Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 26, 2015 | Feb. 26, 2016 | Jun. 26, 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-K | ||
Document Period End Date | Dec. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-Known Seasoned Filer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 155,424,559 | ||
Common Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 15,155,273 | ||
Common Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 851,693 | ||
Common Class C [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 281 | $ 394 |
Receivables, net | 50,806 | 50,524 |
Inventories | 115,146 | 104,207 |
Prepaid expenses | 3,362 | 5,970 |
TOTAL CURRENT ASSETS | 169,595 | 161,095 |
PROPERTY, PLANT AND EQUIPMENT, NET | 101,146 | 102,489 |
GOODWILL AND OTHER INTANGIBLES | 6,461 | 6,766 |
OTHER ASSETS | 21,016 | 20,097 |
TOTAL ASSETS | 298,218 | 290,447 |
CURRENT LIABILITIES | ||
Accounts payable | 26,483 | 22,108 |
Accrued expenses | 34,338 | 29,307 |
Current portion of long-term debt | 10,142 | 9,078 |
TOTAL CURRENT LIABILITIES | 70,963 | 60,493 |
LONG-TERM DEBT | 115,907 | 117,153 |
OTHER LONG-TERM LIABILITIES | 20,544 | 19,824 |
TOTAL LIABILITIES | $ 207,414 | $ 197,470 |
COMMITMENTS AND CONTINGENCIES (See Note 18) | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,155,274 shares for 2015 and 15,007,423 shares for 2014 | $ 45,466 | $ 45,022 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 851,693 shares for 2015 and 764,191 shares for 2014 | 2,555 | 2,293 |
Additional paid-in capital | 155,734 | 155,127 |
Accumulated deficit | (110,378) | (107,952) |
Accumulated other comprehensive income (loss) | (2,573) | (1,513) |
TOTAL STOCKHOLDERS' EQUITY | 90,804 | 92,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 298,218 | $ 290,447 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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 | 15,155,274 | 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 | 851,693 | 764,191 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | ||
NET SALES | $ 422,483 | $ 406,588 | $ 344,374 | |
Cost of sales | 316,253 | 311,091 | 258,804 | |
GROSS PROFIT | 106,230 | 95,497 | 85,570 | |
Selling and administrative expenses | 100,422 | 93,182 | 76,221 | |
Other operating expense, net | 872 | 904 | 494 | |
Facility consolidation expenses | 2,946 | 5,514 | 0 | |
Impairment of assets | 0 | 1,133 | 0 | |
OPERATING INCOME (LOSS) | 1,990 | (5,236) | 8,855 | |
Interest expense | 4,935 | 4,302 | 3,756 | |
Other (income) expense, net | 47 | (154) | 26 | |
Gain on purchase of businesses | 0 | (11,110) | 0 | |
Refinancing expenses | 0 | 0 | 94 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | (2,992) | 1,726 | 4,979 | |
Income tax provision (benefit) | (714) | 1,053 | (577) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (2,278) | 673 | 5,556 | |
Loss from discontinued operations, net of tax | (148) | (608) | (266) | |
Loss on disposal of discontinued operations, net of tax | 0 | (1,467) | 0 | |
NET INCOME (LOSS) | $ (2,426) | $ (1,402) | $ 5,290 | |
BASIC EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | $ (0.15) | $ 0.03 | $ 0.42 | |
Discontinued operations | (0.01) | (0.04) | (0.02) | |
Disposal of discontinued operations | 0 | (0.10) | 0 | |
Net income (loss) | $ (0.16) | $ (0.11) | $ 0.40 | |
BASIC SHARES OUTSTANDING | [1] | 15,536 | 14,382 | 12,737 |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | $ (0.15) | $ 0.03 | $ 0.42 | |
Discontinued operations | (0.01) | (0.04) | (0.02) | |
Disposal of discontinued operations | 0 | (0.10) | 0 | |
Net income (loss) | $ (0.16) | $ (0.11) | $ 0.40 | |
DILUTED SHARES OUTSTANDING | [1],[2] | 15,536 | 14,544 | 12,852 |
DIVIDENDS PER SHARE: | ||||
Common Stock | $ 0 | $ 0 | $ 0 | |
Class B Common Stock | $ 0 | $ 0 | $ 0 | |
[1] | Includes Common and Class B Common shares, in thousands. | |||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded were 333 in 2015, 434 in 2014 and 510 in 2013. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | ||
NET INCOME (LOSS) | $ (2,426) | $ (1,402) | $ 5,290 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Unrealized gain (loss) on interest rate swaps | (2,410) | (3,110) | 381 | |
Income taxes | (916) | (1,182) | 145 | |
Unrealized gain (loss) on interest rate swaps, net | (1,494) | (1,928) | 236 | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 777 | 372 | 284 |
Income taxes | 295 | 141 | 108 | |
Reclassification of loss into earnings from interest rate swaps, net | 482 | 231 | 176 | |
Amortization of unrealized loss on dedesignated interest rate swaps (1) | [1] | 0 | 0 | 158 |
Income taxes | 0 | 0 | 60 | |
Amortization of unrealized loss on dedesignated interest rate swaps, net | 0 | 0 | 98 | |
Unrecognized net actuarial gain on postretirement benefit plans | 48 | 67 | 32 | |
Income taxes | 18 | 26 | 12 | |
Unrecognized net actuarial gain on postretirement benefit plans, net | 30 | 41 | 20 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2) | [2] | (40) | (31) | (35) |
Income taxes | (15) | (12) | (13) | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (25) | (19) | (22) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (2) | [2] | (86) | (88) | (88) |
Income taxes | (33) | (34) | (34) | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (53) | (54) | (54) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (1,060) | (1,729) | 454 | |
COMPREHENSIVE INCOME (LOSS) | $ (3,486) | $ (3,131) | $ 5,744 | |
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Statement of Operations. | |||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Statement of Operations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income (loss) from continuing operations | $ (2,278) | $ 673 | $ 5,556 |
Loss from discontinued operations | (148) | (608) | (266) |
Loss on disposal of discontinued operations, net of tax | 0 | (1,467) | 0 |
Net income (loss) | (2,426) | (1,402) | 5,290 |
Depreciation and amortization - | |||
Continuing operations | 14,119 | 12,850 | 10,230 |
Discontinued operations | 0 | 59 | 32 |
Provision (benefit) for deferred income taxes | (730) | 264 | (1,037) |
Net (gain) loss on property, plant and equipment disposals | (114) | 11 | 195 |
Impairment of assets - | |||
Continuing operations | 0 | 1,133 | 0 |
Discontinued operations | 0 | 2,363 | 0 |
Gain on purchase of businesses | 0 | (11,110) | 0 |
Stock-based compensation expense | 1,406 | 1,195 | 847 |
Excess tax benefits from stock-based compensation | (318) | (379) | (151) |
Bad debt expense | 146 | 399 | 40 |
Write-off of deferred financing costs | 0 | 0 | 94 |
Changes in operating assets and liabilities: | |||
Receivables | (335) | (1,686) | (11,519) |
Inventories | (10,939) | 743 | (19,283) |
Other current assets | 751 | 679 | (878) |
Accounts payable and accrued expenses | 7,606 | (925) | 11,642 |
Other operating assets and liabilities | (557) | (733) | (1,423) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 8,609 | 3,461 | (5,921) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment | 68 | 473 | 48 |
Deposits on property, plant and equipment | 0 | (1,184) | 0 |
Purchase of property, plant and equipment | (6,826) | (9,492) | (11,438) |
Proceeds from sale of equity investment | 0 | 870 | 0 |
Proceeds from sale of assets held for sale | 0 | 5,501 | 0 |
Net cash paid in business acquisitions | 0 | (17,739) | (2,170) |
NET CASH USED IN INVESTING ACTIVITIES | (6,758) | (21,571) | (13,560) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net (payments) borrowings on revolving credit facility | (2,328) | (2,378) | 25,152 |
Borrowings on notes payable - buildings | 6,290 | 0 | 0 |
Payments on notes payable - buildings | (705) | (35) | (10,141) |
Payments on notes payable related to acquisitions | (1,840) | (1,761) | (852) |
Borrowings on notes payable - equipment and other | 1,923 | 5,193 | 6,741 |
Payments on notes payable - equipment and other | (4,387) | (3,017) | (2,063) |
Payments on capital leases | (2,742) | (1,539) | (688) |
Change in outstanding checks in excess of cash | 1,816 | (2,683) | 1,350 |
Proceeds from equity offering, net of issuance costs | 0 | 24,559 | 0 |
Proceeds from exercise of stock options | 275 | 192 | 190 |
Repurchases of Common Stock | (584) | (497) | (207) |
Excess tax benefits from stock-based compensation | 318 | 379 | 151 |
Payments for debt issuance costs | 0 | (164) | (388) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (1,964) | 18,249 | 19,245 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (113) | 139 | (236) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 394 | 255 | 491 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 281 | 394 | 255 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Equipment purchased under capital leases | 496 | 10,078 | 1,865 |
Equipment purchased under notes payable | 2,850 | 4,925 | 0 |
Deposits utilized on purchased equipment, net | 1,857 | 0 | 0 |
Building purchased under notes payable | 0 | 8,330 | 0 |
Assets acquired in acquisitions, net of cash acquired | 0 | 36,649 | 8,062 |
Liabilities assumed in acquisitions | 0 | (6,397) | (836) |
Note payable related to acquisition | 0 | 0 | (3,749) |
Accrued consideration for working capital adjustment in acquisitions | 0 | (216) | (1,307) |
Accrued consideration for holdbacks in acquisition | 0 | (887) | 0 |
Deposits on property, plant & equipment financed | 0 | (965) | 0 |
Accrued purchases of equipment | 200 | 0 | 0 |
Shortfall of tax benefits from stock-based compensation | (102) | (607) | 0 |
Note receivable on sale of equipment | $ 93 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Stockholders' Equity Attributable to Parent at Dec. 29, 2012 | $ 64,046 | $ 36,522 | $ 2,858 | $ 136,744 | $ (111,840) | $ (238) |
Common Stock issued | 190 | 151 | 0 | 39 | 0 | 0 |
Repurchases of Common Stock | (207) | (116) | 0 | (91) | 0 | 0 |
Restricted stock grants issued | 0 | 346 | 174 | (520) | 0 | 0 |
Class B converted into Common Stock | 0 | 421 | (421) | 0 | 0 | 0 |
Stock-based compensation expense | 847 | 0 | 0 | 847 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | 151 | 0 | 0 | 151 | 0 | 0 |
Net income (loss) | 5,290 | 0 | 0 | 0 | 5,290 | 0 |
Other comprehensive income (loss) | 454 | 0 | 0 | 0 | 0 | 454 |
Stockholders' Equity Attributable to Parent at Dec. 28, 2013 | 70,771 | 37,324 | 2,611 | 137,170 | (106,550) | 216 |
Common Stock issued | 192 | 86 | 7 | 99 | 0 | 0 |
Common Stock issued under equity offering | 24,559 | 7,500 | 0 | 17,059 | 0 | 0 |
Repurchases of Common Stock | (497) | (142) | 0 | (355) | 0 | 0 |
Restricted stock grants issued | 0 | 208 | 96 | (304) | 0 | 0 |
Restricted stock grants forfeited | 0 | (15) | (360) | 375 | 0 | 0 |
Class B converted into Common Stock | 0 | 61 | (61) | 0 | 0 | 0 |
Stock-based compensation expense | 1,195 | 0 | 0 | 1,195 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | (112) | 0 | 0 | (112) | 0 | 0 |
Net income (loss) | (1,402) | 0 | 0 | 0 | (1,402) | 0 |
Other comprehensive income (loss) | (1,729) | 0 | 0 | 0 | 0 | (1,729) |
Stockholders' Equity Attributable to Parent at Dec. 27, 2014 | 92,977 | 45,022 | 2,293 | 155,127 | (107,952) | (1,513) |
Common Stock issued | 275 | 161 | 0 | 114 | 0 | 0 |
Common Stock issued under Directors' Stock Plan | 0 | 92 | 0 | (92) | 0 | 0 |
Repurchases of Common Stock | (584) | (193) | 0 | (391) | 0 | 0 |
Restricted stock grants issued | 0 | 326 | 347 | (673) | 0 | 0 |
Restricted stock grants forfeited | 0 | (27) | 0 | 27 | 0 | 0 |
Class B converted into Common Stock | 0 | 85 | (85) | 0 | 0 | 0 |
Stock-based compensation expense | 1,406 | 0 | 0 | 1,406 | 0 | 0 |
Excess tax benefits from stock-based compensation expense | 216 | 0 | 0 | 216 | 0 | 0 |
Net income (loss) | (2,426) | 0 | 0 | 0 | (2,426) | 0 |
Other comprehensive income (loss) | (1,060) | 0 | 0 | 0 | 0 | (1,060) |
Stockholders' Equity Attributable to Parent at Dec. 26, 2015 | $ 90,804 | $ 45,466 | $ 2,555 | $ 155,734 | $ (110,378) | $ (2,573) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Exercised | 53,372 | 30,952 | 50,464 |
Common Stock, shares issued equity offering | 0 | 2,500,000 | 0 |
Common Stock, shares issued under Directors' Stock Plan | 30,738 | 0 | 0 |
Common Stock, shares purchased | 64,304 | 47,296 | 38,815 |
Restricted Stock, shares issued | 224,625 | 101,315 | 173,249 |
Restricted Stock, shares forfeited | 9,078 | 125,000 | 0 |
Class B Common Stock converted into Class A Common Stock, shares | 28,459 | 20,400 | 140,477 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business The Company's businesses consist principally of marketing, manufacturing and selling finished carpet and rugs. The Company has one reportable segment, carpet and rug manufacturing. The Company sells carpet and rug products in both residential and commercial applications. Additionally, the Company provides manufacturing support to its carpet businesses through its separate processing operations. Principles of Consolidation The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. Fiscal Year The Company ends its fiscal year on the last Saturday of December. All references herein to "2015," "2014," and "2013," mean the fiscal years ended December 26, 2015, December 27, 2014, and December 28, 2013, respectively. All years presented contained 52 weeks. Reclassifications The Company reclassified certain amounts in 2014 and 2013 to conform to the 2015 presentation. Discontinued Operations The financial statements separately report discontinued operations and the results of continuing operations (See Note 21). Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. Market Risk The Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 9% in 2015, 9% in 2014 and 13% in 2013. No other customer accounted for more than 10% of net sales in 2015, 2014 or 2013, nor did the Company make a significant amount of sales to foreign countries during 2015, 2014 or 2013. Credit Risk The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. Notes receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts to cover potential credit losses based on the financial condition of borrowers and collateral held by the Company. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. Property, Plant and Equipment Property, plant and equipment is stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of identified net assets acquired in business combinations. The Company's goodwill is tested for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. The first step in the goodwill assessment process is to identify potential goodwill impairments and involves a comparison of the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit. The Company has identified its reporting units as its residential floorcovering business and commercial floorcovering business. For this purpose, the Company estimates fair value of the reporting unit based on expected current and future cash flows discounted at the Company's weighted-average cost of capital ("WACC"). Such an estimate necessarily involves judgments and assumptions concerning, among other matters, future sales and operating margins, as well as interest rates and other financial factors used to calculate the WACC. If an impairment is indicated in the first step of the assessment, a second step in the assessment is performed by comparing the "implied fair value" of the Company's reporting units' goodwill with the carrying value of the reporting units' goodwill. For this purpose, the "implied fair value" of goodwill for each reporting unit that has goodwill associated with its operations is determined in the same manner as the amount of goodwill is determined in a business combination. (See Note 7). Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). Customer Claims and Product Warranties The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience, including the level of sales and evaluation of pending claims. Self-Insured Benefit Programs The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. Income Taxes The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. Derivative Financial Instruments The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. The Company recognizes all derivatives on its Consolidated Balance Sheet at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. Treasury Stock The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. Revenue Recognition Revenues, including shipping and handling amounts, are recognized when the following criteria are met: there is persuasive evidence that a sales agreement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title to the goods and assumes the risks and rewards of ownership, which is generally on the date of shipment. