Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INTERFACE INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 66,242,284 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000715787 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and Cash Equivalents | $68,463 | $72,883 |
Accounts Receivable, net | 140,214 | 131,936 |
Inventories | 161,964 | 149,643 |
Prepaid Expenses and Other Current Assets | 21,583 | 23,411 |
Deferred Income Taxes | 11,806 | 10,232 |
TOTAL CURRENT ASSETS | 404,030 | 388,105 |
PROPERTY AND EQUIPMENT, less accumulated depreciation | 236,389 | 230,845 |
DEFERRED TAX ASSET | 29,951 | 34,162 |
GOODWILL | 73,324 | 77,941 |
OTHER ASSETS | 65,582 | 65,282 |
TOTAL ASSETS | 809,276 | 796,335 |
CURRENT LIABILITIES: | ' | ' |
Accounts Payable | 52,164 | 52,515 |
Accrued Expenses | 92,136 | 77,672 |
TOTAL CURRENT LIABILITIES | 144,300 | 130,187 |
SENIOR NOTES | 247,500 | 247,500 |
LONG TERM DEBT | 27,988 | 26,326 |
DEFERRED INCOME TAXES | 15,912 | 15,049 |
OTHER | 32,871 | 36,486 |
TOTAL LIABILITIES | 468,571 | 455,548 |
SHAREHOLDERS’ EQUITY: | ' | ' |
Preferred Stock | 0 | 0 |
Common Stock | 6,645 | 6,631 |
Additional Paid-In Capital | 375,401 | 374,597 |
Retained Earnings | 34,299 | 24,226 |
Accumulated Other Comprehensive Loss – Foreign Currency Translation Adjustment | -42,394 | -30,585 |
Accumulated Other Comprehensive Loss – Pension Liability | -33,246 | -34,082 |
TOTAL SHAREHOLDERS’ EQUITY | 340,705 | 340,787 |
$809,276 | $796,335 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
NET SALES | $252,191 | $254,448 | $731,807 | $708,300 |
Cost of Sales | 168,596 | 162,695 | 483,141 | 459,062 |
GROSS PROFIT ON SALES | 83,595 | 91,753 | 248,666 | 249,238 |
Selling, General and Administrative Expenses | 63,958 | 63,918 | 192,659 | 185,606 |
Restructuring and Asset Impairment Charge | 12,386 | 0 | 12,386 | 0 |
OPERATING INCOME | 7,251 | 27,835 | 43,621 | 63,632 |
Interest Expense | 5,614 | 6,303 | 16,532 | 18,368 |
Other Expense | 931 | 114 | 777 | 519 |
INCOME BEFORE INCOME TAX EXPENSE | 706 | 21,418 | 26,312 | 44,745 |
Income Tax Expense | 1,082 | 6,461 | 9,592 | 11,826 |
NET INCOME (LOSS) | ($376) | $14,957 | $16,720 | $32,919 |
Earnings (Loss) Per Share – Basic (in Dollars per share) | ($0.01) | $0.23 | $0.25 | $0.50 |
Earnings (Loss) Per Share – Diluted (in Dollars per share) | ($0.01) | $0.23 | $0.25 | $0.50 |
Common Shares Outstanding – Basic (in Shares) | 66,465 | 66,183 | 66,470 | 66,160 |
Common Shares Outstanding – Diluted (in Shares) | 66,465 | 66,317 | 66,554 | 66,289 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Net Income (Loss) | ($376) | $14,957 | $16,720 | $32,919 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | -15,991 | 7,503 | -11,809 | -5,422 |
Other Comprehensive Income (Loss), Pension Liability Adjustment | 2,049 | -1,404 | 836 | 163 |
Comprehensive Income (Loss) | ($14,318) | $21,056 | $5,747 | $27,660 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net Income | $16,720 | $32,919 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ' | ' |
Depreciation and Amortization | 20,124 | 18,625 |
Stock Compensation Amortization Expense | 2,989 | 5,071 |
Deferred Income Taxes and Other | 1,739 | 5,032 |
Cash Received from Insurance Company | 0 | 10,648 |
Working Capital Changes: | ' | ' |
Accounts Receivable | -7,373 | -4,220 |
Inventories | -15,518 | -22,842 |
Prepaid Expenses and Other Current Assets | 1,799 | -14,481 |
Accounts Payable and Accrued Expenses | 14,417 | -3,513 |
CASH PROVIDED BY OPERATING ACTIVITIES: | 34,897 | 27,239 |
INVESTING ACTIVITIES: | ' | ' |
Capital Expenditures | -32,123 | -47,939 |
Cash Received from Insurance Company | 0 | 23,024 |
Other | -1,950 | 1,875 |
CASH USED IN INVESTING ACTIVITIES: | -34,073 | -23,040 |
FINANCING ACTIVITIES: | ' | ' |
Borrowing of Long-Term Debt | 1,877 | 0 |
Proceeds from Issuance of Common Stock | 159 | 1,163 |
Dividends Paid | -6,647 | -5,294 |
Debt Issuance Costs | -106 | 0 |
CASH USED IN FINANCING ACTIVITIES: | -4,717 | -4,131 |
Net Cash Provided By (Used In) Operating, Investing and Financing Activities | -3,893 | 68 |
Effect of Exchange Rate Changes on Cash | -527 | -1,219 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Net Change During the Period | -4,420 | -1,151 |
Balance at Beginning of Period | 72,883 | 90,533 |
Balance at End of Period | $68,463 | $89,382 |
Note_1_Condensed_Footnotes
Note 1 - Condensed Footnotes | 9 Months Ended |
Sep. 28, 2014 | |
Condensed Footnotes [Abstract] | ' |
Condensed Footnotes [Text Block] | ' |
NOTE 1 – CONDENSED FOOTNOTES | |
As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end audited consolidated financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended December 29, 2013, as filed with the Commission. | |
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments (all of which are normal and recurring) necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The December 29, 2013 consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. | |
Certain prior period amounts have been reclassified to conform to the current period presentation. |
Note_2_Inventories
Note 2 - Inventories | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE 2 – INVENTORIES | |||||||||
Inventories are summarized as follows: | |||||||||
Sept. 28, 2014 | 29-Dec-13 | ||||||||
(In thousands) | |||||||||
Finished Goods | $ | 105,827 | $ | 96,199 | |||||
Work in Process | 10,851 | 9,569 | |||||||
Raw Materials | 45,286 | 43,875 | |||||||
$ | 161,964 | $ | 149,643 | ||||||
Note_3_Earnings_Per_Share
Note 3 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 3 – EARNINGS (LOSS) PER SHARE | |||||||||||||||||
The Company computes basic earnings (loss) per share (“EPS”) by dividing net income (loss) by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings. | |||||||||||||||||
The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following tables show distributed and undistributed earnings: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic Earnings (Loss) Per Share | |||||||||||||||||
Distributed Earnings | $ | 0.03 | $ | 0.03 | $ | 0.1 | $ | 0.08 | |||||||||
Undistributed Earnings | (0.04 | ) | 0.2 | 0.15 | 0.42 | ||||||||||||
Total | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Diluted Earnings (Loss) Per Share | |||||||||||||||||
Distributed Earnings | $ | 0.03 | $ | 0.03 | $ | 0.1 | $ | 0.08 | |||||||||
Undistributed Earnings | (0.04 | ) | 0.2 | 0.15 | 0.42 | ||||||||||||
Total | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Basic Earnings (Loss) Per Share | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Diluted Earnings (Loss) Per Share | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
The following tables present net income (loss) that was attributable to participating securities: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Net Income (Loss) | $ | 0 | $ | 0.4 | $ | 0.4 | $ | 0.9 | |||||||||
The weighted average shares outstanding for basic and diluted EPS were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Weighted Average Shares Outstanding | 65,045 | 64,446 | 65,050 | 64,423 | |||||||||||||
Participating Securities | 1,420 | 1,737 | 1,420 | 1,737 | |||||||||||||
Shares for Basic Earnings (Loss) Per Share | 66,465 | 66,183 | 66,470 | 66,160 | |||||||||||||
Dilutive Effect of Stock Options | 0 | 134 | 84 | 129 | |||||||||||||
Shares for Diluted Earnings (Loss) Per Share | 66,465 | 66,317 | 66,554 | 66,289 | |||||||||||||
For the three-month period ended September 28, 2014, no stock options have been included in the calculation of diluted EPS as the Company was in a net loss position and inclusion of these stock options would have been anti-dilutive. For all other periods presented, all outstanding stock options have been included in the calculation of diluted EPS. |
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 9 Months Ended |
Sep. 28, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
NOTE 4 – LONG-TERM DEBT | |
7.625% Senior Notes | |
As of September 28, 2014, and September 29, 2013, the Company had outstanding $247.5 million and $275.0 million in 7.625% Senior Notes due 2018 (the “7.625% Senior Notes”), respectively. The estimated fair value of the 7.625% Senior Notes as of September 28, 2014, and September 29, 2013, based on then current market prices, was $257.4 million and $298.4 million, respectively. | |
