Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DIXIE GROUP INC | |
Entity Central Index Key | 29,332 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,279,812 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 861,499 | |
Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 138 | $ 140 |
Receivables, net | 50,748 | 43,605 |
Inventories, net | 122,880 | 97,237 |
Prepaid expenses | 4,381 | 4,376 |
TOTAL CURRENT ASSETS | 178,147 | 145,358 |
PROPERTY, PLANT AND EQUIPMENT, NET | 95,774 | 92,807 |
GOODWILL AND OTHER INTANGIBLES | 5,927 | 6,156 |
OTHER ASSETS | 25,880 | 24,666 |
TOTAL ASSETS | 305,728 | 268,987 |
CURRENT LIABILITIES | ||
Accounts payable | 24,080 | 20,683 |
Accrued expenses | 34,331 | 32,826 |
Current portion of long-term debt | 9,721 | 10,122 |
TOTAL CURRENT LIABILITIES | 68,132 | 63,631 |
LONG-TERM DEBT | 128,785 | 98,256 |
OTHER LONG-TERM LIABILITIES | 20,793 | 19,978 |
TOTAL LIABILITIES | 217,710 | 181,865 |
COMMITMENTS AND CONTINGENCIES (See Note 17) | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 15,279,812 shares for 2017 and 15,248,338 shares for 2016 | 45,839 | 45,745 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 861,499 shares for 2017 and 870,714 shares for 2016 | 2,584 | 2,612 |
Additional paid-in capital | 156,909 | 156,381 |
Accumulated deficit | (115,715) | (115,656) |
Accumulated other comprehensive income (loss) | (1,599) | (1,960) |
TOTAL STOCKHOLDERS' EQUITY | 88,018 | 87,122 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 305,728 | $ 268,987 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Common stock, par value | $ 3 | $ 3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 15,279,812 | 15,248,338 |
Class B Common stock, par value | $ 3 | $ 3 |
Class B Common stock, shares authorized | 16,000,000 | 16,000,000 |
Class B Common stock, shares issued | 861,499 | 870,714 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | ||
NET SALES | $ 102,650 | $ 100,297 | $ 307,378 | $ 294,847 | |
Cost of sales | 77,793 | 74,466 | 228,934 | 221,268 | |
GROSS PROFIT | 24,857 | 25,831 | 78,444 | 73,579 | |
Selling and administrative expenses | 24,044 | 23,774 | 73,786 | 71,760 | |
Other operating expense, net | 46 | 141 | 84 | 525 | |
Facility consolidation expenses, net | 0 | 0 | 0 | 1,816 | |
OPERATING INCOME (LOSS) | 767 | 1,916 | 4,574 | (522) | |
Interest expense | 1,486 | 1,312 | 4,205 | 3,969 | |
Other expense, net | 9 | 4 | 38 | 15 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | (728) | 600 | 331 | (4,506) | |
Income tax provision (benefit) | (181) | 27 | 227 | (1,937) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (547) | 573 | 104 | (2,569) | |
Income (loss) from discontinued operations, net of tax | (11) | (39) | (163) | 13 | |
NET INCOME (LOSS) | $ (558) | $ 534 | $ (59) | $ (2,556) | |
BASIC EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ (0.03) | $ 0.04 | $ 0 | $ (0.16) | |
Discontinued operations | 0 | 0 | (0.01) | 0 | |
Net income (loss) | $ (0.03) | $ 0.04 | $ (0.01) | $ (0.16) | |
BASIC SHARES OUTSTANDING | [1] | 15,707 | 15,648 | 15,696 | 15,631 |
DILUTED EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ (0.03) | $ 0.04 | $ 0 | $ (0.16) | |
Discontinued operations | 0 | 0 | (0.01) | 0 | |
Net income (loss) | $ (0.03) | $ 0.04 | $ (0.01) | $ (0.16) | |
DILUTED SHARES OUTSTANDING | [1],[2] | 15,707 | 15,744 | 15,814 | 15,631 |
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, excluding unvested participating securities, 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 nine months ended September 30, 2017 were 448 and 307, respectively, and for the three and nine months ended September 24, 2016 were 104 and 220, respectively. |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | ||
NET INCOME (LOSS) | $ (558) | $ 534 | $ (59) | $ (2,556) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||
Unrealized gain (loss) on interest rate swaps | (57) | 24 | (360) | (2,648) | |
Income taxes | (22) | 9 | (137) | (1,006) | |
Unrealized gain (loss) on interest rate swaps, net | (35) | 15 | (223) | (1,642) | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 288 | 308 | 970 | 891 |
Income taxes | 110 | 117 | 369 | 339 | |
Reclassification of loss into earnings from interest rate swaps, net | 178 | 191 | 601 | 552 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2) | [2] | (8) | (10) | (24) | (30) |
Income taxes | (3) | (4) | (9) | (12) | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (5) | (6) | (15) | (18) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (2) | [2] | (1) | (1) | (3) | (3) |
Income taxes | 0 | 0 | (1) | (1) | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (1) | (1) | (2) | (2) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 137 | 199 | 361 | (1,110) | |
COMPREHENSIVE INCOME (LOSS) | $ (421) | $ 733 | $ 302 | $ (3,666) | |
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Condensed Statements of Operations. | ||||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) from continuing operations | $ 104 | $ (2,569) |
Income (loss) from discontinued operations | (163) | 13 |
Net loss | (59) | (2,556) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 9,619 | 10,234 |
Provision (benefit) for deferred income taxes | 338 | (1,623) |
Net loss on property, plant and equipment disposals | 42 | 259 |
Stock-based compensation expense | 711 | 1,021 |
Bad debt expense (credit) | 48 | (70) |
Changes in operating assets and liabilities: | ||
Receivables | (7,191) | 3,308 |
Inventories | (25,643) | 7,181 |
Other current assets | (5) | (1,458) |
Accounts payable and accrued expenses | 3,518 | 510 |
Other operating assets and liabilities | (398) | (799) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (19,020) | 16,007 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net proceeds from sales of property, plant and equipment | 0 | 1 |
Purchase of property, plant and equipment | (11,698) | (3,426) |
NET CASH USED IN INVESTING ACTIVITIES | (11,698) | (3,425) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net borrowings (payments) on revolving credit facility | 33,301 | (3,878) |
Payments on notes payable - buildings | (548) | (548) |
Payments on notes payable related to acquisitions | (1,806) | (1,634) |
Borrowings on notes payable - equipment and other | 4,713 | 1,396 |
Payments on notes payable - equipment and other | (3,148) | (3,510) |
Payments on capital leases | (2,853) | (2,325) |
Change in outstanding checks in excess of cash | 1,173 | (1,854) |
Repurchases of Common Stock | (116) | (135) |
Payments for debt issuance costs | 0 | (287) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 30,716 | (12,775) |
DECREASE IN CASH AND CASH EQUIVALENTS | (2) | (193) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 140 | 281 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 138 | 88 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 3,908 | 3,720 |
Income taxes paid (received), net | 140 | (93) |
Equipment purchased under capital leases | 276 | 169 |
Equipment purchased under notes payable | 59 | 0 |
Accrued purchases of equipment | 211 | 0 |
Shortfall of tax benefits from stock-based compensation | $ 0 | $ (179) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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 ("U.S. GAAP") for interim financial statements which do not include all the information and notes 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 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2016. Operating results for the three and nine month periods ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire 2017 year. Based on applicable accounting standards, the Company has determined that it has one reportable segment, Floorcovering and two operating segments – Residential and Commercial. Pursuant to accounting standards, the Company has aggregated the two operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
