Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Feb. 13, 2015 | Jun. 27, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | INTERFACE INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -16 | ||
Entity Common Stock, Shares Outstanding | 66,561,101 | ||
Entity Public Float | $1,219,646,337 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 715787 | ||
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-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Net sales | $1,003,903 | [1] | $959,989 | [1] | $932,020 | [1] |
Cost of sales | 663,876 | 618,880 | 614,841 | |||
Gross profit on sales | 340,027 | 341,109 | 317,179 | |||
Selling, general and administrative expenses | 257,346 | 252,433 | 231,358 | |||
Restructuring and asset impairment charges | 12,386 | 0 | 19,425 | |||
Expenses (gain) related to Australia fire | 0 | -6,954 | 1,748 | |||
Operating income | 70,295 | 95,630 | 64,648 | |||
Interest expense | 20,785 | 23,810 | 25,024 | |||
Debt retirement expenses | 11,989 | 1,667 | 0 | |||
Other expense | 1,779 | 1,149 | 1,521 | |||
Income from continuing operations before tax expense | 35,742 | 69,004 | 38,103 | |||
Income tax expense | 10,934 | 20,749 | 15,204 | |||
Income from continuing operations | 24,808 | 48,255 | 22,899 | |||
Loss from discontinued operations, net of tax | 0 | 0 | -16,956 | |||
Net income | $24,808 | $48,255 | $5,943 | |||
Income (loss) per share – basic | ||||||
Continuing operations (in Dollars per share) | $0.37 | $0.73 | $0.35 | |||
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.26) | |||
Net income per share – basic (in Dollars per share) | $0.37 | $0.73 | $0.09 | |||
Income (loss) per share – diluted | ||||||
Continuing operations (in Dollars per share) | $0.37 | $0.73 | $0.35 | |||
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.26) | |||
Net income per share – diluted (in Dollars per share) | $0.37 | $0.73 | $0.09 | |||
Basic weighted average common shares outstanding (in Shares) | 66,389 | 66,194 | 65,767 | |||
Diluted weighted average common shares outstanding (in Shares) | 66,448 | 66,297 | 65,900 | |||
[1] | Revenue attributed to geographic areas is based on the location of the customer. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Net income | $24,808 | $48,255 | $5,943 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | -28,351 | -5,241 | 8,539 |
Pension liability adjustment | -15,280 | 1,409 | 771 |
Comprehensive income (loss) | ($18,823) | $44,423 | $15,253 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current | ||||
Cash and cash equivalents | $54,896 | $72,883 | ||
Accounts receivable, net | 157,093 | 131,936 | ||
Inventories | 142,167 | 149,643 | ||
Prepaid expenses and other current assets | 20,780 | 23,411 | ||
Deferred income taxes | 9,732 | 10,232 | ||
Total current assets | 384,668 | 388,105 | ||
Property and equipment, net | 227,347 | [1] | 230,845 | [1] |
Deferred tax asset | 33,138 | 34,162 | ||
Goodwill | 70,509 | 77,941 | ||
Other assets | 59,252 | 65,282 | ||
774,914 | 796,335 | |||
Current liabilities | ||||
Accounts payable | 49,464 | 52,515 | ||
Accrued expenses | 94,323 | 77,672 | ||
Total current liabilities | 143,787 | 130,187 | ||
Senior notes | 0 | 247,500 | ||
Long term debt | 263,338 | 26,326 | ||
Deferred income taxes | 11,002 | 15,049 | ||
Other | 50,148 | 36,486 | ||
Total liabilities | 468,275 | 455,548 | ||
Shareholders’ equity | ||||
Preferred stock | 0 | 0 | ||
Common stock | 6,597 | 6,631 | ||
Additional paid-in capital | 368,603 | 374,597 | ||
Retained earnings | 39,737 | 24,226 | ||
Accumulated other comprehensive loss – foreign currency translation | -58,936 | -30,585 | ||
Accumulated other comprehensive loss – pension liability | -49,362 | -34,082 | ||
Total shareholders’ equity | 306,639 | 340,787 | ||
$774,914 | $796,335 | |||
[1] | Long-lived assets include tangible assets physically located in foreign countries. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
OPERATING ACTIVITIES: | |||
Net income | $24,808 | $48,255 | $5,943 |
Loss on discontinued operations, net of taxes | 0 | 0 | -16,956 |
Income from continuing operations | 24,808 | 48,255 | 22,899 |
Adjustments to reconcile income to cash provided by operating activities | |||
Depreciation and amortization | 30,677 | 24,670 | 25,882 |
Stock compensation amortization expense | 3,998 | 7,935 | 3,293 |
Bad debt expense | 137 | 253 | 1,119 |
Deferred income taxes and other | -3,534 | 9,349 | -11,164 |
Cash received from insurance company | 0 | 25,973 | 0 |
Working capital changes: | |||
Accounts receivable | -29,255 | 3,478 | 19,994 |
Inventories | 1,343 | -10,610 | 1,075 |
Prepaid expenses and other current assets | 2,785 | -25,354 | -11,948 |
Accounts payable and accrued expenses | 15,421 | -17,316 | -4,262 |
Cash provided by operating activities | 46,380 | 66,633 | 46,888 |
INVESTING ACTIVITIES: | |||
Capital expenditures | -38,922 | -91,851 | -42,428 |
Other | 2,415 | 3,074 | -2,629 |
Net proceeds from sale of Bentley Prince Street | 0 | 0 | 32,174 |
Cash received from insurance company | 0 | 23,024 | 20,718 |
Cash used in investing activities | -36,507 | -65,753 | 7,835 |
FINANCING ACTIVITIES: | |||
Credit facility borrowing | 48,850 | 26,326 | 0 |
Credit facility repayments | -9,905 | 0 | 0 |
Term loan borrowings | 200,000 | 0 | 0 |
Repurchase of common stock | -7,669 | 0 | 0 |
Dividends paid | -9,297 | -7,283 | -5,925 |
Debt issuance costs | -1,099 | -1,308 | 0 |
Redemption/repurchase of senior notes | -247,500 | -35,610 | -11,477 |
Proceeds from issuance of common stock | 408 | 1,881 | 1,496 |
Cash used in financing activities | -26,212 | -15,994 | -15,906 |
Net cash provided by (used in) operating, investing and financing activities | -16,339 | -15,114 | 38,817 |
Effect of exchange rate changes on cash | -1,648 | -2,536 | 1,092 |
CASH AND CASH EQUIVALENTS: | |||
Net increase (decrease) | -17,987 | -17,650 | 39,909 |
Balance, beginning of year | 72,883 | 90,533 | 50,624 |
Balance, end of year | $54,896 | $72,883 | $90,533 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
Nature of Operations | ||||||||||||||||||||
The Company is a recognized leader in the worldwide commercial interiors market, offering modular carpet. The Company manufactures modular carpet focusing on the high quality, designer-oriented sector of the market, and provides specialized carpet replacement, installation and maintenance services. Additionally, the Company offers Intersept, a proprietary antimicrobial used in a number of interior finishes. | ||||||||||||||||||||
In 2012, the Company sold its Bentley Prince Street business segment to a third party. Bentley Prince Street designed, manufactured and marketed broadloom and modular carpet. The results of operations and related disposal costs, gains and losses for the Bentley Prince Street business are classified as discontinued operations for all periods presented. In addition, assets and liabilities of the Bentley Prince Street business have been reported in assets and liabilities held for sale for all reported periods. | ||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All of our subsidiaries are wholly-owned, and we are not a party to any joint venture, partnership or other variable interest entity that would potentially qualify for consolidation. All material intercompany accounts and transactions are eliminated. Investments in which the Company does not have the ability to exercise significant influence are carried at fair value. The Company monitors investments for other than temporary declines in value and makes reductions in carrying values when appropriate. As of December 28, 2014 and December 29, 2013, the Company did not hold significant investments of this nature. | ||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Examples include provisions for returns, bad debts, product claims reserves, rebates, inventory obsolescence and the length of product life cycles, accruals associated with restructuring activities, income tax exposures and valuation allowances, environmental liabilities, and the carrying value of goodwill and property and equipment. Actual results could vary from these estimates. | ||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
Revenue is recognized when the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, price to the buyer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership, which is generally on the date of shipment. Provisions for discounts, sales returns and allowances are estimated using historical experience, current economic trends, and the Company’s quality performance. The related provision is recorded as a reduction of sales and cost of sales in the same period that the revenue is recognized. Material differences may result in the amount and timing of net sales for any period if management makes different judgments or uses different estimates. | ||||||||||||||||||||
Shipping and handling fees billed to customers are classified in net sales in the consolidated statements of operations. Shipping and handling costs incurred are classified in cost of sales in the consolidated statements of operations. | ||||||||||||||||||||
Research and Development | ||||||||||||||||||||
Research and development costs are expensed as incurred and are included in the selling, general and administrative expense caption in the consolidated statements of operations. Research and development expense was $13.9 million, $12.6 million and $12.4 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Cash, Cash Equivalents and Short-Term Investments | ||||||||||||||||||||
Highly liquid investments with insignificant interest rate risk and with original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months and less than one year are classified as short-term investments. The Company did not hold any significant amounts of short-term investments at December 28, 2014 or December 29, 2013. | ||||||||||||||||||||
Cash payments for interest amounted to approximately $21.0 million, $22.9 million and $23.1 million for the years 2014, 2013 and 2012, respectively. Income tax payments amounted to approximately $7.5 million, $8.7 million and $10.0 million for the years 2014, 2013 and 2012, respectively. During the years 2014, 2013 and 2012, the Company received income tax refunds of $5.0 million, $1.4 million and $0.1 million, respectively. | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are carried at the lower of cost (standards approximating the first-in, first-out method) or market. Costs included in inventories are based on invoiced costs and/or production costs, as applicable. Included in production costs are material, direct labor and allocated overhead. The Company writes down inventories for the difference between the carrying value of the inventories and their estimated net realizable value. If actual market conditions are less favorable than those projected by management, additional write-downs may be required. | ||||||||||||||||||||
Management estimates its reserves for inventory obsolescence by continuously examining its inventories to determine if there are indicators that carrying values exceed net realizable values. Experience has shown that significant indicators that could require the need for additional inventory write-downs are the age of the inventory, the length of its product life cycles, anticipated demand for the Company’s products, and current economic conditions. While management believes that adequate write-downs for inventory obsolescence have been made in the consolidated financial statements, consumer tastes and preferences will continue to change and the Company could experience additional inventory write-downs in the future. | ||||||||||||||||||||
Rebates | ||||||||||||||||||||
The Company has agreements to receive cash consideration from certain of its vendors, including rebates and cooperative marketing reimbursements. The amounts received from its vendors are generally presumed to be a reduction of the prices the Company pays for their products and, therefore, such amounts are reflected as either a reduction of cost of sales in the accompanying consolidated statements of operations, or, if the product inventory is still on hand at the reporting date, it is reflected as a reduction of “Inventories” on the accompanying consolidated balance sheets. Vendor rebates are typically dependent upon reaching minimum purchase thresholds. The Company evaluates the likelihood of reaching purchase thresholds using past experience and current year forecasts. When rebates can be reasonably estimated and receipt becomes probable, the Company records a portion of the rebate as the Company makes progress towards the purchase threshold. | ||||||||||||||||||||
When the Company receives direct reimbursements for costs incurred in marketing the vendor’s product or service, the amount received is recorded as an offset to selling, general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||||||||||||
Assets and Liabilities of Businesses Held for Sale | ||||||||||||||||||||
The Company considers businesses to be held for sale when the Board or management, having the relevant authority to do so, approves and commits to a formal plan to actively market a business for sale and the sale is considered probable. Upon designation as held for sale, the carrying value of the assets of the business are recorded at the lower of their carrying value or their estimated fair value, less costs to sell. The Company ceases to record depreciation expense at that time. | ||||||||||||||||||||
Property and Equipment and Long-Lived Assets | ||||||||||||||||||||
Property and equipment are carried at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements – ten to forty years; and furniture and equipment – three to twelve years. Interest costs for the construction/development of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. The Company capitalized net interest costs on qualifying expenditures of approximately $0.8 million, $0.8 million and $0.7 million for the fiscal years 2014, 2013 and 2012, respectively. Depreciation expense amounted to approximately $29.5 million, $23.9 million and $24.2 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset. Repair and maintenance costs are charged to operating expense as incurred. | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill is the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for as acquisitions. Accumulated amortization amounted to approximately $77.3 million at both December 28, 2014 and December 29, 2013, and cumulative impairment losses recognized were $212.6 million as of both December 28, 2014 and December 29, 2013. | ||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, the net carrying amount of goodwill was $70.5 million and $77.9 million, respectively. Other intangible assets were $4.7 million and $3.8 million as of December 28, 2014, and December 29, 2013, respectively. The Company capitalizes patent defense costs when it determines that a successful defense is probable. Any patent defense costs are amortized over the remaining useful life of the patent. Amortization expense related to intangible assets during the years 2014, 2013 and 2012 was $0.3 million, $0.3 million and $0.4 million, respectively. | ||||||||||||||||||||
During the fourth quarters of 2014, 2013 and 2012, as of the last day of the third quarter of each year, the Company performed the annual goodwill impairment test required by applicable accounting standards. The Company performs this test at the reporting unit level, which is one level below the segment level for the Modular Carpet segment. In effecting the impairment testing, the Company prepared valuations of reporting units on both a market comparable methodology and an income methodology in accordance with the applicable standards, and those valuations were compared with the respective book values of the reporting units to determine whether any goodwill impairment existed. In preparing the valuations, past, present and future expectations of performance were considered. The annual testing indicated no potential of goodwill impairment in any of the years presented. | ||||||||||||||||||||
Each of the Company’s reporting units maintained fair values in excess of their respective carrying values as of the measurement date, and therefore no impairment was indicated during the impairment testing. As of December 28, 2014, if the Company’s estimates of the fair values of its reporting units which carry a goodwill balance were 10% lower, the Company still believes no goodwill impairment would have existed. | ||||||||||||||||||||
The changes in the carrying amounts of goodwill for the year ended December 28, 2014 are as follows: | ||||||||||||||||||||
BALANCE | ACQUISITIONS | IMPAIRMENT | FOREIGN | BALANCE | ||||||||||||||||
29-Dec-13 | CURRENCY TRANSLATION | 28-Dec-14 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
$ | 77,941 | $ | 0 | $ | 0 | $ | (7,432 | ) | $ | 70,509 | ||||||||||
Product Warranties | ||||||||||||||||||||
The Company typically provides limited warranties with respect to certain attributes of its carpet products (for example, warranties regarding excessive surface wear, edge ravel and static electricity) for periods ranging from ten to twenty years, depending on the particular carpet product and the environment in which it is to be installed. The Company typically warrants that services performed will be free from defects in workmanship for a period of one year following completion. In the event of a breach of warranty, the remedy typically is limited to repair of the problem or replacement of the affected product. | ||||||||||||||||||||
The Company records a provision related to warranty costs based on historical experience and periodically adjusts these provisions to reflect changes in actual experience. Warranty reserves amounted to $1.8 million and $1.4 million as of December 28, 2014 and December 29, 2013, respectively, and are included in “Accrued Expenses” in the accompanying consolidated balance sheets. | ||||||||||||||||||||
Taxes on Income | ||||||||||||||||||||
The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. | ||||||||||||||||||||
The Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will expire before realization of the benefit or that future deductibility is not probable. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future. This requires us to use estimates and make assumptions regarding significant future events such as the taxability of entities operating in the various taxing jurisdictions. | ||||||||||||||||||||
The Company does not record taxes collected from customers and remitted to governmental authorities on a gross basis. | ||||||||||||||||||||
For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. For further information, see the Note entitled “Taxes on Income.” | ||||||||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||||||||
Fair values of cash and cash equivalents and short-term debt approximate cost due to the short period of time to maturity. Fair values of debt are based on quoted market prices or pricing models using current market rates. | ||||||||||||||||||||
Translation of Foreign Currencies | ||||||||||||||||||||
The financial position and results of operations of the Company’s foreign subsidiaries are measured generally using local currencies as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each year-end. Income and expense items are translated at average exchange rates for the year. The resulting translation adjustments are recorded in the foreign currency translation adjustment account. In the event of a divestiture of a foreign subsidiary, the related foreign currency translation results are reversed from equity to income. Foreign currency exchange gains and losses are included in net income (loss). Foreign exchange translation gains (losses) were $(28.4)million, ($5.2 million) and $8.5 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Income (Loss) Per Share | ||||||||||||||||||||
Basic income (loss) per share is computed based on the average number of common shares outstanding. Diluted income (loss) per share reflects the increase in average common shares outstanding that would result from the assumed exercise of outstanding stock options, calculated using the treasury stock method. | ||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||
As of fiscal year 2014, the Company has stock-based employee compensation plans, which are described more fully in the “Shareholders’ Equity” Note below. | ||||||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. However, there were no stock options granted in 2014, 2013 or 2012. | ||||||||||||||||||||
The Company recognizes expense related to its restricted stock grants based on the grant date fair value of the stock issued, as determined by its market price at date of issue. | ||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
Accounting standards require a company to recognize all derivatives on the balance sheet at fair value. Derivatives that do not meet the criteria of an accounting hedge must be adjusted to fair value through income. If the derivative is a fair value hedge, changes in the fair value of the hedged assets, liabilities or firm commitments are recognized through earnings. If the derivative is a cash flow hedge, the effective portion of changes in the fair value of the derivative are recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. As of December 28, 2014 and December 29, 2013, the Company was not party to any significant derivative instruments. | ||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||
Net pension expense recorded is based on, among other things, assumptions about the discount rate, estimated return on plan assets and salary increases. While the Company believes these assumptions are reasonable, changes in these and other factors and differences between actual and assumed changes in the present value of liabilities or assets of the Company’s plans above certain thresholds could cause net annual expense to increase or decrease materially from year to year. The actuarial assumptions used in the Company’s salary continuation plan and foreign defined benefit plans reporting are reviewed periodically and compared with external benchmarks to ensure that they appropriately account for our future pension benefit obligation. The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers. | ||||||||||||||||||||
Environmental Remediation | ||||||||||||||||||||
The Company provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs is reasonably determinable. Remediation liabilities are accrued based on estimates of known environmental exposures and are discounted in certain instances. The Company regularly monitors the progress of environmental remediation. Should studies indicate that the cost of remediation is to be more than previously estimated, an additional accrual would be recorded in the period in which such determination is made. As of December 28, 2014 and December 29, 2013, no significant amounts were provided for remediation liabilities. | ||||||||||||||||||||
Allowances for Doubtful Accounts | ||||||||||||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. Estimating this amount requires the Company to analyze the financial strengths of its customers. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. By its nature, such an estimate is highly subjective, and it is possible that the amount of accounts receivable that the Company is unable to collect may be different than the amount initially estimated. The Company’s allowance for doubtful accounts on December 28, 2014, and December 29, 2013, was $7.9 million and $7.6 million, respectively. | ||||||||||||||||||||
Reclassifications | ||||||||||||||||||||
Certain prior period amounts have been reclassified to conform to current year financial statement presentation. For further information, see the Note below entitled “Recent Accounting Pronouncements.” | ||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||
The Company’s fiscal year is the 52 or 53 week period ending on the Sunday nearest December 31. All references herein to “2014,” “2013,” and “2012,” mean the fiscal years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. Fiscal years 2014, 2013 and 2012 were each comprised of 52 weeks. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENT 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_3_Receivables
Note 3 - Receivables | 12 Months Ended |
Dec. 28, 2014 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | RECEIVABLES |
