Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Jun. 27, 2014 | Feb. 27, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | DIXIE GROUP INC | ||
Entity Central Index Key | 29332 | ||
Current Fiscal Year End Date | -15 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 27-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-Known Seasoned Filer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $154,037,606 | ||
Common Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 15,007,423 | ||
Common Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 764,191 | ||
Common Class C [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $394 | $255 |
Receivables, net | 50,524 | 44,063 |
Inventories | 104,207 | 93,219 |
Prepaid expenses | 5,970 | 5,630 |
Deferred income taxes | 12,722 | 6,622 |
TOTAL CURRENT ASSETS | 173,817 | 149,789 |
PROPERTY, PLANT AND EQUIPMENT, NET | 102,489 | 74,485 |
OTHER ASSETS | 24,574 | 24,592 |
TOTAL ASSETS | 300,880 | 248,866 |
CURRENT LIABILITIES | ||
Accounts payable | 22,108 | 21,679 |
Accrued expenses | 29,307 | 26,202 |
Current portion of long-term debt | 9,078 | 6,229 |
TOTAL CURRENT LIABILITIES | 60,493 | 54,110 |
LONG-TERM DEBT | 118,210 | 101,759 |
DEFERRED INCOME TAXES | 9,376 | 4,072 |
OTHER LONG-TERM LIABILITIES | 19,824 | 18,154 |
TOTAL LIABILITIES | 207,903 | 178,095 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,007,423 shares for 2014 and 12,441,356 shares for 2013 | 45,022 | 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 | 155,127 | 137,170 |
Accumulated deficit | -107,952 | -106,550 |
Accumulated other comprehensive income (loss) | -1,513 | 216 |
TOTAL STOCKHOLDERS' EQUITY | 92,977 | 70,771 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $300,880 | $248,866 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
Common stock, par value | $3 | $3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,007,423 | 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_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |||
NET SALES | $406,588 | $344,374 | $266,372 | |||
Cost of sales | 311,091 | 258,804 | 201,000 | |||
GROSS PROFIT | 95,497 | 85,570 | 65,372 | |||
Selling and administrative expenses | 93,182 | 76,221 | 63,489 | |||
Other operating expense, net | 904 | 494 | 68 | |||
Facility consolidation expenses | 5,514 | 0 | 0 | |||
Impairment of assets | 1,133 | 0 | 0 | |||
OPERATING INCOME (LOSS) | -5,236 | 8,855 | 1,815 | |||
Interest expense | 4,302 | 3,756 | 3,146 | |||
Other (income) expense, net | -154 | 26 | -277 | |||
Gain on purchase of businesses | -11,110 | 0 | 0 | |||
Refinancing expenses | 0 | 94 | 0 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 1,726 | 4,979 | -1,054 | |||
Income tax provision (benefit) | 1,053 | -577 | -401 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 673 | 5,556 | -653 | |||
Loss from discontinued operations, net of tax | -608 | -266 | -274 | |||
Loss on disposal of discontinued operations, net of tax | -1,467 | 0 | 0 | |||
NET INCOME (LOSS) | ($1,402) | $5,290 | ($927) | |||
BASIC EARNINGS (LOSS) PER SHARE: | ||||||
Continuing operations | $0.03 | $0.42 | ($0.05) | |||
Discontinued operations | ($0.04) | ($0.02) | ($0.02) | |||
Disposal of discontinued operations | ($0.10) | $0 | $0 | |||
Net income (loss) | ($0.11) | $0.40 | ($0.07) | |||
BASIC SHARES OUTSTANDING | 14,382 | [1] | 12,737 | [1] | 12,638 | [1] |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||||
Continuing operations | $0.03 | $0.42 | ($0.05) | |||
Discontinued operations | ($0.04) | ($0.02) | ($0.02) | |||
Disposal of discontinued operations | ($0.10) | $0 | $0 | |||
Net income (loss) | ($0.11) | $0.40 | ($0.07) | |||
DILUTED SHARES OUTSTANDING | 14,544 | [1],[2] | 12,852 | [1],[2] | 12,638 | [1],[2] |
Dividends Per Share: | ||||||
Common Stock | $0 | $0 | $0 | |||
Class B Common Stock | $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 were 434 in 2014, 510 in 2013 and 827 in 2012. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
NET INCOME (LOSS) | ($1,402) | $5,290 | ($927) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Unrealized gain (loss) on interest rate swaps | -1,928 | 236 | -476 |
Reclassification of loss into earnings from interest rate swaps | 231 | 176 | 98 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 98 | 289 |
Unrecognized net actuarial gain on postretirement benefit plans | 41 | 20 | 20 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -19 | -22 | -27 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -54 | -54 | -54 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -1,729 | 454 | -150 |
COMPREHENSIVE INCOME (LOSS) | ($3,131) | $5,744 | ($1,077) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income (loss) from continuing operations | $673 | $5,556 | ($653) |
Loss from discontinued operations | -608 | -266 | -274 |
Loss on disposal of discontinued operations | 1,467 | 0 | 0 |
Net income (loss) | -1,402 | 5,290 | -927 |
Depreciation and amortization - | |||
Continuing operations | 12,850 | 10,230 | 9,396 |
Discontinued operations | 59 | 32 | 0 |
Provision (benefit) for deferred income taxes | 264 | -1,037 | -643 |
Net (gain) loss on property, plant and equipment disposals | 11 | 195 | -186 |
Impairment of assets - | |||
Continuing operations | 1,133 | 0 | 0 |
Discontinued operations | 2,363 | 0 | 0 |
Gain on purchase of businesses | -11,110 | 0 | 0 |
Stock-based compensation expense | 1,195 | 847 | 937 |
Excess tax benefits from stock-based compensation | -379 | -151 | 0 |
Write-off of deferred financing costs | 0 | 94 | 0 |
Changes in operating assets and liabilities: | |||
Receivables | -1,287 | -11,479 | -3,296 |
Inventories | 743 | -19,283 | -8,115 |
Other current assets | 679 | -878 | -2,506 |
Accounts payable and accrued expenses | -925 | 11,642 | 1,455 |
Other operating assets and liabilities | -733 | -1,423 | -827 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 3,461 | -5,921 | -4,712 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment | 473 | 48 | 187 |
Deposits on property, plant and equipment | -1,184 | 0 | 0 |
Purchase of property, plant and equipment | -9,492 | -11,438 | -3,386 |
Proceeds from sale of equity investment | 870 | 0 | 0 |
Proceeds from sale of assets held for sale | 5,501 | 0 | 0 |
Net cash paid in business acquisitions | -17,739 | -2,170 | -1,197 |
NET CASH USED IN INVESTING ACTIVITIES | -21,571 | -13,560 | -4,396 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net (payments) borrowings on revolving credit facility | -2,378 | 25,152 | 7,316 |
Payments on mortgage note payable | 0 | -10,141 | -737 |
Payments on building notes payable | -35 | 0 | 0 |
Payments on notes payable related to acquisitions | -1,761 | -852 | -161 |
Borrowings on equipment financing | 3,760 | 4,312 | 5,003 |
Payments on equipment financing | -1,917 | -1,212 | -1,293 |
Payments on capital leases | -1,539 | -688 | -204 |
Borrowings on notes payable | 1,433 | 2,429 | 795 |
Payments on notes payable | -1,100 | -851 | -746 |
Change in outstanding checks in excess of cash | -2,683 | 1,350 | -205 |
Proceeds from equity offering, net of issuance costs | 24,559 | 0 | 0 |
Proceeds from exercise of stock options | 192 | 190 | 0 |
Repurchases of Common Stock | -497 | -207 | -199 |
Excess tax benefits from stock-based compensation | 379 | 151 | 0 |
Payments for debt issuance costs | -164 | -388 | -268 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 18,249 | 19,245 | 9,301 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 139 | -236 | 193 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 255 | 491 | 298 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 394 | 255 | 491 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Equipment purchased under capital leases | 10,078 | 1,865 | 666 |
Equipment purchased under notes payable | 4,925 | 0 | 0 |
Building purchased under notes payable | 8,330 | 0 | 0 |
Assets acquired in acquisitions, net of cash acquired | 36,649 | 8,062 | 9,184 |
Liabilities assumed in acquisitions | -6,397 | -836 | -42 |
Note payable related to acquisition | 0 | -3,749 | -5,500 |
Accrued consideration for working capital adjustment in acquisitions | -216 | -1,307 | -2,445 |
Accrued consideration for holdbacks in acquisition | -887 | 0 | 0 |
Deposits on property, plant & equipment financed | -965 | 0 | 0 |
Shortfall of tax benefits from stock-based compensation | ($607) | $0 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity Statement (USD $) | Total | Common Stock [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2011 | $64,385 | $36,068 | $2,648 | $136,670 | ($110,913) | ($88) |
Repurchases of Common Stock | -199 | -151 | 0 | -48 | 0 | 0 |
Restricted stock grants issued | 0 | 609 | 258 | -867 | 0 | 0 |
Restricted stock grants forfeited | 0 | -52 | 0 | 52 | 0 | 0 |
Class B converted into Common Stock | 0 | 48 | -48 | 0 | 0 | 0 |
Stock-based compensation expense | 937 | 0 | 0 | 937 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | -927 | 0 | 0 | 0 | -927 | 0 |
Other comprehensive income (loss) | -150 | 0 | 0 | 0 | 0 | -150 |
Stockholders' Equity Attributable to Parent at Dec. 29, 2012 | 64,046 | 36,522 | 2,858 | 136,744 | -111,840 | -238 |
Common Stock issued | 190 | 151 | 0 | 39 | 0 | 0 |
Repurchases of Common Stock | -207 | -116 | 0 | -91 | 0 | 0 |
Restricted stock grants issued | 0 | 346 | 174 | -520 | 0 | 0 |
Class B converted into Common Stock | 0 | 421 | -421 | 0 | 0 | 0 |
Stock-based compensation expense | 847 | 0 | 0 | 847 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | 151 | 0 | 0 | 151 | 0 | 0 |
Net income (loss) | 5,290 | 0 | 0 | 0 | 5,290 | 0 |
Other comprehensive income (loss) | 454 | 0 | 0 | 0 | 0 | 454 |
Stockholders' Equity Attributable to Parent at Dec. 28, 2013 | 70,771 | 37,324 | 2,611 | 137,170 | -106,550 | 216 |
Common Stock issued | 192 | 86 | 7 | 99 | 0 | 0 |
Common Stock issued under equity offering | 24,559 | 7,500 | 0 | 17,059 | 0 | 0 |
Repurchases of Common Stock | -497 | -142 | 0 | -355 | 0 | 0 |
Restricted stock grants issued | 0 | 208 | 96 | -304 | 0 | 0 |
Restricted stock grants forfeited | 0 | -15 | -360 | 375 | 0 | 0 |
Class B converted into Common Stock | 0 | 61 | -61 | 0 | 0 | 0 |
Stock-based compensation expense | 1,195 | 0 | 0 | 1,195 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | -112 | 0 | 0 | -112 | 0 | 0 |
Net income (loss) | -1,402 | 0 | 0 | 0 | -1,402 | 0 |
Other comprehensive income (loss) | -1,729 | 0 | 0 | 0 | 0 | -1,729 |
Stockholders' Equity Attributable to Parent at Dec. 27, 2014 | $92,977 | $45,022 | $2,293 | $155,127 | ($107,952) | ($1,513) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parantheticals) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Exercised | 30,952 | 50,464 | 0 |
Common Stock, shares issued equity offering | 2,500,000 | 0 | 0 |
Common Stock, shares purchased | 47,296 | 38,815 | 50,444 |
Restricted Stock, shares issued | 101,315 | 173,249 | 289,233 |
Restricted Stock, shares forfeited | 125,000 | 0 | 17,229 |
Class B Common Stock converted into Class A Common Stock, shares | 20,400 | 140,477 | 15,925 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 27, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Business | |
The Company's businesses consist principally of marketing, manufacturing and selling finished carpet and rugs. The Company has one reportable segment, carpet and rug manufacturing. The Company sells carpet and rug products in both residential and commercial applications. Additionally, the Company provides manufacturing support to its carpet businesses through its separate processing operations. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. | |
Fiscal Year | |
The Company ends its fiscal year on the last Saturday of December. All references herein to "2014," "2013," and "2012," mean the fiscal years ended December 27, 2014, December 28, 2013, and December 29, 2012, respectively. All years presented contained 52 weeks. | |
Reclassifications | |
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 Balance Sheets. | |
Discontinued Operations | |
The financial statements separately report discontinued operations and the results of continuing operations (See Note 21). | |
Cash and Cash Equivalents | |
Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. | |
Market Risk | |
The Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 9% in 2014, 13% in 2013 and 9% in 2012. No other customer accounted for more than 10% of net sales in 2014, 2013 or 2012, nor did the Company make a significant amount of sales to foreign countries during 2014, 2013 or 2012. | |
Credit Risk | |
The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. Notes receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts to cover potential credit losses based on the financial condition of borrowers and collateral held by the Company. | |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. | |
Property, Plant and Equipment | |
Property, plant and equipment is stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. | |
Impairment of Long-Lived Assets | |
Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of purchase price over the fair market value of identified net assets acquired in business combinations. The Company's goodwill is tested for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. | |
The first step in the goodwill assessment process is to identify potential goodwill impairments and involves a comparison of the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit. The Company has identified its reporting units as its residential floorcovering business and commercial floorcovering business. For this purpose, the Company estimates fair value of the reporting unit based on expected current and future cash flows discounted at the Company's weighted-average cost of capital ("WACC"). Such an estimate necessarily involves judgments and assumptions concerning, among other matters, future sales and operating margins, as well as interest rates and other financial factors used to calculate the WACC. | |
If an impairment is indicated in the first step of the assessment, a second step in the assessment is performed by comparing the "implied fair value" of the Company's reporting units' goodwill with the carrying value of the reporting units' goodwill. For this purpose, the "implied fair value" of goodwill for each reporting unit that has goodwill associated with its operations is determined in the same manner as the amount of goodwill is determined in a business combination. (See Note 7). | |
Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). | |
Customer Claims and Product Warranties | |
The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience, including the level of sales and evaluation of pending claims. | |
Self-Insured Benefit Programs | |
The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. | |
Income Taxes | |
The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. | |
Derivative Financial Instruments | |
The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. | |
The Company recognizes all derivatives on its Consolidated Balance Sheet at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. | |
Treasury Stock | |
The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. | |
Revenue Recognition | |
Revenues, including shipping and handling amounts, are recognized when the following criteria are met: there is persuasive evidence that a sales agreement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title to the goods and assumes the risks and rewards of ownership, which is generally on the date of shipment. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. | |
Advertising Costs and Vendor Consideration | |
The Company engages in promotional and advertising programs that include rebates, discounts, points and cooperative advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Substantially all such expenses are recorded as a deduction from sales. The cost of cooperative advertising programs is recorded as selling and administrative expenses when the Company can identify a tangible benefit associated with the program, and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2014, 2013 or 2012. | |
Cost of Sales | |
Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. | |
Selling and Administrative Expenses | |
Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. | |
Operating Leases | |
Rent is expensed over the lease period, including the effect of any rent holiday and rent escalation provisions, which effectively amortizes the rent holidays and rent escalations on a straight-line basis over the lease period. Leasehold improvements are amortized over the shorter of their economic lives or the lease term, excluding renewal options. Any leasehold improvement made by the Company and funded by the lessor is treated as a leasehold improvement and amortized over the shorter of its economic life or the lease term. Any funding provided by the lessor for such improvements is treated as deferred costs and amortized over the lease period. | |
Stock-Based Compensation | |
The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 16). |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 27, 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 assets and liabilities 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 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 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 Financial Statements. | |
In April 2014, the Financial Accounting Standards Board ("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 Financial Statements and related disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Consolidated Financial Statements. |
Receivables_Net
Receivables, Net | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Receivables, Net | RECEIVABLES, NET | |||||||
Receivables are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Customers, trade | $ | 46,422 | $ | 41,898 | ||||
Other receivables | 4,552 | 2,306 | ||||||
Gross receivables | 50,974 | 44,204 | ||||||
Less allowance for doubtful accounts | (450 | ) | (141 | ) | ||||
Receivables, net | $ | 50,524 | $ | 44,063 | ||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 40,649 | $ | 31,864 | ||||
Work-in-process | 19,976 | 16,880 | ||||||
Finished goods | 57,913 | 57,983 | ||||||
Supplies and other | 126 | 118 | ||||||
LIFO reserve | (14,457 | ) | (13,626 | ) | ||||
Inventories | $ | 104,207 | $ | 93,219 | ||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET | |||||||
Property, plant and equipment consists of the following: | ||||||||
2014 | 2013 | |||||||
Land and improvements | $ | 7,327 | $ | 7,231 | ||||
Buildings and improvements | 61,557 | 50,627 | ||||||
Machinery and equipment | 171,586 | 149,040 | ||||||
240,470 | 206,898 | |||||||
Accumulated depreciation | (137,981 | ) | (132,413 | ) | ||||
Property, plant and equipment, net | $ | 102,489 | $ | 74,485 | ||||
Depreciation of property, plant and equipment, including amounts for capital leases, totaled $12,212 in 2014, $9,834 in 2013 and $9,070 in 2012. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Dec. 27, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Acquisitions | ACQUISITIONS | |||||||||
2014 Acquisitions | ||||||||||
Atlas Carpet Mills, Inc. | ||||||||||
Effective March 19, 2014, the Company acquired all outstanding stock of Atlas Carpet Mills, Inc. ("Atlas") for total purchase price consideration of $18,759, 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 $1,293. The Company financed the transaction with availability under its amended credit facility. The Company incurred direct acquisition costs of approximately $645 related to this acquisition. These incremental costs are classified as selling and administrative expenses in the Company's Consolidated 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 and Masland Hospitality brands. | ||||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 16,543 | ||||||||
Accrued consideration for holdbacks | 923 | |||||||||
Accrued consideration for working capital adjustment | 1,293 | |||||||||
Total purchase price consideration | $ | 18,759 | ||||||||
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 fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase. The initial gain was subject to adjustment because the Company had 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 included 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 completed these final valuations and assessments by the end of fiscal 2014. During 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 adjustment was to assets held for sale. The amount of assets held for sale was revised based on the final sale price. As a result of the adjustments, previously reported first quarter pre-tax earnings were increased by $2,193 ($1,360 after tax). The adjusted bargain gain recognized in the Consolidated Statement of Operations is $10,937 ($6,781 after tax). | ||||||||||
Originally | As | |||||||||
Reported | Adjustments | Adjusted | ||||||||
Cash | $ | 2,466 | $ | — | $ | 2,466 | ||||
Receivables | 4,304 | 694 | 4,998 | |||||||
Inventories | 11,511 | (530 | ) | 10,981 | ||||||
Other current assets | 956 | (159 | ) | 797 | ||||||
Assets held for sale | 3,250 | 1,902 | 5,152 | |||||||
Property, plant and equipment | 6,929 | (213 | ) | 6,716 | ||||||
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 | $ | 2,083 | $ | 29,696 | ||||
Total consideration | 18,869 | (110 | ) | 18,759 | ||||||
Gain on purchase of business | $ | (8,744 | ) | $ | (2,193 | ) | $ | (10,937 | ) | |