On October 10, 2014, subsequent to the end of the third quarter, the Company elected to redeem $27.5 million aggregate principal amount of 7.625% Senior Notes at a price equal to 103% of the principal amount of the notes redeemed, plus accrued interest to the redemption date of November 26, 2014. On October 17, 2014, the Company elected to redeem the remaining $220 million aggregate principal amount of 7.625% Senior Notes that had not previously been called for redemption, at a price equal to 103.813% of the principal amount of the notes redeemed, plus accrued interest to the redemption date of December 1, 2014. | |
11.375% Senior Secured Notes | |
As of September 29, 2013, the Company had outstanding $8.1 million in 11.375% Senior Secured Notes due 2013 (the “11.375% Senior Secured Notes”). The estimated fair value of the 11.375% Senior Secured Notes as of September 29, 2013, based on then current market prices, was $8.1 million. The Company repaid the $8.1 million balance of these notes at maturity in November 2013. | |
Credit Facilities | |
On October 22, 2013, the Company entered into a Syndicated Facility Agreement among the Company, certain wholly-owned foreign subsidiaries of the Company as borrowers, certain subsidiaries of the Company as guarantors, Bank of America, N.A. as Administrative Agent, The Royal Bank of Scotland, as Syndication Agent, SunTrust Bank and Regions Bank, as Co-Documentation Agents, and the other lenders party thereto. Pursuant to the Syndicated Facility Agreement, the lenders provide to the Company and certain of its subsidiaries a multicurrency revolving credit facility (the “Syndicated Credit Facility”) of up to $200 million at any one time. | |
As of September 28, 2014, the Company had $28.0 million of borrowings outstanding under the Syndicated Credit Facility with a weighted average interest rate of approximately 4.5%, and had $3.3 million in letters of credit outstanding under the Syndicated Credit Facility. As of September 28, 2014, the Company could have incurred $168.7 million of additional borrowings under the Syndicated Credit Facility. | |
On October 3, 2014, subsequent to the end of the third quarter, the Company amended the Syndicated Facility Agreement. The amendment expands the aggregate borrowing availability for revolving loans under the Syndicated Credit Facility from $200 million to $250 million, provides for up to $200 million of new Term Loan A borrowing availability which may be used to repurchase or redeem (before December 31, 2014) the Company’s 7.625% Senior Notes, and extends the maturity of the Syndicated Credit Facility to October 3, 2019. The amendment provides for required amortization payments of any Term Loan A borrowing, as well as mandatory prepayments of any Term Loan A borrowing (and any term loans made available pursuant to any future multicurrency loan facility increase) from certain asset sales, casualty events and debt issuances, subject to certain qualifications and exceptions as provided for therein. Pursuant to the amendment, the Company has the option to further increase (in the future) the borrowing availability under the Syndicated Credit Facility, either for revolving loans or term loans, by up to $150 million, subject to the receipt of lender commitments for such increase and the satisfaction of certain other conditions. All other terms of the Syndicated Credit Facility, including covenants, interest rates and fees, events of default and collateral, remain substantially unchanged. | |
The Company is currently in compliance with all covenants under the Syndicated Credit Facility and anticipates that it will remain in compliance with the covenants for the foreseeable future. | |
Other non-U.S. subsidiaries of the Company have an aggregate of the equivalent of $8.4 million of lines of credit available. As of September 28, 2014, there were no borrowings outstanding under these lines of credit. |
Note_5_StockBased_Compensation
Note 5 - Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
NOTE 5 – STOCK-BASED COMPENSATION | |||||||||
Stock Option Awards | |||||||||
In accordance with accounting standards, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost will be recognized over the period in which the employee is required to provide the services – the requisite service period (usually the vesting period) – in exchange for the award. The grant date fair value for options and similar instruments will be estimated using option pricing models. Under accounting standards, the Company is required to select a valuation technique or option pricing model that meets the criteria stated in the standard. The Company uses the Black-Scholes model. Accounting standards require that the Company estimate forfeitures for stock options and reduce compensation expense accordingly. The Company has reduced its stock compensation expense by the assumed forfeiture rate and will evaluate experience against this forfeiture rate going forward. | |||||||||
During the first nine months of 2013, the Company recognized stock option compensation expenses of $0.1 million. All outstanding stock options vested prior to 2014, and therefore there have been no stock option compensation expenses during 2014. | |||||||||
The following table summarizes stock options outstanding as of September 28, 2014, as well as activity during the nine months then ended: | |||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 29, 2013 | 184,000 | $ | 8.18 | ||||||
Granted | 0 | 0 | |||||||
Exercised | 20,500 | 4.31 | |||||||
Forfeited or canceled | 2,500 | 1.49 | |||||||
Outstanding at September 28, 2014 | 161,000 | $ | 8.99 | ||||||
Exercisable at September 28, 2014 | 161,000 | $ | 8.99 | ||||||
At September 28, 2014, the aggregate intrinsic value of both in-the-money options outstanding and options exercisable was $1.2 million (the intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option). | |||||||||
Cash proceeds and intrinsic value related to total stock options exercised during the first nine months of fiscal years 2014 and 2013 are provided in the table below. | |||||||||
Nine Months Ended | |||||||||
Sept. 28, 2014 | Sept. 29, 2013 | ||||||||
(In millions) | |||||||||
Proceeds from stock options exercised | $ | 0.2 | $ | 1.2 | |||||
Intrinsic value of stock options exercised | 0.3 | 1.2 | |||||||
Restricted Stock Awards | |||||||||
During the nine months ended September 28, 2014, and September 29, 2013, the Company granted restricted stock awards for 490,000 and 670,000 shares, respectively, of common stock. These awards (or a portion thereof) vest with respect to each recipient over a two to five year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, awards (or a portion thereof) could vest earlier upon the attainment of certain performance criteria, in the event of a change in control of the Company, or upon involuntary termination without cause. | |||||||||
Compensation expense related to restricted stock awards was $3.0 million and $5.0 million for the nine months ended September 28, 2014, and September 29, 2013, respectively. Accounting standards require that the Company estimate forfeitures for restricted stock and reduce compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate experience against this forfeiture rate going forward. | |||||||||
The following table summarizes restricted stock awards outstanding as of September 28, 2014, and activity during the nine months then ended: | |||||||||
Shares | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Outstanding at December 29, 2013 | 1,707,500 | $ | 15.62 | ||||||
Granted | 490,000 | 21.28 | |||||||
Vested | 546,500 | 16.22 | |||||||
Forfeited or canceled | 231,000 | 17.14 | |||||||
Outstanding at September 28, 2014 | 1,420,000 | $ | 17.1 | ||||||
As of September 28, 2014, the unrecognized total compensation cost related to unvested restricted stock was approximately $11.5 million. That cost is expected to be recognized by the end of 2017. | |||||||||
For the nine months ended September 28, 2014, and September 29, 2013, the Company recognized tax benefits with regard to restricted stock of $0.6 million and $2.0 million, respectively. |
Note_6_Employee_Benefit_Plans
Note 6 - Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 6 – EMPLOYEE BENEFIT PLANS | |||||||||||||||||
The following tables provide the components of net periodic benefit cost for the three-month and nine-month periods ended September 28, 2014, and September 29, 2013, respectively: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Defined Benefit Retirement Plan (Europe) | Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Service cost | $ | 176 | $ | 212 | $ | 539 | $ | 632 | |||||||||
Interest cost | 2,664 | 2,391 | 8,028 | 7,147 | |||||||||||||
Expected return on assets | (2,988 | ) | (2,488 | ) | (9,008 | ) | (7,438 | ) | |||||||||
Amortization of prior service costs | 10 | 22 | 38 | 66 | |||||||||||||
