Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 25, 2016 | Jul. 29, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DIXIE GROUP INC | |
Entity Central Index Key | 29,332 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 25, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,257,131 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 871,714 | |
Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 95 | $ 281 |
Receivables, net | 46,121 | 50,806 |
Inventories, net | 106,166 | 115,146 |
Prepaid expenses | 6,195 | 3,362 |
TOTAL CURRENT ASSETS | 158,577 | 169,595 |
PROPERTY, PLANT AND EQUIPMENT, NET | 96,599 | 101,146 |
GOODWILL AND OTHER INTANGIBLES | 6,308 | 6,461 |
OTHER ASSETS | 23,112 | 21,016 |
TOTAL ASSETS | 284,596 | 298,218 |
CURRENT LIABILITIES | ||
Accounts payable | 24,276 | 26,483 |
Accrued expenses | 34,228 | 34,338 |
Current portion of long-term debt | 9,442 | 10,142 |
TOTAL CURRENT LIABILITIES | 67,946 | 70,963 |
LONG-TERM DEBT | 108,328 | 115,907 |
OTHER LONG-TERM LIABILITIES | 21,465 | 20,544 |
TOTAL LIABILITIES | 197,739 | 207,414 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,257,131 shares for 2016 and 15,155,274 shares for 2015 | 45,771 | 45,466 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 871,714 shares for 2016 and 851,693 shares for 2015 | 2,615 | 2,555 |
Additional paid-in capital | 155,821 | 155,734 |
Accumulated deficit | (113,468) | (110,378) |
Accumulated other comprehensive income (loss) | (3,882) | (2,573) |
TOTAL STOCKHOLDERS' EQUITY | 86,857 | 90,804 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 284,596 | $ 298,218 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares | Jun. 25, 2016 | Dec. 26, 2015 |
Common stock, par value | $ 3 | $ 3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,257,131 | 15,155,274 |
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 | 871,714 | 851,693 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
NET SALES | $ 105,316 | $ 109,957 | $ 194,550 | $ 205,812 | |
Cost of sales | 77,074 | 80,651 | 146,802 | 153,167 | |
GROSS PROFIT | 28,242 | 29,306 | 47,748 | 52,645 | |
Selling and administrative expenses | 24,320 | 26,191 | 47,986 | 50,948 | |
Other operating expense, net | 118 | 63 | 385 | 553 | |
Facility consolidation expenses | 401 | 875 | 1,814 | 1,650 | |
OPERATING INCOME (LOSS) | 3,403 | 2,177 | (2,437) | (506) | |
Interest expense | 1,333 | 1,222 | 2,657 | 2,400 | |
Other expense, net | 4 | 31 | 12 | 41 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 2,066 | 924 | (5,106) | (2,947) | |
Income tax provision (benefit) | 451 | 408 | (1,964) | (1,083) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,615 | 516 | (3,142) | (1,864) | |
Income (loss) from discontinued operations, net of tax | 62 | (12) | 52 | (100) | |
NET INCOME (LOSS) | $ 1,677 | $ 504 | $ (3,090) | $ (1,964) | |
BASIC EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.12) | |
Discontinued operations | 0 | 0 | 0 | (0.01) | |
Net income (loss) | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.13) | |
BASIC SHARES OUTSTANDING | [1] | 15,645 | 15,546 | 15,623 | 15,490 |
DILUTED EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.12) | |
Discontinued operations | 0 | 0 | 0 | (0.01) | |
Net income (loss) | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.13) | |
DILUTED SHARES OUTSTANDING | [1],[2] | 15,783 | 15,656 | 15,623 | 15,490 |
DIVIDENDS PER SHARE: | |||||
Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | |
Class B Common Stock | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Includes Common and Class B Common shares, in thousands. | ||||
[2] | 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 to the extent they are anti-dilutive. Aggregate shares excluded for the three and six months ended June 25, 2016 were 104 and 207, respectively, and for the three and six months ended June 27, 2015 were 236 and 352, respectively. |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
NET INCOME (LOSS) | $ 1,677 | $ 504 | $ (3,090) | $ (1,964) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||
Unrealized gain (loss) on interest rate swaps | (1,234) | 1,092 | (2,673) | (543) | |
Income taxes | (469) | 415 | (1,016) | (206) | |
Unrealized gain (loss) on interest rate swaps, net | (765) | 677 | (1,657) | (337) | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 289 | 132 | 583 | 266 |
Income taxes | 110 | 50 | 222 | 101 | |
Reclassification of loss into earnings from interest rate swaps, net | 179 | 82 | 361 | 165 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2) | [2] | (10) | (9) | (20) | (19) |
Income taxes | (4) | (4) | (8) | (8) | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (6) | (5) | (12) | (11) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (2) | [2] | (1) | (22) | (2) | (44) |
Income taxes | 0 | (9) | (1) | (19) | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (1) | (13) | (1) | (25) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (593) | 741 | (1,309) | (208) | |
COMPREHENSIVE INCOME (LOSS) | $ 1,084 | $ 1,245 | $ (4,399) | $ (2,172) | |
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net loss were included in interest expense in the Company's Consolidated Condensed Statement of Operations. | ||||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net loss were included in selling and administrative expenses in the Company's Consolidated Condensed Statement of Operations. |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss from continuing operations | $ (3,142) | $ (1,864) |
Income (loss) from discontinued operations | 52 | (100) |
Net loss | (3,090) | (1,964) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,823 | 7,301 |
Benefit for deferred taxes | (1,683) | (1,354) |
Net (gain) loss on property, plant and equipment disposals | 259 | (108) |
Stock-based compensation expense | 751 | 725 |
Excess tax benefits from stock-based compensation | 0 | (249) |
Bad debt expense (credit) | (95) | 59 |
Changes in operating assets and liabilities: | ||
Receivables | 4,780 | (3,646) |
Inventories | 8,980 | (10,198) |
Other current assets | (2,833) | (1,981) |
Accounts payable and accrued expenses | (1,426) | 12,093 |
Other operating assets and liabilities | (815) | (866) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 11,651 | (188) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net proceeds from sales of property, plant and equipment | 1 | 60 |
Purchase of property, plant and equipment | (2,070) | (3,171) |
NET CASH USED IN INVESTING ACTIVITIES | (2,069) | (3,111) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (payments) borrowings on revolving credit facility | (4,406) | 1,519 |
Borrowings on notes payable - buildings | 0 | 6,290 |
Payments on notes payable - buildings | (365) | (339) |
Payments on notes payable related to acquisitions | (549) | (508) |
Borrowings on notes payable - equipment and other | 0 | 377 |
Payments on notes payable - equipment and other | (2,402) | (2,348) |
Borrowings on equipment purchased under capital leases | 645 | 0 |