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. 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 Statement of Operations from the date of the acquisition to December 27, 2014 was $37,620. | ||||||||||
Burtco Enterprises, Inc. | ||||||||||
Effective September 22, 2014, the Company acquired certain assets and assumed certain liabilities of Burtco Enterprises, Inc. ("Burtco") for total purchase price consideration of $2,549, including a cash payment of $2,430 and accrued consideration for a working capital adjustment of $119. The Company incurred direct acquisition costs of approximately $101 related to this acquisition. These incremental costs are classified as selling and administrative expenses in the Company's Consolidated Statements of Operations. | ||||||||||
Since 1979, Burtco has created high-quality, custom-crafted carpet designed for the hospitality industry. Burtco manufactures both wool and solution-dyed computer yarn placement (CYP) products that are used in public spaces and hotel guest rooms. | ||||||||||
These products will broaden the product offerings for commercial applications under the Company's Masland Hospitality brand. | ||||||||||
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 fair value of the net assets acquired totaled $2,722. The fair value of the net assets acquired exceeded the purchase price resulting in a pre-tax bargain purchase of $173. | ||||||||||
2013 Acquisition | ||||||||||
Robertex Associates, Inc. | ||||||||||
On June 30, 2013, the Company acquired Robertex Associates, Inc. ("Robertex") from Robert P. Rothman. The Company acquired all the outstanding shares of capital stock of Robertex for an aggregate purchase price of $7,334, which included cash, a seller-financed note and an accrued contingent liability. The seller-financed note consists of five annual payments of principal and interest. The accrued contingent liability is payable in five annual payments based upon incremental growth in gross margins of selected products for five years subsequent to the acquisition. The Company has incurred direct incremental costs of approximately $350 related to this acquisition. These incremental costs are classified in selling and administrative expenses in the Company's Consolidated Statements of Operations. | ||||||||||
This acquisition is designed to increase the Company's market share in the wool markets it currently serves. Robertex produces wool floorcovering products. | ||||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 2,278 | ||||||||
Seller-financed note | 3,749 | |||||||||
Contingent consideration | 1,307 | |||||||||
Total purchase price | $ | 7,334 | ||||||||
The acquisition was accounted for as a business combination which requires, among other things, that assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The acquisition did not represent a material business combination. The following table summarizes the estimates of fair values of the assets acquired and liabilities assumed as of June 30, 2013 based on the purchase price allocation. The components of the purchase price allocation consisted of the following: | ||||||||||
Cash | $ | 108 | ||||||||
Accounts receivable | 115 | |||||||||
Inventory | 2,139 | |||||||||
Other current assets | 14 | |||||||||
Property, plant and equipment | 1,863 | |||||||||
Finite intangible assets | 2,222 | |||||||||
Goodwill | 1,709 | |||||||||
Accounts payable | (643 | ) | ||||||||
Accrued expenses | (193 | ) | ||||||||
Total purchase price | $ | 7,334 | ||||||||
2012 Acquisitions | ||||||||||
Colormaster | ||||||||||
On November 2, 2012, the Company acquired a continuous carpet dyeing facility ("Colormaster") in Calhoun, Georgia from Lineage PCR, Inc. for $6,562 which included cash, a seller financed note and the fair value of a five-year below market agreement to process certain of the seller's products on a commission basis. The Company incurred direct, incremental costs of $269 related to the acquisition which were expensed as incurred and included in general and administrative expenses in the Company's Consolidated Financial Statements. With the acquisition of these continuous dyeing assets, the Company has moved a significant volume of its dyeing production from its more costly beck dyeing process as well as developing future products that utilize the continuous dye process. | ||||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 239 | ||||||||
Seller-financed note | 5,500 | |||||||||
Below-market supply contract | 823 | |||||||||
Total purchase price | $ | 6,562 | ||||||||
The acquisition was accounted for as a business combination which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The Company concluded that the acquisition did not represent a material business combination. The allocation of the purchase price was based on estimates of the fair value of the assets acquired as of November 2, 2012. The components of the purchase price allocation consisted of the following: | ||||||||||
Property, plant and equipment | $ | 6,371 | ||||||||
Inventory | 173 | |||||||||
Supplies | 18 | |||||||||
Purchase price | $ | 6,562 | ||||||||
Crown Rug | ||||||||||
On November 28, 2012, the Company acquired the specialized wool rug tufting equipment and related business ("Crown Rug") from Crown Manufacturing, Inc. for $2,580 which included cash, deferred payments and an accrued contingent liability. The deferred payment is payable in three equal annual installments and the accrued contingent liability is three annual payments based on sales volumes each year. The Company incurred direct incremental costs of $49 related to this acquisition which were classified in general and administrative expenses in the Company's Consolidated Financial Statements. The acquired assets were moved into the Company's facilities to meet internal requirements as well as to enter certain other markets not currently served by the Company. Prior to the acquisition of these assets from Crown Manufacturing, the Company utilized a significant portion of the related machinery capacity at Crown Manufacturing. | ||||||||||
The purchase price consideration was as follows: | ||||||||||
Cash paid | $ | 958 | ||||||||
Deferred payments to seller | 471 | |||||||||
Contingent consideration | 1,151 | |||||||||
Total purchase price | $ | 2,580 | ||||||||
The acquisition was accounted for as a business combination which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The Company concluded that the acquisition did not represent a material business combination. The allocation of the purchase price was based on estimates of the fair value of the assets acquired as of November 28, 2012. The components of the purchase price allocation consisted of the following: | ||||||||||
Property, plant and equipment | $ | 590 | ||||||||
Finite intangible assets | 352 | |||||||||
Goodwill | 1,680 | |||||||||
Accrued payable | (42 | ) | ||||||||
Purchase price | $ | 2,580 | ||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 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 December 27, 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: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 208 | $ | (32 | ) | $ | 176 | $ | 1,062 | $ | (40 | ) | $ | 1,022 | ||||||||||
Rug design coding | 144 | (29 | ) | 115 | 144 | (14 | ) | 130 | ||||||||||||||||
Trade names | 3,300 | (214 | ) | 3,086 | 1,368 | (34 | ) | 1,334 | ||||||||||||||||
Total | $ | 3,652 | $ | (275 | ) | $ | 3,377 | $ | 2,574 | $ | (88 | ) | $ | 2,486 | ||||||||||
During 2014, the Company discontinued its Carousel operations which resulted in the impairment of customer relationships of $786 and trade names of $1,271 (See Note 21). These amounts have been included in the loss on disposal of discontinued operations in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||
Amortization expense for intangible assets is summarized as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Customer relationships | $ | 59 | $ | 40 | $ | — | ||||||||||||||||||
Rug design coding | 15 | 14 | — | |||||||||||||||||||||
Trade names | 277 | 34 | — | |||||||||||||||||||||
Amortization expense | $ | 351 | $ | 88 | $ | — | ||||||||||||||||||
The estimated future amortization expense during each of the next five fiscal years is as follows: | ||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||
2015 | $ | 305 | ||||||||||||||||||||||
2016 | 305 | |||||||||||||||||||||||
2017 | 305 | |||||||||||||||||||||||
2018 | 305 | |||||||||||||||||||||||
2019 | 305 | |||||||||||||||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses | ACCRUED EXPENSES | |||||||
Accrued expenses are summarized as follows: | ||||||||
2014 | 2013 | |||||||
Compensation and benefits (1) | $ | 8,894 | $ | 8,233 | ||||
Provision for customer rebates, claims and allowances | 7,960 | 6,202 | ||||||
Advanced customer deposits | 3,501 | 1,862 | ||||||
Outstanding checks in excess of cash | 1,190 | 3,873 | ||||||
Other | 7,762 | 6,032 | ||||||
Accrued expenses | $ | 29,307 | $ | 26,202 | ||||
-1 | Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,762. |
Product_Warranty_Reserves
Product Warranty Reserves | 12 Months Ended | |||||||
Dec. 27, 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 Financial Statements. The following is a summary of the Company's product warranty activity. | ||||||||
2014 | 2013 | |||||||
Product warranty reserve at beginning of period | $ | 1,850 | $ | 1,297 | ||||
Warranty reserve assumed in business combination | 209 | — | ||||||
Warranty liabilities accrued | 4,720 | 4,330 | ||||||
Warranty liabilities settled | (5,102 | ) | (3,905 | ) | ||||
Changes for pre-existing warranty liabilities | 537 | 128 | ||||||
Product warranty reserve at end of period | $ | 2,214 | $ | 1,850 | ||||
LongTerm_Debt_and_Credit_Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS | |||||||||||
Long-term debt consists of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Revolving credit facility - Tranche A | $ | 82,897 | $ | 85,274 | ||||||||
Notes payable - building | 8,295 | — | ||||||||||
Obligation to Development Authority of Gordon County | 3,413 | 4,447 | ||||||||||
Note payable - Robertex acquisition | 3,062 | 3,789 | ||||||||||
Equipment notes payable | 13,362 | 7,987 | ||||||||||
Notes payable | 1,261 | 2,210 | ||||||||||
Capital lease obligations | 14,998 | 4,281 | ||||||||||
Total long-term debt | 127,288 | 107,988 | ||||||||||
Less: current portion of long-term debt | (9,078 | ) | (6,229 | ) | ||||||||
Long-term debt | $ | 118,210 | $ | 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. The amended senior credit facility is secured by a first priority lien on substantially all of the Company's assets. | ||||||||||||
At the Company's election, Tranche A Advances of the amended senior credit facility bear interest at annual rates equal to either (a) LIBOR for 1, 2 or 3 month periods, as selected by the Company, plus an applicable margin of either 1.50%, 1.75% or 2.00%, or (b) the higher of the prime rate, the Federal Funds rate plus 0.5%, or a daily LIBOR rate plus 1.00%, plus an applicable margin of either 0.50%, 0.75% or 1.00%. The applicable margin is determined based on availability under the amended senior credit facility with margins increasing as availability decreases. The Company pays an unused line fee on the average amount by which the aggregate commitments exceed utilization of the senior credit facility equal to 0.375% per annum. | ||||||||||||
The amended senior credit facility includes certain affirmative and negative covenants that impose restrictions on the Company's financial and business operations including the restriction on payment of dividends. 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. | ||||||||||||
Average Interest Rates and Availability | ||||||||||||
The weighted-average interest rate on borrowings outstanding under the amended senior credit facility was 2.29% at December 27, 2014 and 2.66% at December 28, 2013. As of December 27, 2014, the unused borrowing availability under the amended senior credit facility was $40,214. | ||||||||||||
Notes Payable - Building | ||||||||||||
On November 7, 2014, the Company entered into a ten-year $8,330 note payable to purchase a previously leased distribution center in Adairsville, Georgia. The note payable is scheduled to mature on November 7, 2024 and is secured by the distribution center. The note payable bears interest at a variable rate equal to one month LIBOR plus 2.0% and is payable in equal monthly installments of principal of $35, plus interest calculated on the declining balance of the note, with a final payment of $4,165 due on maturity. In addition, the Company entered into an interest rate swap with an amortizing notional amount effective November 7, 2014 which effectively fixes the interest rate at 4.50%. | ||||||||||||
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 a 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 terms of the Company's equipment financing notes are as follows: | ||||||||||||
Instrument | Interest Rate | Term (Months) | Principal and Interest Payments | Frequency | Maturity Date | |||||||
Note Payable - Equipment | 6.42 | % | 36 | $ | 16 | Monthly | April 1, 2016 | |||||
Note Payable - Equipment | 2 | % | 60 | 38 | Monthly | August 1, 2016 | ||||||
Note Payable - Equipment | 5.94 | % | 75 | 41 | Monthly | February 1, 2019 | ||||||
Note Payable - Equipment | 1 | % | 84 | 18 | Monthly | June 14, 2020 | ||||||
Note Payable - Equipment | 6.84 | % | 60 | 3 | Monthly | July 1, 2018 | ||||||
Note Payable - Equipment | 6.86 | % | 60 | 49 | Monthly | October 1, 2018 | ||||||
Note Payable - Equipment | 3.65 | % | 84 | 8 | Monthly | December 24, 2021 | ||||||
Note Payable - Equipment | 1.5 | % | 36 | 49 | Quarterly | August 17, 2016 | ||||||
Note Payable - Equipment | 5.37 | % | 60 | 53 | Monthly | September 26, 2019 | ||||||
Note Payable - Equipment | 3.76 | % | 84 | 1 | Monthly | October 7, 2021 | ||||||
Note Payable - Equipment | 3.54 | % | 84 | 4 | Monthly | October 23, 2021 | ||||||
Note Payable - Equipment | 4.74 | % | 60 | 28 | Monthly | October 23, 2019 | ||||||
Note Payable - Equipment | 4.66 | % | 84 | 9 | Monthly | October 23, 2021 | ||||||
Note Payable - Equipment | 1.6 | % | 84 | 17 | Monthly | October 16, 2021 | ||||||
In connection with certain of the notes, the Company is required to maintain funds in a separate escrow account. At December 27, 2014 and December 28, 2013, the balances held were $574 and $1,401, respectively, and are included in other current assets on the Company’s Consolidated 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 terms of the Company's capitalized lease obligations are as follows: | ||||||||||||
Instrument | Interest Rate | Term (Months) | Principal and Interest Payments | Frequency | Maturity Date | |||||||
Capital Lease - Equipment | 7.04 | % | 84 | $ | 8 | Monthly | December 1, 2015 | |||||
Capital Lease - Equipment | 2.9 | % | 60 | 11 | Monthly | August 1, 2017 | ||||||
Capital Lease - Equipment | 4.76 | % | 58 | 33 | Monthly | October 1, 2018 | ||||||
Capital Lease - Equipment | 5.74 | % | 56 | 2 | Monthly | October 1, 2017 | ||||||
Capital Lease - Equipment | 4.88 | % | 48 | 16 | Quarterly | April 1, 2017 | ||||||
Capital Lease - Equipment | 5.65 | % | 48 | 13 | Quarterly | April 1, 2018 | ||||||
Capital Lease - Equipment | 5.42 | % | 36 | 2 | Quarterly | April 1, 2017 | ||||||
Capital Lease - Equipment | 5.1 | % | 60 | 3 | Monthly | November 1, 2018 | ||||||
Capital Lease - Equipment | 4.69 | % | 84 | 21 | Monthly | March 25, 2021 | ||||||
Capital Lease - Equipment | 4.59 | % | 60 | 6 | Monthly | February 1, 2018 | ||||||
Capital Lease - Equipment | 4.7 | % | 60 | 3 | Monthly | April 1, 2018 | ||||||
Capital Lease - Equipment | 4.78 | % | 60 | 1 | Monthly | June 1, 2018 | ||||||
Capital Lease - Equipment | 5.24 | % | 72 | 28 | Monthly | June 1, 2020 | ||||||
Capital Lease - Equipment | 5.82 | % | 51 | 43 | Monthly | September 1, 2018 | ||||||
Capital Lease - Equipment | 5.22 | % | 84 | 11 | Monthly | August 1, 2021 | ||||||
Capital Lease - Equipment | 4.69 | % | 84 | 5 | Monthly | July 7, 2021 | ||||||
Capital Lease - Equipment | 5.25 | % | 84 | 22 | Monthly | October 1, 2021 | ||||||
Capital Lease - Equipment | 5.28 | % | 84 | 33 | Monthly | October 1, 2021 | ||||||
Capital Lease - Equipment | 7.37 | % | 60 | 1 | Monthly | April 24, 2019 | ||||||
Capital Lease - Equipment | 6.07 | % | 48 | 38 | Monthly | January 1, 2019 | ||||||
Capital Lease - Equipment | 5.14 | % | 84 | 14 | Monthly | January 1, 2022 | ||||||
The Company's capital lease obligations are secured by the specific equipment leased. | ||||||||||||
Interest Payments and Debt Maturities | ||||||||||||
Interest payments for continuing operations were $3,757 in 2014, $3,067 in 2013, and $2,795 in 2012. Maturities of long-term debt for periods following December 27, 2014 are as follows: | ||||||||||||
Long-Term | Capital Leases | Total | ||||||||||
Debt | (See Note 18) | |||||||||||
2015 | $ | 6,295 | $ | 2,783 | $ | 9,078 | ||||||
2016 | 5,445 | 2,854 | 8,299 | |||||||||
2017 | 4,853 | 2,923 | 7,776 | |||||||||
2018 | 3,733 | 2,678 | 6,411 | |||||||||
2019 | 84,789 | 1,497 | 86,286 | |||||||||
Thereafter | 7,175 | 2,263 | 9,438 | |||||||||
Total | $ | 112,290 | $ | 14,998 | $ | 127,288 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 27, 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 Balance Sheets as of December 27, 2014 and December 28, 2013: | ||||||||||||||||
2014 | 2013 | Fair Value Hierarchy Level | ||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 15,316 | $ | 14,242 | Level 2 | |||||||||||
Interest rate swaps (2) | 34 | 556 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 3,040 | $ | 813 | Level 2 | |||||||||||
Deferred compensation plan (3) | 14,331 | 13,210 | Level 2 | |||||||||||||
Contingent consideration (4) | 1,855 | 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 are 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 years ending December 27, 2014 and December 28, 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 2,751 | $ | 1,928 | ||||||||||||
Contingent consideration liabilities recorded at fair value at acquisition | — | 1,307 | ||||||||||||||
Fair value adjustments | (625 | ) | (23 | ) | ||||||||||||
Settlements | (271 | ) | (461 | ) | ||||||||||||
Ending balance | $ | 1,855 | $ | 2,751 | ||||||||||||
There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during 2014 or 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: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 394 | $ | 394 | $ | 255 | $ | 255 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | 34 | 34 | 556 | 556 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 127,288 | 119,776 | 107,988 | 101,752 | ||||||||||||
Interest rate swaps | 3,040 | 3,040 | 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 | 12 Months Ended | |||||||||||
Dec. 27, 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 December 27, 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 | |||||||
Interest rate swap | $ | 8,330 | * | November 7, 2014 through November 7, 2024 | 4.50% | 1 Month LIBOR | ||||||
* Interest rate swap notional amount amortizes by $35 monthly to maturity. | ||||||||||||
The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Balance Sheets: | ||||||||||||
Location on Consolidated Balance Sheets | Fair Value | |||||||||||
2014 | 2013 | |||||||||||
Asset Derivatives: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps | Other Assets | $ | 34 | $ | 556 | |||||||
Total Asset Derivatives | $ | 34 | $ | 556 | ||||||||
Liability Derivatives: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 650 | $ | 328 | |||||||
Interest rate swaps, long-term portion | Other Long-Term Liabilities | 2,390 | 485 | |||||||||
Total Liability Derivatives | $ | 3,040 | $ | 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 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges - interest rate swaps | $ | (3,110 | ) | $ | 381 | $ | (767 | ) | ||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges - interest rate swaps | $ | (372 | ) | $ | (442 | ) | $ | (625 | ) | |||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
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 Statements of Operations. | |||||||||||
-2 | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2014 is $650. | |||||||||||
-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 Statements of Operations. | |||||||||||
Amount of Gain or (Loss) Recognized in Income on Derivative (1) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaptions | $ | — | $ | — | $ | 87 | ||||||
-1 | The amount of gain (loss) recognized in income for derivatives not designated as hedging instruments is included in other (income) expense, net on the Company's Consolidated Statements of Operations. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 27, 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 86% 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 $382 in 2014, $610 in 2013 and $247 in 2012. | ||||||||||||||||
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 14% 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 $87 in 2014, $86 in 2013 and $78 in 2012. | ||||||||||||||||