Recognized net actuarial losses | 164 | 243 | 492 | 727 | |||||||||||||
Net periodic benefit cost | $ | 26 | $ | 380 | $ | 89 | $ | 1,134 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Salary Continuation Plan (SCP) | Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Service cost | $ | 125 | $ | 134 | $ | 375 | $ | 401 | |||||||||
Interest cost | 268 | 249 | 803 | 748 | |||||||||||||
Amortization of prior service cost | 6 | 12 | 18 | 36 | |||||||||||||
Amortization of loss | 67 | 110 | 201 | 331 | |||||||||||||
Net periodic benefit cost | $ | 466 | $ | 505 | $ | 1,397 | $ | 1,516 | |||||||||
Note_7_Segment_Information
Note 7 - Segment Information | 9 Months Ended |
Sep. 28, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting Disclosure [Text Block] | ' |
NOTE 7 – SEGMENT INFORMATION | |
Based on applicable accounting standards, the Company has determined that it has three operating segments – namely, the Americas, Europe and Asia-Pacific geographic regions. Pursuant to accounting standards, the Company has aggregated the three operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment. |
Note_8_2014_Restructuring_Char
Note 8 - 2014 Restructuring Charge | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||
NOTE 8 – 2014 RESTRUCTURING CHARGE | |||||||||||||
In the third quarter of 2014, the Company committed to a restructuring plan in its continuing efforts to reduce costs across its worldwide operations. In connection with this restructuring plan, the Company incurred a pre-tax restructuring and asset impairment charge in the third quarter of 2014 in an amount of $12.4 million. The charge was comprised of severance expenses of $9.7 million for a reduction of 100 employees, other related exit costs of $0.1 million, and a charge for impairment of assets of $2.6 million. Approximately $10 million of the charge will result in cash expenditures, primarily severance expense. | |||||||||||||
A summary of these restructuring activities is presented below: | |||||||||||||
Total | Costs Incurred | Balance at | |||||||||||
Restructuring Charge | in 2014 | Sept. 28, 2014 | |||||||||||
(In thousands) | |||||||||||||
Workforce Reduction | $ | 9,669 | $ | 108 | $ | 9,561 | |||||||
Fixed Asset Impairment | 2,584 | 2,584 | 0 | ||||||||||
Other Related Exit Costs | 133 | 0 | 133 | ||||||||||
Note_9_Supplemental_Cash_Flow_
Note 9 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 28, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
NOTE 9 – SUPPLEMENTAL CASH FLOW INFORMATION | |
Cash payments for interest amounted to $10.6 million and $11.6 million for the nine months ended September 28, 2014, and September 29, 2013, respectively. Income tax payments amounted to $5.8 million and $7.1 million for the nine months ended September 28, 2014, and September 29, 2013, respectively. |
Note_10_Recently_Issued_Accoun
Note 10 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 10 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard regarding recognition of revenue from contracts with customers. In summary, the core principle of this standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. While the Company is currently reviewing this new standard, it is not expected that the adoption of this guidance will have a material impact on our financial condition or results of operations. | |
In July 2013, the FASB issued an accounting standard regarding the presentation of unrecognized tax benefits when a net operating loss carryforward, or similar tax credit carryforward, exists. This standard clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, if such settlement is required or expected in the event the uncertain tax benefit is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be netted with the deferred tax asset. The Company implemented this standard in the first quarter of 2014, which resulted in reductions of deferred tax asset (long-term) and long-term other liabilities of approximately $21.8 million each. Pursuant to this standard, the Company also adjusted its December 29, 2013 consolidated balance sheet, resulting in decreases in its deferred tax asset (long-term) and long-term other liabilities of approximately $21.8 million each. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 11 – INCOME TAXES | |
In the first quarter of 2013, the Company executed advance pricing agreements for tax years 2006 through 2011 with the Canada Revenue Agency and the U.S. Internal Revenue Service in relation to the U.S. bilateral advanced pricing agreement filed in 2008. As a result of executing the advance pricing agreements, the Company was able to reduce its liability for unrecognized tax benefits in the first quarter of 2013 by $1.9 million. This benefit has been included in the “Income Tax Expense (Benefit)” line of the Company’s consolidated condensed statement of operations for the nine months ended September 29, 2013. | |
Accounting standards require that all tax positions be analyzed using a two-step approach. The first step requires an entity to determine if a tax position is more-likely-than-not to be sustained upon examination. In the second step, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, that is more-likely-than-not to be realized upon ultimate settlement. In the first nine months of 2014, the Company decreased its liability for unrecognized tax benefits by $0.8 million. As of September 28, 2014, the Company had accrued approximately $26.6 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of September 28, 2014 reflects a reduction for $21.8 million of these unrecognized tax benefits (see Note 10 for additional information). |
Note_12_Fire_at_Australian_Man
Note 12 - Fire at Australian Manufacturing Facility | 9 Months Ended |
Sep. 28, 2014 | |
Extraordinary and Unusual Items [Abstract] | ' |
Extraordinary Items Disclosure [Text Block] | ' |
NOTE 12 – FIRE AT AUSTRALIAN MANUFACTURING FACILITY | |
In July 2012, a fire occurred at the Company’s manufacturing facility in Picton, Australia, rendering the facility inoperable. In January 2014, the Company commenced operations at a new facility in Minto, Australia to service the Australia and New Zealand markets. For further information, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2013. |
Note_13_Items_Reclassified_fro
Note 13 - Items Reclassified from Other Comprehensive Income | 9 Months Ended |
Sep. 28, 2014 | |
Disclosure Text Block [Abstract] | ' |
Reclassifications [Text Block] | ' |
NOTE 13 – ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME | |
During the first nine months of 2014, the Company did not reclassify any significant amounts out of accumulated other comprehensive income. The reclassifications that occurred in that period were primarily comprised of $0.7 million related to the Company’s defined benefit retirement plan and salary continuation plan. These reclassifications were included in the selling, general and administrative expenses line item of the Company’s consolidated condensed statement of operations. |
Note_14_Supplemental_Condensed
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Supplemental Guarantor Financial Statements [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Financial Statements [Text Block] | ' | ||||||||||||||||||||
NOTE 14 – SUPPLEMENTAL CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||||||||
The Guarantor Subsidiaries, which consist of the Company’s principal domestic subsidiaries, are guarantors of the Company’s 7.625% Senior Notes due 2018. The Guarantor Subsidiaries are 100% owned by the Company, and these guarantees are full and unconditional. The Supplemental Guarantor Financial Statements are presented herein pursuant to requirements of the Commission. | |||||||||||||||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 165,513 | $ | 124,193 | $ | 0 | $ | (37,515 | ) | $ | 252,191 | ||||||||||
Cost of sales | 122,076 | 84,035 | 0 | (37,515 | ) | 168,596 | |||||||||||||||
Gross profit on sales | 43,437 | 40,158 | 0 | 0 | 83,595 | ||||||||||||||||
Selling, general and administrative expenses | 27,925 | 29,952 | 6,081 | 0 | 63,958 | ||||||||||||||||
Restructuring and asset impairment charge | 4,592 | 7,794 | 0 | 0 | 12,386 | ||||||||||||||||
Operating income (loss) | 10,920 | 2,412 | (6,081 | ) | 0 | 7,251 | |||||||||||||||
Interest/other expense | 7,120 | 3,217 | (3,792 | ) | 0 | 6,545 | |||||||||||||||
Income (loss) before taxes on income and equity in income of subsidiaries | 3,800 | (805 | ) | (2,289 | ) | 0 | 706 | ||||||||||||||
Income tax expense (benefit) | 5,824 | (1,234 | ) | (3,508 | ) | 0 | 1,082 | ||||||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | (1,595 | ) | 1,595 | 0 | |||||||||||||||
