Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 25, 2021 | Nov. 13, 2021 | |
Entity Information [Line Items] | ||
Entity Central Index Key | 0000029332 | |
Entity File Number | 0-2585 | |
Entity Tax Identification Number | 62-0183370 | |
Current Fiscal Year End Date | --12-25 | |
Entity Incorporation, State or Country Code | TN | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Address, Address Line 1 | 475 Reed Road | |
Entity Address, City or Town | Dalton | |
Entity Address, State or Province | GA | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 30720 | |
City Area Code | (706) | |
Local Phone Number | 876-5800 | |
Document Period End Date | Sep. 25, 2021 | |
Entity Registrant Name | THE DIXIE GROUP, INC. | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,792,647 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,004,975 | |
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. 25, 2021 | Dec. 26, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,245 | $ 1,920 |
Receivables, net | 41,970 | 32,902 |
Inventories, net | 83,194 | 67,900 |
Prepaids and other current assets | 6,100 | 7,979 |
Disposal Group, Including Discontinued Operations, Assets, Current | 10,404 | 23,464 |
TOTAL CURRENT ASSETS | 142,913 | 134,165 |
PROPERTY, PLANT AND EQUIPMENT, NET | 49,489 | 52,905 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 18,284 | 21,151 |
OTHER ASSETS | 20,805 | 16,975 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 3,579 | 8,506 |
TOTAL ASSETS | 235,070 | 233,702 |
CURRENT LIABILITIES | ||
Accounts payable | 21,448 | 15,106 |
Accrued expenses | 25,345 | 19,483 |
Current portion of long-term debt | 2,707 | 6,116 |
Current portion of operating lease liabilities | 2,611 | 3,089 |
TOTAL CURRENT LIABILITIES | 65,825 | 55,296 |
LONG-TERM DEBT, NET | 57,712 | 72,041 |
OPERATING LEASE LIABILITIES | 16,298 | 18,630 |
OTHER LONG-TERM LIABILITIES | 17,259 | 17,636 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 5,702 | 6,308 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 13,714 | 11,502 |
TOTAL LIABILITIES | 162,796 | 169,911 |
COMMITMENTS AND CONTINGENCIES (See Note 18) | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 14,792,647 shares for 2021 and 14,557,435 shares for 2020 | 44,378 | 43,672 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 1,004,975 shares for 2021 and 880,313 shares for 2020 | 3,015 | 2,641 |
Additional paid-in capital | 157,520 | 158,329 |
Accumulated deficit | (132,568) | (140,321) |
Accumulated other comprehensive loss | (71) | (530) |
TOTAL STOCKHOLDERS' EQUITY | 72,274 | 63,791 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 235,070 | $ 233,702 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares | Sep. 25, 2021 | Dec. 26, 2020 |
Common stock, par value | $ 3 | $ 3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 14,792,647 | 14,557,435 |
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 | 1,004,975 | 880,313 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
NET SALES | $ 89,294 | $ 70,035 | $ 252,022 | $ 175,354 | |
Cost of sales | 64,365 | 52,910 | 187,657 | 137,585 | |
GROSS PROFIT | 24,929 | 17,125 | 64,365 | 37,769 | |
Selling and administrative expenses | 18,132 | 15,247 | 50,828 | 42,274 | |
Other operating income, net | (131) | (172) | (96) | (163) | |
Facility consolidation and severance expenses, net | 88 | 515 | 183 | 1,785 | |
OPERATING INCOME (LOSS) | 6,840 | 1,535 | 13,450 | (6,127) | |
Interest expense | 1,179 | 1,561 | 3,750 | 4,204 | |
Other expense, net | 2 | 92 | 1 | 85 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 5,659 | (118) | 9,699 | (10,416) | |
Income tax provision (benefit) | 62 | (293) | 597 | (748) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS, net of tax | 5,597 | 175 | 9,102 | (9,668) | |
Income (loss) from discontinued operations, net of tax | 836 | 685 | (1,348) | 778 | |
NET INCOME (LOSS) | $ 6,433 | $ 860 | $ 7,754 | $ (8,890) | |
BASIC EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ 0.35 | $ 0.01 | $ 0.58 | $ (0.63) | |
Discontinued operations | 0.05 | 0.04 | (0.09) | 0.05 | |
Net income (loss) | $ 0.40 | $ 0.05 | $ 0.49 | $ (0.58) | |
BASIC SHARES OUTSTANDING | [1] | 15,123 | 15,334 | 15,109 | 15,340 |
DILUTED EARNINGS (LOSS) PER SHARE: | |||||
Continuing operations | $ 0.35 | $ 0.01 | $ 0.58 | $ (0.63) | |
Discontinued operations | 0.05 | 0.04 | (0.09) | 0.05 | |
Net income (loss) | $ 0.40 | $ 0.05 | $ 0.49 | $ (0.58) | |
DILUTED SHARES OUTSTANDING | [1],[2] | 15,253 | 15,454 | 15,239 | 15,340 |
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 of 671 thousand as of September 25, 2021 and 480 thousand as of September 26, 2020. | ||||
[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 25, 2021 were 177 thousand and for the three and nine months ended September 26, 2020 were 166 thousand and 296 thousand, respectively. |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
NET INCOME (LOSS) | $ 6,433 | $ 860 | $ 7,754 | $ (8,890) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||
Unrealized gain (loss) on interest rate swaps | (3) | (25) | 40 | (1,300) | |
Income taxes | 0 | 0 | 0 | 0 | |
Unrealized gain (loss) on interest rate swaps, net | (3) | (25) | 40 | (1,300) | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 169 | 420 | 611 | 993 |
Income taxes | 47 | 0 | 174 | 0 | |
Reclassification of loss into earnings from interest rate swaps, net | 122 | 420 | 437 | 993 | |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2) | [2] | 0 | 95 | 0 | 95 |
Income taxes | 0 | 0 | 0 | 0 | |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net | 0 | 95 | 0 | 95 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (3) | [3] | (6) | (6) | (18) | (20) |
Income taxes | 0 | 0 | 0 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (6) | (6) | (18) | (20) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (3) | [3] | 0 | (1) | 0 | (3) |
Income taxes | 0 | 0 | 0 | 0 | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | 0 | (1) | 0 | (3) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 113 | 483 | 459 | (235) | |
COMPREHENSIVE INCOME (LOSS) | $ 6,546 | $ 1,343 | $ 8,213 | $ (9,125) | |
[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 dedesignated cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in other expense (income), net in the Company's Consolidated Condensed Statements of Operations. | ||||
[3] | 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 Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (Loss) | $ 9,102 | $ (9,668) | |
Income (loss) from discontinued operations | (1,348) | 778 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 6,884 | 7,446 | |
Benefit for deferred income taxes | (174) | 0 | |
Net gain on property, plant and equipment disposals | 0 | (37) | |
Stock-based compensation expense | 339 | 246 | |
Bad debt expense | 414 | (16) | |
Changes in operating assets and liabilities: | |||
Receivables | (9,482) | (5,415) | |
Inventories | (15,294) | 7,993 | |
Prepaids and other current assets | 2,904 | 885 | |
Accounts payable and accrued expenses | 12,454 | 7,997 | |
Other operating assets and liabilities | (2,546) | 498 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES - CONTINUING OPERATIONS | 4,601 | 9,929 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment and divestiture | 18,450 | 40 | |
Purchase of property, plant and equipment | (3,310) | (1,052) | |
NET CASH USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS | 15,140 | (1,012) | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 538 | (401) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (2,766) | 5,991 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net payments on revolving credit facility | (11,637) | (13,230) | |
Payments on notes payable - buildings and other term loans | (449) | (208) | |
Payments on notes payable - equipment and other | (3,493) | (1,827) | |
Payments on finance leases | (2,290) | (2,767) | |
Borrowings on finance leases | 0 | 2,211 | |
Change in outstanding checks in excess of cash | (250) | 771 | |
Repurchases of Common Stock | (69) | (207) | |
NET CASH USED IN FINANCING ACTIVITIES - CONTINUING OPERATIONS | (18,188) | (15,257) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (675) | (750) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,920 | 769 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,245 | 19 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 1,885 | 2,810 | |
Interest paid for financing leases | [1] | 1,136 | 1,067 |
Income taxes paid, net of tax refunds | 80 | (98) | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 653 | |
Equipment purchased under notes payable | 0 | 1,314 | |
Escrow Deposits Related to Property Sales | 2,050 | 0 | |
Accrued purchases of equipment | 0 | 134 | |
NET INCOME (LOSS) | $ 7,754 | $ (8,890) | |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Class A [Member] | Common Class B [Member] |
Stockholders' Equity Attributable to Parent at Dec. 28, 2019 | $ 73,211 | $ 157,547 | $ (131,113) | $ (808) | $ 45,075 | $ 2,510 |
Stock Repurchased During Period, Value | (204) | 325 | 0 | 0 | (529) | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | (395) | 0 | 0 | 264 | 131 |
Stock-based compensation expense | 93 | 93 | 0 | 0 | 0 | 0 |
Net Income (Loss) | (2,689) | 0 | (2,689) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (937) | 0 | 0 | (937) | 0 | 0 |
Stockholders' Equity Attributable to Parent at Mar. 28, 2020 | 69,474 | 157,570 | (133,802) | (1,745) | 44,810 | 2,641 |
Stockholders' Equity Attributable to Parent at Dec. 28, 2019 | 73,211 | 157,547 | (131,113) | (808) | 45,075 | 2,510 |
Other Comprehensive Income (Loss), Net of Tax | (235) | |||||
Stockholders' Equity Attributable to Parent at Sep. 26, 2020 | 64,126 | 157,730 | (140,002) | (1,043) | 44,800 | 2,641 |
Stockholders' Equity Attributable to Parent at Mar. 28, 2020 | 69,474 | 157,570 | (133,802) | (1,745) | 44,810 | 2,641 |
Stock Repurchased During Period, Value | (3) | 7 | 0 | 0 | (10) | 0 |
Stock-based compensation expense | 80 | 80 | 0 | 0 | 0 | 0 |
Net Income (Loss) | (7,060) | 0 | (7,060) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 219 | 0 | 0 | 219 | 0 | 0 |
Stockholders' Equity Attributable to Parent at Jun. 27, 2020 | 62,710 | 157,657 | (140,862) | (1,526) | 44,800 | 2,641 |
Stock-based compensation expense | 73 | 73 | 0 | 0 | 0 | 0 |
Net Income (Loss) | 860 | 0 | 860 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 483 | 0 | 0 | 483 | 0 | 0 |
Stockholders' Equity Attributable to Parent at Sep. 26, 2020 | 64,126 | 157,730 | (140,002) | (1,043) | 44,800 | 2,641 |
Stockholders' Equity Attributable to Parent at Dec. 26, 2020 | 63,791 | 158,329 | (140,321) | (530) | 43,672 | 2,641 |
Stock Repurchased During Period, Value | (56) | (4) | 0 | 0 | (52) | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | (1,043) | 0 | 0 | 669 | 374 |
Restricted stock grants forfeited | (4) | (18) | 0 | 0 | (22) | 0 |
Stock-based compensation expense | 75 | 75 | 0 | 0 | 0 | 0 |
Net Income (Loss) | (2,028) | 0 | (2,028) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 189 | 0 | 0 | 189 | 0 | 0 |
Stockholders' Equity Attributable to Parent at Mar. 27, 2021 | 61,967 | 157,375 | (142,349) | (341) | 44,267 | 3,015 |
Stockholders' Equity Attributable to Parent at Dec. 26, 2020 | 63,791 | 158,329 | (140,321) | (530) | 43,672 | 2,641 |
Other Comprehensive Income (Loss), Net of Tax | 459 | |||||
Stockholders' Equity Attributable to Parent at Sep. 25, 2021 | 72,274 | 157,520 | (132,568) | (71) | 44,378 | 3,015 |
Stockholders' Equity Attributable to Parent at Mar. 27, 2021 | 61,967 | 157,375 | (142,349) | (341) | 44,267 | 3,015 |
Stock Issued During Period, Value, Other | 0 | (120) | 0 | 0 | 120 | 0 |
Stock-based compensation expense | 129 | 129 | 0 | 0 | 0 | 0 |
Net Income (Loss) | 3,349 | 0 | 3,349 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 157 | 0 | 0 | 157 | 0 | 0 |
Stockholders' Equity Attributable to Parent at Jun. 26, 2021 | 65,602 | 157,384 | (139,000) | (184) | 44,387 | 3,015 |