The Company has adopted credit policies and standards intended to reduce the inherent risk associated with potential increases in its concentration of credit risk due to increasing trade receivables from sales to owners and users of commercial office facilities and with specifiers such as architects, engineers and contracting firms. Management believes that credit risks are further moderated by the diversity of its end customers and geographic sales areas. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral as deemed necessary. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. If the financial condition of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. As of December 28, 2014, and December 29, 2013, the allowance for bad debts amounted to $7.9 million and $7.6 million, respectively, for all accounts receivable of the Company. Reserves for sales returns and allowances amounted to $2.2 million and $3.6 million as of December 28, 2014, and December 29, 2013, respectively. |
Note_4_Fair_Value_of_Financial
Note 4 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 28, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS |
The Company does not have significant assets and liabilities measured at fair value on a recurring basis under applicable accounting standards as of the end of 2014. The Company does have approximately $24.1 million of Company-owned life insurance which is measured on readily determinable cash surrender value on a recurring basis. Due to the short maturity of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, their carrying values approximate fair value. The fair value of long term debt represented by the Company’s 7.625% Senior Notes, based on quoted market prices, was $265.8 million at December 29, 2013. The Company redeemed the outstanding 7.625% Senior Notes in the fourth quarter of 2014. As of December 28, 2014, the carrying value of the Company's borrowings under its Syndicated Credit Facility approximates fair value as the Facility bears interest rates that are similar to existing market rates. |
Note_5_Inventories
Note 5 - Inventories | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | INVENTORIES | ||||||||
Inventories are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 89,688 | $ | 96,199 | |||||
Work-in-process | 9,898 | 9,569 | |||||||
Raw materials | 42,581 | 43,875 | |||||||
$ | 142,167 | $ | 149,643 | ||||||
Reserves for inventory obsolescence amounted to $14.8 million and $13.4 million as of December 28, 2014, and December 29, 2013, respectively, and have been netted against amounts presented above. |
Note_6_Property_and_Equipment
Note 6 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consisted of the following: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 15,862 | $ | 17,290 | |||||
Buildings | 124,476 | 123,032 | |||||||
Equipment | 347,965 | 351,307 | |||||||
488,303 | 491,629 | ||||||||
Accumulated depreciation | (260,956 | ) | (260,784 | ) | |||||
$ | 227,347 | $ | 230,845 | ||||||
The estimated cost to complete construction-in-progress for which the Company was committed at December 28, 2014, was approximately $11.2 million. |
Note_7_Accrued_Expenses
Note 7 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCRUED EXPENSES | ||||||||
Accrued expenses are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Compensation | $ | 56,354 | $ | 54,125 | |||||
Interest | 709 | 1,768 | |||||||
Restructuring | 7,179 | 519 | |||||||
Taxes | 17,962 | 12,685 | |||||||
Accrued purchases | 2,966 | 1,258 | |||||||
Other | 9,153 | 7,317 | |||||||
$ | 94,323 | $ | 77,672 | ||||||
Other non-current liabilities include pension liability of $37.9 million and $20.1 million as of December 28, 2014, and December 29, 2013, respectively (see the discussion below in the Note entitled “Employee Benefit Plans”). |
Note_8_Borrowings
Note 8 - Borrowings | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Debt Disclosure [Text Block] | BORROWINGS | ||||
Syndicated Credit Facility | |||||
The Company has a syndicated credit facility (the “Facility”) pursuant to which the lenders provide to the Company and certain of its subsidiaries a multicurrency revolving credit facility and provide to the Company a term loan. The key features of the Facility are as follows: | |||||
● | The Facility matures on October 3, 2019. | ||||
● | The Facility includes (i) a multicurrency revolving loan facility made available to the Company and its principal subsidiaries in Europe and Australia not to exceed $240 million in the aggregate at any one time outstanding, and (ii) a revolving loan facility made available to the Company’s principal subsidiary in Thailand not to exceed the equivalent of $10 million in the aggregate at any one time outstanding. A sublimit of $40 million exists for the issuance of letters of credit under the Facility. | ||||
● | The Facility includes $200 million of Term Loan A borrowing availability which could be used (and was in fact used) to refinance the Company’s 7.625% Senior Notes due 2018 (discussed below). | ||||
● | The Facility provides for required amortization payments of the Term Loan A borrowing, as well as mandatory prepayments of the 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. | ||||
● | Advances under the Facility are secured by a first-priority lien on substantially all of the Company’s assets and the assets of each of its material domestic subsidiaries, which have guaranteed the Facility. | ||||
● | The Facility contains financial covenants (specifically, a consolidated net leverage ratio and a consolidated interest coverage ratio) that must be met as of the end of each fiscal quarter. | ||||
● | The Company has the option to increase the borrowing availability under the Facility, either for revolving loans or term loans, by up to $150 million, subject to the receipt of lender commitments for the increase and the satisfaction of certain other conditions. | ||||
Interest Rates and Fees. Interest on base rate loans is charged at varying rates computed by applying a margin ranging from 0.25% to 1.50% over the applicable base interest rate (which is defined as the greatest of the prime rate, a specified federal funds rate plus 0.50%, or a specified LIBOR rate), depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. Interest on LIBOR-based loans and fees for letters of credit are charged at varying rates computed by applying a margin ranging from 1.25% to 2.50% over the applicable LIBOR rate, depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. In addition, the Company pays a commitment fee ranging from 0.20% to 0.35% per annum (depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter) on the unused portion of the Facility. | |||||
Amortization Payments. The Company is required to make amortization payments of the Term Loan A borrowing. The amortization payments are due on the last day of the calendar quarter, commencing with an initial amortization payment of $2.5 million on December 31, 2015. The quarterly amortization payment amount increases to $3.75 million on December 31, 2016. | |||||
Covenants. The Facility contains standard and customary covenants for agreements of this type, including various reporting, affirmative and negative covenants. Among other things, these covenants limit the Company’s and its subsidiaries’ ability to: | |||||
● | create or incur liens on assets; | ||||
● | make acquisitions of or investments in businesses (in excess of certain specified amounts); | ||||
● | incur indebtedness or contingent obligations; | ||||
● | sell or dispose of assets (in excess of certain specified amounts); | ||||
● | pay dividends or repurchase the Company’s stock (in excess of certain specified amounts); | ||||
● | repay other indebtedness prior to maturity unless the Company meets certain conditions; and | ||||
● | enter into sale and leaseback transactions. | ||||
The Facility also requires the Company to remain in compliance with the following financial covenants as of the end of each fiscal quarter, based on the Company’s consolidated results for the year then ended: | |||||
● | Consolidated Net Leverage Ratio: Must be no greater than (i) 4.50:1.00 through and including the fiscal quarter ending December 28, 2014, (ii) 4.00:1.00 from and including the fiscal quarter ending April 5, 2015 through and including the fiscal quarter ending January 3, 2016, and (iii) 3.75:1.00 for each fiscal quarter thereafter. | ||||
● | Consolidated Interest Coverage Ratio: Must be no less than 2.25:1.00 as of the end of any fiscal quarter. | ||||
Events of Default. If the Company breaches or fails to perform any of the affirmative or negative covenants under the Facility, or if other specified events occur (such as a bankruptcy or similar event or a change of control of Interface, Inc. or certain subsidiaries, or if the Company breaches or fails to perform any covenant or agreement contained in any instrument relating to any of the Company’s other indebtedness exceeding $20 million), after giving effect to any applicable notice and right to cure provisions, an event of default will exist. If an event of default exists and is continuing, the lenders’ Administrative Agent may, and upon the written request of a specified percentage of the lender group shall: | |||||
● | declare all commitments of the lenders under the facility terminated; | ||||
● | declare all amounts outstanding or accrued thereunder immediately due and payable; and | ||||
● | exercise other rights and remedies available to them under the agreement and applicable law. | ||||
Collateral. Pursuant to a Security and Pledge Agreement executed on the same date, the Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries (subject to exceptions for certain immaterial subsidiaries), including all of the stock of the Company’s domestic subsidiaries and up to 65% of the stock of its first-tier material foreign subsidiaries. If an event of default occurs under the Facility, the lenders’ Administrative Agent may, upon the request of a specified percentage of lenders, exercise remedies with respect to the collateral, including, in some instances, foreclosing mortgages on real estate assets, taking possession of or selling personal property assets, collecting accounts receivables, or exercising proxies to take control of the pledged stock of domestic and first-tier material foreign subsidiaries. | |||||
As described below, in the fourth quarter of 2014, the Company redeemed $27.5 million in aggregate principal amount of its 7.625% Senior Notes due 2018 at a price equal to 103% of their principal amount, plus accrued interest to the redemption date of November 26, 2014, and redeemed the remaining $220 million in aggregate principal amount of the 7.625% Senior Notes that had not previously been called for redemption at a price equal to 103.813% of their principal amount, plus accrued interest to the redemption date of December 1, 2014. These redemptions transactions were funded through a combination of term loan and revolving loan borrowings under the Facility and cash on hand. | |||||
As of December 28, 2014, the Company had outstanding $200 million of Term Loan A borrowing and $63.3 of revolving loan borrowings outstanding under the Facility, and had $3.3 million in letters of credit outstanding under the Facility. As of December 28, 2014, the weighted average interest rate on borrowings outstanding under the Facility was 2.2%. | |||||
The Company is currently in compliance with all covenants under the Facility and anticipates that it will remain in compliance with the covenants for the foreseeable future. | |||||
7.625% Senior Notes | |||||
On December 3, 2010, the Company completed a private offering of $275 million aggregate principal amount of 7.625% Senior Notes due 2018 (the “7.625% Senior Notes”). Interest on the 7.625% Senior Notes was payable semi-annually on June 1 and December 1 (the first payment was made on June 1, 2011). The 7.625% Senior Notes were guaranteed, fully, unconditionally, and jointly and severally, on an unsecured senior basis by certain of the Company’s domestic subsidiaries. The Company had the option to redeem some or all of these notes at any time prior to December 1, 2014, at a redemption price equal to 100% of the principal amount plus a make-whole premium. Prior to December 1, 2014, the Company had the option to redeem up to 10% of the aggregate principal amount of the 7.625% Senior Notes per 12-month period at a redemption price equal to 103% of the principal amount of the notes redeemed, plus accrued and unpaid interest. In addition, the notes became redeemable for cash after December 1, 2014 at the Company’s option, in whole or in part, initially at a redemption price equal to 103.813% of the principal amount, declining to 100% of the principal amount on December 1, 2016, plus accrued interest thereon to the date fixed for redemption. | |||||
In November 2013, the Company redeemed $27.5 million aggregate principal amount of the 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. As discussed above, on November 26, 2014, the Company redeemed $27.5 million in aggregate principal amount of its 7.625% Senior Notes at a price equal to 103% of their principal amount, plus accrued interest, and on December 1, 2014, the Company redeemed the remaining $220 million in aggregate principal amount of the 7.625% Senior Notes at a price equal to 103.813% of their principal amount, plus accrued interest. The aggregate premiums paid in connection with the redemptions in 2014 was $9.3 million. The estimated fair value of the 7.625% Senior Notes as of December 29, 2013, based on then current market prices, was $265.8 million. | |||||
11.375% Senior Secured Notes | |||||
On June 5, 2009, the Company completed a private offering of $150 million aggregate principal amount of 11.375% Senior Secured Notes due 2013. Interest on the 11.375% Senior Secured Notes was payable semi-annually on May 1 and November 1 (the first payment was made on November 1, 2009). The 11.375% Senior Secured Notes were guaranteed, jointly and severally, on a senior secured basis by certain of the Company’s domestic subsidiaries. The 11.375% Senior Secured Notes were secured by a second-priority lien on substantially all of the Company’s and certain of the Company’s domestic subsidiaries’ assets that secure the Company’s Syndicated Credit Facility on a first-priority basis. | |||||
As of December 30, 2012, the balance of the 11.375% Senior Secured Notes outstanding, net of the remaining unamortized original issue discount, was approximately $8.1 million. The Company repaid the $8.1 million balance of these notes at maturity in November 2013. | |||||
Other Lines of Credit | |||||
Subsidiaries of the Company have an aggregate of the equivalent of $19.0 million of other lines of credit available at interest rates ranging from 2% to 6%. As of December 28, 2014, and December 29, 2013, there were no borrowings outstanding under these lines of credit. | |||||
Borrowing Costs | |||||
Deferred borrowing costs, which include underwriting, legal and other direct costs related to the issuance of debt, net of accumulated amortization, were $2.4 million and $5.0 million, as of December 28, 2014, and December 29, 2013, respectively. The Company amortizes these costs over the life of the related debt. Expenses related to such costs for the years 2014, 2013 and 2012 amounted to $3.8 million, $2.0 million and $1.2 million, respectively. The expense for 2014 included $2.8 million related to the writedown of debt costs associated with the refinancing actions discussed above. The expense for the year 2013 included $0.8 million of expense related to the write-down of debt costs associated with note repurchases and the termination of our former $100 million domestic revolving credit facility. | |||||
Future Maturities | |||||
The aggregate maturities of borrowings for each of the five fiscal years subsequent to 2014, are as follows: | |||||
FISCAL YEAR | AMOUNT | ||||
(in thousands) | |||||
2015 | $ | 0 | |||
2016 | 13,750 | ||||
2017 | 15,000 | ||||
2018 | 11,250 | ||||
2019 | 223,338 | ||||
Thereafter | 0 | ||||
$ | 263,338 | ||||
Note_9_Preferred_Stock
Note 9 - Preferred Stock | 12 Months Ended |
Dec. 28, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | PREFERRED STOCK |
The Company is authorized to designate and issue up to 5,000,000 shares of $1.00 par value preferred stock in one or more series and to determine the rights and preferences of each series, to the extent permitted by the Articles of Incorporation, and to fix the terms of such preferred stock without any vote or action by the shareholders. The issuance of any series of preferred stock may have an adverse effect on the rights of holders of common stock and could decrease the amount of earnings and assets available for distribution to holders of common stock. In addition, any issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company. As of December 28, 2014, and December 29, 2013, there were no shares of preferred stock issued. | |
Preferred Share Purchase Rights | |
The Company has previously issued one purchase right (a “Right”) in respect of each outstanding share of Common Stock pursuant to a Rights Agreement it entered into in March 2008. Each Right entitles the registered holder of the Common Stock to purchase from the Company one one-hundredth of a share (a “Unit”) of Series B Participating Cumulative Preferred Stock (the “Series B Preferred Stock”). | |
The Rights may have certain anti-takeover effects. The Rights will cause substantial dilution to a person or group that acquires (without the consent of the Company’s Board of Directors) 15% or more of the outstanding shares of Common Stock or if other specified events occur without the Rights having been redeemed or in the event of an exchange of the Rights for Common Stock as permitted under the Shareholder Rights Plan. | |
The dividend and liquidation rights of the Series B Preferred Stock are designed so that the value of one Unit of Series B Preferred Stock issuable upon exercise of each Right will approximate the same economic value as one share of Common Stock, including voting rights. The exercise price per Right is $90, subject to adjustment. Shares of Series B Preferred Stock will entitle the holder to a minimum preferential dividend of $1.00 per share, but will entitle the holder to an aggregate dividend payment of 100 times the dividend declared on each share of Common Stock. In the event of liquidation, each share of Series B Preferred Stock will be entitled to a minimum preferential liquidation payment of $1.00, plus accrued and unpaid dividends and distributions thereon, but will be entitled to an aggregate payment of 100 times the payment made per share of Common Stock. In the event of any merger, consolidation or other transaction in which Common Stock is exchanged for or changed into other stock or securities, cash or other property, each share of Series B Preferred Stock will be entitled to receive 100 times the amount received per share of Common Stock. Series B Preferred Stock is not convertible into Common Stock. | |
Each share of Series B Preferred Stock will be entitled to 100 votes on all matters submitted to a vote of the shareholders of the Company, and shares of Series B Preferred Stock will generally vote together as one class with the Common Stock and any other voting capital stock of the Company on all matters submitted to a vote of the Company’s shareholders. | |
Further, whenever dividends on the Series B Preferred Stock are in arrears in an amount equal to six quarterly payments, the Series B Preferred Stock, together with any other shares of preferred stock then entitled to elect directors, shall have the right, as a single class, to elect one director until the default has been cured. | |
Prior to entering into the March 2008 Rights Agreement, the Company maintained a substantially similar Rights Agreement that was entered into in 1998. |
Note_10_Shareholders_Equity
Note 10 - Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Prior to March 5, 2012, the Company had two classes of common stock – Class A Common Stock and Class B Common Stock. The Company was authorized to issue 80 million shares of $0.10 par value Class A Common Stock and 40 million shares of $0.10 par value Class B Common Stock. The Class A and Class B Common Stock had identical voting rights except for the election or removal of directors. Holders of Class B Common Stock were entitled as a class to elect a majority of the Board of Directors. Under the terms of the Class B Common Stock, its special voting rights to elect a majority of the Board members would terminate irrevocably if the total outstanding shares of Class B Common Stock ever comprised less than ten percent of the Company’s total issued and outstanding shares of Class A and Class B Common Stock. | |||||||||||||||||||||||||
On March 5, 2012, the number of issued and outstanding shares of Class B Common Stock of the Company constituted less than 10% of the aggregate number of issued and outstanding shares of the Company’s Class A Common Stock and Class B Common Stock (that is, 6,459,556 shares of an aggregate of 65,372,375 shares), as the cumulative result of varied transactions that caused the conversion of shares of Class B Common Stock into shares of Class A Common Stock. Accordingly, in accordance with the respective terms for the Class B Common Stock and the Class A Common Stock in Article V of the Company’s Articles of Incorporation (the “Articles”), the Class A Common Stock and Class B Common Stock are now, irrevocably from March 5, 2012, a single class of Common Stock in all respects, with no distinction whatsoever between the voting rights or any other rights and privileges of the holders of Class A Common Stock and the holders of Class B Common Stock. The Company intends to eliminate uses of (or references to) the terms “Class A” and “Class B” in connection with the Common Stock, except for historical purposes or to facilitate transition by certain stock listing or administrative services organizations who are accustomed to the old designations for the Common Stock. Following the March 5, 2012 event, the Company is authorized to issue 120 million shares of $0.10 par value Common Stock. | |||||||||||||||||||||||||
The Company’s Common Stock is traded on the Nasdaq Global Select Market under the symbol TILE. | |||||||||||||||||||||||||
The Company paid dividends totaling $0.14 per share during 2014, $0.11 per share during 2013, and $0.09 per share during 2012, to each share of Common Stock. The future declaration and payment of dividends is at the discretion of the Company’s Board, and depends upon, among other things, the Company’s investment policy and opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant at the time of the Board’s determination. Such other factors include limitations contained in the agreement for its syndicated credit facility, which specifies conditions as to when any dividend payments may be made. As such, the Company may discontinue its dividend payments in the future if its Board determines that a cessation of dividend payments is proper in light of the factors indicated above. | |||||||||||||||||||||||||
On October 7, 2014, the Company announced a program to repurchase up to 500,000 shares of common stock per fiscal year, commencing with the 2014 fiscal year. During 2014, the Company repurchased and retired 500,000 shares of common stock. The average purchase price of these shares was $15.30 per share. | |||||||||||||||||||||||||
All treasury stock is accounted for using the cost method. | |||||||||||||||||||||||||
The following tables depict the activity in the accounts which make up shareholders equity for the years 2014, 2013 and 2012. | |||||||||||||||||||||||||
SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | ||||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at January 1, 2012 | 65,484 | $ | 6,548 | $ | 361,400 | $ | (16,764 | ) | $ | (36,262 | ) | $ | (33,883 | ) | |||||||||||
Net income | 5,943 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 160 | 16 | 2,030 | ||||||||||||||||||||||
Other issuances of common stock | 573 | 58 | 7,564 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (7,610 | ) | |||||||||||||||||||||||
Cash dividends paid | (5,925 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (155 | ) | (16 | ) | 3,293 | ||||||||||||||||||||
Pension liability adjustment | 771 | ||||||||||||||||||||||||