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. Public business entities 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. Management is continuing to evaluate the standard’s impact on its financial statements. The Company has developed a project team relative to the process of adopting this ASU and is currently completing a detailed review of the Company’s revenue arrangements to determine any necessary adjustments to existing accounting policies. For the majority of these arrangements, no significant impacts are expected as these transactions generally consist of a single performance obligation to transfer promised goods or services and the initial assessment indicates that revenue will be recognized at a point in time which is consistent with how revenue has been recognized under legacy accounting. The Company currently anticipates utilizing the retrospective method upon adoption. In January 2016, the FASB issued ASU No. 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 its financial statements. In February 2016, the FASB issued ASU No. 2016-02, " Leases (Topic 842)," which requires lessees to recognize on the balance sheet a right-of use asset, representing the 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 continuing to evaluate the impact of the adoption of this ASU on its financial statements. The Company has developed a project team relative to the process of adopting this ASU and is currently completing a detailed review of the Company’s leasing arrangements, which consist primarily of building and equipment leases, to determine the impact. In June 2016, the FASB issued ASU No. 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 does not believe the adoption of this ASU will have a significant impact on its financial statements due to the nature of the Company's customers and the limited amount of write-offs in past years. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which provides clarification guidance on certain cash flow presentation issues that have developed due to diversity in practice. These issues include certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. For public entities, ASU 2016-15 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU will have a significant impact on its financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. Under the ASU, changes in restricted cash and restricted cash equivalents would be included along with those of cash and cash equivalents in the statement of cash flows. In addition, a reconciliation between the balance sheet and the statement of cash flows would be disclosed when the balance sheet includes more than one line item for cash and cash equivalents and restricted cash and cash equivalents. For public entities, ASU 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years with early adoption permitted. Entities are required to apply the standard’s provisions on a retrospective basis. Since the Company has no restricted cash, it does not believe the adoption of this ASU will have a significant impact on its financial statements. In February 2017, the FASB issued ASU 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." This ASU clarifies the scope and application of ASC 610-20 on the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. The amendments are effective at the same time as the new revenue standard. For public entities, the amendments are effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company is currently assessing if there will be any impact on its financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ," which will change the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. ASU 2017-07 is effective 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 its financial statements. In May 2017, the FASB issued ASU No. 2017-09, " Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. " This ASU provides amendments to the current guidance on determining which changes to the terms and conditions of share-based payment awards require the application of modification accounting. The effects of a modification should be accounted for unless there are no changes between the fair value, vesting conditions, and classification of the modified award and the original award immediately before the original award is modified. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU will have a significant impact on its financial statements. In August 2017, the FASB issued ASU No. 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. " The amendments in this ASU update current guidance by more closely aligning the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company does not believe the adoption of this ASU will have a significant impact on its financial statements. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: September 30, December 31, Customers, trade $ 48,411 $ 39,749 Other receivables 2,453 3,963 Gross receivables 50,864 43,712 Less: allowance for doubtful accounts (116 ) (107 ) Receivables, net $ 50,748 $ 43,605 Bad debt expense (credit) was $31 and $48 for the three and nine months ended September 30, 2017, respectively, and $25 and $(70) for the three and nine months ended September 24, 2016, respectively. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: September 30, December 31, Raw materials $ 42,881 $ 34,261 Work-in-process 24,508 16,739 Finished goods 67,269 57,053 Supplies and other 134 120 LIFO reserve (11,912 ) (10,936 ) Inventories, net $ 122,880 $ 97,237 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: September 30, December 31, Land and improvements $ 7,789 $ 7,781 Buildings and improvements 62,352 62,055 Machinery and equipment 184,480 177,745 Assets under construction 6,747 2,386 261,368 249,967 Accumulated depreciation (165,594 ) (157,160 ) Property, plant and equipment, net $ 95,774 $ 92,807 Depreciation of property, plant and equipment, including amounts for capital leases, totaled $3,085 and $9,235 , respectively, in the three and nine months ended September 30, 2017 and $3,264 and $9,791 , respectively, in the three and nine months ended September 24, 2016. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | GOODWILL AND OTHER INTANGIBLES The carrying amount of goodwill is $3,389 as of September 30, 2017 and December 31, 2016. The Company has a net carrying amount of $2,538 and $2,767 as of September 30, 2017 and December 31, 2016, respectively, for certain intangible assets subject to amortization. Amortization expense was $76 for the three months ended September 30, 2017 and September 24, 2016, respectively. Amortization expense was $229 for the nine months ended September 30, 2017 and September 24, 2016, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: September 30, December 31, Compensation and benefits $ 8,721 $ 7,492 Provision for customer rebates, claims and allowances 9,201 8,882 Advanced customer deposits 5,687 8,212 Outstanding checks in excess of cash 3,247 2,074 Other 7,475 6,166 Accrued expenses $ 34,331 $ 32,826 |
Product Warranty Reserves