Net income (loss) | $ | (2,024 | ) | $ | 429 | $ | (376 | ) | $ | 1,595 | $ | (376 | ) | ||||||||
GUARANTOR | NON- | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | GUARANTOR | (PARENT | AND | TOTALS | |||||||||||||||||
SUBSIDIARIES | CORPORATION) | ELIMINATION | |||||||||||||||||||
ENTRIES | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 472,358 | $ | 371,778 | $ | 0 | $ | (112,329 | ) | $ | 731,807 | ||||||||||
Cost of sales | 343,496 | 251,974 | 0 | (112,329 | ) | 483,141 | |||||||||||||||
Gross profit on sales | 128,862 | 119,804 | 0 | 0 | 248,666 | ||||||||||||||||
Selling, general and administrative expenses | 84,068 | 88,434 | 20,157 | 0 | 192,659 | ||||||||||||||||
Restructuring and asset impairment charge | 4,592 | 7,794 | 0 | 0 | 12,386 | ||||||||||||||||
Operating income (loss) | 40,202 | 23,576 | (20,157 | ) | 0 | 43,621 | |||||||||||||||
Interest/other expense | 20,448 | 8,680 | (11,819 | ) | 0 | 17,309 | |||||||||||||||
Income (loss) before taxes on income and equity in income of subsidiaries | 19,754 | 14,896 | (8,338 | ) | 0 | 26,312 | |||||||||||||||
Income tax expense | 11,234 | 4,119 | (5,761 | ) | 0 | 9,592 | |||||||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | 19,297 | (19,297 | ) | 0 | |||||||||||||||
Net income (loss) | $ | 8,520 | $ | 10,777 | $ | 16,720 | $ | (19,297 | ) | $ | 16,720 | ||||||||||
GUARANTOR | NON- GUARANTOR | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | SUBSIDIARIES | (PARENT | AND ELIMINATION | TOTAL | |||||||||||||||||
CORPORATION) | ENTRIES | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net Income (Loss) | $ | (2,024 | ) | $ | 429 | $ | (376 | ) | $ | 1,595 | $ | (376 | ) | ||||||||
Currency Translation Adjustment | (270 | ) | (15,601 | ) | (120 | ) | 0 | (15,991 | ) | ||||||||||||
Pension Liability Adjustment | 0 | 2,006 | 43 | 0 | 2,049 | ||||||||||||||||
Comprehensive Income (Loss) | $ | (2,294 | ) | $ | 13,166 | $ | (453 | ) | $ | 1,595 | $ | (14,318 | ) | ||||||||
GUARANTOR | NON- GUARANTOR | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | SUBSIDIARIES | (PARENT | AND ELIMINATION | TOTAL | |||||||||||||||||
CORPORATION) | ENTRIES | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net Income (Loss) | $ | 8,520 | $ | 10,777 | $ | 16,720 | $ | (19,297 | ) | $ | 16,720 | ||||||||||
Currency Translation Adjustment | 29 | (11,727 | ) | (111 | ) | 0 | (11,809 | ) | |||||||||||||
Pension Liability Adjustment | 0 | 705 | 131 | 0 | 836 | ||||||||||||||||
Comprehensive Income (Loss) | $ | 8,549 | $ | (245 | ) | $ | 16,740 | $ | (19,297 | ) | $ | 5,747 | |||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,874 | $ | 33,749 | $ | 32,840 | $ | 0 | $ | 68,463 | |||||||||||
Accounts receivable | 56,296 | 83,394 | 524 | 0 | 140,214 | ||||||||||||||||
Inventories | 75,686 | 86,278 | 0 | 0 | 161,964 | ||||||||||||||||
Prepaids and deferred income taxes | 5,451 | 22,558 | 5,380 | 0 | 33,389 | ||||||||||||||||
Total current assets | 139,307 | 225,979 | 38,744 | 0 | 404,030 | ||||||||||||||||
Property and equipment less accumulated depreciation | 86,344 | 147,334 | 2,711 | 0 | 236,389 | ||||||||||||||||
Investment in subsidiaries | 579,844 | 207,421 | (90,979 | ) | (696,286 | ) | 0 | ||||||||||||||
Goodwill | 6,542 | 66,782 | 0 | 0 | 73,324 | ||||||||||||||||
Other assets | 1,653 | 10,375 | 83,505 | 0 | 95,533 | ||||||||||||||||
$ | 813,690 | $ | 657,891 | $ | 33,981 | $ | (696,286 | ) | $ | 809,276 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 46,745 | $ | 78,931 | $ | 18,624 | $ | 0 | $ | 144,300 | |||||||||||
Senior notes | 0 | 0 | 247,500 | 0 | 247,500 | ||||||||||||||||
Long term debt | 0 | 27,988 | 0 | 0 | 27,988 | ||||||||||||||||
Deferred income taxes | 0 | 18,281 | (2,369 | ) | 0 | 15,912 | |||||||||||||||
Other | 35 | 6,954 | 25,882 | 0 | 32,871 | ||||||||||||||||
Total liabilities | 46,780 | 132,154 | 289,637 | 0 | 468,571 | ||||||||||||||||
Common stock | 94,145 | 102,199 | 6,645 | (196,344 | ) | 6,645 | |||||||||||||||
Additional paid-in capital | 249,302 | 12,525 | 375,401 | (261,827 | ) | 375,401 | |||||||||||||||
Retained earnings (deficit) | 425,896 | 475,546 | (629,028 | ) | (238,115 | ) | 34,299 | ||||||||||||||
Foreign currency translation adjustment | (2,433 | ) | (33,784 | ) | (6,177 | ) | 0 | (42,394 | ) | ||||||||||||
Pension liability | 0 | (30,749 | ) | (2,497 | ) | 0 | (33,246 | ) | |||||||||||||
$ | 813,690 | $ | 657,891 | $ | 33,981 | $ | (696,286 | ) | $ | 809,276 | |||||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities | $ | 12,014 | $ | 19,367 | $ | 9,219 | $ | (5,703 | ) | $ | 34,897 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchase of plant and equipment | (16,020 | ) | (21,250 | ) | (266 | ) | 5,413 | (32,123 | ) | ||||||||||||
Other | 151 | (894 | ) | (1,207 | ) | 0 | (1,950 | ) | |||||||||||||
Net cash used for investing activities | (15,869 | ) | (22,144 | ) | (1,473 | ) | 5,413 | (34,073 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowing of long-term debt | 0 | 1,877 | 0 | 0 | 1,877 | ||||||||||||||||
Debt issuance costs | 0 | 0 | (106 | ) | 0 | (106 | ) | ||||||||||||||
Other | 3,234 | (17,538 | ) | 14,014 | 290 | 0 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 0 | 159 | 0 | 159 | ||||||||||||||||
Dividends paid | 0 | 0 | (6,647 | ) | 0 | (6,647 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 3,234 | (15,661 | ) | 7,420 | 290 | (4,717 | ) | ||||||||||||||
Effect of exchange rate change on cash | 0 | (527 | ) | 0 | 0 | (527 | ) | ||||||||||||||
Net increase (decrease) in cash | (621 | ) | (18,965 | ) | 15,166 | 0 | (4,420 | ) | |||||||||||||
Cash at beginning of period | 2,495 | 52,714 | 17,674 | 0 | 72,883 | ||||||||||||||||
Cash at end of period | $ | 1,874 | $ | 33,749 | $ | 32,840 | $ | 0 | $ | 68,463 | |||||||||||
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Sept. 28, 2014 | 29-Dec-13 | ||||||||
(In thousands) | |||||||||
Finished Goods | $ | 105,827 | $ | 96,199 | |||||
Work in Process | 10,851 | 9,569 | |||||||
Raw Materials | 45,286 | 43,875 | |||||||
$ | 161,964 | $ | 149,643 |
Note_3_Earnings_Per_Share_Tabl
Note 3 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Distributed And Undistributed Earnings Table [Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
Basic Earnings (Loss) Per Share | |||||||||||||||||
Distributed Earnings | $ | 0.03 | $ | 0.03 | $ | 0.1 | $ | 0.08 | |||||||||
Undistributed Earnings | (0.04 | ) | 0.2 | 0.15 | 0.42 | ||||||||||||
Total | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Diluted Earnings (Loss) Per Share | |||||||||||||||||
Distributed Earnings | $ | 0.03 | $ | 0.03 | $ | 0.1 | $ | 0.08 | |||||||||
Undistributed Earnings | (0.04 | ) | 0.2 | 0.15 | 0.42 | ||||||||||||
Total | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Basic Earnings (Loss) Per Share | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Diluted Earnings (Loss) Per Share | $ | (0.01 | ) | $ | 0.23 | $ | 0.25 | $ | 0.5 | ||||||||
Net Income Attributable To Company [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Net Income (Loss) | $ | 0 | $ | 0.4 | $ | 0.4 | $ | 0.9 | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Weighted Average Shares Outstanding | 65,045 | 64,446 | 65,050 | 64,423 | |||||||||||||
Participating Securities | 1,420 | 1,737 | 1,420 | 1,737 | |||||||||||||
Shares for Basic Earnings (Loss) Per Share | 66,465 | 66,183 | 66,470 | 66,160 | |||||||||||||
Dilutive Effect of Stock Options | 0 | 134 | 84 | 129 | |||||||||||||
Shares for Diluted Earnings (Loss) Per Share | 66,465 | 66,317 | 66,554 | 66,289 |
Note_5_StockBased_Compensation1
Note 5 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 29, 2013 | 184,000 | $ | 8.18 | ||||||
Granted | 0 | 0 | |||||||
Exercised | 20,500 | 4.31 | |||||||
Forfeited or canceled | 2,500 | 1.49 | |||||||
Outstanding at September 28, 2014 | 161,000 | $ | 8.99 | ||||||
Exercisable at September 28, 2014 | 161,000 | $ | 8.99 | ||||||
Cash Proceeds and Intrinsic Value Related to Stock Options Exercised [Table Text Block] | ' | ||||||||
Nine Months Ended | |||||||||
Sept. 28, 2014 | Sept. 29, 2013 | ||||||||
(In millions) | |||||||||
Proceeds from stock options exercised | $ | 0.2 | $ | 1.2 | |||||
Intrinsic value of stock options exercised | 0.3 | 1.2 | |||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||
Shares | Weighted Average | ||||||||
Grant Date Fair Value | |||||||||
Outstanding at December 29, 2013 | 1,707,500 | $ | 15.62 | ||||||
Granted | 490,000 | 21.28 | |||||||
Vested | 546,500 | 16.22 | |||||||
Forfeited or canceled | 231,000 | 17.14 | |||||||