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 $14,331 at December 27, 2014 and $13,210 at December 28, 2013 and are included in other long-term liabilities in the Company's Consolidated 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 $15,316 at December 27, 2014 and $14,242 at December 28, 2013 and is included in other assets in the Company's Consolidated 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. These union-represented employees represented approximately 14% of the Company's total employees. The risks of participating in multi-employer plans are different from single-employer plans. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||
The Company's participation in the multi-employer pension plan for 2014 is provided in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three digit plan number. The most recent Pension Protection Act (PPA) zone status available in 2014 and 2013 is for the plan's year-end at 2013 and 2012, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. | ||||||||||||||||
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/Implemented (1) | Contributions (2) | Surcharge Imposed (1) | Expiration Date of Collective-Bargaining Agreement | ||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||
The Pension Plan of the National Retirement Fund | 13-6130178 - 001 | Red | Red | Implemented | $ | 279 | $ | 279 | $ | 256 | Yes | 6/3/17 | ||||
(1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which requires a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $300 for 2015. | ||||||||||||||||
(2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. | ||||||||||||||||
Postretirement Plans | ||||||||||||||||
The Company inherited 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 as part of a collective bargaining agreement. | ||||||||||||||||
Information about the benefit obligation and funded status of the Company's postretirement benefit plans is summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Benefit obligation at beginning of year | $ | 598 | $ | 694 | ||||||||||||
Service cost | 7 | 7 | ||||||||||||||
Interest cost | 22 | 23 | ||||||||||||||
Participant contributions | 12 | 15 | ||||||||||||||
Actuarial gain | (317 | ) | (137 | ) | ||||||||||||
Benefits paid | (5 | ) | (5 | ) | ||||||||||||
Medicare Part D subsidy | — | 1 | ||||||||||||||
Benefit obligation at end of year | 317 | 598 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | — | — | ||||||||||||||
Employer contributions | (7 | ) | (11 | ) | ||||||||||||
Participant contributions | 12 | 15 | ||||||||||||||
Benefits paid | (5 | ) | (5 | ) | ||||||||||||
Medicare Part D subsidy | — | 1 | ||||||||||||||
Fair value of plan assets at end of year | — | — | ||||||||||||||
Unfunded amount | $ | (317 | ) | $ | (598 | ) | ||||||||||
The balance sheet classification of the Company's liability for postretirement benefit plans is summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Accrued expenses | $ | 17 | $ | 18 | ||||||||||||
Other long-term liabilities | 300 | 580 | ||||||||||||||
Total liability | $ | 317 | $ | 598 | ||||||||||||
Benefits expected to be paid on behalf of associates for postretirement benefit plans during the period 2015 through 2024 are summarized as follows: | ||||||||||||||||
Years | Postretirement | |||||||||||||||
Plans | ||||||||||||||||
2015 | $ | 16 | ||||||||||||||
2016 | 16 | |||||||||||||||
2017 | 15 | |||||||||||||||
2018 | 15 | |||||||||||||||
2019 | 16 | |||||||||||||||
2020 - 2024 | 83 | |||||||||||||||
Assumptions used to determine benefit obligations of the Company's postretirement benefit plans are summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average assumptions as of year-end: | ||||||||||||||||
Discount rate (benefit obligations) | 4.73 | % | 3.16 | % | ||||||||||||
Assumptions used and related effects of health care cost are summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Health care cost trend assumed for next year | 8 | % | 8 | % | ||||||||||||
Rate to which the cost trend is assumed to decline | 5 | % | 5 | % | ||||||||||||
Year that the rate reaches the ultimate trend rate | 2016 | 2017 | ||||||||||||||
The effect of a 1% change in the health care cost trend on the Company's postretirement benefit plans is summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
1% Increase | 1% Decrease | 1% Increase | 1% Decrease | |||||||||||||
Accumulated postretirement benefit obligation | $ | 2 | $ | (2 | ) | $ | 4 | $ | (3 | ) | ||||||
Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 7 | $ | 7 | $ | 7 | ||||||||||
Interest cost | 22 | 23 | 26 | |||||||||||||
Amortization of prior service credits | (88 | ) | (88 | ) | (88 | ) | ||||||||||
Recognized net actuarial gains | (31 | ) | (35 | ) | (45 | ) | ||||||||||
Settlement gain | (251 | ) | (105 | ) | (48 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | (341 | ) | $ | (198 | ) | $ | (148 | ) | |||||||
Pre-tax amounts included in AOCIL for the Company's postretirement benefit plans at 2014 are summarized as follows: | ||||||||||||||||
Postretirement Benefit Plans | ||||||||||||||||
Balance at 2014 | 2015 Expected Amortization | |||||||||||||||
Prior service credits | $ | (102 | ) | $ | (88 | ) | ||||||||||
Unrecognized actuarial gains | (427 | ) | (37 | ) | ||||||||||||
Totals | $ | (529 | ) | $ | (125 | ) |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 979 | $ | 282 | $ | 154 | ||||||
State | (190 | ) | 178 | 88 | ||||||||
Total current | 789 | 460 | 242 | |||||||||
Deferred | ||||||||||||
Federal | 243 | (955 | ) | (592 | ) | |||||||
State | 21 | (82 | ) | (51 | ) | |||||||
Total deferred | 264 | (1,037 | ) | (643 | ) | |||||||
Income tax provision (benefit) | $ | 1,053 | $ | (577 | ) | $ | (401 | ) | ||||
Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Statutory rate applied to income (loss) from continuing operations before taxes | $ | 604 | $ | 1,743 | $ | (369 | ) | |||||
Plus state income taxes, net of federal tax effect | (169 | ) | 96 | 24 | ||||||||
Total statutory provision (benefit) | 435 | 1,839 | (345 | ) | ||||||||
Increase (decrease) attributable to: | ||||||||||||
Nondeductible meals and entertainment | 143 | 112 | 88 | |||||||||
Domestic production activities deduction | 112 | (208 | ) | — | ||||||||
Federal tax credits | (483 | ) | (1,612 | ) | — | |||||||
Reserve for uncertain tax positions | 109 | 286 | — | |||||||||
Goodwill | (124 | ) | 283 | — | ||||||||
Change in valuation allowance | 569 | (1,190 | ) | — | ||||||||
Non-taxable insurance proceeds | — | (71 | ) | — | ||||||||
Stock-based compensation | 117 | — | 14 | |||||||||
True-up to tax return | 102 | 14 | (75 | ) | ||||||||
Other items | 73 | (30 | ) | (83 | ) | |||||||
Total tax provision (benefit) | $ | 1,053 | $ | (577 | ) | $ | (401 | ) | ||||
In 2014, the Company increased valuation allowances by $569 related to state income tax loss carryforwards and credit carryforwards. This was primarily the result of actual 2014 pretax earnings being significantly less that the 2014 forecasted earnings used in the 2013 analysis, a change in California apportionment rules that limit the utilization of net operating loss and credit carryforwards in future years and a projected tax loss in 2014 that resulted in the need to record a valuation allowance against that loss in separate company reporting states. | ||||||||||||
During 2013, the Company reversed $1,190 of previously established reserves related to state income tax loss carryforwards and state income tax credit carryforwards. The reversal of the reserves was based on a number of factors including current and future earnings assumptions by taxing jurisdiction. Additionally, 2013 included certain tax credits of approximately $520 related to 2009 - 2011 determined to be available for utilization and $304 of 2012 research and development tax credits that could not be recognized until the extension of the credit was approved by Congress in 2013. | ||||||||||||
The Company’s 2012 effective income tax benefit rate varied from statutory rates primarily as a result of adjustments to estimates used in the 2011 estimated tax calculations versus amounts used in the subsequent tax return filing for the 2011 period; net of the effects of permanent differences on the lower level of pre-tax earnings in the 2012 tax calculations. | ||||||||||||
Income tax payments, net of income tax refunds received for continuing and discontinued operations were $345 in 2014, $58 in 2013 and $1,318 in 2012. | ||||||||||||
Significant components of the Company's deferred tax assets and liabilities are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 2,842 | $ | 2,226 | ||||||||
Retirement benefits | 3,215 | 3,408 | ||||||||||
State net operating losses | 3,417 | 2,936 | ||||||||||
Federal net operating losses | 3,503 | — | ||||||||||
State tax credit carryforwards | 1,740 | 1,740 | ||||||||||
Federal tax credit carryforwards | 2,472 | — | ||||||||||
Allowances for bad debts, claims and discounts | 3,175 | 2,527 | ||||||||||
Other | 4,776 | 5,279 | ||||||||||
Total deferred tax assets | 25,140 | 18,116 | ||||||||||
Valuation allowance | (4,317 | ) | (3,748 | ) | ||||||||
Net deferred tax assets | 20,823 | 14,368 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 17,477 | 11,818 | ||||||||||
Total deferred tax liabilities | 17,477 | 11,818 | ||||||||||
Net deferred tax asset | $ | 3,346 | $ | 2,550 | ||||||||
Balance sheet classification: | 2014 | 2013 | ||||||||||
Current deferred tax assets | $ | 12,722 | $ | 6,622 | ||||||||
Non-current deferred tax liabilities | 9,376 | 4,072 | ||||||||||
Net deferred tax asset | $ | 3,346 | $ | 2,550 | ||||||||
At December 27, 2014, $3,503 of deferred tax assets related to approximately $10,010 of federal net operating loss carryforwards and $3,417 of deferred tax assets related to approximately $77,405 of state net operating loss carryforwards. In addition, $2,472 of federal tax credit carryforwards and $1,740 of state tax credit carryforwards were available to the Company. The federal net operating loss carryforwards and the federal tax credit carryforwards will expire in 20 years. The state net operating loss carryforwards and the state tax credit carryforwards will expire within 10 years. A valuation allowance of $4,317 is recorded to reflect the estimated amount of deferred tax assets that may not be realized during the carryforward periods. At December 27, 2014, the Company is in a net deferred tax asset position of $3,346. The Company performed an analysis related to the net deferred tax asset and believes that the net tax asset is recoverable in future periods. | ||||||||||||
Tax Uncertainties | ||||||||||||
The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $400 and $291 at December 27, 2014 and December 28, 2013, respectively. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of December 27, 2014 and December 28, 2013. | ||||||||||||
The following is a summary of the change in the Company's unrecognized tax benefits: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 291 | $ | 5 | $ | 16 | ||||||
Additions based on tax positions taken during a prior period | — | 250 | — | |||||||||
Additions based on tax positions taken during a current period | 109 | 41 | — | |||||||||
Reductions related to settlement of tax matters | — | — | — | |||||||||
Reductions related to a lapse of applicable statute of limitations | — | (5 | ) | (11 | ) | |||||||
Balance at end of year | $ | 400 | $ | 291 | $ | 5 | ||||||
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 2010 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2010. A few state jurisdictions remain open to examination for tax years subsequent to 2009. |
Common_Stock_and_Earnings_Loss
Common Stock and Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Common Stock and Earnings (Loss) Per Share | COMMON STOCK AND EARNINGS (LOSS) PER SHARE | |||||||||||
Common & Preferred Stock | ||||||||||||
The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued. | ||||||||||||
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 acquisition of Atlas Carpet Mills. | ||||||||||||
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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||
Income (loss) from continuing operations | $ | 673 | $ | 5,556 | $ | (653 | ) | |||||
Less: Allocation of earnings to participating securities | (197 | ) | (218 | ) | — | |||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 476 | $ | 5,338 | $ | (653 | ) | |||||
Basic weighted-average shares outstanding (1) | 14,382 | 12,737 | 12,638 | |||||||||
Basic earnings (loss) per share - continuing operations | $ | 0.03 | $ | 0.42 | $ | (0.05 | ) | |||||
Diluted earnings (loss) per share: | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 476 | $ | 5,338 | $ | (653 | ) | |||||
Add: Undistributed earnings reallocated to unvested shareholders | 3 | 2 | — | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 479 | $ | 5,340 | $ | (653 | ) | |||||
Basic weighted-average shares outstanding (1) | 14,382 | 12,737 | 12,638 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options (2) | 97 | 54 | — | |||||||||
Directors' stock performance units (2) | 65 | 61 | — | |||||||||
Diluted weighted-average shares outstanding (1)(2) | 14,544 | 12,852 | 12,638 | |||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.03 | $ | 0.42 | $ | (0.05 | ) | |||||
-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 were 434 in 2014, 510 in 2013 and 827 in 2012. |
Stock_Plans_and_Stock_Compensa
Stock Plans and Stock Compensation Expense | 12 Months Ended | ||||||||||
Dec. 27, 2014 | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Stock Plans and Stock Compensation Expense | STOCK PLANS AND 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 $1,195 in 2014, $847 in 2013 and $937 in 2012. | |||||||||||
2006 Stock Awards Plan | |||||||||||
On May 3, 2006, the Company's shareholders' approved and adopted the Company's 2006 Stock Awards Plan (the "2006 Plan") which provided for the issuance of up to 800,000 shares of Common Stock and/or Class B Common Stock as stock-based or stock-denominated awards to directors of the Company and to salaried employees of the Company and its participating subsidiaries. The 2006 Plan superseded and replaced The Dixie Group, Inc. Stock Incentive Plan (the "2000 Plan"), which was terminated with respect to the granting of new awards. Awards previously granted under the 2000 Plan will continue to be governed by the terms of that plan and will not be affected by its termination. | |||||||||||
On April 27, 2010, the Company's shareholders' approved the amendment and restatement of the 2006 Plan to increase the number of shares that may be issued under the plan from 800,000 to 1,300,000. | |||||||||||
On April 30, 2013, the Company's shareholders' approved the amendment of the 2006 Plan to increase the number of shares that may be issued under the plan from 1,300,000 to 1,800,000. | |||||||||||
Restricted Stock Awards | |||||||||||
Each executive officer has the opportunity to earn a Primary Long-Term Incentive Award of restricted stock and separately receive an award of restricted stock denominated as “Career Shares.” The number of shares issued, if any, is based on the market price of the Company’s Common Stock at the time of grant of the award, subject to a $5.00 per share minimum value. Primary Long-Term Incentive Awards vest over 3 years, and Career Shares vest when the participant becomes qualified to retire from the Company at 60 years of age and has retained the Career Shares for 2 years following the grant date. | |||||||||||
During 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. | |||||||||||
During 2013, the Company issued 173,249 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $899, or $5.190 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 14 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. | |||||||||||
During 2012, the Company issued 241,233 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $998, or $4.135 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 15 years from the date the awards were granted. Additionally, the Company issued 48,000 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $156, or $3.255 per share, and will be recognized as stock compensation over a 4 year vesting period 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. | |||||||||||
Restricted stock activity for the three years ended December 27, 2014 is summarized as follows: | |||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||||||
Outstanding at December 31, 2011 | 306,529 | $ | 8 | ||||||||
Granted | 289,233 | 3.99 | |||||||||
Vested | (113,647 | ) | 4.2 | ||||||||
Forfeited | (17,229 | ) | 4.14 | ||||||||
Outstanding at December 29, 2012 | 464,886 | 6.57 | |||||||||
Granted | 173,249 | 5.19 | |||||||||
Vested | (112,336 | ) | 4.15 | ||||||||
Forfeited | — | — | |||||||||
Outstanding at December 28, 2013 | 525,799 | 6.64 | |||||||||
Granted | 101,315 | 15.68 | |||||||||
Vested | (144,875 | ) | 4.5 | ||||||||
Forfeited | (125,000 | ) | 12.78 | ||||||||
Outstanding at December 27, 2014 | 357,239 | $ | 7.92 | ||||||||
As of December 27, 2014, unrecognized compensation cost related to unvested restricted stock was $1,809. That cost is expected to be recognized over a weighted-average period of 3.6 years. The total fair value of shares vested was approximately $1,512, $669 and $439 during the year 2014, 2013 and 2012, respectively. | |||||||||||
Stock Performance Units | |||||||||||
Prior to 2014, the Company's non-employee directors received an annual retainer of $12 in cash and $12 in value of Stock Performance Units (subject to a $5.00 minimum per unit) under the Director's Stock Plan. In 2014, the Company's non-employee directors received $18 in cash and $18 in value of Stock Performance Units (subject to a $5.00 minimum per unit). If market value at the date of the grants is above $5.00 per share; there is no reduction in the number of units issued. However, if the market value at the date of the grants is below $5.00, units will be reduced to reflect the $5.00 per share minimum. Upon retirement, the Company issues the number of shares of Common Stock equivalent to the number of Stock Performance Units held by non-employee directors at that time. As of December 27, 2014, 109,359 Stock Performance Units were outstanding under this plan. | |||||||||||
Stock Purchase Plan | |||||||||||
The Company has a stock purchase plan which authorizes 108,000 shares of Common Stock for purchase by supervisory associates at the market price prevailing at the time of purchase. At December 27, 2014, 27,480 shares remained available for issuance under the plan. Shares sold under this plan are held in escrow until paid for and are subject to repurchase agreements which give the Company a right of first refusal to purchase the shares if they are subsequently sold. No shares were sold under the plan in 2014, 2013 or 2012. | |||||||||||
Stock Options | |||||||||||
All stock options issued under the Company's 2000 Plan were exercisable generally at a cumulative rate of 25% per year after the second year from the date the options were granted. Options granted under the Company's 2006 Plan are exercisable for periods determined at the time the awards are granted. Effective 2009, the Company established a $5.00 minimum exercise price on all options granted. No options were granted during 2014, 2013 or 2012. | |||||||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes model. Expected volatility was based on historical volatility of the Company's stock, calculated using the most recent period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the option at the time of grant. The Company uses historical exercise behavior data of similar employee groups to determine the expected life of options. | |||||||||||
Option activity for the three years ended December 27, 2014 is summarized as follows: | |||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Fair Value of Options Granted During the Year | |||||||||
Outstanding at December 31, 2011 | 786,728 | $ | 10.91 | $ | — | ||||||
Granted | — | — | — | ||||||||
Exercised | — | — | — | ||||||||
Forfeited | (89,321 | ) | 10.2 | — | |||||||
Outstanding at December 29, 2012 | 697,407 | 11 | — | ||||||||
Granted | — | — | — | ||||||||
Exercised | (37,052 | ) | 5.15 | — | |||||||
Forfeited | — | — | — | ||||||||
Outstanding at December 28, 2013 | 660,355 | 11.33 | — | ||||||||
Granted | — | — | — | ||||||||
Exercised | (53,950 | ) | 10.22 | — | |||||||
Forfeited | (167,170 | ) | 14.36 | — | |||||||
Outstanding at December 27, 2014 | 439,235 | $ | 10.31 | $ | — | ||||||
Options exercisable at: | |||||||||||
29-Dec-12 | 638,407 | $ | 11.56 | — | |||||||
28-Dec-13 | 630,855 | 11.63 | — | ||||||||
27-Dec-14 | 439,235 | 10.31 | — | ||||||||
The following table summarizes information about stock options at December 27, 2014: | |||||||||||
Options Outstanding | |||||||||||
Range of Exercise Prices | Number of Shares | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | ||||||||
$4.20 - $5.00 | 111,000 | 4.6 | years | $ | 4.98 | ||||||
$6.96 - $6.96 | 81,935 | 0.3 | years | 6.96 | |||||||
$11.85 - $17.58 | 246,300 | 0.9 | years | 13.82 | |||||||
$3.875 - $17.58 | 439,235 | 1.8 | years | $ | 10.31 | ||||||
Options Exercisable | |||||||||||
Range of Exercise Prices | Number of Shares | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | ||||||||
$4.20 - $5.00 | 111,000 | 4.6 | years | $ | 4.98 | ||||||
$6.96 - $6.96 | 81,935 | 0.3 | years | 6.96 | |||||||
$11.85 - $17.58 | 246,300 | 0.9 | years | 13.82 | |||||||
$3.875 - $17.58 | 439,235 | 1.8 | years | $ | 10.31 | ||||||