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. Advertising Costs and Vendor Consideration The Company engages in promotional and advertising programs that include rebates, discounts, points and cooperative advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Substantially all such expenses are recorded as a deduction from sales. The cost of cooperative advertising programs is recorded as selling and administrative expenses when the Company can identify a tangible benefit associated with the program, and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2015, 2014, or 2013. Cost of Sales Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. Selling and Administrative Expenses Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. Operating Leases Rent is expensed over the lease period, including the effect of any rent holiday and rent escalation provisions, which effectively amortizes the rent holidays and rent escalations on a straight-line basis over the lease period. Leasehold improvements are amortized over the shorter of their economic lives or the lease term, excluding renewal options. Any leasehold improvement made by the Company and funded by the lessor is treated as a leasehold improvement and amortized over the shorter of its economic life or the lease term. Any funding provided by the lessor for such improvements is treated as deferred costs and amortized over the lease period. Stock-Based Compensation The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 16). |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 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 was effective prospectively for disposals of a component in 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 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 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 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 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. The Company early adopted this ASU and the impact of the adoption resulted in the reclassification of unamortized debt issuance costs of $1,056 in 2014 from other assets to long-term debt on the Company's Consolidated Balance Sheets. 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 licenses. 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 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 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. 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 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 Financial Statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The ASU is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company early adopted ASU 2015-17 and applied it retrospectively to all periods presented. In 2014, the Company presented a current deferred tax asset of $12,722 and a long-term deferred tax liability of $9,376 . Upon adoption of the standard, the Company presented a non-current deferred tax asset of $3,346 in the Company's Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which addresses the recognition, measurement, presentation and disclosure of financial assets and liabilities. The ASU primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases - (Topic 842)" which requires the Company to present right-of-use assets and lease liabilities on the Company's balance sheet. The new guidance will be effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the Company's Consolidated Financial Statements. |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 26, 2015 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: 2015 2014 Customers, trade $ 46,110 $ 46,422 Other receivables 5,166 4,552 Gross receivables 51,276 50,974 Less allowance for doubtful accounts (470 ) (450 ) Receivables, net $ 50,806 $ 50,524 Bad debt expense was $146 in 2015, $399 in 2014, and $40 in 2013. |
Inventories
Inventories | 12 Months Ended |
Dec. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are summarized as follows: 2015 2014 Raw materials $ 46,164 $ 40,649 Work-in-process 21,306 19,976 Finished goods 58,037 57,913 Supplies and other 192 126 LIFO reserve (10,553 ) (14,457 ) Inventories $ 115,146 $ 104,207 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 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: 2015 2014 Land and improvements $ 7,610 $ 7,327 Buildings and improvements 61,396 61,557 Machinery and equipment 174,636 170,620 Assets under construction 2,819 966 246,461 240,470 Accumulated depreciation (145,315 ) (137,981 ) Property, plant and equipment, net $ 101,146 $ 102,489 Depreciation of property, plant and equipment, including amounts for capital leases, totaled $13,525 in 2015, $12,212 in 2014 and $9,834 in 2013. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 26, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2014 Acquisitions Atlas Carpet Mills, Inc. Effective March 19, 2014, the Company acquired all outstanding stock of Atlas Carpet Mills, Inc. ("Atlas") for total purchase price consideration of $18,759 , including a cash payment of $16,543 , accrued consideration relating to holdbacks for certain inventories and customer claims of $923 and accrued consideration for a working capital adjustment of $1,293 . The Company financed the transaction with availability under its amended credit facility. The Company incurred direct acquisition costs of approximately $645 related to this acquisition. These incremental costs are classified as selling and administrative expenses in the Company's Consolidated Statements of Operations. Atlas is a California-based manufacturer and marketer of high-end commercial broadloom and tile carpeting serving soft floorcovering markets. Atlas has a strong reputation for exceptional design, quality and service. This brand is sold through the existing Atlas sales force and broadens the Company's product offerings for commercial applications along with the Company's Masland Contract brand. The acquisition was accounted for as a business combination which generally requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The acquisition did not represent a significant business combination. The fair value of the net assets acquired exceeded the purchase price resulting in a bargain purchase of $10,937 ( $6,781 after tax). The following table summarizes the fair values of the assets acquired and liabilities assumed as of March 19, 2014 based on the purchase price allocation. The components of the purchase price allocation consisted of the following: Cash $ 2,466 Receivables 4,998 Inventories 10,981 Other current assets 797 Assets held for sale 5,152 Property, plant and equipment 6,716 Finite intangible asset 3,300 Other assets 859 Accounts payable (2,286 ) Accrued expenses (2,883 ) Capital lease obligation (404 ) Fair value of net assets acquired $ 29,696 Total consideration 18,759 Gain on purchase of business $ (10,937 ) The Company believes that several factors were significant in the recognition of a gain from the acquisition of Atlas. Atlas had higher cost of dyeing due to the lack of capacity utilization and therefore needed to lower costs by combining dye facilities with another operation. In addition, Atlas had a higher cost of modular carpet tile manufacturing due to outsourcing the tile manufacturing operations. Therefore, Atlas would have had to make significant investments in product and manufacturing equipment to be competitive in the modular carpet manufacturing business. Finally, the Seller had the desire to see Atlas operated as an independent brand and organization in the future. All of these objectives were achieved by combining Atlas with the Company in a mutually advantageous relationship. The Company determined that it was impracticable to provide comparative pro forma financial information related to the acquisition. Significant estimates of amounts to be included in pro forma financial information would be required and subject to an inordinate level of subjectivity. Net sales related to Atlas included in the Company’s Consolidated Statement of Operations from the date of the acquisition to December 27, 2014 was $37,620 . Net sales for 2015 for Atlas was $44,247 . Burtco Enterprises, Inc. Effective September 22, 2014, the Company acquired certain assets and assumed certain liabilities of Burtco Enterprises, Inc. ("Burtco") for total purchase price consideration of $2,549 , including a cash payment of $2,430 and accrued consideration for a working capital adjustment of $119 . The Company incurred direct acquisition costs of approximately $101 related to this acquisition. These incremental costs are classified as selling and administrative expenses in the Company's Consolidated Statements of Operations. Since 1979, Burtco has created high-quality, custom-crafted carpet designed for the hospitality industry. Burtco manufactures both wool and solution-dyed computer yarn placement (CYP) products that are used in public spaces and hotel guest rooms. These products broaden the product offerings for commercial applications under the Company's Masland Contract brand. The acquisition was accounted for as a business combination which generally requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The acquisition did not represent a significant business combination. The fair value of the net assets acquired totaled $2,722 . The fair value of the net assets acquired exceeded the purchase price resulting in a pre-tax bargain purchase of $173 . 2013 Acquisition Robertex Associates, Inc. On June 30, 2013, the Company acquired Robertex Associates, Inc. ("Robertex") from Robert P. Rothman. The Company acquired all the outstanding shares of capital stock of Robertex for an aggregate purchase price of $7,334 , which included cash of $2,278 , a seller-financed note of $3,749 and an accrued contingent liability of $1,307 . The seller-financed note consists of five annual payments of principal and interest. The accrued contingent liability is payable in five annual payments based upon incremental growth in gross margins of selected products for five years subsequent to the acquisition. The Company has incurred direct incremental costs of approximately $350 related to this acquisition. These incremental costs are classified in selling and administrative expenses in the Company's Consolidated Statements of Operations. This acquisition is designed to increase the Company's market share in the wool markets it currently serves. Robertex produces wool floorcovering products. The acquisition was accounted for as a business combination which requires, among other things, that assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The acquisition did not represent a material business combination. The following table summarizes the estimates of fair values of the assets acquired and liabilities assumed as of June 30, 2013 based on the purchase price allocation. The components of the purchase price allocation consisted of the following: Cash $ 108 Accounts receivable 115 Inventory 2,139 Other current assets 14 Property, plant and equipment 1,863 Finite intangible assets 2,222 Goodwill 1,709 Accounts payable (643 ) Accrued expenses (193 ) Total purchase price $ 7,334 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 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 December 26, 2015 and December 27, 2014. The following table represents the details of the Company's intangible assets subject to amortization: 2015 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 208 $ (48 ) $ 160 $ 208 $ (32 ) $ 176 Rug design coding 144 (43 ) 101 144 (29 ) 115 Trade names 3,300 (489 ) 2,811 3,300 (214 ) 3,086 Total $ 3,652 $ (580 ) $ 3,072 $ 3,652 $ (275 ) $ 3,377 During 2014, the Company discontinued its Carousel operations which resulted in the impairment of customer relationships of $786 and trade names of $1,271 (See Note 21). These amounts have been included in the loss on disposal of discontinued operations in the Company's Consolidated Statements of Operations. Amortization expense for intangible assets is summarized as follows: 2015 2014 2013 Customer relationships $ 16 $ 59 $ 40 Rug design coding 14 15 14 Trade names 275 277 34 Amortization expense $ 305 $ 351 $ 88 The estimated future amortization expense during each of the next five fiscal years is as follows: Year Amount 2016 $ 305 2017 305 2018 305 2019 305 2020 305 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: 2015 2014 Compensation and benefits (1) $ 9,173 $ 8,894 Provision for customer rebates, claims and allowances 8,995 7,960 Advanced customer deposits 6,674 3,501 Outstanding checks in excess of cash 3,006 1,190 Other 6,490 7,762 Accrued expenses $ 34,338 $ 29,307 (1) Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,847 . |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 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 Financial Statements. The following is a summary of the Company's product warranty activity. 2015 2014 Product warranty reserve at beginning of period $ 2,214 $ 1,850 Warranty reserve assumed in business combination — 209 Warranty liabilities accrued 6,201 4,720 Warranty liabilities settled (8,695 ) (5,102 ) Changes for pre-existing warranty liabilities 2,439 537 Product warranty reserve at end of period $ 2,159 $ 2,214 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended |
Dec. 26, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: 2015 2014 Revolving credit facility $ 80,569 $ 82,897 Notes payable - buildings 13,881 8,295 Acquisition note payable - Development Authority of Gordon County 2,314 3,413 Acquisition note payable - Robertex 2,321 3,062 Notes payable - equipment and other 15,008 14,623 Capital lease obligations 12,751 14,998 Deferred financing costs, net (795 ) (1,057 ) Total long-term debt 126,049 126,231 Less: current portion of long-term debt (10,142 ) (9,078 ) Long-term debt $ 115,907 $ 117,153 Revolving Credit Facility The revolving credit facility 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 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, 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 revolving credit facility equal to 0.375% per annum. The weighted-average interest rate on borrowings outstanding under the revolving credit facility was 2.23% at December 26, 2015 and 2.29% at December 27, 2014. 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 was less than $16,500 . As of December 26, 2015, the unused borrowing availability under the revolving credit facility was $39,821 . As of December 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 - Development Authority of Gordon County On November 2, 2012, the Company signed a 6.00% seller-financed note of $5,500 with Lineage PCR, Inc. ( “ Lineage ” ) related to the acquisition of a continuous carpet dyeing facility in Calhoun, Georgia. Effective December 28, 2012, through a series of agreements between the Company, the Development Authority of Gordon County, Georgia (the “ Authority ” ) and Lineage, obligations with identical payment terms as the original note to Lineage became payment obligations to the Authority. These transactions were consummated in order to provide a tax abatement to the Company related to the real estate and equipment at this facility. The tax abatement plan provides for abatement for certain components of the real and personal property taxes for up to ten years. At any time, the Company has the option to pay off the obligation, plus a nominal amount. The debt to the Authority bears interest at 6.00% and is payable in equal monthly installments of principal and interest of $106 over 57 months. 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 and Other The Company's equipment financing notes have terms ranging from 3 to 7 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 December 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 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 capitalized lease obligations have terms ranging from 3 to 7 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. Interest Payments and Debt Maturities Interest payments for continuing operations were $4,449 in 2015, $3,757 in 2014, and $3,067 in 2013. Maturities of long-term debt for periods following December 26, 2015 are as follows: Long-Term Debt Capital Leases Total (See Note 18) 2016 $ 7,124 $ 3,018 $ 10,142 2017 5,687 3,044 8,731 2018 4,584 2,804 7,388 2019 83,330 1,623 84,953 2020 1,866 1,362 3,228 Thereafter 11,501 901 12,402 Total maturities of long-term debt $ 114,092 $ 12,752 $ 126,844 Deferred financing costs, net (795 ) — (795 ) Total long-term debt $ 113,297 $ 12,752 $ 126,049 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 Balance Sheets as of December 26, 2015 and December 27, 2014: 2015 2014 Fair Value Hierarchy Level Assets: Interest rate swaps (1) $ — $ 34 Level 2 Liabilities: Interest rate swaps (1) $ 4,689 $ 3,040 Level 2 Contingent consideration (2) 584 1,855 Level 3 (1) The Company uses certain external sources in deriving the fair value of the interest rate swaps. 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. (2) As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. Changes in the fair value measurements using significant unobservable inputs (Level 3) during the years ending December 26, 2015 and December 27, 2014 were as follows: 2015 2014 Beginning balance $ 1,855 $ 2,751 Fair value adjustments (657 ) (625 ) Settlements (614 ) (271 ) Ending balance $ 584 $ 1,855 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during 2015 or 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: 2015 2014 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 281 $ 281 $ 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 126,049 123,318 126,231 118,719 Interest rate swaps 4,689 4,689 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 | 12 Months Ended |