Outstanding at September 28, 2014 | 1,420,000 | $ | 17.1 |
Note_6_Employee_Benefit_Plans_
Note 6 - Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Defined Benefit Retirement Plan (Europe) | Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Service cost | $ | 176 | $ | 212 | $ | 539 | $ | 632 | |||||||||
Interest cost | 2,664 | 2,391 | 8,028 | 7,147 | |||||||||||||
Expected return on assets | (2,988 | ) | (2,488 | ) | (9,008 | ) | (7,438 | ) | |||||||||
Amortization of prior service costs | 10 | 22 | 38 | 66 | |||||||||||||
Recognized net actuarial losses | 164 | 243 | 492 | 727 | |||||||||||||
Net periodic benefit cost | $ | 26 | $ | 380 | $ | 89 | $ | 1,134 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Salary Continuation Plan (SCP) | Sept. 28, 2014 | Sept. 29, 2013 | Sept. 28, 2014 | Sept. 29, 2013 | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Service cost | $ | 125 | $ | 134 | $ | 375 | $ | 401 | |||||||||
Interest cost | 268 | 249 | 803 | 748 | |||||||||||||
Amortization of prior service cost | 6 | 12 | 18 | 36 | |||||||||||||
Amortization of loss | 67 | 110 | 201 | 331 | |||||||||||||
Net periodic benefit cost | $ | 466 | $ | 505 | $ | 1,397 | $ | 1,516 |
Note_8_2014_Restructuring_Char1
Note 8 - 2014 Restructuring Charge (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||
Total | Costs Incurred | Balance at | |||||||||||
Restructuring Charge | in 2014 | Sept. 28, 2014 | |||||||||||
(In thousands) | |||||||||||||
Workforce Reduction | $ | 9,669 | $ | 108 | $ | 9,561 | |||||||
Fixed Asset Impairment | 2,584 | 2,584 | 0 | ||||||||||
Other Related Exit Costs | 133 | 0 | 133 |
Note_14_Supplemental_Condensed1
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Supplemental Guarantor Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 165,513 | $ | 124,193 | $ | 0 | $ | (37,515 | ) | $ | 252,191 | ||||||||||
Cost of sales | 122,076 | 84,035 | 0 | (37,515 | ) | 168,596 | |||||||||||||||
Gross profit on sales | 43,437 | 40,158 | 0 | 0 | 83,595 | ||||||||||||||||
Selling, general and administrative expenses | 27,925 | 29,952 | 6,081 | 0 | 63,958 | ||||||||||||||||
Restructuring and asset impairment charge | 4,592 | 7,794 | 0 | 0 | 12,386 | ||||||||||||||||
Operating income (loss) | 10,920 | 2,412 | (6,081 | ) | 0 | 7,251 | |||||||||||||||
Interest/other expense | 7,120 | 3,217 | (3,792 | ) | 0 | 6,545 | |||||||||||||||
Income (loss) before taxes on income and equity in income of subsidiaries | 3,800 | (805 | ) | (2,289 | ) | 0 | 706 | ||||||||||||||
Income tax expense (benefit) | 5,824 | (1,234 | ) | (3,508 | ) | 0 | 1,082 | ||||||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | (1,595 | ) | 1,595 | 0 | |||||||||||||||
Net income (loss) | $ | (2,024 | ) | $ | 429 | $ | (376 | ) | $ | 1,595 | $ | (376 | ) | ||||||||
GUARANTOR | NON- | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | GUARANTOR | (PARENT | AND | TOTALS | |||||||||||||||||
SUBSIDIARIES | CORPORATION) | ELIMINATION | |||||||||||||||||||
ENTRIES | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net sales | $ | 472,358 | $ | 371,778 | $ | 0 | $ | (112,329 | ) | $ | 731,807 | ||||||||||
Cost of sales | 343,496 | 251,974 | 0 | (112,329 | ) | 483,141 | |||||||||||||||
Gross profit on sales | 128,862 | 119,804 | 0 | 0 | 248,666 | ||||||||||||||||
Selling, general and administrative expenses | 84,068 | 88,434 | 20,157 | 0 | 192,659 | ||||||||||||||||
Restructuring and asset impairment charge | 4,592 | 7,794 | 0 | 0 | 12,386 | ||||||||||||||||
Operating income (loss) | 40,202 | 23,576 | (20,157 | ) | 0 | 43,621 | |||||||||||||||
Interest/other expense | 20,448 | 8,680 | (11,819 | ) | 0 | 17,309 | |||||||||||||||
Income (loss) before taxes on income and equity in income of subsidiaries | 19,754 | 14,896 | (8,338 | ) | 0 | 26,312 | |||||||||||||||
Income tax expense | 11,234 | 4,119 | (5,761 | ) | 0 | 9,592 | |||||||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | 19,297 | (19,297 | ) | 0 | |||||||||||||||
Net income (loss) | $ | 8,520 | $ | 10,777 | $ | 16,720 | $ | (19,297 | ) | $ | 16,720 | ||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
GUARANTOR | NON- GUARANTOR | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | SUBSIDIARIES | (PARENT | AND ELIMINATION | TOTAL | |||||||||||||||||
CORPORATION) | ENTRIES | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net Income (Loss) | $ | (2,024 | ) | $ | 429 | $ | (376 | ) | $ | 1,595 | $ | (376 | ) | ||||||||
Currency Translation Adjustment | (270 | ) | (15,601 | ) | (120 | ) | 0 | (15,991 | ) | ||||||||||||
Pension Liability Adjustment | 0 | 2,006 | 43 | 0 | 2,049 | ||||||||||||||||
Comprehensive Income (Loss) | $ | (2,294 | ) | $ | 13,166 | $ | (453 | ) | $ | 1,595 | $ | (14,318 | ) | ||||||||
GUARANTOR | NON- GUARANTOR | INTERFACE, INC. | CONSOLIDATION | CONSOLIDATED | |||||||||||||||||
SUBSIDIARIES | SUBSIDIARIES | (PARENT | AND ELIMINATION | TOTAL | |||||||||||||||||
CORPORATION) | ENTRIES | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net Income (Loss) | $ | 8,520 | $ | 10,777 | $ | 16,720 | $ | (19,297 | ) | $ | 16,720 | ||||||||||
Currency Translation Adjustment | 29 | (11,727 | ) | (111 | ) | 0 | (11,809 | ) | |||||||||||||
Pension Liability Adjustment | 0 | 705 | 131 | 0 | 836 | ||||||||||||||||
Comprehensive Income (Loss) | $ | 8,549 | $ | (245 | ) | $ | 16,740 | $ | (19,297 | ) | $ | 5,747 | |||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,874 | $ | 33,749 | $ | 32,840 | $ | 0 | $ | 68,463 | |||||||||||
Accounts receivable | 56,296 | 83,394 | 524 | 0 | 140,214 | ||||||||||||||||
Inventories | 75,686 | 86,278 | 0 | 0 | 161,964 | ||||||||||||||||
Prepaids and deferred income taxes | 5,451 | 22,558 | 5,380 | 0 | 33,389 | ||||||||||||||||
Total current assets | 139,307 | 225,979 | 38,744 | 0 | 404,030 | ||||||||||||||||
Property and equipment less accumulated depreciation | 86,344 | 147,334 | 2,711 | 0 | 236,389 | ||||||||||||||||
Investment in subsidiaries | 579,844 | 207,421 | (90,979 | ) | (696,286 | ) | 0 | ||||||||||||||
Goodwill | 6,542 | 66,782 | 0 | 0 | 73,324 | ||||||||||||||||
Other assets | 1,653 | 10,375 | 83,505 | 0 | 95,533 | ||||||||||||||||
$ | 813,690 | $ | 657,891 | $ | 33,981 | $ | (696,286 | ) | $ | 809,276 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 46,745 | $ | 78,931 | $ | 18,624 | $ | 0 | $ | 144,300 | |||||||||||
Senior notes | 0 | 0 | 247,500 | 0 | 247,500 | ||||||||||||||||
Long term debt | 0 | 27,988 | 0 | 0 | 27,988 | ||||||||||||||||
Deferred income taxes | 0 | 18,281 | (2,369 | ) | 0 | 15,912 | |||||||||||||||
Other | 35 | 6,954 | 25,882 | 0 | 32,871 | ||||||||||||||||
Total liabilities | 46,780 | 132,154 | 289,637 | 0 | 468,571 | ||||||||||||||||
Common stock | 94,145 | 102,199 | 6,645 | (196,344 | ) | 6,645 | |||||||||||||||
Additional paid-in capital | 249,302 | 12,525 | 375,401 | (261,827 | ) | 375,401 | |||||||||||||||
Retained earnings (deficit) | 425,896 | 475,546 | (629,028 | ) | (238,115 | ) | 34,299 | ||||||||||||||
Foreign currency translation adjustment | (2,433 | ) | (33,784 | ) | (6,177 | ) | 0 | (42,394 | ) | ||||||||||||
Pension liability | 0 | (30,749 | ) | (2,497 | ) | 0 | (33,246 | ) | |||||||||||||
$ | 813,690 | $ | 657,891 | $ | 33,981 | $ | (696,286 | ) | $ | 809,276 | |||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
GUARANTOR SUBSIDIARIES | NON-GUARANTOR SUBSIDIARIES | INTERFACE, INC. | CONSOLIDATION AND ELIMINATION ENTRIES | CONSOLIDATED TOTALS | |||||||||||||||||
(PARENT CORPORATION) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities | $ | 12,014 | $ | 19,367 | $ | 9,219 | $ | (5,703 | ) | $ | 34,897 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchase of plant and equipment | (16,020 | ) | (21,250 | ) | (266 | ) | 5,413 | (32,123 | ) | ||||||||||||
Other | 151 | (894 | ) | (1,207 | ) | 0 | (1,950 | ) | |||||||||||||
Net cash used for investing activities | (15,869 | ) | (22,144 | ) | (1,473 | ) | 5,413 | (34,073 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowing of long-term debt | 0 | 1,877 | 0 | 0 | 1,877 | ||||||||||||||||
Debt issuance costs | 0 | 0 | (106 | ) | 0 | (106 | ) | ||||||||||||||
Other | 3,234 | (17,538 | ) | 14,014 | 290 | 0 | |||||||||||||||
Proceeds from issuance of common stock | 0 | 0 | 159 | 0 | 159 | ||||||||||||||||
Dividends paid | 0 | 0 | (6,647 | ) | 0 | (6,647 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 3,234 | (15,661 | ) | 7,420 | 290 | (4,717 | ) | ||||||||||||||
Effect of exchange rate change on cash | 0 | (527 | ) | 0 | 0 | (527 | ) | ||||||||||||||
Net increase (decrease) in cash | (621 | ) | (18,965 | ) | 15,166 | 0 | (4,420 | ) | |||||||||||||
Cash at beginning of period | 2,495 | 52,714 | 17,674 | 0 | 72,883 | ||||||||||||||||