At December 27, 2014, the intrinsic value of outstanding stock options was $607 and the intrinsic value of exercisable stock options was $607. The intrinsic value of stock options exercised during the years ended 2014 and 2013 was $140 and $206, respectively. At December 27, 2014, there was no unrecognized compensation expense related to unvested stock options. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||
Dec. 27, 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other comprehensive income (loss): | ||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||
Before income taxes | $ | (3,110 | ) | $ | 381 | $ | (767 | ) | ||||
Income taxes | (1,182 | ) | 145 | (291 | ) | |||||||
Net of taxes | (1,928 | ) | 236 | (476 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||
Before income taxes | 372 | 284 | 158 | |||||||||
Income taxes | 141 | 108 | 60 | |||||||||
Net of taxes | 231 | 176 | 98 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||
Before income taxes | — | 158 | 467 | |||||||||
Income taxes | — | 60 | 178 | |||||||||
Net of taxes | — | 98 | 289 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans: | ||||||||||||
Before income taxes | 67 | 32 | 33 | |||||||||
Income taxes | 26 | 12 | 13 | |||||||||
Net of taxes | 41 | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (31 | ) | (35 | ) | (45 | ) | ||||||
Income taxes | (12 | ) | (13 | ) | (18 | ) | ||||||
Net of taxes | (19 | ) | (22 | ) | (27 | ) | ||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (88 | ) | (88 | ) | (88 | ) | ||||||
Income taxes | (34 | ) | (34 | ) | (34 | ) | ||||||
Net of taxes | (54 | ) | (54 | ) | (54 | ) | ||||||
Other comprehensive income (loss) | $ | (1,729 | ) | $ | 454 | $ | (150 | ) | ||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Statement of Operations. | |||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated 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 31, 2011 | (565 | ) | 477 | (88 | ) | |||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $291 | (476 | ) | — | (476 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $178 | 289 | — | 289 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $13 | — | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $18 | — | (27 | ) | (27 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 29, 2012 | (654 | ) | 416 | (238 | ) | |||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $145 | 236 | — | 236 | |||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $108 | 176 | — | 176 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $12 | — | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $13 | — | (22 | ) | (22 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 28, 2013 | (144 | ) | 360 | 216 | ||||||||
Unrealized loss on interest rate swaps, net of tax of $1,182 | (1,928 | ) | — | (1,928 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $141 | 231 | — | 231 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $26 | — | 41 | 41 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 | — | (19 | ) | (19 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 27, 2014 | $ | (1,841 | ) | $ | 328 | $ | (1,513 | ) | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||
Commitments | ||||||||
The Company had purchase commitments of $4,843 at December 27, 2014, primarily related to machinery & equipment. The Company enters into fixed-price contracts with suppliers to purchase natural gas to support certain manufacturing processes. The Company had contract purchases of $977 in 2014, $1,109 in 2013 and $1,127 in 2012. At December 27, 2014, the Company has commitments to purchase natural gas of $1,027 for 2015, $741 for 2016 and $140 for 2017. | ||||||||
The Company leases certain equipment under capital leases and certain buildings, machinery and equipment under operating leases. Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, are as follows: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 3,494 | $ | 3,094 | ||||
2016 | 3,427 | 2,492 | ||||||
2017 | 3,343 | 2,207 | ||||||
2018 | 2,946 | 1,864 | ||||||
2019 | 1,655 | 1,062 | ||||||
Thereafter | 2,366 | 1,516 | ||||||
Total commitments | 17,231 | 12,235 | ||||||
Less amounts representing interest | (2,233 | ) | — | |||||
Total | $ | 14,998 | $ | 12,235 | ||||
Rental expense was approximately $4,066, $2,434 and $2,188 during the years 2014, 2013 and 2012, respectively. | ||||||||
Property, plant and equipment includes machinery and equipment under capital leases which have asset cost and accumulated depreciation of $16,353 and $2,033, respectively, at December 27, 2014, and $5,390 and $914, respectively, at December 28, 2013. | ||||||||
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) | ||||||||
Legal Proceedings | ||||||||
The Company was a plaintiff in a lawsuit against a former raw material supplier. In its lawsuit, the Company alleged that the former supplier sold defective materials to the Company over a period of time, which, when applied to certain of the Company’s products, caused those products to become defective and unmerchantable in the ordinary course of the Company’s business. On January 31, 2014, the Company and the supplier settled its claim for $400. The difference in the amount previously recognized and the settlement amount was recorded in other operating (income) expense in 2013. |
Other_Income_Expense
Other (Income) Expense | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other (Income) Expense | OTHER (INCOME) EXPENSE | |||||||||||
Other operating (income) expense, net is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other operating (income) expense, net: | ||||||||||||
Insurance proceeds (1) | $ | — | $ | (202 | ) | $ | — | |||||
(Gain) loss on property, plant and equipment disposals | (30 | ) | 195 | 1 | ||||||||
Loss on currency exchanges | 587 | 217 | 55 | |||||||||
Amortization of intangibles | 351 | 88 | — | |||||||||
Retirement expenses | 135 | 154 | 201 | |||||||||
Contract settlement | — | 172 | — | |||||||||
Miscellaneous (income) expense | (139 | ) | (130 | ) | (189 | ) | ||||||
Other operating (income) expense, net | $ | 904 | $ | 494 | $ | 68 | ||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during 2013. | |||||||||||
Other (income) expense, net is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other (income) expense, net: | ||||||||||||
(Gain) loss on non-hedged swaptions | $ | — | $ | — | $ | (87 | ) | |||||
Earnings from equity investments | (209 | ) | — | — | ||||||||
(Gain) loss on sale of non-operating assets | 41 | — | (187 | ) | ||||||||
Miscellaneous (income) expense | 14 | 26 | (3 | ) | ||||||||
Other (income) expense, net | $ | (154 | ) | $ | 26 | $ | (277 | ) | ||||
Facility_Consolidation_Expense
Facility Consolidation Expenses | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 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 machinery and equipment has been identified for disposal resulting in an impairment charge of $1,133 during 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 (1) | Other Costs (2) | Total Expected Costs | Total Asset Impairments Incurred to Date | Total Other Costs Incurred to Date | Total Remaining Costs | |||||||||||||||||||
Warehousing, Distribution and Manufacturing Consolidation Plan | $ | 1,133 | $ | 5,398 | $ | 6,531 | $ | 1,133 | $ | 4,047 | $ | 1,351 | ||||||||||||
Atlas Integration Plan | — | 1,846 | 1,846 | — | 1,467 | 379 | ||||||||||||||||||
Total All Plans | $ | 1,133 | $ | 7,244 | $ | 8,377 | $ | 1,133 | $ | 5,514 | $ | 1,730 | ||||||||||||
(1) Asset impairments under these plans are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||
(2) Other costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||||||||||
The Company has either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. Discontinued operations are summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Carousel | ||||||||||||
Net sales | $ | 1,168 | $ | 691 | $ | — | ||||||
Loss before income taxes | $ | (863 | ) | $ | (264 | ) | $ | — | ||||
Income tax benefit | (265 | ) | (66 | ) | — | |||||||
Loss from discontinued operations, net of tax | $ | (598 | ) | $ | (198 | ) | $ | — | ||||
Loss on disposal of discontinued operations before income taxes | $ | (2,363 | ) | $ | — | $ | — | |||||
Income tax benefit | (896 | ) | — | — | ||||||||
Loss on disposal of discontinued operations, net of tax | $ | (1,467 | ) | $ | — | $ | — | |||||
Previously Discontinued Operations | ||||||||||||
Loss from discontinued operations: | ||||||||||||
Workers' compensation costs | $ | (55 | ) | $ | (23 | ) | $ | (143 | ) | |||
Environmental remediation costs | (62 | ) | (74 | ) | (279 | ) | ||||||
Loss from discontinued operations, before taxes | (117 | ) | (97 | ) | (422 | ) | ||||||
Income tax benefit | (107 | ) | (29 | ) | (148 | ) | ||||||
Loss from discontinued operations, net of tax | $ | (10 | ) | $ | (68 | ) | $ | (274 | ) | |||
Carousel | ||||||||||||
In the fourth quarter of 2014, the Company discontinued the Carousel specialty tufting and weaving operation that was part of the 2013 Robertex, Inc. acquisition. As a result, the Company had a loss on the disposal of the discontinued operation which included the impairment of certain intangibles associated with Carousel and the related machinery and equipment. The amount of non-current assets related to Carousel at December 28, 2013 was $2,579. Operating results associated with Carousel have been classified as discontinued operations for all periods presented. | ||||||||||||
Previously Discontinued Operations | ||||||||||||
The Company has previously either sold or discontinued certain operations that have certain contingent obligations primarily related to self-insured workers' compensation and environmental liabilities. Costs related to these obligations for those businesses are classified as discontinued operations. | ||||||||||||
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. | ||||||||||||
Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has an accrual for environmental remediation obligations of $1,637 and $1,830 as of December 27, 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. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 27, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
During 2014, the Company entered into a 5-year lease with the seller of Atlas Carpet Mills, Inc. to lease three manufacturing facilities as part of the acquisition. The seller is an associate of the Company. Rent paid to the seller during 2014 was $343. The lease was based on current market values for similar facilities. | |
During 2014, the Company purchased a portion of its product needs in the form of fiber, yarn, carpet and dyeing services from Engineered Floors, an entity substantially controlled by Robert E. Shaw, a shareholder of the Company. Mr. Shaw reported holding approximately 8.5% of the Company's Common Stock, which as of year-end, represented approximately 4.2% of the total vote of all classes of the Company's Common Stock. Engineered Floors is one of several suppliers of such services to the Company. Total purchases from Engineered Floors for 2014, 2013 and 2012 were approximately $11,300, $12,000 and $8,000, respectively; or approximately 3.6% of the Company's cost of goods sold in 2014. Purchases from Engineered Floors are based on market value, negotiated prices. The Company has no contractual arrangements or commitments with Mr. Shaw associated with its business relationship with Engineered Floors. Transactions with Engineered Floors were reviewed and approved by the Company's board of directors. | |
During 2013, the Company entered into a 10-year lease with the Rothman Family Partnership to lease a manufacturing facility as part of the Robertex acquisition. The Rothman Family Partnership includes Robert P. Rothman who is an associate of the Company. Rent paid to the Rothman Family Partnership during 2014 and 2013 was $257 and $127, respectively. The lease was based on current market values for similar facilities. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 27, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On January 23, 2015, the Company entered into a ten-year $6,290 note payable to finance an owned facility in Saraland, Alabama. The note payable is scheduled to mature on January 7, 2025 and is secured by the facility. The note payable bears interest at a variable rate equal to one month LIBOR plus 2.0% and is payable in equal monthly installments of principal of $26, plus interest calculated on the declining balance of the note, with a final payment of $3,145 due on maturity. In addition, the Company entered into a forward interest rate swap with an amortizing $5,661 notional amount effective January 7, 2017 which effectively fixes the interest rate at 4.30%. | |
On March 12, 2015, the Company granted 114,625 shares of restricted stock to officers and other key employees of the Company. The shares will vest over periods ranging from 1 to 29 years from the date of the awards were granted. Each award is subject to a continued service condition. In addition, the Compensation Committee has approved a grant of 100,000 shares of restricted stock to the Company's Chief Executive Officer, subject to shareholder approval. The shares would vest in 4 years from the date of the award was granted and would be subject to both a performance and continued service condition. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
THE DIXIE GROUP, INC. | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Description | Balance at Beginning of Year | Additions - Charged to Costs and Expenses | Additions - Charged to Other Account - Describe | Deductions - Describe | Balance at End of Year | ||||||||||||||||
Year ended December 27, 2014: | |||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 141 | $ | 402 | $ | — | $ | 93 | -2 | $ | 450 | ||||||||||
Reserves classified as liabilities: | |||||||||||||||||||||
Provision for claims, allowances and warranties | 3,377 | 9,249 | 606 | -1 | 8,585 | -3 | 4,647 | ||||||||||||||
Year ended December 28, 2013: | |||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 216 | $ | 40 | $ | — | $ | 115 | -2 | $ | 141 | ||||||||||
Reserves classified as liabilities: | |||||||||||||||||||||
Provision for claims, allowances and warranties | 2,509 | 7,141 | — | 6,273 | -3 | 3,377 | |||||||||||||||
Year ended December 29, 2012: | |||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 467 | $ | 276 | $ | — | $ | 527 | -2 | $ | 216 | ||||||||||
Reserves classified as liabilities: | |||||||||||||||||||||
Provision for claims, allowances and warranties | 2,375 | 5,226 | — | 5,092 | -3 | 2,509 | |||||||||||||||
(1) Assumed reserve in business combinations. | |||||||||||||||||||||
(2) Uncollectible accounts written off, net of recoveries. | |||||||||||||||||||||
(3) Reserve reductions for claims, allowances and warranties settled. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 27, 2014 | |
Accounting Policies [Abstract] | |
Principals of Consolidation | Principles of Consolidation |
The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. | |
Fiscal Year | Fiscal Year |
The Company ends its fiscal year on the last Saturday of December. All references herein to "2014," "2013," and "2012," mean the fiscal years ended December 27, 2014, December 28, 2013, and December 29, 2012, respectively. All years presented contained 52 weeks. | |
Reclassifications | Reclassifications |
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 Balance Sheets. | |
Discontinued Operations | Discontinued Operations |
The financial statements separately report discontinued operations and the results of continuing operations (See Note 21). | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. | |
Market Risk | Market Risk |
The Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 9% in 2014, 13% in 2013 and 9% in 2012. No other customer accounted for more than 10% of net sales in 2014, 2013 or 2012, nor did the Company make a significant amount of sales to foreign countries during 2014, 2013 or 2012. | |
Credit Risk | Credit Risk |
The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. Notes receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts to cover potential credit losses based on the financial condition of borrowers and collateral held by the Company. | |
Inventories | Inventories |
Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment is stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. | |
Goodwill and other Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill represents the excess of purchase price over the fair market value of identified net assets acquired in business combinations. The Company's goodwill is tested for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. | |
The first step in the goodwill assessment process is to identify potential goodwill impairments and involves a comparison of the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit. The Company has identified its reporting units as its residential floorcovering business and commercial floorcovering business. For this purpose, the Company estimates fair value of the reporting unit based on expected current and future cash flows discounted at the Company's weighted-average cost of capital ("WACC"). Such an estimate necessarily involves judgments and assumptions concerning, among other matters, future sales and operating margins, as well as interest rates and other financial factors used to calculate the WACC. | |
If an impairment is indicated in the first step of the assessment, a second step in the assessment is performed by comparing the "implied fair value" of the Company's reporting units' goodwill with the carrying value of the reporting units' goodwill. For this purpose, the "implied fair value" of goodwill for each reporting unit that has goodwill associated with its operations is determined in the same manner as the amount of goodwill is determined in a business combination. (See Note 7). | |
Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). | |
Customer Claims and Product Warranties | Customer Claims and Product Warranties |
The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience, including the level of sales and evaluation of pending claims. | |
Self Insurance Benefit Programs | Self-Insured Benefit Programs |
The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. | |
Income Tax | Income Taxes |
The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. | |
Derivative Financial Instruments | Derivative Financial Instruments |
The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. | |
The Company recognizes all derivatives on its Consolidated Balance Sheet at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. | |
Treasury Stock | Treasury Stock |
The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. | |
Revenue Recognition | Revenue Recognition |
Revenues, including shipping and handling amounts, are recognized when the following criteria are met: there is persuasive evidence that a sales agreement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title to the goods and assumes the risks and rewards of ownership, which is generally on the date of shipment. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. | |
Advertising Costs and Vendor Consideration | Advertising Costs and Vendor Consideration |
The Company engages in promotional and advertising programs that include rebates, discounts, points and cooperative advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Substantially all such expenses are recorded as a deduction from sales. The cost of cooperative advertising programs is recorded as selling and administrative expenses when the Company can identify a tangible benefit associated with the program, and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2014, 2013 or 2012. | |
Cost of Sales | Cost of Sales |
Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. | |
Selling, General and Administrative Expenses | Selling and Administrative Expenses |
Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. | |
Operating Leases | Operating Leases |
Rent is expensed over the lease period, including the effect of any rent holiday and rent escalation provisions, which effectively amortizes the rent holidays and rent escalations on a straight-line basis over the lease period. Leasehold improvements are amortized over the shorter of their economic lives or the lease term, excluding renewal options. Any leasehold improvement made by the Company and funded by the lessor is treated as a leasehold improvement and amortized over the shorter of its economic life or the lease term. Any funding provided by the lessor for such improvements is treated as deferred costs and amortized over the lease period. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 16). |
Receivables_Net_Tables
Receivables, Net (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: | |||||||
2014 | 2013 | |||||||
Customers, trade | $ | 46,422 | $ | 41,898 | ||||
Other receivables | 4,552 | 2,306 | ||||||
Gross receivables | 50,974 | 44,204 | ||||||
Less allowance for doubtful accounts | (450 | ) | (141 | ) | ||||
Receivables, net | $ | 50,524 | $ | 44,063 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 40,649 | $ | 31,864 | ||||
Work-in-process | 19,976 | 16,880 | ||||||
Finished goods | 57,913 | 57,983 | ||||||
Supplies and other | 126 | 118 | ||||||
LIFO reserve | (14,457 | ) | (13,626 | ) | ||||
Inventories | $ | 104,207 | $ | 93,219 | ||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 7,327 | $ | 7,231 | ||||
Buildings and improvements | 61,557 | 50,627 | ||||||