Dec. 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 December 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 $ 7,879 (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 Balance Sheets: Location on Consolidated Balance Sheets Fair Value 2015 2014 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 $ 1,159 $ 650 Interest rate swaps, long-term portion Other Long-Term Liabilities 3,530 2,390 Total Liability Derivatives $ 4,689 $ 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 2015 2014 2013 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (2,410 ) $ (3,110 ) $ 381 Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2015 2014 2013 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (777 ) $ (372 ) $ (442 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2015 is $1,159 . The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps, if any, is included in other (income) expense, net on the Company's Consolidated Statements of Operations. There was no ineffective portion for the periods presented. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 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 86% of the Company's associates. This plan includes a mandatory Company match on the first 1% of participants' contributions. The Company matches the next 2% of participants' contributions if the Company meets prescribed earnings levels. The plan also provides for additional Company contributions above the 3% level if the Company attains certain additional performance targets. Matching contribution expense for this 401(k) plan was $454 in 2015 , $382 in 2014 and $610 in 2013 . Additionally, the Company sponsors a 401(k) defined contribution plan that covers those associates at one facility who are under a collective-bargaining agreement, or approximately 14% of the Company's associates. Under this plan, the Company generally matches participants' contributions, on a sliding scale, up to a maximum of 2.75% of the participant's earnings. Matching contribution expense for the collective-bargaining 401(k) plan was $82 in 2015 , $87 in 2014 and $86 in 2013 . Non-Qualified Retirement Savings Plan The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $14,155 at December 26, 2015 and $14,331 at December 27, 2014 and are included in other long-term liabilities in the Company's Consolidated Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $14,981 at December 26, 2015 and $15,316 at December 27, 2014 and is included in other assets in the Company's Consolidated Balance Sheets. Multi-Employer Pension Plan The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees.These union-represented employees represented approximately 14% of the Company's total employees. The risks of participating in multi-employer plans are different from single-employer plans. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company's participation in the multi-employer pension plan for 2015 is provided in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three digit plan number. The most recent Pension Protection Act (PPA) zone status available in 2015 and 2014 is for the plan's year-end at 2014 and 2013 , respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (1) Contributions (2) Surcharge Imposed (1) Expiration Date of Collective-Bargaining Agreement 2015 2014 2015 2014 2013 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 268 $ 279 $ 279 Yes 6/3/2017 (1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015 and a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, respectively. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $281 for 2016. (2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. Postretirement Plans The Company inherited a legacy postretirement benefit plan that provides life insurance to a limited number of associates as a result of a prior acquisition. The Company also sponsors a postretirement benefit plan that provides medical insurance for a limited number of associates who retired prior to January 1, 2003 and life insurance to a limited number of associates upon retirement as part of a collective bargaining agreement. Information about the benefit obligation and funded status of the Company's postretirement benefit plans is summarized as follows: 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 315 $ 596 Service cost 7 7 Interest cost 18 22 Participant contributions 2 12 Actuarial gain (48 ) (317 ) Benefits paid (5 ) (5 ) Medicare Part D subsidy 1 — Benefit obligation at end of year 290 315 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 2 (7 ) Participant contributions 2 12 Benefits paid (5 ) (5 ) Medicare Part D subsidy 1 — Fair value of plan assets at end of year — — Unfunded amount $ (290 ) $ (315 ) The balance sheet classification of the Company's liability for postretirement benefit plans is summarized as follows: 2015 2014 Accrued expenses $ 12 $ 15 Other long-term liabilities 278 300 Total liability $ 290 $ 315 Benefits expected to be paid on behalf of associates for postretirement benefit plans during the period 2016 through 2025 are summarized as follows: Years Postretirement Plans 2016 $ 12 2017 11 2018 11 2019 11 2020 11 2021 - 2025 61 Assumptions used to determine benefit obligations of the Company's postretirement benefit plans are summarized as follows: 2015 2014 Weighted-average assumptions as of year-end: Discount rate (benefit obligations) 4.25 % 4.73 % Assumptions used and related effects of health care cost are summarized as follows: 2015 2014 Health care cost trend assumed for next year 8.00 % 8.00 % Rate to which the cost trend is assumed to decline 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2017 2016 The effect of a 1% change in the health care cost trend on the Company's postretirement benefit plans is summarized as follows: 2015 2014 1% Increase 1% Decrease 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ — $ — $ 2 $ (2 ) Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: 2015 2014 2013 Service cost $ 7 $ 7 $ 7 Interest cost 18 22 23 Amortization of prior service credits (86 ) (88 ) (88 ) Recognized net actuarial gains (40 ) (31 ) (35 ) Settlement gain — (251 ) (105 ) Net periodic benefit cost (credit) $ (101 ) $ (341 ) $ (198 ) Pre-tax amounts included in AOCIL for the Company's postretirement benefit plans at 2015 are summarized as follows: Postretirement Benefit Plans Balance at 2015 2016 Expected Amortization Prior service credits $ (16 ) $ (4 ) Unrecognized actuarial gains (435 ) (40 ) Totals $ (451 ) $ (44 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2015 2014 2013 Current Federal $ 277 $ 1,081 $ 282 State (261 ) (292 ) 178 Total current 16 789 460 Deferred Federal (641 ) 232 (955 ) State (89 ) 32 (82 ) Total deferred (730 ) 264 (1,037 ) Income tax provision (benefit) $ (714 ) $ 1,053 $ (577 ) Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: 2015 2014 2013 Federal statutory rate 35 % 35 % 35 % Statutory rate applied to income (loss) from continuing operations before taxes $ (1,047 ) $ 604 $ 1,743 Plus state income taxes, net of federal tax effect (227 ) (169 ) 96 Total statutory provision (benefit) (1,274 ) 435 1,839 Increase (decrease) attributable to: Nondeductible meals and entertainment 147 143 112 Domestic production activities deduction — 112 (208 ) Federal tax credits (441 ) (483 ) (1,612 ) Reserve for uncertain tax positions 35 109 286 Goodwill (124 ) (124 ) 283 Change in valuation allowance 977 569 (1,190 ) Non-taxable insurance proceeds — — (71 ) Stock-based compensation — 117 — Other items (34 ) 175 (16 ) Income tax provision (benefit) $ (714 ) $ 1,053 $ (577 ) In 2015, the Company increased valuation allowances by $977 related to state income tax loss carryforwards and state income tax credit carryforwards to reflect the estimated amount of deferred tax assets that may not be realized during the carryforward periods. In 2014, the Company increased valuation allowances by $569 related to state income tax loss carryforwards and credit carryforwards. This was primarily the result of actual 2014 pretax earnings being significantly less that the 2014 forecasted earnings used in the 2013 analysis, a change in California apportionment rules that limit the utilization of net operating loss and credit carryforwards in future years and a projected tax loss in 2014 that resulted in the need to record a valuation allowance against that loss in separate company reporting states. During 2013, the Company reversed $1,190 of previously established reserves related to state income tax loss carryforwards and state income tax credit carryforwards. The reversal of the reserves was based on a number of factors including current and future earnings assumptions by taxing jurisdiction. Additionally, 2013 included certain tax credits of approximately $520 related to 2009 - 2011 determined to be available for utilization and $304 of 2012 research and development tax credits that could not be recognized until the extension of the credit was approved by Congress in 2013. Income tax payments, net of income tax refunds received for continuing and discontinued operations were $48 in 2015, $345 in 2014 and $58 in 2013. Significant components of the Company's deferred tax assets and liabilities are as follows: 2015 2014 Deferred tax assets: Inventories $ 3,927 $ 2,842 Retirement benefits 3,337 3,215 State net operating losses 3,563 3,417 Federal net operating losses 4,345 3,503 State tax credit carryforwards 1,731 1,740 Federal tax credit carryforwards 2,943 2,472 Allowances for bad debts, claims and discounts 3,688 3,175 Other 4,856 4,776 Total deferred tax assets 28,390 25,140 Valuation allowance (5,294 ) (4,317 ) Net deferred tax assets 23,096 20,823 Deferred tax liabilities: Property, plant and equipment 18,370 17,477 Total deferred tax liabilities 18,370 17,477 Net deferred tax asset $ 4,726 $ 3,346 At December 26, 2015, $4,345 of deferred tax assets related to approximately $12,415 of federal net operating loss carryforwards and $3,563 of deferred tax assets related to approximately $80,881 of state net operating loss carryforwards. In addition, $2,943 of federal tax credit carryforwards and $1,731 of state tax credit carryforwards were available to the Company. The federal net operating loss carryforwards and the federal tax credit carryforwards will expire between 2030 and 2036 . The state net operating loss carryforwards and the state tax credit carryforwards will expire between 2016 and 2036 . A valuation allowance of $5,294 is recorded to reflect the estimated amount of deferred tax assets that may not be realized during the carryforward periods. At December 26, 2015, the Company is in a net deferred tax asset position of $4,726 which is included in other assets in the Company's Consolidated Balance Sheets. The Company performed an analysis related to the net deferred tax asset and believes that the net tax asset is recoverable in future periods. Tax Uncertainties The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $375 and $400 at December 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 December 26, 2015 and December 27, 2014. The following is a summary of the change in the Company's unrecognized tax benefits: 2015 2014 2013 Balance at beginning of year $ 400 $ 291 $ 5 Additions based on tax positions taken during a prior period — — 250 Additions based on tax positions taken during a current period 35 109 41 Reductions related to settlement of tax matters (60 ) — — Reductions related to a lapse of applicable statute of limitations — — (5 ) Balance at end of year $ 375 $ 400 $ 291 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 2011 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2011. A few state jurisdictions remain open to examination for tax years subsequent to 2010. |
Common Stock and Earnings (Loss
Common Stock and Earnings (Loss) Per Share | 12 Months Ended |
Dec. 26, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Common Stock and Earnings (Loss) Per Share | COMMON STOCK AND EARNINGS (LOSS) PER SHARE Common & Preferred Stock The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued. On May 20, 2014, the Company completed an equity offering of 2,500,000 shares of Common Stock at a price of $10.65 per share, raising approximately $24,559 after deducting underwriter fees and costs directly related to the offering. The Company used the net proceeds from the offering for general corporate purposes and to reduce the balance under the Company's revolving credit facility, including borrowings associated with the acquisition of Atlas Carpet Mills. Earnings (Loss) Per Share The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: 2015 2014 2013 Basic earnings (loss) per share: Income (loss) from continuing operations $ (2,278 ) $ 673 $ 5,556 Less: Allocation of earnings to participating securities — (197 ) (218 ) Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 476 $ 5,338 Basic weighted-average shares outstanding (1) 15,536 14,382 12,737 Basic earnings (loss) per share - continuing operations $ (0.15 ) $ 0.03 $ 0.42 Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 476 $ 5,338 Add: Undistributed earnings reallocated to unvested shareholders — 3 2 Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 479 $ 5,340 Basic weighted-average shares outstanding (1) 15,536 14,382 12,737 Effect of dilutive securities: Stock options (2) — 97 54 Directors' stock performance units (2) — 65 61 Diluted weighted-average shares outstanding (1)(2) 15,536 14,544 12,852 Diluted earnings (loss) per share - continuing operations $ (0.15 ) $ 0.03 $ 0.42 (1) Includes Common and Class B Common shares, in thousands. (2) Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded were 333 in 2015 , 434 in 2014 and 510 in 2013 . |
Stock Plans and Stock Compensat
Stock Plans and Stock Compensation Expense | 12 Months Ended |
Dec. 26, 2015 | |
Share-based Compensation [Abstract] | |