Payments on capital leases | (1,502) | (1,337) |
Change in outstanding checks in excess of cash | (1,070) | (298) |
Proceeds from exercise of stock options | 0 | 274 |
Repurchases of Common Stock | (119) | (529) |
Excess tax benefits from stock-based compensation | 0 | 249 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (9,768) | 3,350 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (186) | 51 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 281 | 394 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 95 | 445 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 2,413 | 2,089 |
Income taxes paid (received), net | (123) | 98 |
Equipment purchased under capital leases | 169 | 0 |
Equipment purchased under notes payable | 0 | 2,850 |
Deposits utilized on purchased equipment, net | 0 | 1,857 |
Accrued purchases of equipment | 0 | 424 |
Shortfall of tax benefits from stock-based compensation | $ (179) | $ (90) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 25, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") for interim financial statements which do not include all the information and footnotes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 26, 2015. Operating results for the three and six month periods ended June 25, 2016 are not necessarily indicative of the results that may be expected for the entire 2016 year. The Company has one reportable segment, carpet and rug manufacturing. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 25, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("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 and all subsequently issued clarifying ASUs will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date." The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Management has not yet selected a transition method and is currently evaluating the impact of the pending adoption of this ASU on the Company’s Consolidated Condensed Financial Statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe the adoption of this ASU will have a significant impact on the Consolidated Condensed Financial Statements. In 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 Condensed 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 Condensed Financial Statements. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)," which requires lessees to recognize on the balance sheet a right-of use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods 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 Consolidated Condensed Financial Statements. In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for annual periods beginning after December 15, 2016, 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 Consolidated Condensed Financial Statements. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. For public entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this ASU on the Consolidated Condensed Financial Statements. |
Receivables, Net
Receivables, Net | 6 Months Ended |
Jun. 25, 2016 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: June 25, December 26, Customers, trade $ 43,245 $ 46,110 Other receivables 3,102 5,166 Gross receivables 46,347 51,276 Less: allowance for doubtful accounts (226 ) (470 ) Receivables, net $ 46,121 $ 50,806 Bad debt expense (credit) was $(68) and $(95) for the three and six months ended June 25, 2016, respectively, and $26 and $59 for the three and six months ended June 27, 2015, respectively. |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: June 25, December 26, Raw materials $ 37,147 $ 46,164 Work-in-process 19,597 21,306 Finished goods 58,086 58,037 Supplies and other 142 192 LIFO reserve (8,806 ) (10,553 ) Inventories, net $ 106,166 $ 115,146 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: June 25, December 26, Land and improvements $ 7,758 $ 7,610 Buildings and improvements 61,210 61,396 Machinery and equipment 174,729 174,636 Assets under construction 3,728 2,819 247,425 246,461 Accumulated depreciation (150,826 ) (145,315 ) Property, plant and equipment, net $ 96,599 $ 101,146 Depreciation of property, plant and equipment, including amounts for capital leases, totaled $3,177 and $6,526 , respectively, in the three and six months ended June 25, 2016 and $3,516 and $7,004 , respectively, in the three and six months ended June 27, 2015. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Jun. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | GOODWILL AND OTHER INTANGIBLES The carrying amount of goodwill is $3,389 as of June 25, 2016 and December 26, 2015. The Company has a net carrying amount of $2,919 and $3,072 as of June 25, 2016 and December 26, 2015, respectively, for certain intangible assets subject to amortization. Amortization expense was $76 for the three months ended June 25, 2016 and June 27, 2015, respectively. Amortization expense was $153 for the six months ended June 25, 2016 and June 27, 2015, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 25, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: June 25, December 26, Compensation and benefits $ 9,064 $ 9,173 Provision for customer rebates, claims and allowances 8,924 8,995 Advanced customer deposits 5,349 6,674 Outstanding checks in excess of cash 1,936 3,006 Other 8,955 6,490 Accrued expenses $ 34,228 $ 34,338 |
Product Warranty Reserves
Product Warranty Reserves | 6 Months Ended |
Jun. 25, 2016 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | PRODUCT WARRANTY RESERVES The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity. Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Product warranty reserve at beginning of period $ 2,168 $ 2,545 $ 2,159 $ 2,214 Warranty liabilities accrued 1,685 1,469 3,037 3,277 Warranty liabilities settled (1,785 ) (2,814 ) (3,545 ) (4,802 ) Changes for pre-existing warranty liabilities 146 915 563 1,426 Product warranty reserve at end of period $ 2,214 $ 2,115 $ 2,214 $ 2,115 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 6 Months Ended |
