Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 26, 2015 | Oct. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DIXIE GROUP INC | |
Entity Central Index Key | 29,332 | |
Current Fiscal Year End Date | --12-26 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 26, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,145,474 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 861,493 | |
Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 179 | $ 394 |
Receivables, net | 53,808 | 50,524 |
Inventories | 114,856 | 104,207 |
Prepaid expenses | 4,762 | 5,970 |
Deferred income taxes | 13,719 | 12,722 |
TOTAL CURRENT ASSETS | 187,324 | 173,817 |
PROPERTY, PLANT AND EQUIPMENT, NET | 102,069 | 102,489 |
GOODWILL AND OTHER INTANGIBLES | 6,537 | 6,767 |
OTHER ASSETS | 16,457 | 17,807 |
TOTAL ASSETS | 312,387 | 300,880 |
CURRENT LIABILITIES | ||
Accounts payable | 27,658 | 22,108 |
Accrued expenses | 34,717 | 29,307 |
Current portion of long-term debt | 9,337 | 9,078 |
TOTAL CURRENT LIABILITIES | 71,712 | 60,493 |
LONG-TERM DEBT | 121,844 | 118,210 |
DEFERRED INCOME TAXES | 8,166 | 9,376 |
OTHER LONG-TERM LIABILITIES | 19,933 | 19,824 |
TOTAL LIABILITIES | $ 221,655 | $ 207,903 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,145,474 shares for 2015 and 15,007,423 shares for 2014 | $ 45,436 | $ 45,022 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 861,493 shares for 2015 and 764,191 shares for 2014 | 2,584 | 2,293 |
Additional paid-in capital | 155,377 | 155,127 |
Accumulated deficit | (109,850) | (107,952) |
Accumulated other comprehensive income (loss) | (2,815) | (1,513) |
TOTAL STOCKHOLDERS' EQUITY | 90,732 | 92,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 312,387 | $ 300,880 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares | Sep. 26, 2015 | Dec. 27, 2014 |
Common stock, par value | $ 3 | $ 3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,145,474 | 15,007,423 |
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 | 861,493 | 764,191 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |||
NET SALES | $ 108,908 | $ 109,006 | $ 314,721 | $ 302,014 | ||
Cost of sales | 81,643 | 82,407 | 234,811 | 230,643 | ||
GROSS PROFIT | 27,265 | 26,599 | 79,910 | 71,371 | ||
Selling and administrative expenses | 25,267 | 23,801 | 76,215 | 68,179 | ||
Other operating expense, net | 131 | 230 | 684 | 601 | ||
Facility consolidation expenses | 614 | 1,632 | 2,264 | 2,654 | ||
Impairment of assets | 0 | 104 | 0 | [1] | 759 | |
OPERATING INCOME (LOSS) | 1,253 | 832 | 747 | (822) | ||
Interest expense | 1,203 | 991 | 3,603 | 3,161 | ||
Other (income) expense, net | 4 | (23) | 45 | (60) | ||
Gain on purchase of business | 0 | (173) | 0 | (11,110) | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 46 | 37 | (2,901) | 7,187 | ||
Income tax provision (benefit) | (38) | 45 | (1,121) | 2,884 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 84 | (8) | (1,780) | 4,303 | ||
Loss from discontinued operations, net of tax | (18) | (177) | (118) | (505) | ||
NET INCOME (LOSS) | $ 66 | $ (185) | $ (1,898) | $ 3,798 | ||
BASIC EARNINGS (LOSS) PER SHARE: | ||||||
Continuing operations | $ 0.01 | $ 0 | $ (0.11) | $ 0.29 | ||
Discontinued operations | 0 | (0.01) | (0.01) | (0.04) | ||
Net income (loss) | $ 0.01 | $ (0.01) | $ (0.12) | $ 0.25 | ||
BASIC SHARES OUTSTANDING | [2] | 15,573 | 15,394 | 15,518 | 14,040 | |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||||
Continuing operations | $ 0.01 | $ 0 | $ (0.11) | $ 0.29 | ||
Discontinued operations | 0 | (0.01) | (0.01) | (0.04) | ||
Net income (loss) | $ 0.01 | $ (0.01) | $ (0.12) | $ 0.25 | ||
DILUTED SHARES OUTSTANDING | [2],[3] | 15,666 | 15,394 | 15,518 | 14,216 | |
DIVIDENDS PER SHARE: | ||||||
Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | ||
Class B Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. | |||||
[2] | Includes Common and Class B Common shares, in thousands. | |||||
[3] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ended September 26, 2015 were 220 and 308, respectively, and for the three and nine months ending September 27, 2014 were 552 and 432, respectively. |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
NET INCOME (LOSS) | $ 66 | $ (185) | $ (1,898) | $ 3,798 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||
Unrealized gain (loss) on interest rate swaps | (1,923) | (24) | (2,466) | (2,003) | |
Income taxes | (731) | (9) | (937) | (761) | |
Unrealized gain (loss) on interest rate swaps, net | (1,192) | (15) | (1,529) | (1,242) | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 187 | 86 | 453 | 259 |
Income taxes | 71 | 32 | 172 | 99 | |
Reclassification of loss into earnings from interest rate swaps, net | 116 | 54 | 281 | 160 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2) | [2] | (9) | (10) | (28) | (30) |
Income taxes | (4) | (4) | (12) | (12) | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (5) | (6) | (16) | (18) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (2) | [2] | (22) | (22) | (66) | (66) |
Income taxes | (9) | (8) | (28) | (25) | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (13) | (14) | (38) | (41) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (1,094) | 19 | (1,302) | (1,141) | |
COMPREHENSIVE INCOME (LOSS) | $ (1,028) | $ (166) | $ (3,200) | $ 2,657 | |
[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 Condensed 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 Condensed Statement of Operations. |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income (loss) from continuing operations | $ (1,780) | $ 4,303 | |
Loss from discontinued operations | (118) | (505) | |
Net income (loss) | (1,898) | 3,798 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities, net of acquisitions: | |||
Depreciation and amortization - continuing operations | 10,954 | 9,533 | |
Depreciation and amortization - discontinued operations | 0 | 48 | |
Provision (benefit) for deferred income taxes | (1,403) | 2,681 | |
Net gain on property, plant and equipment disposals | (187) | (18) | |
Impairment of assets | 0 | [1] | 759 |
Gain on purchase of business | 0 | (11,110) | |
Stock-based compensation expense | 1,071 | 900 | |
Excess tax benefits from stock-based compensation | (287) | (367) | |
Bad debt expense | 110 | 325 | |
Changes in operating assets and liabilities: | |||
Receivables | (3,301) | (7,686) | |
Inventories | (10,649) | (2,974) | |
Other current assets | (649) | 1,627 | |
Accounts payable and accrued expenses | 9,876 | 1,902 | |
Other operating assets and liabilities | (863) | (495) | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,774 | (1,077) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment | 66 | 369 | |
Deposits on property, plant and equipment | 0 | (119) | |
Purchase of property, plant and equipment | (5,266) | (6,753) | |
Proceeds from sale of equity investment | 0 | 870 | |
Net cash paid in business acquisitions | 0 | (17,657) | |
NET CASH USED IN INVESTING ACTIVITIES | (5,200) | (23,290) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net borrowings on revolving credit facility | 1,182 | 4,331 | |
Borrowings on notes payable - buildings | 6,290 | 0 | |
Payments on notes payable - buildings | (522) | 0 | |
Payments on notes payable related to acquisitions | (1,572) | (1,513) | |
Borrowings on notes payable - equipment and other | 998 | 2,195 | |
Payments on notes payable - equipment and other | (3,370) | (2,072) | |
Payments on capital leases | (2,050) | (966) | |
Change in outstanding checks in excess of cash | 1,278 | (1,848) | |
Proceeds from equity offering, net of issuance costs | 0 | 24,559 | |
Proceeds from exercise of stock options | 274 | 145 | |
Repurchases of Common Stock | (584) | (518) | |
Excess tax benefits from stock-based compensation | 287 | 367 | |
Payments for debt issuance costs | 0 | (84) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 2,211 | 24,596 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (215) | 229 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 394 | 255 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 179 | 484 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 3,246 | 2,799 | |