Stock Plans and Stock Compensation Expense | STOCK PLANS AND STOCK COMPENSATION EXPENSE The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Condensed Financial Statements. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. The Company's stock compensation expense was $1,406 in 2015 , $1,195 in 2014 and $847 in 2013 . 2006 Stock Awards Plan The Company has a Stock Awards Plan, ("2006 Plan"), as amended, which provides for the issuance of up to 1,800,000 shares of Common Stock and/or Class B Common Stock as stock-based or stock-denominated awards to directors of the Company and to salaried employees of the Company and its participating subsidiaries. Restricted Stock Awards Each executive officer has the opportunity to earn a Primary Long-Term Incentive Award of restricted stock and separately receive an award of restricted stock denominated as “Career Shares.” The number of shares issued, if any, is based on the market price of the Company’s Common Stock at the time of grant of the award, subject to a $5.00 per share minimum value. Primary Long-Term Incentive Awards vest over 3 years. For participants over age 60 , Career Share Awards fully vest when the participant becomes (i) qualified to retire from the Company and (ii) has retained such shares 2 years following the grant date. For the participants under age 60 , Career Shares vest ratably over 5 years beginning on the participant's 61st birthday. 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. 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 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. During 2014, the Company issued 101,315 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $1,588 , or $15.675 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 13 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. During 2013, the Company issued 173,249 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $899 , or $5.190 per share, and will be recognized as stock compensation expense over the vesting periods which range from 2 to 14 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. Restricted stock activity for the three years ended December 26, 2015 is summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 29, 2012 464,886 $ 6.57 Granted 173,249 5.19 Vested (112,336 ) 4.15 Outstanding at December 28, 2013 525,799 6.64 Granted 101,315 15.68 Vested (144,875 ) 4.50 Forfeited (125,000 ) 12.78 Outstanding at December 27, 2014 357,239 7.92 Granted 224,625 9.36 Vested (155,991 ) 7.18 Forfeited (9,078 ) 10.97 Outstanding at December 26, 2015 416,795 $ 8.90 As of December 26, 2015 , unrecognized compensation cost related to unvested restricted stock was $2,532 . That cost is expected to be recognized over a weighted-average period of 5.0 years. The total fair value of shares vested was approximately $1,410 , $1,512 and $669 during the year 2015 , 2014 and 2013 , respectively. Stock Performance Units Prior to 2014, the Company's non-employee directors received an annual retainer of $12 in cash and $12 in value of Stock Performance Units (subject to a $5.00 minimum per unit) under the Director's Stock Plan. In 2014 and 2015, the Company's non-employee directors received $18 in cash and $18 in value of Stock Performance Units. If market value at the date of the grants is above $5.00 per share; there is no reduction in the number of units issued. However, if the market value at the date of the grants is below $5.00 , units will be reduced to reflect the $5.00 per share minimum. Upon retirement, the Company issues the number of shares of Common Stock equivalent to the number of Stock Performance Units held by non-employee directors at that time. As of December 26, 2015 , 91,032 Stock Performance Units were outstanding under this plan. Stock Options All stock options issued under the Company's 2000 Plan were exercisable generally at a cumulative rate of 25% per year after the second year from the date the options were granted. Options granted under the Company's 2006 Plan are exercisable for periods determined at the time the awards are granted. Effective 2009, the Company established a $5.00 minimum exercise price on all options granted. No options were granted during 2015 , 2014 or 2013 . The fair value of each option was estimated on the date of grant using the Black-Scholes model. Expected volatility was based on historical volatility of the Company's stock, calculated using the most recent period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the option at the time of grant. The Company uses historical exercise behavior data of similar employee groups to determine the expected life of options. Option activity for the three years ended December 26, 2015 is summarized as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Weighted-Average Fair Value of Options Granted During the Year Outstanding at December 29, 2012 697,407 $ 11.00 $ — Exercised (37,052 ) 5.15 — Outstanding at December 28, 2013 660,355 11.33 — Exercised (53,950 ) 10.22 — Forfeited (167,170 ) 14.36 — Outstanding at December 27, 2014 439,235 10.31 — Exercised (89,435 ) 6.78 — Forfeited (246,300 ) 13.82 — Outstanding at December 26, 2015 103,500 $ 5.00 3.9 $ — Options exercisable at: December 28, 2013 630,855 $ 11.63 — December 27, 2014 439,235 10.31 — December 26, 2015 103,500 5.00 3.9 — At December 26, 2015 , the intrinsic value of outstanding stock options was $59 and the intrinsic value of exercisable stock options was $59 . The intrinsic value of stock options exercised during the years ended 2015 , 2014 and 2013 was $221 , $140 and $206 , respectively. At December 26, 2015 , there was no unrecognized compensation expense related to unvested stock options. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 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 29, 2012 (654 ) 416 (238 ) Unrealized gain (loss) on interest rate swaps, net of tax of $145 236 — 236 Reclassification of loss into earnings from interest rate swaps, net of tax of $108 176 — 176 Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 98 — 98 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $12 — 20 20 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $13 — (22 ) (22 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 — (54 ) (54 ) Balance at December 28, 2013 (144 ) 360 216 Unrealized loss on interest rate swaps, net of tax of $1,182 (1,928 ) — (1,928 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $141 231 — 231 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $26 — 41 41 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 — (19 ) (19 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 — (54 ) (54 ) Balance at December 27, 2014 (1,841 ) 328 (1,513 ) Unrealized loss on interest rate swaps, net of tax of $916 (1,494 ) — (1,494 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $295 482 — 482 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $18 — 30 30 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $15 — (25 ) (25 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $33 — (53 ) (53 ) Balance at December 26, 2015 $ (2,853 ) $ 280 $ (2,573 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments The Company had purchase commitments of $1,737 at December 26, 2015 , primarily related to machinery and equipment. The Company enters into fixed-price contracts with suppliers to purchase natural gas to support certain manufacturing processes. The Company had contract purchases of $1,151 in 2015 , $977 in 2014 and $1,109 in 2013 . At December 26, 2015 , the Company has commitments to purchase natural gas of $900 for 2016, $626 for 2017 and $355 for 2018. The Company leases certain equipment under capital leases and certain buildings, machinery and equipment under operating leases. Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, are as follows: Capital Leases Operating Leases 2016 $ 3,611 $ 3,220 2017 3,477 3,171 2018 3,080 2,937 2019 1,783 2,084 2020 1,444 1,661 Thereafter 922 5,309 Total commitments 14,317 18,382 Less amounts representing interest (1,566 ) — Total $ 12,751 $ 18,382 Rental expense was approximately $3,593 , $4,066 and $2,434 during the years 2015 , 2014 and 2013 , respectively. Property, plant and equipment includes machinery and equipment under capital leases which have asset cost and accumulated depreciation of $16,654 and $3,985 , respectively, at December 26, 2015 , and $16,353 and $2,033 , respectively, at December 27, 2014 . Contingencies The Company assesses its exposure related to legal matters, including those pertaining to product liability, safety and health matters and other items that arise in the regular course of its business. If the Company determines that it is probable a loss has been incurred, the amount of the loss, or an amount within the range of loss, that can be reasonably estimated will be recorded. Environmental Remediation The Company accrues for losses associated with environmental remediation obligations when such losses are probable and estimable. Remediation obligations are accrued based on the latest available information and are recorded at undiscounted amounts. The Company regularly monitors the progress of environmental remediation. If studies indicate that the cost of remediation has changed from the previous estimate, an adjustment to the liability would be recorded in the period in which such determination is made. (See Note 21) Legal Proceedings The Company is one of multiple parties to two lawsuits, both filed in Madison County Illinois, styled Sandra D. Watts, Individually and as Special Administrator of the Estate of Dianne Averett, Deceased vs. 4520 Corp., Inc. f/k/a Benjamin F. Shaw Company, et al No. 12-L-2032 and styled Brenda Bridgeman, Individually and as Special Administrator of the Estate of Robert Bridgeman, Deceased, vs. American Honda Motor Co., Inc., f/k/a Metropolitan Life Insurance Co., et al No. 15-L-374. Each lawsuit has a claim for damages to be determined in excess of $50 filed on behalf of the estate of an individual which alleges that the deceased contracted mesothelioma as a result of exposure to asbestos while employed by the Company. Discovery in both matters is ongoing, and tentative trial dates of February 2017 and January 2018 have been set. The Company has denied liability, is defending the matters vigorously and is unable to estimate its potential exposure to loss, if any, at this time. The Company was a plaintiff in a lawsuit against a former raw material supplier. In its lawsuit, the Company alleged that the former supplier sold defective materials to the Company over a period of time, which, when applied to certain of the Company’s products, caused those products to become defective and unmerchantable in the ordinary course of the Company’s business. On January 31, 2014, the Company and the supplier settled its claim for $400 . The difference in the amount previously recognized and the settlement amount was recorded in other operating (income) expense in 2013. |
Other (Income) Expense
Other (Income) Expense | 12 Months Ended |
Dec. 26, 2015 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense | OTHER (INCOME) EXPENSE Other operating (income) expense, net is summarized as follows: 2015 2014 2013 Other operating (income) expense, net: Insurance proceeds $ — $ — $ (202 ) (Gain) loss on property, plant and equipment disposals (114 ) (30 ) 195 Loss on currency exchanges 602 587 217 Amortization of intangibles 305 351 88 Retirement expenses 212 135 154 Contract settlement — — 172 Miscellaneous (income) expense (133 ) (139 ) (130 ) Other operating (income) expense, net $ 872 $ 904 $ 494 Other (income) expense, net is summarized as follows: 2015 2014 2013 Other (income) expense, net: Earnings from equity investments 14 (209 ) — Loss on sale of non-operating assets — 41 — Miscellaneous (income) expense 33 14 26 Other (income) expense, net $ 47 $ (154 ) $ 26 |
Facility Consolidation Expenses
Facility Consolidation Expenses | 12 Months Ended |
Dec. 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. In addition, certain machinery and equipment was disposed of resulting in an impairment charge during 2014. 2014 Atlas Integration Plan As a part of the March 19, 2014 acquisition of Atlas, the Company developed a plan to close the operations of the Atlas dyeing facility in Los Angeles and move the carpet dyeing of their products to the Company's dyeing operation located in Santa Ana, California. Costs related to the consolidation include equipment relocation, computer systems modifications and severance costs. These costs were 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 leased divisional and corporate offices to a single leased facility located in Dalton, Georgia. The Company paid a fee to terminate one of the leases, did not renew a second facility and vacated the third facility. Related to the vacated facility, the Company recorded the estimated costs related to the fulfillment of its contractual lease obligation and on-going facilities maintenance, net of an estimate of sub-lease expectations. Costs related to the consolidation include the lease termination fee, contractual lease obligations and moving costs. Costs related to the facility consolidation plans are summarized as follows: As of December 27, 2014 Accrued Balance at December 28, 2013 2014 Expenses (1) 2014 Cash Payments Accrued Balance at December 27, 2014 Total Costs Incurred to Date Total Expected Costs Warehousing, Distribution and Manufacturing Consolidation Plan $ — $ 4,047 $ (4,047 ) $ — $ 4,047 $ 5,398 Atlas Integration Plan — 1,467 (1,467 ) — 1,467 1,846 Corporate Office Consolidation Plan — — — — — — Total All Plans $ — $ 5,514 $ (5,514 ) $ — $ 5,514 $ 7,244 Asset impairments (2) $ 1,133 $ 1,133 $ 1,133 As of December 26, 2015 Accrued Balance at December 27, 2014 2015 Expenses (1) 2015 Cash Payments Accrued Balance at December 26, 2015 Total Costs Incurred to Date Total Expected Costs Warehousing, Distribution and Manufacturing Consolidation Plan $ — $ 2,016 $ (2,016 ) $ — $ 6,063 $ 6,469 Atlas Integration Plan — 202 (202 ) — 1,669 1,669 Corporate Office Consolidation Plan — 728 (387 ) 341 728 788 Total All Plans $ — $ 2,946 $ (2,605 ) $ 341 $ 8,460 $ 8,926 Asset impairments (2) $ — $ 1,133 $ 1,133 (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. (2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 26, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS The Company has either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. Discontinued operations are summarized as follows: 2015 2014 2013 Net sales - Carousel operations $ 417 $ 1,168 $ 691 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ (116 ) $ (863 ) $ (264 ) Workers' compensation costs from former textile operations (53 ) (55 ) (23 ) Environmental remediation costs from former textile operations (68 ) (62 ) (74 ) Loss from discontinued operations, before taxes $ (237 ) $ (980 ) $ (361 ) Income tax benefit (89 ) (372 ) (95 ) Loss from discontinued operations, net of tax $ (148 ) $ (608 ) $ (266 ) Loss on disposal of Carousel discontinued operations before income taxes $ — $ (2,363 ) $ — Income tax benefit — (896 ) — Loss on disposal of discontinued operations, net of tax $ — $ (1,467 ) $ — In the fourth quarter of 2014, the Company discontinued the Carousel specialty tufting and weaving operation that was part of the 2013 Robertex, Inc. acquisition. As a result, the Company had a loss on the disposal of the discontinued operation which included the impairment of certain intangibles associated with Carousel and its related machinery and equipment. 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 from unanticipated medical costs associated with the Company's obligations. Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has an accrual for environmental remediation obligations of $1,591 and $1,637 as of December 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 | 12 Months Ended |
Dec. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS 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 2015 and 2014 was $458 and $343 , respectively. The lease was based on current market values for similar facilities. The Company purchases a portion of its product needs in the form of fiber, yarn and carpet 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 as of year-end, represented approximately 4% of the total vote of all classes of the Company's Common Stock. Engineered Floors is one of several suppliers of such materials to the Company. Total purchases from Engineered Floors for 2015, 2014 and 2013 were approximately $8,800 , $11,300 and $12,000 , respectively; or approximately 2.8% , 3.6% , and 4.6% of the Company's cost of goods sold in 2015, 2014, and 2013, respectively. Purchases from Engineered Floors are based on market value, negotiated prices. The Company has no contractual commitments with Mr. Shaw associated with its business relationship with Engineered Floors. Transactions with Engineered Floors were reviewed by the Company's board of directors. 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 2015, 2014, and 2013 was $262 , $257 , and $127 , respectively. The lease was based on current market values for similar facilities. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 26, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS THE DIXIE GROUP, INC. (dollars in thousands) Description Balance at Beginning of Year Additions - Charged to Costs and Expenses Additions - Charged to Other Account - Describe Deductions - Describe Balance at End of Year Year ended December 26, 2015: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 450 $ 146 $ — $ 126 (1) $ 470 Reserves classified as liabilities: Provision for claims, allowances and warranties 4,647 14,254 — 13,217 (3) 5,684 Year ended December 27, 2014: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 141 $ 399 $ — $ 90 (1) $ 450 Reserves classified as liabilities: Provision for claims, allowances and warranties 3,377 9,249 606 (2) 8,585 (3) 4,647 Year ended December 28, 2013: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 216 $ 40 $ — $ 115 (1) $ 141 Reserves classified as liabilities: Provision for claims, allowances and warranties 2,509 7,141 — 6,273 (3) 3,377 (1) Uncollectible accounts written off, net of recoveries. (2) Assumed reserve in business combinations. (3) Reserve reductions for claims, allowances and warranties settled. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Principals of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. |
