Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |||
Jun. 28, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | |
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 | '--12-27 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Document Period End Date | 28-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,995,291 | 764,191 | 0 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $306 | $255 |
Receivables, net | 53,416 | 44,063 |
Inventories | 108,001 | 93,219 |
Prepaid expenses | 8,601 | 5,630 |
Deferred income taxes | 7,585 | 6,622 |
Assets held for sale | 5,322 | 0 |
TOTAL CURRENT ASSETS | 183,231 | 149,789 |
PROPERTY, PLANT AND EQUIPMENT, NET | 83,380 | 74,485 |
OTHER ASSETS | 28,204 | 24,592 |
TOTAL ASSETS | 294,815 | 248,866 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 25,751 | 21,679 |
Accrued expenses | 29,711 | 26,202 |
Current portion of long-term debt | 14,704 | 6,229 |
TOTAL CURRENT LIABILITIES | 70,166 | 54,110 |
LONG-TERM DEBT | 99,987 | 101,759 |
DEFERRED INCOME TAXES | 6,921 | 4,072 |
OTHER LONG-TERM LIABILITIES | 19,700 | 18,154 |
TOTAL LIABILITIES | 196,774 | 178,095 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 14,995,691 shares for 2014 and 12,441,356 shares for 2013 | 44,987 | 37,324 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 764,191 shares for 2014 and 870,287 shares for 2013 | 2,293 | 2,611 |
Additional paid-in capital | 154,504 | 137,170 |
Accumulated deficit | -102,799 | -106,550 |
Accumulated other comprehensive income (loss) | -944 | 216 |
TOTAL STOCKHOLDERS' EQUITY | 98,041 | 70,771 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $294,815 | $248,866 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parentheticals) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
Common stock, par value | $3 | $3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 14,995,691 | 12,441,356 |
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 | 764,191 | 870,287 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
NET SALES | $108,171 | $83,617 | $193,483 | $159,057 | |||
Cost of sales | 81,535 | 61,315 | 148,839 | 118,342 | |||
GROSS PROFIT | 26,636 | 22,302 | 44,644 | 40,715 | |||
Selling and administrative expenses | 24,373 | 18,841 | 44,625 | 35,737 | |||
Other operating expense, net | 219 | 190 | 371 | 30 | |||
Facility consolidation expenses | 949 | 0 | 1,022 | 0 | |||
Impairment of assets | 655 | 0 | 655 | 0 | |||
OPERATING INCOME (LOSS) | 440 | 3,271 | -2,029 | 4,948 | |||
Interest expense | 1,158 | 869 | 2,169 | 1,864 | |||
Other (income) expense, net | -47 | 11 | -36 | 18 | |||
Gain on purchase of business | 0 | 0 | -10,562 | 0 | |||
Refinancing expenses | 0 | 94 | 0 | 94 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | -671 | 2,297 | 6,400 | 2,972 | |||
Income tax provision (benefit) | -66 | 620 | 2,570 | 643 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | -605 | 1,677 | 3,830 | 2,329 | |||
Loss from discontinued operations, net of tax | -39 | -32 | -79 | -47 | |||
NET INCOME (LOSS) | ($644) | $1,645 | $3,751 | $2,282 | |||
BASIC EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | |||
Continuing operations | ($0.04) | $0.13 | $0.27 | $0.18 | |||
Discontinued operations | $0 | $0 | ($0.01) | $0 | |||
Net income (loss) | ($0.04) | $0.13 | $0.26 | $0.18 | |||
BASIC SHARES OUTSTANDING | 13,937 | [1] | 12,733 | [1] | 13,363 | [1] | 12,704 |
DILUTED EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | |||
Continuing operations | ($0.04) | $0.13 | $0.27 | $0.17 | |||
Discontinued operations | $0 | $0 | ($0.01) | $0 | |||
Net income (loss) | ($0.04) | $0.13 | $0.26 | $0.17 | |||
DILUTED SHARES OUTSTANDING | 13,937 | [1],[2] | 12,846 | [1],[2] | 13,561 | [1],[2] | 12,793 |
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 during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and six months ended June 28, 2014 were 620 and 372, respectively, and for the three and six months ending June 29, 2013 were 450 and 571, respectively. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
NET INCOME (LOSS) | ($644) | $1,645 | $3,751 | $2,282 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swaps | -645 | 235 | -1,227 | 247 |
Reclassification of loss into earnings from interest rate swaps | 54 | 50 | 107 | 71 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 30 | 0 | 98 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -6 | -6 | -13 | -11 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -14 | -14 | -27 | -27 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -611 | 295 | -1,160 | 378 |
COMPREHENSIVE INCOME (LOSS) | ($1,255) | $1,940 | $2,591 | $2,660 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Income from continuing operations | $3,830 | $2,329 |
Loss from discontinued operations | -79 | -47 |
Net income | 3,751 | 2,282 |
Adjustments to reconcile net income to net cash used in operating activities, net of acquisition: | ' | ' |
Depreciation and amortization | 6,251 | 5,074 |
Provision (benefit) for deferred income taxes | 2,597 | -7 |
Net (gain) loss on property, plant and equipment disposals | -3 | 10 |
Impairment of assets | 655 | 0 |
Gain on purchase of business | -10,562 | 0 |
Stock-based compensation expense | 611 | 491 |
Excess tax benefits from stock-based compensation | -340 | -49 |
Write-off of deferred financing costs | 0 | 94 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -5,049 | -10,616 |
Inventories | -3,801 | -7,412 |
Other current assets | 615 | -667 |
Accounts payable and accrued expenses | 1,591 | 7,780 |
Other operating assets and liabilities | -157 | -566 |
NET CASH USED IN OPERATING ACTIVITIES | -3,841 | -3,586 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Net proceeds from sales of property, plant and equipment | 4 | 0 |
Deposits on property, plant and equipment | -507 | 0 |
Purchase of property, plant and equipment | -5,053 | -4,828 |
Net cash paid in business acquisition | -14,077 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -19,633 | -4,828 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net borrowings on revolving credit facility | 1,270 | 19,373 |
Payments on mortgage note payable | 0 | -10,141 |
Payments on note payable related to acquisition | -469 | -398 |
Borrowings on equipment financing | 1,709 | 1,628 |
Payments on equipment financing | -843 | -531 |
Payments on capital leases | -488 | -282 |
Borrowings on notes payable | 346 | 0 |
Payments on notes payable | -948 | -494 |
Change in outstanding checks in excess of cash | -1,526 | -638 |
Proceeds from equity offering, net of issuance costs | 24,559 | 0 |
Proceeds from exercise of stock options | 134 | 19 |
Repurchases of Common Stock | -475 | -207 |
Excess tax benefits from stock-based compensation | 340 | 49 |
Payments for debt issuance costs | -84 | -244 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 23,525 | 8,134 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 51 | -280 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 255 | 491 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 306 | 211 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Interest paid | 1,748 | 1,598 |
Income taxes paid, net of tax refunds | 80 | 62 |
Equipment purchased under capital leases | 3,438 | 1,247 |
Assets acquired in acquisition, net of cash acquired | 32,409 | 0 |
Liabilities assumed in acquisition | -5,573 | 0 |
Accrued consideration for working capital adjustment in acquisition | -1,274 | 0 |
Accrued consideration for holdbacks in acquisition | -923 | 0 |
Deposits on property, plant & equipment financed | 2,284 | 0 |
Shortfall of tax benefits from stock-based compensation | ($607) | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2014 | |
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 ("US 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 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 28, 2013. Operating results for the three and six month periods ended June 28, 2014 are not necessarily indicative of the results that may be expected for the entire 2014 year. | |
The Company reclassified certain amounts in 2013 to conform to the 2014 presentation including the reclassification of the Company's spare parts inventory from inventory to prepaid expenses in the Consolidated Condensed Balance Sheets. | |
The Company has one reportable segment, carpet and rug manufacturing. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU required 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 was 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 had to 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 clarified that ordinary trade receivables and payables were not in the scope of ASU No. 2011-11. ASU No. 2011-11 applied only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that were either offset in accordance with specific criteria contained in the Codification or subject to a master netting arrangement or similar agreement. The effective date was the same as the effective date of ASU 2011-11. The adoption of these ASUs 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 provided 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 was fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. For public entities, the ASU was 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 existed at the beginning of an entity's fiscal year of adoption. Early adoption was permitted. 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 required 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 was not available at the reporting date, the unrecognized tax benefit will be presented in the financial statements as a liability and not combined with deferred tax assets. This ASU was effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this ASU did not have a material effect on the Company's Consolidated Condensed Financial Statements. | |