Cash at end of period | $ | 1,874 | $ | 33,749 | $ | 32,840 | $ | 0 | $ | 68,463 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories Summary (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventories Summary [Abstract] | ' | ' |
Finished Goods | $105,827 | $96,199 |
Work in Process | 10,851 | 9,569 |
Raw Materials | 45,286 | 43,875 |
$161,964 | $149,643 |
Note_3_Earnings_Per_Share_Deta
Note 3 - Earnings Per Share (Details) - Distributed and Undistributed Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Basic Earnings (Loss) Per Share | ' | ' | ' | ' |
Distributed Earnings | $0.03 | $0.03 | $0.10 | $0.08 |
Undistributed Earnings | ($0.04) | $0.20 | $0.15 | $0.42 |
Basic earnings per share | ($0.01) | $0.23 | $0.25 | $0.50 |
Diluted Earnings (Loss) Per Share | ' | ' | ' | ' |
Distributed Earnings | $0.03 | $0.03 | $0.10 | $0.08 |
Undistributed Earnings | ($0.04) | $0.20 | $0.15 | $0.42 |
Diluted earnings per share | ($0.01) | $0.23 | $0.25 | $0.50 |
Note_3_Earnings_Per_Share_Deta1
Note 3 - Earnings Per Share (Details) - Net Income Attributable to Participating Securities (Participating Securities [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Participating Securities [Member] | ' | ' | ' | ' |
Note 3 - Earnings Per Share (Details) - Net Income Attributable to Participating Securities [Line Items] | ' | ' | ' | ' |
Net Income (Loss) | $0 | $0.40 | $0.40 | $0.90 |
Note_3_Earnings_Per_Share_Deta2
Note 3 - Earnings Per Share (Details) - Weighted Average Shares for Basic and Diluted EPS | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Weighted Average Shares for Basic and Diluted EPS [Abstract] | ' | ' | ' | ' |
Weighted Average Shares Outstanding | 65,045 | 64,446 | 65,050 | 64,423 |
Participating Securities | 1,420 | 1,737 | 1,420 | 1,737 |
Shares for Basic Earnings (Loss) Per Share | 66,465 | 66,183 | 66,470 | 66,160 |
Dilutive Effect of Stock Options | 0 | 134 | 84 | 129 |
Shares for Diluted Earnings (Loss) Per Share | 66,465 | 66,317 | 66,554 | 66,289 |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | Oct. 03, 2014 | Oct. 17, 2014 | Oct. 10, 2014 | Oct. 17, 2014 | Oct. 10, 2014 | Oct. 03, 2014 | Oct. 02, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Nov. 30, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Oct. 22, 2013 | Sep. 28, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | 11.375% Senior Secured Notes [Member] | 11.375% Senior Secured Notes [Member] | Syndication Facility Agreement [Member] | Syndication Facility Agreement [Member] | Foreign Line of Credit [Member] | |
Term Loan [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | Seven Point Six Two Five Percentage Senior Notes [Member] | Syndication Facility Agreement [Member] | Syndication Facility Agreement [Member] | ||||||||
Syndication Facility Agreement [Member] | ||||||||||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | $247,500,000 | $275,000,000 | ' | $8,100,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 7.63% | 7.63% | ' | 11.38% | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | 257,400,000 | 298,400,000 | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | 220,000,000 | 27,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 103.81% | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 250,000,000 | 200,000,000 | ' | ' | ' | ' | ' | 200,000,000 | 8,400,000 |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | 0 |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,700,000 | ' | ' |
Debt Instrument, Maximum Borrowing Capacity | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Option to Increase Maximum Borrowing Capacity, Amount | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Option to Increase Maximum Borrowing Capacity, Amount | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_StockBased_Compensation2
Note 5 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $1,200,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,200,000 | ' |
Employee Stock Option [Member] | ' | ' |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 0 | 100,000 |
Restricted Stock [Member] | Minimum [Member] | ' | ' |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '2 years | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Restricted Stock [Member] | ' | ' |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 3,000,000 | 5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 490,000 | 670,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 11,500,000 | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ($600,000) | ($2,000,000) |
Note_5_StockBased_Compensation3
Note 5 - Stock-Based Compensation (Details) - Stock Options Outstanding (USD $) | 9 Months Ended |
Sep. 28, 2014 | |
Stock Options Outstanding [Abstract] | ' |
Outstanding at December 29, 2013 | 184,000 |
Outstanding at December 29, 2013 | $8.18 |
Granted | 0 |
Granted | $0 |
Exercised | 20,500 |
Exercised | $4.31 |
Forfeited or canceled | 2,500 |
Forfeited or canceled | $1.49 |
Outstanding at September 28, 2014 | 161,000 |
Outstanding at September 28, 2014 | $8.99 |
Exercisable at September 28, 2014 | 161,000 |
Exercisable at September 28, 2014 | $8.99 |
Note_5_StockBased_Compensation4
Note 5 - Stock-Based Compensation (Details) - Cash Proceeds and Intrinsic Value Related to Total Stock Options Exercised (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash Proceeds and Intrinsic Value Related to Total Stock Options Exercised [Abstract] | ' | ' |
Proceeds from stock options exercised | $0.20 | $1.20 |
Intrinsic value of stock options exercised | $0.30 | $1.20 |
Note_5_StockBased_Compensation5
Note 5 - Stock-Based Compensation (Details) - Restricted Stock Outstanding (Restricted Stock [Member], USD $) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Restricted Stock [Member] | ' | ' |
Note 5 - Stock-Based Compensation (Details) - Restricted Stock Outstanding [Line Items] | ' | ' |
Outstanding at December 29, 2013 | 1,707,500 | ' |
Outstanding at December 29, 2013 | $15.62 | ' |
Granted | 490,000 | 670,000 |
Granted | $21.28 | ' |
Vested | 546,500 | ' |
Vested | $16.22 | ' |
Forfeited or canceled | 231,000 | ' |
Forfeited or canceled | $17.14 | ' |
Outstanding at September 28, 2014 | 1,420,000 | ' |
Outstanding at September 28, 2014 | $17.10 | ' |
Note_6_Employee_Benefit_Plans_1
Note 6 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Defined Benefit Retirement Plan Europe [Member] | ' | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' |
Service cost | $176 | $212 | $539 | $632 |
Interest cost | 2,664 | 2,391 | 8,028 | 7,147 |
Expected return on assets | -2,988 | -2,488 | -9,008 | -7,438 |
Amortization of prior service cost | 10 | 22 | 38 | 66 |
Recognized net actuarial losses | 164 | 243 | 492 | 727 |
Net periodic benefit cost | 26 | 380 | 89 | 1,134 |
Salary Continuation Plan (SCP) Plan [Member] | ' | ' | ' | ' |
Note 6 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost [Line Items] | ' | ' | ' | ' |
Service cost | 125 | 134 | 375 | 401 |
Interest cost | 268 | 249 | 803 | 748 |
Amortization of prior service cost | 6 | 12 | 18 | 36 |
Amortization of loss | 67 | 110 | 201 | 331 |
Net periodic benefit cost | $466 | $505 | $1,397 | $1,516 |
Note_7_Segment_Information_Det
Note 7 - Segment Information (Details) | 9 Months Ended |
Sep. 28, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 1 |
Note_8_2014_Restructuring_Char2
Note 8 - 2014 Restructuring Charge (Details) (Restructuring Charge 2014 [Member], USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2014 | Sep. 28, 2014 | |
Note 8 - 2014 Restructuring Charge (Details) [Line Items] | ' | ' |
Restructuring Charges | $12,400,000 | ' |
Restructuring and Related Cost, Number of Positions Eliminated | 100 | ' |
Effect on Future Cash Flows, Amount | 10,000,000 | ' |
Employee Severance [Member] | ' | ' |
Note 8 - 2014 Restructuring Charge (Details) [Line Items] | ' | ' |
Restructuring Charges | 9,700,000 | 9,669,000 |
Other Restructuring [Member] | ' | ' |
Note 8 - 2014 Restructuring Charge (Details) [Line Items] | ' | ' |
Restructuring Charges | 100,000 | 133,000 |
Fixed Asset Impairment [Member] | ' | ' |
Note 8 - 2014 Restructuring Charge (Details) [Line Items] | ' | ' |
Restructuring Charges | $2,600,000 | $2,584,000 |
Note_8_2014_Restructuring_Char3
Note 8 - 2014 Restructuring Charge (Details) - Restructuring Activities (Restructuring Charge 2014 [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total Restructuring Charge | $12,400 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total Restructuring Charge | 9,700 | 9,669 |
Costs Incurred in 2014 | ' | 108 |
Balance at Sept. 28, 2014 | 9,561 | 9,561 |