Fiscal Year | Fiscal Year The Company ends its fiscal year on the last Saturday of December. All references herein to "2015," "2014," and "2013," mean the fiscal years ended December 26, 2015, December 27, 2014, and December 28, 2013, respectively. All years presented contained 52 weeks. |
Reclassifications | Reclassifications The Company reclassified certain amounts in 2014 and 2013 to conform to the 2015 presentation |
Discontinued Operations | Discontinued Operations The financial statements separately report discontinued operations and the results of continuing operations (See Note 21). |
Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. |
Market Risk | Market Risk The Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 9% in 2015, 9% in 2014 and 13% in 2013. No other customer accounted for more than 10% of net sales in 2015, 2014 or 2013, nor did the Company make a significant amount of sales to foreign countries during 2015, 2014 or 2013. |
Credit Risk | Credit Risk The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. Notes receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts to cover potential credit losses based on the financial condition of borrowers and collateral held by the Company. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. |
Goodwill and other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of identified net assets acquired in business combinations. The Company's goodwill is tested for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. The first step in the goodwill assessment process is to identify potential goodwill impairments and involves a comparison of the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit. The Company has identified its reporting units as its residential floorcovering business and commercial floorcovering business. For this purpose, the Company estimates fair value of the reporting unit based on expected current and future cash flows discounted at the Company's weighted-average cost of capital ("WACC"). Such an estimate necessarily involves judgments and assumptions concerning, among other matters, future sales and operating margins, as well as interest rates and other financial factors used to calculate the WACC. If an impairment is indicated in the first step of the assessment, a second step in the assessment is performed by comparing the "implied fair value" of the Company's reporting units' goodwill with the carrying value of the reporting units' goodwill. For this purpose, the "implied fair value" of goodwill for each reporting unit that has goodwill associated with its operations is determined in the same manner as the amount of goodwill is determined in a business combination. (See Note 7). Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). |
Customer Claims and Product Warranties | Customer Claims and Product Warranties The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. At the time sales are recorded, the Company records reserves for the estimated costs of defective products and failure of its products to meet applicable performance standards. The level of reserves the Company establishes is based primarily upon historical experience, including the level of sales and evaluation of pending claims. |
Self Insurance Benefit Programs | Self-Insured Benefit Programs The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. |
Income Tax | Income Taxes The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. The Company recognizes all derivatives on its Consolidated Balance Sheet at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. |
Treasury Stock | Treasury Stock The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. |
Revenue Recognition | Revenue Recognition Revenues, including shipping and handling amounts, are recognized when the following criteria are met: there is persuasive evidence that a sales agreement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title to the goods and assumes the risks and rewards of ownership, which is generally on the date of shipment. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenues are recorded net of taxes collected from customers. |
Advertising Costs and Vendor Consideration | Advertising Costs and Vendor Consideration The Company engages in promotional and advertising programs that include rebates, discounts, points and cooperative advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Substantially all such expenses are recorded as a deduction from sales. The cost of cooperative advertising programs is recorded as selling and administrative expenses when the Company can identify a tangible benefit associated with the program, and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2015, 2014, or 2013. |
Cost of Sales | Cost of Sales Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. |
Selling, General and Administrative Expenses | Selling and Administrative Expenses Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. |
Operating Leases | Operating Leases Rent is expensed over the lease period, including the effect of any rent holiday and rent escalation provisions, which effectively amortizes the rent holidays and rent escalations on a straight-line basis over the lease period. Leasehold improvements are amortized over the shorter of their economic lives or the lease term, excluding renewal options. Any leasehold improvement made by the Company and funded by the lessor is treated as a leasehold improvement and amortized over the shorter of its economic life or the lease term. Any funding provided by the lessor for such improvements is treated as deferred costs and amortized over the lease period. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 16). |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: 2015 2014 Customers, trade $ 46,110 $ 46,422 Other receivables 5,166 4,552 Gross receivables 51,276 50,974 Less allowance for doubtful accounts (470 ) (450 ) Receivables, net $ 50,806 $ 50,524 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: 2015 2014 Raw materials $ 46,164 $ 40,649 Work-in-process 21,306 19,976 Finished goods 58,037 57,913 Supplies and other 192 126 LIFO reserve (10,553 ) (14,457 ) Inventories $ 115,146 $ 104,207 |
Property, Plant and Equipment35
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: 2015 2014 Land and improvements $ 7,610 $ 7,327 Buildings and improvements 61,396 61,557 Machinery and equipment 174,636 170,620 Assets under construction 2,819 966 246,461 240,470 Accumulated depreciation (145,315 ) (137,981 ) Property, plant and equipment, net $ 101,146 $ 102,489 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Atlas Carpet Mills [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The components of the purchase price allocation consisted of the following: Cash $ 2,466 Receivables 4,998 Inventories 10,981 Other current assets 797 Assets held for sale 5,152 Property, plant and equipment 6,716 Finite intangible asset 3,300 Other assets 859 Accounts payable (2,286 ) Accrued expenses (2,883 ) Capital lease obligation (404 ) Fair value of net assets acquired $ 29,696 Total consideration 18,759 Gain on purchase of business $ (10,937 ) |
Robertex [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The components of the purchase price allocation consisted of the following: Cash $ 108 Accounts receivable 115 Inventory 2,139 Other current assets 14 Property, plant and equipment 1,863 Finite intangible assets 2,222 Goodwill 1,709 Accounts payable (643 ) Accrued expenses (193 ) Total purchase price $ 7,334 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table represents the details of the Company's intangible assets subject to amortization: 2015 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 208 $ (48 ) $ 160 $ 208 $ (32 ) $ 176 Rug design coding 144 (43 ) 101 144 (29 ) 115 Trade names 3,300 (489 ) 2,811 3,300 (214 ) 3,086 Total $ 3,652 $ (580 ) $ 3,072 $ 3,652 $ (275 ) $ 3,377 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense for intangible assets is summarized as follows: 2015 2014 2013 Customer relationships $ 16 $ 59 $ 40 Rug design coding 14 15 14 Trade names 275 277 34 Amortization expense $ 305 $ 351 $ 88 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense during each of the next five fiscal years is as follows: Year Amount 2016 $ 305 2017 305 2018 305 2019 305 2020 305 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: 2015 2014 Compensation and benefits (1) $ 9,173 $ 8,894 Provision for customer rebates, claims and allowances 8,995 7,960 Advanced customer deposits 6,674 3,501 Outstanding checks in excess of cash 3,006 1,190 Other 6,490 7,762 Accrued expenses $ 34,338 $ 29,307 (1) Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,847 . |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 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. 2015 2014 Product warranty reserve at beginning of period $ 2,214 $ 1,850 Warranty reserve assumed in business combination — 209 Warranty liabilities accrued 6,201 4,720 Warranty liabilities settled (8,695 ) (5,102 ) Changes for pre-existing warranty liabilities 2,439 537 Product warranty reserve at end of period $ 2,159 $ 2,214 |
Long-Term Debt and Credit Arr40
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: 2015 2014 Revolving credit facility $ 80,569 $ 82,897 Notes payable - buildings 13,881 8,295 Acquisition note payable - Development Authority of Gordon County 2,314 3,413 Acquisition note payable - Robertex 2,321 3,062 Notes payable - equipment and other 15,008 14,623 Capital lease obligations 12,751 14,998 Deferred financing costs, net (795 ) (1,057 ) Total long-term debt 126,049 126,231 Less: current portion of long-term debt (10,142 ) (9,078 ) Long-term debt $ 115,907 $ 117,153 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt for periods following December 26, 2015 are as follows: Long-Term Debt Capital Leases Total (See Note 18) 2016 $ 7,124 $ 3,018 $ 10,142 2017 5,687 3,044 8,731 2018 4,584 2,804 7,388 2019 83,330 1,623 84,953 2020 1,866 1,362 3,228 Thereafter 11,501 901 12,402 Total maturities of long-term debt $ 114,092 $ 12,752 $ 126,844 Deferred financing costs, net (795 ) — (795 ) Total long-term debt $ 113,297 $ 12,752 $ 126,049 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 Balance Sheets as of December 26, 2015 and December 27, 2014: 2015 2014 Fair Value Hierarchy Level Assets: Interest rate swaps (1) $ — $ 34 Level 2 Liabilities: Interest rate swaps (1) $ 4,689 $ 3,040 Level 2 Contingent consideration (2) 584 1,855 Level 3 (1) The Company uses certain external sources in deriving the fair value of the interest rate swaps. 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. (2) As a result of the Colormaster and Crown Rug acquisitions in 2012 and the Robertex acquisition in 2013, the Company recorded contingent consideration liabilities at fair value. These fair value measurements were based on calculations that utilize significant inputs not observable in the market including forecasted revenues, gross margins and discount rates and thus represent Level 3 measurements. These fair value measurements are directly impacted by the Company's estimates. Accordingly, if the estimates are higher or lower than the estimates within the fair value measurement, the Company would record additional charges or benefits, respectively, as appropriate. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the fair value measurements using significant unobservable inputs (Level 3) during the years ending December 26, 2015 and December 27, 2014 were as follows: 2015 2014 Beginning balance $ 1,855 $ 2,751 Fair value adjustments (657 ) (625 ) Settlements (614 ) (271 ) Ending balance $ 584 $ 1,855 |
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: 2015 2014 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 281 $ 281 $ 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 126,049 123,318 126,231 118,719 Interest rate swaps 4,689 4,689 3,040 3,040 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 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 December 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 $ 7,879 (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 Balance Sheets: Location on Consolidated Balance Sheets Fair Value 2015 2014 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 $ 1,159 $ 650 Interest rate swaps, long-term portion Other Long-Term Liabilities 3,530 2,390 Total Liability Derivatives $ 4,689 $ 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 2015 2014 2013 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (2,410 ) $ (3,110 ) $ 381 Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2015 2014 2013 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (777 ) $ (372 ) $ (442 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2015 is $1,159 . |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | The Company's participation in the multi-employer pension plan for 2015 is provided in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three digit plan number. The most recent Pension Protection Act (PPA) zone status available in 2015 and 2014 is for the plan's year-end at 2014 and 2013 , respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (1) Contributions (2) Surcharge Imposed (1) Expiration Date of Collective-Bargaining Agreement 2015 2014 2015 2014 2013 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 268 $ 279 $ 279 Yes 6/3/2017 (1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015 and a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, respectively. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $281 for 2016. (2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. |
Schedule of Net Funded Status [Table Text Block] | Information about the benefit obligation and funded status of the Company's postretirement benefit plans is summarized as follows: 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 315 $ 596 Service cost 7 7 Interest cost 18 22 Participant contributions 2 12 Actuarial gain (48 ) (317 ) Benefits paid (5 ) (5 ) Medicare Part D subsidy 1 — Benefit obligation at end of year 290 315 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 2 (7 ) Participant contributions 2 12 Benefits paid (5 ) (5 ) Medicare Part D subsidy 1 — Fair value of plan assets at end of year — — Unfunded amount $ (290 ) $ (315 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The balance sheet classification of the Company's liability for postretirement benefit plans is summarized as follows: 2015 2014 Accrued expenses $ 12 $ 15 Other long-term liabilities 278 300 Total liability $ 290 $ 315 |
Schedule of Expected Benefit Payments [Table Text Block] | Benefits expected to be paid on behalf of associates for postretirement benefit plans during the period 2016 through 2025 are summarized as follows: Years Postretirement Plans 2016 $ 12 2017 11 2018 11 2019 11 2020 11 2021 - 2025 61 |