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The ASU was issued to change the requirements for reporting discontinued operations and to enhance the disclosures in this area. The ASU requires a disposal of a component of an entity or a group of components of an entity to be reported in discontinued operations if the disposal represents a strategic shift and will have a major effect on an entity's operations and financial results. The ASU will be effective prospectively for interim and annual reporting periods beginning after December 15, 2014. The adoption of this ASU will only impact the reporting and disclosures of future disposals, if any. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method. The Company will be evaluating the effect that the ASU will have on the Consolidated Condensed Financial Statements and related disclosures. |
Receivables_Net
Receivables, Net | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables, Net | ' | |||||||
RECEIVABLES, NET | ||||||||
Receivables are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Customers, trade | $ | 51,421 | $ | 41,898 | ||||
Other receivables | 2,218 | 2,306 | ||||||
Gross receivables | 53,639 | 44,204 | ||||||
Less allowance for doubtful accounts | (223 | ) | (141 | ) | ||||
Receivables, net | $ | 53,416 | $ | 44,063 | ||||
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 41,110 | $ | 31,864 | ||||
Work-in-process | 21,285 | 16,880 | ||||||
Finished goods | 58,538 | 57,983 | ||||||
Supplies and other | 137 | 118 | ||||||
LIFO reserve | (13,069 | ) | (13,626 | ) | ||||
Inventories | $ | 108,001 | $ | 93,219 | ||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
Property, plant and equipment consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 7,231 | $ | 7,231 | ||||
Buildings and improvements | 51,088 | 50,627 | ||||||
Machinery and equipment | 163,424 | 149,040 | ||||||
221,743 | 206,898 | |||||||
Accumulated depreciation | (138,363 | ) | (132,413 | ) | ||||
Property, plant and equipment, net | $ | 83,380 | $ | 74,485 | ||||
Acquisition
Acquisition | 6 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisition | ' | |||||||||
ACQUISITION | ||||||||||
Effective March 19, 2014, the Company acquired all outstanding stock of Atlas Carpet Mills, Inc. ("Atlas") for total purchase price consideration of $18,740, including a cash payment of $16,543, accrued consideration relating to holdbacks for certain inventories and customer claims of $923 and accrued consideration for a working capital adjustment of $1,274. The Company financed the transaction with availability under its amended credit facility. The Company incurred direct acquisition costs of approximately $569 related to this acquisition. These incremental costs are classified as selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. | ||||||||||
Atlas is a California-based manufacturer and marketer of high-end commercial broadloom and tile carpeting serving soft floorcovering markets. Atlas has a strong reputation for exceptional design, quality and service. This brand will be sold through the existing Atlas sales force and will serve to broaden the Company's product offerings for commercial applications along with the Company's Masland Contract brand. | ||||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 16,543 | ||||||||
Accrued consideration for holdbacks | 923 | |||||||||
Accrued consideration for working capital adjustment | 1,274 | |||||||||
Total purchase price consideration | $ | 18,740 | ||||||||
The acquisition was accounted for as a business combination which generally requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The acquisition did not represent a significant business combination. The preliminary fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase. The recorded gain is subject to adjustment because the Company has not yet completed its evaluation and determination of the fair value, or fair value less cost to sell as applicable, of certain assets acquired and liabilities assumed, which will include the final valuation and assessment of (i) property, plant and equipment acquired including assets held for sale and (ii) net working capital acquired. The Company expects these final valuations and assessments to be completed by the end of fiscal 2014. During the second quarter of 2014, based on further information, the Company retroactively applied adjustments to the initial provisional amounts to the first quarter of 2014. Such adjustments are presented in the table below. The most significant adjustments were to assets held for sale and inventories. The amount of assets held for sale were revised based on a pending offer with a buyer and revisions in estimated costs to sell. Inventories were revised for a change in their initial fair value. As a result of the adjustments, previously reported first quarter pre-tax earnings were increased by $1,818 ($1,127 after tax). The adjusted bargain gain recognized in the Consolidated Condensed Statement of Operations is $10,562 ($6,548 after tax). | ||||||||||
March 29, | Revised | |||||||||
2014 | Adjustments | Amounts | ||||||||
Cash | $ | 2,466 | $ | — | $ | 2,466 | ||||
Receivables | 4,304 | — | 4,304 | |||||||
Inventories | 11,511 | (530 | ) | 10,981 | ||||||
Other current assets | 956 | (159 | ) | 797 | ||||||
Assets held for sale (1) | 3,250 | 1,902 | 5,152 | |||||||
Property, plant and equipment | 6,929 | 87 | 7,016 | |||||||
Finite intangible asset | 3,300 | — | 3,300 | |||||||
Other assets | 623 | 236 | 859 | |||||||
Accounts payable | (2,286 | ) | — | (2,286 | ) | |||||
Accrued expenses | (3,036 | ) | 153 | (2,883 | ) | |||||
Capital lease obligation | (404 | ) | — | (404 | ) | |||||
Fair value of net assets acquired | $ | 27,613 | $ | 1,689 | $ | 29,302 | ||||
Total consideration | 18,869 | (129 | ) | 18,740 | ||||||
Gain on purchase of business | $ | (8,744 | ) | $ | (1,818 | ) | $ | (10,562 | ) | |
-1 | As part of the acquisition of Atlas, the Company announced that the Atlas dyeing operations would be consolidated into the Company's Santa Ana, California operations. Substantially, all of the dye house equipment will either be relocated or disposed of by the end of the Company's third fiscal quarter. The land and building have been classified in the Company's Consolidated Condensed Balance Sheet as assets held for sale at fair value less the costs to sell. | |||||||||
The Company believes that several factors were significant in the recognition of a gain from the acquisition of Atlas. Atlas had higher cost of dyeing due to the lack of capacity utilization and therefore needed to lower costs by combining dye facilities with another operation. In addition, Atlas had a higher cost of modular carpet tile manufacturing due to outsourcing the tile manufacturing operations. Therefore, Atlas would have had to make significant investments in product and manufacturing equipment to be competitive in the modular carpet manufacturing business. Finally, the Seller had the desire to see Atlas operated as an independent brand and organization in the future. All of these objectives were achieved by combining Atlas with the Company in a mutually advantageous relationship. | ||||||||||
The Company determined that it is impracticable to provide comparative pro forma financial information related to the acquisition. Atlas, a private company, did not historically prepare financial statements in accordance with U.S. GAAP for interim financial reporting. Accordingly, significant estimates of amounts to be included in pro forma financial information would be required and subject to an inordinate level of subjectivity. Net sales related to Atlas included in the Company’s Consolidated Condensed Statement of Operations for the three and six months ended June 28, 2014 were $12,182 and $13,848, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
The changes in the carrying amounts 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) | 1,709 | — | 1,709 | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at December 28, 2013 | 3,389 | — | 3,389 | |||||||||||||||||||||
Additional goodwill recognized during the period | — | — | — | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at June 28, 2014 | $ | 3,389 | $ | — | $ | 3,389 | ||||||||||||||||||
(1) During 2013, the Company recorded goodwill related to the Robertex acquisition. | ||||||||||||||||||||||||
The following table represents the details of the Company's intangible assets: | ||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||
June 28, | December 28, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 1,062 | $ | (71 | ) | $ | 991 | $ | 1,062 | $ | (40 | ) | $ | 1,022 | ||||||||||
Rug design coding | 144 | (22 | ) | 122 | 144 | (14 | ) | 130 | ||||||||||||||||
Trade names | 4,668 | (145 | ) | 4,523 | 1,368 | (34 | ) | 1,334 | ||||||||||||||||
Total | $ | 5,874 | $ | (238 | ) | $ | 5,636 | $ | 2,574 | $ | (88 | ) | $ | 2,486 | ||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Customer relationships | $ | 16 | $ | 4 | $ | 31 | $ | 8 | ||||||||||||||||
Rug design coding | 4 | 3 | 8 | 7 | ||||||||||||||||||||
Trade names | 86 | — | 111 | — | ||||||||||||||||||||
Amortization expense | $ | 106 | $ | 7 | $ | 150 | $ | 15 | ||||||||||||||||
Accrued_Expenses
Accrued Expenses | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Compensation and benefits | $ | 8,200 | $ | 8,233 | ||||
Provision for customer rebates, claims and allowances | 6,826 | 6,202 | ||||||
Advanced customer deposits | 4,266 | 1,862 | ||||||
Outstanding checks in excess of cash | 2,347 | 3,873 | ||||||
Other | 8,072 | 6,032 | ||||||
Accrued expenses | $ | 29,711 | $ | 26,202 | ||||
Product_Warranty_Reserves
Product Warranty Reserves | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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. 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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Product warranty reserve at beginning of period | $ | 2,001 | $ | 1,289 | $ | 1,850 | $ | 1,297 | ||||||||
Warranty reserve assumed in business combination | — | — | 209 | — | ||||||||||||
Warranty liabilities accrued | 1,178 | 1,054 | 2,192 | 1,954 | ||||||||||||
