Interface (TILE) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 05, 2015	Aug. 04, 2015
Entity Registrant Name	INTERFACE INC
Entity Central Index Key	715,787
Current Fiscal Year End Date	--01-03
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		65,854,724
Document Type	10-Q
Document Period End Date	Jul. 5, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Jul. 05, 2015	Dec. 28, 2014
CURRENT ASSETS:
Cash and Cash Equivalents	$ 71,821,000	$ 54,896,000
Accounts Receivable, net	137,546,000	157,093,000
Inventories	164,205,000	142,167,000
Prepaid Expenses and Other Current Assets	21,989,000	20,780,000
Deferred Income Taxes	9,617,000	9,732,000
TOTAL CURRENT ASSETS	405,178,000	384,668,000
PROPERTY AND EQUIPMENT, less accumulated depreciation	216,681,000	227,347,000
DEFERRED TAX ASSET	24,988,000	33,138,000
GOODWILL	64,530,000	70,509,000
OTHER ASSETS	58,788,000	59,252,000
TOTAL ASSETS	770,165,000	774,914,000
CURRENT LIABILITIES:
Accounts Payable	56,273,000	49,464,000
Current Portion of Long-Term Debt	7,500,000	0
Accrued Expenses	80,421,000	94,323,000
TOTAL CURRENT LIABILITIES	144,194,000	143,787,000
LONG-TERM DEBT	251,615,000	263,338,000
DEFERRED INCOME TAXES	11,240,000	11,002,000
OTHER	47,217,000	50,148,000
TOTAL LIABILITIES	$ 454,266,000	$ 468,275,000
Commitments and Contingencies
SHAREHOLDERS’ EQUITY:
Preferred Stock	$ 0	$ 0
Common Stock	6,585,000	6,597,000
Additional Paid-In Capital	368,725,000	368,603,000
Retained Earnings	68,481,000	39,737,000
Accumulated Other Comprehensive Loss – Foreign Currency Translation Adjustment	(79,175,000)	(58,936,000)
Accumulated Other Comprehensive Loss – Pension Liability	(48,717,000)	(49,362,000)
TOTAL SHAREHOLDERS’ EQUITY	315,899,000	306,639,000
	$ 770,165,000	$ 774,914,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
NET SALES	$ 263,637,000	$ 260,624,000	$ 500,541,000	$ 479,616,000
Cost of Sales	162,385,000	170,239,000	313,857,000	314,545,000
GROSS PROFIT ON SALES	101,252,000	90,385,000	186,684,000	165,071,000
Selling, General and Administrative Expenses	68,033,000	66,042,000	132,065,000	128,701,000
OPERATING INCOME	33,219,000	24,343,000	54,619,000	36,370,000
Interest Expense	1,790,000	5,420,000	3,678,000	10,918,000
Other Expense (Income)	(446,000)	(128,000)	826,000	(154,000)
INCOME BEFORE INCOME TAX EXPENSE	31,875,000	19,051,000	50,115,000	25,606,000
Income Tax Expense	10,153,000	5,980,000	16,071,000	8,510,000
NET INCOME	$ 21,722,000	$ 13,071,000	$ 34,044,000	$ 17,096,000
Earnings Per Share – Basic (in dollars per share)	$ 0.33	$ 0.20	$ 0.51	$ 0.26
Earnings Per Share – Diluted (in dollars per share)	$ 0.33	$ 0.20	$ 0.51	$ 0.26
Common Shares Outstanding – Basic (in shares)	65,995	66,473	66,208	66,472
Common Shares Outstanding – Diluted (in shares)	66,044	66,550	66,253	66,558

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Net Income	$ 21,722,000	$ 13,071,000	$ 34,044,000	$ 17,096,000
Other Comprehensive Income (Loss), Foreign
Currency Translation Adjustment	5,060,000	1,078,000	(20,239,000)	4,182,000
Other Comprehensive Income (Loss), Pension Liability Adjustment	(2,557,000)	(776,000)	645,000	(1,213,000)
Comprehensive Income	$ 24,225,000	$ 13,373,000	$ 14,450,000	$ 20,065,000