Income taxes paid, net of tax refunds | 104 | 325 | |
Equipment purchased under capital leases | 87 | 8,709 | |
Equipment purchased under notes payable | 2,850 | 0 | |
Deposits utilized on purchased equipment, net | 1,857 | 0 | |
Assets acquired in acquisitions, net of cash acquired | 0 | 36,349 | |
Liabilities assumed in acquisitions | 0 | (6,397) | |
Accrued consideration for working capital adjustment in acquisitions | 0 | (298) | |
Accrued consideration for holdbacks in acquisition | 0 | (887) | |
Deposits on property, plant & equipment financed | 0 | 3,977 | |
Shortfall of tax benefits from stock-based compensation | (93) | (607) | |
Note receivable on sale of equipment | $ 93 | $ 0 | |
[1] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") for interim financial statements which do not include all the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 27, 2014. Operating results for the three and nine month periods ended September 26, 2015 are not necessarily indicative of the results that may be expected for the entire 2015 year. The Company has one reportable segment, carpet and rug manufacturing. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 26, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS 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 only if the disposal represents a strategic shift and will have a major effect on an entity's operations and financial results. The ASU is effective prospectively for interim and annual reporting periods beginning after December 15, 2014. The adoption of this ASU did not have a material effect on the Company's Consolidated Condensed Financial Statements. 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 standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date." The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Management has not yet selected a transition method and is currently evaluating the impact of the pending adoption of this ASU on the Company’s Consolidated Condensed Financial Statements. 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 Condensed Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, " Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. " The amendments in ASU 2015-03 require entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. The guidance in ASU 2015-03 (see paragraph 835-30-45-1A) does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the FASB issued ASU No. 2015-15, "Interest—Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)." The SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company does not believe the adoption of these ASUs will have a significant impact on the Consolidated Condensed Financial Statements. In April 2015, the FASB issued ASU No. 2015-05, "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software license. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer's accounting for service contracts. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Condensed Financial Statements. In July 2015, the FASB issued ASU No. 2015-11, " Inventory (Topic 330): Simplifying the Measurement of Inventory ." Topic 330, Inventory , currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company measures substantially all inventories using the LIFO method; therefore, the Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Condensed Financial Statements. In September 2015, the FASB issued ASU No. 2015-16, " Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. " The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting amounts previously reported. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. Effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Condensed Financial Statements. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: September 26, December 27, Customers, trade $ 49,279 $ 46,422 Other receivables 4,984 4,552 Gross receivables 54,263 50,974 Less allowance for doubtful accounts (455 ) (450 ) Receivables, net $ 53,808 $ 50,524 Bad debt expense was $51 and $110 for the three and nine months ended September 26, 2015, respectively, and $179 and $325 for the three and nine months ended September 27, 2014, respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are summarized as follows: September 26, December 27, Raw materials $ 40,983 $ 40,649 Work-in-process 23,346 19,976 Finished goods 61,488 57,913 Supplies and other 236 126 LIFO reserve (11,197 ) (14,457 ) Inventories $ 114,856 $ 104,207 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: September 26, December 27, Land and improvements $ 7,385 $ 7,327 Buildings and improvements 62,504 61,557 Machinery and equipment 175,328 171,586 245,217 240,470 Accumulated depreciation (143,148 ) (137,981 ) Property, plant and equipment, net $ 102,069 $ 102,489 Depreciation of property, plant and equipment, including amounts for capital leases, totaled $3,503 and $10,508 , respectively, in the three and nine months ended September 26, 2015 and $2,921 and $8,604 , respectively, in the three and nine months ended September 27, 2014. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 26, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS On March 19, 2014, the Company acquired all outstanding stock of Atlas Carpet Mills, Inc. ("Atlas") for total purchase price consideration of $18,759 . The fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase of $10,937 for the nine months ended September 27, 2014. Net sales related to Atlas included in the Company’s Consolidated Condensed Statement of Operations for the three months ended September 26, 2015 and September 27, 2014 were $12,415 and $12,079 , respectively, and were $32,395 and $25,927 for the nine months ended September 26, 2015 and September 27, 2014, respectively. On 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 . The fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase of $173 for the three and nine months ended September 27, 2014. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill is $3,389 as of September 26, 2015 and December 27, 2014. The Company has a net carrying amount of $3,148 and $3,378 as of September 26, 2015 and December 27, 2014 for certain intangible assets subject to amortization. Amortization expense was $76 and $229 for the three and nine months ended September 26, 2015, respectively, and $105 and $255 for the three and nine months ended September 27, 2014, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: September 26, December 27, Compensation and benefits $ 9,407 $ 8,894 Provision for customer rebates, claims and allowances 9,196 7,960 Advanced customer deposits 5,362 3,501 Outstanding checks in excess of cash 2,468 1,190 Other 8,284 7,762 Accrued expenses $ 34,717 $ 29,307 |
Product Warranty Reserves
Product Warranty Reserves | 9 Months Ended |
Sep. 26, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | PRODUCT WARRANTY RESERVES The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity. Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Product warranty reserve at beginning of period $ 2,115 $ 2,210 $ 2,214 $ 1,850 Warranty reserve assumed in business combination — — — 209 Warranty liabilities accrued 1,430 1,180 4,707 3,372 Warranty liabilities settled (1,880 ) (1,266 ) (6,682 ) (3,715 ) Changes for pre-existing warranty liabilities 616 204 2,042 612 Product warranty reserve at end of period $ 2,281 $ 2,328 $ 2,281 $ 2,328 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: September 26, December 27, Revolving credit facility - Tranche A $ 84,080 $ 82,897 Notes payable - buildings 14,063 8,295 Acquisition note payable - Obligation to Development Authority of Gordon County 2,595 3,413 Acquisition note payable - Robertex 2,308 3,062 Notes payable - equipment and other 15,101 14,623 Capital lease obligations 13,034 14,998 Total long-term debt 131,181 127,288 Less: current portion of long-term debt (9,337 ) (9,078 ) Long-term debt $ 121,844 $ 118,210 Revolving Credit Facility The revolving portion of the credit 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. The term of the revolving credit facility matures on March 14, 2019. The revolving 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 revolving 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 revolving 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 revolving credit facility includes certain affirmative and negative covenants that impose restrictions on the Company's financial and business operations. The revolving credit facility requires the Company to maintain a fixed charge coverage ratio of 1.1 to 1.0 during any period that borrowing availability is less than $16,500 . As of September 26, 2015, the unused borrowing availability under the revolving credit facility was $36,362 . As of September 26, 2015, the Company's fixed charge coverage ratio was less than 1.1 to 1.0, accordingly, the unused availability accessible by the Company is the amount above $16,500 . Notes Payable - Buildings 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% . 