Jun. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: June 25, December 26, Revolving credit facility $ 76,164 $ 80,569 Notes payable - buildings 13,515 13,881 Acquisition note payable - Development Authority of Gordon County 1,739 2,314 Acquisition note payable - Robertex 2,346 2,321 Notes payable - equipment and other 12,606 15,008 Capital lease obligations 12,064 12,751 Deferred financing costs, net (664 ) (795 ) Total long-term debt 117,770 126,049 Less: current portion of long-term debt 9,442 10,142 Long-term debt $ 108,328 $ 115,907 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. As of June 25, 2016, the applicable margin on our revolving credit facility was 1.75% . 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 3.53% at June 25, 2016 and 3.12% at December 26, 2015. 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 June 25, 2016, the unused borrowing availability under the revolving credit facility was $35,639 ; however, since the Company's fixed charge coverage ratio was less than 1.1 to 1.0, the unused availability accessible by the Company is $19,139 (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 will effectively fix 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. 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of June 25, 2016 and December 26, 2015: June 25, December 26, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 6,767 $ 4,689 Level 2 Contingent consideration (2) 310 584 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 acquisition 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 within the fair value measurement are higher or lower, the Company would record additional charges or benefits, respectively, as appropriate. Changes in the fair value measurements using significant unobservable inputs (Level 3) during the six months ending June 25, 2016 and June 27, 2015 were as follows: June 25, June 27, Beginning balance $ 584 $ 1,855 Fair value adjustments (177 ) (407 ) Settlements (97 ) (310 ) Ending balance $ 310 $ 1,138 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and six months ending June 25, 2016 or June 27, 2015. If any, the Company recognizes the transfers in or transfers out at the end of the reporting period. The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: June 25, December 26, Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 95 $ 95 $ 281 $ 281 Notes receivable, including current portion 312 312 282 282 Financial Liabilities: Long-term debt and capital leases, including current portion 117,770 118,480 126,049 123,318 Interest rate swaps 6,767 6,767 4,689 4,689 The fair values of the Company's long-term debt and capital leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 25, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. The following is a summary of the Company's interest rate swaps as of June 25, 2016: 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 $ 7,671 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,661 (2) January 7, 2017 through January 7, 2025 4.300% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. (2) Interest rate swap notional amount amortizes by $26 monthly to maturity. The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: Location on Consolidated Balance Sheets Fair Value June 25, December 26, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,468 $ 1,159 Interest rate swaps, long-term portion Other Long-Term Liabilities 5,299 3,530 Total Liability Derivatives $ 6,767 $ 4,689 The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,234 ) $ 1,092 $ (2,673 ) $ (543 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (289 ) $ (132 ) $ (583 ) $ (266 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to June 25, 2016 is $1,468 . The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps, if any, is included in other (income) expense, net on the Company's Consolidated Condensed Statements of Operations. There was no ineffective portion for the periods presented. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 25, 2016 | |
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 approximately 86% of the Company's current 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 $239 and $225 for the three months ended June 25, 2016 and June 27, 2015, respectively, and $465 and $460 for the six months ended June 25, 2016 and June 27, 2015, respectively. Additionally, the Company sponsors a 401(k) defined contribution plan that covers approximately 14% of the Company's current associates at one facility who are under a collective-bargaining agreement. 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 $20 and $26 for the three months ended June 25, 2016 and June 27, 2015, respectively, and $35 and $45 for the six months ended June 25, 2016 and June 27, 2015, respectively. Non-Qualified Retirement Savings Plan The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $13,619 at June 25, 2016 and $14,155 at December 26, 2015 and are included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $14,670 at June 25, 2016 and $14,981 at December 26, 2015 and is included in other assets in the Company's Consolidated Condensed Balance Sheets. Multi-Employer Pension Plan The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. Expenses related to the multi-employer pension plan were $67 and $66 for the three months ended June 25, 2016 and June 27, 2015, respectively, and $134 and $131 for the six months ended June 25, 2016 and June 27, 2015, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The effective income tax rate for the six months ending June 25, 2016 was 38.5% compared with an effective income tax rate of 36.7% for the six months ending June 27, 2015. The six months ended June 25, 2016 included certain tax credits of approximately $335 that increased the tax benefit recognized during the period. The Company is in a net deferred tax asset position of $7,212 and $4,726 at June 25, 2016 and December 26, 2015, respectively. The increase in the net deferred tax asset was primarily attributable to an increase in the federal tax credit carry carryforwards and the federal net operating loss carryforwards. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $375 at June 25, 2016 and December 26, 2015. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of June 25, 2016 and December 26, 2015. 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. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 25, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Earnings (Loss) Per Share The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Basic earnings (loss) per share: Income (loss) from continuing operations $ 1,615 $ 516 $ (3,142 ) $ (1,864 ) Less: Allocation of earnings to participating securities (49 ) (13 ) — — Income (loss) from continuing operations available to common shareholders - basic $ 1,566 $ 503 $ (3,142 ) $ (1,864 ) Basic weighted-average shares outstanding (1) 15,645 15,546 15,623 15,490 Basic earnings (loss) per share - continuing operations $ 0.10 $ 0.03 $ (0.20 ) $ (0.12 ) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 1,566 $ 503 $ (3,142 ) $ (1,864 ) Add: Undistributed earnings reallocated to unvested shareholders 1 1 — — Income (loss) from continuing operations available to common shareholders - basic $ 1,567 $ 504 $ (3,142 ) $ (1,864 ) Basic weighted-average shares outstanding (1) 15,645 15,546 15,623 15,490 Effect of dilutive securities: Stock options (2) — 37 — — Directors' stock performance units (2) 138 73 — — Diluted weighted-average shares outstanding (1)(2) 15,783 15,656 15,623 15,490 Diluted earnings (loss) per share - continuing operations $ 0.10 $ 0.03 $ (0.20 ) $ (0.12 ) (1) Includes Common and Class B Common shares, in thousands. (2) 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 to the extent they are anti-dilutive. Aggregate shares excluded for the three and six months ended June 25, 2016 were 104 and 207 , respectively, and for the three and six months ended June 27, 2015 were 236 and 352 , respectively. |
Stock Compensation Expense