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
OPERATING ACTIVITIES:
Net Income	$ 34,044,000	$ 17,096,000
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation and Amortization	15,539,000	13,312,000
Stock Compensation Amortization Expense	9,100,000	2,674,000
Deferred Income Taxes and Other	9,287,000	234,000
Working Capital Changes:
Accounts Receivable	15,209,000	(12,403,000)
Inventories	(27,150,000)	(21,929,000)
Prepaid Expenses and Other Current Assets	(2,328,000)	(118,000)
Accounts Payable and Accrued Expenses	(2,841,000)	1,938,000
CASH PROVIDED BY OPERATING ACTIVITIES:	50,860,000	804,000
INVESTING ACTIVITIES:
Capital Expenditures	(12,126,000)	(22,017,000)
Other	(462,000)	(1,658,000)
CASH USED IN INVESTING ACTIVITIES:	(12,588,000)	(23,675,000)
FINANCING ACTIVITIES:
Repayments of Long-Term Debt	(3,000,000)	(2,289,000)
Borrowing of Long-Term Debt	0	5,952,000
Proceeds from Issuance of Common Stock	359,000	159,000
Repurchase of Common Stock	(10,469,000)	0
Dividends Paid	(5,300,000)	(3,989,000)
CASH USED IN FINANCING ACTIVITIES:	(18,410,000)	(167,000)
Net Cash Provided by (Used in) Operating, Investing and Financing Activities	19,862,000	(23,038,000)
Effect of Exchange Rate Changes on Cash	(2,937,000)	167,000
CASH AND CASH EQUIVALENTS:
Net Change During the Period	16,925,000	(22,871,000)
Balance at Beginning of Period	54,896,000	72,883,000
Balance at End of Period	$ 71,821,000	$ 50,012,000

Note 1 - Condensed Footnotes

Note 1 - Condensed Footnotes	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Condensed Footnotes [Text Block]	NOTE 1 – CONDENSED FOOTNOTES As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end audited consolidated financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended December 28, 2014, as filed with the Commission. The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments (all of which are normal and recurring) necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The December 28, 2014, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The first quarter of 2015 was comprised of 14 weeks, while the first quarter of 2014 was comprised of 13 weeks. Each of the second quarters of 2015 and 2014 was comprised of 13 weeks. Certain prior period amounts have been reclassified to conform to the current period presentation.

Note 2 - Inventories

Note 2 - Inventories	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 – INVENTORIES Inventories are summarized as follows: July 5, 2015 December 28, 2014 (In thousands) Finished Goods $ 105,756 $ 89,688 Work in Process 10,915 9,898 Raw Materials 47,534 42,581 $ 164,205 $ 142,167

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 3 – EARNINGS PER SHARE The Company computes basic earnings per share (“EPS”) by dividing net income by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings. The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following tables show distributed and undistributed earnings: Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.04 $ 0.03 $ 0.08 $ 0.05 Undistributed Earnings 0.29 0.17 0.43 0.21 Total $ 0.33 $ 0.20 $ 0.51 $ 0.26 Diluted Earnings Per Share: Distributed Earnings $ 0.04 $ 0.03 $ 0.08 $ 0.05 Undistributed Earnings 0.29 0.17 0.43 0.21 Total $ 0.33 $ 0.20 $ 0.51 $ 0.26 Basic earnings per share $ 0.33 $ 0.20 $ 0.51 $ 0.26 Diluted earnings per share $ 0.33 $ 0.20 $ 0.51 $ 0.26 The following tables present net income that was attributable to participating securities: Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In millions) Net Income $ 0.5 $ 0.3 $ 0.8 $ 0.4 The weighted average shares outstanding for basic and diluted EPS were as follows: Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) Weighted Average Shares Outstanding 64,497 65,012 64,710 65,011 Participating Securities 1,498 1,461 1,498 1,461 Shares for Basic Earnings Per Share 65,995 66,473 66,208 66,472 Dilutive Effect of Stock Options 49 77 45 86 Shares for Diluted Earnings Per Share 66,044 66,550 66,253 66,558 For all periods presented, there were no options or participating securities excluded from the computation of diluted EPS.