Foreign currency translation adjustment | 8,539 | ||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 30, 2012 | 66,062 | $ | 6,606 | $ | 366,677 | $ | (16,746 | ) | $ | (35,491 | ) | $ | (25,344 | ) | |||||||||||
SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | ||||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at December 30, 2012 | 66,062 | $ | 6,606 | $ | 366,677 | $ | (16,746 | ) | $ | (35,491 | ) | $ | (25,344 | ) | |||||||||||
Net income | 48,255 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 201 | 20 | 1,814 | ||||||||||||||||||||||
Other issuances of common stock | 670 | 67 | 10,805 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (10,872 | ) | |||||||||||||||||||||||
Cash dividends paid | (7,283 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (622 | ) | (62 | ) | 6,173 | ||||||||||||||||||||
Pension liability adjustment | 1,409 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (5,241 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 29, 2013 | 66,311 | $ | 6,631 | $ | 374,597 | $ | 24,226 | $ | (34,082 | ) | $ | (30,585 | ) | ||||||||||||
SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | ||||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at December 29, 2013 | 66,311 | $ | 6,631 | $ | 374,597 | $ | 24,226 | $ | (34,082 | ) | $ | (30,585 | ) | ||||||||||||
Net income | 24,808 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 55 | 5 | 381 | ||||||||||||||||||||||
Other issuances of common stock | 489 | 49 | 10,361 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (10,410 | ) | |||||||||||||||||||||||
Cash dividends paid | (9,297 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (387 | ) | (38 | ) | 1,293 | ||||||||||||||||||||
Share repurchases | (500 | ) | (50 | ) | (7,619 | ) | |||||||||||||||||||
Pension liability adjustment | (15,280 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (28,351 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 28, 2014 | 65,968 | $ | 6,597 | $ | 368,603 | $ | 39,737 | $ | (49,362 | ) | $ | (58,936 | ) | ||||||||||||
Stock Options | |||||||||||||||||||||||||
The Company has an Omnibus Stock Incentive Plan (“Omnibus Plan”) under which a committee of independent directors is authorized to grant directors and key employees, including officers, options to purchase the Company’s Common Stock. Options are exercisable for shares of Common Stock at a price not less than 100% of the fair market value on the date of grant. The options become exercisable either immediately upon the grant date or ratably over a time period ranging from one to five years from the date of the grant. The Company’s options expire at the end of time periods ranging from three to ten years from the date of the grant. In May 2010, the shareholders approved an amendment and restatement of the Omnibus Plan. This amendment and restatement extended the term of the Omnibus Plan until February 2020, and set the number of shares authorized for issuance or transfer on or after the effective date of the amendment and restatement at 6,558,263 shares, except that each share issued pursuant to an award other than a stock option reduces the number of such authorized shares by 1.33 shares. | |||||||||||||||||||||||||
Accounting standards require that the Company measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair market 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. 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 expense by the assumed forfeiture rate and will evaluate actual experience against the assumed forfeiture rate going forward. This expense reduction is not significant to the Company. | |||||||||||||||||||||||||
The Company recognized stock option compensation expense of $0.1 million in 2013 and $0.5 million in 2012. All outstanding stock options vested prior to 2014 and therefore there were no stock option compensation expenses during 2014. The expense for stock options is included in selling, general and administrative expense on the Company’s consolidated statements of operations, as none of these stock options have been issued to production personnel. | |||||||||||||||||||||||||
The following table summarizes stock options outstanding as of December 28, 2014, as well as activity during the previous fiscal year: | |||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||
Outstanding at December 29, 2013 | 184,000 | $ | 8.18 | ||||||||||||||||||||||
Granted | 0 | 0 | |||||||||||||||||||||||
Exercised | 55,000 | 6.68 | |||||||||||||||||||||||
Forfeited or cancelled | 3,000 | 1.49 | |||||||||||||||||||||||
Outstanding at December 28, 2014 (a) | 126,000 | $ | 9.23 | ||||||||||||||||||||||
Exercisable at December 28, 2014 (b) | 126,000 | $ | 9.23 | ||||||||||||||||||||||
(a) At December 28, 2014, the weighted-average remaining contractual life of options outstanding was 5.0 years. | |||||||||||||||||||||||||
(b) At December 28, 2014, the weighted-average remaining contractual life of options exercisable was 5.0 years. | |||||||||||||||||||||||||
At December 28, 2014, the aggregate intrinsic values of in-the-money options outstanding and options exercisable were $0.9 million and $0.9 million, respectively (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). | |||||||||||||||||||||||||
The intrinsic value of stock options exercised in 2014, 2013 and 2012 was $0.6 million, $1.9 million and $0.9 million, respectively. The cash proceeds related to stock options exercised in 2014, 2013 and 2012 were $0.4 million, $1.9 million, and $1.5 million, respectively. | |||||||||||||||||||||||||
The tax benefit recognized with respect to stock options during all presented years was not significant. | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding at December 28, 2014 | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Number Exercisable at December 28, 2014 | Weighted Average Exercise Price | ||||||||||||||||||||
$4.01 | – | $5.00 | 50,000 | 4 | $ | 4.3 | 50,000 | $ | 4.3 | ||||||||||||||||
$12.00 | - | $14.00 | 76,000 | 5.7 | 12.47 | 76,000 | 12.47 | ||||||||||||||||||
126,000 | 5 | $ | 9.23 | 126,000 | $ | 9.23 | |||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||
During fiscal years 2014, 2013 and 2012, the Company granted restricted stock awards totaling 489,000, 670,000 and 573,000 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, these shares (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 the vesting of restricted stock was $4.0 million, $7.9 million and $3.3 million for 2014, 2013 and 2012, respectively. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized. 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 actual experience against the assumed forfeiture rate going forward. The forfeiture rate has been developed using historical data regarding actual forfeitures as well as an estimate of future expected forfeitures under our restricted stock grants. | |||||||||||||||||||||||||
The following table summarizes restricted stock activity as of December 28, 2014, and during the previous fiscal year: | |||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Outstanding at December 29, 2013 | 1,707,500 | $ | 15.62 | ||||||||||||||||||||||
Granted | 489,000 | 21.28 | |||||||||||||||||||||||
Vested | 565,500 | 16.2 | |||||||||||||||||||||||
Forfeited or cancelled | 240,000 | 17.14 | |||||||||||||||||||||||
Outstanding at December 28, 2014 | 1,391,000 | $ | 17.12 | ||||||||||||||||||||||
As of December 28, 2014, the unrecognized total compensation cost related to unvested restricted stock was $9.3 million. That cost is expected to be recognized by the end of 2020. | |||||||||||||||||||||||||
As stated above, accounting standards require the Company to estimate forfeitures in calculating the expense related to stock-based compensation, as opposed to only recognizing these forfeitures and the corresponding reduction in expense as they occur. | |||||||||||||||||||||||||
The tax benefit recognized with respect to restricted stock during the years 2014, 2013 and 2012 was $1.0 million, $3.0 million, and $0.7 million, respectively. |
Note_11_Income_Loss_Per_Share
Note 11 - Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | INCOME (LOSS) PER SHARE | ||||||||||||
The Company computes basic earnings (loss) per share (“EPS”) by dividing income (loss) from continuing operations, income (loss) from discontinued operations and net income (loss), by the weighted average common shares outstanding, including participating securities outstanding, during the period as depicted 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. Income attributable to non-controlling interest is included in the computation of basic and diluted earnings per share, where applicable. | |||||||||||||
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 common 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: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings per share from continuing operations: | |||||||||||||
Basic earnings per share | |||||||||||||
Distributed earnings | $ | 0.14 | $ | 0.11 | $ | 0.09 | |||||||
Undistributed earnings | 0.23 | 0.62 | 0.26 | ||||||||||
$ | 0.37 | $ | 0.73 | $ | 0.35 | ||||||||
Diluted earnings per share | |||||||||||||
Distributed earnings | $ | 0.14 | $ | 0.11 | $ | 0.09 | |||||||
Undistributed earnings | 0.23 | 0.62 | 0.26 | ||||||||||
$ | 0.37 | $ | 0.73 | $ | 0.35 | ||||||||
Earnings (Loss) per share from discontinued operations: | |||||||||||||
Basic earnings (loss) per share | |||||||||||||
Distributed earnings | $ | 0 | $ | 0 | $ | 0 | |||||||
Undistributed earnings | 0 | 0 | (0.26 | ) | |||||||||
Diluted earnings (loss) per share | |||||||||||||
Distributed earnings | $ | 0 | $ | 0 | $ | 0 | |||||||
Undistributed earnings | 0 | 0 | (0.26 | ) | |||||||||
Basic earnings per share | $ | 0.37 | $ | 0.73 | $ | 0.09 | |||||||
Diluted earnings per share | $ | 0.37 | $ | 0.73 | $ | 0.09 | |||||||
The following table presents income from continuing operations and net income that was attributable to participating securities: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Income from continuing operations | $ | 0.5 | $ | 1.2 | $ | 0.7 | |||||||
Net income | 0.5 | 1.2 | 0.2 | ||||||||||
The weighted average shares for basic and diluted EPS were as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Weighted Average Shares Outstanding | 64,998 | 64,486 | 63,793 | ||||||||||
Participating Securities | 1,391 | 1,708 | 1,974 | ||||||||||
Shares for Basic Earnings Per Share | 66,389 | 66,194 | 65,767 | ||||||||||
Dilutive Effect of Stock Options | 59 | 103 | 133 | ||||||||||
Shares for Diluted Earnings Per Share | 66,448 | 66,297 | 65,900 | ||||||||||
In 2012, approximately 191,000 outstanding stock options were not included in the determination of diluted EPS as their impact would be anti-dilutive. |
Note_12_Restructuring_Charges
Note 12 - Restructuring Charges | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING CHARGES | ||||||||||||
2014 Restructuring Plan | |||||||||||||
In the third quarter of 2014, the Company committed to a new 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 | Dec. 28, 2014 | |||||||||||
(In thousands) | |||||||||||||
Workforce Reduction | $ | 9,669 | $ | 2,732 | $ | 6,937 | |||||||
Fixed Asset Impairment | 2,584 | 2,584 | 0 | ||||||||||
Other Related Exit Costs | 133 | 133 | 0 | ||||||||||
Note_13_Taxes_on_Income
Note 13 - Taxes on Income | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Income Tax Disclosure [Text Block] | TAXES ON INCOME | ||||||||||||||||
Provisions for federal, foreign and state income taxes in the consolidated statements of operations consisted of the following components: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current expense/(benefit): | |||||||||||||||||
Federal | $ | 224 | $ | 473 | $ | (134 | ) | ||||||||||
Foreign | 5,555 | 2,605 | 5,319 | ||||||||||||||
State | 712 | 627 | 602 | ||||||||||||||
6,491 | 3,705 | 5,787 | |||||||||||||||
Deferred expense/(benefit): | |||||||||||||||||
Federal | 3,856 | 3,246 | 1,928 | ||||||||||||||
Foreign | 493 | 8,692 | 17 | ||||||||||||||
State | 94 | 5,106 | (1,692 | ) | |||||||||||||
4,443 | 17,044 | 253 | |||||||||||||||
$ | 10,934 | $ | 20,749 | $ | 6,040 | ||||||||||||
Income tax expense (benefit) is included in the accompanying consolidated statements of operations as follows: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Continuing operations | $ | 10,934 | $ | 20,749 | $ | 15,204 | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | (9,164 | ) | |||||||||||||
$ | 10,934 | $ | 20,749 | $ | 6,040 | ||||||||||||
Income from continuing operations before taxes on income consisted of the following: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
U.S. operations | $ | 10,345 | $ | 21,292 | $ | 27,332 | |||||||||||
Foreign operations | 25,397 | 47,712 | 10,771 | ||||||||||||||
$ | 35,742 | $ | 69,004 | $ | 38,103 | ||||||||||||
Deferred income taxes for the years ended December 28, 2014, and December 29, 2013, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||||||
At December 28, 2014, the Company had approximately $129 million in federal net operating loss carryforwards with expiration dates through 2032, of which $28.9 million is from share-based payment awards. In accordance with applicable accounting standards, a financial statement benefit has not been recorded for the net operating loss related to the share-based payment awards. The Company’s foreign subsidiaries had approximately $4.0 million in net operating losses, the majority of which is available for an unlimited carryforward period. The Company expects to utilize all of its federal and foreign carryforwards prior to their expiration. The Company had approximately $209 million in state net operating loss carryforwards relating to continuing operations with expiration dates through 2034. The Company had provided a valuation allowance against $163.7 million of such losses, which the Company does not expect to utilize. In addition, the Company has approximately $166.0 million in state net operating loss carryforwards relating to discontinued operations against which a full valuation allowance has been provided. | |||||||||||||||||
The sources of the temporary differences and their effect on the net deferred tax asset are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
ASSETS | LIABILITIES | ASSETS | LIABILITIES | ||||||||||||||
(in thousands) | |||||||||||||||||
Basis differences of property and equipment | $ | $ | 15,958 | $ | $ | 17,282 | |||||||||||
Basis difference of intangible assets | 384 | 346 | |||||||||||||||
Foreign currency | 3,848 | 2,755 | |||||||||||||||
Net operating loss carryforwards | 28,463 | 31,944 | |||||||||||||||
Valuation allowances on net operating loss carryforwards | (10,298 | ) | (9,577 | ) | |||||||||||||
Federal tax credits | 2,751 | 2,490 | |||||||||||||||
Deferred compensation | 21,190 | 20,743 | |||||||||||||||
Basis difference of prepaids, accruals and reserves | 7,816 | 7,265 | |||||||||||||||
Pensions | 3,152 | 774 | |||||||||||||||
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 948 | 1,704 | |||||||||||||||
Basis difference of other assets and liabilities | 68 | 659 | |||||||||||||||
$ | 53,074 | $ | 21,206 | $ | 52,865 | $ | 23,520 | ||||||||||
Deferred tax assets and liabilities are included in the accompanying balance sheets as follows: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred income taxes (current asset) | $ | 9,732 | $ | 10,232 | |||||||||||||
Deferred tax asset (non-current asset) | 33,138 | 34,162 | |||||||||||||||
Deferred income taxes (non-current liabilities) | (11,002 | ) | (15,049 | ) | |||||||||||||
$ | 31,868 | $ | 29,345 | ||||||||||||||
Management believes, based on the Company’s history of taxable income and expectations for the future, that it is more likely than not that future taxable income will be sufficient to fully utilize the deferred tax assets at December 28, 2014. | |||||||||||||||||
As of December 28, 2014 and December 29, 2013, non-current deferred tax assets were reduced by approximately $21.8 million of unrecognized tax benefits. For further discussion, see “Recent Accounting Pronouncements” in item 8 of this Report. | |||||||||||||||||
The Company’s effective tax rate from continuing operations was 30.6%, 30.1% and 39.9% for fiscal years 2014, 2013 and 2012, respectively. The following summary reconciles income taxes at the U.S. federal statutory rate of 35% to the Company’s actual income tax expense: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income taxes at U.S federal statutory rate | $ | 12,510 | $ | 24,151 | $ | 13,336 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income taxes, net of federal tax effect | 57 | 496 | 1,116 | ||||||||||||||
Non-deductible business expenses | 570 | 601 | 1,009 | ||||||||||||||
Non-deductible employee compensation | 491 | 409 | 469 | ||||||||||||||
Tax effects of Company owned life insurance | (395 | ) | (1,117 | ) | (448 | ) | |||||||||||
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 362 | 562 | 321 | ||||||||||||||
Foreign and U.S. tax effects attributable to foreign operations | (3,021 | ) | (3,958 | ) | (1,174 | ) | |||||||||||
Valuation allowance effect – State NOL | 468 | 3,232 | (187 | ) | |||||||||||||
Non-deductible reserve against capital asset | 0 | (218 | ) | 1,188 | |||||||||||||
Advance pricing agreements with tax authorities | 0 | (2,492 | ) | 0 | |||||||||||||
Federal tax credits | 0 | (595 | ) | (891 | ) | ||||||||||||
Other | (108 | ) | (322 | ) | 465 | ||||||||||||
Income tax expense | $ | 10,934 | $ | 20,749 | $ | 15,204 | |||||||||||
The Company does not provide for U.S. income taxes on the undistributed earnings of its foreign subsidiaries that are considered to be indefinitely reinvested outside of the U.S. as determination of the amount of unrecognized deferred U.S. income tax liability related to the indefinitely reinvested earnings is not practicable because of the complexities associated with its hypothetical calculation. At December 28, 2014, approximately $261 million of undistributed earnings of the Company’s foreign subsidiaries are deemed to be indefinitely reinvested outside of the U.S., on which withholding taxes of approximately $5.6 million would be payable upon remittance. | |||||||||||||||||
At December 28, 2014, the Company has provided for approximately $0.8 million in U.S. federal income taxes and approximately $0.1 million in foreign withholding taxes on approximately $2.4 million of undistributed earnings from foreign subsidiaries that are not deemed to be indefinitely reinvested outside of the U.S. | |||||||||||||||||
As of December 28, 2014 and December 29, 2013, the Company had $27.3 million and $27.4 million, respectively, of unrecognized tax benefits. If the $27.3 million of unrecognized tax benefits as of December 28, 2014 are recognized, there would be a favorable impact on the Company’s effective tax rate in future periods. If the unrecognized tax benefits are not favorably settled, $5.5 million of the total amount of unrecognized tax benefits would require the use of cash in future periods. | |||||||||||||||||
The Company recognizes accrued interest and income tax penalties related to unrecognized tax benefits as a component of income tax expense. As of December 28, 2014, the Company had accrued interest and penalties of $1.2 million, which is included in the total unrecognized tax benefit noted above. | |||||||||||||||||
The Company’s federal income tax returns are subject to examination for the years 2003 to the present. The Company files returns in numerous state and local jurisdictions and in general it is subject to examination by the state tax authorities for the years 2009 to the present. The Company files returns in numerous foreign jurisdictions and in general it is subject to examination by the foreign tax authorities for the years 2004 to the present. | |||||||||||||||||
During 2013, the Company executed advance pricing agreements (“APA”) with the Canadian tax authorities (“CRA”) and the Internal Revenue Service (“IRS”), for tax years 2006 through 2011, with respect to certain intercompany transactions (“Covered Transactions”) between Interface, Inc. (including its U.S. subsidiaries) and its Canadian subsidiary, InterfaceFLOR Canada, Inc. The Covered Transactions include intercompany buy-sale distribution, contract manufacturing, provision of management services, and licensing intangibles. | |||||||||||||||||
The APAs encompass the final resolution resulting from the bilateral negotiations between the CRA and the IRS under the Canada-U.S. bilateral advance pricing agreement program (“BAPA”), which the Company was accepted into during 2008, with respect to the Covered Transactions for tax years 2006 through 2011. | |||||||||||||||||
During 2013, the Company recognized tax benefits of $1.9 million relating to the final resolution of the BAPA and a reduction of $0.6 million in federal income taxes and foreign withholding taxes previously provided on undistributed earnings, from its Canadian subsidiary, that were not deemed to be indefinitely reinvested outside the U.S. | |||||||||||||||||
Management believes changes to our unrecognized tax benefits that are reasonably possible in the next 12 months will not have a significant impact on our financial positions or results of operations. The timing of the ultimate resolution of the Company’s tax matters and the payment and receipt of related cash is dependent on a number of factors, many of which are outside the Company’s control. | |||||||||||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: | |||||||||||||||||
FISCAL YEAR | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of year | $ | 27,361 | $ | 25,186 | $ | 7,736 | |||||||||||
Increases related to tax positions taken during the current year | 875 | 911 | 18,118 | ||||||||||||||
Increases related to tax positions taken during the prior years | 1,157 | 3,938 | 150 | ||||||||||||||
Decreases related to tax positions taken during the prior years | (697 | ) | (9 | ) | (519 | ) | |||||||||||
Decreases related to settlements with taxing authorities | 0 | (1,928 | ) | 0 | |||||||||||||
Decreases related to lapse of applicable statute of limitations | (919 | ) | (397 | ) | (300 | ) | |||||||||||
Changes due to foreign currency translation | (476 | ) | (340 | ) | 1 | ||||||||||||
Balance at end of year | $ | 27,301 | $ | 27,361 | $ | 25,186 | |||||||||||
Note_14_Discontinued_Operation
Note 14 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS | ||||||||||||
In 2012, the Company sold its Bentley Prince Street business segment to a third party. In accordance with applicable accounting standards, the Company has reported the results of operations for the former Bentley Prince Street business segment as “discontinued operations,” where applicable. Consequently, the Company’s discussion of sales and other results of operations (except for net income or loss amounts), including percentages derived from or based on such amounts, excludes these discontinued operations unless we indicate otherwise. There were no sales or income (loss) on operations associated with discontinued operations in 2014 or 2013. | |||||||||||||
Summary operating results for the discontinued operations are as follows: | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net sales | $ | 0 | $ | 0 | $ | 57,017 | |||||||
Income (loss) on operations before taxes | 0 | 0 | (26,120 | ) | |||||||||
Taxes on income (benefit) | 0 | 0 | (9,164 | ) | |||||||||
Income (loss) on operations, net of tax | 0 | 0 | (16,956 | ) | |||||||||
Loss from discontinued operations, net of tax, for 2012 was comprised of the following after-tax amounts: (1) $8.6 million of loss on disposal; (2) $5.9 million of costs to sell the operations; and (3) $2.5 million of non-disposal loss from the discontinued operations. | |||||||||||||
There were no assets and liabilities, including reserves, related to discontinued operations that were held for sale as of December 28, 2014 or December 29, 2013. |
Note_15_Commitments_and_Contig
Note 15 - Commitments and Contigencies | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES | ||||
The Company leases certain production, distribution and marketing facilities and equipment. At December 28, 2014, aggregate minimum rent commitments under operating leases with initial or remaining terms of one year or more consisted of the following: | |||||
FISCAL YEAR | AMOUNT | ||||
(in thousands) | |||||
2015 | $ | 18,969 | |||
2016 | 13,394 | ||||
2017 | 10,985 | ||||
2018 | 7,068 | ||||
2019 | 4,679 | ||||