Stock Compensation Expense | 6 Months Ended |
Jun. 25, 2016 | |
Share-based Compensation [Abstract] | |
Stock Compensation Expense | STOCK COMPENSATION EXPENSE The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Condensed Financial Statements. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. The Company's stock compensation expense was $424 and $751 for the three and six months ended June 25, 2016, respectively, and $448 and $725 for the three and six months ended June 27, 2015, respectively. On March 11, 2016, the Company issued 149,215 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $651 , or $4.360 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 8.7 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. 2016 Incentive Compensation Plan On May 3, 2016, the Company's shareholders' approved and adopted the Company's 2016 Incentive Compensation Plan (the "2016 Incentive Compensation Plan") which provides for the issuance of a maximum of 800,000 shares of Common Stock and/or Class B Common Stock for the grant of options, and/or other stock-based or stock-denominated awards to employees, officers, directors, and agents of the Company and its participating subsidiaries. The 2016 Incentive Compensation Plan and the allocation of shares thereunder is intended to supersede and replace The Dixie Group, Inc. Stock Awards Plan, as amended (the "2006 Plan") and the allocation of shares thereunder. The 2006 Plan will be terminated with respect to new awards. Awards previously granted under the 2006 Plan will continue to be governed by the terms of that plan and will not be affected by its termination. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 25, 2016 | |
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 26, 2015 (2,853 ) 280 (2,573 ) Unrealized loss on interest rate swaps, net of tax of $1,016 (1,657 ) — (1,657 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $222 361 — 361 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $8 — (12 ) (12 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 — (1 ) (1 ) Balance at June 25, 2016 $ (4,149 ) $ 267 $ (3,882 ) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES The Company assesses its exposure related to legal matters, including those pertaining to product liability, safety and health matters and other items that arise in the regular course of its business. If the Company determines that it is probable a loss has been incurred, the amount of the loss, or an amount within the range of loss, that can be reasonably estimated will be recorded. Environmental Remediation The Company accrues for losses associated with environmental remediation obligations when such losses are probable and estimable. Remediation obligations are accrued based on the latest available information and are recorded at undiscounted amounts. The Company regularly monitors the progress of environmental remediation. If studies indicate that the cost of remediation has changed from the previous estimate, an adjustment to the liability would be recorded in the period in which such determination is made. (See Notes 19 & 20) 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 entails 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. |
Other Operating Expense, Net
Other Operating Expense, Net | 6 Months Ended |
Jun. 25, 2016 | |
Other Income and Expenses [Abstract] | |
Other Operating Expense, Net | OTHER OPERATING EXPENSE, NET Other operating expense, net is summarized as follows: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Other operating expense, net: (Gain) loss on property, plant and equipment disposals $ 139 $ (103 ) $ 259 $ (108 ) (Gain) loss on currency exchanges (97 ) 102 (3 ) 445 Amortization of intangibles 76 76 153 153 Retirement expenses 36 58 75 90 Miscellaneous (income) expense (36 ) (70 ) (99 ) (27 ) Other operating expense, net $ 118 $ 63 $ 385 $ 553 |
Facility Consolidation Expenses
Facility Consolidation Expenses | 6 Months Ended |
Jun. 25, 2016 | |
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. To complete the Warehousing, Distribution & Manufacturing Consolidation Plan, the Company moved its Saraland rug operation from an expiring leased building to an owned facility in March. The Company incurred some minor costs in the second quarter of 2016 as it completed the consolidation plan. As a result of eliminating its dyeing operations in Atmore, Alabama, the Company disposed of its waste water treatment plant in 2014. Subsequently, after extensive testing, it was determined that the Company still had some contaminants above background levels and that it would need to install a soil cap. The Company has accrued $690 to finalize the cleanup of the site of the Company's former waste water treatment plant. Accordingly, if the actual costs are higher or lower, the Company would record an additional charge or benefit, respectively, as appropriate. 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 leased facilities, 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 facility maintenance, net of an estimate of sub-lease expectations. Accordingly, if the estimates differ, the Company would record an additional charge or benefit, as appropriate. 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 June 25, 2016 Accrued Balance at December 26, 2015 2016 Expenses To Date 2016 Cash Payments Accrued Balance at June 25, 2016 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,738 $ 1,048 $ 690 $ 7,806 $ 7,806 Atlas Integration Plan — — — — 1,669 1,669 Corporate Office Consolidation Plan 341 76 127 290 804 804 Totals $ 341 $ 1,814 (1) $ 1,175 $ 980 $ 10,279 $ 10,279 Accrued Balance at December 27, 2014 2015 Expenses To Date 2015 Cash Payments Accrued Balance at June 27, 2015 Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,445 $ 1,445 $ — Atlas Integration Plan — 205 205 — Corporate Office Consolidation Plan — — — — Totals $ — $ 1,650 (1) $ 1,650 $ — (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 25, 2016 | |
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: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Net sales - Carousel operations $ — $ 196 $ — $ 417 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ — $ 26 $ — $ (77 ) Workers' compensation from former textile operations $ 27 $ (10 ) $ 16 $ (36 ) Environmental remediation costs from former textile operations (31 ) (31 ) (36 ) (43 ) Income on disposal of discontinued operations 100 — 100 — Income (loss) from discontinued operations, before taxes 96 (15 ) 80 (156 ) Income tax provision (benefit) 34 (3 ) 28 (56 ) Income (loss) from discontinued operations, net of tax $ 62 $ (12 ) $ 52 $ (100 ) In the fourth quarter of 2014, the Company discontinued the Carousel specialty tufting and weaving operation that was part of the 2013 Robertex, Inc. acquisition. Operating results associated with Carousel have been classified as discontinued operations for all periods presented. Undiscounted reserves are maintained for the self-insured workers' compensation obligations related to the Company's former textile operations. These reserves are administered by a third-party workers' compensation service provider under the supervision of Company personnel. Such reserves are reassessed on a quarterly basis. Pre-tax cost incurred for workers' compensation as a component of discontinued operations primarily represents a change in estimate for each period 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 related to discontinued operations of $1,591 as of June 25, 2016 and December 26, 2015. 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 | 6 Months Ended |