Stock Repurchased During Period, Value | (12) | (3) | 0 | 0 | (9) | 0 |
Stock-based compensation expense | 139 | 139 | 0 | 0 | 0 | 0 |
Net Income (Loss) | 6,433 | 0 | 6,433 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 113 | 0 | 0 | 113 | 0 | 0 |
Stockholders' Equity Attributable to Parent at Sep. 25, 2021 | $ 72,274 | $ 157,520 | $ (132,568) | $ (71) | $ 44,378 | $ 3,015 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Parenthetical - shares | 3 Months Ended | |||
Sep. 25, 2021 | Jun. 26, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, shares issued under Directors' Stock Plan | 40,000 | |||
Common stock, shares purchased | (17,359) | (3,460) | (176,477) | |
Restricted stock, shares issued | 347,680 | 131,867 | ||
Restricted stock, shares forfeited | (7,477) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 25, 2021 | |
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 Dixie Group, Inc.'s and its wholly-owned subsidiaries (the "Company") 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 26, 2020. Operating results for the three and nine month periods ended September 25, 2021 are not necessarily indicative of the results that may be expected for the entire 2021 year. Based on applicable accounting standards, the Company has determined that it has one reportable segment, Residential Floorcovering. On September 13, 2021, the Company acting by and through its wholly owned operating subsidiary, TDG Operations, LLC, sold its Atlas|Masland commercial business (the “Commercial Business”). As a result of entering into a definitive agreement, we have classified the related assets and liabilities associated with our Commercial Business as held for discontinued operations in our consolidated balance sheet . The results of our Commercial Business have been presented as discontinued operations in our consolidated statement of income for all periods presented as the sale represents a shift in our business that has a major effect on our operations and financial results. Prior to the consummation of the sale, the Company was neither actively marketing the business for sale nor had intentions to abandon the Commercial Business and as a result did not present the results as assets held for sale or discontinued operations in prior filings. Interest expense and general and administrative expenses were not allocated to discontinued operations. See Note 21 for further detail of the Company’s discontinued operations reporting. Unless specifically noted otherwise, footnote disclosures reflect the results of continuing operations only. The results of discontinued operations are presented in footnote 21. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 25, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in Fiscal 2021 In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In particular, the risk of cessation of the London Interbank Offered Rate (LIBOR). Among the amendments are expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, but does not expect a significant impact to its operating results, financial position or cash flows. Accounting Standards Yet to Be Adopted 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 current incurred loss methodology, which will result in the more timely recognition of losses. For smaller reporting entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The ASU, including the subsequently issued codification improvements update (" Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ," ASU 2019-04) and the targeted transition relief update (" Financial Instruments-Credit Losses (Topic 326 )," ASU 2019-05), is not expected to have a significant impact on the consolidated financial statements due to the nature of the Company's customers and the limited amount of write-offs in past years. |
Revenue
Revenue | 9 Months Ended |
Sep. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUERevenue Recognition Policy The Company derives its revenues primarily from the sale of floorcovering products and processing services. Revenues are recognized when control of these products or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. Incidental items that are immaterial in the context of the contract are recognized as an expense. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company determined revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the performance obligation is satisfied Disaggregation of Revenue from Contracts with Customers The following table disaggregates the Company’s revenue from continuing and discontinued operations by end-user markets for the three and nine month periods ended September 25, 2021 and September 26, 2020: Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Residential floorcovering products $ 89,294 $ 70,035 $ 252,022 $ 175,354 Commercial floorcovering products 15,065 43,470 15,885 51,967 Total net sales, continuing and discontinued operations $ 104,359 $ 113,505 $ 267,907 $ 227,321 Residential floorcovering products. Residential floorcovering products include broadloom carpet, rugs, luxury vinyl flooring and engineered hardwood. These products are primarily sold into the designer, retailer, mass merchant and builder markets. Commercial floorcovering products. Commercial floorcovering products include broadloom carpet, carpet tile, rugs, and luxury vinyl flooring. These products are primarily sold into the corporate, hospitality, healthcare, government, and education markets through the use of designers, architects, flooring contractors and independent retailers. Other services. Other services include carpet yarn processing and carpet dyeing services. Contract Balances Other than receivables that represent an unconditional right to consideration, which are presented separately (See Note 4), the Company does not recognize any contract assets which give conditional rights to receive consideration, as the Company does not incur costs to obtain customer contracts that are recoverable. The Company often receives cash payments from customers in advance of the Company’s performance for limited production run orders resulting in contract liabilities. These contract liabilities are classified in accrued expenses in the Consolidated Condensed Balance Sheets based on the timing of when the Company expects to recognize revenue, which is typically less than a year. The net decrease or increase in the contract liabilities is primarily driven by order activity for limited runs requiring deposits offset by the recognition of revenue and application of deposit on the receivables ledger for such activity during the period. The activity in the advanced deposits for continuing and discontinued operations for the three and nine month periods ended September 25, 2021 and September 26, 2020 is as follows: Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Beginning contract liability $ 1,213 $ 892 $ 1,005 $ 920 Revenue recognized from contract liabilities included in the beginning balance (920) (581) (912) (785) Increases due to cash received, net of amounts recognized in revenue during the period 1,081 760 1,281 936 Ending contract liability $ 1,374 $ 1,071 $ 1,374 $ 1,071 Performance Obligations For performance obligations related to residential floorcovering and commercial floorcovering products, control transfers at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer and the customer must have the significant risks and rewards of ownership. The Company’s principal terms of sale are FOB Shipping Point and FOB Destination and the Company transfers control and records revenue for product sales either upon shipment or delivery to the customer, respectively. Revenue is allocated to each performance obligation based on its relative stand-alone selling prices. Stand-alone selling prices are based on observable prices at which the Company separately sells the products or services. Variable Consideration The nature of the Company’s business gives rise to variable consideration, including rebates, allowances, and returns that generally decrease the transaction price, which reduces revenue. These variable amounts are generally credited to the customer, based on achieving certain levels of sales activity, product returns, or price concessions. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends. Warranties The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products for a period of up to two years. The Company accrues for estimated future assurance warranty costs in the period in which the sale is recorded. The costs are included in Cost of Sales in the Consolidated Condensed Statements of Operations and the product warranty reserve is included in accrued expenses in the Consolidated Condensed Balance Sheets. The Company calculates its accrual using the portfolio approach based upon historical experience and known trends. (See Note 8.) The Company does not provide an additional service-type warranty. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 25, 2021 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: September 25, December 26, Customers, trade $ 39,916 $ 31,074 Other receivables 2,138 1,920 Gross receivables 42,054 32,994 Less: allowance for doubtful accounts (84) (92) Receivables, net $ 41,970 $ 32,902 Bad debt expense (credit) was $4 for the three months ended September 25, 2021 and $20 for the three months ended September 26, 2020. Bad debt expense (credit) was $414 for the nine months ended September 25, 2021 and $(16) for the nine months ended September 26, 2020. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 25, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: September 25, December 26, Raw materials $ 34,063 $ 23,877 Work-in-process 15,623 12,086 Finished goods 56,031 46,017 Supplies and other 155 168 LIFO reserve (22,678) (14,248) Inventories, net $ 83,194 $ 67,900 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: September 25, December 26, Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,494 51,479 Machinery and equipment 164,751 158,492 Assets under construction 2,166 1,167 221,833 214,560 Accumulated depreciation (172,344) (161,655) Property, plant and equipment, net $ 49,489 $ 52,905 Depreciation of property, plant and equipment, including amounts for finance leases, totaled $2,061 and $6,753 in the three and nine months ended September 25, 2021, respectively, and $2,382 and $7,282 in the three and nine months ended September 26, 2020, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 25, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses are summarized as follows: September 25, December 26, Compensation and benefits $ 8,880 $ 6,357 Provision for customer rebates, claims and allowances 8,224 6,998 Advanced customer deposits 1,374 1,005 Outstanding checks in excess of cash 1,844 2,094 Other 5,023 3,029 Accrued expenses $ 25,345 $ 19,483 |
Product Warranty Reserves
Product Warranty Reserves | 9 Months Ended |
Sep. 25, 2021 | |
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 Balance Sheets. The following is a summary of the Company's product warranty activity: Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Product warranty reserve at beginning of period $ 1,120 $ 910 $ 989 $ 1,002 Warranty liabilities accrued 201 165 597 608 Warranty liabilities settled (184) (128) (449) (663) Product warranty reserve at end of period $ 1,137 $ 947 $ 1,137 $ 947 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended |
Sep. 25, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: September 25, December 26, Revolving credit facility $ 16,714 $ 28,353 Term Loans 24,833 24,970 Notes payable - buildings 5,588 5,900 Notes payable - equipment and other 433 3,926 Finance lease - buildings 10,933 11,097 Finance lease obligations 3,716 5,841 Deferred financing costs, net (1,798) (1,930) Total long-term debt 60,419 78,157 Less: current portion of long-term debt 2,707 6,116 Long-term debt $ 57,712 $ 72,041 Revolving Credit Facility During the fourth quarter of 2020, the Company entered into a $75,000 Senior Secured Revolving Credit Facility with Fifth Third Bank National Association as lender. The loan is secured by a first priority security interest on all accounts receivable, cash, and inventory, and provides for borrowing limited by certain percentages of values of the accounts receivable and inventory. The revolving credit facility matures on October 30, 2025. 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 defined with a floor or 0.75% or published LIBOR, plus an applicable margin ranging between 1.50% and 2.00%, or (b) the higher of the prime rate 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 25, 2021, the applicable margin on the Company's 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 0.25% per annum. The weighted-average interest rate on borrowings outstanding under the revolving credit facility was 2.74% at September 25, 2021 and 2.68% at December 26, 2020. The agreement is subject to customary terms and conditions and annual administrative fees with pricing varying on excess availability and a fixed charge coverage ratio. The agreement is also subject to certain compliance, affirmative, and financial covenants. As of the reporting date, the Company is in compliance with all such applicable covenants. The Company is only subject to the financial covenants if borrowing availability is less than 12.5% of the availability, and remains until the availability is greater than 12.5% for thirty consecutive days. As of September 25, 2021, the unused borrowing availability under the revolving credit facility was $54,076. Effective October 30, 2020, the Company's previous Senior Secured Credit Facility with Wells Fargo Capital Finance, LLC was terminated and repaid, with the subsequent new loans, by the Company upon notice to the lender in accordance with the terms of the facility. Term Loans Effective October 28, 2020, the Company entered into a $10,000 principal amount USDA Guaranteed term loan with AmeriState Bank as lender. The term of the loan is 25 years and bears interest at a minimum 5.00% rate or 4.00% above 5-year treasury, to be reset every 5 years at 3.5% above 5-year treasury. The loan is secured by a first mortgage on the Company’s Atmore, Alabama and Roanoke, Alabama facilities. The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. Effective October 29, 2020, the Company entered into a $15,000 principal amount USDA Guaranteed term loan with the Greater Nevada Credit Union as lender. The term of the loan is 10 years and bears interest at a minimum 5.00% rate or 4.00% above 5- year treasury, to be reset after 5 years at 3.5% above 5-year treasury. The loan is secured by a first lien on a substantial portion of the Company’s machinery and equipment and a second lien on the Company’s Atmore and Roanoke facilities and a certificate of deposit. The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. Payments on the loan are interest only over the first three years and principal and interest over the remaining seven years. 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 $4,269 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%. Notes Payable - Equipment and Other The Company's equipment financing notes have 7 year terms, bear interest ranging from 1.60% to 3.66% 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. Finance Lease - Buildings On January 14, 2019, the Company, entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with Saraland Industrial, LLC, an Alabama limited liability company (the “Purchaser”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its Saraland facility, and approximately 17.12 acres of surrounding property located in Saraland, Alabama (the “Property”) to the Purchaser for a purchase price of $11,500. Concurrent with the sale of the Property, the Company and the Purchaser entered into a twenty ten Finance Lease Obligations The Company's finance lease obligations have terms ranging from 3 to 6 years and are due in monthly or quarterly installments through their maturity dates. The Company's finance lease obligations are secured by the specific equipment leased. |
Leases
Leases | 9 Months Ended |
Sep. 25, 2021 | |
Leases [Abstract] | |
Leases | LEASES Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location September 25, 2021 December 26, 2020 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 18,284 $ 21,151 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,611 3,089 Noncurrent portion of operating lease liabilities Operating lease liabilities 16,298 18,630 Total operating lease liabilities $ 18,909 $ 21,719 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 11,512 $ 13,409 Current portion of finance lease liabilities (1) Current portion of long-term debt 1,644 2,771 Noncurrent portion of finance lease liabilities (1) Long-term debt 13,005 14,167 $ 14,649 $ 16,938 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated condensed financial statements is summarized as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Operating lease cost $ 1,074 $ 1,198 $ 3,624 $ 3,644 Finance lease cost: Amortization of lease assets (1) 633 790 1,898 2,370 Interest on lease liabilities (1) 366 446 1,136 1,067 Total finance lease costs (1) $ 999 $ 1,236 $ 3,034 $ 3,437 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: September 25, 2021 September 26, 2020 Weighted average remaining lease term (in years): Operating leases 7.66 8.05 Finance leases (1) 13.38 11.71 Weighted average discount rate: Operating leases 6.79 % 6.83 % Finance leases (1) 9.63 % 9.08 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,610 3,706 Operating cash flows from finance leases (1) 1,136 1,067 Financing cash flows from finance leases (1) 2,290 2,767 (1) Includes leases classified as failed sale-leaseback transactions. The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 25, 2021: Fiscal Year Operating Leases Finance Leases 2021 1,016 828 2022 3,570 2,782 2023 2,872 3,409 2024 2,785 1,045 2025 2,808 1,053 Thereafter 11,521 14,985 Total future minimum lease payments (undiscounted) 24,572 24,102 Less: Present value discount 5,663 9,453 Total lease liability 18,909 14,649 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 25, 2021 | |
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 25, 2021 and December 26, 2020: September 25, December 26, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 297 $ 440 Level 2 (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. The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: September 25, December 26, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,245 $ 1,245 $ 1,920 $ 1,920 Financial liabilities: Long-term debt, including current portion 45,771 45,293 61,219 58,803 Finance leases, including current portion 14,648 17,020 16,938 18,451 Interest rate swaps 297 297 440 440 The fair values of the Company's long-term debt and finance 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 approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 25, 2021 | |
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 swap outstanding as of September 25, 2021: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,484 (2) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. The following table summarizes the fair values of derivative instruments included in the Company's consolidated condensed financial statements: Location on Consolidated Balance Sheets Fair Value September 25, December 26, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued expenses $ 128 $ 135 Interest rate swaps, long-term portion Other long-term liabilities 169 305 Total Liability Derivatives $ 297 $ 440 The following tables summarize the pre-tax impact of derivative instruments on the Company's consolidated condensed financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (3) $ (25) $ 40 $ (1,300) Amount of Gain (Loss) Reclassified from AOCIL on the effective portion into Earnings (1)(2) Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 33 $ (420) $ 102 $ (993) Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 136 $ (95) $ 509 $ (95) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's consolidated condensed financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 25, 2021 is $128. (3) The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Condensed Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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 expense for this 401(k) plan was $501 and $92 for the three months ended September 25, 2021 and September 26, 2020, respectively, and $920 and $265 for the nine months ended September 25, 2021 and September 26, 2020, respectively. 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 $21 and $19 for the three months ended September 25, 2021 and September 26, 2020, respectively, and $63 and $50 for the nine months ended September 25, 2021 and September 26, 2020, 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 $15,636 at September 25, 2021 and $15,081 at December 26, 2020 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 $16,218 at September 25, 2021 and $15,385 at December 26, 2020 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 $64 and $45 for the three months ended September 25, 2021 and September 26, 2020, respectively, and $166 and $142 for the nine month periods ended September 25, 2021 and September 26, 2020, respectively. If the Company were to withdraw from the multi-employer plan, a withdrawal liability would be due, the amount of which would be determined by the plan. The withdrawal liability, as determined by the plan, would be a function of contribution rates, fund status, discount rates and various other factors at the time of any such withdrawal. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The effective income tax rate for the nine months ending September 25, 2021 was 6.15% compared with a benefit rate of 7.20% for the nine months ending September 26, 2020. Because the Company maintains a full valuation allowance against its deferred income tax balances, the Company is only able to recognize refundable credits, the accrual of federal and state cash taxes, and a benefit for the recognition of stranded tax effects within other comprehensive income (loss) related to the termination of certain derivative contracts in the tax benefit for the first nine months of 2021. The Company is expecting to be in a Federal cash tax paying position for the year based on the projected full utilization of its NOL carryforwards and the limitation on its ability to utilize credit carryforwards to offset its tax liability. The Company is in a net deferred tax liability position of $91 at September 25, 2021 and December 26, 2020, respectively, which is included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $214 at September 25,2021 and December 26, 2020. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of September 25, 2021 and December 26, 2020. 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 2016 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2016. A few state jurisdictions remain open to examination for tax years subsequent to 2015. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 25, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHAREThe 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 (loss) per share. Accounting guidance requires additional disclosure of earnings (loss) per share 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 25, September 26, September 25, September 26, Basic earnings (loss) per share: Income (loss) from continuing operations $ 5,597 $ 175 $ 9,102 $ (9,668) Less: Allocation of earnings to participating securities (240) (4) (341) — Income (loss) from continuing operations available to common shareholders - basic $ 5,357 $ 171 $ 8,761 $ (9,668) Basic weighted-average shares outstanding (1) 15,123 15,334 15,109 15,340 Basic earnings (loss) per share - continuing operations $ 0.35 $ 0.01 $ 0.58 $ (0.63) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 5,357 $ 171 $ 8,761 $ (9,668) Add: Undistributed earnings reallocated to unvested shareholders 2 — 2 — Income (loss ) from continuing operations available to common shareholders - basic $ 5,359 $ 171 $ 8,763 $ (9,668) Basic weighted-average shares outstanding (1) 15,123 15,334 15,109 15,340 Effect of dilutive securities: Directors' stock performance units (2) 130 120 130 — Diluted weighted-average shares outstanding (1)(2) 15,253 15,454 15,239 15,340 Diluted earnings (loss) per share - continuing operations $ 0.35 $ 0.01 $ 0.58 $ (0.63) (1) Includes Common and Class B Common shares, excluding unvested participating securities of 671 thousand as of September 25, 2021 and 480 thousand as of September 26, 2020. (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 25, 2021 were 177 thousand and for the three and nine months ended September 26, 2020 were 166 thousand and 296 thousand, respectively. |