Warranty liabilities settled | (1,241 | ) | (947 | ) | (2,449 | ) | (1,777 | ) | ||||||||
Changes for pre-existing warranty liabilities | 272 | 170 | 408 | 92 | ||||||||||||
Product warranty reserve at end of period | $ | 2,210 | $ | 1,566 | $ | 2,210 | $ | 1,566 | ||||||||
LongTerm_Debt_and_Credit_Arran
Long-Term Debt and Credit Arrangements | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt and Credit Arrangements | ' | |||||||
LONG-TERM DEBT AND CREDIT ARRANGEMENTS | ||||||||
Long-term debt consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Revolving credit facility - Tranche A | $ | 80,780 | $ | 85,274 | ||||
Revolving credit facility - Tranche B | 5,764 | — | ||||||
Obligation to Development Authority of Gordon County | 3,938 | 4,447 | ||||||
Note payable - Robertex acquisition | 3,829 | 3,789 | ||||||
Equipment notes payable | 7,144 | 7,987 | ||||||
Notes payable | 3,892 | 2,210 | ||||||
Capital lease obligations | 9,344 | 4,281 | ||||||
Total long-term debt | 114,691 | 107,988 | ||||||
Less: current portion of long-term debt | (14,704 | ) | (6,229 | ) | ||||
Long-term debt | $ | 99,987 | $ | 101,759 | ||||
Amended Revolving Credit Facility | ||||||||
On March 14, 2014, the Company amended its senior credit facility ("amended senior credit facility"), effective as of March 19, 2014 to permit the acquisition of Atlas by means of an over advance ("Tranche B Advance") of $5,438 which increased to $5,764. The Tranche B Advance matured on June 30, 2014 and amounts outstanding were repaid. There is no availability remaining under Tranche B. The Tranche B Advance had an interest rate of 3.50% plus LIBOR, subject also to various availability percentages, limitations, covenants and conditions. In addition, the revolving portion of the facility ("Tranche A Advance") provides for a maximum of $150,000 of revolving credit, subject to borrowing base availability. The borrowing base is currently 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. In addition, the term of the amended senior credit facility was extended from August 1, 2018 to March 14, 2019. | ||||||||
At the Company's election, Tranche A Advances of the amended senior credit facility bears 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 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. The amended senior credit facility required the Company to maintain a fixed charge coverage ratio of 1.1 to 1.0 during any period that borrowing availability was less than $14,440 through May 31, 2014 and increased to $16,500 after May 31, 2014. The amendment also provided for a waiver of the measurement and application of the fixed charge coverage ratio that would otherwise have been required by a reduction in excess availability from March 14, 2014 through and including April 13, 2014. As of June 28, 2014, the unused borrowing availability under the amended senior credit facility was $46,494. Unused borrowing availability under the senior credit facility was reduced by the amount of Tranche B upon repayment on June 30, 2014. | ||||||||
Obligation to Development Authority of Gordon County | ||||||||
On November 2, 2012, the Company signed a 6.00% seller-financed note of $5,500 with Lineage PCR, Inc. (“Lineage”) related to the acquisition of the continuous carpet dyeing facility in Calhoun, Georgia. Effective December 28, 2012, through a series of agreements between the Company, the Development Authority of Gordon County, Georgia (the “Authority”) and Lineage, obligations with identical payment terms as the original note to Lineage became payment obligations to the Authority. These transactions were consummated in order to provide a tax abatement to the Company related to the real estate and equipment at this facility. The tax abatement plan provides for abatement for certain components of the real and personal property taxes for up to ten years. At any time, the Company has the option to pay off the obligation, plus a nominal amount. The debt to the Authority bears interest at 6.00% and is payable in equal monthly installments of principal and interest of $106 over 57 months. | ||||||||
Note Payable - Robertex Acquisition | ||||||||
On July 1, 2013, the Company signed a 4.50% seller-financed note of $4,000, which was recorded at a fair value of $3,749, with Robert P. Rothman related to the acquisition of Robertex Associates, LLC ("Robertex") in Calhoun, Georgia. The note is payable in five annual installments of principal of $800 plus interest. The note matures June 30, 2018. | ||||||||
Equipment Notes Payable | ||||||||
The Company's equipment financing notes have terms ranging from three to seven years, bear interest ranging from 1.00% to 7.72% and are due in monthly installments through their maturity dates. In connection with certain of the notes, the Company is required to maintain funds in a separate escrow account. At June 28, 2014 and December 28, 2013, the balances held were $0 and $1,401, respectively, and are included in other current assets on the Company’s Consolidated Condensed Balance Sheets. The Company's equipment financing notes are secured by the specific equipment financed and do not contain any financial covenants. | ||||||||
Capital Lease Obligations | ||||||||
The Company's capital lease obligations have terms ranging from four to seven years, bear interest ranging from 2.90% to 7.40% and are due in monthly or quarterly installments through their maturity dates. The Company's capital lease obligations are secured by the specific equipment leased. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 June 28, 2014 and December 28, 2013: | ||||||||||||||||
June 28, | December 28, | Fair Value Hierarchy Level | ||||||||||||||
2014 | 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 14,878 | $ | 14,242 | Level 2 | |||||||||||
Interest rate swaps (2) | — | 556 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 2,065 | $ | 813 | Level 2 | |||||||||||
Deferred compensation plan (3) | 13,563 | 13,210 | Level 1 | |||||||||||||
Contingent consideration (4) | 2,319 | 2,751 | 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 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 is recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. | |||||||||||||||
Changes in the fair value measurements using significant unobservable inputs (Level 3) during the six months ending June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||
June 28, | June 29, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 2,751 | $ | 1,928 | ||||||||||||
Fair value adjustments | (298 | ) | 76 | |||||||||||||
Settlements | (134 | ) | (193 | ) | ||||||||||||
Ending balance | $ | 2,319 | $ | 1,811 | ||||||||||||
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ending June 28, 2014 or June 29, 2013. If any, the Company recognizes the transfers in or transfers out at the end of the reporting period. | ||||||||||||||||
The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 306 | $ | 306 | $ | 255 | $ | 255 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | — | — | 556 | 556 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 114,691 | 111,240 | 107,988 | 101,752 | ||||||||||||
Interest rate swaps | 2,065 | 2,065 | 813 | 813 | ||||||||||||
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 | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 June 28, 2014: | ||||||||||||||||
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 Balance Sheets | Fair Value | |||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Asset Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other Assets | $ | — | $ | 556 | |||||||||||
Total Asset Derivatives | $ | — | $ | 556 | ||||||||||||
Liability Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 337 | $ | 328 | |||||||||||
Interest rate swaps, long term portion | Other Long-Term Liabilities | 1,728 | 485 | |||||||||||||
Total Liability Derivatives | $ | 2,065 | $ | 813 | ||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (1,040 | ) | $ | 379 | $ | (1,980 | ) | $ | 399 | ||||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (86 | ) | $ | (128 | ) | $ | (172 | ) | $ | (273 | ) | ||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | $ | — | $ | — | ||||||||
-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 fiscal 2013 is $337. | |||||||||||||||
-3 | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 84% of the Company's associates. This plan includes 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 $135 and $292 for the three months ended June 28, 2014 and June 29, 2013, respectively, and $367 and $435 for the six months ended June 28, 2014 and June 29, 2013, 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 16% 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 $27 and $24 for the three months ended June 28, 2014 and June 29, 2013, respectively, and $45 and $41 for the six months ended June 28, 2014 and June 29, 2013, 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 $13,563 at June 28, 2014 and $13,210 at December 28, 2013 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 $14,878 at June 28, 2014 and $14,242 at December 28, 2013 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 $74 and $69 for the three months ended June 28, 2014 and June 29, 2013, respectively, and $141 and $130 for the six months ended June 28, 2014 and June 29, 2013, 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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 4 | $ | 4 | ||||||||
Interest cost | 5 | 5 | 10 | 11 | ||||||||||||
Amortization of prior service credits | (22 | ) | (22 | ) | (44 | ) | (44 | ) | ||||||||
Recognized net actuarial gains | (10 | ) | (10 | ) | (20 | ) | (19 | ) | ||||||||
Net periodic benefit cost (credit) | $ | (25 | ) | $ | (25 | ) | $ | (50 | ) | $ | (48 | ) |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company's effective income tax rates for the period ending June 28, 2014 were based upon the projected estimated annual income tax rate. The effective income tax rate for the six months ended June 28, 2014 was 40.2%. The income tax provision in the six months ended June 28, 2014 included the recognition of approximately $117 of tax expense related to certain market based stock awards that were not earned and additional expenses related to the true-up of the year-to-date provision pertaining to the revision of the annual estimated tax provision. | |