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 notional amount effective January 7, 2017 which effectively fixes the interest rate at 4.30% . Acquisition Note Payable - Obligation to Development Authority of Gordon County On November 2, 2012, the Company signed a 6.00% seller-financed note of $5,500 with Lineage PCR, Inc. ( “ Lineage ” ) related to the acquisition of the continuous carpet dyeing facility in Calhoun, Georgia. Effective December 28, 2012, through a series of agreements between the Company, the Development Authority of Gordon County, Georgia (the “ Authority ” ) and Lineage, obligations with identical payment terms as the original note to Lineage became payment obligations to the Authority. These transactions were consummated in order to provide a tax abatement to the Company related to the real estate and equipment at this facility. The tax abatement plan provides for abatement for certain components of the real and personal property taxes for up to ten years. At any time, the Company has the option to pay off the obligation, plus a nominal amount. The debt to the Authority bears interest at 6.00% and is payable in equal monthly installments of principal and interest of $106 over 57 months. Acquisition Note Payable - Robertex 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. Notes Payable - Equipment The Company's equipment financing notes have terms ranging from three to seven years, bear interest ranging from 1.00% to 6.86% and are due in monthly or quarterly installments through their maturity dates. In connection with certain of the notes, the Company is required to maintain funds in a separate escrow account. At September 26, 2015 and December 27, 2014, the balances held were $0 and $574 , respectively, and are included in other current assets on the Company’s Consolidated Condensed Balance Sheets. The Company's equipment financing notes are secured by the specific equipment financed and do not contain any financial covenants. Capital Lease Obligations The Company's capital lease obligations have terms ranging from three to seven years, bear interest ranging from 2.90% to 7.37% and are due in monthly or quarterly installments through their maturity dates. The Company's capital lease obligations are secured by the specific equipment leased. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 26, 2015 and December 27, 2014: September 26, December 27, Fair Value Hierarchy Level Assets: Rabbi Trust (1) $ 14,404 $ 15,316 Level 2 Interest rate swaps (2) — 34 Level 2 Liabilities: Interest rate swaps (2) $ 5,072 $ 3,040 Level 2 Deferred compensation plan (3) 13,412 14,331 Level 2 Contingent consideration (4) 1,093 1,855 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 nine months ending September 26, 2015 and September 27, 2014 were as follows: September 26, September 27, Beginning balance $ 1,855 $ 2,751 Fair value adjustments (387 ) (264 ) Settlements (375 ) (214 ) Ending balance $ 1,093 $ 2,273 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and nine months ending September 26, 2015 or September 27, 2014. 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: September 26, December 27, Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 179 $ 179 $ 394 $ 394 Notes receivable, including current portion 282 282 282 282 Interest rate swaps — — 34 34 Financial Liabilities: Long-term debt and capital leases, including current portion 131,181 128,304 127,288 119,776 Interest rate swaps 5,072 5,072 3,040 3,040 The fair values of the Company's long-term debt and capital leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 26, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. The following is a summary of the Company's interest rate swaps as of September 26, 2015: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 10,000 October 3, 2011 through September 1, 2016 1.330% 1 Month LIBOR Interest rate swap $ 10,000 March 1, 2013 through September 1, 2016 1.620% 1 Month LIBOR Interest rate swap $ 5,000 June 1, 2013 through September 1, 2016 1.700% 1 Month LIBOR Interest rate swap $ 25,000 September 1, 2016 through September 1, 2021 3.105% 1 Month LIBOR Interest rate swap $ 25,000 September 1, 2015 through September 1, 2021 3.304% 1 Month LIBOR Interest rate swap $ 7,983 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,661 (2) January 7, 2017 through January 7, 2025 4.300% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. (2) Interest rate swap notional amount amortizes by $26 monthly to maturity. The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: Location on Consolidated Balance Sheets Fair Value September 26, December 27, Asset Derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other Assets $ — $ 34 Total Asset Derivatives $ — $ 34 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,200 $ 650 Interest rate swaps, long-term portion Other Long-Term Liabilities 3,872 2,390 Total Liability Derivatives $ 5,072 $ 3,040 The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,923 ) $ (24 ) $ (2,466 ) $ (2,003 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2)(3) Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (187 ) $ (86 ) $ (453 ) $ (259 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 26, 2015 is $1,200 . (3) The amount of gain (loss) recognized in income on any ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. There was no ineffective portion for the periods presented. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 26, 2015 | |
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 85% 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 $223 and $(95) for the three months ended September 26, 2015 and September 27, 2014, respectively, and $683 and $272 for the nine months ended September 26, 2015 and September 27, 2014, respectively. The reduction in the matching contribution expense for the three months ended September 27, 2014 was a result of a reduction in the Company match due to lower earnings levels. 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 15% 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 $17 and $20 for the three months ended September 26, 2015 and September 27, 2014, respectively, and $62 and $65 for the nine months ended September 26, 2015 and September 27, 2014, respectively. Non-Qualified Retirement Savings Plan The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $13,412 at September 26, 2015 and $14,331 at December 27, 2014 and are included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $14,404 at September 26, 2015 and $15,316 at December 27, 2014 and is included in other assets in the Company's Consolidated Condensed Balance Sheets. Multi-Employer Pension Plan The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. Expenses related to the multi-employer pension plan were $66 and $69 for the three months ended September 26, 2015 and September 27, 2014, respectively, and $197 and $210 for the nine months ended September 26, 2015 and September 27, 2014, respectively. 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. The net periodic benefit cost (credit) for all postretirement plans is insignificant. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company's effective income tax rate for the period ending September 26, 2015 is based upon the projected estimated annual income tax rate. The effective income tax rate for the nine months ending September 26, 2015 was 38.6% compared with an effective income tax rate of 40.1% for the nine months ending September 27, 2014. The nine months ending September 27, 2014 included the recognition of approximately $117 of tax expense related to certain market-based stock awards that were not earned. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $339 and $400 at September 26, 2015 and December 27, 2014, respectively. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of September 26, 2015 and December 27, 2014. 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. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Earnings (Loss) Per Share The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Basic earnings (loss) per share: Income (loss) from continuing operations $ 84 $ (8 ) $ (1,780 ) $ 4,303 Less: Allocation of earnings to participating securities (2 ) — — (197 ) Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,106 Basic weighted-average shares outstanding (1) 15,573 15,394 15,518 14,040 Basic earnings (loss) per share - continuing operations $ 0.01 $ (0.00 ) $ (0.11 ) $ 0.29 Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,106 Add: Undistributed earnings reallocated to unvested shareholders — — — 3 Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,109 Basic weighted-average shares outstanding (1) 15,573 15,394 15,518 14,040 Effect of dilutive securities: Stock options (2) 37 — — 111 Directors' stock performance units (2) 56 — — 65 Diluted weighted-average shares outstanding (1)(2) 15,666 15,394 15,518 14,216 Diluted earnings (loss) per share - continuing operations $ 0.01 $ (0.00 ) $ (0.11 ) $ 0.29 (1) Includes Common and Class B Common shares, in thousands. (2) Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ended September 26, 2015 were 220 and 308 , respectively, and for the three and nine months ending September 27, 2014 were 552 and 432 , respectively. |
Stock Compensation Expense
Stock Compensation Expense | 9 Months Ended |
Sep. 26, 2015 | |
Share-based Compensation [Abstract] | |
Stock Compensation Expense | STOCK COMPENSATION EXPENSE The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Condensed Financial Statements. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. The Company's stock compensation expense was $346 and $1,071 for the three and nine months ended September 26, 2015, respectively, and $289 and $900 for the three and nine months ended September 27, 2014, respectively. On August 1, 2015, the Company granted 10,000 shares of restricted stock to an employee. The grant-date fair value of the award was $100 , or $9.980 per share and will be recognized as stock compensation over a 3 year vesting period from the date the award was granted. The 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. On April 29, 2015, the Company granted 100,000 shares of restricted stock to the Company's Chief Executive Officer. The grant-date fair value of the award was $982 , or $9.815 per share and will be recognized as stock compensation expense over a 4 year vesting period from the date the award was granted. Vesting of the award is subject to both a service condition and performance 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. On March 12, 2015, the Company issued 114,625 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $1,021 , or $8.910 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 7.4 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 26, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Components of accumulated other comprehensive income (loss), net of tax, are as follows: Interest Rate Swaps Post-Retirement Liabilities Total Balance at December 27, 2014 (1,841 ) 328 (1,513 ) Unrealized gain (loss) on interest rate swaps, net of tax of $937 (1,529 ) — (1,529 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $172 281 — 281 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 — (16 ) (16 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $28 — (38 ) (38 ) Balance at September 26, 2015 $ (3,089 ) $ 274 $ (2,815 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments On April 1, 2015, the Company entered into a 15-year lease agreement to lease office space in Dalton, Georgia. The lease began on September 11, 2015. Base annual rent is initially set at approximately $28 per month. Total base rent payable over the lease period is approximately $5,028 . 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) |
Other (Income) Expense
Other (Income) Expense | 9 Months Ended |
Sep. 26, 2015 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense | OTHER (INCOME) EXPENSE Other operating (income) expense, net is summarized as follows: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Other operating (income) expense, net: Gain on property, plant and equipment disposals $ (79 ) $ (15 ) $ (187 ) $ (18 ) Loss on currency exchanges 85 116 530 342 Amortization of intangibles 76 105 229 255 Retirement expenses 83 48 173 94 Miscellaneous (income) expense (34 ) (24 ) (61 ) (72 ) Other operating (income) expense, net $ 131 $ 230 $ 684 $ 601 Other expense, net is summarized as follows: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Other (income) expense, net: Earnings from equity investments $ — $ (24 ) $ 14 $ (67 ) Miscellaneous (income) expense 4 1 31 7 Other (income) expense, net $ 4 $ (23 ) $ 45 $ (60 ) |
Facility Consolidation Expenses
Facility Consolidation Expenses | 9 Months Ended |
Sep. 26, 2015 | |
Restructuring and Related Activities [Abstract] | |
Facility Consolidation Expenses | FACILITY CONSOLIDATION EXPENSES 2014 Warehousing, Distribution & Manufacturing Consolidation Plan 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 acquisition of a facility to serve as a finished goods warehouse and a cut-order and distribution center in Adairsville, Georgia. Costs related to the consolidation include moving and relocation expenses, information technology expenses and expenses relating to conversion and realignment of equipment. In addition, this plan includes 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 were moved to the Company's continuous dyeing facility, skein dyeing operation and other outside dyeing processors. These costs should be completed in the first half of fiscal 2016. 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. 2015 Corporate Office Consolidation Plan In April 2015, the Company's Board of Directors approved the Corporate Office Consolidation Plan, to cover the costs of consolidating three of the Company's existing divisional and corporate offices to a single facility located in Dalton, Georgia. This plan was implemented in September 2015 and should be completed in the fourth quarter of 2015 and is estimated to cost $716 . Costs related to the consolidation include lease cancellation and moving costs. Costs related to the facility consolidation plans are summarized as follows: As of September 26, 2015 Accrued Balance at December 27, 2014 2015 Expenses To Date 2015 Cash Payments Accrued Balance at September 26, 2015 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,786 $ (1,786 ) $ — $ 5,832 $ 6,574 Atlas Integration Plan — 202 (202 ) — 1,670 1,670 Corporate Office Consolidation Plan — 276 (82 ) 194 276 716 Totals $ — $ 2,264 (1) $ (2,070 ) $ 194 $ 7,778 (1) $ 8,960 Asset impairments $ — (2) $ 1,133 (2) $ 1,133 (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. (2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 26, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS The Company has previously either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. Discontinued operations are summarized as follows: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Net sales - Carousel operations $ — $ 353 $ 417 $ 829 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ (12 ) $ (304 ) $ (89 ) $ (680 ) Workers' compensation costs from former textile operations $ (12 ) $ (8 ) $ (48 ) $ (54 ) Environmental remediation costs from former textile operations (13 ) (25 ) (56 ) (106 ) Loss from discontinued operations, before taxes (37 ) (337 ) (193 ) (840 ) Income tax benefit (19 ) (160 ) (75 ) (335 ) Loss from discontinued operations, net of tax $ (18 ) $ (177 ) $ (118 ) $ (505 ) 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. Operating results associated with Carousel have been classified as discontinued operations for all periods presented. Undiscounted reserves are maintained for the self-insured workers' compensation obligations related to the Company's former textile operations. 