Stock Compensation Expense
Stock Compensation Expense | 9 Months Ended |
Sep. 25, 2021 | |
Share-based Payment Arrangement, Noncash Expense [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 Statements of Operations. The Company's stock compensation expense was $139 and $73 for the three months ended September 25, 2021 and September 26, 2020, respectively, and $343 and $246 for the nine months ended September 25, 2021 and September 26, 2020, respectively. On February 1, 2021, the Company issued 22,000 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $86, or $3.89 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 2.5 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. On March 10, 2021, the Company issued 325,680 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $984, or $3.02 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 5.3 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 25, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Components of accumulated other comprehensive loss, net of tax, are as follows: Interest Rate Swaps Post-Retirement Liabilities Total Balance at December 26, 2020 $ (740) $ 210 $ (530) Unrealized loss on interest rate swaps 40 — 40 Reclassification of loss into earnings from interest rate swaps, net of tax of $174 437 — 437 Reclassification of net actuarial gain into earnings from postretirement benefit plans — (18) (18) Balance at September 25, 2021 $ (263) $ 192 $ (71) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 25, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESContingencies |
Other Operating Expense, Net
Other Operating Expense, Net | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Other operating expense, net Gain on property, plant and equipment disposals $ — $ — $ — $ (37) (Gain) loss on currency exchanges 119 (62) 110 (37) Retirement expense 21 (21) 168 10 Miscellaneous income/expense, net (271) (89) (374) (99) Other operating expense, net $ (131) $ (172) $ (96) $ (163) |
Facility Consolidation and Seve
Facility Consolidation and Severance Expenses, Net | 9 Months Ended |
Sep. 25, 2021 | |
Restructuring and Related Activities [Abstract] | |
Facility Consolidation and Severance Expenses, Net | FACILITY CONSOLIDATION AND SEVERANCE EXPENSES, NET 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. Costs related to the consolidation included the lease termination fee, contractual lease obligations and moving costs. The plan is now substantially complete. 2017 Profit Improvement Plan During the fourth quarter of 2017, the Company announced a Profit Improvement Plan to improve profitability through lower cost and streamlined decision making and aligning processes to maximize efficiency. The plan included consolidating the management of the Company's two commercial brands, Atlas Carpet Mills and Masland Contract, under one management team, sharing operations in sales, marketing, product development and manufacturing. Specific to this plan, the Company has focused nearly all commercial solution dyed make-to-order production in its Atmore, Alabama operations where the Company has developed such make-to-order capabilities over the last 5 years. Further, the Company aligned its west coast production facilities, better utilizing its west coast real estate by moving production to its Santa Ana, California and Atmore, Alabama operations to more efficiently distribute its west coast products. Furthermore, the Company re-configured its east coast distribution facilities to provide more efficient distribution of its products. In addition, the Company realized reductions in related support functions such as accounting and information services. The plan is now substantially complete. 2020 COVID-19 Continuity Plan As the extent of the COVID-19 pandemic became apparent, the Company implemented a continuity plan to maintain the health and safety of associates, preserve cash, and minimize the impact on customers. The response included restrictions on travel, implementation of telecommuting where appropriate and limiting contact and maintaining social distancing between associates and with customers. Cost reductions were implemented including cutting non-essential expenditures, reducing capital expenditures, rotating layoffs and furloughs, selected job eliminations and temporary salary reductions. The Company also deferred new product introductions and reduced sample and marketing expenses in 2020. Initiatives were taken with suppliers, lenders and landlords to extend payment terms in the second quarter of 2020 for existing agreements. The Company is taking advantage of payment deferrals and credits related to payroll taxes under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as well as deferring payments into its defined contribution retirement plan. The CARES Act also provides for an employee retention credit, which is a refundable tax credit against certain employment taxes of up to $5 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees, capped at $10 of qualified wages per employee throughout the year. The Company qualified for the tax credit in the second, third and fourth quarters of 2020 and recognized $2,100 in the fourth quarter of 2020, related to the Employee Retention Credit. Of the $2,100 credit, $1,500 was recorded to Cost of Sales and the remaining $600 was recorded to Selling and Administrative Expenses. Costs related to the facility consolidation plans are summarized as follows: As of September 25, 2021 Accrued Balance at December 26, 2020 2021 Expenses To Date (1) 2021 Cash Payments Accrued Balance at September 25, 2021 Total Costs Incurred To Date Total Expected Costs Corporate Office Consolidation Plan $ — $ — $ — $ — $ 835 $ 835 Profit Improvement Plan 104 277 351 30 10,453 10,453 COVID-19 Continuity Plan $ 454 $ 2 $ 366 $ 90 $ 2,533 $ 2,533 (2) Total All Plans $ 558 $ 279 $ 717 $ 120 $ 13,821 $ 13,821 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 28, 2019 2020 Expenses To Date (1) 2020 Cash Payments Accrued Balance at September 26, 2020 Corporate Office Consolidation Plan $ 38 $ 5 $ 43 $ — Profit Improvement Plan 305 391 589 107 COVID-19 Continuity Plan $ — $ 1,389 $ 1,231 $ 158 Total All Plans $ 343 $ 1,785 $ 1,863 $ 265 Asset Impairments $ — $ — $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Condensed Statements of Operations. (2) The total additional expected costs under the COVID-19 Continuity Plan cannot be reasonably estimated at this time due to the fluid nature of |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Workers' compensation costs from former textile operations $ (33) $ (24) $ (101) $ (89) Environmental remediation costs from former textile operations (27) (22) (81) (114) Costs related to divestiture of the commercial operations 2,394 1,028 (254) 1,729 Income (Loss) from discontinued operations, before taxes $ 2,334 $ 982 $ (436) $ 1,526 Income tax expense 1,498 297 912 748 Income (Loss) from discontinued operations, net of tax $ 836 $ 685 $ (1,348) $ 778 Workers' compensation costs from former textile operations 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. Environmental remediation costs from former textile operations 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 $1,894 as of September 25, 2021 and $1,924 as of December 26, 2020. 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 the Company's 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. Costs related to divestiture of the commercial operations On September 13, 2021, the Company acting by and through its wholly owned operating subsidiary, TDG Operations, LLC, sold its Atlas|Masland commercial business (the “Commercial Business”) to Mannington Mills, Inc. (the “Purchaser”). In accordance with the Asset Purchase Agreement dated September 13, 2021, the Company sold assets that include certain inventory, certain items of machinery and equipment used exclusively in the Commercial Business, and related intellectual property for a purchase price of $20,500. The Purchaser also assumed the liability to fulfill the orders represented by advance customer deposit liabilities of $3,127. The Company retained the Commercial Business’ cash deposits, all accounts receivable, and certain inventory and equipment. At closing, $2,100 of the proceeds were withheld and deposited in escrow to cover any claims arising with respect to the Commercial business for which the Company may be liable. The $2,100 will be released to the Company (net of claims paid, if any) in two installments with 50% of the escrow paid in 90 days from closing and the remaining amount paid 18 months from the closing date. Based upon the repayment terms, the Company has recognized $1,025 within both other current asset and non-current assets, respectively. As of September 25, 2021, the Company has not recognized amounts for potential indemnification settlements as those amounts cannot be reasonably estimated. In order to release liens on certain fixed assets included in the Asset Purchase Agreement, the Company placed $2,100 in cash collateral in an account with the lender (Greater Nevada Credit Union). The remaining proceeds were applied to the Company's debt with its senior credit facility (Fifth Third Bank). The gain on the sale of assets is summarized as follows: Net Proceeds, including escrowed funds 20,500 Inventory (11,500) LIFO 2,305 Fixed Assets (2,278) Contract Liabilities 3,127 Net tangible assets sold (8,346) Gain on sale of assets sold, prior to other transaction related costs 12,154 Other transaction related costs Adjustments to Accruals, Reserves and Allowances (8,462) 1 Transaction Costs (1,032) 2 Total other transaction related costs (9,494) Gain on sale of discontinued operations, before tax 2,660 1) For the remaining retained commercial inventory and fixed assets, the Company recognized adjustment to recognize the effects of the transaction. For inventory, the Company recognized lower of cost or market adjustments of approximately $6,600. The Company’s remaining fixed assets will be disposed of by sale and the Company recognized an adjustment of approximately $1,800 to reflect the lower of its carrying value or estimated fair value less cost to sell. For these assets, the Company has suspended the associated depreciation and will recognize changes in the fair value less cost to sell as gains or losses in future periods until the date of sale. 2) Transaction costs were legal expenses and involuntary employee termination costs related to one-time benefit arrangements. The Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of September 25, 2021 December 26, 2020 Current Assets of Discontinued Operations: Receivables, net $ 7,486 $ 5,648 Inventories, net $ 2,785 $ 17,499 Prepaid expenses $ 133 $ 317 Current Assets Held for Discontinued Operations $ 10,404 $ 23,464 Long Term Assets of Discontinued Operations: Property, plant and equipment, net $ 380 $ 4,999 Operating lease right of use assets $ 760 $ 923 Other assets $ 2,439 $ 2,584 Long Term Assets Held for Discontinued Operations $ 3,579 $ 8,506 Current Liabilities of Discontinued Operations: Accounts payable $ 6,898 $ 3,952 Accrued expenses $ 6,559 $ 7,316 Current portion of operating lease liabilities $ 257 $ 234 Current Liabilities Held for Discontinued Operations $ 13,714 $ 11,502 Long Term Liabilities of Discontinued Operations Operating lease liabilities $ 578 $ 774 Other long term liabilities $ 5,124 $ 5,534 Long Term Liabilities Held for Discontinued Operations $ 5,702 $ 6,308 For the three months and nine months ended September 26, 2020 and September 25, 2021, the Company reclassified the following for the costs related to the divestiture of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Net Sales 15,065 15,885 43,470 51,967 Cost of sales 12,086 10,769 34,679 36,258 Gross Profit 2,979 5,116 8,791 15,709 Selling and administrative expenses 3,245 4,088 11,705 13,980 Discontinued Income (Loss), related to the divestiture of the Commercial business (266) 1,028 (2,914) 1,729 Gain on sale of business (2,660) — (2,660) — Income (Loss) from Discontinued Commercial Operations before Taxes 2,394 1,028 (254) 1,729 For the three and nine months ended September 25, 2021, as a result of the liquidation of inventory sold as part of the divestiture of its Commercial operations, the company recognized a liquidation of LIFO inventories carried at prevailing costs established in prior years and decreased the cost within Discontinued Operations in the amount of $2,391. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 25, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company purchases a portion of its product needs from Engineered Floors, an entity substantially controlled by Robert E. Shaw, a shareholder of the Company. An affiliate of Mr. Shaw holds approximately 7.6% of the Company's Common Stock, which represents approximately 3.2% 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 25, 2021 were approximately $1,258 and $3,159, respectively; or approximately 2.0% and 1.7%, respectively, of the Company's cost of goods sold. Total purchases from Engineered Floors during the three and nine months ended September 26, 2020 were approximately $1,225 and $3,494, respectively; or approximately 2.3% and 2.5%, respectively, of the Company's cost of goods sold. Purchases from Engineered Floors are based on market value negotiated prices. The Company has no contractual commitments with Mr. Shaw associated with its business relationship with Engineered Floors. Transactions with Engineered Floors 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 facility as part of the Robertex acquisition in 2013. The controlling principle of the lessor was an associate of the Company until June 30, 2018. Rent paid to the lessor during the three and nine months ended September 25, 2021 was $75 and $221, respectively. Rent paid to the lessor during the three and nine months ended September 26, 2020 was $73 and $216, respectively. The lease was based on current market values for similar facilities. The lease was terminated on September 30, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 25, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSSee legal proceedings in Note 18 for information concerning pending litigation settled following the end of the quarter. |
Revenue Recognition Policy
Revenue Recognition Policy | 9 Months Ended |
Sep. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Policy Text Block] | Revenue Recognition Policy The Company derives its revenues primarily from the sale of floorcovering products and processing services. Revenues are recognized when control of these products or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. Incidental items that are immaterial in the context of the contract are recognized as an expense. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company determined revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the performance obligation is satisfied |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers [Table Text Block] | The following table disaggregates the Company’s revenue from continuing and discontinued operations by end-user markets for the three and nine month periods ended September 25, 2021 and September 26, 2020: Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Residential floorcovering products $ 89,294 $ 70,035 $ 252,022 $ 175,354 Commercial floorcovering products 15,065 43,470 15,885 51,967 Total net sales, continuing and discontinued operations $ 104,359 $ 113,505 $ 267,907 $ 227,321 |
Contract Balances [Table Text Block] | The activity in the advanced deposits for continuing and discontinued operations for the three and nine month periods ended September 25, 2021 and September 26, 2020 is as follows: Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Beginning contract liability $ 1,213 $ 892 $ 1,005 $ 920 Revenue recognized from contract liabilities included in the beginning balance (920) (581) (912) (785) Increases due to cash received, net of amounts recognized in revenue during the period 1,081 760 1,281 936 Ending contract liability $ 1,374 $ 1,071 $ 1,374 $ 1,071 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: September 25, December 26, Customers, trade $ 39,916 $ 31,074 Other receivables 2,138 1,920 Gross receivables 42,054 32,994 Less: allowance for doubtful accounts (84) (92) Receivables, net $ 41,970 $ 32,902 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: September 25, December 26, Raw materials $ 34,063 $ 23,877 Work-in-process 15,623 12,086 Finished goods 56,031 46,017 Supplies and other 155 168 LIFO reserve (22,678) (14,248) Inventories, net $ 83,194 $ 67,900 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: September 25, December 26, Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,494 51,479 Machinery and equipment 164,751 158,492 Assets under construction 2,166 1,167 221,833 214,560 Accumulated depreciation (172,344) (161,655) Property, plant and equipment, net $ 49,489 $ 52,905 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: September 25, December 26, Compensation and benefits $ 8,880 $ 6,357 Provision for customer rebates, claims and allowances 8,224 6,998 Advanced customer deposits 1,374 1,005 Outstanding checks in excess of cash 1,844 2,094 Other 5,023 3,029 Accrued expenses $ 25,345 $ 19,483 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Product warranty reserve at beginning of period $ 1,120 $ 910 $ 989 $ 1,002 Warranty liabilities accrued 201 165 597 608 Warranty liabilities settled (184) (128) (449) (663) Product warranty reserve at end of period $ 1,137 $ 947 $ 1,137 $ 947 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: September 25, December 26, Revolving credit facility $ 16,714 $ 28,353 Term Loans 24,833 24,970 Notes payable - buildings 5,588 5,900 Notes payable - equipment and other 433 3,926 Finance lease - buildings 10,933 11,097 Finance lease obligations 3,716 5,841 Deferred financing costs, net (1,798) (1,930) Total long-term debt 60,419 78,157 Less: current portion of long-term debt 2,707 6,116 Long-term debt $ 57,712 $ 72,041 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Leases [Abstract] | |
Lessee Schedule Of Balance Sheet Information For Operating And Financing Leases [Table Text Block] | Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location September 25, 2021 December 26, 2020 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 18,284 $ 21,151 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,611 3,089 Noncurrent portion of operating lease liabilities Operating lease liabilities 16,298 18,630 Total operating lease liabilities $ 18,909 $ 21,719 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 11,512 $ 13,409 Current portion of finance lease liabilities (1) Current portion of long-term debt 1,644 2,771 Noncurrent portion of finance lease liabilities (1) Long-term debt 13,005 14,167 $ 14,649 $ 16,938 (1) Includes leases classified as failed sale-leaseback transactions. |
Lease, Cost [Table Text Block] | Lease cost recognized in the consolidated condensed financial statements is summarized as follows: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Operating lease cost $ 1,074 $ 1,198 $ 3,624 $ 3,644 Finance lease cost: Amortization of lease assets (1) 633 790 1,898 2,370 Interest on lease liabilities (1) 366 446 1,136 1,067 Total finance lease costs (1) $ 999 $ 1,236 $ 3,034 $ 3,437 (1) Includes leases classified as failed sale-leaseback transactions. |
Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases [Table Text Block] | Other supplemental information related to leases is summarized as follows: September 25, 2021 September 26, 2020 Weighted average remaining lease term (in years): Operating leases 7.66 8.05 Finance leases (1) 13.38 11.71 Weighted average discount rate: Operating leases 6.79 % 6.83 % Finance leases (1) 9.63 % 9.08 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,610 3,706 Operating cash flows from finance leases (1) 1,136 1,067 Financing cash flows from finance leases (1) 2,290 2,767 (1) Includes leases classified as failed sale-leaseback transactions. |
Finance And Operating Lease Maturity [Table Text Block] | The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 25, 2021: Fiscal Year Operating Leases Finance Leases 2021 1,016 828 2022 3,570 2,782 2023 2,872 3,409 2024 2,785 1,045 2025 2,808 1,053 Thereafter 11,521 14,985 Total future minimum lease payments (undiscounted) 24,572 24,102 Less: Present value discount 5,663 9,453 Total lease liability 18,909 14,649 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, 2021 and December 26, 2020: September 25, December 26, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 297 $ 440 Level 2 (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. |
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 25, December 26, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,245 $ 1,245 $ 1,920 $ 1,920 Financial liabilities: Long-term debt, including current portion 45,771 45,293 61,219 58,803 Finance leases, including current portion 14,648 17,020 16,938 18,451 Interest rate swaps 297 297 440 440 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 swap outstanding as of September 25, 2021: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,484 (2) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair values of derivative instruments included in the Company's consolidated condensed financial statements: Location on Consolidated Balance Sheets Fair Value September 25, December 26, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued expenses $ 128 $ 135 Interest rate swaps, long-term portion Other long-term liabilities 169 305 Total Liability Derivatives $ 297 $ 440 |
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 consolidated condensed financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (3) $ (25) $ 40 $ (1,300) Amount of Gain (Loss) Reclassified from AOCIL on the effective portion into Earnings (1)(2) Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 33 $ (420) $ 102 $ (993) Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) Three Months Ended Nine Months Ended September 25, September 26, September 25, September 26, Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 136 $ (95) $ 509 $ (95) (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's consolidated condensed financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 25, 2021 is $128. (3) The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Condensed Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Basic earnings (loss) per share: Income (loss) from continuing operations $ 5,597 $ 175 $ 9,102 $ (9,668) Less: Allocation of earnings to participating securities (240) (4) (341) — Income (loss) from continuing operations available to common shareholders - basic $ 5,357 $ 171 $ 8,761 $ (9,668) Basic weighted-average shares outstanding (1) 15,123 15,334 15,109 15,340 Basic earnings (loss) per share - continuing operations $ 0.35 $ 0.01 $ 0.58 $ (0.63) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 5,357 $ 171 $ 8,761 $ (9,668) Add: Undistributed earnings reallocated to unvested shareholders 2 — 2 — Income (loss ) from continuing operations available to common shareholders - basic $ 5,359 $ 171 $ 8,763 $ (9,668) Basic weighted-average shares outstanding (1) 15,123 15,334 15,109 15,340 Effect of dilutive securities: Directors' stock performance units (2) 130 120 130 — Diluted weighted-average shares outstanding (1)(2) 15,253 15,454 15,239 15,340 Diluted earnings (loss) per share - continuing operations $ 0.35 $ 0.01 $ 0.58 $ (0.63) (1) Includes Common and Class B Common shares, excluding unvested participating securities of 671 thousand as of September 25, 2021 and 480 thousand as of September 26, 2020. (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 25, 2021 were 177 thousand and for the three and nine months ended September 26, 2020 were 166 thousand and 296 thousand, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Components of accumulated other comprehensive loss, net of tax, are as follows: Interest Rate Swaps Post-Retirement Liabilities Total Balance at December 26, 2020 $ (740) $ 210 $ (530) Unrealized loss on interest rate swaps 40 — 40 Reclassification of loss into earnings from interest rate swaps, net of tax of $174 437 — 437 Reclassification of net actuarial gain into earnings from postretirement benefit plans — (18) (18) Balance at September 25, 2021 $ (263) $ 192 $ (71) |