Thereafter | 11,745 | ||||
Rental expense amounted to approximately $24.6 million, $24.5 million and $22.8 million, for the years 2014, 2013 and 2012, respectively. This excludes rental expenses of approximately $2.6 million for 2012 related to discontinued operations. | |||||
The Company is from time to time a party to routine litigation incidental to its business. Management does not believe that the resolution of any or all of such litigation will have a material adverse effect on the Company’s financial condition or results of operations. |
Note_16_Employee_Benefit_Plans
Note 16 - Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS | ||||||||||||
Defined Contribution and Deferred Compensation Plans | |||||||||||||
The Company has a 401(k) retirement investment plan (“401(k) Plan”), which is open to all otherwise eligible U.S. employees with at least six months of service. The 401(k) Plan calls for Company matching contributions on a sliding scale based on the level of the employee’s contribution. The Company may, at its discretion, make additional contributions to the 401(k) Plan based on the attainment of certain performance targets by its subsidiaries. The Company’s matching contributions are funded bi-monthly and totaled approximately $2.7 million, $2.6 million and $2.4 million for the years 2014, 2013 and 2012, respectively, for continuing operations. No discretionary contributions were made in 2014, 2013 or 2012. | |||||||||||||
Under the Company’s nonqualified savings plans (“NSPs”), the Company provides eligible employees the opportunity to enter into agreements for the deferral of a specified percentage of their compensation, as defined in the NSPs. The NSPs call for Company matching contributions on a sliding scale based on the level of the employee’s contribution. The obligations of the Company under such agreements to pay the deferred compensation in the future in accordance with the terms of the NSPs are unsecured general obligations of the Company. Participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company has established a rabbi trust to hold, invest and reinvest deferrals and contributions under the NSPs. If a change in control of the Company occurs, as defined in the NSPs, the Company will contribute an amount to the rabbi trust sufficient to pay the obligation owed to each participant. Deferred compensation in connection with the NSPs totaled $24.5 million at December 28, 2014. The Company invests the deferrals in insurance instruments with readily determinable cash surrender values. | |||||||||||||
Foreign Defined Benefit Plans | |||||||||||||
The Company has trusteed defined benefit retirement plans which cover many of its European employees. The benefits are generally based on years of service and the employee’s average monthly compensation. Pension expense was $0.1 million, $1.0 million and $0.8 million for the years 2014, 2013 and 2012, respectively. Plan assets are primarily invested in equity and fixed income securities. The Company uses a year-end measurement date for the plans. As of December 28, 2014, for the European plans, the Company had a net liability recorded of $14.7 million, an amount equal to their underfunded status, and has recorded in Other Comprehensive Income an amount equal to $45.4 million (net of taxes) related to the future amounts to be recorded in net post-retirement benefit costs. | |||||||||||||
The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation, beginning of year | $ | 251,181 | $ | 243,649 | |||||||||
Service cost | 705 | 804 | |||||||||||
Interest cost | 10,563 | 9,610 | |||||||||||
Benefits and expenses paid | (9,542 | ) | (10,820 | ) | |||||||||
Actuarial loss (gain) | 41,631 | 2,312 | |||||||||||
Member contributions | 294 | 331 | |||||||||||
Currency translation adjustment | (19,070 | ) | 5,295 | ||||||||||
Benefit obligation, end of year | $ | 275,762 | $ | 251,181 | |||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in plan assets | |||||||||||||
Plan assets, beginning of year | $ | 253,761 | $ | 241,027 | |||||||||
Actual return on assets | 29,280 | 12,761 | |||||||||||
Company contributions | 5,815 | 5,195 | |||||||||||
Benefits paid | (9,542 | ) | (10,807 | ) | |||||||||
Currency translation adjustment | (18,288 | ) | 5,585 | ||||||||||
Plan assets, end of year | $ | 261,026 | $ | 253,761 | |||||||||
Reconciliation to balance sheet | |||||||||||||
Funded status benefit asset/(liability) | $ | (14,736 | ) | $ | 2,580 | ||||||||
Net amount recognized | $ | (14,736 | ) | $ | 2,580 | ||||||||
Amounts recognized in accumulated other comprehensive income (after tax) | |||||||||||||
Unrecognized actuarial loss | $ | 45,836 | $ | 31,302 | |||||||||
Unamortized prior service costs | (423 | ) | 152 | ||||||||||
Total amount recognized | $ | 45,413 | $ | 31,454 | |||||||||
The above disclosure represents the aggregation of information related to the Company’s two defined benefit plans which cover many of its European employees. As of December 28, 2014, and December 29, 2013, one of these plans, which primarily covers certain employees in the United Kingdom (the “UK Plan”), had an accumulated benefit obligation in excess of the plan assets. The other plan, which covers certain employees in Europe (the “Europe Plan”), had assets in excess of the accumulated benefit obligation. The following table summarizes this information as of December 28, 2014, and December 29, 2013. | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
UK Plan | |||||||||||||
Projected Benefit Obligation | $ | 190,303 | $ | 176,909 | |||||||||
Accumulated Benefit Obligation | 190,303 | 176,909 | |||||||||||
Plan Assets | 179,205 | 174,039 | |||||||||||
Europe Plan | |||||||||||||
Projected Benefit Obligation | $ | 85,459 | $ | 74,272 | |||||||||
Accumulated Benefit Obligation | 81,353 | 71,297 | |||||||||||
Plan Assets | 81,821 | 79,722 | |||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 705 | $ | 804 | $ | 505 | |||||||
Interest cost | 10,563 | 9,610 | 10,212 | ||||||||||
Expected return on plan assets | (11,904 | ) | (10,150 | ) | (11,203 | ) | |||||||
Amortization of prior service cost | 19 | 89 | 86 | ||||||||||
Recognized net actuarial (gains)/losses | 648 | 684 | 1,189 | ||||||||||
Net periodic benefit cost | $ | 31 | $ | 1,037 | $ | 789 | |||||||
For 2015, it is estimated that approximately $1.0 million of expenses related to the amortization of unrecognized items will be included in the net periodic benefit cost. During 2014, other comprehensive income was impacted by approximately $24.4 million comprised of actuarial loss of approximately $25.0 million and amortization of $0.6 million. | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average assumptions used to determine net periodic benefit cost | |||||||||||||
Discount rate | 4 | % | 4 | % | 4.7 | % | |||||||
Expected return on plan assets | 4.2 | % | 4.7 | % | 5.7 | % | |||||||
Rate of compensation | 2 | % | 2 | % | 2 | % | |||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||
Discount rate | 3.2 | % | 4.25 | % | 4 | % | |||||||
Rate of compensation | 2 | % | 2 | % | 2 | % | |||||||
The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers. | |||||||||||||
The Company’s foreign defined benefit plans’ accumulated benefit obligations were in excess of the fair value of plan assets. The projected benefit obligations, accumulated benefit obligations and fair value of these plans are as follows: | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Projected benefit obligation | $ | 275,762 | $ | 251,181 | |||||||||
Accumulated benefit obligations | 271,656 | 248,206 | |||||||||||
Fair value of plan assets | 261,026 | 253,761 | |||||||||||
The investment objectives of the foreign defined benefit plans are to maximize the return on the investments without exceeding the limits of the prudent pension fund investment, to ensure that the assets would be sufficient to exceed minimum funding requirements, and to achieve a favorable return against the performance expectation based on historic and projected rates of return over the short term. The goal is to optimize the long-term return on plan assets at a moderate level of risk, by balancing higher-returning assets, such as equity securities, with less volatile assets, such as fixed income securities. The assets are managed by professional investment firms and performance is evaluated periodically against specific benchmarks. The plans’ net assets did not include the Company’s own stock at December 28, 2014, or December 29, 2013. | |||||||||||||
The Company’s actual weighted average asset allocations for 2014 and 2013, and the targeted asset allocation for 2015, of the foreign defined benefit plans by asset category, are as follows: | |||||||||||||
FISCAL YEAR | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Target Allocation | Percentage of Plan Assets at Year End | ||||||||||||
Asset Category: | |||||||||||||
Equity Securities | 55% | - | 65% | 63% | 65% | ||||||||
Debt Securities | 30% | - | 40% | 34% | 32% | ||||||||
Other | 0% | - | 5% | 3% | 3% | ||||||||
100% | 100% | 100% | |||||||||||
Fair Value Measurements of Plan Assets | |||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure estimated fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under applicable accounting standards are described below: | |||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||
Level 2 | Inputs to the valuation methodology include: | ||||||||||||
● | quoted prices for similar assets in active markets; | ||||||||||||
● | quoted prices for identical or similar assets in inactive markets; | ||||||||||||
● | inputs other than quoted prices that are observable for the asset; and | ||||||||||||
● | inputs that are derived principally or corroborated by observable data by correlation or other means. | ||||||||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||
The following table sets forth by level within the fair value hierarchy the foreign defined benefit plans’ assets at fair value, as of December 28, 2014 and December 29, 2013. As required by accounting standards, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||
Pension Plan Assets by Category as of December 28, 2014 | |||||||||||||
Europe Plan | UK Plan | Total | |||||||||||
(in thousands) | |||||||||||||
Level 1 | $ | 81,821 | $ | 173,271 | $ | 255,092 | |||||||
Level 2 | 0 | 0 | 0 | ||||||||||
Level 3 | 0 | 5,934 | 5,934 | ||||||||||
Total | $ | 81,821 | $ | 179,205 | $ | 261,026 | |||||||
Pension Plan Assets by Category as of December 29, 2013 | |||||||||||||
Europe Plan | UK Plan | Total | |||||||||||
(in thousands) | |||||||||||||
Level 1 | $ | 79,722 | $ | 167,397 | $ | 247,119 | |||||||
Level 2 | 0 | 0 | 0 | ||||||||||
Level 3 | 0 | 6,642 | 6,642 | ||||||||||
Total | $ | 79,722 | $ | 174,039 | $ | 253,761 | |||||||
The assets identified as level 3 above relate to insured annuities held by the UK Plan. The fair value of these assets was calculated using the present value of the future pension payments due under the insurance policies. The table below indicates the change in value related to these level 3 assets during 2014: | |||||||||||||
2014 | |||||||||||||
(in thousands) | |||||||||||||
Balance of level 3 assets, beginning of year | $ | 6,642 | |||||||||||
Interest cost | 287 | ||||||||||||
Benefits paid | (918 | ) | |||||||||||
Actuarial loss | 212 | ||||||||||||
Translation adjustment | (289 | ) | |||||||||||
Ending Balance of level 3 assets | $ | 5,934 | |||||||||||
During 2015, the Company expects to contribute $5.1 million to the plan trust. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows: | |||||||||||||
FISCAL YEAR | EXPECTED PAYMENTS | ||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 8,902 | |||||||||||
2016 | 9,021 | ||||||||||||
2017 | 9,206 | ||||||||||||
2018 | 9,664 | ||||||||||||
2019 | 9,749 | ||||||||||||
2020-2024 | 48,585 | ||||||||||||
Domestic Defined Benefit Plan | |||||||||||||
The Company maintains a domestic nonqualified salary continuation plan (“SCP”), which is designed to induce selected officers of the Company to remain in the employ of the Company by providing them with retirement, disability and death benefits in addition to those which they may receive under the Company’s other retirement plans and benefit programs. The SCP entitles participants to: (i) retirement benefits upon normal retirement at age 65 (or early retirement as early as age 55) after completing at least 15 years of service with the Company (unless otherwise provided in the SCP), payable for the remainder of their lives (or, if elected by a participant, a reduced benefit is payable for the remainder of the participant’s life and any surviving spouse’s life) and in no event less than 10 years under the death benefit feature; (ii) disability benefits payable for the period of any total disability; and (iii) death benefits payable to the designated beneficiary of the participant for a period of up to 10 years. Benefits are determined according to one of three formulas contained in the SCP, and the SCP is administered by the Compensation Committee of the Company’s Board of Directors, which has full discretion in choosing participants and the benefit formula applicable to each. The Company’s obligations under the SCP are currently unfunded (although the Company uses insurance instruments to hedge its exposure thereunder). The Company is required to contribute the present value of its obligations thereunder to an irrevocable grantor trust in the event of a change in control as defined in the SCP. The Company uses a year-end measurement date for the domestic SCP. | |||||||||||||
The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation, beginning of year | $ | 20,947 | $ | 21,923 | |||||||||
Service cost | 500 | 534 | |||||||||||
Interest cost | 1,071 | 997 | |||||||||||
Benefits paid | (847 | ) | (847 | ) | |||||||||
Actuarial loss (gain) | 2,345 | (1,660 | ) | ||||||||||
Benefit obligation, end of year | $ | 24,016 | $ | 20,947 | |||||||||
The amounts recognized in the consolidated balance sheets are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Current liabilities | $ | 847 | $ | 848 | |||||||||
Non-current liabilities | 23,169 | 20,099 | |||||||||||
$ | 24,016 | $ | 20,947 | ||||||||||
The components of the amounts in accumulated other comprehensive income, after tax, are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Unrecognized actuarial loss | $ | 3,949 | $ | 2,614 | |||||||||
Unrecognized transition asset | 0 | 0 | |||||||||||
Unamortized prior service cost | 0 | 14 | |||||||||||
$ | 3,949 | $ | 2,628 | ||||||||||
The accumulated benefit obligation related to the SCP was $20.3 million and $17.6 million as of December 28, 2014, and December 29, 2013, respectively. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except for assumptions) | |||||||||||||
Assumptions used to determine net periodic benefit cost | |||||||||||||
Discount rate | 4.5 | % | 4 | % | 4.75 | % | |||||||
Rate of compensation | 4 | % | 4 | % | 4 | % | |||||||
Assumptions used to determine benefit obligations | |||||||||||||
Discount rate | 4 | % | 4.5 | % | 4 | % | |||||||
Rate of compensation | 4 | % | 4 | % | 4 | % | |||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 500 | $ | 534 | $ | 452 | |||||||
Interest cost | 1,072 | 997 | 1,014 | ||||||||||
Amortizations | 291 | 489 | 316 | ||||||||||
Net periodic benefit cost | $ | 1,863 | $ | 2,020 | $ | 1,782 | |||||||
The changes in other comprehensive income during 2014 related to this Plan were approximately $1.3 million, after tax, primarily comprised of a net loss during the period of $1.3 million. | |||||||||||||
For 2015, the Company estimates that approximately $0.5 million of expenses related to the amortization of unrecognized items will be included in net periodic benefit cost for the SCP. | |||||||||||||
During 2014, the Company contributed $0.8 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows: | |||||||||||||
FISCAL YEAR | EXPECTED PAYMENTS | ||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 847 | |||||||||||
2016 | 847 | ||||||||||||
2017 | 847 | ||||||||||||
2018 | 847 | ||||||||||||
2019 | 847 | ||||||||||||
2020-2024 | 9,504 | ||||||||||||
Note_17_Fire_at_Australian_Man
Note 17 - Fire at Australian Manufacturing Facility | 12 Months Ended |
Dec. 28, 2014 | |
Extraordinary and Unusual Items [Abstract] | |
Extraordinary Items Disclosure [Text Block] | FIRE AT AUSTRALIAN MANUFACTURING FACILITY |
In July 2012, a fire occurred at the Company’s manufacturing facility in Picton, Australia, causing extensive damage and rendering the facility inoperable. As a result of the fire, in 2012, the Company recorded a charge of approximately $22.3 million for impairment of fixed assets, and incurred approximately $21.3 million of excess production costs as the Company utilized its other manufacturing facilities to service customers in Australia and New Zealand. Each of these amounts for impairment of fixed assets and excess production costs previously were recorded as a receivable on the Company’s balance sheet, because they were subject to a claim for reimbursement under the Company’s insurance policy. In 2012, the Company received $20.7 million in reimbursement from its insurance company related to the fire. Following the receipt of those proceeds, as of the end of 2012, the Company had an insurance recovery receivable on the fire claim of approximately $22.9 million. | |
In addition to the excess production costs described above, in 2012 the Company incurred approximately $1.7 million of costs related to the fire that were non-production related and were not the subject of a claim under the Company’s insurance policy. As a result, this amount was included in the determination of operating income as shown in the line item “Expenses related to Australia fire” in the Company’s consolidated condensed statement of operations. | |
In 2013, the Company recorded further impairment of fixed assets of $2.7 million and excess production costs of $23.4 million related to the fire. (Thus, the aggregate of the amounts for impairment of fixed assets and excess production costs recorded during 2012 and 2013 totaled $69.7 million). In the first nine months of 2013, the Company received $33.7 million of further reimbursements related to the fire insurance claim, and in the fourth quarter of 2013, the Company received a final settlement payment of $22.3 million from its insurance company. (Thus, the aggregate cash insurance proceeds received during 2012 and 2013 totaled $76.7 million.) | |
At the time of the final insurance settlement payment, the amount of proceeds received exceeded the amount that the Company had recorded as a receivable. (Certain amounts claimed with the insurance company had not been recorded in the Company’s financial statements, in accordance with applicable accounting standards.) Accordingly, the amount of reimbursement received in excess of the insurance receivable, approximately $7.0 million, was recorded as a gain during 2013 in the consolidated statement of operations. There was no insurance recovery receivable as of the end of 2013, or since that time, and the Company does not expect to incur any additional fire related expenses or record any additional fire related recoveries from the insurer. | |
As described in Items 1 and 7 of this report, the Company’s new manufacturing facility in Minto, Australia commenced operations in January 2014. |
Note_18_EnterpriseWide_Disclos
Note 18 - Enterprise-Wide Disclosure | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Concentration Risk Disclosure [Text Block] | ENTERPRISE-WIDE DISCLOSURES | ||||||||||||
Based on applicable accounting standards, the Company has determined that it has three operating segments – namely, the Americas (approximately 57% of net sales), Europe (approximately 28% of net sales) and Asia-Pacific (approximately 15% of net sales) 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. In August 2012, the Company sold its Bentley Prince Street business segment. Accordingly the Company has included the operations of the former Bentley Prince Street segment in discontinued operations, where applicable. | |||||||||||||
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past three years. Sales to customers in foreign markets in 2014, 2013 and 2012 were approximately 51%, 52% and 55%, respectively, of total net sales. These sales were primarily to customers in Europe, Canada, Asia, Australia and Latin America. With the exception of the United States, no one country represented more than 10% of the Company’s net sales. Revenue and long-lived assets related to operations in the United States and other countries are as follows: | |||||||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||
United States | $ | 487,001 | $ | 458,585 | $ | 421,355 | |||||||
United Kingdom | 83,182 | 75,076 | 83,373 | ||||||||||
Australia | 79,922 | 78,569 | 87,115 | ||||||||||
Other foreign countries | 353,798 | 347,759 | 340,177 | ||||||||||
Net sales | $ | 1,003,903 | $ | 959,989 | $ | 932,020 | |||||||
LONG-LIVED ASSETS(2) | |||||||||||||
United States | $ | 86,856 | $ | 85,518 | |||||||||
United Kingdom | 10,604 | 16,541 | |||||||||||
Netherlands | 38,086 | 35,619 | |||||||||||
Australia | 57,410 | 60,199 | |||||||||||
China | 14,007 | 16,281 | |||||||||||
Other foreign countries | 20,384 | 16,687 | |||||||||||
Total long-lived assets | $ | 227,347 | $ | 230,845 | |||||||||
(1) Revenue attributed to geographic areas is based on the location of the customer. | |||||||||||||
(2) Long-lived assets include tangible assets physically located in foreign countries. |
Note_19_Quarterly_Data_and_Sha
Note 19 - Quarterly Data and Share Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY DATA AND SHARE INFORMATION (UNAUDITED) | ||||||||||||||||
The following tables set forth, for the fiscal periods indicated, selected consolidated financial data and information regarding the market price per share of the Company’s Common Stock. The prices represent the reported high and low sale prices during the period presented. | |||||||||||||||||
FISCAL YEAR 2014 | |||||||||||||||||
FIRST | SECOND | THIRD | FOURTH | ||||||||||||||
QUARTER | QUARTER | QUARTER(1) | QUARTER(2) | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net sales | $ | 218,992 | $ | 260,624 | $ | 252,191 | $ | 272,096 | |||||||||
Gross profit | 74,686 | 90,385 | 83,595 | 91,361 | |||||||||||||
Net income (loss) | 4,025 | 13,071 | (376 | ) | 8,088 | ||||||||||||
Basic income (loss) per share | $ | 0.06 | $ | 0.2 | $ | (0.01 | ) | $ | 0.12 | ||||||||
Diluted income (loss) per share | $ | 0.06 | $ | 0.2 | $ | (0.01 | ) | $ | 0.12 | ||||||||
Share prices | |||||||||||||||||
High | $ | 22.46 | $ | 21.13 | $ | 19.41 | $ | 16.74 | |||||||||
Low | $ | 18.63 | $ | 17.11 | $ | 15.72 | $ | 12.98 | |||||||||
(1) Results for the third quarter of 2014 include restructuring and asset impairment charges of $12.4 million. | |||||||||||||||||
(2) Results for the fourth quarter of 2014 include debt retirement expenses of $12.0 million. | |||||||||||||||||
FISCAL YEAR 2013 | |||||||||||||||||
FIRST | SECOND | THIRD | FOURTH | ||||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER(1) | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net sales | $ | 210,369 | $ | 243,483 | $ | 254,448 | $ | 251,689 | |||||||||
Gross profit | 71,252 | 86,233 | 91,753 | 91,871 | |||||||||||||
Net income | 6,997 | 10,965 | 14,957 | 15,336 | |||||||||||||
Basic income per share | $ | 0.11 | $ | 0.17 | $ | 0.23 | $ | 0.23 | |||||||||
Diluted income per share: | $ | 0.11 | $ | 0.17 | $ | 0.23 | $ | 0.23 | |||||||||
Share prices | |||||||||||||||||
High | $ | 19.96 | $ | 19.86 | $ | 20.3 | $ | 21.74 | |||||||||
Low | 15.76 | 15.13 | 16.73 | 18.54 | |||||||||||||
-1 | The fourth quarter of 2013 includes a gain of $7.0 million related to final settlement of the Company’s fire insurance claim in Australia. The fourth quarter of 2013 also includes $1.7 million of expenses related to debt retirement. | ||||||||||||||||
Note_20_Items_Reclassified_fro
Note 20 - Items Reclassified from Other Comprehensive Income | 12 Months Ended |
Dec. 28, 2014 | |
Disclosure Text Block [Abstract] | |
Reclassifications [Text Block] | ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME |
During 2014, the Company did not reclassify any significant amounts out of accumulated other comprehensive income. The only reclassifications that occurred in that period were comprised of $1.0 million related to the Company’s defined retirement benefit plans and salary continuation plan. These reclassifications were included in the selling, general and administrative expenses line item of the Company’s consolidated statement of operations. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||||||