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 – LONG-TERM DEBT 7.625 % Senior Notes As of June 29, 2014, the Company had outstanding $247.5 million in 7.625% Senior Notes due 2018 (the “7.625% Senior Notes”). These notes were redeemed in their entirety in the fourth quarter of 2014. The estimated fair value of the 7.625% Senior Notes as of June 29, 2014, based on then current market prices, was $259.9 million. 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 facility matures in October of 2019. Interest on base rate loans is charged at varying rates computed by applying a margin 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 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 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. As of July 5, 2015, the Company had $200 million of term loan borrowing and $59.1 million of revolving loan borrowings outstanding under the Facility, and had $3.1 million in letters of credit outstanding under the Facility. As of July 5, 2015, the weighted average interest rate on borrowings outstanding under the Facility was 1.9%. The Company is required to make amortization payments of the term loan 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. 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. 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 July 5, 2015, there were no borrowings outstanding under these lines of credit.

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 5 – STOCK-BASED COMPENSATION Stock Option Awards In accordance with accounting standards, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost will be recognized over the period in which the employee is required to provide the services – the requisite service period (usually the vesting period) – in exchange for the award. All outstanding stock options vested prior to the end of 2013, and therefore there was no stock option compensation expense in 2014 or 2015. There were no stock options granted in 2014 or 2015. The following table summarizes stock options outstanding as of July 5, 2015, as well as activity during the six months then ended: Shares Weighted Average Exercise Price Outstanding at December 28, 2014 126,000 $ 9.23 Granted 0 0 Exercised 38,500 9.27 Forfeited or canceled 0 0 Outstanding at July 5, 2015 87,500 8.75 Exercisable at July 5, 2015 87,500 $ 8.75 At July 5, 2015, the aggregate intrinsic value of both in-the-money options outstanding and options exercisable was $1.4 million (the intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option). Cash proceeds and intrinsic value related to total stock options exercised during the first six months of 2015 and 2014 are provided in the table below. The Company did not recognize any significant tax benefit with regard to stock options in either period presented. Six Months Ended July 5, 2015 June 29, 2014 (In thousands) Proceeds from stock options exercised $ 359 $ 159 Intrinsic value of stock options exercised 421 299 Restricted Stock Awards During the six months ended July 5, 2015, and June 29, 2014, the Company granted restricted stock awards for 597,000 and 490,000 shares, respectively, of common stock. Restricted stock awards (or a portion thereof) vest with respect to each recipient over a two to five year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, awards (or a portion thereof) could vest earlier upon the attainment of certain performance criteria, in the event of a change in control of the Company, or upon involuntary termination without cause. Compensation expense related to restricted stock grants was $9.1 million and $2.7 million for the six months ended July 5, 2015, and June 29, 2014, respectively. Accounting standards require that the Company estimate forfeitures for restricted stock and reduce compensation expense accordingly. The Company has reduced its expense by the assumed forfeiture rate and will evaluate experience against this forfeiture rate going forward. The following table summarizes restricted stock activity as of July 5, 2015, and during the six months then ended: Shares Weighted Average Grant Date Fair Value Outstanding at December 28, 2014 1,391,000 $ 17.12 Granted 597,000 16.43 Vested 290,500 13.99 Forfeited or canceled 199,500 13.58 Outstanding at July 5, 2015 1,498,000 $ 17.92 As of July 5, 2015, the unrecognized total compensation cost related to unvested restricted stock was approximately $14.3 million. That cost is expected to be recognized by the end of 2019. For the six months ended July 5, 2015, and June 29, 2014, the Company recognized tax benefits with regard to restricted stock of $3.5 million and $0.7 million, respectively.