Schedule of Assumptions Used [Table Text Block] | Assumptions used to determine benefit obligations of the Company's postretirement benefit plans are summarized as follows: 2015 2014 Weighted-average assumptions as of year-end: Discount rate (benefit obligations) 4.25 % 4.73 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumptions used and related effects of health care cost are summarized as follows: 2015 2014 Health care cost trend assumed for next year 8.00 % 8.00 % Rate to which the cost trend is assumed to decline 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2017 2016 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The effect of a 1% change in the health care cost trend on the Company's postretirement benefit plans is summarized as follows: 2015 2014 1% Increase 1% Decrease 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ — $ — $ 2 $ (2 ) |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (credit) for all postretirement plans are summarized as follows: 2015 2014 2013 Service cost $ 7 $ 7 $ 7 Interest cost 18 22 23 Amortization of prior service credits (86 ) (88 ) (88 ) Recognized net actuarial gains (40 ) (31 ) (35 ) Settlement gain — (251 ) (105 ) Net periodic benefit cost (credit) $ (101 ) $ (341 ) $ (198 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Pre-tax amounts included in AOCIL for the Company's postretirement benefit plans at 2015 are summarized as follows: Postretirement Benefit Plans Balance at 2015 2016 Expected Amortization Prior service credits $ (16 ) $ (4 ) Unrecognized actuarial gains (435 ) (40 ) Totals $ (451 ) $ (44 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2015 2014 2013 Current Federal $ 277 $ 1,081 $ 282 State (261 ) (292 ) 178 Total current 16 789 460 Deferred Federal (641 ) 232 (955 ) State (89 ) 32 (82 ) Total deferred (730 ) 264 (1,037 ) Income tax provision (benefit) $ (714 ) $ 1,053 $ (577 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: 2015 2014 2013 Federal statutory rate 35 % 35 % 35 % Statutory rate applied to income (loss) from continuing operations before taxes $ (1,047 ) $ 604 $ 1,743 Plus state income taxes, net of federal tax effect (227 ) (169 ) 96 Total statutory provision (benefit) (1,274 ) 435 1,839 Increase (decrease) attributable to: Nondeductible meals and entertainment 147 143 112 Domestic production activities deduction — 112 (208 ) Federal tax credits (441 ) (483 ) (1,612 ) Reserve for uncertain tax positions 35 109 286 Goodwill (124 ) (124 ) 283 Change in valuation allowance 977 569 (1,190 ) Non-taxable insurance proceeds — — (71 ) Stock-based compensation — 117 — Other items (34 ) 175 (16 ) Income tax provision (benefit) $ (714 ) $ 1,053 $ (577 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets and liabilities are as follows: 2015 2014 Deferred tax assets: Inventories $ 3,927 $ 2,842 Retirement benefits 3,337 3,215 State net operating losses 3,563 3,417 Federal net operating losses 4,345 3,503 State tax credit carryforwards 1,731 1,740 Federal tax credit carryforwards 2,943 2,472 Allowances for bad debts, claims and discounts 3,688 3,175 Other 4,856 4,776 Total deferred tax assets 28,390 25,140 Valuation allowance (5,294 ) (4,317 ) Net deferred tax assets 23,096 20,823 Deferred tax liabilities: Property, plant and equipment 18,370 17,477 Total deferred tax liabilities 18,370 17,477 Net deferred tax asset $ 4,726 $ 3,346 |
Summary of Income Tax Contingencies [Table Text Block] | The following is a summary of the change in the Company's unrecognized tax benefits: 2015 2014 2013 Balance at beginning of year $ 400 $ 291 $ 5 Additions based on tax positions taken during a prior period — — 250 Additions based on tax positions taken during a current period 35 109 41 Reductions related to settlement of tax matters (60 ) — — Reductions related to a lapse of applicable statute of limitations — — (5 ) Balance at end of year $ 375 $ 400 $ 291 |
Common Stock and Earnings (Lo45
Common Stock and Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 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: 2015 2014 2013 Basic earnings (loss) per share: Income (loss) from continuing operations $ (2,278 ) $ 673 $ 5,556 Less: Allocation of earnings to participating securities — (197 ) (218 ) Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 476 $ 5,338 Basic weighted-average shares outstanding (1) 15,536 14,382 12,737 Basic earnings (loss) per share - continuing operations $ (0.15 ) $ 0.03 $ 0.42 Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 476 $ 5,338 Add: Undistributed earnings reallocated to unvested shareholders — 3 2 Income (loss) from continuing operations available to common shareholders - basic $ (2,278 ) $ 479 $ 5,340 Basic weighted-average shares outstanding (1) 15,536 14,382 12,737 Effect of dilutive securities: Stock options (2) — 97 54 Directors' stock performance units (2) — 65 61 Diluted weighted-average shares outstanding (1)(2) 15,536 14,544 12,852 Diluted earnings (loss) per share - continuing operations $ (0.15 ) $ 0.03 $ 0.42 (1) Includes Common and Class B Common shares, in thousands. (2) Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded were 333 in 2015 , 434 in 2014 and 510 in 2013 . |
Stock Plans and Stock Compens46
Stock Plans and Stock Compensation Expense (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock activity for the three years ended December 26, 2015 is summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 29, 2012 464,886 $ 6.57 Granted 173,249 5.19 Vested (112,336 ) 4.15 Outstanding at December 28, 2013 525,799 6.64 Granted 101,315 15.68 Vested (144,875 ) 4.50 Forfeited (125,000 ) 12.78 Outstanding at December 27, 2014 357,239 7.92 Granted 224,625 9.36 Vested (155,991 ) 7.18 Forfeited (9,078 ) 10.97 Outstanding at December 26, 2015 416,795 $ 8.90 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Option activity for the three years ended December 26, 2015 is summarized as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Weighted-Average Fair Value of Options Granted During the Year Outstanding at December 29, 2012 697,407 $ 11.00 $ — Exercised (37,052 ) 5.15 — Outstanding at December 28, 2013 660,355 11.33 — Exercised (53,950 ) 10.22 — Forfeited (167,170 ) 14.36 — Outstanding at December 27, 2014 439,235 10.31 — Exercised (89,435 ) 6.78 — Forfeited (246,300 ) 13.82 — Outstanding at December 26, 2015 103,500 $ 5.00 3.9 $ — Options exercisable at: December 28, 2013 630,855 $ 11.63 — December 27, 2014 439,235 10.31 — December 26, 2015 103,500 5.00 3.9 — |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 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 29, 2012 (654 ) 416 (238 ) Unrealized gain (loss) on interest rate swaps, net of tax of $145 236 — 236 Reclassification of loss into earnings from interest rate swaps, net of tax of $108 176 — 176 Amortization of unrealized loss on dedesignated interest rate swaps, net of tax of $60 98 — 98 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $12 — 20 20 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $13 — (22 ) (22 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 — (54 ) (54 ) Balance at December 28, 2013 (144 ) 360 216 Unrealized loss on interest rate swaps, net of tax of $1,182 (1,928 ) — (1,928 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $141 231 — 231 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $26 — 41 41 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $12 — (19 ) (19 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $34 — (54 ) (54 ) Balance at December 27, 2014 (1,841 ) 328 (1,513 ) Unrealized loss on interest rate swaps, net of tax of $916 (1,494 ) — (1,494 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $295 482 — 482 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $18 — 30 30 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $15 — (25 ) (25 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $33 — (53 ) (53 ) Balance at December 26, 2015 $ (2,853 ) $ 280 $ (2,573 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, are as follows: Capital Leases Operating Leases 2016 $ 3,611 $ 3,220 2017 3,477 3,171 2018 3,080 2,937 2019 1,783 2,084 2020 1,444 1,661 Thereafter 922 5,309 Total commitments 14,317 18,382 Less amounts representing interest (1,566 ) — Total $ 12,751 $ 18,382 |
Other (Income) Expense (Tables)
Other (Income) Expense (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Other (Income) Expense [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other operating (income) expense, net is summarized as follows: 2015 2014 2013 Other operating (income) expense, net: Insurance proceeds $ — $ — $ (202 ) (Gain) loss on property, plant and equipment disposals (114 ) (30 ) 195 Loss on currency exchanges 602 587 217 Amortization of intangibles 305 351 88 Retirement expenses 212 135 154 Contract settlement — — 172 Miscellaneous (income) expense (133 ) (139 ) (130 ) Other operating (income) expense, net $ 872 $ 904 $ 494 |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other (income) expense, net is summarized as follows: 2015 2014 2013 Other (income) expense, net: Earnings from equity investments 14 (209 ) — Loss on sale of non-operating assets — 41 — Miscellaneous (income) expense 33 14 26 Other (income) expense, net $ 47 $ (154 ) $ 26 |
Facility Consolidation Expens50
Facility Consolidation Expenses (Tables) | 12 Months Ended |
Dec. 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 December 27, 2014 Accrued Balance at December 28, 2013 2014 Expenses (1) 2014 Cash Payments Accrued Balance at December 27, 2014 Total Costs Incurred to Date Total Expected Costs Warehousing, Distribution and Manufacturing Consolidation Plan $ — $ 4,047 $ (4,047 ) $ — $ 4,047 $ 5,398 Atlas Integration Plan — 1,467 (1,467 ) — 1,467 1,846 Corporate Office Consolidation Plan — — — — — — Total All Plans $ — $ 5,514 $ (5,514 ) $ — $ 5,514 $ 7,244 Asset impairments (2) $ 1,133 $ 1,133 $ 1,133 As of December 26, 2015 Accrued Balance at December 27, 2014 2015 Expenses (1) 2015 Cash Payments Accrued Balance at December 26, 2015 Total Costs Incurred to Date Total Expected Costs Warehousing, Distribution and Manufacturing Consolidation Plan $ — $ 2,016 $ (2,016 ) $ — $ 6,063 $ 6,469 Atlas Integration Plan — 202 (202 ) — 1,669 1,669 Corporate Office Consolidation Plan — 728 (387 ) 341 728 788 Total All Plans $ — $ 2,946 $ (2,605 ) $ 341 $ 8,460 $ 8,926 Asset impairments (2) $ — $ 1,133 $ 1,133 (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. (2) Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 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: 2015 2014 2013 Net sales - Carousel operations $ 417 $ 1,168 $ 691 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ (116 ) $ (863 ) $ (264 ) Workers' compensation costs from former textile operations (53 ) (55 ) (23 ) Environmental remediation costs from former textile operations (68 ) (62 ) (74 ) Loss from discontinued operations, before taxes $ (237 ) $ (980 ) $ (361 ) Income tax benefit (89 ) (372 ) (95 ) Loss from discontinued operations, net of tax $ (148 ) $ (608 ) $ (266 ) Loss on disposal of Carousel discontinued operations before income taxes $ — $ (2,363 ) $ — Income tax benefit — (896 ) — Loss on disposal of discontinued operations, net of tax $ — $ (1,467 ) $ — |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Market Risk (Details) - customers | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accounting Policies [Abstract] | |||
Number of customers greater than ten percent | 1 | ||
Entity Wide Revenue, Market Risk, Percentage | 9.00% | 9.00% | 13.00% |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 26, 2015 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun54
Summary of Significant Accounting Policies Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 26, 2015 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Recent Accounting Pronounceme55
Recent Accounting Pronouncements (Details) $ in Thousands | Dec. 27, 2014USD ($) |
Recent Accounting Pronouncements [Abstract] | |
Deferred Finance Costs, Noncurrent, Net | $ 1,056 |
Deferred Tax Assets, Net, Current | 12,722 |
Deferred Tax Liabilities, Net, Noncurrent | 9,376 |
Deferred Tax Assets, Net, Noncurrent | $ 3,346 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customers, trade | $ 46,110 | $ 46,422 | |
Other receivables | 5,166 | 4,552 | |
Gross receivables | 51,276 | 50,974 | |
Less allowance for doubtful accounts | (470) | (450) | |
Receivables, net | 50,806 | 50,524 | |
Bad debt expense | $ 146 | $ 399 | $ 40 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46,164 | $ 40,649 |
Work-in-process | 21,306 | 19,976 |
Finished goods | 58,037 | 57,913 |
Supplies and other | 192 | 126 |
LIFO reserve | (10,553) | (14,457) |
Inventories | $ 115,146 | $ 104,207 |
Property, Plant and Equipment58
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $ 7,610 | $ 7,327 | |
Buildings and improvements | 61,396 | 61,557 | |
Machinery and equipment | 174,636 | 170,620 | |
Assets under construction | 2,819 | 966 | |
Property, plant and equipment, gross | 246,461 | 240,470 | |
Accumulated depreciation | (145,315) | (137,981) | |
Property, plant and equipment, net | 101,146 | 102,489 | |
Depreciation | $ 13,525 | $ 12,212 | $ 9,834 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | Sep. 22, 2014 | Mar. 19, 2014 | Jul. 01, 2013 | |
Business Acquisition [Line Items] | ||||||
Accrued consideration for working capital adjustment in acquisitions | $ 0 | $ 216 | $ 1,307 | |||
Goodwill | 3,389 | 3,389 | ||||
Gain on purchase of business | 0 | 11,110 | 0 | |||
Atlas Carpet Mills [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Transaction costs of acquisition | $ 645 | |||||
Cash paid | 16,543 | |||||
Accrued consideration for working capital adjustment in acquisitions | 1,293 | |||||
Accrued consideration for holdbacks | 923 | |||||
Total purchase price consideration | 18,759 | |||||
Cash | 2,466 | |||||
Receivables | 4,998 | |||||
Inventories | 10,981 | |||||
Other current assets | 797 | |||||
Assets held for sale | 5,152 | |||||
Property, plant and equipment | 6,716 | |||||
Finite intangible assets | 3,300 | |||||
Other assets | 859 | |||||
Accounts payable | (2,286) | |||||
Accrued expenses | (2,883) | |||||
Capital lease obligation | (404) | |||||
Fair value of net assets acquired | $ 29,696 | |||||
Gain on purchase of business | (10,937) | |||||
After tax gain on purchase of business | 6,781 | |||||
Revenue of Atlas since acquisition date | $ 44,247 | 37,620 | ||||
Burtco Enterprises [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Transaction costs of acquisition | $ 101 | |||||
Cash paid | 2,430 | |||||
Accrued consideration for working capital adjustment in acquisitions | 119 | |||||
Total purchase price consideration | 2,549 | |||||
Fair value of net assets acquired | $ 2,722 | |||||
Gain on purchase of business | $ (173) | |||||
Robertex [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Transaction costs of acquisition | $ 350 | |||||
Cash paid | 2,278 | |||||
Seller-financed note | 3,749 | |||||
Accrued consideration for holdbacks | 1,307 | |||||
Total purchase price consideration | $ 7,334 | |||||
Cash | 108 | |||||
Receivables | 115 | |||||
Inventories | 2,139 | |||||
Other current assets | 14 | |||||
Property, plant and equipment | 1,863 | |||||
Finite intangible assets | 2,222 | |||||
Goodwill | 1,709 | |||||
Accounts payable | (643) | |||||
Accrued expenses | $ (193) |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 3,389 | $ 3,389 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 3,652 | $ 3,652 | |
Accumulated Amortization | (580) | (275) | |
Net | 3,072 | 3,377 | |
Amortization expense | 305 | 351 | $ 88 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 208 | 208 | |
Accumulated Amortization | (48) | (32) | |
Net | 160 | 176 | |
Impairment of definite-lived assets | (786) | ||
Amortization expense | 16 | 59 | 40 |
Rug Design Coding [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 144 | 144 | |
Accumulated Amortization | (43) | (29) | |
Net | 101 | 115 | |
Amortization expense | 14 | 15 | 14 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 3,300 | 3,300 | |
Accumulated Amortization | (489) | (214) | |
Net | 2,811 | 3,086 | |
Impairment of definite-lived assets | (1,271) | ||
Amortization expense | $ 275 | $ 277 | $ 34 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets Schedule of Future Amortization (Details) $ in Thousands | Dec. 26, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 305 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 305 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 | |
Payables and Accruals [Abstract] | |||
Compensation and benefits (1) | $ 9,173 | [1] | $ 8,894 |
Provision for customer rebates, claims and allowances | 8,995 | 7,960 | |
Advanced customer deposits | 6,674 | 3,501 | |