Machinery and equipment | 171,586 | 149,040 | ||||||
240,470 | 206,898 | |||||||
Accumulated depreciation | (137,981 | ) | (132,413 | ) | ||||
Property, plant and equipment, net | $ | 102,489 | $ | 74,485 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Dec. 27, 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 | 1,293 | |||||||||
Total purchase price consideration | $ | 18,759 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase. The initial gain was subject to adjustment because the Company had 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 included 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 completed these final valuations and assessments by the end of fiscal 2014. During 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 adjustment was to assets held for sale. The amount of assets held for sale was revised based on the final sale price. As a result of the adjustments, previously reported first quarter pre-tax earnings were increased by $2,193 ($1,360 after tax). The adjusted bargain gain recognized in the Consolidated Statement of Operations is $10,937 ($6,781 after tax). | |||||||||
Originally | As | |||||||||
Reported | Adjustments | Adjusted | ||||||||
Cash | $ | 2,466 | $ | — | $ | 2,466 | ||||
Receivables | 4,304 | 694 | 4,998 | |||||||
Inventories | 11,511 | (530 | ) | 10,981 | ||||||
Other current assets | 956 | (159 | ) | 797 | ||||||
Assets held for sale | 3,250 | 1,902 | 5,152 | |||||||
Property, plant and equipment | 6,929 | (213 | ) | 6,716 | ||||||
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 | $ | 2,083 | $ | 29,696 | ||||
Total consideration | 18,869 | (110 | ) | 18,759 | ||||||
Gain on purchase of business | $ | (8,744 | ) | $ | (2,193 | ) | $ | (10,937 | ) | |
Robertex [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 | $ | 2,278 | ||||||||
Seller-financed note | 3,749 | |||||||||
Contingent consideration | 1,307 | |||||||||
Total purchase price | $ | 7,334 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The components of the purchase price allocation consisted of the following: | |||||||||
Cash | $ | 108 | ||||||||
Accounts receivable | 115 | |||||||||
Inventory | 2,139 | |||||||||
Other current assets | 14 | |||||||||
Property, plant and equipment | 1,863 | |||||||||
Finite intangible assets | 2,222 | |||||||||
Goodwill | 1,709 | |||||||||
Accounts payable | (643 | ) | ||||||||
Accrued expenses | (193 | ) | ||||||||
Total purchase price | $ | 7,334 | ||||||||
Colormaster [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 | $ | 239 | ||||||||
Seller-financed note | 5,500 | |||||||||
Below-market supply contract | 823 | |||||||||
Total purchase price | $ | 6,562 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The components of the purchase price allocation consisted of the following: | |||||||||
Property, plant and equipment | $ | 6,371 | ||||||||
Inventory | 173 | |||||||||
Supplies | 18 | |||||||||
Purchase price | $ | 6,562 | ||||||||
Crown Rug [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 | $ | 958 | ||||||||
Deferred payments to seller | 471 | |||||||||
Contingent consideration | 1,151 | |||||||||
Total purchase price | $ | 2,580 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The components of the purchase price allocation consisted of the following: | |||||||||
Property, plant and equipment | $ | 590 | ||||||||
Finite intangible assets | 352 | |||||||||
Goodwill | 1,680 | |||||||||
Accrued payable | (42 | ) | ||||||||
Purchase price | $ | 2,580 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 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 December 27, 2014 | $ | 3,389 | $ | — | $ | 3,389 | ||||||||||||||||||
(1) During 2013, the Company recorded goodwill related to the Robertex acquisition. | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Customer relationships | $ | 208 | $ | (32 | ) | $ | 176 | $ | 1,062 | $ | (40 | ) | $ | 1,022 | ||||||||||
Rug design coding | 144 | (29 | ) | 115 | 144 | (14 | ) | 130 | ||||||||||||||||
Trade names | 3,300 | (214 | ) | 3,086 | 1,368 | (34 | ) | 1,334 | ||||||||||||||||
Total | $ | 3,652 | $ | (275 | ) | $ | 3,377 | $ | 2,574 | $ | (88 | ) | $ | 2,486 | ||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense for intangible assets is summarized as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Customer relationships | $ | 59 | $ | 40 | $ | — | ||||||||||||||||||
Rug design coding | 15 | 14 | — | |||||||||||||||||||||
Trade names | 277 | 34 | — | |||||||||||||||||||||
Amortization expense | $ | 351 | $ | 88 | $ | — | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense during each of the next five fiscal years is as follows: | |||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||
2015 | $ | 305 | ||||||||||||||||||||||
2016 | 305 | |||||||||||||||||||||||
2017 | 305 | |||||||||||||||||||||||
2018 | 305 | |||||||||||||||||||||||
2019 | 305 | |||||||||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: | |||||||
2014 | 2013 | |||||||
Compensation and benefits (1) | $ | 8,894 | $ | 8,233 | ||||
Provision for customer rebates, claims and allowances | 7,960 | 6,202 | ||||||
Advanced customer deposits | 3,501 | 1,862 | ||||||
Outstanding checks in excess of cash | 1,190 | 3,873 | ||||||
Other | 7,762 | 6,032 | ||||||
Accrued expenses | $ | 29,307 | $ | 26,202 | ||||
-1 | Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,762. |
Product_Warranty_Reserves_Tabl
Product Warranty Reserves (Tables) | 12 Months Ended | |||||||
Dec. 27, 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. | |||||||
2014 | 2013 | |||||||
Product warranty reserve at beginning of period | $ | 1,850 | $ | 1,297 | ||||
Warranty reserve assumed in business combination | 209 | — | ||||||
Warranty liabilities accrued | 4,720 | 4,330 | ||||||
Warranty liabilities settled | (5,102 | ) | (3,905 | ) | ||||
Changes for pre-existing warranty liabilities | 537 | 128 | ||||||
Product warranty reserve at end of period | $ | 2,214 | $ | 1,850 | ||||
LongTerm_Debt_and_Credit_Arran1
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: | |||||||||||
2014 | 2013 | |||||||||||
Revolving credit facility - Tranche A | $ | 82,897 | $ | 85,274 | ||||||||
Notes payable - building | 8,295 | — | ||||||||||
Obligation to Development Authority of Gordon County | 3,413 | 4,447 | ||||||||||
Note payable - Robertex acquisition | 3,062 | 3,789 | ||||||||||
Equipment notes payable | 13,362 | 7,987 | ||||||||||
Notes payable | 1,261 | 2,210 | ||||||||||
Capital lease obligations | 14,998 | 4,281 | ||||||||||
Total long-term debt | 127,288 | 107,988 | ||||||||||
Less: current portion of long-term debt | (9,078 | ) | (6,229 | ) | ||||||||
Long-term debt | $ | 118,210 | $ | 101,759 | ||||||||
Schedule of Equipment Notes Payable [Table Text Block] | The terms of the Company's equipment financing notes are as follows: | |||||||||||
Instrument | Interest Rate | Term (Months) | Principal and Interest Payments | Frequency | Maturity Date | |||||||
Note Payable - Equipment | 6.42 | % | 36 | $ | 16 | Monthly | April 1, 2016 | |||||
Note Payable - Equipment | 2 | % | 60 | 38 | Monthly | August 1, 2016 | ||||||
Note Payable - Equipment | 5.94 | % | 75 | 41 | Monthly | February 1, 2019 | ||||||
Note Payable - Equipment | 1 | % | 84 | 18 | Monthly | June 14, 2020 | ||||||
Note Payable - Equipment | 6.84 | % | 60 | 3 | Monthly | July 1, 2018 | ||||||
Note Payable - Equipment | 6.86 | % | 60 | 49 | Monthly | October 1, 2018 | ||||||
Note Payable - Equipment | 3.65 | % | 84 | 8 | Monthly | December 24, 2021 | ||||||
Note Payable - Equipment | 1.5 | % | 36 | 49 | Quarterly | August 17, 2016 | ||||||
Note Payable - Equipment | 5.37 | % | 60 | 53 | Monthly | September 26, 2019 | ||||||
Note Payable - Equipment | 3.76 | % | 84 | 1 | Monthly | October 7, 2021 | ||||||
Note Payable - Equipment | 3.54 | % | 84 | 4 | Monthly | October 23, 2021 | ||||||
Note Payable - Equipment | 4.74 | % | 60 | 28 | Monthly | October 23, 2019 | ||||||
Note Payable - Equipment | 4.66 | % | 84 | 9 | Monthly | October 23, 2021 | ||||||
Note Payable - Equipment | 1.6 | % | 84 | 17 | Monthly | October 16, 2021 | ||||||
Schedule of Capital Lease Obligations [Table Text Block] | The terms of the Company's capitalized lease obligations are as follows: | |||||||||||
Instrument | Interest Rate | Term (Months) | Principal and Interest Payments | Frequency | Maturity Date | |||||||
Capital Lease - Equipment | 7.04 | % | 84 | $ | 8 | Monthly | December 1, 2015 | |||||
Capital Lease - Equipment | 2.9 | % | 60 | 11 | Monthly | August 1, 2017 | ||||||
Capital Lease - Equipment | 4.76 | % | 58 | 33 | Monthly | October 1, 2018 | ||||||
Capital Lease - Equipment | 5.74 | % | 56 | 2 | Monthly | October 1, 2017 | ||||||
Capital Lease - Equipment | 4.88 | % | 48 | 16 | Quarterly | April 1, 2017 | ||||||
Capital Lease - Equipment | 5.65 | % | 48 | 13 | Quarterly | April 1, 2018 | ||||||
Capital Lease - Equipment | 5.42 | % | 36 | 2 | Quarterly | April 1, 2017 | ||||||
Capital Lease - Equipment | 5.1 | % | 60 | 3 | Monthly | November 1, 2018 | ||||||
Capital Lease - Equipment | 4.69 | % | 84 | 21 | Monthly | March 25, 2021 | ||||||
Capital Lease - Equipment | 4.59 | % | 60 | 6 | Monthly | February 1, 2018 | ||||||
Capital Lease - Equipment | 4.7 | % | 60 | 3 | Monthly | April 1, 2018 | ||||||
Capital Lease - Equipment | 4.78 | % | 60 | 1 | Monthly | June 1, 2018 | ||||||
Capital Lease - Equipment | 5.24 | % | 72 | 28 | Monthly | June 1, 2020 | ||||||
Capital Lease - Equipment | 5.82 | % | 51 | 43 | Monthly | September 1, 2018 | ||||||
Capital Lease - Equipment | 5.22 | % | 84 | 11 | Monthly | August 1, 2021 | ||||||
Capital Lease - Equipment | 4.69 | % | 84 | 5 | Monthly | July 7, 2021 | ||||||
Capital Lease - Equipment | 5.25 | % | 84 | 22 | Monthly | October 1, 2021 | ||||||
Capital Lease - Equipment | 5.28 | % | 84 | 33 | Monthly | October 1, 2021 | ||||||
Capital Lease - Equipment | 7.37 | % | 60 | 1 | Monthly | April 24, 2019 | ||||||
Capital Lease - Equipment | 6.07 | % | 48 | 38 | Monthly | January 1, 2019 | ||||||
Capital Lease - Equipment | 5.14 | % | 84 | 14 | Monthly | January 1, 2022 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt for periods following December 27, 2014 are as follows: | |||||||||||
Long-Term | Capital Leases | Total | ||||||||||
Debt | (See Note 18) | |||||||||||
2015 | $ | 6,295 | $ | 2,783 | $ | 9,078 | ||||||
2016 | 5,445 | 2,854 | 8,299 | |||||||||
2017 | 4,853 | 2,923 | 7,776 | |||||||||
2018 | 3,733 | 2,678 | 6,411 | |||||||||
2019 | 84,789 | 1,497 | 86,286 | |||||||||
Thereafter | 7,175 | 2,263 | 9,438 | |||||||||
Total | $ | 112,290 | $ | 14,998 | $ | 127,288 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 27, 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 Balance Sheets as of December 27, 2014 and December 28, 2013: | |||||||||||||||
2014 | 2013 | Fair Value Hierarchy Level | ||||||||||||||
Assets: | ||||||||||||||||
Rabbi Trust (1) | $ | 15,316 | $ | 14,242 | Level 2 | |||||||||||
Interest rate swaps (2) | 34 | 556 | Level 2 | |||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (2) | $ | 3,040 | $ | 813 | Level 2 | |||||||||||
Deferred compensation plan (3) | 14,331 | 13,210 | Level 2 | |||||||||||||
Contingent consideration (4) | 1,855 | 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 are 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 years ending December 27, 2014 and December 28, 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | 2,751 | $ | 1,928 | ||||||||||||
Contingent consideration liabilities recorded at fair value at acquisition | — | 1,307 | ||||||||||||||
Fair value adjustments | (625 | ) | (23 | ) | ||||||||||||
Settlements | (271 | ) | (461 | ) | ||||||||||||
Ending balance | $ | 1,855 | $ | 2,751 | ||||||||||||
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: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 394 | $ | 394 | $ | 255 | $ | 255 | ||||||||
Notes receivable, including current portion | 282 | 282 | 282 | 282 | ||||||||||||
Interest rate swaps | 34 | 34 | 556 | 556 | ||||||||||||
Financial Liabilities: | ||||||||||||||||
Long-term debt and capital leases, including current portion | 127,288 | 119,776 | 107,988 | 101,752 | ||||||||||||
Interest rate swaps | 3,040 | 3,040 | 813 | 813 | ||||||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 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 December 27, 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 | |||||||
Interest rate swap | $ | 8,330 | * | November 7, 2014 through November 7, 2024 | 4.50% | 1 Month LIBOR | ||||||
* Interest rate swap notional amount amortizes by $35 monthly to maturity. | ||||||||||||
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 Balance Sheets: | |||||||||||
Location on Consolidated Balance Sheets | Fair Value | |||||||||||
2014 | 2013 | |||||||||||
Asset Derivatives: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps | Other Assets | $ | 34 | $ | 556 | |||||||
Total Asset Derivatives | $ | 34 | $ | 556 | ||||||||
Liability Derivatives: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Interest rate swaps, current portion | Accrued Expenses | $ | 650 | $ | 328 | |||||||
Interest rate swaps, long-term portion | Other Long-Term Liabilities | 2,390 | 485 | |||||||||
Total Liability Derivatives | $ | 3,040 | $ | 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 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges - interest rate swaps | $ | (3,110 | ) | $ | 381 | $ | (767 | ) | ||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges - interest rate swaps | $ | (372 | ) | $ | (442 | ) | $ | (625 | ) | |||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on Derivative (3) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
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 Statements of Operations. | |||||||||||
-2 | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2014 is $650. | |||||||||||
-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 Statements of Operations. | |||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ||||||||||||
Amount of Gain or (Loss) Recognized in Income on Derivative (1) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaptions | $ | — | $ | — | $ | 87 | ||||||
-1 | The amount of gain (loss) recognized in income for derivatives not designated as hedging instruments is included in other (income) expense, net on the Company's Consolidated Statements of Operations. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 27, 2014 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Schedule of Multiemployer Plans [Table Text Block] | The Company's participation in the multi-employer pension plan for 2014 is provided in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three digit plan number. The most recent Pension Protection Act (PPA) zone status available in 2014 and 2013 is for the plan's year-end at 2013 and 2012, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. | |||||||||||||||
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/Implemented (1) | Contributions (2) | Surcharge Imposed (1) | Expiration Date of Collective-Bargaining Agreement | ||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||
The Pension Plan of the National Retirement Fund | 13-6130178 - 001 | Red | Red | Implemented | $ | 279 | $ | 279 | $ | 256 | Yes | 6/3/17 | ||||
(1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which requires a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $300 for 2015. | ||||||||||||||||
(2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. | ||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | Information about the benefit obligation and funded status of the Company's postretirement benefit plans is summarized as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Benefit obligation at beginning of year | $ | 598 | $ | 694 | ||||||||||||
Service cost | 7 | 7 | ||||||||||||||
Interest cost | 22 | 23 | ||||||||||||||
Participant contributions | 12 | 15 | ||||||||||||||
Actuarial gain | (317 | ) | (137 | ) | ||||||||||||
Benefits paid | (5 | ) | (5 | ) | ||||||||||||
Medicare Part D subsidy | — | 1 | ||||||||||||||
Benefit obligation at end of year | 317 | 598 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | — | — | ||||||||||||||
Employer contributions | (7 | ) | (11 | ) | ||||||||||||
Participant contributions | 12 | 15 | ||||||||||||||
Benefits paid | (5 | ) | (5 | ) | ||||||||||||
Medicare Part D subsidy | — | 1 | ||||||||||||||
Fair value of plan assets at end of year | — | — | ||||||||||||||
Unfunded amount | $ | (317 | ) | $ | (598 | ) | ||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The balance sheet classification of the Company's liability for postretirement benefit plans is summarized as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Accrued expenses | $ | 17 | $ | 18 | ||||||||||||
Other long-term liabilities | 300 | 580 | ||||||||||||||
Total liability | $ | 317 | $ | 598 | ||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Benefits expected to be paid on behalf of associates for postretirement benefit plans during the period 2015 through 2024 are summarized as follows: | |||||||||||||||
Years | Postretirement | |||||||||||||||
Plans | ||||||||||||||||
2015 | $ | 16 | ||||||||||||||
2016 | 16 | |||||||||||||||
2017 | 15 | |||||||||||||||
2018 | 15 | |||||||||||||||
2019 | 16 | |||||||||||||||
2020 - 2024 | 83 | |||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Assumptions used to determine benefit obligations of the Company's postretirement benefit plans are summarized as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average assumptions as of year-end: | ||||||||||||||||
Discount rate (benefit obligations) | 4.73 | % | 3.16 | % | ||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumptions used and related effects of health care cost are summarized as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Health care cost trend assumed for next year | 8 | % | 8 | % | ||||||||||||
Rate to which the cost trend is assumed to decline | 5 | % | 5 | % | ||||||||||||
Year that the rate reaches the ultimate trend rate | 2016 | 2017 | ||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The effect of a 1% change in the health care cost trend on the Company's postretirement benefit plans is summarized as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
1% Increase | 1% Decrease | 1% Increase | 1% Decrease | |||||||||||||
Accumulated postretirement benefit obligation | $ | 2 | $ | (2 | ) | $ | 4 | $ | (3 | ) | ||||||
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 7 | $ | 7 | $ | 7 | ||||||||||
Interest cost | 22 | 23 | 26 | |||||||||||||
Amortization of prior service credits | (88 | ) | (88 | ) | (88 | ) | ||||||||||
Recognized net actuarial gains | (31 | ) | (35 | ) | (45 | ) | ||||||||||
Settlement gain | (251 | ) | (105 | ) | (48 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | (341 | ) | $ | (198 | ) | $ | (148 | ) | |||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Pre-tax amounts included in AOCIL for the Company's postretirement benefit plans at 2014 are summarized as follows: | |||||||||||||||
Postretirement Benefit Plans | ||||||||||||||||
Balance at 2014 | 2015 Expected Amortization | |||||||||||||||
Prior service credits | $ | (102 | ) | $ | (88 | ) | ||||||||||
Unrecognized actuarial gains | (427 | ) | (37 | ) | ||||||||||||
Totals | $ | (529 | ) | $ | (125 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 979 | $ | 282 | $ | 154 | ||||||
State | (190 | ) | 178 | 88 | ||||||||
Total current | 789 | 460 | 242 | |||||||||
Deferred | ||||||||||||
Federal | 243 | (955 | ) | (592 | ) | |||||||
State | 21 | (82 | ) | (51 | ) | |||||||
Total deferred | 264 | (1,037 | ) | (643 | ) | |||||||
Income tax provision (benefit) | $ | 1,053 | $ | (577 | ) | $ | (401 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Statutory rate applied to income (loss) from continuing operations before taxes | $ | 604 | $ | 1,743 | $ | (369 | ) | |||||
Plus state income taxes, net of federal tax effect | (169 | ) | 96 | 24 | ||||||||
Total statutory provision (benefit) | 435 | 1,839 | (345 | ) | ||||||||
Increase (decrease) attributable to: | ||||||||||||
Nondeductible meals and entertainment | 143 | 112 | 88 | |||||||||
Domestic production activities deduction | 112 | (208 | ) | — | ||||||||
Federal tax credits | (483 | ) | (1,612 | ) | — | |||||||
Reserve for uncertain tax positions | 109 | 286 | — | |||||||||
Goodwill | (124 | ) | 283 | — | ||||||||
Change in valuation allowance | 569 | (1,190 | ) | — | ||||||||
Non-taxable insurance proceeds | — | (71 | ) | — | ||||||||
Stock-based compensation | 117 | — | 14 | |||||||||
True-up to tax return | 102 | 14 | (75 | ) | ||||||||
Other items | 73 | (30 | ) | (83 | ) | |||||||
Total tax provision (benefit) | $ | 1,053 | $ | (577 | ) | $ | (401 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets and liabilities are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 2,842 | $ | 2,226 | ||||||||
Retirement benefits | 3,215 | 3,408 | ||||||||||
State net operating losses | 3,417 | 2,936 | ||||||||||
Federal net operating losses | 3,503 | — | ||||||||||
State tax credit carryforwards | 1,740 | 1,740 | ||||||||||
Federal tax credit carryforwards | 2,472 | — | ||||||||||
Allowances for bad debts, claims and discounts | 3,175 | 2,527 | ||||||||||
Other | 4,776 | 5,279 | ||||||||||
Total deferred tax assets | 25,140 | 18,116 | ||||||||||
Valuation allowance | (4,317 | ) | (3,748 | ) | ||||||||