Note 6 - Employee Benefit Plans

Note 6 - Employee Benefit Plans	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 6 – EMPLOYEE BENEFIT PLANS The following tables provide the components of net periodic benefit cost for the three-month and six-month periods ended July 5, 2015, and June 29, 2014, respectively: Three Months Ended Six Months Ended Defined Benefit Retirement Plan (Europe) July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) (In thousands) Service cost $ 265 $ 188 $ 534 $ 363 Interest cost 2,111 2,849 4,204 5,364 Expected return on assets (2,265 ) (3,195 ) (4,512 ) (6,020 ) Amortization of prior service costs 9 13 17 25 Recognized net actuarial losses 242 175 481 328 Net periodic benefit cost $ 362 $ 30 $ 724 $ 60 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) (In thousands) Service cost $ 148 $ 125 $ 297 $ 250 Interest cost 278 268 556 535 Amortization of prior service cost 0 6 0 12 Amortization of loss 131 67 261 133 Net periodic benefit cost $ 557 $ 466 $ 1,114 $ 930

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 7 – SEGMENT INFORMATION Based on applicable accounting standards, the Company has determined that it has three operating segments – namely, the Americas, Europe and Asia-Pacific geographic regions. Pursuant to accounting standards, the Company has aggregated the three operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment.

Note 8 - Supplemental Cash Flow

Note 8 - Supplemental Cash Flow Information	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE 8 – SUPPLEMENTAL CASH FLOW INFORMATION Cash payments for interest amounted to $3.3 million and $9.9 million for the six months ended July 5, 2015, and June 29, 2014, respectively. Income tax payments amounted to $3.5 million and $4.0 million for the six months ended July 5, 2015, and June 29, 2014, respectively.

Note 9 - Recently Issued Accoun

Note 9 - Recently Issued Accounting Pronouncements	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 9 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In January 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standard which eliminates the concept of extraordinary items from generally accepted accounting principles. The standard does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. The standard is effective for interim and annual periods in fiscal years beginning after December 15, 2015. The standard allows prospective or retrospective application. Early adoption is permitted if applied from the beginning of the fiscal year of adoption. We do not believe the adoption of this standard will have any significant effect on our ongoing financial reporting. In February 2015, the FASB issued an accounting standard which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The new accounting standard is effective for annual and interim periods in fiscal years beginning after December 15, 2015. We are currently evaluating the impact, if any, this standard will have on our ongoing financial reporting, but we do not believe the adoption of this standard will have any significant effect on our ongoing financial reporting.

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 10 – INCOME Accounting standards require that all tax positions be analyzed using a two-step approach. The first step requires an entity to determine if a tax position is more-likely-than-not to be sustained upon examination. In the second step, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, that is more-likely-than-not to be realized upon ultimate settlement. In the first six months of 2015, the Company decreased its liability for unrecognized tax benefits by $0.1 million. As of July 5, 2015, the Company had accrued approximately $27.2 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of July 5, 2015 reflects a reduction for $21.9 million of these unrecognized tax benefits.

Note 11 - Items Reclassified fr

Note 11 - Items Reclassified from Other Comprehensive Income	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Reclassifications [Text Block]	NOTE 11 – ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME During the first six months of 2015, the Company did not reclassify any significant amounts out of accumulated other comprehensive income. The reclassifications that occurred in that period were primarily comprised of $0.8 million related to the Company’s defined retirement benefit plan and salary continuation plan. These reclassifications were included in the selling, general and administrative expenses line item of the Company’s consolidated condensed statement of operations.

Note 12 - 2014 Restructuring Pl

Note 12 - 2014 Restructuring Plan	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE 12 – 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 Restructuring Charge Costs Incurred in 2014 Cost Incurred in 2015 Balance at July 5, 20 15 (In thousands) Workforce Reduction $ 9,669 $ 2,732 $ 5,801 $ 1,136 Fixed Asset Impairment 2,584 2,584 0 0 Other Related Exit Costs 133 133 0 0

Note 13 - Repurchase of Common

Note 13 - Repurchase of Common Stock	6 Months Ended
	Jul. 05, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 13 – REPURCHASE OF COMMON STOCK In the fourth quarter of 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 the first quarter of 2015, the Company repurchased and retired 250,000 shares of common stock at a weighted average purchase price of $19.39 per share. During the second quarter of 2015, the Company repurchased and retired 250,000 shares of common stock at a weighted average purchase price of $22.41 per share.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	6 Months Ended
	Jul. 05, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	July 5, 2015 December 28, 2014 (In thousands) Finished Goods $ 105,756 $ 89,688 Work in Process 10,915 9,898 Raw Materials 47,534 42,581 $ 164,205 $ 142,167