Other Operating Expense, Net (T
Other Operating Expense, Net (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Other operating expense, net Gain on property, plant and equipment disposals $ — $ — $ — $ (37) (Gain) loss on currency exchanges 119 (62) 110 (37) Retirement expense 21 (21) 168 10 Miscellaneous income/expense, net (271) (89) (374) (99) Other operating expense, net $ (131) $ (172) $ (96) $ (163) |
Facility Consolidation and Se_2
Facility Consolidation and Severance Expenses, Net (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, 2021 Accrued Balance at December 26, 2020 2021 Expenses To Date (1) 2021 Cash Payments Accrued Balance at September 25, 2021 Total Costs Incurred To Date Total Expected Costs Corporate Office Consolidation Plan $ — $ — $ — $ — $ 835 $ 835 Profit Improvement Plan 104 277 351 30 10,453 10,453 COVID-19 Continuity Plan $ 454 $ 2 $ 366 $ 90 $ 2,533 $ 2,533 (2) Total All Plans $ 558 $ 279 $ 717 $ 120 $ 13,821 $ 13,821 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 28, 2019 2020 Expenses To Date (1) 2020 Cash Payments Accrued Balance at September 26, 2020 Corporate Office Consolidation Plan $ 38 $ 5 $ 43 $ — Profit Improvement Plan 305 391 589 107 COVID-19 Continuity Plan $ — $ 1,389 $ 1,231 $ 158 Total All Plans $ 343 $ 1,785 $ 1,863 $ 265 Asset Impairments $ — $ — $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Condensed Statements of Operations. (2) The total additional expected costs under the COVID-19 Continuity Plan cannot be reasonably estimated at this time due to the fluid nature of |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
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 25, September 26, September 25, September 26, Workers' compensation costs from former textile operations $ (33) $ (24) $ (101) $ (89) Environmental remediation costs from former textile operations (27) (22) (81) (114) Costs related to divestiture of the commercial operations 2,394 1,028 (254) 1,729 Income (Loss) from discontinued operations, before taxes $ 2,334 $ 982 $ (436) $ 1,526 Income tax expense 1,498 297 912 748 Income (Loss) from discontinued operations, net of tax $ 836 $ 685 $ (1,348) $ 778 |
Schedule Of Gain On Sale Of Assets | The gain on the sale of assets is summarized as follows: Net Proceeds, including escrowed funds 20,500 Inventory (11,500) LIFO 2,305 Fixed Assets (2,278) Contract Liabilities 3,127 Net tangible assets sold (8,346) Gain on sale of assets sold, prior to other transaction related costs 12,154 Other transaction related costs Adjustments to Accruals, Reserves and Allowances (8,462) 1 Transaction Costs (1,032) 2 Total other transaction related costs (9,494) Gain on sale of discontinued operations, before tax 2,660 1) For the remaining retained commercial inventory and fixed assets, the Company recognized adjustment to recognize the effects of the transaction. For inventory, the Company recognized lower of cost or market adjustments of approximately $6,600. The Company’s remaining fixed assets will be disposed of by sale and the Company recognized an adjustment of approximately $1,800 to reflect the lower of its carrying value or estimated fair value less cost to sell. For these assets, the Company has suspended the associated depreciation and will recognize changes in the fair value less cost to sell as gains or losses in future periods until the date of sale. 2) Transaction costs were legal expenses and involuntary employee termination costs related to one-time benefit arrangements. |
Discontinued Operations, Balance Sheet [Table] | The Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of September 25, 2021 December 26, 2020 Current Assets of Discontinued Operations: Receivables, net $ 7,486 $ 5,648 Inventories, net $ 2,785 $ 17,499 Prepaid expenses $ 133 $ 317 Current Assets Held for Discontinued Operations $ 10,404 $ 23,464 Long Term Assets of Discontinued Operations: Property, plant and equipment, net $ 380 $ 4,999 Operating lease right of use assets $ 760 $ 923 Other assets $ 2,439 $ 2,584 Long Term Assets Held for Discontinued Operations $ 3,579 $ 8,506 Current Liabilities of Discontinued Operations: Accounts payable $ 6,898 $ 3,952 Accrued expenses $ 6,559 $ 7,316 Current portion of operating lease liabilities $ 257 $ 234 Current Liabilities Held for Discontinued Operations $ 13,714 $ 11,502 Long Term Liabilities of Discontinued Operations Operating lease liabilities $ 578 $ 774 Other long term liabilities $ 5,124 $ 5,534 Long Term Liabilities Held for Discontinued Operations $ 5,702 $ 6,308 |
Discontinued Operations, Income Statement [Table] | For the three months and nine months ended September 26, 2020 and September 25, 2021, the Company reclassified the following for the costs related to the divestiture of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Net Sales 15,065 15,885 43,470 51,967 Cost of sales 12,086 10,769 34,679 36,258 Gross Profit 2,979 5,116 8,791 15,709 Selling and administrative expenses 3,245 4,088 11,705 13,980 Discontinued Income (Loss), related to the divestiture of the Commercial business (266) 1,028 (2,914) 1,729 Gain on sale of business (2,660) — (2,660) — Income (Loss) from Discontinued Commercial Operations before Taxes 2,394 1,028 (254) 1,729 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
NET SALES | $ 89,294 | $ 70,035 | $ 252,022 | $ 175,354 |
Continuing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
NET SALES | 89,294 | 70,035 | 252,022 | 175,354 |
Discontinued Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
NET SALES | 15,065 | 43,470 | 15,885 | 51,967 |
Total Revenue, Continuing and Discontinued | ||||
Disaggregation of Revenue [Line Items] | ||||
NET SALES | $ 104,359 | $ 113,505 | $ 267,907 | $ 227,321 |
Revenue (Contract Balances) (De
Revenue (Contract Balances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Beginning contract liability | $ 1,213 | $ 892 | $ 1,005 | $ 920 |
Revenue recognized from contract liabilities included in the beginning balance | (920) | (581) | (912) | (785) |
Increases due to cash received, net of amounts recognized in revenue during the period | 1,081 | 760 | 1,281 | 936 |
Ending contract liability | $ 1,374 | $ 1,071 | $ 1,374 | $ 1,071 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | Dec. 26, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customers, trade | $ 39,916 | $ 39,916 | $ 31,074 | ||
Other receivables | 2,138 | 2,138 | 1,920 | ||
Gross receivables | 42,054 | 42,054 | 32,994 | ||
Less: allowance for doubtful accounts | (84) | (84) | (92) | ||
Receivables, net | 41,970 | 41,970 | $ 32,902 | ||
Allowance for doubtful accounts [Abstract] | |||||
Bad debt expense | $ 4 | $ 20 | $ 414 | $ (16) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 25, 2021 | Sep. 25, 2021 | Dec. 26, 2020 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 34,063 | $ 34,063 | $ 23,877 |
Work-in-process | 15,623 | 15,623 | 12,086 |
Finished goods | 56,031 | 56,031 | 46,017 |
Supplies and other | 155 | 155 | 168 |
LIFO reserve | (22,678) | (22,678) | (14,248) |
Inventories, net | 83,194 | 83,194 | $ 67,900 |
Effect of LIFO Inventory Liquidation on Income | $ 2,391 | $ 2,391 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | Dec. 26, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Land and improvements | $ 3,422 | $ 3,422 | $ 3,422 | ||
Buildings and improvements | 51,494 | 51,494 | 51,479 | ||
Machinery and equipment | 164,751 | 164,751 | 158,492 | ||
Assets under construction | 2,166 | 2,166 | 1,167 | ||
Property, plant and equipment, gross | 221,833 | 221,833 | 214,560 | ||
Accumulated depreciation | (172,344) | (172,344) | (161,655) | ||
Property, plant and equipment, net | 49,489 | 49,489 | $ 52,905 | ||
Depreciation | $ 2,061 | $ 2,382 | $ 6,753 | $ 7,282 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Jun. 26, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Dec. 28, 2019 |
Payables and Accruals [Abstract] | ||||||
Compensation and benefits | $ 8,880 | $ 6,357 | ||||
Provision for customer rebates, claims and allowances | 8,224 | 6,998 | ||||
Advanced customer deposits | 1,374 | $ 1,213 | 1,005 | $ 1,071 | $ 892 | $ 920 |
Outstanding checks in excess of cash | 1,844 | 2,094 | ||||
Other | 5,023 | 3,029 | ||||
Accrued expenses | $ 25,345 | $ 19,483 |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Product Warranties Disclosures [Abstract] | ||||
Product warranty reserve at beginning of period | $ 1,120 | $ 910 | $ 989 | $ 1,002 |
Warranty liabilities accrued | 201 | 165 | 597 | 608 |
Warranty liabilities settled | (184) | (128) | (449) | (663) |
Product warranty reserve at end of period | $ 1,137 | $ 947 | $ 1,137 | $ 947 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 16,714 | $ 28,353 |
Term Loans | 24,833 | 24,970 |
Notes payable - buildings | 5,588 | 5,900 |
Notes payable - equipment and other | 433 | 3,926 |
Finance lease - buildings | 10,933 | 11,097 |
Finance lease obligations | 3,716 | 5,841 |
Deferred financing costs, net | (1,798) | (1,930) |
Total long-term debt | 60,419 | 78,157 |
Less: current portion of long-term debt | 2,707 | 6,116 |
Long-term debt | $ 57,712 | $ 72,041 |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 25, 2021 | Dec. 26, 2020 | |
Line of Credit Facility [Line Items] | ||
Remaining Borrowing Capacity | $ 54,076 | |
Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Borrowing Capacity | $ 75,000 | |
Basis Spread on Variable Rate at End of Period | 1.75% | |
Commitment Fee Percentage | 0.25% | |
Debt, Weighted Average Interest Rate | 2.74% | 2.68% |
Floor Interest Rate | 0.75% | |
Debt Instrument, Covenant Compliance | As of the reporting date, the Company is in compliance with all such applicable covenants. | |
Debt Instrument, Covenant Description | The Company is only subject to the financial covenants if borrowing availability is less than 12.5% of the availability, and remains until the availability is greater than 12.5% for thirty consecutive days | |
Alternative [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.50% | |
Alternative [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 2.00% | |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% |
Long-Term Debt and Credit Arr_5
Long-Term Debt and Credit Arrangements (Term Loans) (Details) $ in Thousands | 9 Months Ended |
Sep. 25, 2021USD ($)Rate | |
AmeriState Bank [Member] | |
Debt Disclosure [Line Items] | |
Secured Debt Other Term Loans | $ | $ 10,000 |
Long-term Debt, Term | 25 years |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.00% |
Debt Instrument, Interest Rate Terms | or 4.00% above 5-year treasury, to be reset every 5 years at 3.5% above 5-year treasury |