Product Warranty Reserves | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | PRODUCT WARRANTY RESERVES The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Condensed Financial Statements. The following is a summary of the Company's product warranty activity: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Product warranty reserve at beginning of period $ 2,145 $ 2,214 $ 2,307 $ 2,159 Warranty liabilities accrued 1,453 1,537 4,365 4,574 Warranty liabilities settled (1,394 ) (1,583 ) (4,365 ) (5,128 ) Changes for pre-existing warranty liabilities (48 ) (45 ) (151 ) 518 Product warranty reserve at end of period $ 2,156 $ 2,123 $ 2,156 $ 2,123 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: September 30, December 31, Revolving credit facility $ 103,884 $ 70,583 Notes payable - buildings 12,601 13,150 Acquisition note payable - Development Authority of Gordon County 119 1,147 Acquisition note payable - Robertex 786 1,564 Notes payable - equipment and other 9,473 11,633 Capital lease obligations 12,353 11,145 Deferred financing costs, net (710 ) (844 ) Total long-term debt 138,506 108,378 Less: current portion of long-term debt 9,721 10,122 Long-term debt $ 128,785 $ 98,256 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 September 23, 2021. 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 ranging between 1.50% and 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 ranging between 0.50% and 1.00% . The applicable margin is determined based on availability under the revolving credit facility with margins increasing as availability decreases. As of September 30, 2017, 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 3.99% at September 30, 2017 and 4.40% at December 31, 2016. 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 September 30, 2017, the unused borrowing availability under the revolving credit facility was $27,473 ; however, since the Company's fixed charge coverage ratio was less than 1.1 to 1.0, the unused availability accessible by the Company was $10,973 (the amount above $16,500 ) at September 30, 2017. 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 an interest rate swap with an amortizing notional amount effective January 7, 2017 which effectively fixes the interest rate at 4.30% . Acquisition Note Payable - Development Authority of Gordon County On November 2, 2012, the Company signed a 6.00% seller-financed note of $5,500 with Lineage PCR, Inc. ( “ Lineage ” ) related to the acquisition of a continuous carpet dyeing facility in Calhoun, Georgia. Effective December 28, 2012, through a series of agreements between the Company, the Development Authority of Gordon County, Georgia (the “ Authority ” ) and Lineage, obligations with identical payment terms as the original note to Lineage became payment obligations to the Authority. These transactions were consummated in order to provide a tax abatement to the Company related to the real estate and equipment at this facility. The tax abatement plan provides for abatement for certain components of the real and personal property taxes for up to ten years. At any time, the Company has the option to pay off the obligation, plus a nominal amount. The debt to the Authority bears interest at 6.00% and is payable in equal monthly installments of principal and interest of $106 over 57 months. Acquisition Note Payable - Robertex On July 1, 2013, the Company signed a 4.50% seller-financed note of $4,000 , which was recorded at a fair value of $3,749 , with Robert P. Rothman related to the acquisition of Robertex Associates, LLC ("Robertex") in Calhoun, Georgia. The note is payable in five annual installments of principal of $800 plus interest. The note matures June 30, 2018. Notes Payable - Equipment and Other The Company's equipment financing notes have terms ranging from 3 to 7 years, bear interest ranging from 1.00% to 7.68% and are due in monthly 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 3.55% to 7.37% and are due in monthly or quarterly installments through their maturity dates. The Company's capital lease obligations are secured by the specific equipment leased. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 30, 2017 and December 31, 2016: September 30, December 31, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 3,055 $ 3,695 Level 2 Contingent consideration (2) 56 200 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 Robertex acquisition in 2013, the Company recorded a contingent consideration liability at fair value. This fair value measurement was 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. This fair value measurement is 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 nine months ending September 30, 2017 and September 24, 2016 were as follows: September 30, September 24, Beginning balance $ 200 $ 584 Fair value adjustments (144 ) (168 ) Settlements — (136 ) Ending balance $ 56 $ 280 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 during the three and nine months ending September 30, 2017 or September 24, 2016. If any, the Company recognizes the transfers in or transfers out at the end of the reporting period. The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: September 30, December 31, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 138 $ 138 $ 140 $ 140 Notes receivable 282 282 282 282 Financial liabilities: Long-term debt and capital leases, including current portion 138,506 136,415 108,378 105,270 Interest rate swaps 3,055 3,055 3,695 3,695 The fair values of the Company's long-term debt and capital leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. The following is a summary of the Company's interest rate swaps as of September 30, 2017: Type Notional Amount Effective Date Fixed Rate Variable Rate 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 $ 7,150 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,451 (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 financial statements: Location on Consolidated Balance Sheets Fair Value September 30, December 31, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,026 $ 1,342 Interest rate swaps, long-term portion Other Long-Term Liabilities 2,029 2,353 Total Liability Derivatives $ 3,055 $ 3,695 The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (57 ) $ 24 $ (360 ) $ (2,648 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (288 ) $ (308 ) $ (970 ) $ (891 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 30, 2017 is $1,026 . The amount of gain (loss) recognized in income on the ineffective portion of interest rate swaps, if any, is included in other expense, net on the Company's Consolidated Condensed Statements of Operations. There was no ineffective portion for the periods presented. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company sponsors a 401(k) defined contribution plan that covers approximately 85% 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 (credit) expense for this 401(k) plan was $(114) and $(132) for the three months ended September 30, 2017 and September 24, 2016, respectively, and $364 and $333 for the nine months ended September 30, 2017 and September 24, 2016, respectively. The reduction in the matching contribution expense for the three months ended September 30, 2017 and September 24, 2016, respectively, was a result of revising the estimated match for the year. Additionally, the Company sponsors a 401(k) defined contribution plan that covers approximately 15% 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 $35 and $18 for the three months ended September 30, 2017 and September 24, 2016, respectively, and $95 and $53 for the nine months ended September 30, 2017 and September 24, 2016, 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 $16,308 at September 30, 2017 and $14,992 at December 31, 2016 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 $17,508 at September 30, 2017 and $15,679 at December 31, 2016 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 $81 and $68 for the three months ended September 30, 2017 and September 24, 2016, respectively, and $232 and $202 for the nine months ended September 30, 2017 and September 24, 2016, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The effective income tax rate for the nine months ending September 30, 2017 was 68.6% compared with a benefit rate of 43.0% for the nine months ending September 24, 2016. The nine months ended September 30, 2017 included $164 of tax expense related to the adoption of ASU No. 2016-09 which requires a shortfall of tax benefits related to stock compensation to be recognized in income tax expense instead of additional paid in capital. The Company is in a net deferred tax asset position of $7,051 and $7,610 at September 30, 2017 and December 31, 2016, respectively. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $420 and $406 at September 30, 2017 and December 31, 2016, respectively. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of September 30, 2017 and December 31, 2016. 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 2013 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2012. A few state jurisdictions remain open to examination for tax years subsequent to 2011. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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. Accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Basic earnings (loss) per share: Income (loss) from continuing operations $ (547 ) $ 573 $ 104 $ (2,569 ) Less: Allocation of earnings to participating securities — (17 ) (32 ) — Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Basic weighted-average shares outstanding (1) 15,707 15,648 15,696 15,631 Basic earnings (loss) per share - continuing operations $ (0.03 ) $ 0.04 $ 0.00 $ (0.16 ) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Add: Undistributed earnings reallocated to unvested shareholders — — — — Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Basic weighted-average shares outstanding (1) 15,707 15,648 15,696 15,631 Effect of dilutive securities: Stock options (2) — — — — Directors' stock performance units (2) — 96 118 — Diluted weighted-average shares outstanding (1)(2) 15,707 15,744 15,814 15,631 Diluted earnings (loss) per share - continuing operations $ (0.03 ) $ 0.04 $ 0.00 $ (0.16 ) (1) Includes Common and Class B Common shares, excluding unvested participating securities, 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 nine months ended September 30, 2017 were 448 and 307 , respectively, and for the three and nine months ended September 24, 2016 were 104 and 220 , respectively. |
Stock Compensation Expense
Stock Compensation Expense | 9 Months Ended |
Sep. 30, 2017 | |
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 $223 and $711 for the three and nine months ended September 30, 2017, respectively, and $269 and $1,021 for the three and nine months ended September 24, 2016, respectively. On March 10, 2017, the Company granted 40,000 shares of restricted stock to certain key employees of the Company. The grant-date fair value of the awards was $140 , or $3.50 per share, and will be recognized as stock compensation expense over a three -year vesting period from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. On May 30, 2017, the Company granted 203,000 options with a market condition to certain key employees of the Company at an exercise price of $4.17 . The grant-date fair value of these options was $316 . These options vest over a two -year period and require the Company's stock to trade at or above $7.00 for five consecutive trading days after the two -year period and within five years of issuance to meet the market condition. The fair value of each option was estimated on the date of grant using a lattice model . Expected volatility was based on historical volatility of the Company's stock, using the most recent period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the option at the time of grant. On September 1, 2017, the Company granted 10,000 shares of restricted stock to a key employee. The grant-date fair value of the award was $42 , or $4.15 per share, and will be recognized as stock compensation expense over a three -year vesting period from the date the award was granted. The award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. On September 18, 2017, the Company granted 10,000 shares of restricted stock to a key employee. The grant-date fair value of the award was $41 , or $4.05 per share, and will be recognized as stock compensation expense over a three -year vesting period from the date the award was granted. The award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
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 31, 2016 (2,216 ) 256 (1,960 ) Unrealized loss on interest rate swaps, net of tax of $137 (223 ) — (223 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $369 601 — 601 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $9 — (15 ) (15 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 — (2 ) (2 ) Balance at September 30, 2017 $ (1,838 ) $ 239 $ (1,599 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments On July 12, 2017, the Company entered into a five -year lease agreement to lease a yarn manufacturing facility in Porterville, California. The lease began on August 1, 2017. Base rent is initially set at $50 per month over the lease term. Total base rent payable over the lease period is $3,000 . The Company has an option to extend the term of the lease for an additional five -year period. 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 has been sued, together with the 3M Company and approximately 30 other carpet manufacturers, by the Gadsden (Alabama) Water Works in the circuit court of Etowah County Alabama [The Water Works and Sewer Board of the City of Gadsden v. 3M Company, et al, civil action No. 31-CV-2016-900676.00] and by the Town of Centre (Alabama) Water Works in the circuit court of Cherokee County Alabama [The Water Works and Sewer Board of the Town of Centre v. 3M Company, et al, civil action No. 13-CV-2017-900049.00]. Both cases seek monetary damages and injunctive relief related to the use of certain chemical compounds in the manufacture and finishing of carpet products “in and around Dalton Georgia.” On motion of the defendants, the cases were removed to the U.S. District Court for the Northern District of Alabama (Middle Division) Case No. 4:16-CV-01755-SGC and Case No. 4:17-CV-01026-KOB. Subsequently, the Gadsden Water Works filed a motion to have the case remanded back to the state court and such motion has been granted. The lawsuits allege that perflourinated compounds (“PFC”), perflourinated acid (“PFOA”) and perfluorooctane sulfonate (“PFOS”) manufactured by 3M were used in certain finishing and treatment processes by the defendants and, as a consequence of such use, were subsequently either discharged into or leached into the water systems around Dalton, Georgia. The Complaints seeks damages that exceed $10 , but are otherwise unspecified in amount in addition to injunctive relief and punitive damages. The Company intends to defend the matters vigorously and is unable to estimate the potential exposure to loss, if any, at this time. The Company is one of multiple parties to two lawsuits filed in Madison County Illinois, 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 and styled Charles Anderson, Pltf., vs. 3M Company, et al, No. 17-L-525. Both lawsuits entail a claim for damages to be determined in excess of $50 filed on behalf of either a former employee or 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 each matter is ongoing, and a tentative trial date has been set for one of the cases. The Company has denied liability, is defending the matters vigorously and is unable to estimate the potential exposure to loss, if any, at this time. In August of 2017, the lawsuit 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 was placed in the category of "special closed with settlements and bankruptcy claims pending" to all remaining defendants. |
Other Operating Expense, Net
Other Operating Expense, Net | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Operating Expense, Net | OTHER OPERATING EXPENSE, NET Other operating expense, net is summarized as follows: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Other operating expense, net: Loss on property, plant and equipment disposals $ — $ — $ 42 $ 259 (Gain) loss on currency exchanges (66 ) 88 (65 ) 85 Amortization of intangibles 76 76 229 229 Retirement expenses 40 27 112 102 Miscellaneous (income) expense (4 ) (50 ) (234 ) (150 ) Other operating expense, net $ 46 $ 141 $ 84 $ 525 |