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	6 Months Ended
	Jul. 05, 2015
Notes Tables
Distributed And Undistributed Earnings [Table Text Block]	Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.04 $ 0.03 $ 0.08 $ 0.05 Undistributed Earnings 0.29 0.17 0.43 0.21 Total $ 0.33 $ 0.20 $ 0.51 $ 0.26 Diluted Earnings Per Share: Distributed Earnings $ 0.04 $ 0.03 $ 0.08 $ 0.05 Undistributed Earnings 0.29 0.17 0.43 0.21 Total $ 0.33 $ 0.20 $ 0.51 $ 0.26 Basic earnings per share $ 0.33 $ 0.20 $ 0.51 $ 0.26 Diluted earnings per share $ 0.33 $ 0.20 $ 0.51 $ 0.26
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In millions) Net Income $ 0.5 $ 0.3 $ 0.8 $ 0.4 Three Months Ended Six Months Ended July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) Weighted Average Shares Outstanding 64,497 65,012 64,710 65,011 Participating Securities 1,498 1,461 1,498 1,461 Shares for Basic Earnings Per Share 65,995 66,473 66,208 66,472 Dilutive Effect of Stock Options 49 77 45 86 Shares for Diluted Earnings Per Share 66,044 66,550 66,253 66,558

Note 5 - Stock-based Compensa21

Note 5 - Stock-based Compensation (Tables)	6 Months Ended
	Jul. 05, 2015
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Shares Weighted Average Exercise Price Outstanding at December 28, 2014 126,000 $ 9.23 Granted 0 0 Exercised 38,500 9.27 Forfeited or canceled 0 0 Outstanding at July 5, 2015 87,500 8.75 Exercisable at July 5, 2015 87,500 $ 8.75
Cash Proceeds and Intrinsic Value Related to Stock Options Exercised [Table Text Block]	Six Months Ended July 5, 2015 June 29, 2014 (In thousands) Proceeds from stock options exercised $ 359 $ 159 Intrinsic value of stock options exercised 421 299
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Shares Weighted Average Grant Date Fair Value Outstanding at December 28, 2014 1,391,000 $ 17.12 Granted 597,000 16.43 Vested 290,500 13.99 Forfeited or canceled 199,500 13.58 Outstanding at July 5, 2015 1,498,000 $ 17.92

Note 6 - Employee Benefit Pla22

Note 6 - Employee Benefit Plans (Tables)	6 Months Ended
	Jul. 05, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Six Months Ended Defined Benefit Retirement Plan (Europe) July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) (In thousands) Service cost $ 265 $ 188 $ 534 $ 363 Interest cost 2,111 2,849 4,204 5,364 Expected return on assets (2,265 ) (3,195 ) (4,512 ) (6,020 ) Amortization of prior service costs 9 13 17 25 Recognized net actuarial losses 242 175 481 328 Net periodic benefit cost $ 362 $ 30 $ 724 $ 60 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) July 5, 2015 June 29, 2014 July 5, 2015 June 29, 2014 (In thousands) (In thousands) Service cost $ 148 $ 125 $ 297 $ 250 Interest cost 278 268 556 535 Amortization of prior service cost 0 6 0 12 Amortization of loss 131 67 261 133 Net periodic benefit cost $ 557 $ 466 $ 1,114 $ 930

Note 12 - 2014 Restructuring 23

Note 12 - 2014 Restructuring Plan (Tables)	6 Months Ended
	Jul. 05, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	Total Restructuring Charge Costs Incurred in 2014 Cost Incurred in 2015 Balance at July 5, 20 15 (In thousands) Workforce Reduction $ 9,669 $ 2,732 $ 5,801 $ 1,136 Fixed Asset Impairment 2,584 2,584 0 0 Other Related Exit Costs 133 133 0 0

Note 2 - Inventories Summary (D

Note 2 - Inventories Summary (Details) - USD ($) $ in Thousands	Jul. 05, 2015	Dec. 28, 2014
Finished Goods	$ 105,756	$ 89,688
Work in Process	10,915	9,898
Raw Materials	47,534	42,581
	$ 164,205	$ 142,167