Jun. 25, 2016 | |
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 the three and six months ended June 25, 2016 was $226 and $341 , respectively. Rent paid to the lessor during the three and six months ended June 27, 2015 was $114 and $229 , 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. An affiliate of Mr. Shaw holds approximately 8.4% of the Company's Common Stock, which represents approximately 3.9% of the total vote of all classes of the Company's Common Stock. Engineered Floors is one of several suppliers of such materials to the Company. Total purchases from Engineered Floors during the three and six months ended June 25, 2016 were approximately $1,859 and $3,634 , respectively; or approximately 2.4% and 2.5% , respectively, of the Company's cost of goods sold. Total purchases from Engineered Floors during the three and six months ended June 27, 2015 were approximately $2,632 and $4,493 , respectively; or approximately 3.3% and 2.9% , respectively, of the Company's cost of goods sold. Purchases from Engineered Floors are based on market value, negotiated prices. The Company has no contractual 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 the three and six months ended June 25, 2016 was $66 and $132 , respectively. Rent paid to the lessor during the three and six months ended June 27, 2015 was $65 and $130 , respectively. The lease was based on current market values for similar facilities. In addition, the Company has a note payable to Robert P. Rothman related to the acquisition of Robertex Inc. (See Note 9). |
Receivables, Net (Tables)
Receivables, Net (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: June 25, December 26, Customers, trade $ 43,245 $ 46,110 Other receivables 3,102 5,166 Gross receivables 46,347 51,276 Less: allowance for doubtful accounts (226 ) (470 ) Receivables, net $ 46,121 $ 50,806 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: June 25, December 26, Raw materials $ 37,147 $ 46,164 Work-in-process 19,597 21,306 Finished goods 58,086 58,037 Supplies and other 142 192 LIFO reserve (8,806 ) (10,553 ) Inventories, net $ 106,166 $ 115,146 |
Property, Plant and Equipment30
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: June 25, December 26, Land and improvements $ 7,758 $ 7,610 Buildings and improvements 61,210 61,396 Machinery and equipment 174,729 174,636 Assets under construction 3,728 2,819 247,425 246,461 Accumulated depreciation (150,826 ) (145,315 ) Property, plant and equipment, net $ 96,599 $ 101,146 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: June 25, December 26, Compensation and benefits $ 9,064 $ 9,173 Provision for customer rebates, claims and allowances 8,924 8,995 Advanced customer deposits 5,349 6,674 Outstanding checks in excess of cash 1,936 3,006 Other 8,955 6,490 Accrued expenses $ 34,228 $ 34,338 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following is a summary of the Company's product warranty activity. Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Product warranty reserve at beginning of period $ 2,168 $ 2,545 $ 2,159 $ 2,214 Warranty liabilities accrued 1,685 1,469 3,037 3,277 Warranty liabilities settled (1,785 ) (2,814 ) (3,545 ) (4,802 ) Changes for pre-existing warranty liabilities 146 915 563 1,426 Product warranty reserve at end of period $ 2,214 $ 2,115 $ 2,214 $ 2,115 |
Long-Term Debt and Credit Arr33
Long-Term Debt and Credit Arrangements (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: June 25, December 26, Revolving credit facility $ 76,164 $ 80,569 Notes payable - buildings 13,515 13,881 Acquisition note payable - Development Authority of Gordon County 1,739 2,314 Acquisition note payable - Robertex 2,346 2,321 Notes payable - equipment and other 12,606 15,008 Capital lease obligations 12,064 12,751 Deferred financing costs, net (664 ) (795 ) Total long-term debt 117,770 126,049 Less: current portion of long-term debt 9,442 10,142 Long-term debt $ 108,328 $ 115,907 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of June 25, 2016 and December 26, 2015: June 25, December 26, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 6,767 $ 4,689 Level 2 Contingent consideration (2) 310 584 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 acquisition 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 within the fair value measurement are higher or lower, the Company would record additional charges or benefits, respectively, as appropriate. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the fair value measurements using significant unobservable inputs (Level 3) during the six months ending June 25, 2016 and June 27, 2015 were as follows: June 25, June 27, Beginning balance $ 584 $ 1,855 Fair value adjustments (177 ) (407 ) Settlements (97 ) (310 ) Ending balance $ 310 $ 1,138 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: June 25, December 26, Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and cash equivalents $ 95 $ 95 $ 281 $ 281 Notes receivable, including current portion 312 312 282 282 Financial Liabilities: Long-term debt and capital leases, including current portion 117,770 118,480 126,049 123,318 Interest rate swaps 6,767 6,767 4,689 4,689 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the Company's interest rate swaps as of June 25, 2016: 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 $ 7,671 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,661 (2) January 7, 2017 through January 7, 2025 4.300% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. (2) Interest rate swap notional amount amortizes by $26 monthly to maturity. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Condensed Balance Sheets: Location on Consolidated Balance Sheets Fair Value June 25, December 26, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,468 $ 1,159 Interest rate swaps, long-term portion Other Long-Term Liabilities 5,299 3,530 Total Liability Derivatives $ 6,767 $ 4,689 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,234 ) $ 1,092 $ (2,673 ) $ (543 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (289 ) $ (132 ) $ (583 ) $ (266 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to June 25, 2016 is $1,468 . |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Basic earnings (loss) per share: Income (loss) from continuing operations $ 1,615 $ 516 $ (3,142 ) $ (1,864 ) Less: Allocation of earnings to participating securities (49 ) (13 ) — — Income (loss) from continuing operations available to common shareholders - basic $ 1,566 $ 503 $ (3,142 ) $ (1,864 ) Basic weighted-average shares outstanding (1) 15,645 15,546 15,623 15,490 Basic earnings (loss) per share - continuing operations $ 0.10 $ 0.03 $ (0.20 ) $ (0.12 ) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 1,566 $ 503 $ (3,142 ) $ (1,864 ) Add: Undistributed earnings reallocated to unvested shareholders 1 1 — — Income (loss) from continuing operations available to common shareholders - basic $ 1,567 $ 504 $ (3,142 ) $ (1,864 ) Basic weighted-average shares outstanding (1) 15,645 15,546 15,623 15,490 Effect of dilutive securities: Stock options (2) — 37 — — Directors' stock performance units (2) 138 73 — — Diluted weighted-average shares outstanding (1)(2) 15,783 15,656 15,623 15,490 Diluted earnings (loss) per share - continuing operations $ 0.10 $ 0.03 $ (0.20 ) $ (0.12 ) (1) Includes Common and Class B Common shares, in thousands. (2) 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 to the extent they are anti-dilutive. Aggregate shares excluded for the three and six months ended June 25, 2016 were 104 and 207 , respectively, and for the three and six months ended June 27, 2015 were 236 and 352 , respectively. |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
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 26, 2015 (2,853 ) 280 (2,573 ) Unrealized loss on interest rate swaps, net of tax of $1,016 (1,657 ) — (1,657 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $222 361 — 361 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $8 — (12 ) (12 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 — (1 ) (1 ) Balance at June 25, 2016 $ (4,149 ) $ 267 $ (3,882 ) |
Other Operating Expense, Net (T
Other Operating Expense, Net (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other operating expense, net is summarized as follows: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Other operating expense, net: (Gain) loss on property, plant and equipment disposals $ 139 $ (103 ) $ 259 $ (108 ) (Gain) loss on currency exchanges (97 ) 102 (3 ) 445 Amortization of intangibles 76 76 153 153 Retirement expenses 36 58 75 90 Miscellaneous (income) expense (36 ) (70 ) (99 ) (27 ) Other operating expense, net $ 118 $ 63 $ 385 $ 553 |
Facility Consolidation Expens39
Facility Consolidation Expenses (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
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 June 25, 2016 Accrued Balance at December 26, 2015 2016 Expenses To Date 2016 Cash Payments Accrued Balance at June 25, 2016 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,738 $ 1,048 $ 690 $ 7,806 $ 7,806 Atlas Integration Plan — — — — 1,669 1,669 Corporate Office Consolidation Plan 341 76 127 290 804 804 Totals $ 341 $ 1,814 (1) $ 1,175 $ 980 $ 10,279 $ 10,279 Accrued Balance at December 27, 2014 2015 Expenses To Date 2015 Cash Payments Accrued Balance at June 27, 2015 Warehousing, Distribution & Manufacturing Consolidation Plan $ — $ 1,445 $ 1,445 $ — Atlas Integration Plan — 205 205 — Corporate Office Consolidation Plan — — — — Totals $ — $ 1,650 (1) $ 1,650 $ — (1) Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued operations are summarized as follows: Three Months Ended Six Months Ended June 25, June 27, June 25, June 27, Net sales - Carousel operations $ — $ 196 $ — $ 417 Income (loss) from discontinued operations: Income (loss) from Carousel operations $ — $ 26 $ — $ (77 ) Workers' compensation from former textile operations $ 27 $ (10 ) $ 16 $ (36 ) Environmental remediation costs from former textile operations (31 ) (31 ) (36 ) (43 ) Income on disposal of discontinued operations 100 — 100 — Income (loss) from discontinued operations, before taxes 96 (15 ) 80 (156 ) Income tax provision (benefit) 34 (3 ) 28 (56 ) Income (loss) from discontinued operations, net of tax $ 62 $ (12 ) $ 52 $ (100 ) |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customers, trade | $ 43,245 | $ 43,245 | $ 46,110 | ||
Other receivables | 3,102 | 3,102 | 5,166 | ||
Gross receivables | 46,347 | 46,347 | 51,276 | ||
Less: allowance for doubtful accounts | (226) | (226) | (470) | ||
Receivables, net | 46,121 | 46,121 | $ 50,806 | ||
Allowance for doubtful accounts [Abstract] | |||||
Bad debt expense (credit) | $ (68) | $ 26 | $ (95) | $ 59 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 37,147 | $ 46,164 |
Work-in-process | 19,597 | 21,306 |
Finished goods | 58,086 | 58,037 |
Supplies and other | 142 | 192 |
LIFO reserve | (8,806) | (10,553) |
Inventories, net | $ 106,166 | $ 115,146 |
Property, Plant and Equipment43
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Land and improvements | $ 7,758 | $ 7,758 | $ 7,610 | ||
Buildings and improvements | 61,210 | 61,210 | 61,396 | ||
Machinery and equipment | 174,729 | 174,729 | 174,636 | ||
Assets under construction | 3,728 | 3,728 | 2,819 | ||
Property, plant and equipment, gross | 247,425 | 247,425 | 246,461 | ||
Accumulated depreciation | (150,826) | (150,826) | (145,315) | ||
Property, plant and equipment, net | 96,599 | 96,599 | $ 101,146 | ||
Depreciation | $ 3,177 | $ 3,516 | $ 6,526 | $ 7,004 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 3,389 | $ 3,389 | $ 3,389 | ||
Finite-Lived Intangible Assets, Net | 2,919 | 2,919 | $ 3,072 | ||
Amortization of intangibles | $ 76 | $ 76 | $ 153 | $ 153 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 9,064 | $ 9,173 |
Provision for customer rebates, claims and allowances | 8,924 | 8,995 |
Advanced customer deposits | 5,349 | 6,674 |
Outstanding checks in excess of cash | 1,936 | 3,006 |
Other | 8,955 | 6,490 |
Accrued expenses | $ 34,228 | $ 34,338 |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty reserve at beginning of period | $ 2,168 | $ 2,545 | $ 2,159 | $ 2,214 |
Warranty liabilities accrued | 1,685 | 1,469 | 3,037 | 3,277 |
Warranty liabilities settled | (1,785) | (2,814) | (3,545) | (4,802) |
Changes for pre-existing warranty liabilities | 146 | 915 | 563 | 1,426 |
Product warranty reserve at end of period | $ 2,214 | $ 2,115 | $ 2,214 | $ 2,115 |
Long-Term Debt and Credit Arr47
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 76,164 | $ 80,569 |
Notes payable - buildings | 13,515 | 13,881 |
Acquisition note payable - Development Authority of Gordon County | 1,739 | 2,314 |
Acquisition note payable - Robertex | 2,346 | 2,321 |
Notes payable - equipment and other | 12,606 | 15,008 |
Capital lease obligations | 12,064 | 12,751 |
Deferred financing costs, net | (664) | (795) |
Total long-term debt | 117,770 | 126,049 |
Less: current portion of long-term debt | 9,442 | 10,142 |
Long-term debt | $ 108,328 | $ 115,907 |
Long-Term Debt and Credit Arr48
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - Amended Revolving Credit Facility [Member] $ in Thousands | 6 Months Ended | |
Jun. 25, 2016USD ($)Rate | Dec. 26, 2015Rate | |
Line of Credit Facility [Line Items] | ||
Maximum Borrowing Capacity | $ | $ 150,000 | |
Basis Spread on Variable Rate at End of Period | 1.75% | |