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 for medical costs associated with the Company's obligations. Reserves for environmental remediation obligations are established on an undiscounted basis for the Company's former textile operations. The Company has an accrual for environmental remediation obligations of $1,604 and $1,637 as of September 26, 2015 and December 27, 2014, 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 | 9 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company purchases 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 holds approximately 8.4% of the Company's Common Stock, which represents approximately 3.9% 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 during the three and nine months ended September 26, 2015 were approximately $2,396 and $6,889 , respectively; or approximately 2.9% and 2.9% , respectively, of the Company's cost of goods sold. Total purchases from Engineered Floors during the three and nine months ended September 27, 2014 were approximately $2,666 and $8,792 , respectively; or approximately 3.2% and 3.8% , respectively, of the Company's cost of goods sold. 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. The Company is a party to a 5-year lease with the seller of Atlas Carpet Mills, Inc. to lease three manufacturing facilities as part of the acquisition in 2014. The lessor is controlled by an associate of the Company. Rent paid to the lessor during the three and nine months ended September 26, 2015 was $114 and $343 , respectively. Rent paid to the lessor during the three and nine months ended September 27, 2014 was $114 and $229 , respectively. The lease was based on current market values for similar facilities. The Company is a party to a 10-year lease with the Rothman Family Partnership to lease a manufacturing facility as part of the Robertex acquisition in 2013. The lessor is controlled by an associate of the Company. Rent paid to the lessor during the three and nine months ended September 26, 2015 was $66 and $196 , respectively. Rent paid to the lessor for the three and nine months ended September 27, 2014 was $65 and $192 , respectively. The lease was based on current market values for similar facilities. In addition, the Company has a note payable to Robert P. Rothman related to the acquisition of Robertex Inc. (See Note 10). |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: September 26, December 27, Customers, trade $ 49,279 $ 46,422 Other receivables 4,984 4,552 Gross receivables 54,263 50,974 Less allowance for doubtful accounts (455 ) (450 ) Receivables, net $ 53,808 $ 50,524 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: September 26, December 27, Raw materials $ 40,983 $ 40,649 Work-in-process 23,346 19,976 Finished goods 61,488 57,913 Supplies and other 236 126 LIFO reserve (11,197 ) (14,457 ) Inventories $ 114,856 $ 104,207 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: September 26, December 27, Land and improvements $ 7,385 $ 7,327 Buildings and improvements 62,504 61,557 Machinery and equipment 175,328 171,586 245,217 240,470 Accumulated depreciation (143,148 ) (137,981 ) Property, plant and equipment, net $ 102,069 $ 102,489 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: September 26, December 27, Compensation and benefits $ 9,407 $ 8,894 Provision for customer rebates, claims and allowances 9,196 7,960 Advanced customer deposits 5,362 3,501 Outstanding checks in excess of cash 2,468 1,190 Other 8,284 7,762 Accrued expenses $ 34,717 $ 29,307 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following is a summary of the Company's product warranty activity. Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Product warranty reserve at beginning of period $ 2,115 $ 2,210 $ 2,214 $ 1,850 Warranty reserve assumed in business combination — — — 209 Warranty liabilities accrued 1,430 1,180 4,707 3,372 Warranty liabilities settled (1,880 ) (1,266 ) (6,682 ) (3,715 ) Changes for pre-existing warranty liabilities 616 204 2,042 612 Product warranty reserve at end of period $ 2,281 $ 2,328 $ 2,281 $ 2,328 |
Long-Term Debt and Credit Arr34
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: September 26, December 27, Revolving credit facility - Tranche A $ 84,080 $ 82,897 Notes payable - buildings 14,063 8,295 Acquisition note payable - Obligation to Development Authority of Gordon County 2,595 3,413 Acquisition note payable - Robertex 2,308 3,062 Notes payable - equipment and other 15,101 14,623 Capital lease obligations 13,034 14,998 Total long-term debt 131,181 127,288 Less: current portion of long-term debt (9,337 ) (9,078 ) Long-term debt $ 121,844 $ 118,210 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 26, 2015 and December 27, 2014: September 26, December 27, Fair Value Hierarchy Level Assets: Rabbi Trust (1) $ 14,404 $ 15,316 Level 2 Interest rate swaps (2) — 34 Level 2 Liabilities: Interest rate swaps (2) $ 5,072 $ 3,040 Level 2 Deferred compensation plan (3) 13,412 14,331 Level 2 Contingent consideration (4) 1,093 1,855 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 nine months ending September 26, 2015 and September 27, 2014 were as follows: September 26, September 27, Beginning balance $ 1,855 $ 2,751 Fair value adjustments (387 ) (264 ) Settlements (375 ) (214 ) Ending balance $ 1,093 $ 2,273 |
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: September 26, December 27, Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 179 $ 179 $ 394 $ 394 Notes receivable, including current portion 282 282 282 282 Interest rate swaps — — 34 34 Financial Liabilities: Long-term debt and capital leases, including current portion 131,181 128,304 127,288 119,776 Interest rate swaps 5,072 5,072 3,040 3,040 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the Company's interest rate swaps as of September 26, 2015: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 10,000 October 3, 2011 through September 1, 2016 1.330% 1 Month LIBOR Interest rate swap $ 10,000 March 1, 2013 through September 1, 2016 1.620% 1 Month LIBOR Interest rate swap $ 5,000 June 1, 2013 through September 1, 2016 1.700% 1 Month LIBOR Interest rate swap $ 25,000 September 1, 2016 through September 1, 2021 3.105% 1 Month LIBOR Interest rate swap $ 25,000 September 1, 2015 through September 1, 2021 3.304% 1 Month LIBOR Interest rate swap $ 7,983 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,661 (2) January 7, 2017 through January 7, 2025 4.300% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. (2) Interest rate swap notional amount amortizes by $26 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 Condensed Balance Sheets: Location on Consolidated Balance Sheets Fair Value September 26, December 27, Asset Derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other Assets $ — $ 34 Total Asset Derivatives $ — $ 34 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,200 $ 650 Interest rate swaps, long-term portion Other Long-Term Liabilities 3,872 2,390 Total Liability Derivatives $ 5,072 $ 3,040 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,923 ) $ (24 ) $ (2,466 ) $ (2,003 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2)(3) Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (187 ) $ (86 ) $ (453 ) $ (259 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 26, 2015 is $1,200 . (3) The amount of gain (loss) recognized in income on any ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. There was no ineffective portion for the periods presented. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Basic earnings (loss) per share: Income (loss) from continuing operations $ 84 $ (8 ) $ (1,780 ) $ 4,303 Less: Allocation of earnings to participating securities (2 ) — — (197 ) Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,106 Basic weighted-average shares outstanding (1) 15,573 15,394 15,518 14,040 Basic earnings (loss) per share - continuing operations $ 0.01 $ (0.00 ) $ (0.11 ) $ 0.29 Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,106 Add: Undistributed earnings reallocated to unvested shareholders — — — 3 Income (loss) from continuing operations available to common shareholders - basic $ 82 $ (8 ) $ (1,780 ) $ 4,109 Basic weighted-average shares outstanding (1) 15,573 15,394 15,518 14,040 Effect of dilutive securities: Stock options (2) 37 — — 111 Directors' stock performance units (2) 56 — — 65 Diluted weighted-average shares outstanding (1)(2) 15,666 15,394 15,518 14,216 Diluted earnings (loss) per share - continuing operations $ 0.01 $ (0.00 ) $ (0.11 ) $ 0.29 (1) Includes Common and Class B Common shares, in thousands. (2) Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ended September 26, 2015 were 220 and 308 , respectively, and for the three and nine months ending September 27, 2014 were 552 and 432 , respectively. |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
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 27, 2014 (1,841 ) 328 (1,513 ) Unrealized gain (loss) on interest rate swaps, net of tax of $937 (1,529 ) — (1,529 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $172 281 — 281 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 — (16 ) (16 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $28 — (38 ) (38 ) Balance at September 26, 2015 $ (3,089 ) $ 274 $ (2,815 ) |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other operating (income) expense, net is summarized as follows: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Other operating (income) expense, net: Gain on property, plant and equipment disposals $ (79 ) $ (15 ) $ (187 ) $ (18 ) Loss on currency exchanges 85 116 530 342 Amortization of intangibles 76 105 229 255 Retirement expenses 83 48 173 94 Miscellaneous (income) expense (34 ) (24 ) (61 ) (72 ) Other operating (income) expense, net $ 131 $ 230 $ 684 $ 601 |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other expense, net is summarized as follows: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Other (income) expense, net: Earnings from equity investments $ — $ (24 ) $ 14 $ (67 ) Miscellaneous (income) expense 4 1 31 7 Other (income) expense, net $ 4 $ (23 ) $ 45 $ (60 ) |
Facility Consolidation Expens40
Facility Consolidation Expenses (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Costs related to the facility consolidation plans are summarized as follows: As of September 26, 2015 Accrued Balance at December 27, 2014 2015 Expenses To Date 2015 Cash Payments Accrued Balance at September 26, 2015 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,786 $ (1,786 ) $ — $ 5,832 $ 6,574 Atlas Integration Plan — 202 (202 ) — 1,670 1,670 Corporate Office Consolidation Plan — 276 (82 ) 194 276 716 Totals $ — $ 2,264 (1) $ (2,070 ) $ 194 $ 7,778 (1) $ 8,960 Asset impairments $ — (2) $ 1,133 (2) $ 1,133 (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. (2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
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: Three Months Ended Nine Months Ended September 26, September 27, September 26, September 27, Net sales - Carousel operations $ — $ 353 $ 417 $ 829 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ (12 ) $ (304 ) $ (89 ) $ (680 ) Workers' compensation costs from former textile operations $ (12 ) $ (8 ) $ (48 ) $ (54 ) Environmental remediation costs from former textile operations (13 ) (25 ) (56 ) (106 ) Loss from discontinued operations, before taxes (37 ) (337 ) (193 ) (840 ) Income tax benefit (19 ) (160 ) (75 ) (335 ) Loss from discontinued operations, net of tax $ (18 ) $ (177 ) $ (118 ) $ (505 ) |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customers, trade | $ 49,279 | $ 49,279 | $ 46,422 | ||
Other receivables | 4,984 | 4,984 | 4,552 | ||
Gross receivables | 54,263 | 54,263 | 50,974 | ||
Less allowance for doubtful accounts | (455) | (455) | (450) | ||
Receivables, net | 53,808 | 53,808 | $ 50,524 | ||
Allowance for doubtful accounts [Abstract] | |||||
Bad debt expense | $ 51 | $ 179 | $ 110 | $ 325 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 40,983 | $ 40,649 |
Work-in-process | 23,346 | 19,976 |
Finished goods | 61,488 | 57,913 |
Supplies and other | 236 | 126 |
LIFO reserve | (11,197) | (14,457) |
Inventories | $ 114,856 | $ 104,207 |
Property, Plant and Equipment44
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Land and improvements | $ 7,385 | $ 7,385 | $ 7,327 | ||
Buildings and improvements | 62,504 | 62,504 | 61,557 | ||
Machinery and equipment | 175,328 | 175,328 | 171,586 | ||
Property, plant and equipment, gross | 245,217 | 245,217 | 240,470 | ||
Accumulated depreciation | (143,148) | (143,148) | (137,981) | ||
Property, plant and equipment, net | 102,069 | 102,069 | $ 102,489 | ||
Depreciation | $ 3,503 | $ 2,921 | $ 10,508 | $ 8,604 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Business Acquisition [Line Items] | ||||
Gain on purchase of business | $ 0 | $ (173) | $ 0 | $ (11,110) |
Atlas Carpet Mills [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price consideration | 18,759 | |||
Gain on purchase of business | 10,937 | |||
Revenue of Atlas since acquisition date | $ 12,415 | 12,079 | $ 32,395 | 25,927 |
Burtco Enterprises, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price consideration | 2,549 | |||
Gain on purchase of business | $ 173 | $ 173 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 3,389 | $ 3,389 | $ 3,389 | ||
Finite-Lived Intangible Assets, Net | 3,148 | 3,148 | $ 3,378 | ||
Amortization of intangibles | $ 76 | $ 105 | $ 229 | $ 255 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 9,407 | $ 8,894 |
Provision for customer rebates, claims and allowances | 9,196 | 7,960 |
Advanced customer deposits | 5,362 | 3,501 |
Outstanding checks in excess of cash | 2,468 | 1,190 |
Other | 8,284 | 7,762 |
Accrued expenses | $ 34,717 | $ 29,307 |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty reserve at beginning of period | $ 2,115 | $ 2,210 | $ 2,214 | $ 1,850 |
Warranty reserve assumed in business combination | 0 | 0 | 0 | 209 |
Warranty liabilities accrued | 1,430 | 1,180 | 4,707 | 3,372 |
Warranty liabilities settled | (1,880) | (1,266) | (6,682) | (3,715) |
Changes for pre-existing warranty liabilities | 616 | 204 | 2,042 | 612 |
Product warranty reserve at end of period | $ 2,281 | $ 2,328 | $ 2,281 | $ 2,328 |
Long-Term Debt and Credit Arr49
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Revolving credit facility - Tranche A | $ 84,080 | $ 82,897 |
Notes payable - buildings | 14,063 | 8,295 |
Acquisition note payable - Obligation to Development Authority of Gordon County | 2,595 | 3,413 |
Acquisition note payable - Robertex | 2,308 | 3,062 |
Notes payable - equipment and other | 15,101 | 14,623 |
Capital lease obligations | 13,034 | 14,998 |
Total long-term debt | 131,181 | 127,288 |
Less: current portion of long-term debt | (9,337) | (9,078) |
Long-term debt | $ 121,844 | $ 118,210 |
Long-Term Debt and Credit Arr50
Long-Term Debt and Credit Arrangements (Amended Revolving Credit Facility) (Details) - Amended Revolving Credit Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 26, 2015USD ($)Rate | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | $ | $ 150,000 |
Commitment Fee Percentage | 0.375% |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | $ | $ 16,500 |
Remaining Borrowing Capacity | $ | $ 36,362 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Fixed Charge Coverage Ratio | 1.1 |
Alternative [Member] | Minimum [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.50% |
Alternative [Member] | Midpoint [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.75% |
Alternative [Member] | Maximum [Member] | Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 2.00% |