Facility Consolidation Expenses
Facility Consolidation Expenses, Net | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Facility Consolidation Expenses, Net | FACILITY CONSOLIDATION EXPENSES, NET 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 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 included moving and relocation expenses, information technology expenses and expenses relating to conversion and realignment of equipment. In addition, this plan included 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 2016. The Company completed this consolidation plan during 2016. 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. During the first quarter of 2016, the Company accrued $690 to finalize the cleanup of the site of the Company's former waste water treatment plant. During the fourth quarter of 2016, the Company lowered the accrual by $359 as the Company was able to refine the plan. Accordingly, if the actual costs are higher or lower, the Company would record an additional charge or benefit, respectively, as appropriate. 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 included the lease termination fee, contractual lease obligations and moving costs. Costs related to the facility consolidation plans are summarized as follows: As of September 30, 2017 Accrued Balance at December 31, 2016 2017 Expenses To Date 2017 Cash Payments Accrued Balance at September 30, 2017 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ 266 $ — $ 238 $ 28 $ 7,444 $ 7,444 Corporate Office Consolidation Plan 248 — 58 190 803 803 Totals $ 514 $ — (1) $ 296 $ 218 $ 8,247 $ 8,247 Accrued Balance at December 26, 2015 2016 Expenses To Date 2016 Cash Payments Accrued Balance at September 24, 2016 Warehousing, Distribution & Manufacturing Consolidation Plan — 1,740 1,065 675 Corporate Office Consolidation Plan 341 76 148 269 Totals $ 341 $ 1,816 (1 ) $ 1,213 $ 944 (1) Costs incurred under these plans are classified as "facility consolidation expenses, net" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
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 Nine Months Ended September 30, September 24, September 30, September 24, Income (loss) from discontinued operations: Workers' compensation costs from former textile operations $ (2 ) $ 5 (111 ) 21 Environmental remediation costs from former textile operations (15 ) (65 ) (139 ) (101 ) Income on disposal of discontinued operations — — — 100 Income (loss) from discontinued operations, before taxes $ (17 ) $ (60 ) (250 ) 20 Income tax provision (benefit) (6 ) (21 ) (87 ) 7 Income (loss) from discontinued operations, net of tax $ (11 ) $ (39 ) $ (163 ) $ 13 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 $1,694 as of September 30, 2017 and $1,686 as of December 31, 2016. The liability established represents the Company's best estimate of possible loss and is the reasonable amount to which there is any meaningful degree of certainty given the periods of estimated remediation and the dollars applicable to such remediation for those periods. The actual timeline to remediate, and thus, the ultimate cost to complete such remediation through these remediation efforts, may differ significantly from our estimates. Pre-tax cost for environmental remediation obligations classified as discontinued operations were primarily a result of specific events requiring action and additional expense in each period. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company is a party to a five-year lease with the seller of Atlas Carpet Mills, Inc. to lease three manufacturing facilities as part of the acquisition in 2014. The lessor is controlled by an associate of the Company. Rent paid to the lessor during the three and nine months ended September 30, 2017 was $251 and $728 , respectively. Rent paid to the lessor during the three and nine months ended September 24, 2016 was $226 and $567 , 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 7.4% of the Company's Common Stock, which represents approximately 3.5% 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 nine months ended September 30, 2017 were approximately $2,119 and $5,776 , respectively; or approximately 2.7% and 2.5% , respectively, of the Company's cost of goods sold. Total purchases from Engineered Floors during the three and nine months ended September 24, 2016 were approximately $1,844 and $5,478 , respectively; or approximately 2.5% 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 are reviewed annually by the Company's board of directors. The Company is a party to a ten-year lease with the Rothman Family Partnership to lease a manufacturing facility as part of the Robertex acquisition in 2013. The lessor is controlled by an associate of the Company. Rent paid to the lessor during the three and nine months ended September 30, 2017 was $69 and $204 , respectively. Rent paid to the lessor during the three and nine months ended September 24, 2016 was $67 and $200 , 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). |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT During the fourth quarter, the Company announced a Profit Improvement Plan which included the consolidation of our two commercial brands, Atlas and Masland Contract. This plan will consolidate the brands into one management team, sharing operations in sales, marketing, product development and manufacturing. As a result of this plan, the Company will incur expenses of approximately $775 in the fourth quarter of 2017. These expenses primarily related to severance costs associated with the reduced headcount. |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: September 30, December 31, Customers, trade $ 48,411 $ 39,749 Other receivables 2,453 3,963 Gross receivables 50,864 43,712 Less: allowance for doubtful accounts (116 ) (107 ) Receivables, net $ 50,748 $ 43,605 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: September 30, December 31, Raw materials $ 42,881 $ 34,261 Work-in-process 24,508 16,739 Finished goods 67,269 57,053 Supplies and other 134 120 LIFO reserve (11,912 ) (10,936 ) Inventories, net $ 122,880 $ 97,237 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: September 30, December 31, Land and improvements $ 7,789 $ 7,781 Buildings and improvements 62,352 62,055 Machinery and equipment 184,480 177,745 Assets under construction 6,747 2,386 261,368 249,967 Accumulated depreciation (165,594 ) (157,160 ) Property, plant and equipment, net $ 95,774 $ 92,807 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: September 30, December 31, Compensation and benefits $ 8,721 $ 7,492 Provision for customer rebates, claims and allowances 9,201 8,882 Advanced customer deposits 5,687 8,212 Outstanding checks in excess of cash 3,247 2,074 Other 7,475 6,166 Accrued expenses $ 34,331 $ 32,826 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following is a summary of the Company's product warranty activity: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Product warranty reserve at beginning of period $ 2,145 $ 2,214 $ 2,307 $ 2,159 Warranty liabilities accrued 1,453 1,537 4,365 4,574 Warranty liabilities settled (1,394 ) (1,583 ) (4,365 ) (5,128 ) Changes for pre-existing warranty liabilities (48 ) (45 ) (151 ) 518 Product warranty reserve at end of period $ 2,156 $ 2,123 $ 2,156 $ 2,123 |
Long-Term Debt and Credit Arr34