Commitment Fee Percentage | 0.375% | |
Debt, Weighted Average Interest Rate | 3.53% | 3.12% |
Current Borrowing Capacity Accessible to the Company | $ | $ 19,139 | |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | $ | 16,500 | |
Remaining Borrowing Capacity | $ | $ 35,639 | |
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 Arr49
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 25, 2016 | Dec. 26, 2015 | Jan. 23, 2015 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 13,515 | $ 13,881 | ||
Building - Adairsville [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 8,330 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||
Debt Instrument, Periodic Payment, Principal | 35 | |||
Final Payment on Debt Instument | $ 4,165 | |||
Fixed Interest Rate | 4.50% | |||
Building - Saraland [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 6,290 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||
Debt Instrument, Periodic Payment, Principal | $ 26 | |||
Final Payment on Debt Instument | $ 3,145 | |||
Fixed Interest Rate | 4.30% |
Long-Term Debt and Credit Arr50
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Development Authority of Gordon County) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 25, 2016USD ($)mo | Dec. 26, 2015USD ($) | Nov. 02, 2012USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Development Authority of Gordon County | $ 1,739 | $ 2,314 | |
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 Development Authority of Gordon County (in months) | mo | 57 |
Long-Term Debt and Credit Arr51
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Robertex) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 25, 2016USD ($)yr | Dec. 26, 2015USD ($) | Jul. 01, 2013USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Robertex | $ 2,346 | $ 2,321 | |
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 Arr52
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable [Member] | 6 Months Ended |
Jun. 25, 2016yrRate | |
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 Arr53
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) - Capital Lease Obligations [Member] | 6 Months Ended |
Jun. 25, 2016yrRate | |
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 |
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 | Jun. 25, 2016 | Dec. 26, 2015 | |
Fair Value, Inputs, Level 2 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps | [1] | $ 6,767 | $ 4,689 |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Contingent consideration | [2] | $ 310 | $ 584 |
[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 acquisition 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 within the fair value measurement are higher or lower, the Company would record additional charges or benefits, respectively, as appropriate. |
Fair Value Measurements (Fair55
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 584 | $ 1,855 |
Fair value adjustments | (177) | (407) |
Settlements | (97) | (310) |
Ending balance | $ 310 | $ 1,138 |
Fair Value Measurements (Fair56
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 95 | $ 281 |
Notes receivable, including current portion | 312 | 282 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 117,770 | 126,049 |
Interest rate swaps | 6,767 | 4,689 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 95 | 281 |
Notes receivable, including current portion | 312 | 282 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 118,480 | 123,318 |
Interest rate swaps | $ 6,767 | $ 4,689 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - Interest Rate Swap [Member] $ in Thousands | Jun. 25, 2016USD ($)Rate | |
Effective October 3, 2011 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Interest Rate | Rate | 1.33% | |
Effective March 1, 2013 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | |
Fixed Interest Rate | Rate | 1.62% | |
Effective June 1, 2013 through September 1, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,000 | |
Fixed Interest Rate | Rate | 1.70% | |
Effective September 1, 2016 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Fixed Interest Rate | Rate | 3.105% | |
Effective September 1, 2015 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Fixed Interest Rate | Rate | 3.304% | |
Effective November 7, 2014 through November 7, 2024 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,671 | [1] |
Fixed Interest Rate | Rate | 4.50% | |
Derivative, Amortizing Notional Amount | $ 35 | |
Effective January 7, 2017 through January 7, 2025 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,661 | [2] |
Fixed Interest Rate | Rate | 4.30% | |
Derivative, Amortizing Notional Amount | $ 26 | |
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. | |
[2] | Interest rate swap notional amount amortizes by $26 monthly to maturity. |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 6,767 | $ 4,689 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 1,468 | 1,159 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 5,299 | $ 3,530 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | $ (1,234) | $ 1,092 | $ (2,673) | $ (543) | |
Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income | [1],[2] | (289) | (132) | (583) | (266) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,468 | 1,468 | |||
Other Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized on the ineffective portion in Income on interest rate swaps | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Condensed Statements of Operations. | ||||
[2] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to June 25, 2016 is $1,468. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
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 | $ 239 | $ 225 | $ 465 | $ 460 |
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 | $ 20 | $ 26 | $ 35 | $ 45 |
Employee Benefit Plans (Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Liability to Participants | $ 13,619 | $ 14,155 |
Cash Surrender Value of Life Insurance | $ 14,670 | $ 14,981 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Multiemployer Plans [Line Items] | ||||
Contributions | $ 67 | $ 66 | $ 134 | $ 131 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation, Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 38.50% | 36.70% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | $ 335 | ||
Deferred Tax Assets, Net | $ 7,212 | $ 4,726 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 375 | $ 375 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 |
Earnings (Loss) Per Share (Earn
Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
Basic earnings (loss) per share: | |||||
Income (loss) from continuing operations | $ 1,615 | $ 516 | $ (3,142) | $ (1,864) | |
Less: Allocation of earnings to participating securities | (49) | (13) | 0 | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ 1,566 | $ 503 | $ (3,142) | $ (1,864) | |
Basic weighted-average shares outstanding (1) | [1] | 15,645 | 15,546 | 15,623 | 15,490 |