COLUMN A | COLUMN B CHARGED TO COSTS AND EXPENSES (A) | COLUMN C | COLUMN D | COLUMN E | |||||||||||||||||
BALANCE, AT | CHARGED TO OTHER ACCOUNTS | ||||||||||||||||||||
BEGINNING OF YEAR | DEDUCTIONS (DESCRIBE) (B) | BALANCE, AT END OF YEAR | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||||
Year Ended: | |||||||||||||||||||||
28-Dec-14 | $ | 7,646 | $ | (730 | ) | $ | 0 | $ | 1,020 | $ | 7,936 | ||||||||||
29-Dec-13 | 8,818 | 253 | 0 | 1,425 | 7,646 | ||||||||||||||||
30-Dec-12 | 8,920 | 1,338 | 0 | 1,440 | 8,818 | ||||||||||||||||
(A) Includes changes in foreign currency exchange rates. | |||||||||||||||||||||
(B) Write off of bad debt, and recovering of previously provided for amounts. | |||||||||||||||||||||
COLUMN A | COLUMN B CHARGED TO COSTS AND EXPENSES (A) | COLUMN C | COLUMN D | COLUMN E | |||||||||||||||||
BALANCE, AT | CHARGED TO OTHER ACCOUNTS(B) | ||||||||||||||||||||
BEGINNING OF YEAR | DEDUCTIONS (DESCRIBE) (C) | BALANCE, AT END OF YEAR | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Restructuring Reserve: | |||||||||||||||||||||
Year Ended: | |||||||||||||||||||||
28-Dec-14 | $ | 519 | $ | 9,315 | $ | 2,717 | $ | 5,372 | $ | 7,179 | |||||||||||
29-Dec-13 | 4,350 | 0 | 0 | 3,831 | 519 | ||||||||||||||||
30-Dec-12 | 4,112 | 18,927 | 9,364 | 9,325 | 4,350 | ||||||||||||||||
(A) Includes changes in foreign currency exchange rates. | |||||||||||||||||||||
(B) Reduction of asset carrying value. | |||||||||||||||||||||
(C) Cash payments. | |||||||||||||||||||||
COLUMN A | COLUMN B CHARGED TO COSTS AND EXPENSES (A) | COLUMN C | COLUMN D | COLUMN E | |||||||||||||||||
BALANCE, AT | CHARGED TO OTHER ACCOUNTS | ||||||||||||||||||||
BEGINNING | DEDUCTIONS (DESCRIBE) (B) | BALANCE, AT END OF YEAR | |||||||||||||||||||
OF YEAR | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Reserves for Sales Returns and Allowances: | |||||||||||||||||||||
Year ended: | |||||||||||||||||||||
28-Dec-14 | $ | 3,571 | $ | 63 | $ | 0 | $ | 1,438 | $ | 2,196 | |||||||||||
29-Dec-13 | 3,099 | 1,360 | 0 | 888 | 3,571 | ||||||||||||||||
30-Dec-12 | 4,276 | 1,441 | 0 | 2,618 | 3,099 | ||||||||||||||||
(A) Includes changes in foreign currency exchange rates. | |||||||||||||||||||||
(B) Represents credits issued and adjustments to reflect actual exposure. | |||||||||||||||||||||
COLUMN A | COLUMN B CHARGED TO COSTS AND EXPENSES (A) | COLUMN C | COLUMN D | COLUMN E | |||||||||||||||||
BALANCE, AT | CHARGED TO OTHER ACCOUNTS | ||||||||||||||||||||
BEGINNING | DEDUCTIONS (DESCRIBE) (B) | BALANCE, AT END OF YEAR | |||||||||||||||||||
OF YEAR | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Warranty Reserves : | |||||||||||||||||||||
Year ended: | |||||||||||||||||||||
28-Dec-14 | $ | 1,364 | $ | 394 | $ | 0 | $ | 0 | $ | 1,758 | |||||||||||
29-Dec-13 | 1,232 | 446 | 0 | 314 | 1,364 | ||||||||||||||||
30-Dec-12 | 871 | 361 | 0 | 0 | 1,232 | ||||||||||||||||
(A) Includes changes in foreign currency exchange rates. | |||||||||||||||||||||
(B) Represents costs applied against reserve and adjustments to reflect actual exposure. | |||||||||||||||||||||
COLUMN A | COLUMN B CHARGED TO COSTS AND EXPENSES (A) | COLUMN C | COLUMN D | COLUMN E | |||||||||||||||||
BALANCE, AT | CHARGED TO OTHER ACCOUNTS | ||||||||||||||||||||
BEGINNING | DEDUCTIONS (DESCRIBE) (B) | BALANCE, AT END OF YEAR | |||||||||||||||||||
OF YEAR | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Inventory Reserves : | |||||||||||||||||||||
Year ended: | |||||||||||||||||||||
28-Dec-14 | $ | 13,416 | $ | 4,819 | $ | 0 | $ | 3,451 | $ | 14,784 | |||||||||||
29-Dec-13 | 12,946 | 3,445 | 0 | 2,975 | 13,416 | ||||||||||||||||
30-Dec-12 | 10,366 | 4,252 | 0 | 1,672 | 12,946 | ||||||||||||||||
(A) Includes changes in foreign currency exchange rates. | |||||||||||||||||||||
(B) Represents costs applied against reserve and adjustments to reflect actual exposure. | |||||||||||||||||||||
(All other Schedules for which provision is made in the applicable accounting requirements of the Securities and Exchange Commission are omitted because they are either not applicable or the required information is shown in the Company's Consolidated Financial Statements or the Notes thereto.) |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All of our subsidiaries are wholly-owned, and we are not a party to any joint venture, partnership or other variable interest entity that would potentially qualify for consolidation. All material intercompany accounts and transactions are eliminated. Investments in which the Company does not have the ability to exercise significant influence are carried at fair value. The Company monitors investments for other than temporary declines in value and makes reductions in carrying values when appropriate. As of December 28, 2014 and December 29, 2013, the Company did not hold significant investments of this nature. | ||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Examples include provisions for returns, bad debts, product claims reserves, rebates, inventory obsolescence and the length of product life cycles, accruals associated with restructuring activities, income tax exposures and valuation allowances, environmental liabilities, and the carrying value of goodwill and property and equipment. Actual results could vary from these estimates. | ||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||||||||||
Revenue is recognized when the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, price to the buyer is fixed and determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership, which is generally on the date of shipment. Provisions for discounts, sales returns and allowances are estimated using historical experience, current economic trends, and the Company’s quality performance. The related provision is recorded as a reduction of sales and cost of sales in the same period that the revenue is recognized. Material differences may result in the amount and timing of net sales for any period if management makes different judgments or uses different estimates. | ||||||||||||||||||||
Shipping and handling fees billed to customers are classified in net sales in the consolidated statements of operations. Shipping and handling costs incurred are classified in cost of sales in the consolidated statements of operations. | ||||||||||||||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development | |||||||||||||||||||
Research and development costs are expensed as incurred and are included in the selling, general and administrative expense caption in the consolidated statements of operations. Research and development expense was $13.9 million, $12.6 million and $12.4 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Short-Term Investments | |||||||||||||||||||
Highly liquid investments with insignificant interest rate risk and with original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months and less than one year are classified as short-term investments. The Company did not hold any significant amounts of short-term investments at December 28, 2014 or December 29, 2013. | ||||||||||||||||||||
Cash payments for interest amounted to approximately $21.0 million, $22.9 million and $23.1 million for the years 2014, 2013 and 2012, respectively. Income tax payments amounted to approximately $7.5 million, $8.7 million and $10.0 million for the years 2014, 2013 and 2012, respectively. During the years 2014, 2013 and 2012, the Company received income tax refunds of $5.0 million, $1.4 million and $0.1 million, respectively. | ||||||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | |||||||||||||||||||
Inventories are carried at the lower of cost (standards approximating the first-in, first-out method) or market. Costs included in inventories are based on invoiced costs and/or production costs, as applicable. Included in production costs are material, direct labor and allocated overhead. The Company writes down inventories for the difference between the carrying value of the inventories and their estimated net realizable value. If actual market conditions are less favorable than those projected by management, additional write-downs may be required. | ||||||||||||||||||||
Management estimates its reserves for inventory obsolescence by continuously examining its inventories to determine if there are indicators that carrying values exceed net realizable values. Experience has shown that significant indicators that could require the need for additional inventory write-downs are the age of the inventory, the length of its product life cycles, anticipated demand for the Company’s products, and current economic conditions. While management believes that adequate write-downs for inventory obsolescence have been made in the consolidated financial statements, consumer tastes and preferences will continue to change and the Company could experience additional inventory write-downs in the future. | ||||||||||||||||||||
Accrued Sales Rebates [Policy Text Block] | Rebates | |||||||||||||||||||
The Company has agreements to receive cash consideration from certain of its vendors, including rebates and cooperative marketing reimbursements. The amounts received from its vendors are generally presumed to be a reduction of the prices the Company pays for their products and, therefore, such amounts are reflected as either a reduction of cost of sales in the accompanying consolidated statements of operations, or, if the product inventory is still on hand at the reporting date, it is reflected as a reduction of “Inventories” on the accompanying consolidated balance sheets. Vendor rebates are typically dependent upon reaching minimum purchase thresholds. The Company evaluates the likelihood of reaching purchase thresholds using past experience and current year forecasts. When rebates can be reasonably estimated and receipt becomes probable, the Company records a portion of the rebate as the Company makes progress towards the purchase threshold. | ||||||||||||||||||||
When the Company receives direct reimbursements for costs incurred in marketing the vendor’s product or service, the amount received is recorded as an offset to selling, general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||||||||||||
Discontinued Operations, Policy [Policy Text Block] | Assets and Liabilities of Businesses Held for Sale | |||||||||||||||||||
The Company considers businesses to be held for sale when the Board or management, having the relevant authority to do so, approves and commits to a formal plan to actively market a business for sale and the sale is considered probable. Upon designation as held for sale, the carrying value of the assets of the business are recorded at the lower of their carrying value or their estimated fair value, less costs to sell. The Company ceases to record depreciation expense at that time. | ||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment and Long-Lived Assets | |||||||||||||||||||
Property and equipment are carried at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements – ten to forty years; and furniture and equipment – three to twelve years. Interest costs for the construction/development of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. The Company capitalized net interest costs on qualifying expenditures of approximately $0.8 million, $0.8 million and $0.7 million for the fiscal years 2014, 2013 and 2012, respectively. Depreciation expense amounted to approximately $29.5 million, $23.9 million and $24.2 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset. Repair and maintenance costs are charged to operating expense as incurred. | ||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Other Intangible Assets | |||||||||||||||||||
Goodwill is the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for as acquisitions. Accumulated amortization amounted to approximately $77.3 million at both December 28, 2014 and December 29, 2013, and cumulative impairment losses recognized were $212.6 million as of both December 28, 2014 and December 29, 2013. | ||||||||||||||||||||
As of December 28, 2014 and December 29, 2013, the net carrying amount of goodwill was $70.5 million and $77.9 million, respectively. Other intangible assets were $4.7 million and $3.8 million as of December 28, 2014, and December 29, 2013, respectively. The Company capitalizes patent defense costs when it determines that a successful defense is probable. Any patent defense costs are amortized over the remaining useful life of the patent. Amortization expense related to intangible assets during the years 2014, 2013 and 2012 was $0.3 million, $0.3 million and $0.4 million, respectively. | ||||||||||||||||||||
During the fourth quarters of 2014, 2013 and 2012, as of the last day of the third quarter of each year, the Company performed the annual goodwill impairment test required by applicable accounting standards. The Company performs this test at the reporting unit level, which is one level below the segment level for the Modular Carpet segment. In effecting the impairment testing, the Company prepared valuations of reporting units on both a market comparable methodology and an income methodology in accordance with the applicable standards, and those valuations were compared with the respective book values of the reporting units to determine whether any goodwill impairment existed. In preparing the valuations, past, present and future expectations of performance were considered. The annual testing indicated no potential of goodwill impairment in any of the years presented. | ||||||||||||||||||||
Each of the Company’s reporting units maintained fair values in excess of their respective carrying values as of the measurement date, and therefore no impairment was indicated during the impairment testing. As of December 28, 2014, if the Company’s estimates of the fair values of its reporting units which carry a goodwill balance were 10% lower, the Company still believes no goodwill impairment would have existed. | ||||||||||||||||||||
The changes in the carrying amounts of goodwill for the year ended December 28, 2014 are as follows: | ||||||||||||||||||||
BALANCE | ACQUISITIONS | IMPAIRMENT | FOREIGN | BALANCE | ||||||||||||||||
29-Dec-13 | CURRENCY TRANSLATION | 28-Dec-14 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
$ | 77,941 | $ | 0 | $ | 0 | $ | (7,432 | ) | $ | 70,509 | ||||||||||
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties | |||||||||||||||||||
The Company typically provides limited warranties with respect to certain attributes of its carpet products (for example, warranties regarding excessive surface wear, edge ravel and static electricity) for periods ranging from ten to twenty years, depending on the particular carpet product and the environment in which it is to be installed. The Company typically warrants that services performed will be free from defects in workmanship for a period of one year following completion. In the event of a breach of warranty, the remedy typically is limited to repair of the problem or replacement of the affected product. | ||||||||||||||||||||
The Company records a provision related to warranty costs based on historical experience and periodically adjusts these provisions to reflect changes in actual experience. Warranty reserves amounted to $1.8 million and $1.4 million as of December 28, 2014 and December 29, 2013, respectively, and are included in “Accrued Expenses” in the accompanying consolidated balance sheets. | ||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Taxes on Income | |||||||||||||||||||
The Company accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. | ||||||||||||||||||||
The Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will expire before realization of the benefit or that future deductibility is not probable. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future. This requires us to use estimates and make assumptions regarding significant future events such as the taxability of entities operating in the various taxing jurisdictions. | ||||||||||||||||||||
The Company does not record taxes collected from customers and remitted to governmental authorities on a gross basis. | ||||||||||||||||||||
For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. For further information, see the Note entitled “Taxes on Income.” | ||||||||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Values of Financial Instruments | |||||||||||||||||||
Fair values of cash and cash equivalents and short-term debt approximate cost due to the short period of time to maturity. Fair values of debt are based on quoted market prices or pricing models using current market rates. | ||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies | |||||||||||||||||||
The financial position and results of operations of the Company’s foreign subsidiaries are measured generally using local currencies as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each year-end. Income and expense items are translated at average exchange rates for the year. The resulting translation adjustments are recorded in the foreign currency translation adjustment account. In the event of a divestiture of a foreign subsidiary, the related foreign currency translation results are reversed from equity to income. Foreign currency exchange gains and losses are included in net income (loss). Foreign exchange translation gains (losses) were $(28.4)million, ($5.2 million) and $8.5 million for the years 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share | |||||||||||||||||||
Basic income (loss) per share is computed based on the average number of common shares outstanding. Diluted income (loss) per share reflects the increase in average common shares outstanding that would result from the assumed exercise of outstanding stock options, calculated using the treasury stock method. | ||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | |||||||||||||||||||
As of fiscal year 2014, the Company has stock-based employee compensation plans, which are described more fully in the “Shareholders’ Equity” Note below. | ||||||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. However, there were no stock options granted in 2014, 2013 or 2012. | ||||||||||||||||||||
The Company recognizes expense related to its restricted stock grants based on the grant date fair value of the stock issued, as determined by its market price at date of issue. | ||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments | |||||||||||||||||||
Accounting standards require a company to recognize all derivatives on the balance sheet at fair value. Derivatives that do not meet the criteria of an accounting hedge must be adjusted to fair value through income. If the derivative is a fair value hedge, changes in the fair value of the hedged assets, liabilities or firm commitments are recognized through earnings. If the derivative is a cash flow hedge, the effective portion of changes in the fair value of the derivative are recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. As of December 28, 2014 and December 29, 2013, the Company was not party to any significant derivative instruments. | ||||||||||||||||||||
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension Benefits | |||||||||||||||||||
Net pension expense recorded is based on, among other things, assumptions about the discount rate, estimated return on plan assets and salary increases. While the Company believes these assumptions are reasonable, changes in these and other factors and differences between actual and assumed changes in the present value of liabilities or assets of the Company’s plans above certain thresholds could cause net annual expense to increase or decrease materially from year to year. The actuarial assumptions used in the Company’s salary continuation plan and foreign defined benefit plans reporting are reviewed periodically and compared with external benchmarks to ensure that they appropriately account for our future pension benefit obligation. The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers. | ||||||||||||||||||||
Environmental Costs, Policy [Policy Text Block] | Environmental Remediation | |||||||||||||||||||
The Company provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs is reasonably determinable. Remediation liabilities are accrued based on estimates of known environmental exposures and are discounted in certain instances. The Company regularly monitors the progress of environmental remediation. Should studies indicate that the cost of remediation is to be more than previously estimated, an additional accrual would be recorded in the period in which such determination is made. As of December 28, 2014 and December 29, 2013, no significant amounts were provided for remediation liabilities. | ||||||||||||||||||||
Receivables, Policy [Policy Text Block] | Allowances for Doubtful Accounts | |||||||||||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. Estimating this amount requires the Company to analyze the financial strengths of its customers. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. By its nature, such an estimate is highly subjective, and it is possible that the amount of accounts receivable that the Company is unable to collect may be different than the amount initially estimated. The Company’s allowance for doubtful accounts on December 28, 2014, and December 29, 2013, was $7.9 million and $7.6 million, respectively. | ||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | |||||||||||||||||||
Certain prior period amounts have been reclassified to conform to current year financial statement presentation. For further information, see the Note below entitled “Recent Accounting Pronouncements.” | ||||||||||||||||||||
Fiscal Period, Policy [Policy Text Block] | Fiscal Year | |||||||||||||||||||
The Company’s fiscal year is the 52 or 53 week period ending on the Sunday nearest December 31. All references herein to “2014,” “2013,” and “2012,” mean the fiscal years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. Fiscal years 2014, 2013 and 2012 were each comprised of 52 weeks. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | BALANCE | ACQUISITIONS | IMPAIRMENT | FOREIGN | BALANCE | |||||||||||||||
29-Dec-13 | CURRENCY TRANSLATION | 28-Dec-14 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
$ | 77,941 | $ | 0 | $ | 0 | $ | (7,432 | ) | $ | 70,509 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Finished goods | $ | 89,688 | $ | 96,199 | |||||
Work-in-process | 9,898 | 9,569 | |||||||
Raw materials | 42,581 | 43,875 | |||||||
$ | 142,167 | $ | 149,643 |
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Land | $ | 15,862 | $ | 17,290 | |||||
Buildings | 124,476 | 123,032 | |||||||
Equipment | 347,965 | 351,307 | |||||||
488,303 | 491,629 | ||||||||
Accumulated depreciation | (260,956 | ) | (260,784 | ) | |||||
$ | 227,347 | $ | 230,845 |
Note_7_Accrued_Expenses_Tables
Note 7 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Compensation | $ | 56,354 | $ | 54,125 | |||||
Interest | 709 | 1,768 | |||||||
Restructuring | 7,179 | 519 | |||||||
Taxes | 17,962 | 12,685 | |||||||
Accrued purchases | 2,966 | 1,258 | |||||||
Other | 9,153 | 7,317 | |||||||
$ | 94,323 | $ | 77,672 |
Note_8_Borrowings_Tables
Note 8 - Borrowings (Tables) | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | FISCAL YEAR | AMOUNT | |||
(in thousands) | |||||
2015 | $ | 0 | |||
2016 | 13,750 | ||||
2017 | 15,000 | ||||
2018 | 11,250 | ||||
2019 | 223,338 | ||||
Thereafter | 0 | ||||
$ | 263,338 |
Note_10_Shareholders_Equity_Ta
Note 10 - Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | |||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at January 1, 2012 | 65,484 | $ | 6,548 | $ | 361,400 | $ | (16,764 | ) | $ | (36,262 | ) | $ | (33,883 | ) | |||||||||||
Net income | 5,943 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 160 | 16 | 2,030 | ||||||||||||||||||||||
Other issuances of common stock | 573 | 58 | 7,564 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (7,610 | ) | |||||||||||||||||||||||
Cash dividends paid | (5,925 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (155 | ) | (16 | ) | 3,293 | ||||||||||||||||||||
Pension liability adjustment | 771 | ||||||||||||||||||||||||
