tax benefit | -8 | -43 | -28 | -96 |
Loss from discontinued operations, net of tax | ($20) | ($167) | ($67) | ($272) |
Discontinued_Operations_Enviro
Discontinued Operations (Environmental Remediation) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
sites | ||
Environmental Exit Cost [Line Items] | ' | ' |
Previously Owned Sites with Environmental Obligations | 5 | ' |
Sites that Require Natural Attenuation | 4 | ' |
Accrual for Environmental Loss Contingencies | $1,832 | $1,838 |
Sites with Natural Attenuation [Member] | Minimum [Member] | ' | ' |
Environmental Exit Cost [Line Items] | ' | ' |
Years to Remediate Environmental Obligations | 10 | ' |
Sites with Natural Attenuation [Member] | Maximum [Member] | ' | ' |
Environmental Exit Cost [Line Items] | ' | ' |
Years to Remediate Environmental Obligations | 20 | ' |
Sites with Pump and Treat Remediation [Member] | ' | ' |
Environmental Exit Cost [Line Items] | ' | ' |
Years to Remediate Environmental Obligations | 25 | ' |
Sites with Oxidation-Based Remediation [Member] | ' | ' |
Environmental Exit Cost [Line Items] | ' | ' |
Years to Remediate Environmental Obligations | 7 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Subsequent Events [Abstract] | ' |
Initial monthly base rent | $64 |
Total base rent payable over lease term | $7,976 |