Outstanding checks in excess of cash | 3,006 | 1,190 | |
Other | 6,490 | 7,762 | |
Accrued expenses | 34,338 | $ 29,307 | |
Letters of Credit Outstanding, Amount | $ 1,847 | ||
[1] | Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $1,847. |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Product Warranties Disclosures [Abstract] | ||
Product warranty reserve at beginning of period | $ 2,214 | $ 1,850 |
Warranty reserve assumed in business combination | 0 | 209 |
Warranty liabilities accrued | 6,201 | 4,720 |
Warranty liabilities settled | (8,695) | (5,102) |
Changes for pre-existing warranty liabilities | 2,439 | 537 |
Product warranty reserve at end of period | $ 2,159 | $ 2,214 |
Long-Term Debt and Credit Arr65
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 80,569 | $ 82,897 |
Notes payable - buildings | 13,881 | 8,295 |
Acquisition note payable - Development Authority of Gordon County | 2,314 | 3,413 |
Acquisition note payable - Robertex | 2,321 | 3,062 |
Notes payable - equipment and other | 15,008 | 14,623 |
Capital lease obligations | 12,751 | 14,998 |
Deferred financing costs, net | (795) | (1,057) |
Total long-term debt | 126,049 | 126,231 |
Less: current portion of long-term debt | (10,142) | (9,078) |
Long-term debt | $ 115,907 | $ 117,153 |
Long-Term Debt and Credit Arr66
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - Amended Revolving Credit Facility [Member] $ in Thousands | 12 Months Ended | |
Dec. 26, 2015USD ($)Rate | Dec. 27, 2014 | |
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 | $ | $ 39,821 | |
Debt, Weighted Average Interest Rate | 2.23% | 2.29% |
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 Arr67
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2015 | Jan. 23, 2015 | Dec. 27, 2014 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 13,881 | $ 8,295 | ||
Building - Adairsville [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 8,330 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | |||
Debt Instrument, Periodic Payment, Principal | 35 | |||
Debt Instrument, Final Payment, Principal | 4,165 | |||
Fixed Interest Rate | 4.50% | |||
Building - Saraland [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 6,290 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | |||
Debt Instrument, Periodic Payment, Principal | 26 | |||
Debt Instrument, Final Payment, Principal | $ 3,145 | |||
Fixed Interest Rate | 4.30% |
Long-Term Debt and Credit Arr68
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Development Authority of Gordon County) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015USD ($)mo | Dec. 27, 2014USD ($) | Nov. 02, 2012USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Development Authority of Gordon County | $ 2,314 | $ 3,413 | |
Note payable, Development Authority [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.00% | ||
Acquisition note payable - 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 Arr69
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Robertex) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015USD ($)yr | Dec. 27, 2014USD ($) | Jul. 01, 2013USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Robertex | $ 2,321 | $ 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 Arr70
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable [Member] $ in Thousands | 12 Months Ended | |
Dec. 26, 2015USD ($)yrRate | Dec. 27, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Escrow Deposit | $ | $ 0 | $ 574 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 1.00% | |
Term of Note Payable | yr | 3 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.86% | |
Term of Note Payable | yr | 7 |
Long-Term Debt and Credit Arr71
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) - Capital Lease Obligations [Member] | 12 Months Ended |
Dec. 26, 2015yrRate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 2.90% |
Term of Capital Lease Obligation (in months) | yr | 3 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 7.37% |
Term of Capital Lease Obligation (in months) | yr | 7 |
Long-Term Debt and Credit Arr72
Long-Term Debt and Credit Arrangements (Interest payments and debt maturities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Debt Instrument [Line Items] | |||
Interest paid | $ 4,449 | $ 3,757 | $ 3,067 |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10,142 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,731 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7,388 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 84,953 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,228 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 12,402 | ||
Long-term Debt | 126,844 | ||
Deferred financing costs, net | (795) | (1,057) | |
Total long-term debt | 126,049 | $ 126,231 | |
Long-term Debt [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 7,124 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,687 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,584 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 83,330 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,866 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,501 | ||
Long-term Debt | 114,092 | ||
Deferred financing costs, net | (795) | ||
Total long-term debt | 113,297 | ||
Capital Lease Obligations [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 3,018 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,044 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,804 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,623 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,362 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 901 | ||
Long-term Debt | 12,752 | ||
Deferred financing costs, net | 0 | ||
Total long-term debt | $ 12,752 |
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 | Dec. 26, 2015 | Dec. 27, 2014 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Interest rate swaps (1) | [1] | $ 0 | $ 34 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps (1) | [1] | 4,689 | 3,040 |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Contingent consideration (2) | [2] | $ 584 | $ 1,855 |
[1] | The Company uses certain external sources in deriving the fair value of the interest rate swaps. 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. | ||
[2] | 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 (Fair74
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,855 | $ 2,751 |
Fair value adjustments | (657) | (625) |
Settlements | (614) | (271) |
Ending balance | $ 584 | $ 1,855 |
Fair Value Measurements (Fair75
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 281 | $ 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 | 126,049 | 126,231 |
Interest rate swaps | 4,689 | 3,040 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 281 | 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 | 123,318 | 118,719 |
Interest rate swaps | $ 4,689 | $ 3,040 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - Interest Rate Swap [Member] $ in Thousands | Dec. 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% | |
November 7, 2014 through November 7, 2024 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ | $ 7,879 | [1] |
Fixed Interest Rate | Rate | 4.50% | |
Effective January 7, 2017 through January 7, 2025 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ | $ 5,661 | [2] |
Fixed Interest Rate | Rate | 4.30% | |
[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 | Dec. 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 | 4,689 | 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 | 1,159 | 650 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 3,530 | $ 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 | 12 Months Ended | |||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion | $ (2,410) | $ (3,110) | $ 381 | |
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | [1],[2] | (777) | (372) | (442) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,159 | |||
Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness | $ 0 | $ 0 | $ 0 | |
[1] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. | |||
[2] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2015 is $1,159. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Non-Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 86.00% | ||
Employer Matching Contribution, Percentage | 1.00% | ||
Employer Matching Contribution, Discretionary Percentage | 2.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | ||
Cost Recognized | $ 454 | $ 382 | $ 610 |
Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 14.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 2.75% | ||
Cost Recognized | $ 82 | $ 87 | $ 86 |
Employee Benefit Plans (Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Liability to Participants | $ 14,155 | $ 14,331 |
Cash Surrender Value of Life Insurance | $ 14,981 | $ 15,316 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 26, 2015USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | |||
Multiemployer Plans [Line Items] | |||||
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants | 14.00% | ||||
Multiemployer Plans, Certified Zone Status | Red | Red | |||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | [1] | Implemented | |||
Contributions | $ 268 | [2] | $ 279 | $ 279 | |
Multiemployer Plans, Surcharge | [1] | Yes | |||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jun. 3, 2017 | ||||
Multiemployer Plans, Employer Contribution Rate Per Hour | 0.47 | ||||
Multiemployer Plans, Contribution Rate Increase (Decrease) | 0.03 | 0.03 | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 281 | ||||
[1] | The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015 and a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, respectively. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $281 for 2016. | ||||
[2] | The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. |
Employee Benefit Plans (Other P
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 315 | $ 596 | |
Service cost | 7 | 7 | $ 7 |
Interest cost | 18 | 22 | 23 |
Participant contributions | 2 | 12 | |
Actuarial gain | (48) | (317) | |
Benefits paid | (5) | (5) | |
Medicare Part D subsidy | 1 | 0 | |
Benefit obligation at end of year | 290 | 315 | 596 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 2 | (7) | |
Participant contributions | 2 | 12 | |
Benefits paid | (5) | (5) | |
Medicare Part D subsidy | 1 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Unfunded amount | (290) | (315) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued expenses | 12 | 15 | |
Other long-term liabilities | 278 | 300 | |
Total liability | 290 | $ 315 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 12 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 11 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 11 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 11 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 11 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 61 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (benefit obligations) | 4.25% | 4.73% | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend assumed for next year | 8.00% | 8.00% | |
Rate to which the cost trend is assumed to decline | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2,017 | 2,016 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 0 | $ 2 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 0 | (2) | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 7 | 7 | 7 |
Interest cost | 18 | 22 | 23 |
Amortization of prior service credits | (86) | (88) | (88) |
Recognized net actuarial gains | (40) | (31) | (35) |
Settlement gain | 0 | (251) | (105) |
Net periodic benefit cost (credit) | (101) | $ (341) | $ (198) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Prior service credits | (16) | ||
Unrecognized actuarial gains | (435) | ||
Totals | (451) | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Prior service credits | (4) | ||
Unrecognized actuarial gains | (40) | ||
Totals | $ (44) |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Current | |||
Federal | $ 277 | $ 1,081 | $ 282 |
State | (261) | (292) | 178 |
Total current | 16 | 789 | 460 |
Deferred | |||
Federal | (641) | 232 | (955) |
State | (89) | 32 | (82) |
Total deferred | (730) | 264 | (1,037) |
Income tax provision (benefit) | $ (714) | $ 1,053 | $ (577) |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Statutory rate applied to income (loss) from continuing operations before taxes | $ (1,047) | $ 604 | $ 1,743 |
Plus state income taxes, net of federal tax effect | (227) | (169) | 96 |
Total statutory provision (benefit) | (1,274) | 435 | 1,839 |
Nondeductible meals and entertainment | 147 | 143 | 112 |
Domestic production activities deduction | 0 | 112 | (208) |
Federal tax credits | (441) | (483) | (1,612) |
Reserve for uncertain tax positions | 35 | 109 | 286 |
Goodwill | (124) | (124) | 283 |
Change in valuation allowance | 977 | 569 | (1,190) |
Non-taxable insurance proceeds | 0 | 0 | (71) |
Stock-based compensation | 0 | 117 | 0 |
Other items | (34) | 175 | (16) |
Income tax provision (benefit) | $ (714) | $ 1,053 | $ (577) |
Income Taxes Income Tax Recon85
Income Taxes Income Tax Reconciliation, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Change in valuation allowance | $ 977 | $ 569 | $ (1,190) |
Research and development credits | 304 | ||
Federal tax credits | 520 | ||
Income taxes paid, net of tax refunds | $ 48 | $ 345 | $ 58 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Deferred tax assets: | ||
Inventories | $ 3,927 | $ 2,842 |
Retirement benefits | 3,337 | 3,215 |
State net operating losses | 3,563 | 3,417 |
Federal net operating losses | 4,345 | 3,503 |
State tax credit carryforwards | 1,731 | 1,740 |
Federal tax credit carryforwards | 2,943 | 2,472 |
Allowances for bad debts, claims and discounts | 3,688 | 3,175 |
Other | 4,856 | 4,776 |
Total deferred tax assets | 28,390 | 25,140 |
Valuation allowance | (5,294) | (4,317) |
Net deferred tax assets | 23,096 | 20,823 |
Deferred tax liabilities: | ||
Property, plant and equipment | 18,370 | 17,477 |
Total deferred tax liabilities | 18,370 | 17,477 |
Net deferred tax asset | $ 4,726 | $ 3,346 |
Income Taxes Components of De87
Income Taxes Components of Deferred Tax Assets and Liabilities, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 5,294 | $ 4,317 |
Deferred Tax Assets, Net | 4,726 | 3,346 |
Federal net operating losses | 4,345 | 3,503 |
State net operating losses | 3,563 | 3,417 |
Federal tax credit carryforwards | 2,943 | 2,472 |
State tax credit carryforwards | 1,731 | $ 1,740 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 12,415 | |
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | Dec. 31, 2030 | |
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | Dec. 31, 2036 | |
State Taxing Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 80,881 | |
State Taxing Authority [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | Dec. 31, 2016 | |
State Taxing Authority [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | Dec. 31, 2036 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 400 | $ 291 | $ 5 |
Additions based on tax positions taken during a prior period | 0 | 0 | 250 |
Additions based on tax positions taken during a current period | 35 | 109 | 41 |
Reductions related to settlement of tax matters | (60) | 0 | 0 |
Reductions related to a lapse of applicable statute of limitations | 0 | 0 | (5) |
Unrecognized tax benefits | 375 | 400 | $ 291 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 |
Common Stock and Earnings (Lo89
Common Stock and Earnings (Loss) Per Share (Common and Preferred Stock) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015USD ($)votes$ / sharesshares | Dec. 27, 2014USD ($)$ / sharesshares | Dec. 28, 2013USD ($)shares | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |
Common stock, par value | $ / shares | $ 3 | $ 3 | |
Votes Per Share of Class B Common Stock | votes | 20 | ||
Common stock, shares issued | 15,155,274 | 15,007,423 | |
Common Stock, shares issued equity offering | 0 | 2,500,000 | 0 |
Price Per Share From Equity Offering | $ / shares | $ 10.65 | ||
Proceeds from equity offering, net of issuance costs | $ | $ 0 | $ 24,559 | $ 0 |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 80,000,000 | ||
Common stock, par value | $ / shares | $ 3 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 16,000,000 | ||