Foreign currency translation adjustment | 8,539 | ||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 30, 2012 | 66,062 | $ | 6,606 | $ | 366,677 | $ | (16,746 | ) | $ | (35,491 | ) | $ | (25,344 | ) | |||||||||||
SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | ||||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at December 30, 2012 | 66,062 | $ | 6,606 | $ | 366,677 | $ | (16,746 | ) | $ | (35,491 | ) | $ | (25,344 | ) | |||||||||||
Net income | 48,255 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 201 | 20 | 1,814 | ||||||||||||||||||||||
Other issuances of common stock | 670 | 67 | 10,805 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (10,872 | ) | |||||||||||||||||||||||
Cash dividends paid | (7,283 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (622 | ) | (62 | ) | 6,173 | ||||||||||||||||||||
Pension liability adjustment | 1,409 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (5,241 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 29, 2013 | 66,311 | $ | 6,631 | $ | 374,597 | $ | 24,226 | $ | (34,082 | ) | $ | (30,585 | ) | ||||||||||||
SHARES | AMOUNT | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | ||||||||||||||||||||
(DEFICIT) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, at December 29, 2013 | 66,311 | $ | 6,631 | $ | 374,597 | $ | 24,226 | $ | (34,082 | ) | $ | (30,585 | ) | ||||||||||||
Net income | 24,808 | ||||||||||||||||||||||||
Stock issuances under employee option plans | 55 | 5 | 381 | ||||||||||||||||||||||
Other issuances of common stock | 489 | 49 | 10,361 | ||||||||||||||||||||||
Unamortized stock compensation expense related to restricted stock awards | (10,410 | ) | |||||||||||||||||||||||
Cash dividends paid | (9,297 | ) | |||||||||||||||||||||||
Forfeitures and compensation expense related to stock awards | (387 | ) | (38 | ) | 1,293 | ||||||||||||||||||||
Share repurchases | (500 | ) | (50 | ) | (7,619 | ) | |||||||||||||||||||
Pension liability adjustment | (15,280 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (28,351 | ) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Balance, at December 28, 2014 | 65,968 | $ | 6,597 | $ | 368,603 | $ | 39,737 | $ | (49,362 | ) | $ | (58,936 | ) | ||||||||||||
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 | 55,000 | 6.68 | |||||||||||||||||||||||
Forfeited or cancelled | 3,000 | 1.49 | |||||||||||||||||||||||
Outstanding at December 28, 2014 (a) | 126,000 | $ | 9.23 | ||||||||||||||||||||||
Exercisable at December 28, 2014 (b) | 126,000 | $ | 9.23 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding at December 28, 2014 | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | Number Exercisable at December 28, 2014 | Weighted Average Exercise Price | ||||||||||||||||||||
$4.01 | – | $5.00 | 50,000 | 4 | $ | 4.3 | 50,000 | $ | 4.3 | ||||||||||||||||
$12.00 | - | $14.00 | 76,000 | 5.7 | 12.47 | 76,000 | 12.47 | ||||||||||||||||||
126,000 | 5 | $ | 9.23 | 126,000 | $ | 9.23 | |||||||||||||||||||
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 | 489,000 | 21.28 | |||||||||||||||||||||||
Vested | 565,500 | 16.2 | |||||||||||||||||||||||
Forfeited or cancelled | 240,000 | 17.14 | |||||||||||||||||||||||
Outstanding at December 28, 2014 | 1,391,000 | $ | 17.12 |
Note_11_Income_Loss_Per_Share_
Note 11 - Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Distributed And Undistributed Earnings [Table Text Block] | Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Earnings per share from continuing operations: | |||||||||||||
Basic earnings per share | |||||||||||||
Distributed earnings | $ | 0.14 | $ | 0.11 | $ | 0.09 | |||||||
Undistributed earnings | 0.23 | 0.62 | 0.26 | ||||||||||
$ | 0.37 | $ | 0.73 | $ | 0.35 | ||||||||
Diluted earnings per share | |||||||||||||
Distributed earnings | $ | 0.14 | $ | 0.11 | $ | 0.09 | |||||||
Undistributed earnings | 0.23 | 0.62 | 0.26 | ||||||||||
$ | 0.37 | $ | 0.73 | $ | 0.35 | ||||||||
Earnings (Loss) per share from discontinued operations: | |||||||||||||
Basic earnings (loss) per share | |||||||||||||
Distributed earnings | $ | 0 | $ | 0 | $ | 0 | |||||||
Undistributed earnings | 0 | 0 | (0.26 | ) | |||||||||
Diluted earnings (loss) per share | |||||||||||||
Distributed earnings | $ | 0 | $ | 0 | $ | 0 | |||||||
Undistributed earnings | 0 | 0 | (0.26 | ) | |||||||||
Basic earnings per share | $ | 0.37 | $ | 0.73 | $ | 0.09 | |||||||
Diluted earnings per share | $ | 0.37 | $ | 0.73 | $ | 0.09 | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Income from continuing operations | $ | 0.5 | $ | 1.2 | $ | 0.7 | |||||||
Net income | 0.5 | 1.2 | 0.2 | ||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Weighted Average Shares Outstanding | 64,998 | 64,486 | 63,793 | ||||||||||
Participating Securities | 1,391 | 1,708 | 1,974 | ||||||||||
Shares for Basic Earnings Per Share | 66,389 | 66,194 | 65,767 | ||||||||||
Dilutive Effect of Stock Options | 59 | 103 | 133 | ||||||||||
Shares for Diluted Earnings Per Share | 66,448 | 66,297 | 65,900 |
Note_12_Restructuring_Charges_
Note 12 - Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | Total | Costs Incurred | Balance at | ||||||||||
Restructuring Charge | in 2014 | Dec. 28, 2014 | |||||||||||
(In thousands) | |||||||||||||
Workforce Reduction | $ | 9,669 | $ | 2,732 | $ | 6,937 | |||||||
Fixed Asset Impairment | 2,584 | 2,584 | 0 | ||||||||||
Other Related Exit Costs | 133 | 133 | 0 |
Note_13_Taxes_on_Income_Tables
Note 13 - Taxes on Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current expense/(benefit): | |||||||||||||||||
Federal | $ | 224 | $ | 473 | $ | (134 | ) | ||||||||||
Foreign | 5,555 | 2,605 | 5,319 | ||||||||||||||
State | 712 | 627 | 602 | ||||||||||||||
6,491 | 3,705 | 5,787 | |||||||||||||||
Deferred expense/(benefit): | |||||||||||||||||
Federal | 3,856 | 3,246 | 1,928 | ||||||||||||||
Foreign | 493 | 8,692 | 17 | ||||||||||||||
State | 94 | 5,106 | (1,692 | ) | |||||||||||||
4,443 | 17,044 | 253 | |||||||||||||||
$ | 10,934 | $ | 20,749 | $ | 6,040 | ||||||||||||
Schedule of Income Tax Expense (Benefit) from Continuing and Discontinued Operations [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Continuing operations | $ | 10,934 | $ | 20,749 | $ | 15,204 | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | (9,164 | ) | |||||||||||||
$ | 10,934 | $ | 20,749 | $ | 6,040 | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
U.S. operations | $ | 10,345 | $ | 21,292 | $ | 27,332 | |||||||||||
Foreign operations | 25,397 | 47,712 | 10,771 | ||||||||||||||
$ | 35,742 | $ | 69,004 | $ | 38,103 | ||||||||||||
Schedule of Components of Net Deferred Tax Assets [Table Text Block] | 2014 | 2013 | |||||||||||||||
ASSETS | LIABILITIES | ASSETS | LIABILITIES | ||||||||||||||
(in thousands) | |||||||||||||||||
Basis differences of property and equipment | $ | $ | 15,958 | $ | $ | 17,282 | |||||||||||
Basis difference of intangible assets | 384 | 346 | |||||||||||||||
Foreign currency | 3,848 | 2,755 | |||||||||||||||
Net operating loss carryforwards | 28,463 | 31,944 | |||||||||||||||
Valuation allowances on net operating loss carryforwards | (10,298 | ) | (9,577 | ) | |||||||||||||
Federal tax credits | 2,751 | 2,490 | |||||||||||||||
Deferred compensation | 21,190 | 20,743 | |||||||||||||||
Basis difference of prepaids, accruals and reserves | 7,816 | 7,265 | |||||||||||||||
Pensions | 3,152 | 774 | |||||||||||||||
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 948 | 1,704 | |||||||||||||||
Basis difference of other assets and liabilities | 68 | 659 | |||||||||||||||
$ | 53,074 | $ | 21,206 | $ | 52,865 | $ | 23,520 | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred income taxes (current asset) | $ | 9,732 | $ | 10,232 | |||||||||||||
Deferred tax asset (non-current asset) | 33,138 | 34,162 | |||||||||||||||
Deferred income taxes (non-current liabilities) | (11,002 | ) | (15,049 | ) | |||||||||||||
$ | 31,868 | $ | 29,345 | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income taxes at U.S federal statutory rate | $ | 12,510 | $ | 24,151 | $ | 13,336 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income taxes, net of federal tax effect | 57 | 496 | 1,116 | ||||||||||||||
Non-deductible business expenses | 570 | 601 | 1,009 | ||||||||||||||
Non-deductible employee compensation | 491 | 409 | 469 | ||||||||||||||
Tax effects of Company owned life insurance | (395 | ) | (1,117 | ) | (448 | ) | |||||||||||
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 362 | 562 | 321 | ||||||||||||||
Foreign and U.S. tax effects attributable to foreign operations | (3,021 | ) | (3,958 | ) | (1,174 | ) | |||||||||||
Valuation allowance effect – State NOL | 468 | 3,232 | (187 | ) | |||||||||||||
Non-deductible reserve against capital asset | 0 | (218 | ) | 1,188 | |||||||||||||
Advance pricing agreements with tax authorities | 0 | (2,492 | ) | 0 | |||||||||||||
Federal tax credits | 0 | (595 | ) | (891 | ) | ||||||||||||
Other | (108 | ) | (322 | ) | 465 | ||||||||||||
Income tax expense | $ | 10,934 | $ | 20,749 | $ | 15,204 | |||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | FISCAL YEAR | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of year | $ | 27,361 | $ | 25,186 | $ | 7,736 | |||||||||||
Increases related to tax positions taken during the current year | 875 | 911 | 18,118 | ||||||||||||||
Increases related to tax positions taken during the prior years | 1,157 | 3,938 | 150 | ||||||||||||||
Decreases related to tax positions taken during the prior years | (697 | ) | (9 | ) | (519 | ) | |||||||||||
Decreases related to settlements with taxing authorities | 0 | (1,928 | ) | 0 | |||||||||||||
Decreases related to lapse of applicable statute of limitations | (919 | ) | (397 | ) | (300 | ) | |||||||||||
Changes due to foreign currency translation | (476 | ) | (340 | ) | 1 | ||||||||||||
Balance at end of year | $ | 27,301 | $ | 27,361 | $ | 25,186 |
Note_14_Discontinued_Operation1
Note 14 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net sales | $ | 0 | $ | 0 | $ | 57,017 | |||||||
Income (loss) on operations before taxes | 0 | 0 | (26,120 | ) | |||||||||
Taxes on income (benefit) | 0 | 0 | (9,164 | ) | |||||||||
Income (loss) on operations, net of tax | 0 | 0 | (16,956 | ) |
Note_15_Commitments_and_Contig1
Note 15 - Commitments and Contigencies (Tables) | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | FISCAL YEAR | AMOUNT | |||
(in thousands) | |||||
2015 | $ | 18,969 | |||
2016 | 13,394 | ||||
2017 | 10,985 | ||||
2018 | 7,068 | ||||
2019 | 4,679 | ||||
Thereafter | 11,745 |
Note_16_Employee_Benefit_Plans1
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Note 16 - Employee Benefit Plans (Tables) [Line Items] | |||||||||||||
Schedule of Net Funded Status [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation, beginning of year | $ | 251,181 | $ | 243,649 | |||||||||
Service cost | 705 | 804 | |||||||||||
Interest cost | 10,563 | 9,610 | |||||||||||
Benefits and expenses paid | (9,542 | ) | (10,820 | ) | |||||||||
Actuarial loss (gain) | 41,631 | 2,312 | |||||||||||
Member contributions | 294 | 331 | |||||||||||
Currency translation adjustment | (19,070 | ) | 5,295 | ||||||||||
Benefit obligation, end of year | $ | 275,762 | $ | 251,181 | |||||||||
FISCAL YEAR | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in plan assets | |||||||||||||
Plan assets, beginning of year | $ | 253,761 | $ | 241,027 | |||||||||
Actual return on assets | 29,280 | 12,761 | |||||||||||
Company contributions | 5,815 | 5,195 | |||||||||||
Benefits paid | (9,542 | ) | (10,807 | ) | |||||||||
Currency translation adjustment | (18,288 | ) | 5,585 | ||||||||||
Plan assets, end of year | $ | 261,026 | $ | 253,761 | |||||||||
Reconciliation to balance sheet | |||||||||||||
Funded status benefit asset/(liability) | $ | (14,736 | ) | $ | 2,580 | ||||||||
Net amount recognized | $ | (14,736 | ) | $ | 2,580 | ||||||||
Amounts recognized in accumulated other comprehensive income (after tax) | |||||||||||||
Unrecognized actuarial loss | $ | 45,836 | $ | 31,302 | |||||||||
Unamortized prior service costs | (423 | ) | 152 | ||||||||||
Total amount recognized | $ | 45,413 | $ | 31,454 | |||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
UK Plan | |||||||||||||
Projected Benefit Obligation | $ | 190,303 | $ | 176,909 | |||||||||
Accumulated Benefit Obligation | 190,303 | 176,909 | |||||||||||
Plan Assets | 179,205 | 174,039 | |||||||||||
Europe Plan | |||||||||||||
Projected Benefit Obligation | $ | 85,459 | $ | 74,272 | |||||||||
Accumulated Benefit Obligation | 81,353 | 71,297 | |||||||||||
Plan Assets | 81,821 | 79,722 | |||||||||||
Schedule of Net Benefit Costs [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 705 | $ | 804 | $ | 505 | |||||||
Interest cost | 10,563 | 9,610 | 10,212 | ||||||||||
Expected return on plan assets | (11,904 | ) | (10,150 | ) | (11,203 | ) | |||||||
Amortization of prior service cost | 19 | 89 | 86 | ||||||||||
Recognized net actuarial (gains)/losses | 648 | 684 | 1,189 | ||||||||||
Net periodic benefit cost | $ | 31 | $ | 1,037 | $ | 789 | |||||||
Schedule of Assumptions Used [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average assumptions used to determine net periodic benefit cost | |||||||||||||
Discount rate | 4 | % | 4 | % | 4.7 | % | |||||||
Expected return on plan assets | 4.2 | % | 4.7 | % | 5.7 | % | |||||||
Rate of compensation | 2 | % | 2 | % | 2 | % | |||||||
Weighted average assumptions used to determine benefit obligations | |||||||||||||
Discount rate | 3.2 | % | 4.25 | % | 4 | % | |||||||
Rate of compensation | 2 | % | 2 | % | 2 | % | |||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Projected benefit obligation | $ | 275,762 | $ | 251,181 | |||||||||
Accumulated benefit obligations | 271,656 | 248,206 | |||||||||||
Fair value of plan assets | 261,026 | 253,761 | |||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | FISCAL YEAR | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Target Allocation | Percentage of Plan Assets at Year End | ||||||||||||
Asset Category: | |||||||||||||
Equity Securities | 55% | - | 65% | 63% | 65% | ||||||||
Debt Securities | 30% | - | 40% | 34% | 32% | ||||||||
Other | 0% | - | 5% | 3% | 3% | ||||||||
100% | 100% | 100% | |||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Plan Assets by Category as of December 28, 2014 | ||||||||||||
Europe Plan | UK Plan | Total | |||||||||||
(in thousands) | |||||||||||||
Level 1 | $ | 81,821 | $ | 173,271 | $ | 255,092 | |||||||
Level 2 | 0 | 0 | 0 | ||||||||||
Level 3 | 0 | 5,934 | 5,934 | ||||||||||
Total | $ | 81,821 | $ | 179,205 | $ | 261,026 | |||||||
Pension Plan Assets by Category as of December 29, 2013 | |||||||||||||
Europe Plan | UK Plan | Total | |||||||||||
(in thousands) | |||||||||||||
Level 1 | $ | 79,722 | $ | 167,397 | $ | 247,119 | |||||||
Level 2 | 0 | 0 | 0 | ||||||||||
Level 3 | 0 | 6,642 | 6,642 | ||||||||||
Total | $ | 79,722 | $ | 174,039 | $ | 253,761 | |||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Current liabilities | $ | 847 | $ | 848 | |||||||||
Non-current liabilities | 23,169 | 20,099 | |||||||||||
$ | 24,016 | $ | 20,947 | ||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Unrecognized actuarial loss | $ | 3,949 | $ | 2,614 | |||||||||
Unrecognized transition asset | 0 | 0 | |||||||||||
Unamortized prior service cost | 0 | 14 | |||||||||||
$ | 3,949 | $ | 2,628 | ||||||||||
UK Plan [Member] | |||||||||||||
Note 16 - Employee Benefit Plans (Tables) [Line Items] | |||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2014 | ||||||||||||
(in thousands) | |||||||||||||
Balance of level 3 assets, beginning of year | $ | 6,642 | |||||||||||
Interest cost | 287 | ||||||||||||
Benefits paid | (918 | ) | |||||||||||
Actuarial loss | 212 | ||||||||||||
Translation adjustment | (289 | ) | |||||||||||
Ending Balance of level 3 assets | $ | 5,934 | |||||||||||
Foreign Defined Benefit Plan [Member] | |||||||||||||
Note 16 - Employee Benefit Plans (Tables) [Line Items] | |||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | FISCAL YEAR | EXPECTED PAYMENTS | |||||||||||
(in thousands) | |||||||||||||
2015 | $ | 8,902 | |||||||||||
2016 | 9,021 | ||||||||||||
2017 | 9,206 | ||||||||||||
2018 | 9,664 | ||||||||||||
2019 | 9,749 | ||||||||||||
2020-2024 | 48,585 | ||||||||||||
Domestic SCP [Member] | |||||||||||||
Note 16 - Employee Benefit Plans (Tables) [Line Items] | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(in thousands, except for assumptions) | |||||||||||||
Assumptions used to determine net periodic benefit cost | |||||||||||||
Discount rate | 4.5 | % | 4 | % | 4.75 | % | |||||||
Rate of compensation | 4 | % | 4 | % | 4 | % | |||||||
Assumptions used to determine benefit obligations | |||||||||||||
Discount rate | 4 | % | 4.5 | % | 4 | % | |||||||
Rate of compensation | 4 | % | 4 | % | 4 | % | |||||||
Components of net periodic benefit cost | |||||||||||||
Service cost | $ | 500 | $ | 534 | $ | 452 | |||||||
Interest cost | 1,072 | 997 | 1,014 | ||||||||||
Amortizations | 291 | 489 | 316 | ||||||||||
Net periodic benefit cost | $ | 1,863 | $ | 2,020 | $ | 1,782 | |||||||
Schedule of Expected Benefit Payments [Table Text Block] | FISCAL YEAR | EXPECTED PAYMENTS | |||||||||||
(in thousands) | |||||||||||||
2015 | $ | 847 | |||||||||||
2016 | 847 | ||||||||||||
2017 | 847 | ||||||||||||
2018 | 847 | ||||||||||||
2019 | 847 | ||||||||||||
2020-2024 | 9,504 | ||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation, beginning of year | $ | 20,947 | $ | 21,923 | |||||||||
Service cost | 500 | 534 | |||||||||||
Interest cost | 1,071 | 997 | |||||||||||
Benefits paid | (847 | ) | (847 | ) | |||||||||
Actuarial loss (gain) | 2,345 | (1,660 | ) | ||||||||||
Benefit obligation, end of year | $ | 24,016 | $ | 20,947 |
Note_18_EnterpriseWide_Disclos1
Note 18 - Enterprise-Wide Disclosure (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | FISCAL YEAR | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||
United States | $ | 487,001 | $ | 458,585 | $ | 421,355 | |||||||
United Kingdom | 83,182 | 75,076 | 83,373 | ||||||||||
Australia | 79,922 | 78,569 | 87,115 | ||||||||||
Other foreign countries | 353,798 | 347,759 | 340,177 | ||||||||||
Net sales | $ | 1,003,903 | $ | 959,989 | $ | 932,020 | |||||||
LONG-LIVED ASSETS(2) | |||||||||||||
United States | $ | 86,856 | $ | 85,518 | |||||||||
United Kingdom | 10,604 | 16,541 | |||||||||||
Netherlands | 38,086 | 35,619 | |||||||||||
Australia | 57,410 | 60,199 | |||||||||||
China | 14,007 | 16,281 | |||||||||||
Other foreign countries | 20,384 | 16,687 | |||||||||||
Total long-lived assets | $ | 227,347 | $ | 230,845 |
Note_19_Quarterly_Data_and_Sha1
Note 19 - Quarterly Data and Share Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | FISCAL YEAR 2014 | ||||||||||||||||
FIRST | SECOND | THIRD | FOURTH | ||||||||||||||
QUARTER | QUARTER | QUARTER(1) | QUARTER(2) | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net sales | $ | 218,992 | $ | 260,624 | $ | 252,191 | $ | 272,096 | |||||||||
Gross profit | 74,686 | 90,385 | 83,595 | 91,361 | |||||||||||||
Net income (loss) | 4,025 | 13,071 | (376 | ) | 8,088 | ||||||||||||
Basic income (loss) per share | $ | 0.06 | $ | 0.2 | $ | (0.01 | ) | $ | 0.12 | ||||||||
Diluted income (loss) per share | $ | 0.06 | $ | 0.2 | $ | (0.01 | ) | $ | 0.12 | ||||||||
Share prices | |||||||||||||||||
High | $ | 22.46 | $ | 21.13 | $ | 19.41 | $ | 16.74 | |||||||||
Low | $ | 18.63 | $ | 17.11 | $ | 15.72 | $ | 12.98 | |||||||||
FISCAL YEAR 2013 | |||||||||||||||||
FIRST | SECOND | THIRD | FOURTH | ||||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER(1) | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Net sales | $ | 210,369 | $ | 243,483 | $ | 254,448 | $ | 251,689 | |||||||||
Gross profit | 71,252 | 86,233 | 91,753 | 91,871 | |||||||||||||
Net income | 6,997 | 10,965 | 14,957 | 15,336 | |||||||||||||
Basic income per share | $ | 0.11 | $ | 0.17 | $ | 0.23 | $ | 0.23 | |||||||||
Diluted income per share: | $ | 0.11 | $ | 0.17 | $ | 0.23 | $ | 0.23 | |||||||||
Share prices | |||||||||||||||||
High | $ | 19.96 | $ | 19.86 | $ | 20.3 | $ | 21.74 | |||||||||
Low | 15.76 | 15.13 | 16.73 | 18.54 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Research and Development Expense | $13,900,000 | $12,600,000 | $12,400,000 | |
Interest Paid | 21,000,000 | 22,900,000 | 23,100,000 | |
Income Taxes Paid | 7,500,000 | 8,700,000 | 10,000,000 | |
Proceeds from Income Tax Refunds | 5,000,000 | 1,400,000 | 100,000 | |
Interest Costs Capitalized | 800,000 | 800,000 | 700,000 | |
Depreciation | 29,500,000 | 23,900,000 | 24,200,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 77,300,000 | 77,300,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 212,600,000 | 212,600,000 | ||
Goodwill | 70,509,000 | 77,941,000 | ||
Other Intangible Assets, Net | 4,700,000 | 3,800,000 | ||
Amortization of Intangible Assets | 300,000 | 300,000 | 400,000 | |
Fair Value Estimates of Reporting Units Threshold for No Goodwill Impairment, Percent of Decrease in Fair Value Estimates | 10.00% | |||
Product Warranty Period, Lower Range | 10 years | |||
Product Warranty Period, Upper Range | 20 years | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -28,400,000 | -5,200,000 | 8,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | 0 | |
Allowance for Doubtful Accounts Receivable | 7,900,000 | 7,600,000 | ||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 12 years | |||
Warranty Reserves [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $1,758,000 | $1,364,000 | $1,232,000 | $871,000 |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Changes in Carrying Amounts of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Changes in Carrying Amounts of Goodwill [Abstract] | ||
$70,509 | $77,941 | |
0 | ||
0 | ||
($7,432) |
Note_2_Recent_Accounting_Prono1
Note 2 - Recent Accounting Pronouncements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | |
Note 2 - Recent Accounting Pronouncements (Details) [Line Items] | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $34,162,000 | $33,138,000 | |
Presentation of Unrecognized Tax Benefits [Member] | |||
Note 2 - Recent Accounting Pronouncements (Details) [Line Items] | |||
Increase (Decrease) in Other Noncurrent Liabilities | -21,800,000 | -21,800,000 | |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | ($21,800,000) | ($21,800,000) |
Note_3_Receivables_Details
Note 3 - Receivables (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Note 3 - Receivables (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | $7,900,000 | $7,600,000 | ||
Allowance for Sales Returns [Member] | ||||
Note 3 - Receivables (Details) [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $2,196,000 | $3,571,000 | $3,099,000 | $4,276,000 |
Note_4_Fair_Value_of_Financial1
Note 4 - Fair Value of Financial Instruments (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Note 4 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Company-owned Life Insurance Assets, Fair Value Disclosure | 24.1 | |
7.625% Senior Notes [Member] | ||
Note 4 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | |
Long-term Debt, Fair Value | $265.80 |
Note_5_Inventories_Details
Note 5 - Inventories (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $14.80 | $13.40 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories Summary (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventories Summary [Abstract] | ||
Finished goods | $89,688 | $96,199 |
Work-in-process | 9,898 | 9,569 |
Raw materials | 42,581 | 43,875 |
$142,167 | $149,643 |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment (Details) (USD $) | Dec. 28, 2014 |
In Millions, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
Estimated Cost to Complete Approved Projects and Current Construction in Progress | $11.20 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment (Details) - Property and Equipment Summary (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $488,303 | $491,629 | ||
Accumulated depreciation | -260,956 | -260,784 | ||
227,347 | [1] | 230,845 | [1] | |
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 15,862 | 17,290 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 124,476 | 123,032 | ||
Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $347,965 | $351,307 | ||
[1] | Long-lived assets include tangible assets physically located in foreign countries. |
Note_7_Accrued_Expenses_Detail
Note 7 - Accrued Expenses (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Defined Benefit Pension Plan, Liabilities, Noncurrent | $37.90 | $20.10 |
Note_7_Accrued_Expenses_Detail1