Debt Instrument, Covenant Compliance | The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. |
Greater Nevada Credit Union [Member] | |
Debt Disclosure [Line Items] | |
Secured Debt Other Term Loans | $ | $ 15,000 |
Long-term Debt, Term | 10 years |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.00% |
Debt Instrument, Interest Rate Terms | or 4.00% above 5- year treasury, to be reset after 5 years at 3.5% above 5-year treasury |
Debt Instrument, Covenant Compliance | The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. |
Long-Term Debt and Credit Arr_6
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2021 | Dec. 26, 2020 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | |||
Notes payable - buildings | $ 5,588 | $ 5,900 | |
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 | $ 4,269 | ||
Fixed Interest Rate | 4.50% |
Long-Term Debt and Credit Arr_7
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable [Member] | 9 Months Ended |
Sep. 25, 2021yrRate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.60% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.66% |
Term of Note Payable | yr | 7 |
Long-Term Debt and Credit Arr_8
Long-Term Debt and Credit Arrangements (Finance Lease - Buildings) (Details) $ in Thousands | 9 Months Ended |
Sep. 25, 2021USD ($)Rate | |
Finance Lease - Buildings [Abstract] | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true |
Lessee - Finance Lease, Selling Price of Building | $ 11,500 |
Lessee, Finance Lease, Term of Contract | 20 years |
Finance Lease, Liability, to be Paid, Year One | $ 977 |
Rent escalation | Rate | 1.25% |
Lessor, Direct Financing Lease, Renewal Term | 10 years |
Long-Term Debt and Credit Arr_9
Long-Term Debt and Credit Arrangements (Finance Lease Obligations) (Details) - Finance Lease Obligations [Member] | 9 Months Ended |
Sep. 25, 2021yr | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Term of Finance Lease Obligation (in months) | 3 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Term of Finance Lease Obligation (in months) | 6 |
Leases Balance Sheet Informatio
Leases Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 | |
Leases - Balance Sheet Information Related to Leases [Abstract] | |||
OPERATING LEASE RIGHT-OF-USE ASSETS | $ 18,284 | $ 21,151 | |
Current portion of operating lease liabilities | 2,611 | 3,089 | |
OPERATING LEASE LIABILITIES | 16,298 | 18,630 | |
Operating Lease, Liability | 18,909 | 21,719 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | [1] | 11,512 | 13,409 |
Finance Lease, Liability, Current | [1] | 1,644 | 2,771 |
Finance Lease, Liability, Noncurrent | [1] | 13,005 | 14,167 |
Finance Lease, Liability | [1] | $ 14,649 | $ 16,938 |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Components of Lease Expense [Abstract] | |||||
Operating lease cost | $ 1,074 | $ 1,198 | $ 3,624 | $ 3,644 | |
Finance Lease, Amortization of lease assets | [1] | 633 | 790 | 1,898 | 2,370 |
Finance Lease, Interest on lease liabilities | [1] | 366 | 446 | 1,136 | 1,067 |
Total Finance Lease Cost | [1] | $ 999 | $ 1,236 | $ 3,034 | $ 3,437 |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Leases Supplemental Lease Infor
Leases Supplemental Lease Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | ||
Supplemental Lease Information [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 7 months 28 days | 8 years 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | [1] | 13 years 4 months 17 days | 11 years 8 months 15 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.79% | 6.83% | |
Finance Lease, Weighted Average Discount Rate, Percent | [1] | 9.63% | 9.08% |
Operating Lease, Payments | $ 3,610 | $ 3,706 | |
Interest paid for financing leases | [1] | 1,136 | 1,067 |
Finance Lease, Principal Payments | [1] | $ 2,290 | $ 2,767 |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Leases Contractual Obligations
Leases Contractual Obligations for Operating and Financing Liabilities (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 1,016 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 3,570 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 2,872 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 2,785 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 2,808 | ||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 11,521 | ||
Lessee, Operating Lease, Liability, to be Paid | 24,572 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 5,663 | ||
Operating Lease, Liability | 18,909 | $ 21,719 | |
Finance Lease, Liability, Payment, Due [Abstract] | |||
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year | 828 | ||
Finance Lease, Liability, to be Paid, Year Two | 2,782 | ||
Finance Lease, Liability, to be Paid, Year Three | 3,409 | ||
Finance Lease, Liability, to be Paid, Year Four | 1,045 | ||
Finance Lease, Liability, to be Paid, Year Five | 1,053 | ||
Finance Lease, Liability, to be Paid, after Year Five | 14,985 | ||
Finance Lease, Liability, Payment, Due | 24,102 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 9,453 | ||
Finance Lease, Liability | [1] | $ 14,649 | $ 16,938 |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps | [1] | $ 297 | $ 440 |
[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. |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Finance lease obligations | [1] | $ 14,649 | $ 16,938 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 1,245 | 1,920 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Long-term debt and finance leases, including current portion | 45,771 | 61,219 | |
Finance lease obligations | 14,648 | 16,938 | |
Interest rate swaps | 297 | 440 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and cash equivalents | 1,245 | 1,920 | |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Long-term debt and finance leases, including current portion | 45,293 | 58,803 | |
Finance lease obligations | 17,020 | 18,451 | |
Interest rate swaps | $ 297 | $ 440 | |
[1] | Includes leases classified as failed sale-leaseback transactions. |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) $ in Thousands | Sep. 25, 2021USD ($)Rate | |
Effective September 1, 2016 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 25 | |
Effective September 1, 2015 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 25 | |
Effective November 7, 2014 through November 7, 2024 [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 5,484 | [1] |
Fixed Interest Rate | Rate | 4.50% | |
Derivative, Amortizing Notional Amount | $ 35 | |
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 297 | $ 440 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 128 | 135 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 169 | $ 305 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gain (loss) on interest rate swaps | $ (3) | $ (25) | $ 40 | $ (1,300) | |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2) | [1] | 0 | (95) | 0 | (95) |
Effective September 1, 2016 through September 1, 2021 [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 25 | 25 | |||
Effective September 1, 2015 through September 1, 2021 [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 25 | 25 | |||
Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Payments for Other Fees | 1,427 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gain (loss) on interest rate swaps | (3) | (25) | 40 | (1,300) | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income | [2],[3] | 33 | (420) | 102 | (993) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 128 | 128 | |||
Not Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Nonoperating Income (Expense) | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2) | [4] | $ 136 | $ (95) | $ 509 | $ (95) |
[1] | Amounts for dedesignated cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in other expense (income), net in the Company's Consolidated Condensed Statements of Operations. | ||||
[2] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's consolidated condensed financial statements. | ||||
[3] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 25, 2021 is $128. | ||||
[4] | The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Condensed Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Non-Collective-Bargaining Plan [Member] | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of Employees Covered | 85.00% | |||
Employer Matching Contribution, Percentage | 1.00% | |||
Employer Matching Contribution, Discretionary Percentage | 2.00% | |||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | |||
Cost Recognized | $ 501 | $ 92 | $ 920 | $ 265 |
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 | $ 21 | $ 19 | $ 63 | $ 50 |
Employee Benefit Plans (Non-qua
Employee Benefit Plans (Non-qualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Retirement Benefits [Abstract] | ||
Liability to Participants | $ 15,636 | $ 15,081 |
Cash Surrender Value of Life Insurance | $ 16,218 | $ 15,385 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Multiemployer Plan [Line Items] | ||||
Multiemployer Plan, Employer Contribution, Cost | $ 64 | $ 45 | $ 166 | $ 142 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation, Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax (benefit) rate | 6.15% | 7.20% | |
Deferred Tax Liabilities, Net | $ 91 | $ 91 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 214 | $ 487 |
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. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Basic earnings (loss) per share: | |||||
Income (loss) from continuing operations | $ 5,597 | $ 175 | $ 9,102 | $ (9,668) | |
Less: Allocation of earnings to participating securities | (240) | (4) | (341) | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ 5,357 | $ 171 | $ 8,761 | $ (9,668) | |
Basic weighted-average shares outstanding (1) | [1] | 15,123 | 15,334 | 15,109 | 15,340 |
Basic earnings (loss) per share - continuing operations | $ 0.35 | $ 0.01 | $ 0.58 | $ (0.63) | |
Diluted earnings (loss) per share: | |||||
Income (loss) from continuing operations available to common shareholders - basic | $ 5,357 | $ 171 | $ 8,761 | $ (9,668) | |
Add: Undistributed earnings reallocated to unvested shareholders | 2 | 0 | 2 | 0 | |
Income (loss ) from continuing operations available to common shareholders - basic | $ 5,359 | $ 171 | $ 8,763 | $ (9,668) | |
Effect of dilutive securities: | |||||
Directors' stock performance units (2) | [2] | 130 | 120 | 130 | 0 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,253 | 15,454 | 15,239 | 15,340 |
Diluted earnings (loss) per share - continuing operations | $ 0.35 | $ 0.01 | $ 0.58 | $ (0.63) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 671 | 480 | 671 | 480 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 177 | 296 | 151 | 296 | |
[1] | Includes Common and Class B Common shares, excluding unvested participating securities of 671 thousand as of September 25, 2021 and 480 thousand as of September 26, 2020. | ||||
[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 25, 2021 were 177 thousand and for the three and nine months ended September 26, 2020 were 166 thousand and 296 thousand, respectively. |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | Mar. 10, 2021 | Feb. 01, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 139 | $ 73 | $ 343 | $ 246 | ||
Restricted Stock [Member] | February | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted Stock Granted in Period | 22,000 | |||||
Grant Date Fair Value of Restricted Stock | $ 86 | |||||
Weighted Average Grant Date Fair Value of Resticted Stock | $ 3.89 | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 6 months | |||||
Restricted Stock [Member] | March | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted Stock Granted in Period | 325,680 | |||||
Grant Date Fair Value of Restricted Stock | $ 984 | |||||
Weighted Average Grant Date Fair Value of Resticted Stock | $ 3.02 | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years 3 months 18 days |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) - total | $ (530) | ||||