Fixed Asset Impairment [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total Restructuring Charge | 2,600 | 2,584 |
Costs Incurred in 2014 | ' | 2,584 |
Balance at Sept. 28, 2014 | 0 | 0 |
Other Restructuring [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total Restructuring Charge | 100 | 133 |
Costs Incurred in 2014 | ' | 0 |
Balance at Sept. 28, 2014 | $133 | $133 |
Note_9_Supplemental_Cash_Flow_1
Note 9 - Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Interest Paid, Net | $10.60 | $11.60 |
Income Taxes Paid | $5.80 | $7.10 |
Note_10_Recently_Issued_Accoun1
Note 10 - Recently Issued Accounting Pronouncements (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 |
Adjustments for New Accounting Pronouncement [Member] | Adjustments for New Accounting Pronouncement [Member] | |||
Note 10 - Recently Issued Accounting Pronouncements (Details) [Line Items] | ' | ' | ' | ' |
Decrease in Non-Current Deferred Tax Assets Due to Implementation of New Accounting Standard | ' | ' | ($21,800,000) | ' |
Decrease in Long-term Other Liabilities Due to Implementation of New Accounting Standard | ' | ' | 21,800,000 | ' |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 29,951,000 | 34,162,000 | ' | -21,800,000 |
Other Liabilities, Noncurrent | $32,871,000 | $36,486,000 | ' | ($21,800,000) |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Sep. 28, 2014 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | ' | $1.90 | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | -21.8 | ' | -0.8 |
Unrecognized Tax Benefits | ' | ' | $26.60 |
Note_13_Items_Reclassified_fro1
Note 13 - Items Reclassified from Other Comprehensive Income (Details) (Pension Plan [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2014 |
Pension Plan [Member] | ' |
Note 13 - Items Reclassified from Other Comprehensive Income (Details) [Line Items] | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $0.70 |
Note_14_Supplemental_Condensed2
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) (Seven Point Six Two Five Percentage Senior Notes [Member]) | Sep. 28, 2014 | Sep. 29, 2013 |
Seven Point Six Two Five Percentage Senior Notes [Member] | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | 7.63% |
Note_14_Supplemental_Condensed3
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Condensed Consolidating Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $252,191 | $254,448 | $731,807 | $708,300 |
Cost of sales | 168,596 | 162,695 | 483,141 | 459,062 |
Gross profit on sales | 83,595 | 91,753 | 248,666 | 249,238 |
Selling, general and administrative expenses | 63,958 | 63,918 | 192,659 | 185,606 |
Restructuring and asset impairment charge | 12,386 | 0 | 12,386 | 0 |
Operating income (loss) | 7,251 | 27,835 | 43,621 | 63,632 |
Interest/other expense | -931 | -114 | -777 | -519 |
Income tax expense (benefit) | 1,082 | 6,461 | 9,592 | 11,826 |
Net income (loss) | -376 | 14,957 | 16,720 | 32,919 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -37,515 | ' | -112,329 | ' |
Cost of sales | -37,515 | ' | -112,329 | ' |
Gross profit on sales | 0 | ' | 0 | ' |
Selling, general and administrative expenses | 0 | ' | 0 | ' |
Restructuring and asset impairment charge | 0 | ' | 0 | ' |
Operating income (loss) | 0 | ' | 0 | ' |
Interest/other expense | 0 | ' | 0 | ' |
Income (loss) before taxes on income and equity in income of subsidiaries | 0 | ' | 0 | ' |
Income tax expense (benefit) | 0 | ' | 0 | ' |
Equity in income (loss) of subsidiaries | 1,595 | ' | -19,297 | ' |
Net income (loss) | 1,595 | ' | -19,297 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 165,513 | ' | 472,358 | ' |
Cost of sales | 122,076 | ' | 343,496 | ' |
Gross profit on sales | 43,437 | ' | 128,862 | ' |
Selling, general and administrative expenses | 27,925 | ' | 84,068 | ' |
Restructuring and asset impairment charge | 4,592 | ' | 4,592 | ' |
Operating income (loss) | 10,920 | ' | 40,202 | ' |
Interest/other expense | 7,120 | ' | 20,448 | ' |
Income (loss) before taxes on income and equity in income of subsidiaries | 3,800 | ' | 19,754 | ' |
Income tax expense (benefit) | 5,824 | ' | 11,234 | ' |
Equity in income (loss) of subsidiaries | 0 | ' | 0 | ' |
Net income (loss) | -2,024 | ' | 8,520 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 124,193 | ' | 371,778 | ' |
Cost of sales | 84,035 | ' | 251,974 | ' |
Gross profit on sales | 40,158 | ' | 119,804 | ' |
Selling, general and administrative expenses | 29,952 | ' | 88,434 | ' |
Restructuring and asset impairment charge | 7,794 | ' | 7,794 | ' |
Operating income (loss) | 2,412 | ' | 23,576 | ' |
Interest/other expense | 3,217 | ' | 8,680 | ' |
Income (loss) before taxes on income and equity in income of subsidiaries | -805 | ' | 14,896 | ' |
Income tax expense (benefit) | -1,234 | ' | 4,119 | ' |
Equity in income (loss) of subsidiaries | 0 | ' | 0 | ' |
Net income (loss) | 429 | ' | 10,777 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | ' | 0 | ' |
Cost of sales | 0 | ' | 0 | ' |
Gross profit on sales | 0 | ' | 0 | ' |
Selling, general and administrative expenses | 6,081 | ' | 20,157 | ' |
Restructuring and asset impairment charge | 0 | ' | 0 | ' |
Operating income (loss) | -6,081 | ' | -20,157 | ' |
Interest/other expense | -3,792 | ' | -11,819 | ' |
Income (loss) before taxes on income and equity in income of subsidiaries | -2,289 | ' | -8,338 | ' |
Income tax expense (benefit) | -3,508 | ' | -5,761 | ' |
Equity in income (loss) of subsidiaries | -1,595 | ' | 19,297 | ' |
Net income (loss) | -376 | ' | 16,720 | ' |
Consolidated Entities [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 252,191 | ' | 731,807 | ' |
Cost of sales | 168,596 | ' | 483,141 | ' |
Gross profit on sales | 83,595 | ' | 248,666 | ' |
Selling, general and administrative expenses | 63,958 | ' | 192,659 | ' |
Restructuring and asset impairment charge | 12,386 | ' | 12,386 | ' |
Operating income (loss) | 7,251 | ' | 43,621 | ' |
Interest/other expense | 6,545 | ' | 17,309 | ' |
Income (loss) before taxes on income and equity in income of subsidiaries | 706 | ' | 26,312 | ' |
Income tax expense (benefit) | 1,082 | ' | 9,592 | ' |
Equity in income (loss) of subsidiaries | 0 | ' | 0 | ' |
Net income (loss) | ($376) | ' | $16,720 | ' |
Note_14_Supplemental_Condensed4
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | ($376) | $14,957 | $16,720 | $32,919 |
Currency Translation Adjustment | -15,991 | 7,503 | -11,809 | -5,422 |
Pension Liability Adjustment | 2,049 | -1,404 | 836 | 163 |
Comprehensive Income (Loss) | -14,318 | 21,056 | 5,747 | 27,660 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | 1,595 | ' | -19,297 | ' |
Currency Translation Adjustment | 0 | ' | 0 | ' |
Pension Liability Adjustment | 0 | ' | 0 | ' |
Comprehensive Income (Loss) | 1,595 | ' | -19,297 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | -2,024 | ' | 8,520 | ' |
Currency Translation Adjustment | -270 | ' | 29 | ' |
Pension Liability Adjustment | 0 | ' | 0 | ' |
Comprehensive Income (Loss) | -2,294 | ' | 8,549 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | 429 | ' | 10,777 | ' |
Currency Translation Adjustment | -15,601 | ' | -11,727 | ' |
Pension Liability Adjustment | 2,006 | ' | 705 | ' |
Comprehensive Income (Loss) | 13,166 | ' | -245 | ' |
Parent Company [Member] | ' | ' | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | -376 | ' | 16,720 | ' |
Currency Translation Adjustment | -120 | ' | -111 | ' |
Pension Liability Adjustment | 43 | ' | 131 | ' |
Comprehensive Income (Loss) | -453 | ' | 16,740 | ' |
Consolidated Entities [Member] | ' | ' | ' | ' |
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Consolidated Statement of Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net Income | -376 | ' | 16,720 | ' |
Currency Translation Adjustment | -15,991 | ' | -11,809 | ' |
Pension Liability Adjustment | 2,049 | ' | 836 | ' |
Comprehensive Income (Loss) | ($14,318) | ' | $5,747 | ' |
Note_14_Supplemental_Condensed5
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Condensed Consolidating Balance Sheet (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $68,463 | $72,883 | $89,382 | $90,533 |
Accounts receivable | 140,214 | 131,936 | ' | ' |
Inventories | 161,964 | 149,643 | ' | ' |
Total current assets | 404,030 | 388,105 | ' | ' |
Property and equipment less accumulated depreciation | 236,389 | 230,845 | ' | ' |
Goodwill | 73,324 | 77,941 | ' | ' |
Other assets | 65,582 | 65,282 | ' | ' |
809,276 | 796,335 | ' | ' | |
Current liabilities | 144,300 | 130,187 | ' | ' |
Senior notes | 247,500 | 247,500 | ' | ' |
Long term debt | 27,988 | 26,326 | ' | ' |