The Company's effective income tax rate for the six months ended June 29, 2013 was 21.6%. The difference between the effective rates and the statutory rates for the six months ended June 29, 2013 was the result of the domestic manufacturing deduction used to develop the 2013 estimated tax rate and the inclusion of a $202 non-taxable settlement gain associated with a company-owned insurance policy. In addition, $157 in federal tax credits were recognized as a result of tax legislation passed in January 2013. | |
The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $303 and $291 at June 28, 2014 and December 28, 2013, respectively. Such benefits, if recognized, would affect the Company's effective tax rate. There was $12 and $0 of interest or penalties accrued as of June 28, 2014 and December 28, 2013. The Company does not expect its unrecognized tax benefits to change significantly during the next twelve months. | |
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. |
Common_Stock_and_Earnings_Loss
Common Stock and Earnings (Loss) Per Share | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | |||||||||||||||
Common Stock and Earnings (Loss) Per Share | ' | |||||||||||||||
COMMON STOCK AND EARNINGS (LOSS) PER SHARE | ||||||||||||||||
Common Stock | ||||||||||||||||
On May 20, 2014, the Company completed its equity offering of 2,500,000 shares of Common Stock at a price of $10.65 per share, raising approximately $24,559 after deducting underwriter fees and costs directly related to the offering. The Company used the net proceeds from the offering for general corporate purposes and to reduce the balance under the Company's revolving credit facility, including borrowings associated with the recent acquisition of Atlas Carpet Mills. In addition, the proceeds secured the funds to pay off the Tranche B loan of $5,764 due June 30, 2014. | ||||||||||||||||
Earnings (Loss) Per Share | ||||||||||||||||
The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (605 | ) | $ | 1,677 | $ | 3,830 | $ | 2,329 | |||||||
Less: Allocation of earnings to participating securities | — | (68 | ) | (182 | ) | (92 | ) | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,609 | $ | 3,648 | $ | 2,237 | |||||||
Basic weighted-average shares outstanding (1) | 13,937 | 12,733 | 13,363 | 12,704 | ||||||||||||
Basic earnings (loss) per share - continuing operations | $ | (0.04 | ) | $ | 0.13 | $ | 0.27 | $ | 0.18 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,609 | $ | 3,648 | $ | 2,237 | |||||||
Add: Undistributed earnings reallocated to unvested shareholders | — | 1 | 3 | 1 | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,610 | $ | 3,651 | $ | 2,238 | |||||||
Basic weighted-average shares outstanding (1) | 13,937 | 12,733 | 13,363 | 12,704 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options (2) | — | 54 | 134 | 28 | ||||||||||||
Directors' stock performance units (2) | — | 59 | 64 | 61 | ||||||||||||
Diluted weighted-average shares outstanding (1)(2) | 13,937 | 12,846 | 13,561 | 12,793 | ||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | (0.04 | ) | $ | 0.13 | $ | 0.27 | $ | 0.17 | |||||||
-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 during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and six months ended June 28, 2014 were 620 and 372, respectively, and for the three and six months ending June 29, 2013 were 450 and 571, respectively. |
Stock_Compensation_Expense
Stock Compensation Expense | 6 Months Ended |
Jun. 28, 2014 | |
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 Financial Statements. 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. The Company's stock compensation expense was $415 and $611 for the three and six months ended June 28, 2014, respectively, and $290 and $491 for the three and six months ended June 29, 2013, respectively. | |
On March 12, 2014, the Company issued 101,315 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $1,588, or $15.675 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 13 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) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||||||
Before income taxes | $ | (1,040 | ) | $ | 379 | $ | (1,980 | ) | $ | 399 | ||||||
Income taxes | (395 | ) | 144 | (753 | ) | 152 | ||||||||||
Net of taxes | (645 | ) | 235 | (1,227 | ) | 247 | ||||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||||||
Before income taxes | 86 | 80 | 172 | 115 | ||||||||||||
Income taxes | 32 | 30 | 65 | 44 | ||||||||||||
Net of taxes | 54 | 50 | 107 | 71 | ||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||||||
Before income taxes | — | 48 | — | 158 | ||||||||||||
Income taxes | — | 18 | — | 60 | ||||||||||||
Net of taxes | — | 30 | — | 98 | ||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (10 | ) | (10 | ) | (20 | ) | (19 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | (7 | ) | (8 | ) | ||||||||
Net of taxes | (6 | ) | (6 | ) | (13 | ) | (11 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (22 | ) | (22 | ) | (44 | ) | (44 | ) | ||||||||
Income taxes | (8 | ) | (8 | ) | (17 | ) | (17 | ) | ||||||||
Net of taxes | (14 | ) | (14 | ) | (27 | ) | (27 | ) | ||||||||
Other comprehensive income (loss) | $ | (611 | ) | $ | 295 | $ | (1,160 | ) | $ | 378 | ||||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income 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 income 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 28, 2013 | (144 | ) | 360 | 216 | ||||||||||||
Unrealized loss on interest rate swaps, net of tax of $753 | (1,227 | ) | — | (1,227 | ) | |||||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $65 | 107 | — | 107 | |||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $7 | — | (13 | ) | (13 | ) | |||||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $17 | — | (27 | ) | (27 | ) | |||||||||||
Balance at June 28, 2014 | $ | (1,264 | ) | $ | 320 | $ | (944 | ) | ||||||||
Other_Income_Expense
Other (Income) Expense | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other (Income) Expense | ' | |||||||||||||||
OTHER (INCOME) EXPENSE | ||||||||||||||||
Other operating (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other operating (income) expense, net: | ||||||||||||||||
Insurance proceeds (1) | $ | — | $ | — | $ | — | $ | (202 | ) | |||||||
(Gain) loss on property, plant and equipment disposals | (3 | ) | — | (3 | ) | 10 | ||||||||||
Loss on currency exchanges | 106 | 65 | 226 | 96 | ||||||||||||
Amortization of intangibles | 106 | 7 | 150 | 15 | ||||||||||||
Retirement expenses | 15 | 80 | 46 | 119 | ||||||||||||
Miscellaneous (income) expense | (5 | ) | 38 | (48 | ) | (8 | ) | |||||||||
Other operating (income) expense, net | $ | 219 | $ | 190 | $ | 371 | $ | 30 | ||||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the six months ended June 29, 2013. | |||||||||||||||
Other (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other (income) expense, net: | ||||||||||||||||
Earnings from equity investments | $ | (46 | ) | $ | — | $ | (43 | ) | $ | — | ||||||
Miscellaneous (income) expense | (1 | ) | 11 | 7 | 18 | |||||||||||
Other (income) expense, net | $ | (47 | ) | $ | 11 | $ | (36 | ) | $ | 18 | ||||||
Facility_Consolidation_Expense
Facility Consolidation Expenses | 6 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Facility Consolidation Expenses | ' | |||||||||||||||||||||||
FACILITY CONSOLIDATION EXPENSES | ||||||||||||||||||||||||
2014 Warehousing, Distribution & Manufacturing Consolidation Plan | ||||||||||||||||||||||||
On January 20, 2014, the Company developed a plan to align its warehousing, distribution and manufacturing to support its growth and manufacturing strategy resulting in better cost structure and improved distribution capabilities and customer service. The key element and first major step of this plan was the leasing of a facility that will serve as a finished goods warehouse and a cut-order and distribution center in Adairsville, Georgia; such lease commenced on May 1, 2014. Costs related to the consolidation include moving and relocation expenses, information technology expenses and expenses relating to conversion and realignment of equipment. | ||||||||||||||||||||||||
In June of 2014, the Board of Directors’ approved a modification of this plan to include the elimination of both carpet dyeing and yarn dyeing in the Company's Atmore, Alabama facility designed to more fully accommodate the distribution and manufacturing realignment. As a result, the dyeing operations in Atmore will be moved to the Company's continuous dyeing facility, skein dyeing operation and other outside dyeing processors. In addition, certain dyeing related equipment has been identified for disposal resulting in an impairment charge of $655 during the three months ended June 28, 2014. | ||||||||||||||||||||||||
2014 Atlas Integration Plan | ||||||||||||||||||||||||
As a part of the March 19, 2014 acquisition of Atlas, the Company developed a plan to close the operations of the Atlas dyeing facility in Los Angeles and move the carpet dyeing of their products to the Company's dyeing operation located in Santa Ana, California. Costs related to the consolidation include equipment relocation, computer systems modifications and severance costs and should be completed in fiscal 2015. | ||||||||||||||||||||||||
Costs related to the facility consolidation plans are summarized as follows: | ||||||||||||||||||||||||
Asset Impairments | Other Costs | Total Expected Costs | Total Asset Impairments Incurred to Date | Total Other Costs Incurred to Date | Total Remaining Costs | |||||||||||||||||||
Warehousing, Distribution and Manufacturing Consolidation Plan | $ | 655 | $ | 3,769 | $ | 4,424 | $ | 655 | $ | 384 | $ | 3,385 | ||||||||||||