Basic earnings (loss) per share - continuing operations | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.12) | |
Diluted earnings (loss) per share: | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ 1,566 | $ 503 | $ (3,142) | $ (1,864) | |
Add: Undistributed earnings reallocated to unvested shareholders | 1 | 1 | 0 | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ 1,567 | $ 504 | $ (3,142) | $ (1,864) | |
Effect of dilutive securities: | |||||
Stock options (2) | [2] | 0 | 37 | 0 | 0 |
Directors' stock performance units (2) | [2] | 138 | 73 | 0 | 0 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,783 | 15,656 | 15,623 | 15,490 |
Diluted earnings (loss) per share - continuing operations | $ 0.10 | $ 0.03 | $ (0.20) | $ (0.12) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 104 | 236 | 207 | 352 | |
[1] | Includes Common and Class B Common shares, in thousands. | ||||
[2] | 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 to the extent they are anti-dilutive. Aggregate shares excluded for the three and six months ended June 25, 2016 were 104 and 207, respectively, and for the three and six months ended June 27, 2015 were 236 and 352, respectively. |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Mar. 11, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 424 | $ 448 | $ 751 | $ 725 | |
Restricted Stock Granted in Period | 149,215 | ||||
Grant Date Fair Value of Restricted Stock | $ 651 | ||||
Weighted Average Grant Date Fair Value of Resticted Stock | $ 4.360 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Weighted-Average Period for Recognition | 8 years 8 months | ||||
2016 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 | 800,000 |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | $ (2,573) | |||
Unrealized loss on interest rate swaps, net | $ (765) | $ 677 | (1,657) | $ (337) |
Reclassification of loss into earnings from interest rate swaps, net | 179 | 82 | 361 | 165 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (6) | (5) | (12) | (11) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (1) | $ (13) | (1) | $ (25) |
Accumulated other comprehensive income (loss) - total | (3,882) | (3,882) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | (2,853) | |||
Unrealized loss on interest rate swaps, net | (1,657) | |||
Reclassification of loss into earnings from interest rate swaps, net | 361 | |||
Accumulated other comprehensive income (loss) - total | (4,149) | (4,149) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | 280 | |||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (12) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (1) | |||
Accumulated other comprehensive income (loss) - total | $ 267 | $ 267 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized loss on interest rate swaps, net of tax of $1,016 | $ (469) | $ 415 | $ (1,016) | $ (206) |
Reclassification of loss into earnings from interest rate swaps, net of tax of $222 | 110 | 50 | 222 | 101 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $8 | (4) | (4) | (8) | (8) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 | $ 0 | $ (9) | (1) | $ (19) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized loss on interest rate swaps, net of tax of $1,016 | (1,016) | |||
Reclassification of loss into earnings from interest rate swaps, net of tax of $222 | 222 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $8 | (8) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 | $ (1) |
Contingencies (Details)
Contingencies (Details) | 6 Months Ended |
Jun. 25, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 50 |
Other Operating Expense, Net (D
Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Other operating expense, net: | ||||
(Gain) loss on property, plant and equipment disposals | $ 139 | $ (103) | $ 259 | $ (108) |
(Gain) loss on currency exchanges | (97) | 102 | (3) | 445 |
Amortization of intangibles | 76 | 76 | 153 | 153 |
Retirement expenses | 36 | 58 | 75 | 90 |
Miscellaneous (income) expense | (36) | (70) | (99) | (27) |
Other operating expense, net | $ 118 | $ 63 | $ 385 | $ 553 |
Facility Consolidation Expens71
Facility Consolidation Expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | $ 341 | $ 0 | |
Expenses To Date | [1] | 1,814 | 1,650 |
Cash Payments | 1,175 | 1,650 | |
Accrued Balance | 980 | 0 | |
Total Costs Incurred To Date | 10,279 | ||
Expected Cost Remaining | 10,279 | ||
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 0 | 0 | |
Expenses To Date | 1,738 | 1,445 | |
Cash Payments | 1,048 | 1,445 | |
Accrued Balance | 690 | 0 | |
Total Costs Incurred To Date | 7,806 | ||
Expected Cost Remaining | 7,806 | ||
Environmental Remediation Costs Recognized [Abstract] | |||
Accrual for Environmental Loss Contingencies | 690 | ||
2014 Atlas Integration Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 0 | 0 | |
Expenses To Date | 0 | 205 | |
Cash Payments | 0 | 205 | |
Accrued Balance | 0 | 0 | |
Total Costs Incurred To Date | 1,669 | ||
Expected Cost Remaining | 1,669 | ||
2015 Corporate Office Consolidation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 341 | 0 | |
Expenses To Date | 76 | 0 | |
Cash Payments | 127 | 0 | |
Accrued Balance | 290 | $ 0 | |
Total Costs Incurred To Date | 804 | ||
Expected Cost Remaining | $ 804 | ||
[1] | Costs incurred under these plans are classified as "facility consolidation expenses" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Income (loss) from discontinued operations: | ||||
Income (loss) from discontinued operations, before taxes | $ 96 | $ (15) | $ 80 | $ (156) |
Income tax provision (benefit) | 34 | (3) | 28 | (56) |
Income (loss) from discontinued operations | 62 | (12) | 52 | (100) |
Carousel [Member] | ||||
Income (loss) from discontinued operations: | ||||
Net sales - Carousel operations | 0 | 196 | 0 | 417 |
Income (loss) from Carousel operations | 0 | 26 | 0 | (77) |
Income on disposal of discontinued operations | 100 | 0 | 100 | 0 |
Previously Discontinued Operations [Member] | ||||
Income (loss) from discontinued operations: | ||||
Workers' compensation from former textile operations | 27 | (10) | 16 | (36) |
Environmental remediation costs from former textile operations | $ (31) | $ (31) | $ (36) | $ (43) |
Discontinued Operations (Enviro
Discontinued Operations (Environmental Remediation) (Details) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,591 | $ 1,591 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
James Horwich [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 226 | $ 114 | $ 341 | $ 229 |
Robert E Shaw [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership of Common Stock, Percentage | 8.40% | 8.40% | ||
Voting Interest of Common Stock, Percentage | 3.90% | 3.90% | ||
Related Party Transaction, Purchases from Related Party | $ 1,859 | $ 2,632 | $ 3,634 | $ 4,493 |
Related Party Transaction, Purchases from Related Party, Percentage | 2.40% | 3.30% | 2.50% | 2.90% |
Robert P Rothman [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 66 | $ 65 | $ 132 | $ 130 |