Deferred income taxes | 15,912 | 15,049 | ' | ' |
Other | 32,871 | 36,486 | ' | ' |
Total liabilities | 468,571 | 455,548 | ' | ' |
Common stock | 6,645 | 6,631 | ' | ' |
Additional paid-in capital | 375,401 | 374,597 | ' | ' |
Retained earnings (deficit) | 34,299 | 24,226 | ' | ' |
Foreign currency translation adjustment | -42,394 | -30,585 | ' | ' |
Pension liability | -33,246 | -34,082 | ' | ' |
809,276 | 796,335 | ' | ' | |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable | 0 | ' | ' | ' |
Inventories | 0 | ' | ' | ' |
Prepaids and deferred income taxes | 0 | ' | ' | ' |
Total current assets | 0 | ' | ' | ' |
Property and equipment less accumulated depreciation | 0 | ' | ' | ' |
Investment in subsidiaries | -696,286 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Other assets | 0 | ' | ' | ' |
-696,286 | ' | ' | ' | |
Current liabilities | 0 | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
Long term debt | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other | 0 | ' | ' | ' |
Total liabilities | 0 | ' | ' | ' |
Common stock | -196,344 | ' | ' | ' |
Additional paid-in capital | -261,827 | ' | ' | ' |
Retained earnings (deficit) | -238,115 | ' | ' | ' |
Foreign currency translation adjustment | 0 | ' | ' | ' |
Pension liability | 0 | ' | ' | ' |
-696,286 | ' | ' | ' | |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,874 | 2,495 | ' | ' |
Accounts receivable | 56,296 | ' | ' | ' |
Inventories | 75,686 | ' | ' | ' |
Prepaids and deferred income taxes | 5,451 | ' | ' | ' |
Total current assets | 139,307 | ' | ' | ' |
Property and equipment less accumulated depreciation | 86,344 | ' | ' | ' |
Investment in subsidiaries | 579,844 | ' | ' | ' |
Goodwill | 6,542 | ' | ' | ' |
Other assets | 1,653 | ' | ' | ' |
813,690 | ' | ' | ' | |
Current liabilities | 46,745 | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
Long term debt | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other | 35 | ' | ' | ' |
Total liabilities | 46,780 | ' | ' | ' |
Common stock | 94,145 | ' | ' | ' |
Additional paid-in capital | 249,302 | ' | ' | ' |
Retained earnings (deficit) | 425,896 | ' | ' | ' |
Foreign currency translation adjustment | -2,433 | ' | ' | ' |
Pension liability | 0 | ' | ' | ' |
813,690 | ' | ' | ' | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 33,749 | 52,714 | ' | ' |
Accounts receivable | 83,394 | ' | ' | ' |
Inventories | 86,278 | ' | ' | ' |
Prepaids and deferred income taxes | 22,558 | ' | ' | ' |
Total current assets | 225,979 | ' | ' | ' |
Property and equipment less accumulated depreciation | 147,334 | ' | ' | ' |
Investment in subsidiaries | 207,421 | ' | ' | ' |
Goodwill | 66,782 | ' | ' | ' |
Other assets | 10,375 | ' | ' | ' |
657,891 | ' | ' | ' | |
Current liabilities | 78,931 | ' | ' | ' |
Senior notes | 0 | ' | ' | ' |
Long term debt | 27,988 | ' | ' | ' |
Deferred income taxes | 18,281 | ' | ' | ' |
Other | 6,954 | ' | ' | ' |
Total liabilities | 132,154 | ' | ' | ' |
Common stock | 102,199 | ' | ' | ' |
Additional paid-in capital | 12,525 | ' | ' | ' |
Retained earnings (deficit) | 475,546 | ' | ' | ' |
Foreign currency translation adjustment | -33,784 | ' | ' | ' |
Pension liability | -30,749 | ' | ' | ' |
657,891 | ' | ' | ' | |
Parent Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 32,840 | 17,674 | ' | ' |
Accounts receivable | 524 | ' | ' | ' |
Inventories | 0 | ' | ' | ' |
Prepaids and deferred income taxes | 5,380 | ' | ' | ' |
Total current assets | 38,744 | ' | ' | ' |
Property and equipment less accumulated depreciation | 2,711 | ' | ' | ' |
Investment in subsidiaries | -90,979 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' |
Other assets | 83,505 | ' | ' | ' |
33,981 | ' | ' | ' | |
Current liabilities | 18,624 | ' | ' | ' |
Senior notes | 247,500 | ' | ' | ' |
Long term debt | 0 | ' | ' | ' |
Deferred income taxes | -2,369 | ' | ' | ' |
Other | 25,882 | ' | ' | ' |
Total liabilities | 289,637 | ' | ' | ' |
Common stock | 6,645 | ' | ' | ' |
Additional paid-in capital | 375,401 | ' | ' | ' |
Retained earnings (deficit) | -629,028 | ' | ' | ' |
Foreign currency translation adjustment | -6,177 | ' | ' | ' |
Pension liability | -2,497 | ' | ' | ' |
33,981 | ' | ' | ' | |
Consolidated Entities [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 68,463 | 72,883 | ' | ' |
Accounts receivable | 140,214 | ' | ' | ' |
Inventories | 161,964 | ' | ' | ' |
Prepaids and deferred income taxes | 33,389 | ' | ' | ' |
Total current assets | 404,030 | ' | ' | ' |
Property and equipment less accumulated depreciation | 236,389 | ' | ' | ' |
Investment in subsidiaries | 0 | ' | ' | ' |
Goodwill | 73,324 | ' | ' | ' |
Other assets | 95,533 | ' | ' | ' |
809,276 | ' | ' | ' | |
Current liabilities | 144,300 | ' | ' | ' |
Senior notes | 247,500 | ' | ' | ' |
Long term debt | 27,988 | ' | ' | ' |
Deferred income taxes | 15,912 | ' | ' | ' |
Other | 32,871 | ' | ' | ' |
Total liabilities | 468,571 | ' | ' | ' |
Common stock | 6,645 | ' | ' | ' |
Additional paid-in capital | 375,401 | ' | ' | ' |
Retained earnings (deficit) | 34,299 | ' | ' | ' |
Foreign currency translation adjustment | -42,394 | ' | ' | ' |
Pension liability | -33,246 | ' | ' | ' |
$809,276 | ' | ' | ' |
Note_14_Supplemental_Condensed6
Note 14 - Supplemental Condensed Consolidating Guarantor Financial Statements (Details) - Condensed Consolidating Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $34,897 | $27,239 |
Purchase of plant and equipment | -32,123 | -47,939 |
Other | -1,950 | 1,875 |
Net cash used for investing activities | -34,073 | -23,040 |
Borrowing of long-term debt | 1,877 | 0 |
Debt issuance costs | -106 | 0 |
Proceeds from issuance of common stock | 159 | 1,163 |
Net cash provided by (used for) financing activities | -4,717 | -4,131 |
Effect of exchange rate change on cash | -527 | -1,219 |
Net increase (decrease) in cash | -4,420 | -1,151 |
Cash, balance | 68,463 | 89,382 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -5,703 | ' |
Purchase of plant and equipment | 5,413 | ' |
Other | 0 | ' |
Net cash used for investing activities | 5,413 | ' |
Borrowing of long-term debt | 0 | ' |
Debt issuance costs | 0 | ' |
Other | 290 | ' |
Proceeds from issuance of common stock | 0 | ' |
Dividends paid | 0 | ' |
Net cash provided by (used for) financing activities | 290 | ' |
Effect of exchange rate change on cash | 0 | ' |
Net increase (decrease) in cash | 0 | ' |
Cash, balance | 0 | ' |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 12,014 | ' |
Purchase of plant and equipment | -16,020 | ' |
Other | 151 | ' |
Net cash used for investing activities | -15,869 | ' |
Borrowing of long-term debt | 0 | ' |
Debt issuance costs | 0 | ' |
Other | 3,234 | ' |
Proceeds from issuance of common stock | 0 | ' |
Dividends paid | 0 | ' |
Net cash provided by (used for) financing activities | 3,234 | ' |
Effect of exchange rate change on cash | 0 | ' |
Net increase (decrease) in cash | -621 | ' |
Cash, balance | 1,874 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 19,367 | ' |
Purchase of plant and equipment | -21,250 | ' |
Other | -894 | ' |
Net cash used for investing activities | -22,144 | ' |
Borrowing of long-term debt | 1,877 | ' |
Debt issuance costs | 0 | ' |
Other | -17,538 | ' |
Proceeds from issuance of common stock | 0 | ' |
Dividends paid | 0 | ' |
Net cash provided by (used for) financing activities | -15,661 | ' |
Effect of exchange rate change on cash | -527 | ' |
Net increase (decrease) in cash | -18,965 | ' |
Cash, balance | 33,749 | ' |
Parent Company [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 9,219 | ' |
Purchase of plant and equipment | -266 | ' |
Other | -1,207 | ' |
Net cash used for investing activities | -1,473 | ' |
Borrowing of long-term debt | 0 | ' |
Debt issuance costs | -106 | ' |
Other | 14,014 | ' |
Proceeds from issuance of common stock | 159 | ' |
Dividends paid | -6,647 | ' |
Net cash provided by (used for) financing activities | 7,420 | ' |
Effect of exchange rate change on cash | 0 | ' |
Net increase (decrease) in cash | 15,166 | ' |
Cash, balance | 32,840 | ' |
Consolidated Entities [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 34,897 | ' |
Purchase of plant and equipment | -32,123 | ' |
Other | -1,950 | ' |
Net cash used for investing activities | -34,073 | ' |
Borrowing of long-term debt | 1,877 | ' |
Debt issuance costs | -106 | ' |
Other | 0 | ' |
Proceeds from issuance of common stock | 159 | ' |
Dividends paid | -6,647 | ' |
Net cash provided by (used for) financing activities | -4,717 | ' |
Effect of exchange rate change on cash | -527 | ' |
Net increase (decrease) in cash | -4,420 | ' |
Cash, balance | $68,463 | ' |