Unrealized gain on interest rate swaps, net | $ (3) | $ (25) | 40 | $ (1,300) | |
Reclassification of loss into earnings from interest rate swaps, net | 122 | 420 | 437 | 993 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (6) | (6) | (18) | (20) | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | 0 | (1) | 0 | (3) | |
Accumulated other comprehensive income (loss) - total | (71) | (71) | |||
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2) | [1] | 0 | 95 | 0 | 95 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument | Other Nonoperating Income (Expense) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps (2) | [2] | (136) | $ 95 | (509) | $ 95 |
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 | (740) | ||||
Unrealized gain on interest rate swaps, net | 40 | ||||
Reclassification of loss into earnings from interest rate swaps, net | 437 | ||||
Accumulated other comprehensive income (loss) - total | (263) | (263) | |||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) - total | 210 | ||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (18) | ||||
Accumulated other comprehensive income (loss) - total | $ 192 | $ 192 | |||
[1] | Amounts for dedesignated cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in other expense (income), net in the Company's Consolidated Condensed Statements of Operations. | ||||
[2] | The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Condensed Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized loss on interest rate swaps | $ 0 | $ 0 | $ 0 | $ 0 |
Reclassification of loss into earnings from interest rate swaps, net of tax of $174 | 47 | 0 | 174 | 0 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | 0 | 0 | 0 | 0 |
Reclassification of prior service credits into earnings from postretirement benefit plans | $ 0 | $ 0 | 0 | $ 0 |
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 | 0 | |||
Reclassification of loss into earnings from interest rate swaps, net of tax of $174 | 0 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification of net actuarial gain into earnings from postretirement benefit plans | 0 | |||
Reclassification of prior service credits into earnings from postretirement benefit plans | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 25, 2021USD ($) | |
The Water Works and Sewer Board of the Town of Centre [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 10 |
Other Operating Expense, Net (D
Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Other Operating Income and Expenses, Net [Abstract] | ||||
(Gain) loss on property, plant and equipment disposals | $ 0 | $ 0 | $ 0 | $ (37) |
(Gain) loss on currency exchanges | 119 | (62) | 110 | (37) |
Retirement (income) expense | 21 | (21) | 168 | 10 |
Miscellaneous income/expense, net | (271) | (89) | (374) | (99) |
Other operating expense (income), net | $ (131) | $ (172) | $ (96) | $ (163) |
Facility Consolidation and Se_3
Facility Consolidation and Severance Expenses, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | ||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | $ 558 | $ 343 | |
Expenses to Date | [1] | 279 | 1,785 |
Cash Payments | 717 | 1,863 | |
Accrued Balance | 120 | 265 | |
Total Costs Incurred To Date | 13,821 | ||
Expected Cost Remaining | 13,821 | ||
Environmental Remediation Costs Recognized [Abstract] | |||
ERC, Refundable Tax Credit | $ 5 | ||
ERC, Eligible Percentage of Employees Wages Paid | 50.00% | ||
ERC, Qualified Wages Paid to Employees, Maximum | $ 10 | ||
ERC, Tax Credit Received | 2,100 | ||
ERC, Portion Recognized in Cost of Sales | 1,500 | ||
ERC, Portion Recognized in Selling and Administrative Expenses | 600 | ||
2015 Corporate Office Consolidation Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 0 | 38 | |
Expenses to Date | [1] | 0 | 5 |
Cash Payments | 0 | 43 | |
Accrued Balance | 0 | 0 | |
Total Costs Incurred To Date | 835 | ||
Expected Cost Remaining | 835 | ||
2017 Profit Improvement Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 104 | 305 | |
Expenses to Date | [1] | 277 | 391 |
Cash Payments | 351 | 589 | |
Accrued Balance | 30 | 107 | |
Total Costs Incurred To Date | 10,453 | ||
Expected Cost Remaining | 10,453 | ||
2020 COVID-19 Continuity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 454 | 0 | |
Expenses to Date | [1] | 2 | 1,389 |
Cash Payments | 366 | 1,231 | |
Accrued Balance | 90 | 158 | |
Total Costs Incurred To Date | 2,533 | ||
Expected Cost Remaining | [2] | 2,533 | |
Asset Impairments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrued Balance | 0 | 0 | |
Expenses to Date | 0 | 0 | |
Cash Payments | 0 | 0 | |
Accrued Balance | 0 | $ 0 | |
Total Costs Incurred To Date | 3,323 | ||
Expected Cost Remaining | $ 3,323 | ||
[1] | Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Condensed Statements of Operations. | ||
[2] | The total additional expected costs under the COVID-19 Continuity Plan cannot be reasonably estimated at this time due to the fluid nature of the COVID-19 outbreak and the unpredictable future impact upon our business. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||||
Income (Loss) from discontinued operations, before taxes | $ 2,334 | $ 982 | $ (436) | $ 1,526 |
Income tax expense | 1,498 | 297 | 912 | 748 |
Income (loss) from discontinued operations | 836 | 685 | (1,348) | 778 |
Previously Discontinued Operations [Member] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||||
Workers' compensation costs from former textile operations | (33) | (24) | (101) | (89) |
Environmental remediation costs from former textile operations | (27) | (22) | (81) | (114) |
Commercial Divestiture [Member] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||||
Costs related to divestiture of the commercial operations | 2,394 | 1,028 | (254) | 1,729 |
Income (Loss) from discontinued operations, before taxes | $ 2,394 | $ 1,028 | $ (254) | $ 1,729 |
Environmental Remediation Oblig
Environmental Remediation Obligations (Details) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,894 | $ 1,924 |
Costs Related to Divestiture of
Costs Related to Divestiture of the Commercial Opertaions (Details) $ in Thousands | 9 Months Ended |
Sep. 25, 2021USD ($) | |
Discontinued Operation, Equity Investment [Abstract] | |
Proceeds from Divestiture of Businesses | $ 20,500 |
Discontinued Operations, Contract Liabilities | 3,127 |
Escrow Deposit | 2,100 |
Payments for Deposits with Other Institutions | 2,100 |
Escrow Deposit, Current | 1,025 |
Escrow Deposit, Non Current | $ 1,025 |
Discontinued Operations (Gain R
Discontinued Operations (Gain Rollforward) $ in Thousands | 9 Months Ended | |
Sep. 25, 2021USD ($) | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from Divestiture of Businesses | $ 20,500 | |
Proceeds From Sale Of Inventory | (11,500) | |
Discontinued Operations, LIFO Gain | 2,305 | |
Net proceeds from sales of property, plant and equipment and divestiture | (2,278) | |
Discontinued Operations, Contract Liabilities | 3,127 | |
Proceeds from sale of net tangible assets | (8,346) | |
Gain on sale of assets sold, prior to other transaction related costs | 12,154 | |
Other Adjustments to Income, Discontinued Operations | (8,462) | [1] |
Business Acquisition, Transaction Costs | (1,032) | [2] |
Total Other Transaction Related Costs | (9,494) | |
Gain (Loss) on Disposition of Assets | 2,660 | |
Discontinued Operations, Other Inventory Adjustments | 6,600 | |
Discontinued Operations, Other Property Plant and Equipment Adjustments | $ 1,800 | |
[1] | For the remaining retained commercial inventory and fixed assets, the Company recognized adjustment to recognize the effects of the transaction. For inventory, the Company recognized lower of cost or market adjustments of approximately $6,600. The Company’s remaining fixed assets will be disposed of by sale and the Company recognized an adjustment of approximately $1,800 to reflect the lower of its carrying value or estimated fair value less cost to sell. For these assets, the Company has suspended the associated depreciation and will recognize changes in the fair value less cost to sell as gains or losses in future periods until the date of sale. | |
[2] | Transaction costs were legal expenses and involuntary employee termination costs related to one-time benefit arrangements. |
Discontinued Operations (Balanc
Discontinued Operations (Balance Sheet) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 7,486 | $ 5,648 |
Disposal Group, Including Discontinued Operation, Inventory | 2,785 | 17,499 |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 133 | 317 |
Disposal Group, Including Discontinued Operations, Assets, Current | 10,404 | 23,464 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 380 | 4,999 |
Disposal Group Including Discontinued Operation, Operating Leased Assets [Line Items] | (760) | (923) |
Disposal Group, Including Discontinued Operation, Other Assets | 2,439 | 2,584 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 3,579 | 8,506 |
Disposal Group, Including Discontinued Operation, Accounts Payable | 6,898 | 3,952 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 6,559 | 7,316 |
Disposal Group, Including Discontinued Operation Current portion of Operating Lease Liabilities | 257 | 234 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 13,714 | 11,502 |
Disposal Group, Including Discontinued Operation Operating lease liabilities | 578 | 774 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 5,124 | 5,534 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | $ 5,702 | $ 6,308 |
Discontinued Operations (Income
Discontinued Operations (Income Statement) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations, Income Statement [Table] | For the three months and nine months ended September 26, 2020 and September 25, 2021, the Company reclassified the following for the costs related to the divestiture of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Net Sales 15,065 15,885 43,470 51,967 Cost of sales 12,086 10,769 34,679 36,258 Gross Profit 2,979 5,116 8,791 15,709 Selling and administrative expenses 3,245 4,088 11,705 13,980 Discontinued Income (Loss), related to the divestiture of the Commercial business (266) 1,028 (2,914) 1,729 Gain on sale of business (2,660) — (2,660) — Income (Loss) from Discontinued Commercial Operations before Taxes 2,394 1,028 (254) 1,729 | |||
Discontinued Operations, Income Statement [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 2,660 | |||
Income (Loss) from discontinued operations, before taxes | $ 2,334 | $ 982 | (436) | $ 1,526 |
Income (loss) from discontinued operations, net of tax | 836 | 685 | (1,348) | 778 |
Effect of LIFO Inventory Liquidation on Income | 2,391 | 2,391 | ||
Commercial Divestiture [Member] | ||||
Discontinued Operations, Income Statement [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 15,065 | 15,885 | 43,470 | 51,967 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 12,086 | 10,769 | 34,679 | 36,258 |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 2,979 | 5,116 | 8,791 | 15,709 |
Disposal Group, Including Discontinued Operation, Selling Expenses | 3,245 | 4,088 | 11,705 | 13,980 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (266) | 1,028 | (2,914) | 1,729 |
Gain (Loss) on Disposition of Assets | (2,660) | 0 | (2,660) | 0 |
Income (Loss) from discontinued operations, before taxes | $ 2,394 | $ 1,028 | $ (254) | $ 1,729 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Robert E Shaw [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership of Common Stock, Percentage | 7.60% | 7.60% | ||
Voting Interest of Common Stock, Percentage | 3.20% | 3.20% | ||
Related Party Transaction, Purchases from Related Party | $ 1,258 | $ 1,225 | $ 3,159 | $ 3,494 |
Related Party Transaction, Purchases from Related Party, Percentage | 2.00% | 2.30% | 1.70% | 2.50% |
Robert P Rothman [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 75 | $ 73 | $ 221 | $ 216 |