Note 7 - Accrued Expenses (Details) - Accrued Expenses Summarized (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses Summarized [Abstract] | ||
Compensation | $56,354 | $54,125 |
Interest | 709 | 1,768 |
Restructuring | 7,179 | 519 |
Taxes | 17,962 | 12,685 |
Accrued purchases | 2,966 | 1,258 |
Other | 9,153 | 7,317 |
$94,323 | $77,672 |
Note_8_Borrowings_Details
Note 8 - Borrowings (Details) (USD $) | 12 Months Ended | 48 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 01, 2014 | Dec. 01, 2014 | Nov. 26, 2014 | Nov. 30, 2013 | Dec. 03, 2010 | Jun. 05, 2009 | |
Note 8 - Borrowings (Details) [Line Items] | |||||||||
ThresholdOfOtherIndebtednessTriggeringDefault | $20,000,000 | ||||||||
Repayments of Long-term Debt | 247,500,000 | 35,610,000 | 11,477,000 | ||||||
Deferred Finance Costs, Net | 2,400,000 | 5,000,000 | |||||||
Amortization of Financing Costs and Discounts | 3,800,000 | 2,000,000 | 1,200,000 | ||||||
Write off of Deferred Debt Issuance Cost | 2,800,000 | 800,000 | |||||||
Debt Instrument, Redemption, Period One [Member] | 7.625% Senior Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 10.00% | ||||||||
Debt Instrument, Redemption, Period Two [Member] | 7.625% Senior Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||||||
Debt Instrument, Redemption, Period Three [Member] | 7.625% Senior Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 103.81% | ||||||||
Debt Instrument, Redemption, Period Four [Member] | 7.625% Senior Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Standby Letters of Credit [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000,000 | ||||||||
Through and Including First Fiscal Quarter Ending December 28, 2014 [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Maximum Consolidated Net Leverage Ratio | 4.5 | ||||||||
From and Including First Fiscal Quarter Ending April 5, 2015 [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Maximum Consolidated Net Leverage Ratio | 4 | ||||||||
For Each Fiscal Quarter Thereafter [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Maximum Consolidated Net Leverage Ratio | 3.75 | ||||||||
7.625% Senior Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | ||||||||
Long-term Debt, Gross | 275,000,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 103.81% | 103.00% | 103.00% | ||||||
Repayments of Long-term Debt | 220,000,000 | 27,500,000 | 27,500,000 | ||||||
Amortization of Debt Discount (Premium) | -9,300,000 | ||||||||
Long-term Debt, Fair Value | 265,800,000 | ||||||||
Term Loan A [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Long-term Line of Credit | 200,000,000 | ||||||||
Term Loan A [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Initial Amortization Payment | 2,500,000 | ||||||||
Subsequent Amortization Payment | 3,750,000 | ||||||||
11.375% Senior Secured Notes [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Long-term Debt, Gross | 8,100,000 | 150,000,000 | |||||||
Repayments of Long-term Debt | 8,100,000 | ||||||||
Term Loan A [Member] | Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | ||||||||
Syndication Facility Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||||
Syndication Facility Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Syndication Facility Agreement [Member] | Federal Funds Rate [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Syndication Facility Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Syndication Facility Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Syndication Facility Agreement [Member] | Minimum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||||||
Syndication Facility Agreement [Member] | Maximum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||||||||
Syndication Facility Agreement [Member] | Europe and Australia[Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 240,000,000 | ||||||||
Syndication Facility Agreement [Member] | THAILAND | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||||||
Syndication Facility Agreement [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Option to Increase Maximum Borrowing Capacity, Amount | 150,000,000 | ||||||||
MinimumConsolidatedInterestCoverageRatio | 2.25 | ||||||||
MaximumPercentageOfFirstTierSubsidiaryStockPledgedAsCollateral | 65.00% | ||||||||
Letters of Credit Outstanding, Amount | 3,300,000 | ||||||||
Long-term Debt, Weighted Average Interest Rate | 2.20% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Long-term Line of Credit | 63,300,000 | ||||||||
Other Line of Credit [Member] | Minimum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Interest Rate During Period | 2.00% | ||||||||
Other Line of Credit [Member] | Maximum [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Interest Rate During Period | 6.00% | ||||||||
Other Line of Credit [Member] | |||||||||
Note 8 - Borrowings (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 19,000,000 | ||||||||
Long-term Line of Credit | $0 | $0 |
Note_8_Borrowings_Details_Aggr
Note 8 - Borrowings (Details) - Aggregate Maturities of Borrowings (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Aggregate Maturities of Borrowings [Abstract] | |
2015 | $0 |
2016 | 13,750 |
2017 | 15,000 |
2018 | 11,250 |
2019 | 223,338 |
Thereafter | 0 |
$263,338 |
Note_9_Preferred_Stock_Details
Note 9 - Preferred Stock (Details) (USD $) | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Note 9 - Preferred Stock (Details) [Line Items] | ||
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $1 | |
Preferred Stock, Shares Issued | 0 | 0 |
Number of Purchase Right | 1 | |
Percentage of Acquisition of Outstanding Common Stock Causing Dilution | 15.00% | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $90 | |
Minimum Preferential Dividend per Share | $1 | |
Dividend Declared Rate Over per Common Stock | 100 | |
Preferred Stock, Liquidation Preference Per Share | $1 | |
Series B Preferred Stock [Member] | ||
Note 9 - Preferred Stock (Details) [Line Items] | ||
Number of Votes per share Entitled to Preferred Stock Holders | 100 |
Note_10_Shareholders_Equity_De
Note 10 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | |||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 04, 2012 | 31-May-10 | Oct. 07, 2014 | |
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Common Stock, Shares Authorized (in Shares) | 120,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.10 | |||||
Common Stock, Shares, Issued (in Shares) | 65,372,375 | |||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.14 | $0.11 | $0.09 | |||
Stock Based Compensation Rate at which Employee Stock Option Exercisable | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 6,558,263 | |||||
Number of Authorized stock, reduce by Issuance by other than Stock Option (in Shares) | 1.33 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 600,000 | 1,900,000 | 900,000 | |||
Proceeds from Stock Options Exercised | 400,000 | 1,900,000 | 1,500,000 | |||
Common Class A [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Common Stock, Shares Authorized (in Shares) | 80,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.10 | |||||
Common Class B [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Common Stock, Shares Authorized (in Shares) | 40,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.10 | |||||
undefined | 10.00% | |||||
Common Stock, Shares, Issued (in Shares) | 6,459,556 | |||||
Common Stock [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) | 500,000 | |||||
Treasury Stock, Shares, Retired (in Shares) | 500,000 | |||||
Treasury Stock, Shares, Acquired (in Shares) | 500,000 | |||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $15.30 | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Share-based Compensation Arrangement by Share Based Payment Award Award, Exercisable Period | 3 years | |||||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Share-based Compensation Arrangement by Share Based Payment Award Award, Exercisable Period | 10 years | |||||
Employee Stock Option [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Allocated Share-based Compensation Expense | 0 | 100,000 | 500,000 | |||
Restricted Stock [Member] | Minimum [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Restricted Stock [Member] | ||||||
Note 10 - Shareholders' Equity (Details) [Line Items] | ||||||
Allocated Share-based Compensation Expense | 4,000,000 | 7,900,000 | 3,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 489,000 | 670,000 | 573,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 9,300,000 | |||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $1,000,000 | $3,000,000 | $700,000 |
Note_10_Shareholders_Equity_De1
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | $306,639 | $340,787 | ||
Net income | 24,808 | 48,255 | 5,943 | |
Pension liability adjustment | 15,280 | -1,409 | -771 | |
Foreign currency translation adjustment | -28,351 | -5,241 | 8,539 | |
Common Stock [Member] | ||||
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | 6,597 | 6,631 | 6,606 | 6,548 |
Balance (in Shares) | 65,968 | 66,311 | 66,062 | 65,484 |
Stock issuances under employee option plans | 5 | 20 | 16 | |
Stock issuances under employee option plans (in Shares) | 55 | 201 | 160 | |
Other issuances of common stock | 49 | 67 | 58 | |
Other issuances of common stock (in Shares) | 489 | 670 | 573 | |
Forfeitures and compensation expense related to stock awards | -38 | -62 | -16 | |
Forfeitures and compensation expense related to stock awards (in Shares) | -387 | -622 | -155 | |
Share repurchases | -50 | |||
Share repurchases (in Shares) | -500 | |||
Additional Paid-in Capital [Member] | ||||
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | 368,603 | 374,597 | 366,677 | 361,400 |
Stock issuances under employee option plans | 381 | 1,814 | 2,030 | |
Other issuances of common stock | 10,361 | 10,805 | 7,564 | |
Unamortized stock compensation expense related to restricted stock awards | -10,410 | -10,872 | -7,610 | |
Forfeitures and compensation expense related to stock awards | 1,293 | 6,173 | 3,293 | |
Share repurchases | -7,619 | |||
Retained Earnings [Member] | ||||
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | 39,737 | 24,226 | -16,746 | -16,764 |
Net income | 24,808 | 48,255 | 5,943 | |
Cash dividends paid | -9,297 | -7,283 | -5,925 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | -49,362 | -34,082 | -35,491 | -36,262 |
Pension liability adjustment | -15,280 | 1,409 | 771 | |
Accumulated Translation Adjustment [Member] | ||||
Note 10 - Shareholders' Equity (Details) - Activity of Shareholders' Equity [Line Items] | ||||
Balance | -58,936 | -30,585 | -25,344 | -33,883 |
Foreign currency translation adjustment | ($28,351) | ($5,241) | $8,539 |
Note_10_Shareholders_Equity_De2
Note 10 - Shareholders' Equity (Details) - Stock Options Outstanding (USD $) | 12 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||
Stock Options Outstanding [Abstract] | ||||
Shares | 126,000 | [1] | 184,000 | |
Weighted average exercise price | $9.23 | [1] | $8.18 | |
Exercisable at December 28, 2014 (b) | 126,000 | [2] | ||
Exercisable at December 28, 2014 (b) | $9.23 | [2] | ||
Granted | 0 | 0 | 0 | |
Granted | $0 | |||
Exercised | 55,000 | |||
Exercised | $6.68 | |||
Forfeited or cancelled | 3,000 | |||
Forfeited or cancelled | $1.49 | |||
[1] | At December 28, 2014, the weighted-average remaining contractual life of options outstanding was 5.0 years. | |||
[2] | At December 28, 2014, the weighted-average remaining contractual life of options exercisable was 5.0 years. |
Note_10_Shareholders_Equity_De3
Note 10 - Shareholders' Equity (Details) - Summary Of Stock Options Activity By Range Of Exercise Prices (USD $) | 12 Months Ended |
Dec. 28, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in Shares) | 126,000 |
Weighted Average Remaining Contractual Life (years) | 5 years |
Weighted Average Exercise Price - Options Outstanding | $9.23 |
Number Exercisable (in Shares) | 126,000 |
Weighted Average Exercise Price - Options Exercisable | $9.23 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower | $4.01 |
Range of Exercise Prices, Upper | $5 |
Number Outstanding (in Shares) | 50,000 |
Weighted Average Remaining Contractual Life (years) | 4 years |
Weighted Average Exercise Price - Options Outstanding | $4.30 |
Number Exercisable (in Shares) | 50,000 |
Weighted Average Exercise Price - Options Exercisable | $4.30 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower | $12 |
Range of Exercise Prices, Upper | $14 |
Number Outstanding (in Shares) | 76,000 |
Weighted Average Remaining Contractual Life (years) | 5 years 255 days |
Weighted Average Exercise Price - Options Outstanding | $12.47 |
Number Exercisable (in Shares) | 76,000 |
Weighted Average Exercise Price - Options Exercisable | $12.47 |
Note_10_Shareholders_Equity_De4
Note 10 - Shareholders' Equity (Details) - Restricted Stock Outstanding (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Restricted Stock [Member] | |||
Note 10 - Shareholders' Equity (Details) - Restricted Stock Outstanding [Line Items] | |||
Shares | 1,391,000 | 1,707,500 | |
Weighted average grant date fair value | $17.12 | $15.62 | |
Granted | 489,000 | 670,000 | 573,000 |
Granted | $21.28 | ||
Vested | 565,500 | ||
Vested | $16.20 | ||
Forfeited or cancelled | 240,000 | ||
Forfeited or cancelled | $17.14 |
Note_11_Income_Loss_Per_Share_1
Note 11 - Income (Loss) Per Share (Details) (Equity Option [Member]) | 12 Months Ended |
Dec. 30, 2012 | |
Equity Option [Member] | |
Note 11 - Income (Loss) Per Share (Details) [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 191,000 |
Note_11_Income_Loss_Per_Share_2
Note 11 - Income (Loss) Per Share (Details) - Distributed and Undistributed Earnings (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||
Basic earnings per share | ||||||||||||||
$0.37 | $0.73 | $0.35 | ||||||||||||
Diluted earnings per share | ||||||||||||||
$0.37 | $0.73 | $0.35 | ||||||||||||
Basic earnings per share | $0.23 | [1] | $0.23 | $0.17 | $0.11 | $0.12 | [2] | ($0.01) | [3] | $0.20 | $0.06 | $0.37 | $0.73 | $0.09 |
Diluted earnings per share | $0.23 | [1] | $0.23 | $0.17 | $0.11 | $0.12 | [2] | ($0.01) | [3] | $0.20 | $0.06 | $0.37 | $0.73 | $0.09 |
Continuing Operations [Member] | ||||||||||||||
Basic earnings per share | ||||||||||||||
Distributed earnings, basic | $0.14 | $0.11 | $0.09 | |||||||||||
Undistributed earnings, basic | $0.23 | $0.62 | $0.26 | |||||||||||
Diluted earnings per share | ||||||||||||||
Distributed earnings, diluted | $0.14 | $0.11 | $0.09 | |||||||||||
Undistributed earnings, diluted | $0.23 | $0.62 | $0.26 | |||||||||||
Discontinued Operations [Member] | ||||||||||||||
Basic earnings per share | ||||||||||||||
Distributed earnings, basic | $0 | $0 | $0 | |||||||||||
Undistributed earnings, basic | $0 | $0 | ($0.26) | |||||||||||
Diluted earnings per share | ||||||||||||||
Distributed earnings, diluted | $0 | $0 | $0 | |||||||||||
Undistributed earnings, diluted | $0 | $0 | ($0.26) | |||||||||||
[1] | The fourth quarter of 2013 includes a gain of $7.0 million related to final settlement of the Company's fire insurance claim in Australia. The fourth quarter of 2013 also includes $1.7 million of expenses related to debt retirement. | |||||||||||||
[2] | Results for the fourth quarter of 2014 include debt retirement expenses of $12.0 million. | |||||||||||||
[3] | Results for the third quarter of 2014 include restructuring and asset impairment charges of $12.4 million. |
Note_11_Income_Loss_Per_Share_3
Note 11 - Income (Loss) Per Share (Details) - Calculation of Income (Loss) Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Note 11 - Income (Loss) Per Share (Details) - Calculation of Income (Loss) Per Share [Line Items] | ||||||||||||||
Income from continuing operations (in Dollars) | $24,808 | $48,255 | $22,899 | |||||||||||
Net income (in Dollars) | 15,336 | [1] | 14,957 | 10,965 | 6,997 | 8,088 | [2] | -376 | [3] | 13,071 | 4,025 | |||
Shares for Basic Earnings Per Share | 66,389 | 66,194 | 65,767 | |||||||||||
Dilutive Effect of Stock Options | 59 | 103 | 133 | |||||||||||
Shares for Diluted Earnings Per Share | 66,448 | 66,297 | 65,900 | |||||||||||
Participating Securities [Member] | ||||||||||||||
Note 11 - Income (Loss) Per Share (Details) - Calculation of Income (Loss) Per Share [Line Items] | ||||||||||||||
Income from continuing operations (in Dollars) | 500 | 1,200 | 700 | |||||||||||
Net income (in Dollars) | $500 | $1,200 | $200 | |||||||||||
Weighted Average Shares Outstanding | 64,998 | 64,486 | 63,793 | |||||||||||
Participating Securities | 1,391 | 1,708 | 1,974 | |||||||||||
[1] | The fourth quarter of 2013 includes a gain of $7.0 million related to final settlement of the Company's fire insurance claim in Australia. The fourth quarter of 2013 also includes $1.7 million of expenses related to debt retirement. | |||||||||||||
[2] | Results for the fourth quarter of 2014 include debt retirement expenses of $12.0 million. | |||||||||||||
[3] | Results for the third quarter of 2014 include restructuring and asset impairment charges of $12.4 million. |
Note_12_Restructuring_Charges_1
Note 12 - Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 28, 2014 | Dec. 28, 2014 | |
Employee Severance [Member] | Restructuring Charge 2014 [Member] | ||
Note 12 - Restructuring Charges (Details) [Line Items] | ||
Restructuring Charges | $9,700,000 | $9,669,000 |
Other Restructuring [Member] | Restructuring Charge 2014 [Member] | ||
Note 12 - Restructuring Charges (Details) [Line Items] | ||
Restructuring Charges | 133,000 | |
Other Restructuring [Member] | Restructuring Charge 2012 [Member] | ||
Note 12 - Restructuring Charges (Details) [Line Items] | ||
Restructuring Charges | 100,000 | |
Fixed Asset Impairment [Member] | Restructuring Charge 2014 [Member] | ||
Note 12 - Restructuring Charges (Details) [Line Items] | ||
Restructuring Charges | 2,600,000 | 2,584,000 |
Restructuring Charge 2014 [Member] | ||
Note 12 - Restructuring Charges (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 |
Note_12_Restructuring_Charges_2
Note 12 - Restructuring Charges (Details) - Restructuring Plan One Activities (Restructuring Charge 2014 [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 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 | 2,732 | |
Balance at year end | 6,937 | |
Fixed Asset Impairment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charge | 2,600 | 2,584 |
Costs incurred | 2,584 | |
Balance at year end | 0 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring charge | 133 | |
Costs incurred | 133 | |
Balance at year end | $0 |
Note_13_Taxes_on_Income_Detail
Note 13 - Taxes on Income (Details) (USD $) | 12 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $4,000,000 | |||
Operating Loss Carryforwards, Valuation Allowance | 10,298,000 | 9,577,000 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | -21,800,000 | -21,800,000 | ||
Effective Income Tax Rate Reconciliation, Percent | 30.60% | 30.10% | 39.90% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Undistributed Earnings of Foreign Subsidiaries | 261,000,000 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 5,600,000 | |||
Foreign Earnings to be Repatriated | 2,400,000 | |||
Unrecognized Tax Benefits | 27,301,000 | 27,361,000 | 25,186,000 | 7,736,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 27,300,000 | |||
Unrecognized Tax Benefits That Would Require To Settle Through Cash | 5,500,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | -1,200,000 | |||
Income Tax Expense (Benefit) | 10,934,000 | 20,749,000 | 15,204,000 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Open Tax Year | 2003 | |||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Open Tax Year | 2009 | |||
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Open Tax Year | 2004 | |||
Deferred Compensation, Share-based Payments [Member] | Domestic Tax Authority [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 28,900,000 | |||
Domestic Tax Authority [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 129,000,000 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 800,000 | |||
State and Local Jurisdiction [Member] | Continuing Operations [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 209,000,000 | |||
State and Local Jurisdiction [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Operating Loss Carryforwards, Valuation Allowance | 163,700,000 | |||
Foreign Tax Authority [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 100,000 | |||
BAPA Program [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | -1,900,000 | |||
Canadian Subsidiary [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Increase (Decrease) in Income Taxes Payable | -600,000 | |||
Continuing Operations [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | 10,934,000 | 20,749,000 | 15,204,000 | |
Discontinued Operations [Member] | ||||
Note 13 - Taxes on Income (Details) [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 166,000,000 | |||
Income Tax Expense (Benefit) | $0 | $0 | ($9,164,000) |
Note_13_Taxes_on_Income_Detail1
Note 13 - Taxes on Income (Details) - Provisions for Federal, Foreign and State Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Current expense/(benefit): | |||
Federal | $224 | $473 | ($134) |
Foreign | 5,555 | 2,605 | 5,319 |
State | 712 | 627 | 602 |
6,491 | 3,705 | 5,787 | |
Deferred expense/(benefit): | |||
Federal | 3,856 | 3,246 | 1,928 |
Foreign | 493 | 8,692 | 17 |
State | 94 | 5,106 | -1,692 |
4,443 | 17,044 | 253 | |
$10,934 | $20,749 | $15,204 |
Note_13_Taxes_on_Income_Detail2
Note 13 - Taxes on Income (Details) - Income Tax Expense (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Note 13 - Taxes on Income (Details) - Income Tax Expense (Benefit) [Line Items] | |||
Income tax expense (benefit) | $10,934 | $20,749 | $15,204 |
Continuing Operations [Member] | |||
Note 13 - Taxes on Income (Details) - Income Tax Expense (Benefit) [Line Items] | |||
Income tax expense (benefit) | 10,934 | 20,749 | 15,204 |
Discontinued Operations [Member] | |||
Note 13 - Taxes on Income (Details) - Income Tax Expense (Benefit) [Line Items] | |||
Income tax expense (benefit) | 0 | 0 | -9,164 |
Continuing and Discontinued Operations [Member] | |||
Note 13 - Taxes on Income (Details) - Income Tax Expense (Benefit) [Line Items] | |||
Income tax expense (benefit) | $10,934 | $20,749 | $6,040 |
Note_13_Taxes_on_Income_Detail3
Note 13 - Taxes on Income (Details) - Income (Loss) from Continuing Operations before Taxes On Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Income (Loss) from Continuing Operations before Taxes On Income [Abstract] | |||
U.S. operations | $10,345 | $21,292 | $27,332 |
Foreign operations | 25,397 | 47,712 | 10,771 |
$35,742 | $69,004 | $38,103 |
Note_13_Taxes_on_Income_Detail4
Note 13 - Taxes on Income (Details) - Net Deferred Tax Asset (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Net Deferred Tax Asset [Abstract] | ||
Basis differences of property and equipment | $15,958 | $17,282 |
Basis difference of intangible assets | 384 | 346 |
Foreign currency | 3,848 | 2,755 |
Net operating loss carryforwards | 28,463 | 31,944 |
Valuation allowances on net operating loss carryforwards | -10,298 | -9,577 |
Federal tax credits | 2,751 | 2,490 |
Deferred compensation | 21,190 | 20,743 |
Basis difference of prepaids, accruals and reserves | 7,816 | 7,265 |
Pensions | 3,152 | |
Pensions | 774 | |
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 948 | 1,704 |
Basis difference of other assets and liabilities | 68 | 659 |
53,074 | 52,865 | |
$21,206 | $23,520 |
Note_13_Taxes_on_Income_Detail5
Note 13 - Taxes on Income (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred income taxes (current asset) | $9,732 | $10,232 |
Deferred tax asset (non-current asset) | 33,138 | 34,162 |
Deferred income taxes (non-current liabilities) | -11,002 | -15,049 |
$31,868 | $29,345 |
Note_13_Taxes_on_Income_Detail6
Note 13 - Taxes on Income (Details) - Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Note 13 - Taxes on Income (Details) - Effective Income Tax Rate Reconciliation [Line Items] | |||
Income taxes at U.S federal statutory rate | $12,510 | $24,151 | $13,336 |
Increase (decrease) in taxes resulting from: | |||
State income taxes, net of federal tax effect | 57 | 496 | 1,116 |
Non-deductible business expenses | 570 | 601 | 1,009 |
Non-deductible employee compensation | 491 | 409 | 469 |
Tax effects of Company owned life insurance | -395 | -1,117 | -448 |
Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 362 | 562 | 321 |
Foreign and U.S. tax effects attributable to foreign operations | -3,021 | -3,958 | -1,174 |