Alternative B [Member] | Federal Funds [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.50% |
Alternative B [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.00% |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.50% |
Alternative B [Member] | Midpoint [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 0.75% |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | |
Line of Credit Facility [Line Items] | |
Basis Spread on Variable Rate | 1.00% |
Long-Term Debt and Credit Arr51
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 26, 2015 | Jan. 07, 2017 | Jan. 23, 2015 | Dec. 27, 2014 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | |||||
Notes payable - buildings | $ 14,063 | $ 8,295 | |||
Building - Adairsville [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable - buildings | $ 8,330 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||
Debt Instrument, Periodic Payment, Principal | 35 | ||||
Final Payment on Debt Instument | $ 4,165 | ||||
Fixed Interest Rate | 4.50% | ||||
Building - Saraland [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable - buildings | $ 6,290 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||
Debt Instrument, Periodic Payment, Principal | $ 26 | ||||
Final Payment on Debt Instument | $ 3,145 | ||||
Fixed Interest Rate | 4.30% |
Long-Term Debt and Credit Arr52
Long-Term Debt and Credit Arrangements (Obligation to Development Authority of Gordon County) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 26, 2015USD ($)mo | Dec. 27, 2014USD ($) | Nov. 02, 2012USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Obligation to Development Authority of Gordon County | $ 2,595 | $ 3,413 | |
Note payable, Development Authority [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.00% | ||
Acquisition note payable - 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) | mo | 57 |
Long-Term Debt and Credit Arr53
Long-Term Debt and Credit Arrangements (Note Payable - Robertex Acquisition) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 26, 2015USD ($)yr | Dec. 27, 2014USD ($) | Jul. 01, 2013USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Robertex | $ 2,308 | $ 3,062 | |
Note Payable - Robertex Acquisition [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.50% | ||
Acquisition note payable - Robertex | $ 3,749 | $ 4,000 | |
Term of Note Payable | yr | 5 | ||
Debt Instrument, Annual Principal Payment | $ 800 |
Long-Term Debt and Credit Arr54
Long-Term Debt and Credit Arrangements (Equipment Notes Payable) (Details) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015USD ($)yrRate | Dec. 27, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Escrow Deposit | $ | $ 0 | $ 574 |
Minimum [Member] | Equipment Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 1.00% | |
Term of Note Payable | 3 | |
Maximum [Member] | Equipment Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.86% | |
Term of Note Payable | 7 |
Long-Term Debt and Credit Arr55
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) - Capital Lease Obligations [Member] | 9 Months Ended |
Sep. 26, 2015yrRate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 2.90% |
Term of Capital Lease Obligation (in months) | 3 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 7.37% |
Term of Capital Lease Obligation (in months) | 7 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Rabbi trust | [1] | $ 14,404 | $ 15,316 |
Interest rate swaps | [2] | 0 | 34 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps | [2] | 5,072 | 3,040 |
Deferred compensation plan | [3] | 13,412 | 14,331 |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Contingent consideration | [4] | $ 1,093 | $ 1,855 |
[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 (Fair57
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,855 | $ 2,751 |
Fair value adjustments | (387) | (264) |
Settlements | (375) | (214) |
Ending balance | $ 1,093 | $ 2,273 |
Fair Value Measurements (Fair58
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 179 | $ 394 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 34 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 131,181 | 127,288 |
Interest rate swaps | 5,072 | 3,040 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 179 | 394 |
Notes receivable, including current portion | 282 | 282 |
Interest rate swaps | 0 | 34 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 128,304 | 119,776 |
Interest rate swaps | $ 5,072 | $ 3,040 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - Interest Rate Swap [Member] $ in Thousands | Sep. 26, 2015USD ($)Rate | |
Effective October 3, 2011 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Interest Rate | Rate | 1.33% | |
Effective March 1, 2013 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Interest Rate | Rate | 1.62% | |
Effective June 1, 2013 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Interest Rate | Rate | 1.70% | |
Effective September 1, 2016 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Fixed Interest Rate | Rate | 3.105% | |
Effective September 1, 2015 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Fixed Interest Rate | Rate | 3.304% | |
Effective November 7, 2014 through November 7, 2024 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,983 | [1] |
Fixed Interest Rate | Rate | 4.50% | |
Derivative, Amortizing Notional Amount | $ 35 | |
Effective January 7, 2017 through January 7, 2025 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,661 | [2] |
Fixed Interest Rate | Rate | 4.30% | |
Derivative, Amortizing Notional Amount | $ 26 | |
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. | |
[2] | Interest rate swap notional amount amortizes by $26 monthly to maturity. |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 0 | $ 34 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 5,072 | 3,040 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Net [Abstract] | ||
Interest rate swaps | 0 | 34 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 1,200 | 650 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 3,872 | $ 2,390 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the interest rate swap | $ (1,923) | $ (24) | $ (2,466) | $ (2,003) | |
Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income | [1],[2],[3] | (187) | (86) | (453) | (259) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,200 | 1,200 | |||
Other Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on interest rate swaps | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | ||||
[2] | The amount of gain (loss) recognized in income on any ineffective portion of interest rate swaps is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. | ||||
[3] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 26, 2015 is $1,200. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Non-Collective-Bargaining Plan [Member] | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of Employees Covered | 85.00% | |||
Employer Matching Contribution, Percentage | 1.00% | |||
Employer Matching Contribution, Discretionary Percentage | 2.00% | |||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | |||
Cost Recognized | $ 223 | $ (95) | $ 683 | $ 272 |
Collective-Bargaining Plan [Member] | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of Employees Covered | 15.00% | |||
Maximum Annual Contribution Per Employee, Percentage | 2.75% | |||
Cost Recognized | $ 17 | $ 20 | $ 62 | $ 65 |
Employee Benefit Plans (Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Liability to Participants | $ 13,412 | $ 14,331 |
Cash Surrender Value of Life Insurance | $ 14,404 | $ 15,316 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Multiemployer Plans [Line Items] | ||||
Contributions | $ 66 | $ 69 | $ 197 | $ 210 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation, Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 38.60% | 40.10% |
Tax on Non-Vested Market-Based Stock Awards | $ 117 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 339 | $ 400 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 |
Earnings (Loss) Per Share (Earn
Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Basic earnings (loss) per share: | |||||