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: September 30, December 31, Revolving credit facility $ 103,884 $ 70,583 Notes payable - buildings 12,601 13,150 Acquisition note payable - Development Authority of Gordon County 119 1,147 Acquisition note payable - Robertex 786 1,564 Notes payable - equipment and other 9,473 11,633 Capital lease obligations 12,353 11,145 Deferred financing costs, net (710 ) (844 ) Total long-term debt 138,506 108,378 Less: current portion of long-term debt 9,721 10,122 Long-term debt $ 128,785 $ 98,256 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Condensed Balance Sheets as of September 30, 2017 and December 31, 2016: September 30, December 31, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 3,055 $ 3,695 Level 2 Contingent consideration (2) 56 200 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 Robertex acquisition in 2013, the Company recorded a contingent consideration liability at fair value. This fair value measurement was 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. This fair value measurement is 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 nine months ending September 30, 2017 and September 24, 2016 were as follows: September 30, September 24, Beginning balance $ 200 $ 584 Fair value adjustments (144 ) (168 ) Settlements — (136 ) Ending balance $ 56 $ 280 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: September 30, December 31, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 138 $ 138 $ 140 $ 140 Notes receivable 282 282 282 282 Financial liabilities: Long-term debt and capital leases, including current portion 138,506 136,415 108,378 105,270 Interest rate swaps 3,055 3,055 3,695 3,695 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the Company's interest rate swaps as of September 30, 2017: Type Notional Amount Effective Date Fixed Rate Variable Rate 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 $ 7,150 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR Interest rate swap $ 5,451 (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 financial statements: Location on Consolidated Balance Sheets Fair Value September 30, December 31, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 1,026 $ 1,342 Interest rate swaps, long-term portion Other Long-Term Liabilities 2,029 2,353 Total Liability Derivatives $ 3,055 $ 3,695 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the pre-tax impact of derivative instruments on the Company's financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (57 ) $ 24 $ (360 ) $ (2,648 ) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (288 ) $ (308 ) $ (970 ) $ (891 ) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 30, 2017 is $1,026 . |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Basic earnings (loss) per share: Income (loss) from continuing operations $ (547 ) $ 573 $ 104 $ (2,569 ) Less: Allocation of earnings to participating securities — (17 ) (32 ) — Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Basic weighted-average shares outstanding (1) 15,707 15,648 15,696 15,631 Basic earnings (loss) per share - continuing operations $ (0.03 ) $ 0.04 $ 0.00 $ (0.16 ) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Add: Undistributed earnings reallocated to unvested shareholders — — — — Income (loss) from continuing operations available to common shareholders - basic $ (547 ) $ 556 $ 72 $ (2,569 ) Basic weighted-average shares outstanding (1) 15,707 15,648 15,696 15,631 Effect of dilutive securities: Stock options (2) — — — — Directors' stock performance units (2) — 96 118 — Diluted weighted-average shares outstanding (1)(2) 15,707 15,744 15,814 15,631 Diluted earnings (loss) per share - continuing operations $ (0.03 ) $ 0.04 $ 0.00 $ (0.16 ) (1) Includes Common and Class B Common shares, excluding unvested participating securities, 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 nine months ended September 30, 2017 were 448 and 307 , respectively, and for the three and nine months ended September 24, 2016 were 104 and 220 , respectively. |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 31, 2016 (2,216 ) 256 (1,960 ) Unrealized loss on interest rate swaps, net of tax of $137 (223 ) — (223 ) Reclassification of loss into earnings from interest rate swaps, net of tax of $369 601 — 601 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $9 — (15 ) (15 ) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 — (2 ) (2 ) Balance at September 30, 2017 $ (1,838 ) $ 239 $ (1,599 ) |
Other Operating Expense, Net (T
Other Operating Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Nine Months Ended September 30, September 24, September 30, September 24, Other operating expense, net: Loss on property, plant and equipment disposals $ — $ — $ 42 $ 259 (Gain) loss on currency exchanges (66 ) 88 (65 ) 85 Amortization of intangibles 76 76 229 229 Retirement expenses 40 27 112 102 Miscellaneous (income) expense (4 ) (50 ) (234 ) (150 ) Other operating expense, net $ 46 $ 141 $ 84 $ 525 |
Facility Consolidation Expens40
Facility Consolidation Expenses, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Costs related to the facility consolidation plans are summarized as follows: As of September 30, 2017 Accrued Balance at December 31, 2016 2017 Expenses To Date 2017 Cash Payments Accrued Balance at September 30, 2017 Total Costs Incurred To Date Total Expected Costs Warehousing, Distribution & Manufacturing Consolidation Plan $ 266 $ — $ 238 $ 28 $ 7,444 $ 7,444 Corporate Office Consolidation Plan 248 — 58 190 803 803 Totals $ 514 $ — (1) $ 296 $ 218 $ 8,247 $ 8,247 Accrued Balance at December 26, 2015 2016 Expenses To Date 2016 Cash Payments Accrued Balance at September 24, 2016 Warehousing, Distribution & Manufacturing Consolidation Plan — 1,740 1,065 675 Corporate Office Consolidation Plan 341 76 148 269 Totals $ 341 $ 1,816 (1 ) $ 1,213 $ 944 (1) Costs incurred under these plans are classified as "facility consolidation expenses, net" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued operations are summarized as follows: Three Months Ended Nine Months Ended September 30, September 24, September 30, September 24, Income (loss) from discontinued operations: Workers' compensation costs from former textile operations $ (2 ) $ 5 (111 ) 21 Environmental remediation costs from former textile operations (15 ) (65 ) (139 ) (101 ) Income on disposal of discontinued operations — — — 100 Income (loss) from discontinued operations, before taxes $ (17 ) $ (60 ) (250 ) 20 Income tax provision (benefit) (6 ) (21 ) (87 ) 7 Income (loss) from discontinued operations, net of tax $ (11 ) $ (39 ) $ (163 ) $ 13 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customers, trade | $ 48,411 | $ 48,411 | $ 39,749 | ||
Other receivables | 2,453 | 2,453 | 3,963 | ||
Gross receivables | 50,864 | 50,864 | 43,712 | ||
Less: allowance for doubtful accounts | (116) | (116) | (107) | ||
Receivables, net | 50,748 | 50,748 | $ 43,605 | ||
Allowance for doubtful accounts [Abstract] | |||||
Bad debt expense (credit) | $ 31 | $ 25 | $ 48 | $ (70) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 42,881 | $ 34,261 |
Work-in-process | 24,508 | 16,739 |
Finished goods | 67,269 | 57,053 |
Supplies and other | 134 | 120 |
LIFO reserve | (11,912) | (10,936) |
Inventories, net | $ 122,880 | $ 97,237 |
Property, Plant and Equipment44
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Land and improvements | $ 7,789 | $ 7,789 | $ 7,781 | ||
Buildings and improvements | 62,352 | 62,352 | 62,055 | ||
Machinery and equipment | 184,480 | 184,480 | 177,745 | ||
Assets under construction | 6,747 | 6,747 | 2,386 | ||
Property, plant and equipment, gross | 261,368 | 261,368 | 249,967 | ||
Accumulated depreciation | (165,594) | (165,594) | (157,160) | ||
Property, plant and equipment, net | 95,774 | 95,774 | $ 92,807 | ||
Depreciation | $ 3,085 | $ 3,264 | $ 9,235 | $ 9,791 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 3,389 | $ 3,389 | $ 3,389 | ||
Finite-Lived Intangible Assets, Net | 2,538 | 2,538 | $ 2,767 | ||