Atlas Integration Plan | — | 1,603 | 1,603 | — | 638 | 965 | ||||||||||||||||||
Total All Plans | $ | 655 | $ | 5,372 | $ | 6,027 | $ | 655 | $ | 1,022 | $ | 4,350 | ||||||||||||
Expenses incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 28, 2014 | |
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 has been 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. If 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 21) |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Loss from discontinued operations: | ||||||||||||||||
Workers' compensation costs | $ | (23 | ) | $ | (15 | ) | $ | (46 | ) | $ | (27 | ) | ||||
Environmental remediation costs | (43 | ) | (31 | ) | (81 | ) | (40 | ) | ||||||||
Loss from discontinued operations, before taxes | (66 | ) | (46 | ) | (127 | ) | (67 | ) | ||||||||
Income tax benefit | (27 | ) | (14 | ) | (48 | ) | (20 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (39 | ) | $ | (32 | ) | $ | (79 | ) | $ | (47 | ) | ||||
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 associated with the Company's obligations. | ||||||||||||||||
Environmental Remediation | ||||||||||||||||
Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has an accrual for environmental remediation obligations of $1,821 and $1,830 as of June 28, 2014 and December 28, 2013, respectively. 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. |
Receivables_Net_Tables
Receivables, Net (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Receivables are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Customers, trade | $ | 51,421 | $ | 41,898 | ||||
Other receivables | 2,218 | 2,306 | ||||||
Gross receivables | 53,639 | 44,204 | ||||||
Less allowance for doubtful accounts | (223 | ) | (141 | ) | ||||
Receivables, net | $ | 53,416 | $ | 44,063 | ||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 41,110 | $ | 31,864 | ||||
Work-in-process | 21,285 | 16,880 | ||||||
Finished goods | 58,538 | 57,983 | ||||||
Supplies and other | 137 | 118 | ||||||
LIFO reserve | (13,069 | ) | (13,626 | ) | ||||
Inventories | $ | 108,001 | $ | 93,219 | ||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 7,231 | $ | 7,231 | ||||
Buildings and improvements | 51,088 | 50,627 | ||||||
Machinery and equipment | 163,424 | 149,040 | ||||||
221,743 | 206,898 | |||||||
Accumulated depreciation | (138,363 | ) | (132,413 | ) | ||||
Property, plant and equipment, net | $ | 83,380 | $ | 74,485 | ||||
Acquisition_Tables
Acquisition (Tables) (Atlas Carpet Mills [Member]) | 6 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Atlas Carpet Mills [Member] | ' | |||||||||
Business Acquisition [Line Items] | ' | |||||||||
Business Acquisition, Cost of Acquired Entity, Description of Purchase Price Components | ' | |||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 16,543 | ||||||||
Accrued consideration for holdbacks | 923 | |||||||||
Accrued consideration for working capital adjustment | 1,274 | |||||||||
Total purchase price consideration | $ | 18,740 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||
The preliminary fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase. The recorded gain is subject to adjustment because the Company has not yet completed its evaluation and determination of the fair value, or fair value less cost to sell as applicable, of certain assets acquired and liabilities assumed, which will include the final valuation and assessment of (i) property, plant and equipment acquired including assets held for sale and (ii) net working capital acquired. The Company expects these final valuations and assessments to be completed by the end of fiscal 2014. During the second quarter of 2014, based on further information, the Company retroactively applied adjustments to the initial provisional amounts to the first quarter of 2014. Such adjustments are presented in the table below. The most significant adjustments were to assets held for sale and inventories. The amount of assets held for sale were revised based on a pending offer with a buyer and revisions in estimated costs to sell. Inventories were revised for a change in their initial fair value. As a result of the adjustments, previously reported first quarter pre-tax earnings were increased by $1,818 ($1,127 after tax). The adjusted bargain gain recognized in the Consolidated Condensed Statement of Operations is $10,562 ($6,548 after tax). | ||||||||||
March 29, | Revised | |||||||||
2014 | Adjustments | Amounts | ||||||||
Cash | $ | 2,466 | $ | — | $ | 2,466 | ||||
Receivables | 4,304 | — | 4,304 | |||||||
Inventories | 11,511 | (530 | ) | 10,981 | ||||||
Other current assets | 956 | (159 | ) | 797 | ||||||
Assets held for sale (1) | 3,250 | 1,902 | 5,152 | |||||||
Property, plant and equipment | 6,929 | 87 | 7,016 | |||||||
Finite intangible asset | 3,300 | — | 3,300 | |||||||
Other assets | 623 | 236 | 859 | |||||||
Accounts payable | (2,286 | ) | — | (2,286 | ) | |||||
Accrued expenses | (3,036 | ) | 153 | (2,883 | ) | |||||
Capital lease obligation | (404 | ) | — | (404 | ) | |||||
Fair value of net assets acquired | $ | 27,613 | $ | 1,689 | $ | 29,302 | ||||
Total consideration | 18,869 | (129 | ) | 18,740 | ||||||
Gain on purchase of business | $ | (8,744 | ) | $ | (1,818 | ) | $ | (10,562 | ) |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The changes in the carrying amounts 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) | 1,709 | — | 1,709 | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at December 28, 2013 | 3,389 | — | 3,389 | |||||||||||||||||||||
Additional goodwill recognized during the period | — | — | — | |||||||||||||||||||||
Impairment losses recognized during the period | — | — | — | |||||||||||||||||||||
Other changes in the carrying amounts during the period | — | — | — | |||||||||||||||||||||
Balance at June 28, 2014 | $ | 3,389 | $ | — | $ | 3,389 | ||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||||||||||
The following table represents the details of the Company's intangible assets: | ||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||
June 28, | December 28, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 1,062 | $ | (71 | ) | $ | 991 | $ | 1,062 | $ | (40 | ) | $ | 1,022 | ||||||||||
Rug design coding | 144 | (22 | ) | 122 | 144 | (14 | ) | 130 | ||||||||||||||||
Trade names | 4,668 | (145 | ) | 4,523 | 1,368 | (34 | ) | 1,334 | ||||||||||||||||
Total | $ | 5,874 | $ | (238 | ) | $ | 5,636 | $ | 2,574 | $ | (88 | ) | $ | 2,486 | ||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Customer relationships | $ | 16 | $ | 4 | $ | 31 | $ | 8 | ||||||||||||||||
Rug design coding | 4 | 3 | 8 | 7 | ||||||||||||||||||||
Trade names | 86 | — | 111 | — | ||||||||||||||||||||
Amortization expense | $ | 106 | $ | 7 | $ | 150 | $ | 15 | ||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued expenses are summarized as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Compensation and benefits | $ | 8,200 | $ | 8,233 | ||||
Provision for customer rebates, claims and allowances | 6,826 | 6,202 | ||||||
Advanced customer deposits | 4,266 | 1,862 | ||||||
Outstanding checks in excess of cash | 2,347 | 3,873 | ||||||
Other | 8,072 | 6,032 | ||||||
Accrued expenses | $ | 29,711 | $ | 26,202 | ||||
Product_Warranty_Reserves_Tabl
Product Warranty Reserves (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Product warranty reserve at beginning of period | $ | 2,001 | $ | 1,289 | $ | 1,850 | $ | 1,297 | ||||||||
Warranty reserve assumed in business combination | — | — | 209 | — | ||||||||||||
Warranty liabilities accrued | 1,178 | 1,054 | 2,192 | 1,954 | ||||||||||||
Warranty liabilities settled | (1,241 | ) | (947 | ) | (2,449 | ) | (1,777 | ) | ||||||||
Changes for pre-existing warranty liabilities | 272 | 170 | 408 | 92 | ||||||||||||
Product warranty reserve at end of period | $ | 2,210 | $ | 1,566 | $ | 2,210 | $ | 1,566 | ||||||||
LongTerm_Debt_and_Credit_Arran1
Long-Term Debt and Credit Arrangements (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Revolving credit facility - Tranche A | $ | 80,780 | $ | 85,274 | ||||
Revolving credit facility - Tranche B | 5,764 | — | ||||||
Obligation to Development Authority of Gordon County | 3,938 | 4,447 | ||||||
Note payable - Robertex acquisition | 3,829 | 3,789 | ||||||
Equipment notes payable | 7,144 | 7,987 | ||||||
Notes payable | 3,892 | 2,210 | ||||||
Capital lease obligations | 9,344 | 4,281 | ||||||
Total long-term debt | 114,691 | 107,988 | ||||||
Less: current portion of long-term debt | (14,704 | ) | (6,229 | ) | ||||
Long-term debt | $ | 99,987 | $ | 101,759 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 June 28, 2014 and December 28, 2013: | ||||||||||||||||
June 28, | December 28, | Fair Value Hierarchy Level | ||||||||||||||
2014 | 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 14,878 | $ | 14,242 | Level 2 | |||||||||||
Interest rate swaps (2) | — | 556 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 2,065 | $ | 813 | Level 2 | |||||||||||
Deferred compensation plan (3) | 13,563 | 13,210 | Level 1 | |||||||||||||
Contingent consideration (4) | 2,319 | 2,751 | 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 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 is recognized each period based on the fair value of the underlying measurement funds. | |||||||||||||||
-4 | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record 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 six months ending June 28, 2014 and June 29, 2013 were as follows: | ||||||||||||||||
June 28, | June 29, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 2,751 | $ | 1,928 | ||||||||||||
Fair value adjustments | (298 | ) | 76 | |||||||||||||
Settlements | (134 | ) | (193 | ) | ||||||||||||
Ending balance | $ | 2,319 | $ | 1,811 | ||||||||||||
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: | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 306 | $ | 306 | $ | 255 | $ | 255 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | — | — | 556 | 556 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 114,691 | 111,240 | 107,988 | 101,752 | ||||||||||||