Net deferred tax assets | 20,823 | 14,368 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 17,477 | 11,818 | ||||||||||
Total deferred tax liabilities | 17,477 | 11,818 | ||||||||||
Net deferred tax asset | $ | 3,346 | $ | 2,550 | ||||||||
Balance sheet classification: | 2014 | 2013 | ||||||||||
Current deferred tax assets | $ | 12,722 | $ | 6,622 | ||||||||
Non-current deferred tax liabilities | 9,376 | 4,072 | ||||||||||
Net deferred tax asset | $ | 3,346 | $ | 2,550 | ||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following is a summary of the change in the Company's unrecognized tax benefits: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 291 | $ | 5 | $ | 16 | ||||||
Additions based on tax positions taken during a prior period | — | 250 | — | |||||||||
Additions based on tax positions taken during a current period | 109 | 41 | — | |||||||||
Reductions related to settlement of tax matters | — | — | — | |||||||||
Reductions related to a lapse of applicable statute of limitations | — | (5 | ) | (11 | ) | |||||||
Balance at end of year | $ | 400 | $ | 291 | $ | 5 | ||||||
Common_Stock_and_Earnings_Loss1
Common Stock and Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||
Income (loss) from continuing operations | $ | 673 | $ | 5,556 | $ | (653 | ) | |||||
Less: Allocation of earnings to participating securities | (197 | ) | (218 | ) | — | |||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 476 | $ | 5,338 | $ | (653 | ) | |||||
Basic weighted-average shares outstanding (1) | 14,382 | 12,737 | 12,638 | |||||||||
Basic earnings (loss) per share - continuing operations | $ | 0.03 | $ | 0.42 | $ | (0.05 | ) | |||||
Diluted earnings (loss) per share: | ||||||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 476 | $ | 5,338 | $ | (653 | ) | |||||
Add: Undistributed earnings reallocated to unvested shareholders | 3 | 2 | — | |||||||||
Income (loss) from continuing operations available to common shareholders - basic | $ | 479 | $ | 5,340 | $ | (653 | ) | |||||
Basic weighted-average shares outstanding (1) | 14,382 | 12,737 | 12,638 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options (2) | 97 | 54 | — | |||||||||
Directors' stock performance units (2) | 65 | 61 | — | |||||||||
Diluted weighted-average shares outstanding (1)(2) | 14,544 | 12,852 | 12,638 | |||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.03 | $ | 0.42 | $ | (0.05 | ) | |||||
-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 were 434 in 2014, 510 in 2013 and 827 in 2012. |
Stock_Plans_and_Stock_Compensa1
Stock Plans and Stock Compensation Expense (Tables) | 12 Months Ended | ||||||||||
Dec. 27, 2014 | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock activity for the three years ended December 27, 2014 is summarized as follows: | ||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | ||||||||||
Outstanding at December 31, 2011 | 306,529 | $ | 8 | ||||||||
Granted | 289,233 | 3.99 | |||||||||
Vested | (113,647 | ) | 4.2 | ||||||||
Forfeited | (17,229 | ) | 4.14 | ||||||||
Outstanding at December 29, 2012 | 464,886 | 6.57 | |||||||||
Granted | 173,249 | 5.19 | |||||||||
Vested | (112,336 | ) | 4.15 | ||||||||
Forfeited | — | — | |||||||||
Outstanding at December 28, 2013 | 525,799 | 6.64 | |||||||||
Granted | 101,315 | 15.68 | |||||||||
Vested | (144,875 | ) | 4.5 | ||||||||
Forfeited | (125,000 | ) | 12.78 | ||||||||
Outstanding at December 27, 2014 | 357,239 | $ | 7.92 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Option activity for the three years ended December 27, 2014 is summarized as follows: | ||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Fair Value of Options Granted During the Year | |||||||||
Outstanding at December 31, 2011 | 786,728 | $ | 10.91 | $ | — | ||||||
Granted | — | — | — | ||||||||
Exercised | — | — | — | ||||||||
Forfeited | (89,321 | ) | 10.2 | — | |||||||
Outstanding at December 29, 2012 | 697,407 | 11 | — | ||||||||
Granted | — | — | — | ||||||||
Exercised | (37,052 | ) | 5.15 | — | |||||||
Forfeited | — | — | — | ||||||||
Outstanding at December 28, 2013 | 660,355 | 11.33 | — | ||||||||
Granted | — | — | — | ||||||||
Exercised | (53,950 | ) | 10.22 | — | |||||||
Forfeited | (167,170 | ) | 14.36 | — | |||||||
Outstanding at December 27, 2014 | 439,235 | $ | 10.31 | $ | — | ||||||
Options exercisable at: | |||||||||||
29-Dec-12 | 638,407 | $ | 11.56 | — | |||||||
28-Dec-13 | 630,855 | 11.63 | — | ||||||||
27-Dec-14 | 439,235 | 10.31 | — | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | The following table summarizes information about stock options at December 27, 2014: | ||||||||||
Options Outstanding | |||||||||||
Range of Exercise Prices | Number of Shares | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | ||||||||
$4.20 - $5.00 | 111,000 | 4.6 | years | $ | 4.98 | ||||||
$6.96 - $6.96 | 81,935 | 0.3 | years | 6.96 | |||||||
$11.85 - $17.58 | 246,300 | 0.9 | years | 13.82 | |||||||
$3.875 - $17.58 | 439,235 | 1.8 | years | $ | 10.31 | ||||||
Options Exercisable | |||||||||||
Range of Exercise Prices | Number of Shares | Weighted-Average Remaining Contractual Life | Weighted-Average Exercise Price | ||||||||
$4.20 - $5.00 | 111,000 | 4.6 | years | $ | 4.98 | ||||||
$6.96 - $6.96 | 81,935 | 0.3 | years | 6.96 | |||||||
$11.85 - $17.58 | 246,300 | 0.9 | years | 13.82 | |||||||
$3.875 - $17.58 | 439,235 | 1.8 | years | $ | 10.31 | ||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Other comprehensive income (loss): | ||||||||||||
Unrealized gain (loss) on interest rate swaps: | ||||||||||||
Before income taxes | $ | (3,110 | ) | $ | 381 | $ | (767 | ) | ||||
Income taxes | (1,182 | ) | 145 | (291 | ) | |||||||
Net of taxes | (1,928 | ) | 236 | (476 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps (1): | ||||||||||||
Before income taxes | 372 | 284 | 158 | |||||||||
Income taxes | 141 | 108 | 60 | |||||||||
Net of taxes | 231 | 176 | 98 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | ||||||||||||
Before income taxes | — | 158 | 467 | |||||||||
Income taxes | — | 60 | 178 | |||||||||
Net of taxes | — | 98 | 289 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans: | ||||||||||||
Before income taxes | 67 | 32 | 33 | |||||||||
Income taxes | 26 | 12 | 13 | |||||||||
Net of taxes | 41 | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (31 | ) | (35 | ) | (45 | ) | ||||||
Income taxes | (12 | ) | (13 | ) | (18 | ) | ||||||
Net of taxes | (19 | ) | (22 | ) | (27 | ) | ||||||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | ||||||||||||
Before income taxes | (88 | ) | (88 | ) | (88 | ) | ||||||
Income taxes | (34 | ) | (34 | ) | (34 | ) | ||||||
Net of taxes | (54 | ) | (54 | ) | (54 | ) | ||||||
Other comprehensive income (loss) | $ | (1,729 | ) | $ | 454 | $ | (150 | ) | ||||
-1 | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Statement of Operations. | |||||||||||
-2 | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Statement of Operations. | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Components of accumulated other comprehensive income (loss), net of tax, are as follows: | |||||||||||
Interest Rate Swaps | Post-Retirement Liabilities | Total | ||||||||||
Balance at December 31, 2011 | (565 | ) | 477 | (88 | ) | |||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $291 | (476 | ) | — | (476 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $178 | 289 | — | 289 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $13 | — | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $18 | — | (27 | ) | (27 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 29, 2012 | (654 | ) | 416 | (238 | ) | |||||||
Unrealized gain (loss) on interest rate swaps, net of tax of $145 | 236 | — | 236 | |||||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $108 | 176 | — | 176 | |||||||||
Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 | 98 | — | 98 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $12 | — | 20 | 20 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $13 | — | (22 | ) | (22 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 28, 2013 | (144 | ) | 360 | 216 | ||||||||
Unrealized loss on interest rate swaps, net of tax of $1,182 | (1,928 | ) | — | (1,928 | ) | |||||||
Reclassification of loss into earnings from interest rate swaps, net of tax of $141 | 231 | — | 231 | |||||||||
Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $26 | — | 41 | 41 | |||||||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 | — | (19 | ) | (19 | ) | |||||||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 | — | (54 | ) | (54 | ) | |||||||
Balance at December 27, 2014 | $ | (1,841 | ) | $ | 328 | $ | (1,513 | ) | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 27, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, are as follows: | |||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 3,494 | $ | 3,094 | ||||
2016 | 3,427 | 2,492 | ||||||
2017 | 3,343 | 2,207 | ||||||
2018 | 2,946 | 1,864 | ||||||
2019 | 1,655 | 1,062 | ||||||
Thereafter | 2,366 | 1,516 | ||||||
Total commitments | 17,231 | 12,235 | ||||||
Less amounts representing interest | (2,233 | ) | — | |||||
Total | $ | 14,998 | $ | 12,235 | ||||
Other_Income_Expense_Tables
Other (Income) Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Other operating (income) expense, net: | ||||||||||||
Insurance proceeds (1) | $ | — | $ | (202 | ) | $ | — | |||||
(Gain) loss on property, plant and equipment disposals | (30 | ) | 195 | 1 | ||||||||
Loss on currency exchanges | 587 | 217 | 55 | |||||||||
Amortization of intangibles | 351 | 88 | — | |||||||||
Retirement expenses | 135 | 154 | 201 | |||||||||
Contract settlement | — | 172 | — | |||||||||
Miscellaneous (income) expense | (139 | ) | (130 | ) | (189 | ) | ||||||
Other operating (income) expense, net | $ | 904 | $ | 494 | $ | 68 | ||||||
-1 | The Company recognized a settlement gain of $202 from a company-owned insurance policy during 2013. | |||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other (income) expense, net is summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Other (income) expense, net: | ||||||||||||
(Gain) loss on non-hedged swaptions | $ | — | $ | — | $ | (87 | ) | |||||
Earnings from equity investments | (209 | ) | — | — | ||||||||
(Gain) loss on sale of non-operating assets | 41 | — | (187 | ) | ||||||||
Miscellaneous (income) expense | 14 | 26 | (3 | ) | ||||||||
Other (income) expense, net | $ | (154 | ) | $ | 26 | $ | (277 | ) | ||||
Facility_Consolidation_Expense1
Facility Consolidation Expenses (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 27, 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 (1) | Other Costs (2) | Total Expected Costs | Total Asset Impairments Incurred to Date | Total Other Costs Incurred to Date | Total Remaining Costs | |||||||||||||||||||
Warehousing, Distribution and Manufacturing Consolidation Plan | $ | 1,133 | $ | 5,398 | $ | 6,531 | $ | 1,133 | $ | 4,047 | $ | 1,351 | ||||||||||||
Atlas Integration Plan | — | 1,846 | 1,846 | — | 1,467 | 379 | ||||||||||||||||||
Total All Plans | $ | 1,133 | $ | 7,244 | $ | 8,377 | $ | 1,133 | $ | 5,514 | $ | 1,730 | ||||||||||||
(1) Asset impairments under these plans are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||||||
(2) Other costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 27, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued operations are summarized as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Carousel | ||||||||||||
Net sales | $ | 1,168 | $ | 691 | $ | — | ||||||
Loss before income taxes | $ | (863 | ) | $ | (264 | ) | $ | — | ||||
Income tax benefit | (265 | ) | (66 | ) | — | |||||||
Loss from discontinued operations, net of tax | $ | (598 | ) | $ | (198 | ) | $ | — | ||||
Loss on disposal of discontinued operations before income taxes | $ | (2,363 | ) | $ | — | $ | — | |||||
Income tax benefit | (896 | ) | — | — | ||||||||
Loss on disposal of discontinued operations, net of tax | $ | (1,467 | ) | $ | — | $ | — | |||||
Previously Discontinued Operations | ||||||||||||
Loss from discontinued operations: | ||||||||||||
Workers' compensation costs | $ | (55 | ) | $ | (23 | ) | $ | (143 | ) | |||
Environmental remediation costs | (62 | ) | (74 | ) | (279 | ) | ||||||
Loss from discontinued operations, before taxes | (117 | ) | (97 | ) | (422 | ) | ||||||
Income tax benefit | (107 | ) | (29 | ) | (148 | ) | ||||||
Loss from discontinued operations, net of tax | $ | (10 | ) | $ | (68 | ) | $ | (274 | ) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Market Risk (Details) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
customers | |||
Accounting Policies [Abstract] | |||
Number of customers greater than ten percent | 1 | ||
Entity Wide Revenue, Market Risk, Percentage | 9.00% | 13.00% | 9.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 27, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 27, 2014 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customers, trade | $46,422 | $41,898 |
Other receivables | 4,552 | 2,306 |
Gross receivables | 50,974 | 44,204 |
Less allowance for doubtful accounts | -450 | -141 |
Receivables, net | $50,524 | $44,063 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $40,649 | $31,864 |
Work-in-process | 19,976 | 16,880 |
Finished goods | 57,913 | 57,983 |
Supplies and other | 126 | 118 |
LIFO reserve | -14,457 | -13,626 |
Inventories | $104,207 | $93,219 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $7,327 | $7,231 | |
Buildings and improvements | 61,557 | 50,627 | |
Machinery and equipment | 171,586 | 149,040 | |
Property, plant and equipment, gross | 240,470 | 206,898 | |
Accumulated depreciation | -137,981 | -132,413 | |
Property, plant and equipment, net | 102,489 | 74,485 | |
Depreciation | $12,212 | $9,834 | $9,070 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 19, 2014 | Sep. 22, 2014 | Jul. 01, 2013 | Nov. 02, 2012 | Nov. 28, 2012 |
Business Acquisition [Line Items] | ||||||||
Accrued consideration for working capital adjustment in acquisitions | ($216) | ($1,307) | ($2,445) | |||||
Total purchase price consideration | 2,580 | |||||||
Goodwill | 3,389 | 3,389 | 1,680 | |||||
Gain on purchase of business | 11,110 | 0 | 0 | |||||
Atlas Carpet Mills [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs of acquisition | 645 | |||||||
Cash paid | 16,543 | |||||||
Accrued consideration for working capital adjustment in acquisitions | 1,293 | |||||||
Accrued consideration for holdbacks | 923 | |||||||
Total purchase price consideration | 18,759 | |||||||
Cash | 2,466 | |||||||
Receivables | 4,998 | |||||||
Inventories | 10,981 | |||||||
Other current assets | 797 | |||||||
Assets held for sale | 5,152 | |||||||
Property, plant and equipment | 6,716 | |||||||
Finite intangible assets | 3,300 | |||||||
Other assets | 859 | |||||||
Accounts payable | -2,286 | |||||||
Accrued expenses | -2,883 | |||||||
Capital lease obligation | -404 | |||||||
Fair value of net assets acquired | 29,696 | |||||||
Gain on purchase of business | -10,937 | |||||||
After tax gain on purchase of business | 6,781 | |||||||
Revenue of Atlas since acquisition date | 37,620 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||||||
Receivables | 694 | |||||||
Inventories | -530 | |||||||
Other current assets | -159 | |||||||
Assets held for sale | 1,902 | |||||||
Property, plant, and equipment | -213 | |||||||
Other assets | 236 | |||||||
Accrued expenses | 153 | |||||||
Fair value of net assets acquired | 2,083 | |||||||
Consideration transferred | -110 | |||||||
Change in bargain gain, pretax | -2,193 | |||||||
Change in bargain gain, after-tax | 1,360 | |||||||
Atlas Carpet Mills [Member] | Estimate of Fair Value Measurement [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price consideration | 18,869 | |||||||
Cash | 2,466 | |||||||
Receivables | 4,304 | |||||||
Inventories | 11,511 | |||||||
Other current assets | 956 | |||||||
Assets held for sale | 3,250 | |||||||
Property, plant and equipment | 6,929 | |||||||
Finite intangible assets | 3,300 | |||||||
Other assets | 623 | |||||||
Accounts payable | -2,286 | |||||||
Accrued expenses | -3,036 | |||||||
Capital lease obligation | -404 | |||||||
Fair value of net assets acquired | 27,613 | |||||||
Gain on purchase of business | -8,744 | |||||||
Burtco Enterprises [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs of acquisition | 101 | |||||||
Cash paid | 2,430 | |||||||
Accrued consideration for working capital adjustment in acquisitions | 119 | |||||||
Total purchase price consideration | 2,549 | |||||||
Fair value of net assets acquired | 2,722 | |||||||
Gain on purchase of business | -173 | |||||||
Robertex [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs of acquisition | 350 | |||||||
Cash paid | 2,278 | |||||||
Seller-financed note | 3,749 | |||||||
Accrued consideration for holdbacks | 1,307 | |||||||
Total purchase price consideration | 7,334 | |||||||
Cash | 108 | |||||||
Receivables | 115 | |||||||
Inventories | 2,139 | |||||||
Other current assets | 14 | |||||||
Property, plant and equipment | 1,863 | |||||||
Finite intangible assets | 2,222 | |||||||
Goodwill | 1,709 | |||||||
Accounts payable | -643 | |||||||
Accrued expenses | -193 | |||||||
Colormaster [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs of acquisition | 269 | |||||||
Cash paid | 239 | |||||||
Seller-financed note | 5,500 | |||||||
Accrued consideration for holdbacks | 823 | |||||||
Total purchase price consideration | 6,562 | |||||||
Inventories | 173 | |||||||
Other current assets | 18 | |||||||
Property, plant and equipment | 6,371 | |||||||
Crown Rug [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Transaction costs of acquisition | 49 | |||||||
Cash paid | 958 | |||||||
Deferred payments to seller | 471 | |||||||
Accrued consideration for holdbacks | 1,151 | |||||||
Total purchase price consideration | 2,580 | |||||||
Property, plant and equipment | 590 | |||||||
Finite intangible assets | 352 | |||||||
Goodwill | 1,680 | |||||||
Accrued expenses | ($42) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 27, 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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $3,652 | $2,574 | |
Accumulated Amortization | -275 | -88 | |
Net | 3,377 | 2,486 | |
Amortization expense | 351 | 88 | 0 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 208 | 1,062 | |
Accumulated Amortization | -32 | -40 | |
Net | 176 | 1,022 | |
Impairment of Intangible Assets, Finite-lived | 786 | ||
Amortization expense | 59 | 40 | 0 |
Rug Design Coding [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 144 | 144 | |
Accumulated Amortization | -29 | -14 | |
Net | 115 | 130 | |
Amortization expense | 15 | 14 | 0 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 3,300 | 1,368 | |
Accumulated Amortization | -214 | -34 | |
Net | 3,086 | 1,334 | |
Impairment of Intangible Assets, Finite-lived | 1,271 | ||
Amortization expense | $277 | $34 | $0 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Schedule of Future Amortization (Details) (USD $) | Dec. 27, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $305 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 | |
In Thousands, unless otherwise specified | |||
Payables and Accruals [Abstract] | |||
Compensation and benefits (1) | $8,894 | [1] | $8,233 |
Provision for customer rebates, claims and allowances | 7,960 | 6,202 | |
Advanced customer deposits | 3,501 | 1,862 | |
Outstanding checks in excess of cash | 1,190 | 3,873 | |
Other | 7,762 | 6,032 | |
Accrued expenses | 29,307 | 26,202 | |
Letters of Credit Outstanding, Amount | $1,762 | ||
[1] | Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,762. |
Product_Warranty_Reserves_Deta
Product Warranty Reserves (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Product Warranties Disclosures [Abstract] | ||
Product warranty reserve at beginning of period | $1,850 | $1,297 |
Warranty reserve assumed in business combination | 209 | 0 |
Warranty liabilities accrued | 4,720 | 4,330 |
Warranty liabilities settled | -5,102 | -3,905 |
Changes for pre-existing warranty liabilities | 537 | 128 |
Product warranty reserve at end of period | $2,214 | $1,850 |
LongTerm_Debt_and_Credit_Arran2
Long-Term Debt and Credit Arrangements (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Revolving credit facility - Tranche A | $82,897 | $85,274 |
Notes payable - building | 8,295 | 0 |
Obligation to Development Authority of Gordon County | 3,413 | 4,447 |
Note payable - Robertex acquisition | 3,062 | 3,789 |
Equipment notes payable | 13,362 | 7,987 |
Notes payable | 1,261 | 2,210 |
Capital lease obligations | 14,998 | 4,281 |
Total long-term debt | 127,288 | 107,988 |
Less: current portion of long-term debt | -9,078 | -6,229 |
Long-term debt | $118,210 | $101,759 |
LongTerm_Debt_and_Credit_Arran3
Long-Term Debt and Credit Arrangements (Amended Revolving Credit Facility) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Rate | ||
Line of Credit Facility [Line Items] | ||
Remaining Borrowing Capacity | $40,214 | |
Debt, Weighted Average Interest Rate | 2.29% | 2.66% |
Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Proceeds from Lines of Credit | 5,438 | |
Revolving credit facility - Tranche B | 5,764 | |
Maximum Borrowing Capacity | 150,000 | |
Basis Spread on Variable Rate | 3.50% | |
Commitment Fee Percentage | 0.38% | |
Minimum Borrowing Capacity for No Financial Covenants | 14,440 | |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | $16,500 | |
Minimum [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Fixed Charge Coverage Ratio | 1.1 | |