Common stock, par value | $ / shares | $ 3 | ||
Common Class C [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 200,000,000 | ||
Common stock, par value | $ / shares | $ 3 | ||
Common stock, shares issued | 0 | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized | 16,000,000 | ||
Common stock, shares issued | 0 |
Common Stock and Earnings (Lo90
Common Stock and Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | ||
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations | $ (2,278) | $ 673 | $ 5,556 | |
Less: Allocation of earnings to participating securities | 0 | (197) | (218) | |
Income (loss) from continuing operations available to common shareholders - basic | $ (2,278) | $ 476 | $ 5,338 | |
Basic weighted-average shares outstanding (1) | [1] | 15,536 | 14,382 | 12,737 |
Basic earnings (loss) per share - continuing operations | $ (0.15) | $ 0.03 | $ 0.42 | |
Diluted earnings (loss) per share: | ||||
Income (loss) from continuing operations available to common shareholders - basic | $ (2,278) | $ 476 | $ 5,338 | |
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 3 | 2 | |
Income (loss) from continuing operations available to common shareholders - basic | $ (2,278) | $ 479 | $ 5,340 | |
Effect of dilutive securities: | ||||
Stock options (2) | [2] | 0 | 97 | 54 |
Directors' stock performance units (2) | [2] | 0 | 65 | 61 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,536 | 14,544 | 12,852 |
Diluted earnings (loss) per share - continuing operations | $ (0.15) | $ 0.03 | $ 0.42 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 333 | 434 | 510 | |
[1] | Includes Common and Class B Common shares, in thousands. | |||
[2] | Because their effects are anti-dilutive, shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded. Aggregate shares excluded were 333 in 2015, 434 in 2014 and 510 in 2013. |
Stock Plans and Stock Compens91
Stock Plans and Stock Compensation Expense Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 1,406 | $ 1,195 | $ 847 |
2006 Stock Awards Plan, as amended in 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,800,000 |
Stock Plans and Stock Compens92
Stock Plans and Stock Compensation Expense Share-based Awards (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 26, 2015USD ($)yr$ / sharesshares | Dec. 27, 2014USD ($)yr$ / sharesshares | Dec. 28, 2013USD ($)yr$ / sharesshares | Aug. 01, 2015USD ($)$ / sharesshares | Apr. 29, 2015USD ($)$ / sharesshares | Mar. 12, 2015USD ($)$ / sharesshares | Mar. 12, 2014USD ($)$ / sharesshares | Mar. 12, 2013USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 4 years | |||||||
Restricted Stock Granted in Period | 10,000 | 100,000 | 114,625 | 101,315 | 173,249 | |||
Grant Date Fair Value of Restricted Stock | $ | $ 100 | $ 982 | $ 1,021 | $ 1,588 | $ 899 | |||
Weighted Average Grant Date Fair Value of Resticted Stock | $ / shares | $ 9.980 | $ 9.815 | $ 8.910 | $ 15.675 | $ 5.190 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||||||
Minimum Award Vesting Period of Restricted Stock Issued | yr | 2 | 2 | ||||||
Maximum Award Vesting Period of Restricted Stock Issued | yr | 13 | 14 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years 5 months | |||||||
Share-based Arrangements with Nonemployee Directors [Abstract] | ||||||||
Minimum Market Value Per Share, Calculation of Shares | $ / shares | $ 5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||||||||
Cumulative Rate Per Year, Stock Option Vesting | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Exercised | 53,372 | 30,952 | 50,464 | |||||
Options Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months | |||||||
Options Exercisable, Weighted Average Remaining Contractual Term | 3 years 11 months | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Outstanding | 357,239 | 525,799 | 464,886 | |||||
Weighted Average Grant Date Fair Value of Outstanding Shares | $ / shares | $ 7.92 | $ 6.64 | $ 6.57 | |||||
Granted | 224,625 | 101,315 | 173,249 | |||||
Weighted Average Grant Date Fair Value Granted During the Year | $ / shares | $ 9.36 | $ 15.68 | $ 5.19 | |||||
Vested | (155,991) | (144,875) | (112,336) | |||||
Weighted Average Grant Date Fair Value of Awards Vested | $ / shares | $ 7.18 | $ 4.50 | $ 4.15 | |||||
Forfeited | (9,078) | (125,000) | ||||||
Weighted Average Grant Date Fair Value of Forfeitures | $ / shares | $ 10.97 | $ 12.78 | ||||||
Outstanding | 416,795 | 357,239 | 525,799 | |||||
Weighted Average Grant Date Fair Value of Outstanding Shares | $ / shares | $ 8.90 | $ 7.92 | $ 6.64 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested Awards, Compensation Not yet Recognized, | $ | $ 2,532 | |||||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||
Nonvested Awards, Vested in Period, Fair Value | $ | $ 1,410 | $ 1,512 | $ 669 | |||||
Primary Long-Term Incentive Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 3 years | |||||||
Stock Performance Units [Member] | ||||||||
Share-based Arrangements with Nonemployee Directors [Abstract] | ||||||||
Nonemployee Directors Fees, Paid in Cash | $ | $ 18 | 18 | 12 | |||||
Nonemployee Directors Fees, Value Received in Stock Performance Units | $ | $ 18 | $ 18 | $ 12 | |||||
Stock Performance Units, Outstanding | 91,032 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||||
Nonvested Awards, Compensation Not yet Recognized, | $ | $ 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||
Options Outstanding | 439,235 | 660,355 | 697,407 | |||||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 10.31 | $ 11.33 | $ 11 | |||||
Exercised | (89,435) | (53,950) | (37,052) | |||||
Options Exercised, Weighted Average Exercise Price | $ / shares | $ 6.78 | $ 10.22 | $ 5.15 | |||||
Forfeited | (246,300) | (167,170) | ||||||
Options Forfeitured and Expired, Weighted Average Exercise Price | $ / shares | $ 13.82 | $ 14.36 | ||||||
Options Outstanding | 103,500 | 439,235 | 660,355 | |||||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 5 | $ 10.31 | $ 11.33 | |||||
Options Exercisable | 103,500 | 439,235 | 630,855 | |||||
Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 5 | $ 10.31 | $ 11.63 | |||||
Options Outstanding, Intrinsic Value | $ | $ 59 | |||||||
Options Exercisable, Intrinsic Value | $ | 59 | |||||||
Options Exercised in Period, Intrinsic Value | $ | $ 221 | $ 140 | $ 206 | |||||
Age 60 or Older [Member] | Career Shares Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 2 years | |||||||
Age Eligible for Retirement | yr | 60 | |||||||
Under Age 60 [Member] | Career Shares Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | ||||||||
Award Vesting Period | 5 years | |||||||
Age Eligible for Retirement | yr | 60 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | $ (1,513) | $ 216 | $ (238) |
Unrealized gain (loss) on interest rate swaps | (1,494) | (1,928) | 236 |
Reclassification of loss into earnings from interest rate swaps | 482 | 231 | 176 |
Amortization of unrealized loss on dedesignated interest rate swaps | 0 | 0 | 98 |
Unrecognized net actuarial gain on postretirement benefit plans | 30 | 41 | 20 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (25) | (19) | (22) |
Reclassification of prior service credits into earnings from postretirement benefit plans | (53) | (54) | (54) |
Accumulated other comprehensive loss - total | (2,573) | (1,513) | 216 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | (1,841) | (144) | (654) |
Unrealized gain (loss) on interest rate swaps | (1,494) | (1,928) | 236 |
Reclassification of loss into earnings from interest rate swaps | 482 | 231 | 176 |
Amortization of unrealized loss on dedesignated interest rate swaps | 98 | ||
Accumulated other comprehensive loss - total | (2,853) | (1,841) | (144) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | 328 | 360 | 416 |
Unrecognized net actuarial gain on postretirement benefit plans | 30 | 41 | 20 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (25) | (19) | (22) |
Reclassification of prior service credits into earnings from postretirement benefit plans | (53) | (54) | (54) |
Accumulated other comprehensive loss - total | $ 280 | $ 328 | $ 360 |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Parentheticals) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gain (loss) on interest rate swaps, tax | $ (916) | $ (1,182) | $ 145 |
Reclassification of loss into earnings from interest rate swaps, tax | (295) | (141) | (108) |
Amortization of unrealized loss on dedesignated interest rate swaps, tax | 0 | 0 | 60 |
Unrecognized net actuarial gain on postretirment benefit plans, tax | 18 | 26 | 12 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, tax | 15 | 12 | 13 |
Reclassification of prior service credits into earnings from postretirement benefit plans, tax | (33) | (34) | (34) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gain (loss) on interest rate swaps, tax | (916) | (1,182) | 145 |
Reclassification of loss into earnings from interest rate swaps, tax | (295) | (141) | (108) |
Amortization of unrealized loss on dedesignated interest rate swaps, tax | 0 | 0 | 60 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized net actuarial gain on postretirment benefit plans, tax | 18 | 26 | 12 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, tax | 15 | 12 | 13 |
Reclassification of prior service credits into earnings from postretirement benefit plans, tax | $ (33) | $ (34) | $ (34) |
Commitments and Contingencies95
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,737 | ||
Unrecorded Unconditional Purchase Obligation, Purchases | 1,151 | $ 977 | $ 1,109 |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 900 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 626 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | $ 355 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,611 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 3,477 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 3,080 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 1,783 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 1,444 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 922 | ||
Capital Leases, Future Minimum Payments Due | 14,317 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (1,566) | ||
Capital Lease Obligations | 12,751 | $ 14,998 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 3,220 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 3,171 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,937 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2,084 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,661 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 5,309 | ||
Operating Leases, Future Minimum Payments Due | 18,382 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | 3,593 | 4,066 | $ 2,434 |
Leases, Capital [Abstract] | |||
Capital Leased Assets, Gross | 16,654 | 16,353 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 3,985 | $ 2,033 |
Commitments and Contingencies97
Commitments and Contingencies Commitment and Contingencies Legal Proceedings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss Contingency, Damages Sought, Value | $ 50 | |
Litigation Settlement, Amount | $ 400 |
Other (Income) Expense (Details
Other (Income) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Other operating (income) expense, net: | |||
Insurance proceeds | $ 0 | $ 0 | $ (202) |
(Gain) loss on property, plant and equipment disposals | (114) | (30) | 195 |
Loss on currency exchanges | 602 | 587 | 217 |
Amortization of intangibles | 305 | 351 | 88 |
Retirement expenses | 212 | 135 | 154 |
Contract settlement | 0 | 0 | 172 |
Miscellaneous (income) expense | (133) | (139) | (130) |
Other operating (income) expense, net | $ 872 | $ 904 | $ 494 |
Other (Income) Expense (Compone
Other (Income) Expense (Components of Other Nonoperating (Income) Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Other (income) expense, net: | |||
Earnings from equity investments | $ 14 | $ (209) | $ 0 |
Loss on sale of non-operating assets | 0 | 41 | 0 |
Miscellaneous (income) expense | 33 | 14 | 26 |
Other (income) expense, net | $ 47 | $ (154) | $ 26 |
Facility Consolidation Expen100
Facility Consolidation Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | $ 0 | $ 0 | ||
Expenses to Date | [1] | 2,946 | 5,514 | |
Cash Payments | (2,605) | (5,514) | ||
Accrued Balance | 341 | 0 | $ 0 | |
Total Costs Incurred to Date | 8,460 | 5,514 | ||
Expected Cost Remaining | 8,926 | 7,244 | ||
Impairment of assets | 0 | 1,133 | 0 | |
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 0 | 0 | ||
Expenses to Date | [1] | 2,016 | 4,047 | |
Cash Payments | (2,016) | (4,047) | ||
Accrued Balance | 0 | 0 | 0 | |
Total Costs Incurred to Date | 6,063 | 4,047 | ||
Expected Cost Remaining | 6,469 | 5,398 | ||
Impairment of assets | [2] | 0 | 1,133 | |
2014 Atlas Integration Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 0 | 0 | ||
Expenses to Date | [1] | 202 | 1,467 | |
Cash Payments | (202) | (1,467) | ||
Accrued Balance | 0 | 0 | 0 | |
Total Costs Incurred to Date | 1,669 | 1,467 | ||
Expected Cost Remaining | 1,669 | 1,846 | ||
2015 Corporate Office Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 0 | 0 | ||
Expenses to Date | [1] | 728 | 0 | |
Cash Payments | (387) | 0 | ||
Accrued Balance | 341 | 0 | $ 0 | |
Total Costs Incurred to Date | 728 | 0 | ||
Expected Cost Remaining | $ 788 | $ 0 | ||
[1] | Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Statements of Operations. | |||
[2] | Asset impairments under these plans, when applicable, are classified as "loss on impairments" in the Company's Consolidated Statements of Operations. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income (loss) from discontinued operations: | |||
Loss from discontinued operations, before taxes | $ (237) | $ (980) | $ (361) |
Income tax benefit | (89) | (372) | (95) |
Loss from discontinued operations, net of tax | (148) | (608) | (266) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | |||
Loss on disposal of discontinued operations, net of tax | 0 | (1,467) | 0 |
Carousel [Member] | |||
Income (loss) from discontinued operations: | |||
Net sales - Carousel operations | 417 | 1,168 | 691 |
Income (loss) from Carousel operations | (116) | (863) | (264) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | |||
Loss on disposal of Carousel discontinued operations before income taxes | 0 | (2,363) | 0 |
Income tax benefit | 0 | (896) | 0 |
Loss on disposal of discontinued operations, net of tax | 0 | (1,467) | 0 |
Previously Discontinued Operations [Member] | |||
Income (loss) from discontinued operations: | |||
Workers' compensation costs from former textile operations | (53) | (55) | (23) |
Environmental remediation costs from former textile operations | $ (68) | $ (62) | $ (74) |
Discontinued Operations (Enviro
Discontinued Operations (Environmental Remediation) (Details) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,591 | $ 1,637 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
James Horwich [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 458 | $ 343 | |
Robert E Shaw [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 8,800 | $ 11,300 | $ 12,000 |
Ownership of Common Stock, Percentage | 8.40% | ||
Voting Interest of Common Stock, Percentage | 4.00% | ||
Related Party Transaction, Purchases from Related Party, Percentage | 2.80% | 3.60% | 4.60% |
Robert P Rothman [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 262 | $ 257 | $ 127 |
Valuation and Qualifying Acc104
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |||
Allowance for Doubtful Accounts [Member] | |||||
Year ended: | |||||
Balance at beginning of year | $ 450 | $ 141 | $ 216 | ||
Charged to costs and expenses | 146 | 399 | 40 | ||
Charged to other accounts | 0 | 0 | 0 | ||
Deductions | [1] | 126 | 90 | 115 | |
Balance at end of year | 470 | 450 | 141 | ||
Provision for claims, allowances and warranties [Member] | |||||
Year ended: | |||||
Balance at beginning of year | 4,647 | 3,377 | 2,509 | ||
Charged to costs and expenses | 14,254 | 9,249 | 7,141 | ||
Charged to other accounts | 0 | 606 | [2] | 0 | |
Deductions | [3] | 13,217 | 8,585 | 6,273 | |
Balance at end of year | $ 5,684 | $ 4,647 | $ 3,377 | ||
[1] | Uncollectible accounts written off, net of recoveries. | ||||
[2] | Assumed reserve in business combinations. | ||||
[3] | Reserve reductions for claims, allowances and warranties settled. |