Interest rate swaps | 2,065 | 2,065 | 813 | 813 | ||||||||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 June 28, 2014: | ||||||||||||||||
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 Balance Sheets | Fair Value | |||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Asset Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps | Other Assets | $ | — | $ | 556 | |||||||||||
Total Asset Derivatives | $ | — | $ | 556 | ||||||||||||
Liability Derivatives: | ||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 337 | $ | 328 | |||||||||||
Interest rate swaps, long term portion | Other Long-Term Liabilities | 1,728 | 485 | |||||||||||||
Total Liability Derivatives | $ | 2,065 | $ | 813 | ||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (1,040 | ) | $ | 379 | $ | (1,980 | ) | $ | 399 | ||||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | (86 | ) | $ | (128 | ) | $ | (172 | ) | $ | (273 | ) | ||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Cash flow hedges - interest rate swaps | $ | — | $ | — | $ | — | $ | — | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 4 | $ | 4 | ||||||||
Interest cost | 5 | 5 | 10 | 11 | ||||||||||||
Amortization of prior service credits | (22 | ) | (22 | ) | (44 | ) | (44 | ) | ||||||||
Recognized net actuarial gains | (10 | ) | (10 | ) | (20 | ) | (19 | ) | ||||||||
Net periodic benefit cost (credit) | $ | (25 | ) | $ | (25 | ) | $ | (50 | ) | $ | (48 | ) |
Common_Stock_and_Earnings_Loss1
Common Stock and Earnings (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations | $ | (605 | ) | $ | 1,677 | $ | 3,830 | $ | 2,329 | |||||||
Less: Allocation of earnings to participating securities | — | (68 | ) | (182 | ) | (92 | ) | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,609 | $ | 3,648 | $ | 2,237 | |||||||
Basic weighted-average shares outstanding (1) | 13,937 | 12,733 | 13,363 | 12,704 | ||||||||||||
Basic earnings (loss) per share - continuing operations | $ | (0.04 | ) | $ | 0.13 | $ | 0.27 | $ | 0.18 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,609 | $ | 3,648 | $ | 2,237 | |||||||
Add: Undistributed earnings reallocated to unvested shareholders | — | 1 | 3 | 1 | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | (605 | ) | $ | 1,610 | $ | 3,651 | $ | 2,238 | |||||||
Basic weighted-average shares outstanding (1) | 13,937 | 12,733 | 13,363 | 12,704 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options (2) | — | 54 | 134 | 28 | ||||||||||||
Directors' stock performance units (2) | — | 59 | 64 | 61 | ||||||||||||
Diluted weighted-average shares outstanding (1)(2) | 13,937 | 12,846 | 13,561 | 12,793 | ||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | (0.04 | ) | $ | 0.13 | $ | 0.27 | $ | 0.17 | |||||||
-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 during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and six months ended June 28, 2014 were 620 and 372, respectively, and for the three and six months ending June 29, 2013 were 450 and 571, respectively. |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||||||
Before income taxes | $ | (1,040 | ) | $ | 379 | $ | (1,980 | ) | $ | 399 | ||||||
Income taxes | (395 | ) | 144 | (753 | ) | 152 | ||||||||||
Net of taxes | (645 | ) | 235 | (1,227 | ) | 247 | ||||||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||||||
Before income taxes | 86 | 80 | 172 | 115 | ||||||||||||
Income taxes | 32 | 30 | 65 | 44 | ||||||||||||
Net of taxes | 54 | 50 | 107 | 71 | ||||||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||||||
Before income taxes | — | 48 | — | 158 | ||||||||||||
Income taxes | — | 18 | — | 60 | ||||||||||||
Net of taxes | — | 30 | — | 98 | ||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (10 | ) | (10 | ) | (20 | ) | (19 | ) | ||||||||
Income taxes | (4 | ) | (4 | ) | (7 | ) | (8 | ) | ||||||||
Net of taxes | (6 | ) | (6 | ) | (13 | ) | (11 | ) | ||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||||||
Before income taxes | (22 | ) | (22 | ) | (44 | ) | (44 | ) | ||||||||
Income taxes | (8 | ) | (8 | ) | (17 | ) | (17 | ) | ||||||||
Net of taxes | (14 | ) | (14 | ) | (27 | ) | (27 | ) | ||||||||
Other comprehensive income (loss) | $ | (611 | ) | $ | 295 | $ | (1,160 | ) | $ | 378 | ||||||
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 28, 2013 | (144 | ) | 360 | 216 | ||||||||||||
Unrealized loss on interest rate swaps, net of tax of $753 | (1,227 | ) | — | (1,227 | ) | |||||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $65 | 107 | — | 107 | |||||||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $7 | — | (13 | ) | (13 | ) | |||||||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $17 | — | (27 | ) | (27 | ) | |||||||||||
Balance at June 28, 2014 | $ | (1,264 | ) | $ | 320 | $ | (944 | ) | ||||||||
Other_Income_Expense_Tables
Other (Income) Expense (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other operating (income) expense, net: | ||||||||||||||||
Insurance proceeds (1) | $ | — | $ | — | $ | — | $ | (202 | ) | |||||||
(Gain) loss on property, plant and equipment disposals | (3 | ) | — | (3 | ) | 10 | ||||||||||
Loss on currency exchanges | 106 | 65 | 226 | 96 | ||||||||||||
Amortization of intangibles | 106 | 7 | 150 | 15 | ||||||||||||
Retirement expenses | 15 | 80 | 46 | 119 | ||||||||||||
Miscellaneous (income) expense | (5 | ) | 38 | (48 | ) | (8 | ) | |||||||||
Other operating (income) expense, net | $ | 219 | $ | 190 | $ | 371 | $ | 30 | ||||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the six months ended June 29, 2013. | |||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||||||
Other (income) expense, net is summarized as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other (income) expense, net: | ||||||||||||||||
Earnings from equity investments | $ | (46 | ) | $ | — | $ | (43 | ) | $ | — | ||||||
Miscellaneous (income) expense | (1 | ) | 11 | 7 | 18 | |||||||||||
Other (income) expense, net | $ | (47 | ) | $ | 11 | $ | (36 | ) | $ | 18 | ||||||
Facility_Consolidation_Expense1
Facility Consolidation Expenses (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||||||||||
Costs related to the facility consolidation plans are summarized as follows: | ||||||||||||||||||||||||
Asset Impairments | Other Costs | Total Expected Costs | Total Asset Impairments Incurred to Date | Total Other Costs Incurred to Date | Total Remaining Costs | |||||||||||||||||||
Warehousing, Distribution and Manufacturing Consolidation Plan | $ | 655 | $ | 3,769 | $ | 4,424 | $ | 655 | $ | 384 | $ | 3,385 | ||||||||||||
Atlas Integration Plan | — | 1,603 | 1,603 | — | 638 | 965 | ||||||||||||||||||
Total All Plans | $ | 655 | $ | 5,372 | $ | 6,027 | $ | 655 | $ | 1,022 | $ | 4,350 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Loss from discontinued operations: | ||||||||||||||||
Workers' compensation costs | $ | (23 | ) | $ | (15 | ) | $ | (46 | ) | $ | (27 | ) | ||||
Environmental remediation costs | (43 | ) | (31 | ) | (81 | ) | (40 | ) | ||||||||
Loss from discontinued operations, before taxes | (66 | ) | (46 | ) | (127 | ) | (67 | ) | ||||||||
Income tax benefit | (27 | ) | (14 | ) | (48 | ) | (20 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (39 | ) | $ | (32 | ) | $ | (79 | ) | $ | (47 | ) |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Customers, trade | $51,421 | $41,898 |
Other receivables | 2,218 | 2,306 |
Gross receivables | 53,639 | 44,204 |
Less allowance for doubtful accounts | -223 | -141 |
Receivables, net | $53,416 | $44,063 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $41,110 | $31,864 |
Work-in-process | 21,285 | 16,880 |
Finished goods | 58,538 | 57,983 |
Supplies and other | 137 | 118 |
LIFO reserve | -13,069 | -13,626 |
Inventories | $108,001 | $93,219 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land and improvements | $7,231 | $7,231 |
Buildings and improvements | 51,088 | 50,627 |
Machinery and equipment | 163,424 | 149,040 |
Property, plant and equipment, gross | 221,743 | 206,898 |
Accumulated depreciation | -138,363 | -132,413 |
Property, plant and equipment, net | $83,380 | $74,485 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Mar. 19, 2014 | Jun. 28, 2014 | Mar. 19, 2014 |
Atlas Carpet Mills [Member] | Atlas Carpet Mills [Member] | Atlas Carpet Mills [Member] | Atlas Carpet Mills [Member] | Atlas Carpet Mills [Member] | ||||||
Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs of acquisition | ' | ' | ' | ' | ' | ' | ' | $569 | ' | ' |
Cash paid | ' | ' | ' | ' | ' | ' | 16,543 | ' | ' | ' |
Accrued consideration for working capital adjustment in acquisition | ' | ' | -1,274 | 0 | ' | ' | 1,274 | ' | ' | ' |
Accrued consideration for holdbacks | ' | ' | ' | ' | ' | ' | 923 | ' | ' | ' |
Total purchase price consideration | ' | ' | ' | ' | ' | ' | 18,740 | ' | 18,869 | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | 2,466 | ' | 2,466 |
Receivables | ' | ' | ' | ' | ' | ' | ' | 4,304 | ' | 4,304 |
Inventories | ' | ' | ' | ' | ' | ' | ' | 10,981 | ' | 11,511 |
Other current assets | ' | ' | ' | ' | ' | ' | ' | 797 | ' | 956 |
Assets held for sale | 5,322 | ' | 5,322 | ' | 0 | ' | ' | 5,152 | ' | 3,250 |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | 7,016 | ' | 6,929 |
Finite intangible assets | ' | ' | ' | ' | ' | ' | ' | 3,300 | ' | 3,300 |
Other assets | ' | ' | ' | ' | ' | ' | ' | 859 | ' | 623 |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | -2,286 | ' | -2,286 |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | -2,883 | ' | -3,036 |
Capital lease obligation | ' | ' | ' | ' | ' | ' | ' | -404 | ' | -404 |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | 29,302 | ' | 27,613 |
Gain on purchase of business | 0 | 0 | -10,562 | 0 | ' | ' | -10,562 | ' | -8,744 | ' |
After tax gain on purchase of business | ' | ' | ' | ' | ' | ' | 6,548 | ' | ' | ' |