Alternative [Member] | Minimum [Member] | Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.50% | |
Alternative [Member] | Midpoint [Member] | Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.75% | |
Alternative [Member] | Maximum [Member] | Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 2.00% | |
Alternative B [Member] | Federal Funds [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% | |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Midpoint [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.75% | |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% |
LongTerm_Debt_and_Credit_Arran4
Long-Term Debt and Credit Arrangements (Notes Payable - Building) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Nov. 07, 2014 |
Debt Instrument [Line Items] | |||
Notes payable - building | $8,295 | $0 | |
Notes Payable - Adairsville Building [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable - building | 8,330 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | ||
Debt Instrument, Periodic Payment, Principal | 35 | ||
Debt Instrument, Final Payment, Principal | $4,165 | ||
Fixed Interest Rate | 4.50% |
LongTerm_Debt_and_Credit_Arran5
Long-Term Debt and Credit Arrangements (Obligation to Development Authority of Gordon County) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Nov. 02, 2012 |
M | |||
Debt Instrument [Line Items] | |||
Obligation to Development Authority of Gordon County | $3,413 | $4,447 | |
Note payable, Development Authority [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Obligation to Development Authority of Gordon County | 5,500 | ||
Debt Instrument, Periodic Payment | $106 | ||
Term of Obligation to Development Authority of Gordon County (in months) | 57 |
LongTerm_Debt_and_Credit_Arran6
Long-Term Debt and Credit Arrangements (Note Payable - Robertex Acquisition) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Jul. 01, 2013 |
Y | |||
Debt Instrument [Line Items] | |||
Note payable - Robertex acquisition | $3,062 | $3,789 | |
Note Payable - Robertex Acquisition [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Note payable - Robertex acquisition | 3,749 | 4,000 | |
Term of Note Payable | 5 | ||
Debt Instrument, Annual Principal Payment | $800 |
LongTerm_Debt_and_Credit_Arran7
Long-Term Debt and Credit Arrangements (Equipment Notes Payable) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
M | ||
Debt Instrument [Line Items] | ||
Escrow Deposit | $574 | $1,401 |
Note Payable - 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.42% | |
Term of Note Payable | 36 | |
Debt Instrument, Periodic Payment | 16 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 1-Apr-16 | |
Note Payable - 2 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |
Term of Note Payable | 60 | |
Debt Instrument, Periodic Payment | 38 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 1-Aug-16 | |
Note Payable - 3 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.94% | |
Term of Note Payable | 75 | |
Debt Instrument, Periodic Payment | 41 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 1-Feb-19 | |
Note Payable - 4 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | 18 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 14-Jun-20 | |
Note Payable - 5 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.84% | |
Term of Note Payable | 60 | |
Debt Instrument, Periodic Payment | 3 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 1-Jul-18 | |
Note Payable - 6 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.86% | |
Term of Note Payable | 60 | |
Debt Instrument, Periodic Payment | 49 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 1-Oct-18 | |
Note Payable - 7 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | 8 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 24-Dec-21 | |
Note Payable -8 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |
Term of Note Payable | 36 | |
Debt Instrument, Periodic Payment | 49 | |
Debt Instrument, Frequency of Periodic Payment | Quarterly | |
Debt Instrument, Maturity Date | 17-Aug-16 | |
Note Payable - 9 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.37% | |
Term of Note Payable | 60 | |
Debt Instrument, Periodic Payment | 53 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 26-Sep-19 | |
Note Payable-10 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.76% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | 1 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 7-Oct-21 | |
Note Payabe-11 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.54% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | 4 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 23-Oct-21 | |
Note Payable-12 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.74% | |
Term of Note Payable | 60 | |
Debt Instrument, Periodic Payment | 28 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 23-Oct-19 | |
Note Payable-13 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.66% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | 9 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 23-Oct-21 | |
Note Payable-14 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | |
Term of Note Payable | 84 | |
Debt Instrument, Periodic Payment | $17 | |
Debt Instrument, Frequency of Periodic Payment | Monthly | |
Debt Instrument, Maturity Date | 16-Oct-21 |
LongTerm_Debt_and_Credit_Arran8
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
M | |
Capital Lease Obligation - 1 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.04% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | $8 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Dec-15 |
Capital Lease Obligation - 2 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.90% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 11 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Aug-17 |
Capital Lease Obligation - 3 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.76% |
Term of Note Payable | 58 |
Debt Instrument, Periodic Payment | 33 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Oct-18 |
Capital Lease Obligation - 4 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.74% |
Term of Note Payable | 56 |
Debt Instrument, Periodic Payment | 2 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Oct-17 |
Capital Lease Obligation - 5 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.88% |
Term of Note Payable | 48 |
Debt Instrument, Periodic Payment | 16 |
Debt Instrument, Frequency of Periodic Payment | Quarterly |
Debt Instrument, Maturity Date | 1-Apr-17 |
Capital Lease Obligation - 6 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% |
Term of Note Payable | 48 |
Debt Instrument, Periodic Payment | 13 |
Debt Instrument, Frequency of Periodic Payment | Quarterly |
Debt Instrument, Maturity Date | 1-Apr-18 |
Capital Lease Obligation - 7 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.42% |
Term of Note Payable | 36 |
Debt Instrument, Periodic Payment | 2 |
Debt Instrument, Frequency of Periodic Payment | Quarterly |
Debt Instrument, Maturity Date | 1-Apr-17 |
Capital Lease Obligation - 8 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.10% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 3 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Nov-18 |
Capital Lease Obligation - 9 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.69% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | 21 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 25-Mar-21 |
Capital Lease Obligation - 10 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.59% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 6 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Feb-18 |
Capital Lease Obligation - 11 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 3 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Apr-18 |
Capital Lease Obligation - 12 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.78% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 1 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Jun-18 |
Capital Lease Obligation - 13 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.24% |
Term of Note Payable | 72 |
Debt Instrument, Periodic Payment | 28 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Jun-20 |
Capital Lease Obligation - 14 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.82% |
Term of Note Payable | 51 |
Debt Instrument, Periodic Payment | 43 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Sep-18 |
Capital Lease Obligation - 15 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.22% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | 11 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Aug-21 |
Capital Lease Obligation - 16 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.69% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | 5 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 7-Jul-21 |
Capital Lease Obligation - 17 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | 22 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Oct-21 |
Capital Lease Obligation - 18 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.28% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | 33 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Oct-21 |
Capital Lease Obligation - 19 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.37% |
Term of Note Payable | 60 |
Debt Instrument, Periodic Payment | 1 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 24-Apr-19 |
Capital Lease Obligation - 20 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.07% |
Term of Note Payable | 48 |
Debt Instrument, Periodic Payment | 38 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Jan-19 |
Capital Lease Obligation - 21 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.14% |
Term of Note Payable | 84 |
Debt Instrument, Periodic Payment | $14 |
Debt Instrument, Frequency of Periodic Payment | Monthly |
Debt Instrument, Maturity Date | 1-Jan-22 |
LongTerm_Debt_and_Credit_Arran9
Long-Term Debt and Credit Arrangements (Interest payments and debt maturities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Debt Instrument [Line Items] | |||
Interest paid | $3,757 | $3,067 | $2,795 |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 9,078 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,299 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7,776 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,411 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 86,286 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,438 | ||
Long-term Debt | 127,288 | ||
Long-term Debt [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 6,295 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,445 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,853 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,733 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 84,789 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 7,175 | ||
Long-term Debt | 112,290 | ||
Capital Lease Obligations [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2,783 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,854 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,923 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,678 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,497 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,263 | ||
Long-term Debt | $14,998 |
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 $) | Dec. 27, 2014 | Dec. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Rabbi trust | $15,316 | [1] | $14,242 | [1] |
Interest rate swaps | 34 | [2] | 556 | [2] |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Interest rate swaps | 3,040 | [2] | 813 | [2] |
Deferred compensation plan | 14,331 | [3] | 13,210 | [3] |
Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Contingent consideration | $1,855 | [4] | $2,751 | [4] |
[1] | The Company maintains a Rabbi Trust that serves as an investment designed to offset its deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which the Company recognizes income or expense based upon changes in cash surrender value. | |||
[2] | The fair value of the interest rate swaps was obtained from external sources. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. | |||
[3] | Senior management and other highly compensated associates may defer a specified percentage of their compensation into a non-qualified deferred compensation plan. Changes in the value of the deferred compensation under this plan are recognized each period based on the fair value of the underlying measurement funds. | |||
[4] | As a result of 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $2,751 | $1,928 |
Contingent consideration liabilities recorded at fair value at acquisition | 0 | 1,307 |
Fair value adjustments | -625 | -23 |
Settlements | -271 | -461 |
Ending balance | $1,855 | $2,751 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) (USD $) | Dec. 27, 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 | $394 | $255 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 34 | 556 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 127,288 | 107,988 |
Interest rate swaps | 3,040 | 813 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 394 | 255 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 34 | 556 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 119,776 | 101,752 |
Interest rate swaps | $3,040 | $813 |
Derivatives_Summary_of_Derivat
Derivatives (Summary of Derivative Instruments) (Details) (Interest Rate Swap [Member], USD $) | Dec. 27, 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% | |
November 7, 2014 through November 7, 2024 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $8,330 | [1] |
Fixed Interest Rate | 4.50% | |
[1] | * Interest rate swap notional amount amortizes by $35 monthly to maturity. |
Derivatives_Derivatives_Fair_V
Derivatives (Derivatives - Fair Value and Designation) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | $34 | $556 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 3,040 | 813 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | 34 | 556 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 650 | 328 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $2,390 | $485 |
Derivatives_Schedule_of_Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
(Gain) loss on non-hedged swaptions | $0 | $0 | $87 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Other Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
(Gain) loss on non-hedged swaptions | 0 | [1] | 0 | [1] | 87 | [1] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | -3,110 | 381 | -767 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | -372 | [2],[3] | -442 | [2],[3] | -625 | [2],[3] |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 650 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness | $0 | [4] | $0 | [4] | $0 | [4] |
[1] | The amount of gain (loss) recognized in income for derivatives not designated as hedging instruments is included in other (income) expense, net on the Company's Consolidated Statements of Operations. | |||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA3MDg0NmYwNDM0ODQxNDhiNmExZmYxOGJjYjNjMzJifFRleHRTZWxlY3Rpb246MjA5NEYxRjYwOTY4RTZGMzUzRjAyNjdERjY5RUJGNjcM} | |||||
[3] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA3MDg0NmYwNDM0ODQxNDhiNmExZmYxOGJjYjNjMzJifFRleHRTZWxlY3Rpb246ODk3MUEwRDQ3RDgwRDg4RDhENTAyNjdERjY5RUUyQ0IM} | |||||
[4] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjA3MDg0NmYwNDM0ODQxNDhiNmExZmYxOGJjYjNjMzJifFRleHRTZWxlY3Rpb246NDM2MDAxNjNGMzBGNTI3RERENjQyNjdERjY5RjAzOTgM} |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Rate | |||
Non-Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 86.00% | ||
Employer Matching Contribution, Percentage | 1.00% | ||
Employer Matching Contribution, Discretionary Percentage | 2.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | ||
(Credit) Cost Recognized | $382 | $610 | $247 |
Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 14.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 2.75% | ||
(Credit) Cost Recognized | $87 | $86 | $78 |
Employee_Benefit_Plans_Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Liability to Participants | $14,331 | $13,210 |
Cash Surrender Value of Life Insurance | $15,316 | $14,242 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Multiemployer Plans [Line Items] | ||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 14.00% | |||
Multiemployer Plans, Certified Zone Status | Red | Red | ||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | Implemented | [1] | ||
Contributions | $279 | [2] | $279 | $256 |
Multiemployer Plans, Surcharge | Yes | [1] | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | 3-Jun-17 | |||
Multiemployer Plans, Employer Contribution Rate Per Hour | 0.47 | |||
Multiemployer Plans, Contribution Rate Increase (Decrease) | 0.03 | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $300 | |||
[1] | The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which requires a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $300 for 2015. | |||
[2] | The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. |
Employee_Benefit_Plans_Other_P
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $598 | $694 | |
Service cost | 7 | 7 | 7 |
Interest cost | 22 | 23 | 26 |
Participant contributions | 12 | 15 | |
Actuarial gain | -317 | -137 | |
Benefits paid | -5 | -5 | |
Medicare Part D subsidy | 0 | 1 | |
Benefit obligation at end of year | 317 | 598 | 694 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | -7 | -11 | |
Participant contributions | 12 | 15 | |
Benefits paid | -5 | -5 | |
Medicare Part D subsidy | 0 | 1 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Unfunded amount | -317 | -598 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued expenses | 17 | 18 | |
Other long-term liabilities | 300 | 580 | |
Total liability | 317 | 598 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 15 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 15 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 83 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (benefit obligations) | 4.73% | 3.16% | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend assumed for next year | 8.00% | 8.00% | |
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2016 | 2017 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 2 | 4 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -2 | -3 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 7 | 7 | 7 |
Interest cost | 22 | 23 | 26 |
Amortization of prior service credits | -88 | -88 | -88 |
Recognized net actuarial gains | -31 | -35 | -45 |
Settlement gain | -251 | -105 | -48 |
Net periodic benefit cost (credit) | -341 | -198 | -148 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Prior service credits | -102 | ||
Unrecognized actuarial gains | -427 | ||
Totals | -529 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Prior service credits | -88 | ||
Unrecognized actuarial gains | -37 | ||
Totals | ($125) |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal | $979 | $282 | $154 |
State | -190 | 178 | 88 |
Total current | 789 | 460 | 242 |
Federal | 243 | -955 | -592 |
State | 21 | -82 | -51 |
Total deferred | 264 | -1,037 | -643 |
Income tax provision (benefit) | $1,053 | ($577) | ($401) |
Income_Taxes_Income_Tax_Reconc
Income Taxes Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Statutory rate applied to income (loss) from continuing operations before taxes | $604 | $1,743 | ($369) |
Plus state income taxes, net of federal tax effect | -169 | 96 | 24 |
Total statutory provision (benefit) | 435 | 1,839 | -345 |
Nondeductible meals and entertainment | 143 | 112 | 88 |
Domestic production activities deduction | 112 | -208 | 0 |
Federal tax credits | -483 | -1,612 | 0 |
Reserve for uncertain tax positions | 109 | 286 | 0 |
Goodwill | -124 | 283 | 0 |
Change in valuation allowance | 569 | -1,190 | 0 |
Non-taxable insurance proceeds | 0 | -71 | 0 |
Stock-based compensation | 117 | 0 | 14 |
True-up to tax return | 102 | 14 | -75 |
Other items | 73 | -30 | -83 |
Income tax provision (benefit) | $1,053 | ($577) | ($401) |
Income_Taxes_Income_Tax_Reconc1
Income Taxes Income Tax Reconciliation, Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Disclosure [Abstract] | |||
Change in valuation allowance | ($569) | $1,190 | $0 |
Research and development credits | 304 | ||
Federal tax credits | 520 | ||
Income taxes paid, net of tax refunds | $345 | $58 | $1,318 |
Income_Taxes_Components_of_Def
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Inventories | $2,842 | $2,226 |
Retirement benefits | 3,215 | 3,408 |
State net operating losses | 3,417 | 2,936 |
Federal net operating losses | 3,503 | 0 |
State tax credit carryforwards | 1,740 | 1,740 |
Federal tax credit carryforwards | 2,472 | 0 |
Allowances for bad debts, claims and discounts | 3,175 | 2,527 |
Other | 4,776 | 5,279 |
Total deferred tax assets | 25,140 | 18,116 |
Valuation allowance | -4,317 | -3,748 |
Net deferred tax assets | 20,823 | 14,368 |
Property, plant and equipment | 17,477 | 11,818 |
Total deferred tax liabilities | 17,477 | 11,818 |
Net deferred tax asset | 3,346 | 2,550 |
Current deferred tax assets | 12,722 | 6,622 |
Non-current deferred tax liabilities | ($9,376) | ($4,072) |
Income_Taxes_Components_of_Def1
Income Taxes Components of Deferred Tax Assets and Liabilities, Narrative (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $4,317 | $3,748 |