Amortization of intangibles | $ 76 | $ 76 | $ 229 | $ 229 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 8,721 | $ 7,492 |
Provision for customer rebates, claims and allowances | 9,201 | 8,882 |
Advanced customer deposits | 5,687 | 8,212 |
Outstanding checks in excess of cash | 3,247 | 2,074 |
Other | 7,475 | 6,166 |
Accrued expenses | $ 34,331 | $ 32,826 |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty reserve at beginning of period | $ 2,145 | $ 2,214 | $ 2,307 | $ 2,159 |
Warranty liabilities accrued | 1,453 | 1,537 | 4,365 | 4,574 |
Warranty liabilities settled | (1,394) | (1,583) | (4,365) | (5,128) |
Changes for pre-existing warranty liabilities | (48) | (45) | (151) | 518 |
Product warranty reserve at end of period | $ 2,156 | $ 2,123 | $ 2,156 | $ 2,123 |
Long-Term Debt and Credit Arr48
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 103,884 | $ 70,583 |
Notes payable - buildings | 12,601 | 13,150 |
Acquisition note payable - Development Authority of Gordon County | 119 | 1,147 |
Acquisition note payable - Robertex | 786 | 1,564 |
Notes payable - equipment and other | 9,473 | 11,633 |
Capital lease obligations | 12,353 | 11,145 |
Deferred financing costs, net | (710) | (844) |
Total long-term debt | 138,506 | 108,378 |
Less: current portion of long-term debt | 9,721 | 10,122 |
Long-term debt | $ 128,785 | $ 98,256 |
Long-Term Debt and Credit Arr49
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - Amended Revolving Credit Facility [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)Rate | Dec. 31, 2016Rate | |
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 | 3.99% | 4.40% |
Current Borrowing Capacity Accessible to the Company | $ | $ 10,973 | |
Line of Credit Facility, Amended Minimum Borrowing Capacity for No Financial Covenants | $ | 16,500 | |
Remaining Borrowing Capacity | $ | $ 27,473 | |
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] | 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] | Maximum [Member] | Daily Libor [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% |
Long-Term Debt and Credit Arr50
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Jan. 23, 2015 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 12,601 | $ 13,150 | ||
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 Arr51
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Development Authority of Gordon County) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017USD ($)mo | Dec. 31, 2016USD ($) | Nov. 02, 2012USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Development Authority of Gordon County | $ 119 | $ 1,147 | |
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 Arr52
Long-Term Debt and Credit Arrangements (Acquisition Note Payable - Robertex) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017USD ($)yr | Dec. 31, 2016USD ($) | Jul. 01, 2013USD ($)Rate | |
Debt Instrument [Line Items] | |||
Acquisition note payable - Robertex | $ 786 | $ 1,564 | |
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 Arr53
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable [Member] | 9 Months Ended |
Sep. 30, 2017yrRate | |
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 | 7.68% |
Term of Note Payable | yr | 7 |
Long-Term Debt and Credit Arr54
Long-Term Debt and Credit Arrangements (Capital Lease Obligations) (Details) - Capital Lease Obligations [Member] | 9 Months Ended |
Sep. 30, 2017yrRate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.55% |
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 | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Inputs, Level 2 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps | [1] | $ 3,055 | $ 3,695 |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Contingent consideration | [2] | $ 56 | $ 200 |
[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 Robertex acquisition in 2013, the Company recorded a contingent consideration liability at fair value. This fair value measurement was 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. This fair value measurement is 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 (Fair56
Fair Value Measurements (Fair Value Measurements - Liabilities Measured on Recurring Basis Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 200 | $ 584 |
Fair value adjustments | (144) | (168) |
Settlements | 0 | (136) |
Ending balance | $ 56 | $ 280 |
Fair Value Measurements (Fair57
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 138 | $ 140 |
Notes receivable | 282 | 282 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 138,506 | 108,378 |
Interest rate swaps | 3,055 | 3,695 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 138 | 140 |
Notes receivable | 282 | 282 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 136,415 | 105,270 |
Interest rate swaps | $ 3,055 | $ 3,695 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - Interest Rate Swap [Member] $ in Thousands | Sep. 30, 2017USD ($)Rate | |
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 | $ 7,150 | [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 | $ 5,451 | [2] |
Fixed Interest Rate | Rate | 4.30% | |
Derivative, Amortizing Notional Amount | $ 26 | |
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. | |
[2] | Interest rate swap notional amount amortizes by $26 monthly to maturity. |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 3,055 | $ 3,695 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 1,026 | 1,342 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 2,029 | $ 2,353 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative | $ (57) | $ 24 | $ (360) | $ (2,648) | |
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] | (288) | (308) | (970) | (891) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1,026 | 1,026 | |||
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 financial statements. | ||||
[2] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 30, 2017 is $1,026. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Non-Collective-Bargaining Plan [Member] | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of Employees Covered | 85.00% | |||
Employer Matching Contribution, Percentage | 1.00% | |||
Employer Matching Contribution, Discretionary Percentage | 2.00% | |||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | |||
Increase (Decrease) in Cost Recognized | $ (114) | $ (132) | $ 364 | $ 333 |
Collective-Bargaining Plan [Member] | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of Employees Covered | 15.00% | |||
Maximum Annual Contribution Per Employee, Percentage | 2.75% | |||
Cost Recognized | $ 35 | $ 18 | $ 95 | $ 53 |
Employee Benefit Plans (Non-qua
Employee Benefit Plans (Non-qualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Liability to Participants | $ 16,308 | $ 14,992 |
Cash Surrender Value of Life Insurance | $ 17,508 | $ 15,679 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Multiemployer Plans [Line Items] | ||||
Contributions | $ 81 | $ 68 | $ 232 | $ 202 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation, Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 68.60% | 43.00% | |
Stock-based compensation | $ 164 | ||
Deferred Tax Assets, Net | $ 7,051 | $ 7,610 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 420 | $ 406 |
Income tax penalties and interest accrued | $ 0 | $ 0 |
Earnings (Loss) Per Share (Earn
Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | ||
Basic earnings (loss) per share: | |||||
Income (loss) from continuing operations | $ (547) | $ 573 | $ 104 | $ (2,569) | |
Less: Allocation of earnings to participating securities | 0 | (17) | (32) | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ (547) | $ 556 | $ 72 | $ (2,569) | |
Basic weighted-average shares outstanding (1) | [1] | 15,707 | 15,648 | 15,696 | 15,631 |
Basic earnings (loss) per share - continuing operations | $ (0.03) | $ 0.04 | $ 0 | $ (0.16) | |