Revenue of Atlas since acquisition date | ' | ' | ' | ' | ' | 12,182 | 13,848 | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | -530 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | -159 | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' | ' | ' | 1,902 | ' | ' | ' |
Property, plant, and equipment | ' | ' | ' | ' | ' | ' | 87 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | 236 | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | 153 | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | 1,689 | ' | ' | ' |
Consideration transferred | ' | ' | ' | ' | ' | ' | -129 | ' | ' | ' |
Change in bargain gain, pretax | ' | ' | ' | ' | ' | ' | -1,818 | ' | ' | ' |
Change in bargain gain, after-tax | ' | ' | ' | ' | ' | ' | $1,127 | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | |
Goodwill | $3,389 | $1,680 | ' | |
Additional goodwill recognized during period | 0 | 1,709 | [1] | ' |
Impairment losses recognized during the period | 0 | 0 | ' | |
Other changes in the carrying amounts during the period | 0 | 0 | ' | |
Goodwill | 3,389 | 3,389 | ' | |
Goodwill | 3,389 | 3,389 | 1,680 | |
Accumulated impairment losses | $0 | $0 | $0 | |
[1] | During 2013, the Company recorded goodwill related to the Robertex acquisition. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | $5,874 | ' | $5,874 | ' | $2,574 |
Accumulated Amortization | -238 | ' | -238 | ' | -88 |
Net | 5,636 | ' | 5,636 | ' | 2,486 |
Amortization expense | 106 | 7 | 150 | 15 | ' |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 1,062 | ' | 1,062 | ' | 1,062 |
Accumulated Amortization | -71 | ' | -71 | ' | -40 |
Net | 991 | ' | 991 | ' | 1,022 |
Amortization expense | 16 | 4 | 31 | 8 | ' |
Rug Design Coding [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 144 | ' | 144 | ' | 144 |
Accumulated Amortization | -22 | ' | -22 | ' | -14 |
Net | 122 | ' | 122 | ' | 130 |
Amortization expense | 4 | 3 | 8 | 7 | ' |
Trade Names [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | 4,668 | ' | 4,668 | ' | 1,368 |
Accumulated Amortization | -145 | ' | -145 | ' | -34 |
Net | 4,523 | ' | 4,523 | ' | 1,334 |
Amortization expense | $86 | $0 | $111 | $0 | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Compensation and benefits | $8,200 | $8,233 |
Provision for customer rebates, claims and allowances | 6,826 | 6,202 |
Advanced customer deposits | 4,266 | 1,862 |
Outstanding checks in excess of cash | 2,347 | 3,873 |
Other | 8,072 | 6,032 |
Accrued expenses | $29,711 | $26,202 |
Product_Warranty_Reserves_Deta
Product Warranty Reserves (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Product warranty reserve at beginning of period | $2,001 | $1,289 | $1,850 | $1,297 |
Warranty reserve assumed in business combination | 0 | 0 | 209 | 0 |
Warranty liabilities accrued | 1,178 | 1,054 | 2,192 | 1,954 |
Warranty liabilities settled | -1,241 | -947 | -2,449 | -1,777 |
Changes for pre-existing warranty liabilities | 272 | 170 | 408 | 92 |
Product warranty reserve at end of period | $2,210 | $1,566 | $2,210 | $1,566 |
LongTerm_Debt_and_Credit_Arran2
Long-Term Debt and Credit Arrangements (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility - Tranche A | $80,780 | $85,274 |
Revolving credit facility - Tranche B | 5,764 | 0 |
Obligation to Development Authority of Gordon County | 3,938 | 4,447 |
Note payable - Robertex acquisition | 3,829 | 3,789 |
Equipment notes payable | 7,144 | 7,987 |
Notes payable | 3,892 | 2,210 |
Capital lease obligations | 9,344 | 4,281 |
Total long-term debt | 114,691 | 107,988 |
Less: current portion of long-term debt | -14,704 | -6,229 |
Long-term debt | $99,987 | $101,759 |
LongTerm_Debt_and_Credit_Arran3
Long-Term Debt and Credit Arrangements (Amended Revolving Credit Facility) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | 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 | Amended 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] | Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Daily Libor [Member] | Daily Libor [Member] | Daily Libor [Member] | |||||
Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Rate | Rate | Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | Amended Revolving Credit Facility [Member] | |||||
Rate | Rate | Rate | Rate | Rate | Rate | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | $5,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility - Tranche B | 5,764 | 0 | 5,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis Spread on Variable Rate | ' | ' | 3.50% | ' | 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 | ' | ' | 14,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | ' | ' | 16,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Borrowing Capacity | ' | ' | $46,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Credit_Arran4
Long-Term Debt and Credit Arrangements (Obligation to Development Authority of Gordon County) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Nov. 02, 2012 |
In Thousands, unless otherwise specified | Note payable, Development Authority [Member] | Note payable, Development Authority [Member] | ||
M | Rate | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 6.00% |
Obligation to Development Authority of Gordon County | $3,938 | $4,447 | ' | $5,500 |
Debt Instrument, Periodic Payment | ' | ' | $106 | ' |
Term of Obligation to Development Authority of Gordon County (in months) | ' | ' | 57 | ' |
LongTerm_Debt_and_Credit_Arran5
Long-Term Debt and Credit Arrangements (Note Payable - Robertex Acquisition) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jul. 01, 2013 |
In Thousands, unless otherwise specified | Note Payable - Robertex Acquisition [Member] | Note Payable - Robertex Acquisition [Member] | ||
Y | Rate | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.50% |
Note payable - Robertex acquisition | $3,829 | $3,789 | $3,749 | $4,000 |
Term of Note Payable | ' | ' | 5 | ' |
Debt Instrument, Annual Principal Payment | ' | ' | $800 | ' |
LongTerm_Debt_and_Credit_Arran6
Long-Term Debt and Credit Arrangements (Equipment Notes Payable) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Equipment Note Payable [Member] | Equipment Note Payable [Member] | |||
Y | Y | |||
Rate | Rate | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 1.00% | 7.72% |
Term of Note Payable | ' | ' | 3 | 7 |
Escrow Deposit | $0 | $1,401 | ' | ' |
LongTerm_Debt_and_Credit_Arran7
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) (Capital Lease Obligations [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Y | |
Rate | |
Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.90% |
Term of Capital Lease Obligation (in months) | 4 |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.40% |
Term of Capital Lease Obligation (in months) | 7 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 28, 2014 | Dec. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ||
Deferred compensation plan | $13,563 | [1] | $13,210 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Rabbi trust | 14,878 | [2] | 14,242 | [2] |
Interest rate swaps | 0 | [3] | 556 | [3] |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ||
Interest rate swaps | 2,065 | [3] | 813 | [3] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ||
Contingent consideration | $2,319 | [4] | $2,751 | [4] |
[1] | 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 is recognized each period based on the fair value of the underlying measurement funds. | |||
[2] | 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 life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||
[3] | 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. | |||
[4] | As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $2,751 | $1,928 |
Fair value adjustments | -298 | 76 |
Settlements | -134 | -193 |
Ending balance | $2,319 | $1,811 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Cash and cash equivalents | $306 | $255 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 556 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt and capital leases, including current portion | 114,691 | 107,988 |
Interest rate swaps | 2,065 | 813 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Cash and cash equivalents | 306 | 255 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 556 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Long-term debt and capital leases, including current portion | 111,240 | 101,752 |
Interest rate swaps | $2,065 | $813 |
Derivatives_Summary_of_Derivat
Derivatives (Summary of Derivative Instruments) (Details) (Interest Rate Swap [Member], USD $) | Jun. 28, 2014 |
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) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Asset, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | $0 | $556 |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 2,065 | 813 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ' | ' |
Derivative Asset, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 0 | 556 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | 337 | 328 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value, Net [Abstract] | ' | ' |
Interest rate swaps | $1,728 | $485 |
Derivatives_Schedule_of_Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) (Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | ($1,040) | $379 | ($1,980) | $399 | ||||
Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | -86 | [1],[2] | -128 | [1],[2] | -172 | [1],[2] | -273 | [1],[2] |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 337 | ' | 337 | ' | ||||
Other Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] |
[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 fiscal 2013 is $337. | |||||||
[3] | The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Rate | ||||
Non-Collective-Bargaining Plan [Member] | ' | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' | ' |
Percentage of Employees Covered | ' | ' | 84.00% | ' |
Employer Matching Contribution, Percentage | ' | ' | 1.00% | ' |
Employer Matching Contribution, Discretionary Percentage | ' | ' | 2.00% | ' |
Maximum Annual Contribution Per Employee, Percentage | ' | ' | 3.00% | ' |