Income (loss) from continuing operations | $ 84 | $ (8) | $ (1,780) | $ 4,303 | |
Less: Allocation of earnings to participating securities | (2) | 0 | 0 | (197) | |
Income (loss) from continuing operations available to common shareholders - basic | $ 82 | $ (8) | $ (1,780) | $ 4,106 | |
Basic weighted-average shares outstanding (1) | [1] | 15,573 | 15,394 | 15,518 | 14,040 |
Basic earnings (loss) per share - continuing operations | $ 0.01 | $ 0 | $ (0.11) | $ 0.29 | |
Diluted earnings (loss) per share: | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ 82 | $ (8) | $ (1,780) | $ 4,106 | |
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 0 | 0 | 3 | |
Income (loss) from continuing operations available to common shareholders - basic | $ 82 | $ (8) | $ (1,780) | $ 4,109 | |
Effect of dilutive securities: | |||||
Stock options (2) | [2] | 37 | 0 | 0 | 111 |
Directors' stock performance units (2) | [2] | 56 | 0 | 0 | 65 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,666 | 15,394 | 15,518 | 14,216 |
Diluted earnings (loss) per share - continuing operations | $ 0.01 | $ 0 | $ (0.11) | $ 0.29 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 220 | 552 | 308 | 432 | |
[1] | Includes Common and Class B Common shares, in thousands. | ||||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded for the three and nine months ended September 26, 2015 were 220 and 308, respectively, and for the three and nine months ending September 27, 2014 were 552 and 432, respectively. |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Aug. 01, 2015 | Apr. 29, 2015 | Mar. 12, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 346 | $ 289 | $ 1,071 | $ 900 | |||
Restricted Stock Granted in Period | 10,000 | 100,000 | 114,625 | ||||
Grant Date Fair Value of Restricted Stock | $ 100 | $ 982 | $ 1,021 | ||||
Weighted Average Grant Date Fair Value of Resticted Stock | $ 9.980 | $ 9.815 | $ 8.910 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Weighted-Average Period for Recognition | 7 years 5 months |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | $ (1,513) | |||
Unrealized gain (loss) on interest rate swaps, net | $ (1,192) | $ (15) | (1,529) | $ (1,242) |
Reclassification of loss into earnings from interest rate swaps, net | 116 | 54 | 281 | 160 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (5) | (6) | (16) | (18) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (13) | $ (14) | (38) | $ (41) |
Accumulated other comprehensive income (loss) - total | (2,815) | (2,815) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | (1,841) | |||
Unrealized gain (loss) on interest rate swaps, net | (1,529) | |||
Reclassification of loss into earnings from interest rate swaps, net | 281 | |||
Accumulated other comprehensive income (loss) - total | (3,089) | (3,089) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | 328 | |||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (16) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (38) | |||
Accumulated other comprehensive income (loss) - total | $ 274 | $ 274 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gain (loss) on interest rate swaps, net of tax of $937 | $ (731) | $ (9) | $ (937) | $ (761) |
Reclassification of loss into earnings from interest rate swaps, net of tax of $172 | 71 | 32 | 172 | 99 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 | (4) | (4) | (12) | (12) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $28 | $ (9) | $ (8) | (28) | $ (25) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gain (loss) on interest rate swaps, net of tax of $937 | (937) | |||
Reclassification of loss into earnings from interest rate swaps, net of tax of $172 | 172 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 | (12) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $28 | $ (28) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 26, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly Rent Expense | $ 28 |
Total Rent Payable | $ 5,028 |
Other (Income) Expense (Details
Other (Income) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Other operating (income) expense, net: | ||||
Gain on property, plant and equipment disposals | $ (79) | $ (15) | $ (187) | $ (18) |
Loss on currency exchanges | 85 | 116 | 530 | 342 |
Amortization of intangibles | 76 | 105 | 229 | 255 |
Retirement expenses | 83 | 48 | 173 | 94 |
Miscellaneous (income) expense | (34) | (24) | (61) | (72) |
Other operating (income) expense, net | $ 131 | $ 230 | $ 684 | $ 601 |
Other (Income) Expense (Compone
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Other (income) expense, net: | ||||
Earnings from equity investments | $ 0 | $ (24) | $ 14 | $ (67) |
Miscellaneous (income) expense | 4 | 1 | 31 | 7 |
Other (income) expense, net | $ 4 | $ (23) | $ 45 | $ (60) |
Facility Consolidation Expens74
Facility Consolidation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued Balance at December 27, 2014 | $ 0 | |||||
2015 Expenses To Date | [1] | 2,264 | ||||
2015 Cash Payments | (2,070) | |||||
Accrued Balance at September 26, 2015 | $ 194 | 194 | ||||
Total Costs Incurred To Date | [1] | 7,778 | 7,778 | |||
Total Expected Costs | 8,960 | 8,960 | ||||
Impairment of assets | 0 | $ (104) | 0 | [2] | $ (759) | |
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued Balance at December 27, 2014 | 0 | |||||
2015 Expenses To Date | 1,786 | |||||
2015 Cash Payments | (1,786) | |||||
Accrued Balance at September 26, 2015 | 0 | 0 | ||||
Total Costs Incurred To Date | 5,832 | 5,832 | ||||
Total Expected Costs | 6,574 | 6,574 | ||||
2014 Atlas Integration Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued Balance at December 27, 2014 | 0 | |||||
2015 Expenses To Date | 202 | |||||
2015 Cash Payments | (202) | |||||
Accrued Balance at September 26, 2015 | 0 | 0 | ||||
Total Costs Incurred To Date | 1,670 | 1,670 | ||||
Total Expected Costs | 1,670 | 1,670 | ||||
2015 Corporate Office Consolidation Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued Balance at December 27, 2014 | 0 | |||||
2015 Expenses To Date | 276 | |||||
2015 Cash Payments | (82) | |||||
Accrued Balance at September 26, 2015 | 194 | 194 | ||||
Total Costs Incurred To Date | 276 | 276 | ||||
Total Expected Costs | 716 | 716 | ||||
Asset Impairments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total Costs Incurred To Date | [2] | 1,133 | 1,133 | |||
Total Expected Costs | $ 1,133 | $ 1,133 | ||||
[1] | Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. | |||||
[2] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income (loss) from discontinued operations: | ||||
Loss from discontinued operations, before taxes | $ (37) | $ (337) | $ (193) | $ (840) |
Income tax benefit | (19) | (160) | (75) | (335) |
Loss from discontinued operations, net of tax | (18) | (177) | (118) | (505) |
Carousel [Member] | ||||
Income (loss) from discontinued operations: | ||||
Net sales - Carousel operations | 0 | 353 | 417 | 829 |
Income (loss) from Carousel operations | (12) | (304) | (89) | (680) |
Previously Discontinued Operations [Member] | ||||
Income (loss) from discontinued operations: | ||||
Workers' compensation costs from former textile operations | (12) | (8) | (48) | (54) |
Environmental remediation costs from former textile operations | $ (13) | $ (25) | $ (56) | $ (106) |
Discontinued Operations (Enviro
Discontinued Operations (Environmental Remediation) (Details) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,604 | $ 1,637 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Robert E Shaw [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership of Common Stock, Percentage | 8.40% | 8.40% | ||
Voting Interest of Common Stock, Percentage | 3.90% | 3.90% | ||
Related Party Transaction, Purchases from Related Party | $ 2,396 | $ 2,666 | $ 6,889 | $ 8,792 |
Related Party Transaction, Purchases from Related Party, Percentage | 2.90% | 3.20% | 2.90% | 3.80% |
James Horwich [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 114 | $ 114 | $ 343 | $ 229 |
Robert P Rothman [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 66 | $ 65 | $ 196 | $ 192 |