Deferred Tax Assets, Net | 3,346 | 2,550 |
Federal net operating losses | 3,503 | 0 |
State net operating losses | 3,417 | 2,936 |
Federal tax credit carryforwards | 2,472 | 0 |
State tax credit carryforwards | 1,740 | 1,740 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Maximum Years Until Expiration | 20 | |
Operating Loss Carryforwards | 10,010 | |
State Taxing Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Maximum Years Until Expiration | 10 | |
Operating Loss Carryforwards | $77,405 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $291 | $5 | $16 |
Additions based on tax positions taken during a prior period | 0 | 250 | 0 |
Additions based on tax positions taken during a current period | 109 | 41 | 0 |
Reductions related to settlement of tax matters | 0 | 0 | 0 |
Reductions related to a lapse of applicable statute of limitations | 0 | -5 | -11 |
Unrecognized tax benefits | 400 | 291 | 5 |
Unrecognized tax benefits, income tax penalties and interest accrued | $0 | $0 |
Common_Stock_and_Earnings_Loss2
Common Stock and Earnings (Loss) Per Share (Common Stock) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
votes | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |
Common stock, par value | $3 | $3 | |
Votes Per Share of Class B Common Stock | 20 | ||
Common stock, shares issued | 15,007,423 | 12,441,356 | |
Common Stock, shares issued equity offering | 2,500,000 | 0 | 0 |
Price Per Share From Equity Offering | $10.65 | ||
Proceeds from equity offering, net of issuance costs | $24,559 | $0 | $0 |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 80,000,000 | ||
Common stock, par value | $3 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 16,000,000 | ||
Common stock, par value | $3 | ||
Common Class C [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 200,000,000 | ||
Common stock, par value | $3 | ||
Common stock, shares issued | 0 | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 16,000,000 | ||
Common stock, shares issued | 0 |
Common_Stock_and_Earnings_Loss3
Common Stock and Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Basic earnings (loss) per share: | ||||||
Income (loss) from continuing operations | $673 | $5,556 | ($653) | |||
Less: Allocation of earnings to participating securities | -197 | -218 | 0 | |||
Income (loss) from continuing operations available to common shareholders - basic | 476 | 5,338 | -653 | |||
Basic weighted-average shares outstanding (1) | 14,382 | [1] | 12,737 | [1] | 12,638 | [1] |
Basic earnings (loss) per share - continuing operations | $0.03 | $0.42 | ($0.05) | |||
Diluted earnings (loss) per share: | ||||||
Income (loss) from continuing operations available to common shareholders - basic | 476 | 5,338 | -653 | |||
Add: Undistributed earnings reallocated to unvested shareholders | 3 | 2 | 0 | |||
Income (loss) from continuing operations available to common shareholders - basic | $479 | $5,340 | ($653) | |||
Effect of dilutive securities: | ||||||
Stock options (2) | 97 | [2] | 54 | [2] | 0 | [2] |
Directors' stock performance units (2) | 65 | [2] | 61 | [2] | 0 | [2] |
Diluted weighted-average shares outstanding (1)(2) | 14,544 | [1],[2] | 12,852 | [1],[2] | 12,638 | [1],[2] |
Diluted earnings (loss) per share - continuing operations | $0.03 | $0.42 | ($0.05) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 434 | 510 | 827 | |||
[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 were 434 in 2014, 510 in 2013 and 827 in 2012. |
Stock_Plans_and_Stock_Compensa2
Stock Plans and Stock Compensation Expense Share-based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $1,195 | $847 | $937 |
2006 Stock Awards Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 800,000 | ||
2006 Stock Awards Plan, as amended in 2010 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,300,000 | ||
2006 Stock Awards Plan, as amended in 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,800,000 |
Stock_Plans_and_Stock_Compensa3
Stock Plans and Stock Compensation Expense Share-based Awards (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 12, 2014 | Mar. 12, 2013 | Aug. 21, 2012 | Mar. 12, 2012 | Mar. 12, 2015 |
Y | Y | Y | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 4 years | |||||||
Age Eligible for Retirement | 60 | |||||||
Restricted Stock Granted in Period | 101,315 | 173,249 | 48,000 | 241,233 | ||||
Grant Date Fair Value of Restricted Stock | $1,588 | $899 | $156 | $998 | ||||
Weighted Average Grant Date Fair Value of Resticted Stock | $15.68 | $5.19 | $3.25 | $4.13 | ||||
Minimum Award Vesting Period of Restricted Stock Issued | 2 | 2 | 2 | |||||
Maximum Award Vesting Period of Restricted Stock Issued | 13 | 14 | 15 | |||||
Share-based Arrangements with Nonemployee Directors [Abstract] | ||||||||
Minimum Market Value Per Share, Calculation of Shares | $5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Cumulative Rate Per Year, Stock Option Vesting | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Exercised | 30,952 | 50,464 | 0 | |||||
Options Outstanding | 439,235 | |||||||
Options Outstanding, Weighted Average Exercise Price | $10.31 | |||||||
Options Exercisable | 439,235 | |||||||
Options Exercisable, Weighted Average Exercise Price | $10.31 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Restricted Stock Granted in Period | 114,625 | |||||||
Minimum Award Vesting Period of Restricted Stock Issued | 1 | |||||||
Maximum Award Vesting Period of Restricted Stock Issued | 29 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Outstanding | 525,799 | 464,886 | 306,529 | |||||
Weighted Average Grant Date Fair Value of Outstanding Shares | $6.64 | 6.57 | 8 | |||||
Granted | 101,315 | 173,249 | 289,233 | |||||
Weighted Average Grant Date Fair Value Granted During the Year | $15.68 | 5.19 | 3.99 | |||||
Vested | -144,875 | -112,336 | -113,647 | |||||
Weighted Average Grant Date Fair Value of Awards Vested | $4.50 | 4.15 | 4.2 | |||||
Forfeited | -125,000 | 0 | -17,229 | |||||
Weighted Average Grant Date Fair Value of Forfeitures | $12.78 | 0 | 4.14 | |||||
Outstanding | 357,239 | 525,799 | 464,886 | |||||
Weighted Average Grant Date Fair Value of Outstanding Shares | $7.92 | 6.64 | 6.57 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested Awards, Compensation Not yet Recognized, | 1,809 | |||||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 7 months | |||||||
Nonvested Awards, Vested in Period, Fair Value | 1,512 | 669 | 439 | |||||
Primary Long-Term Incentive Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 3 years | |||||||
Career Shares Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 2 years | |||||||
Stock Performance Units [Member] | ||||||||
Share-based Arrangements with Nonemployee Directors [Abstract] | ||||||||
Nonemployee Directors Fees, Paid in Cash | 18 | 12 | ||||||
Nonemployee Directors Fees, Value Received in Stock Performance Units | 18 | 12 | ||||||
Stock Performance Units, Outstanding | 109,359 | |||||||
Employee Stock [Member] | ||||||||
Employee Stock Purchase Plan Disclosures [Abstract] | ||||||||
Number of Shares Authorized | 108,000 | |||||||
Number of Shares Available for Grant | 27,480 | |||||||
Shares Issued in Period | 0 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested Awards, Compensation Not yet Recognized, | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Options Outstanding | 660,355 | 697,407 | 786,728 | |||||
Options Outstanding, Weighted Average Exercise Price | $11.33 | 11 | 10.91 | |||||
Granted | 0 | 0 | 0 | |||||
Options Granted, Weighted Average Exercise Price | $0 | 0 | 0 | |||||
Options Granted in Period, Weighted Average Grant Date Fair Value | $0 | 0 | 0 | |||||
Exercised | -53,950 | -37,052 | 0 | |||||
Options Exercised, Weighted Average Exercise Price | $10.22 | 5.15 | 0 | |||||
Forfeited | -167,170 | 0 | -89,321 | |||||
Options Forfeitured and Expired, Weighted Average Exercise Price | $14.36 | 0 | 10.2 | |||||
Options Outstanding | 439,235 | 660,355 | 697,407 | |||||
Options Outstanding, Weighted Average Exercise Price | $10.31 | 11.33 | 11 | |||||
Options Exercisable | 439,235 | 630,855 | 638,407 | |||||
Options Exercisable, Weighted Average Exercise Price | $10.31 | 11.63 | 11.56 | |||||
Options Outstanding, Intrinsic Value | 607 | |||||||
Options Exercisable, Intrinsic Value | 607 | |||||||
Options Exercised in Period, Intrinsic Value | $140 | 206 |
Stock_Plans_and_Stock_Compensa4
Stock Plans and Stock Compensation Expense Summary of Stock Options by Exercise Price Range (Details) (USD $) | 12 Months Ended |
Dec. 27, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 439,235 |
Options Outstanding, Weighted Average Remaining Contractual Term | 1 year 10 months |
Options Outstanding, Weighted Average Exercise Price | $10.31 |
Options Exercisable | 439,235 |
Options Exercisable, Weighted Average Remaining Contractual Term | 1 year 10 months |
Options Exercisable, Weighted Average Exercise Price | $10.31 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 111,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months |
Options Outstanding, Weighted Average Exercise Price | $4.98 |
Options Exercisable | 111,000 |
Options Exercisable, Weighted Average Remaining Contractual Term | 4 years 7 months |
Options Exercisable, Weighted Average Exercise Price | $4.98 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 81,935 |
Options Outstanding, Weighted Average Remaining Contractual Term | 0 years 4 months |
Options Outstanding, Weighted Average Exercise Price | $6.96 |
Options Exercisable | 81,935 |
Options Exercisable, Weighted Average Remaining Contractual Term | 0 years 4 months |
Options Exercisable, Weighted Average Exercise Price | $6.96 |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | 246,300 |
Options Outstanding, Weighted Average Remaining Contractual Term | 0 years 11 months |
Options Outstanding, Weighted Average Exercise Price | $13.82 |
Options Exercisable | 246,300 |
Options Exercisable, Weighted Average Remaining Contractual Term | 0 years 11 months |
Options Exercisable, Weighted Average Exercise Price | $13.82 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Unrealized gain (loss) on interest rate swaps: | |||||
Before income taxes | ($3,110) | $381 | ($767) | ||
Income taxes | -1,182 | 145 | -291 | ||
Net of taxes | -1,928 | 236 | -476 | ||
Reclassification of loss into earnings from interest rate swaps (1): | |||||
Before income taxes | 372 | [1] | 284 | [1] | 158 |
Income taxes | 141 | 108 | 60 | ||
Net of taxes | 231 | 176 | 98 | ||
Amortization of unrealized loss on dedesignated interest rate swaps (1): | |||||
Before income taxes | 0 | [1] | 158 | [1] | 467 |
Income taxes | 0 | 60 | 178 | ||
Net of taxes | 0 | 98 | 289 | ||
Unrecognized net actuarial gain on postretirement benefit plans: | |||||
Before income taxes | 67 | 32 | 33 | ||
Income taxes | 26 | 12 | 13 | ||
Net of taxes | 41 | 20 | 20 | ||
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2): | |||||
Before income taxes | -31 | [2] | -35 | [2] | -45 |
Income taxes | -12 | -13 | -18 | ||
Net of taxes | -19 | -22 | -27 | ||
Reclassification of prior service credits into earnings from postretirement benefit plans (2): | |||||
Before income taxes | -88 | [2] | -88 | [2] | -88 |
Income taxes | -34 | -34 | -34 | ||
Net of taxes | -54 | -54 | -54 | ||
Other comprehensive income (loss) | ($1,729) | $454 | ($150) | ||
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Statement of Operations. | ||||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Statement of Operations. |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Accumulated other comprehensive loss - interest rate swaps | ($144) | ($654) | ($565) |
Accumulated other comprehensive - postretirement liabilities | 360 | 416 | 477 |
Accumulated other comprehensive loss - total | 216 | -238 | -88 |
Unrealized gain (loss) on interest rate swaps | -1,928 | 236 | -476 |
Reclassification of loss into earnings from interest rate swaps | 231 | 176 | 98 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 98 | 289 |
Unrecognized net actuarial gain on postretirement benefit plans | 41 | 20 | 20 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | -19 | -22 | -27 |
Reclassification of prior service credits into earnings from postretirement benefit plans | -54 | -54 | -54 |
Accumulated other comprehensive loss - interest rate swaps | -1,841 | -144 | -654 |
Accumulated other comprehensive - postretirement liabilities | 328 | 360 | 416 |
Accumulated other comprehensive loss - total | -1,513 | 216 | -238 |
Unrealized gain (loss) on interest rate swaps - income taxes | -1,182 | 145 | -291 |
Reclassification of loss into earnings from interest rate swaps - income taxes | 141 | 108 | 60 |
Amortization of unrealized loss on dedesignated interest rate swap - income taxes | 0 | 60 | 178 |
Unrecognized net actuarial gain on postretirement plans - income taxes | 26 | 12 | 13 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans - income taxes | -12 | -13 | -18 |
Reclassification of prior service credits into earnings from postretirement benefit plans - income taxes | ($34) | ($34) | ($34) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $4,843 | ||
Unrecorded Unconditional Purchase Obligation, Purchases | 977 | 1,109 | 1,127 |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 1,027 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 741 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $140 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitment and Contingencies Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $3,494 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 3,427 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 3,343 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 2,946 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 1,655 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 2,366 | ||
Capital Leases, Future Minimum Payments Due | 17,231 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | -2,233 | ||
Capital Lease Obligations | 14,998 | 4,281 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 3,094 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2,492 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,207 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,864 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,062 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 1,516 | ||
Operating Leases, Future Minimum Payments Due | 12,235 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | 4,066 | 2,434 | 2,188 |
Leases, Capital [Abstract] | |||
Capital Leased Assets, Gross | 16,353 | 5,390 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $2,033 | $914 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitment and Contingencies Legal Proceedings (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Settlement, Amount | $400 |
Other_Income_Expense_Details
Other (Income) Expense (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Other operating (income) expense, net: | ||||
Insurance proceeds (1) | $0 | ($202) | [1] | $0 |
(Gain) loss on property, plant and equipment disposals | -30 | 195 | 1 | |
Loss on currency exchanges | 587 | 217 | 55 | |
Amortization expense | 351 | 88 | 0 | |
Retirement expenses | 135 | 154 | 201 | |
Contract settlement | 0 | 172 | 0 | |
Miscellaneous (income) expense | -139 | -130 | -189 | |
Other operating (income) expense, net | $904 | $494 | $68 | |
[1] | The Company recognized a settlement gain of $202 from a company-owned insurance policy during 2013. |
Other_Income_Expense_Component
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Other (income) expense, net: | |||
(Gain) loss on non-hedged swaptions | $0 | $0 | ($87) |
Earnings from equity investments | -209 | 0 | 0 |
(Gain) loss on sale of non-operating assets | 41 | 0 | -187 |
Miscellaneous (income) expense | 14 | 26 | -3 |
Other (income) expense, net | ($154) | $26 | ($277) |
Facility_Consolidation_Expense2
Facility Consolidation Expenses (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of assets | $1,133 | $0 | $0 | |
Expected Cost | 8,377 | |||
Expected Cost Remaining | 1,730 | |||
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected Cost | 6,531 | |||
Expected Cost Remaining | 1,351 | |||
2014 Atlas Integration Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected Cost | 1,846 | |||
Expected Cost Remaining | 379 | |||
Asset Impairments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of assets | 1,133 | [1] | ||
Asset Impairments [Member] | 2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of assets | 1,133 | [1] | ||
Asset Impairments [Member] | 2014 Atlas Integration Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of assets | 0 | [1] | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost for the Period | 5,514 | |||
Expected Cost | 7,244 | [2] | ||
Other Restructuring [Member] | 2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost for the Period | 4,047 | |||
Expected Cost | 5,398 | [2] | ||
Other Restructuring [Member] | 2014 Atlas Integration Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost for the Period | 1,467 | |||
Expected Cost | $1,846 | [2] | ||
[1] | Asset impairments under these plans are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. | |||
[2] | Other costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Loss from discontinued operations: | |||
Loss from discontinued operations, before taxes | ($2,363) | $0 | $0 |
Loss from discontinued operations, net of tax | -608 | -266 | -274 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | |||
Loss on disposal of discontinued operations, net of tax | -1,467 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||
Noncurrent assets | 2,579 | ||
Carousel [Member] | |||
Loss from discontinued operations: | |||
Loss from discontinued operations, before taxes | -863 | -264 | 0 |
Income tax benefit | -265 | -66 | 0 |
Loss from discontinued operations, net of tax | -598 | -198 | 0 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | |||
Net sales | 1,168 | 691 | 0 |
Loss on disposal of discontinued operations before income taxes | -2,363 | 0 | 0 |
Income tax benefit | -896 | 0 | 0 |
Loss on disposal of discontinued operations, net of tax | -1,467 | 0 | 0 |
Previously Discontinued Operations [Member] | |||
Loss from discontinued operations: | |||
Workers' compensation costs | -55 | -23 | -143 |
Environmental remediation costs | -62 | -74 | -279 |
Loss from discontinued operations, before taxes | -117 | -97 | -422 |
Income tax benefit | -107 | -29 | -148 |
Loss from discontinued operations, net of tax | ($10) | ($68) | ($274) |
Discontinued_Operations_Enviro
Discontinued Operations (Environmental Remediation) (Details) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $1,637 | $1,830 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $11,300 | $12,000 | $8,000 |
Ownership of Common Stock, Percentage | 8.50% | ||
Voting Interest of Common Stock, Percentage | 4.20% | ||
Related Party Transaction, Purchases from Related Party, Percentage | 3.60% | ||
James Horwich [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 343 | ||
Robert P Rothman [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $257 | $127 |
Subsequent_Events_Notes_Payabl
Subsequent Events Notes Payable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Jan. 23, 2015 |
Debt Instrument [Line Items] | |||
Notes payable - building | $8,295 | $0 | |
Note Payable- Saraland Building [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable - building | 6,290 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | ||
Debt Instrument, Periodic Payment, Principal | 26 | ||
Debt Instrument, Final Payment, Principal | 3,145 | ||
Notional Amount | $5,661 | ||
Fixed Interest Rate | 4.30% |
Subsequent_Events_Restricted_S
Subsequent Events Restricted Stock Grants (Details) | 12 Months Ended | |||||||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 12, 2014 | Mar. 12, 2013 | Aug. 21, 2012 | Mar. 12, 2012 | Mar. 12, 2015 | |
Y | Y | Y | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Stock Granted in Period | 101,315 | 173,249 | 48,000 | 241,233 | ||||
Minimum Award Vesting Period of Restricted Stock Issued | 2 | 2 | 2 | |||||
Maximum Award Vesting Period of Restricted Stock Issued | 13 | 14 | 15 | |||||
Award Vesting Period | 4 years | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Stock Granted in Period | 114,625 | |||||||
Minimum Award Vesting Period of Restricted Stock Issued | 1 | |||||||
Maximum Award Vesting Period of Restricted Stock Issued | 29 | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Stock Granted in Period | 100,000 | |||||||
Award Vesting Period | 4 years |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Year ended: | ||||||
Balance at beginning of year | $141 | $216 | $467 | |||
Charged to costs and expenses | 402 | 40 | 276 | |||
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | 93 | [1] | 115 | [1] | 527 | [1] |
Balance at end of year | 450 | 141 | 216 | |||
Provision for claims, allowances and warranties [Member] | ||||||
Year ended: | ||||||
Balance at beginning of year | 3,377 | 2,509 | 2,375 | |||
Charged to costs and expenses | 9,249 | 7,141 | 5,226 | |||
Charged to other accounts | 606 | [2] | 0 | 0 | ||
Deductions | 8,585 | [3] | 6,273 | [3] | 5,092 | [3] |
Balance at end of year | $4,647 | $3,377 | $2,509 | |||
[1] | Uncollectible accounts written off, net of recoveries. | |||||
[2] | Assumed reserve in business combinations. | |||||
[3] | Reserve reductions for claims, allowances and warranties settled. |