Cost Recognized | $135 | $292 | $367 | $435 |
Collective-Bargaining Plan [Member] | ' | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' | ' |
Percentage of Employees Covered | ' | ' | 16.00% | ' |
Maximum Annual Contribution Per Employee, Percentage | ' | ' | 2.75% | ' |
Cost Recognized | $27 | $24 | $45 | $41 |
Employee_Benefit_Plans_Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Liability to Participants | $13,563 | $13,210 |
Cash Surrender Value of Life Insurance | $14,878 | $14,242 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Contributions | $74 | $69 | $141 | $130 |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | $2 | $2 | $4 | $4 |
Interest cost | 5 | 5 | 10 | 11 |
Amortization of prior service credits | -22 | -22 | -44 | -44 |
Recognized net actuarial gains | -10 | -10 | -20 | -19 |
Net periodic benefit cost (credit) | ($25) | ($25) | ($50) | ($48) |
Income_Taxes_Income_Tax_Reconc
Income Taxes Income Tax Reconciliation, Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Rate | Rate | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | |
Effective income tax rate | ' | ' | 40.20% | 21.60% | |
Tax on Non-Vested Market-Based Stock Awards | ' | ' | $117 | ' | |
Gain on life insurance proceeds | 0 | 0 | 0 | 202 | [1] |
Federal tax credits | ' | ' | ' | $157 | |
[1] | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the six months ended June 29, 2013. |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized tax benefits | $303 | $291 |
Unrecognized tax benefits, income tax penalties and interest accrued | $12 | $0 |
Common_Stock_and_Earnings_Loss2
Common Stock and Earnings (Loss) Per Share (Common Stock) (Details) (USD $) | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Equity [Abstract] | ' | ' | ' |
Number of Shares Issued From Equity Offering | 2,500,000 | ' | ' |
Price Per Share From Equity Offering | $10.65 | ' | ' |
Proceeds from equity offering, net of issuance costs | $24,559 | $0 | ' |
Revolving credit facility - Tranche B | ($5,764) | ' | $0 |
Common_Stock_and_Earnings_Loss3
Common Stock and Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
Basic earnings (loss) per share: | ' | ' | ' | ' | |||
Income (loss) from continuing operations | $605 | ($1,677) | ($3,830) | ($2,329) | |||
Less: Allocation of earnings to participating securities | 0 | -68 | -182 | -92 | |||
Income (loss) from continuing operations available to common shareholders - basic | -605 | 1,609 | 3,648 | 2,237 | |||
Basic weighted-average shares outstanding (1) | 13,937 | [1] | 12,733 | [1] | 13,363 | [1] | 12,704 |
Basic earnings per share - continuing operations | ($0.04) | $0.13 | $0.27 | $0.18 | |||
Diluted earnings (loss) per share: | ' | ' | ' | ' | |||
Income (loss) from continuing operations available to common shareholders - basic | -605 | 1,609 | 3,648 | 2,237 | |||
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 1 | 3 | 1 | |||
Income (loss) from continuing operations available to common shareholders - basic | ($605) | $1,610 | $3,651 | $2,238 | |||
Effect of dilutive securities: | ' | ' | ' | ' | |||
Stock options (2) | 0 | [2] | 54 | [2] | 134 | [2] | 28 |
Directors' stock performance units (2) | 0 | [2] | 59 | [2] | 64 | [2] | 61 |
Diluted weighted-average shares outstanding (1)(2) | 13,937 | [1],[2] | 12,846 | [1],[2] | 13,561 | [1],[2] | 12,793 |
Diluted earnings per share - continuing operations | ($0.04) | $0.13 | $0.27 | $0.17 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 620 | 450 | 372 | 571 | |||
[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 during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and six months ended June 28, 2014 were 620 and 372, respectively, and for the three and six months ending June 29, 2013 were 450 and 571, respectively. |
Stock_Compensation_Expense_Det
Stock Compensation Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Mar. 12, 2014 |
Y | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $415 | $290 | $611 | $491 | ' |
Restricted Stock Granted in Period | ' | ' | ' | ' | 101,315 |
Grant Date Fair Value of Restricted Stock | ' | ' | ' | ' | $1,588 |
Weighted Average Grant Date Fair Value of Resticted Stock | ' | ' | ' | ' | $15.68 |
Minimum Award Vesting Period of Restricted Stock Issued | ' | ' | 2 | ' | ' |
Maximum Award Vesting Period of Restricted Stock Issued | ' | ' | 13 | ' | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||
Unrealized gain (loss) on interest rate swaps: | ' | ' | ' | ' | ||
Before income taxes | ($1,040) | $379 | ($1,980) | $399 | ||
Income taxes | -395 | 144 | -753 | 152 | ||
Net of taxes | -645 | 235 | -1,227 | 247 | ||
Reclassification of loss into earnings from interest rate swaps (1): | ' | ' | ' | ' | ||
Before income taxes | 86 | [1] | 80 | [1] | 172 | 115 |
Income taxes | 32 | 30 | 65 | 44 | ||
Net of taxes | 54 | 50 | 107 | 71 | ||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ' | ' | ' | ' | ||
Before income taxes | 0 | [1] | 48 | [1] | 0 | 158 |
Income taxes | 0 | 18 | 0 | 60 | ||
Net of taxes | 0 | 30 | 0 | 98 | ||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ' | ' | ' | ' | ||
Before income taxes | -10 | [2] | -10 | [2] | -20 | -19 |
Income taxes | -4 | -4 | -7 | -8 | ||
Net of taxes | -6 | -6 | -13 | -11 | ||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ' | ' | ' | ' | ||
Before income taxes | -22 | [2] | -22 | [2] | -44 | -44 |
Income taxes | -8 | -8 | -17 | -17 | ||
Net of taxes | -14 | -14 | -27 | -27 | ||
Other comprehensive income (loss) | ($611) | $295 | ($1,160) | $378 | ||
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income 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 income 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive loss - interest rate swaps | ' | ' | ($144) | ' |
Accumulated other comprehensive - postretirement liabilities | ' | ' | 360 | ' |
Accumulated other comprehensive loss - total | ' | ' | 216 | ' |
Unrealized gain (loss) on interest rate swaps | -645 | 235 | -1,227 | 247 |
Reclassification of loss into earnings from interest rate swaps | 54 | 50 | 107 | 71 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 30 | 0 | 98 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -6 | -6 | -13 | -11 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -14 | -14 | -27 | -27 |
Accumulated other comprehensive loss - interest rate swaps | -1,264 | ' | -1,264 | ' |
Accumulated other comprehensive - postretirement liabilities | 320 | ' | 320 | ' |
Accumulated other comprehensive loss - total | -944 | ' | -944 | ' |
Unrealized gain (loss) on interest rate swaps - income taxes | -395 | 144 | -753 | 152 |
Reclassification of loss into earnings from interest rate swaps - income taxes | 32 | 30 | 65 | 44 |
Amortization of unrealized loss on dedesignated interest rate swap - income taxes | 0 | 18 | 0 | 60 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans - income taxes | -4 | -4 | -7 | -8 |
Reclassification of prior service credits into earnings from postretirement benefit plans - income taxes | ($8) | ($8) | ($17) | ($17) |
Other_Income_Expense_Details
Other (Income) Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Other operating (income) expense, net: | ' | ' | ' | ' | |
Insurance proceeds (1) | $0 | $0 | $0 | ($202) | [1] |
(Gain) loss on property, plant and equipment disposals | -3 | 0 | -3 | 10 | |
Loss on currency exchanges | 106 | 65 | 226 | 96 | |
Amortization expense | 106 | 7 | 150 | 15 | |
Retirement expenses | 15 | 80 | 46 | 119 | |
Miscellaneous (income) expense | -5 | 38 | -48 | -8 | |
Other operating (income) expense, net | $219 | $190 | $371 | $30 | |
[1] | The Company recognized a settlement gain of $202 from a company-owned insurance policy during the six months ended June 29, 2013. |
Other_Income_Expense_Component
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Other (income) expense, net: | ' | ' | ' | ' |
Earnings from equity investments | ($46) | $0 | ($43) | $0 |
Miscellaneous (income) expense | -1 | 11 | 7 | 18 |
Other (income) expense, net | ($47) | $11 | ($36) | $18 |
Facility_Consolidation_Expense2
Facility Consolidation Expenses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Impairment of assets | $655 | $0 | $655 | $0 |
Expected Cost | ' | ' | 6,027 | ' |
Expected Cost Remaining | ' | ' | 4,350 | ' |
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected Cost | ' | ' | 4,424 | ' |
Expected Cost Remaining | ' | ' | 3,385 | ' |
2014 Atlas Integration Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected Cost | ' | ' | 1,603 | ' |
Expected Cost Remaining | ' | ' | 965 | ' |
Asset Impairments [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Impairment of assets | ' | ' | 655 | ' |
Asset Impairments [Member] | 2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Impairment of assets | ' | ' | 655 | ' |
Asset Impairments [Member] | 2014 Atlas Integration Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Impairment of assets | ' | ' | 0 | ' |
Other Restructuring [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Incurred Cost for the Period | ' | ' | 1,022 | ' |
Expected Cost | ' | ' | 5,372 | ' |
Other Restructuring [Member] | 2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Incurred Cost for the Period | ' | ' | 384 | ' |
Expected Cost | ' | ' | 3,769 | ' |
Other Restructuring [Member] | 2014 Atlas Integration Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Incurred Cost for the Period | ' | ' | 638 | ' |
Expected Cost | ' | ' | $1,603 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Workers' compensation costs | ($23) | ($15) | ($46) | ($27) |
Environmental remediation costs | -43 | -31 | -81 | -40 |
Loss from discontinued operations, before taxes | -66 | -46 | -127 | -67 |
Income tax benefit | -27 | -14 | -48 | -20 |
Loss from discontinued operations, net of tax | ($39) | ($32) | ($79) | ($47) |
Discontinued_Operations_Enviro
Discontinued Operations (Environmental Remediation) (Details) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ' | ' |
Accrual for Environmental Loss Contingencies | $1,821 | $1,830 |