Valuation allowance effect – State NOL | 468 | 3,232 | -187 |
Non-deductible reserve against capital asset | 0 | -218 | 1,188 |
Advance pricing agreements with tax authorities | 0 | -2,492 | 0 |
Federal tax credits | 0 | -595 | -891 |
Other | -108 | -322 | 465 |
Income tax expense | 10,934 | 20,749 | 15,204 |
Continuing Operations [Member] | |||
Increase (decrease) in taxes resulting from: | |||
Income tax expense | $10,934 | $20,749 | $15,204 |
Note_13_Taxes_on_Income_Detail7
Note 13 - Taxes on Income (Details) - Reconciliation of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits [Abstract] | |||
Balance at beginning of year | $27,361 | $25,186 | $7,736 |
Balance at end of year | 27,301 | 27,361 | 25,186 |
Increases related to tax positions taken during the current year | 875 | 911 | 18,118 |
Increases related to tax positions taken during the prior years | 1,157 | 3,938 | 150 |
Decreases related to tax positions taken during the prior years | -697 | -9 | -519 |
Decreases related to settlements with taxing authorities | 0 | -1,928 | 0 |
Decreases related to lapse of applicable statute of limitations | -919 | -397 | -300 |
Changes due to foreign currency translation | ($476) | ($340) | $1 |
Note_14_Discontinued_Operation2
Note 14 - Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Note 14 - Discontinued Operations (Details) [Line Items] | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $0 | ($16,956,000) |
Bentley Prince Street [Member] | |||
Note 14 - Discontinued Operations (Details) [Line Items] | |||
Gain (Loss) on Disposition of Business | -8,600,000 | ||
Direct Cost to Sell Business Segment Included in Loss from Discontinued Operations | 5,900,000 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($2,500,000) |
Note_14_Discontinued_Operation3
Note 14 - Discontinued Operations (Details) - Summary Operating Results for Discontinued Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Summary Operating Results for Discontinued Operations [Abstract] | |||
Net sales | $0 | $0 | $57,017 |
Income (loss) on operations before taxes | 0 | 0 | -26,120 |
Taxes on income (benefit) | 0 | 0 | -9,164 |
Income (loss) on operations, net of tax | $0 | $0 | ($16,956) |
Note_15_Commitments_and_Contig2
Note 15 - Commitments and Contigencies (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases, Rent Expense | $24.60 | $24.50 | $22.80 | |
Rental Expenses Related to Discontinued Operations | $2.60 |
Note_15_Commitments_and_Contig3
Note 15 - Commitments and Contigencies (Details) - Aggregate Minimum Rent Commitments under Operating Leases (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Aggregate Minimum Rent Commitments under Operating Leases [Abstract] | |
2015 | $18,969 |
2016 | 13,394 |
2017 | 10,985 |
2018 | 7,068 |
2019 | 4,679 |
Thereafter | $11,745 |
Note_16_Employee_Benefit_Plans2
Note 16 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan Eligibility Period | 6 months | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $15,280,000 | ($1,409,000) | ($771,000) |
Normal Retirement Age | 65 | ||
Early Retiremen tAge | 55 | ||
Minimum Period of Service for Entitlement in Plan | 15 years | ||
Minimum Period under Death Benefit Feature | 10 years | ||
Maximum Period for Death Benefits Payable to Designated Beneficiary | 10 years | ||
401(k) Plan [Member] | 401(k) Plan [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | ||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Deferred Compensation Plan Assets | 24,500,000 | ||
Domestic SCP [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 800,000 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 500,000 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,300,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -1,300,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 20,300,000 | 17,600,000 | |
401(k) Plan [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 2,700,000 | 2,600,000 | 2,400,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 0 | |
Foreign Defined Benefit Plan [Member] | |||
Note 16 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 5,815,000 | 5,195,000 | |
Pension Expense | 100,000 | 1,000,000 | 800,000 |
Pension and other Postretirement Defined Benefit Plans, Net Liabilities | 14,700,000 | ||
Unfunded Status, Net of Amounts Recognized in Other Comprehensive Income | 45,400,000 | ||
Number of Defined Benefit Plans | 2 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 1,000,000 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 24,400,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 25,000,000 | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | 600,000 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 5,100,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $271,656,000 | $248,206,000 |
Note_16_Employee_Benefit_Plans3
Note 16 - Employee Benefit Plans (Details) - Funded Status of The Company's Significant Foreign Defined Benefit Plans (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Amounts recognized in accumulated other comprehensive income (after tax) | |||
Total amount recognized | $49,362 | $34,082 | |
Foreign Defined Benefit Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | 251,181 | 243,649 | |
Service cost | 705 | 804 | 505 |
Interest cost | 10,563 | 9,610 | 10,212 |
Benefits and expenses paid | -9,542 | -10,820 | |
Actuarial loss (gain) | 41,631 | 2,312 | |
Member contributions | 294 | 331 | |
Currency translation adjustment | -19,070 | 5,295 | |
Benefit obligation, end of year | 275,762 | 251,181 | 243,649 |
Change in plan assets | |||
Plan assets, beginning of year | 253,761 | 241,027 | |
Actual return on assets | 29,280 | 12,761 | |
Company contributions | 5,815 | 5,195 | |
Benefits paid | -9,542 | -10,807 | |
Currency translation adjustment | -18,288 | 5,585 | |
Plan assets, end of year | 261,026 | 253,761 | 241,027 |
Reconciliation to balance sheet | |||
Funded status benefit asset/(liability) | -14,736 | 2,580 | |
Net amount recognized | -14,736 | 2,580 | |
Amounts recognized in accumulated other comprehensive income (after tax) | |||
Unrecognized actuarial loss | 45,836 | 31,302 | |
Unamortized prior service costs | -423 | 152 | |
Total amount recognized | $45,413 | $31,454 |
Note_16_Employee_Benefit_Plans4
Note 16 - Employee Benefit Plans (Details) - Defined Benefit Plans (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
UK Plan [Member] | ||
UK Plan | ||
Projected Benefit Obligation | $190,303 | $176,909 |
Accumulated Benefit Obligation | 190,303 | 176,909 |
Plan Assets | 179,205 | 174,039 |
European Plans [Member] | ||
UK Plan | ||
Projected Benefit Obligation | 85,459 | 74,272 |
Accumulated Benefit Obligation | 81,353 | 71,297 |
Plan Assets | $81,821 | $79,722 |
Note_16_Employee_Benefit_Plans5
Note 16 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost (Foreign Defined Benefit Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Foreign Defined Benefit Plan [Member] | |||
Note 16 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost [Line Items] | |||
Service cost | $705 | $804 | $505 |
Interest cost | 10,563 | 9,610 | 10,212 |
Expected return on plan assets | -11,904 | -10,150 | -11,203 |
Amortization of prior service cost | 19 | 89 | 86 |
Recognized net actuarial (gains)/losses | 648 | 684 | 1,189 |
Net periodic benefit cost | $31 | $1,037 | $789 |
Note_16_Employee_Benefit_Plans6
Note 16 - Employee Benefit Plans (Details) - Assumptions Used to Determine Net Periodic Benefit Cost | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Weighted average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.00% | 4.00% | 4.70% |
Expected return on plan assets | 4.20% | 4.70% | 5.70% |
Rate of compensation | 2.00% | 2.00% | 2.00% |
Weighted average assumptions used to determine benefit obligations | |||
Discount rate | 3.20% | 4.25% | 4.00% |
Rate of compensation | 2.00% | 2.00% | 2.00% |
Note_16_Employee_Benefit_Plans7
Note 16 - Employee Benefit Plans (Details) - Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Note 16 - Employee Benefit Plans (Details) - Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets [Line Items] | ||
Fair value of plan assets | $261,026 | $253,761 |
Foreign Defined Benefit Plan [Member] | ||
Note 16 - Employee Benefit Plans (Details) - Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets [Line Items] | ||
Projected benefit obligation | 275,762 | 251,181 |
Accumulated benefit obligations | 271,656 | 248,206 |
Fair value of plan assets | $261,026 | $253,761 |
Note_16_Employee_Benefit_Plans8
Note 16 - Employee Benefit Plans (Details) - Weighted Average Asset Allocations | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Asset Category: | ||
Target allocation | 100.00% | |
Percentage of plan assets at year end | 100.00% | 100.00% |
Equity Securities [Member] | Minimum [Member] | ||
Asset Category: | ||
Target allocation | 55.00% | |
Equity Securities [Member] | Maximum [Member] | ||
Asset Category: | ||
Target allocation | 65.00% | |
Equity Securities [Member] | ||
Asset Category: | ||
Percentage of plan assets at year end | 63.00% | 65.00% |
Debt Securities [Member] | Minimum [Member] | ||
Asset Category: | ||
Target allocation | 30.00% | |
Debt Securities [Member] | Maximum [Member] | ||
Asset Category: | ||
Target allocation | 40.00% | |
Debt Securities [Member] | ||
Asset Category: | ||
Percentage of plan assets at year end | 34.00% | 32.00% |
Other Securities [Member] | Minimum [Member] | ||
Asset Category: | ||
Target allocation | 0.00% | |
Other Securities [Member] | Maximum [Member] | ||
Asset Category: | ||
Target allocation | 5.00% | |
Other Securities [Member] | ||
Asset Category: | ||
Percentage of plan assets at year end | 3.00% | 3.00% |
Note_16_Employee_Benefit_Plans9
Note 16 - Employee Benefit Plans (Details) - Pension Plan Assets at Fair Value (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | $261,026 | $253,761 |
Fair Value, Inputs, Level 1 [Member] | European Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 81,821 | 79,722 |
Fair Value, Inputs, Level 1 [Member] | UK Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 173,271 | 167,397 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 255,092 | 247,119 |
Fair Value, Inputs, Level 2 [Member] | European Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | UK Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | European Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | UK Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 5,934 | 6,642 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 5,934 | 6,642 |
European Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | 81,821 | 79,722 |
UK Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets | $179,205 | $174,039 |
Recovered_Sheet1
Note 16 - Employee Benefit Plans (Details) - Change in Value Related to Level 3 Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Note 16 - Employee Benefit Plans (Details) - Change in Value Related to Level 3 Assets [Line Items] | ||
Balance of level 3 assets, beginning of year | $253,761 | |
Ending Balance of level 3 assets | 261,026 | 253,761 |
Fair Value, Inputs, Level 3 [Member] | UK Plan [Member] | ||
Note 16 - Employee Benefit Plans (Details) - Change in Value Related to Level 3 Assets [Line Items] | ||
Balance of level 3 assets, beginning of year | 6,642 | |
Ending Balance of level 3 assets | 5,934 | |
Interest cost | 287 | |
Benefits paid | -918 | |
Actuarial loss | 212 | |
Translation adjustment | -289 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 16 - Employee Benefit Plans (Details) - Change in Value Related to Level 3 Assets [Line Items] | ||
Balance of level 3 assets, beginning of year | 6,642 | |
Ending Balance of level 3 assets | $5,934 | $6,642 |
Recovered_Sheet2
Note 16 - Employee Benefit Plans (Details) - Future Benefit Payments for Foreign Defined Benefit Plans (Foreign Defined Benefit Plan [Member], USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Foreign Defined Benefit Plan [Member] | |
Note 16 - Employee Benefit Plans (Details) - Future Benefit Payments for Foreign Defined Benefit Plans [Line Items] | |
2015 | $8,902 |
2016 | 9,021 |
2017 | 9,206 |
2018 | 9,664 |
2019 | 9,749 |
2020-2024 | $48,585 |
Recovered_Sheet3
Note 16 - Employee Benefit Plans (Details) - Change in Benefit Obligation (Domestic SCP [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Domestic SCP [Member] | |||
Note 16 - Employee Benefit Plans (Details) - Change in Benefit Obligation [Line Items] | |||
Benefit obligation, beginning of year | $20,947 | $21,923 | |
Benefit obligation, end of year | 24,016 | 20,947 | 21,923 |
Service cost | 500 | 534 | 452 |
Interest cost | 1,071 | 997 | 1,014 |
Benefits paid | -847 | -847 | |
Actuarial loss (gain) | $2,345 | ($1,660) |
Recovered_Sheet4
Note 16 - Employee Benefit Plans (Details) - Amounts Recognized in Consolidated Balance Sheets (Domestic SCP [Member], USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Domestic SCP [Member] | ||
Note 16 - Employee Benefit Plans (Details) - Amounts Recognized in Consolidated Balance Sheets [Line Items] | ||
Current liabilities | $847 | $848 |
Non-current liabilities | 23,169 | 20,099 |
$24,016 | $20,947 |
Recovered_Sheet5
Note 16 - Employee Benefit Plans (Details) - Components of Accumulated Other Comprehensive Income (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Note 16 - Employee Benefit Plans (Details) - Components of Accumulated Other Comprehensive Income [Line Items] | ||
$49,362 | $34,082 | |
Domestic SCP [Member] | ||
Note 16 - Employee Benefit Plans (Details) - Components of Accumulated Other Comprehensive Income [Line Items] | ||
Unrecognized actuarial loss | 3,949 | 2,614 |
Unrecognized transition asset | 0 | 0 |
Unamortized prior service cost | 0 | 14 |
$3,949 | $2,628 |
Recovered_Sheet6
Note 16 - Employee Benefit Plans (Details) - Assumptions Used to Determine Net Periodic Benefit Cost (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.00% | 4.00% | 4.70% |
Rate of compensation | 2.00% | 2.00% | 2.00% |
Assumptions used to determine benefit obligations | |||
Discount rate | 3.20% | 4.25% | 4.00% |
Rate of compensation | 2.00% | 2.00% | 2.00% |
Domestic SCP [Member] | |||
Assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.50% | 4.00% | 4.75% |
Rate of compensation | 4.00% | 4.00% | 4.00% |
Assumptions used to determine benefit obligations | |||
Discount rate | 4.00% | 4.50% | 4.00% |
Rate of compensation | 4.00% | 4.00% | 4.00% |
Components of net periodic benefit cost | |||
Service cost | 500 | 534 | 452 |
Interest cost | 1,071 | 997 | 1,014 |
Amortizations | 291 | 489 | 316 |
Net periodic benefit cost | 1,863 | 2,020 | 1,782 |
Recovered_Sheet7
Note 16 - Employee Benefit Plans (Details) - Future Benefit Payments for SCP (Domestic SCP [Member], USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Domestic SCP [Member] | |
Note 16 - Employee Benefit Plans (Details) - Future Benefit Payments for SCP [Line Items] | |
2015 | $847 |
2016 | 847 |
2017 | 847 |
2018 | 847 |
2019 | 847 |
2020-2024 | $9,504 |
Note_17_Fire_at_Australian_Man1
Note 17 - Fire at Australian Manufacturing Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||
Dec. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 28, 2014 | |
Note 17 - Fire at Australian Manufacturing Facility (Details) [Line Items] | ||||||
Asset Impairment Charges | $2,700,000 | $22,300,000 | $69,700,000 | |||
Excess Production Cost Due To Fire | 23,400,000 | 21,300,000 | ||||
Insurance Recoveries | 22,300,000 | 33,700,000 | 20,700,000 | 76,700,000 | ||
Prepaid Expense and Other Assets, Current | 23,411,000 | 23,411,000 | 23,411,000 | 20,780,000 | ||
Gain on Business Interruption Insurance Recovery | 7,000,000 | |||||
Insurance Claims [Member] | ||||||
Note 17 - Fire at Australian Manufacturing Facility (Details) [Line Items] | ||||||
Prepaid Expense and Other Assets, Current | 22,900,000 | |||||
Non-Production Related [Member] | ||||||
Note 17 - Fire at Australian Manufacturing Facility (Details) [Line Items] | ||||||
Loss from Catastrophes | $1,700,000 |
Note_18_EnterpriseWide_Disclos2
Note 18 - Enterprise-Wide Disclosure (Details) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Note 18 - Enterprise-Wide Disclosure (Details) [Line Items] | |||
Number of Operating Segments | 3 | ||
Number of Reportable Segments | 1 | ||
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | Americas [Member] | |||
Note 18 - Enterprise-Wide Disclosure (Details) [Line Items] | |||
Concentration Risk, Percentage | 57.00% | ||
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | Europe [Member] | |||
Note 18 - Enterprise-Wide Disclosure (Details) [Line Items] | |||
Concentration Risk, Percentage | 28.00% | ||
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | Asia Pacific [Member] | |||
Note 18 - Enterprise-Wide Disclosure (Details) [Line Items] | |||
Concentration Risk, Percentage | 15.00% | ||
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | Other Foreign Countries [Member] | |||
Note 18 - Enterprise-Wide Disclosure (Details) [Line Items] | |||
Concentration Risk, Percentage | 51.00% | 52.00% | 55.00% |
Note_18_EnterpriseWide_Disclos3
Note 18 - Enterprise-Wide Disclosure (Details) - Revenue and Long-Lived Assets Related to Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||||||
Net sales | $251,689 | [1] | $254,448 | $243,483 | $210,369 | $272,096 | [2] | $252,191 | [3] | $260,624 | $218,992 | $1,003,903 | [4] | $959,989 | [4] | $932,020 | [4] |
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 227,347 | [5] | 230,845 | [5] | 227,347 | [5] | 230,845 | [5] | |||||||||
UNITED STATES | |||||||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||||||
Net sales | 487,001 | [4] | 458,585 | [4] | 421,355 | [4] | |||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 86,856 | [5] | 85,518 | [5] | 86,856 | [5] | 85,518 | [5] | |||||||||
UNITED KINGDOM | |||||||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||||||
Net sales | 83,182 | [4] | 75,076 | [4] | 83,373 | [4] | |||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 10,604 | [5] | 16,541 | [5] | 10,604 | [5] | 16,541 | [5] | |||||||||
AUSTRALIA | |||||||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||||||
Net sales | 79,922 | [4] | 78,569 | [4] | 87,115 | [4] | |||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 57,410 | [5] | 60,199 | [5] | 57,410 | [5] | 60,199 | [5] | |||||||||
Other Foreign Countries [Member] | |||||||||||||||||
SALES TO UNAFFILIATED CUSTOMERS(1) | |||||||||||||||||
Net sales | 353,798 | [4] | 347,759 | [4] | 340,177 | [4] | |||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 20,384 | [5] | 16,687 | [5] | 20,384 | [5] | 16,687 | [5] | |||||||||
NETHERLANDS | |||||||||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | 38,086 | [5] | 35,619 | [5] | 38,086 | [5] | 35,619 | [5] | |||||||||
CHINA | |||||||||||||||||
LONG-LIVED ASSETS(2) | |||||||||||||||||
Long-lived assets | $14,007 | [5] | $16,281 | [5] | $14,007 | [5] | $16,281 | [5] | |||||||||
[1] | The fourth quarter of 2013 includes a gain of $7.0 million related to final settlement of the Company's fire insurance claim in Australia. The fourth quarter of 2013 also includes $1.7 million of expenses related to debt retirement. | ||||||||||||||||
[2] | Results for the fourth quarter of 2014 include debt retirement expenses of $12.0 million. | ||||||||||||||||
[3] | Results for the third quarter of 2014 include restructuring and asset impairment charges of $12.4 million. | ||||||||||||||||
[4] | Revenue attributed to geographic areas is based on the location of the customer. | ||||||||||||||||
[5] | Long-lived assets include tangible assets physically located in foreign countries. |
Note_19_Quarterly_Data_and_Sha2
Note 19 - Quarterly Data and Share Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Restructuring Costs and Asset Impairment Charges | $12,400,000 | |||||
12,000,000 | 1,700,000 | 11,989,000 | 1,667,000 | 0 | ||
$7,000,000 | $0 | $6,954,000 | ($1,748,000) |
Note_19_Quarterly_Data_and_Sha3
Note 19 - Quarterly Data and Share Information (Unaudited) (Details) - Consolidated Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||||
Note 19 - Quarterly Data and Share Information (Unaudited) (Details) - Consolidated Financial Data [Line Items] | |||||||||||||||||
Net sales (in Dollars) | $251,689 | [1] | $254,448 | $243,483 | $210,369 | $272,096 | [2] | $252,191 | [3] | $260,624 | $218,992 | $1,003,903 | [4] | $959,989 | [4] | $932,020 | [4] |
Gross profit (in Dollars) | 91,871 | [1] | 91,753 | 86,233 | 71,252 | 91,361 | [2] | 83,595 | [3] | 90,385 | 74,686 | 340,027 | 341,109 | 317,179 | |||
Net income (loss) (in Dollars) | $15,336 | [1] | $14,957 | $10,965 | $6,997 | $8,088 | [2] | ($376) | [3] | $13,071 | $4,025 | ||||||
Basic income (loss) per share | $0.23 | [1] | $0.23 | $0.17 | $0.11 | $0.12 | [2] | ($0.01) | [3] | $0.20 | $0.06 | $0.37 | $0.73 | $0.09 | |||
Diluted income (loss) per share | $0.23 | [1] | $0.23 | $0.17 | $0.11 | $0.12 | [2] | ($0.01) | [3] | $0.20 | $0.06 | $0.37 | $0.73 | $0.09 | |||
Maximum [Member] | |||||||||||||||||
Share prices | |||||||||||||||||
Share price | $21.74 | [1] | $20.30 | $19.86 | $19.96 | $16.74 | [2] | $19.41 | [3] | $21.13 | $22.46 | $21.74 | [1] | $16.74 | [2] | ||
Minimum [Member] | |||||||||||||||||
Share prices | |||||||||||||||||
Share price | $18.54 | [1] | $16.73 | $15.13 | $15.76 | $12.98 | [2] | $15.72 | [3] | $17.11 | $18.63 | $18.54 | [1] | $12.98 | [2] | ||
[1] | The fourth quarter of 2013 includes a gain of $7.0 million related to final settlement of the Company's fire insurance claim in Australia. The fourth quarter of 2013 also includes $1.7 million of expenses related to debt retirement. | ||||||||||||||||
[2] | Results for the fourth quarter of 2014 include debt retirement expenses of $12.0 million. | ||||||||||||||||
[3] | Results for the third quarter of 2014 include restructuring and asset impairment charges of $12.4 million. | ||||||||||||||||
[4] | Revenue attributed to geographic areas is based on the location of the customer. |
Note_20_Items_Reclassified_fro1
Note 20 - Items Reclassified from Other Comprehensive Income (Details) (Pension Plan [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2014 |
Pension Plan [Member] | |
Note 20 - 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 | $1 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - Valuation and Qualifying Accounts and Reserves (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Year Ended: | ||||||
Balance, at beginning of year | $7,646 | $8,818 | $8,920 | |||
Charged to costs and expenses | -730 | [1] | 253 | [1] | 1,338 | [1] |
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | 1,020 | [2] | 1,425 | [2] | 1,440 | [2] |
Balance, at end of year | 7,936 | 7,646 | 8,818 | |||
Business Restructuring Reserves [Member] | ||||||
Year Ended: | ||||||
Balance, at beginning of year | 519 | 4,350 | 4,112 | |||
Charged to costs and expenses | 9,315 | [1] | 0 | [1] | 18,927 | [1] |
Charged to other accounts | 2,717 | [3] | 0 | [3] | 9,364 | [3] |
Deductions | 5,372 | [4] | 3,831 | [4] | 9,325 | [4] |
Balance, at end of year | 7,179 | 519 | 4,350 | |||
Allowance for Sales Returns [Member] | ||||||
Year Ended: | ||||||
Balance, at beginning of year | 3,571 | 3,099 | 4,276 | |||
Charged to costs and expenses | 63 | [1] | 1,360 | [1] | 1,441 | [1] |
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | 1,438 | [5] | 888 | [5] | 2,618 | [5] |
Balance, at end of year | 2,196 | 3,571 | 3,099 | |||
Warranty Reserves [Member] | ||||||
Year Ended: | ||||||
Balance, at beginning of year | 1,364 | 1,232 | 871 | |||
Charged to costs and expenses | 394 | [1] | 446 | [1] | 361 | [1] |
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | 0 | [6] | 314 | [6] | 0 | [6] |
Balance, at end of year | 1,758 | 1,364 | 1,232 | |||
Inventory Valuation Reserve [Member] | ||||||
Year Ended: | ||||||
Balance, at beginning of year | 13,416 | 12,946 | 10,366 | |||
Charged to costs and expenses | 4,819 | [1] | 3,445 | [1] | 4,252 | [1] |
Charged to other accounts | 0 | 0 | 0 | |||
Deductions | 3,451 | [6] | 2,975 | [6] | 1,672 | [6] |
Balance, at end of year | $14,784 | $13,416 | $12,946 | |||
[1] | Includes changes in foreign currency exchange rates. | |||||
[2] | Write off of bad debt, and recovering of previously provided for amounts. | |||||
[3] | Reduction of asset carrying value. | |||||
[4] | Cash payments. | |||||
[5] | Represents credits issued and adjustments to reflect actual exposure. | |||||
[6] | Represents costs applied against reserve and adjustments to reflect actual exposure. |