Diluted earnings (loss) per share: | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ (547) | $ 556 | $ 72 | $ (2,569) | |
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ (547) | $ 556 | $ 72 | $ (2,569) | |
Effect of dilutive securities: | |||||
Stock options (2) | [2] | 0 | 0 | 0 | 0 |
Directors' stock performance units (2) | [2] | 0 | 96 | 118 | 0 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,707 | 15,744 | 15,814 | 15,631 |
Diluted earnings (loss) per share - continuing operations | $ (0.03) | $ 0.04 | $ 0 | $ (0.16) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 448 | 104 | 307 | 220 | |
[1] | Includes Common and Class B Common shares, excluding unvested participating securities, 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 nine months ended September 30, 2017 were 448 and 307, respectively, and for the three and nine months ended September 24, 2016 were 104 and 220, respectively. |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 24, 2016USD ($) | Sep. 30, 2017USD ($)days$ / sharesshares | Sep. 24, 2016USD ($) | Sep. 18, 2017USD ($)$ / sharesshares | Sep. 01, 2017USD ($)$ / sharesshares | Mar. 10, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ | $ 223 | $ 269 | $ 711 | $ 1,021 | |||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted Stock Granted in Period | shares | 10,000 | 10,000 | 40,000 | ||||
Grant Date Fair Value of Restricted Stock | $ | $ 41 | $ 42 | $ 140 | ||||
Weighted Average Grant Date Fair Value of Resticted Stock | $ / shares | $ 4.05 | $ 4.15 | $ 3.50 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options Granted in Period | shares | 203,000 | ||||||
Weighted Average Exercise Price for Options Granted in Period | $ / shares | $ 4.17 | ||||||
Grant Date Fair Value of Options | $ | 316 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Trade at or above to vest (per share) | $ / shares | $ 7 | ||||||
Consecutive trading days | days | 5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||
Method of Measuring Cost of Award | lattice model |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | $ (1,960) | |||
Unrealized loss on interest rate swaps, net | $ (35) | $ 15 | (223) | $ (1,642) |
Reclassification of loss into earnings from interest rate swaps, net | 178 | 191 | 601 | 552 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (5) | (6) | (15) | (18) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (1) | $ (1) | (2) | $ (2) |
Accumulated other comprehensive income (loss) - total | (1,599) | (1,599) | ||
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 | (2,216) | |||
Unrealized loss on interest rate swaps, net | (223) | |||
Reclassification of loss into earnings from interest rate swaps, net | 601 | |||
Accumulated other comprehensive income (loss) - total | (1,838) | (1,838) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) - total | 256 | |||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (15) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (2) | |||
Accumulated other comprehensive income (loss) - total | $ 239 | $ 239 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized loss on interest rate swaps, net of tax of $137 | $ (22) | $ 9 | $ (137) | $ (1,006) |
Reclassification of loss into earnings from interest rate swaps, net of tax of $369 | 110 | 117 | 369 | 339 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $9 | (3) | (4) | (9) | (12) |
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 | $ 0 | $ 0 | (1) | $ (1) |
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 $137 | (137) | |||
Reclassification of loss into earnings from interest rate swaps, net of tax of $369 | 369 | |||
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 $9 | (9) | |||
Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $1 | $ (1) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Operating Lease, Commitments [Line Items] | |
Lessee, Operating Lease, Term of Contract | 5 years |
Monthly Rent Expense | $ 50 |
Total Rent Payable | $ 3,000 |
Lessee, Operating Lease, Renewal Term | 5 years |
The Water Works and Sewer Board of the City of Gadsden [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 10 |
The Water Works and Sewer Board of the Town of Centre [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 10 |
Brenda Bridgeman [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | 50 |
Charles Anderson [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 50 |
Other Operating Expense, Net (D
Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Other operating expense, net: | ||||
Loss on property, plant and equipment disposals | $ 0 | $ 0 | $ 42 | $ 259 |
(Gain) loss on currency exchanges | (66) | 88 | (65) | 85 |
Amortization of intangibles | 76 | 76 | 229 | 229 |
Retirement expenses | 40 | 27 | 112 | 102 |
Miscellaneous (income) expense | (4) | (50) | (234) | (150) |
Other operating expense, net | $ 46 | $ 141 | $ 84 | $ 525 |
Facility Consolidation Expens72
Facility Consolidation Expenses, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | $ 514 | $ 341 | $ 341 | |
Expenses To Date | [1] | 0 | 1,816 | |
Cash Payments | 296 | 1,213 | ||
Accrued Balance | 218 | 944 | 514 | |
Total Costs Incurred To Date | 8,247 | |||
Expected Cost Remaining | 8,247 | |||
2014 Warehousing Distribution and Manufacturing Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 266 | 0 | 0 | |
Expenses To Date | [1] | 0 | 1,740 | |
Cash Payments | 238 | 1,065 | ||
Accrued Balance | 28 | 675 | 266 | |
Total Costs Incurred To Date | 7,444 | |||
Expected Cost Remaining | 7,444 | |||
Environmental Remediation Costs Recognized [Abstract] | ||||
Accrual for Environmental Loss Contingencies | 690 | |||
Accrual for Environmental Loss Contingencies, Revision in Estimates | (359) | |||
2015 Corporate Office Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 248 | 341 | 341 | |
Expenses To Date | [1] | 0 | 76 | |
Cash Payments | 58 | 148 | ||
Accrued Balance | 190 | $ 269 | $ 248 | |
Total Costs Incurred To Date | 803 | |||
Expected Cost Remaining | $ 803 | |||
[1] | Costs incurred under these plans are classified as "facility consolidation expenses, net" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Income (loss) from discontinued operations: | ||||
Income (loss) from discontinued operations, before taxes | $ (17) | $ (60) | $ (250) | $ 20 |
Income tax provision (benefit) | (6) | (21) | (87) | 7 |
Income (loss) from discontinued operations | (11) | (39) | (163) | 13 |
Carousel [Member] | ||||
Income (loss) from discontinued operations: | ||||
Income on disposal of discontinued operations | 0 | 0 | 0 | 100 |
Previously Discontinued Operations [Member] | ||||
Income (loss) from discontinued operations: | ||||
Workers' compensation costs from former textile operations | (2) | 5 | (111) | 21 |
Environmental remediation costs from former textile operations | $ (15) | $ (65) | $ (139) | $ (101) |
Discontinued Operations (Enviro
Discontinued Operations (Environmental Remediation) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,694 | $ 1,686 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
James Horwich [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 251 | $ 226 | $ 728 | $ 567 |
Robert E Shaw [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership of Common Stock, Percentage | 7.40% | 7.40% | ||
Voting Interest of Common Stock, Percentage | 3.50% | 3.50% | ||
Related Party Transaction, Purchases from Related Party | $ 2,119 | $ 1,844 | $ 5,776 | $ 5,478 |
Related Party Transaction, Purchases from Related Party, Percentage | 2.70% | 2.50% | 2.50% | 2.50% |
Robert P Rothman [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 69 | $ 67 | $ 204 | $ 200 |
Subsequent Event (Details)
Subsequent Event (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Subsequent Event [Abstract] | |
Severance Costs | $ 775 |