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0

Note 3 - Distributed and Undist

Note 3 - Distributed and Undistributed Earnings (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Continuing Operations [Member]
Basic Earnings Per Share:
Distributed Earnings (in dollars per share)	$ 0.04	$ 0.03	$ 0.08	$ 0.05
Undistributed Earnings (in dollars per share)	0.29	0.17	0.43	0.21
Total (in dollars per share)	0.33	0.20	0.51	0.26
Diluted Earnings Per Share:
Distributed Earnings (in dollars per share)	0.04	0.03	0.08	0.05
Undistributed Earnings (in dollars per share)	0.29	0.17	0.43	0.21
Total (in dollars per share)	0.33	0.20	0.51	0.26
Total (in dollars per share)	0.33	0.20	0.51	0.26
Diluted earnings per share (in dollars per share)	0.33	0.20	0.51	0.26
Total (in dollars per share)	0.33	0.20	0.51	0.26
Total (in dollars per share)	0.33	0.20	0.51	0.26
Total (in dollars per share)	0.33	0.20	0.51	0.26
Diluted earnings per share (in dollars per share)	$ 0.33	$ 0.20	$ 0.51	$ 0.26

Note 3 - Calculation of Income

Note 3 - Calculation of Income (Loss) Per Share (Details) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Participating Securities [Member]
Net Income	$ 500	$ 300	$ 800	$ 400
Weighted Average Shares Outstanding (in shares)	64,497	65,012	64,710	65,011
Participating Securities (in shares)	1,498	1,461	1,498	1,461
Shares for Basic Earnings Per Share (in shares)	65,995	66,473	66,208	66,472
Dilutive Effect of Stock Options (in shares)	49	77	45	86
Shares for Diluted Earnings Per Share (in shares)	66,044	66,550	66,253	66,558

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($)	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Other Line Of Credit [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate During Period	2.00%
Other Line Of Credit [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate During Period	6.00%
Other Line Of Credit [Member]
Long-term Line of Credit	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	19,000,000
Syndication Facility Agreement [Member] | Term Loan A [Member]
Long-term Line of Credit	200,000,000
Syndication Facility Agreement [Member]
Letters of Credit Outstanding, Amount	$ 3,100,000
Long-term Debt, Weighted Average Interest Rate	1.90%
Revolving Credit Facility [Member]
Long-term Line of Credit	$ 59,100,000
Senior Notes 7.625% [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.625%
Long-term Debt, Gross		$ 247,500,000
Long-term Debt, Fair Value		$ 259,900,000
Term Loan A [Member]
Initial Amortization Payment	2,500,000
Subsequent Amortization Payment	$ 3,750,000

Note 5 - Stock-based Compensa29

Note 5 - Stock-based Compensation (Details Textual) - USD ($)	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 0	$ 0
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 9,100,000	2,700,000
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	$ 3,500,000	$ 700,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	597,000	490,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 14,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 1,400,000
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 1,400,000

Note 5 - Stock Options Outstand

Note 5 - Stock Options Outstanding (Details) - $ / shares	6 Months Ended
	Jul. 05, 2015
Outstanding at December 28, 2014 (in shares)	126,000
Outstanding at December 28, 2014 (in dollars per share)	$ 9.23
Granted (in shares)	0
Granted (in dollars per share)	$ 0
Exercised (in shares)	38,500
Exercised (in dollars per share)	$ 9.27
Forfeited or canceled (in shares)	0
Forfeited or canceled (in dollars per share)	$ 0
Outstanding at July 5, 2015 (in shares)	87,500
Outstanding at July 5, 2015 (in dollars per share)	$ 8.75
Exercisable at July 5, 2015 (in shares)	87,500
Exercisable at July 5, 2015 (in dollars per share)	$ 8.75

Note 5 - Cash Proceeds and Intr

Note 5 - Cash Proceeds and Intrinsic Value Related to Total Stock Options Exercised (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Proceeds from stock options exercised	$ 359	$ 159
Intrinsic value of stock options exercised	$ 421	$ 299

Note 5 - Restricted Stock Outst

Note 5 - Restricted Stock Outstanding (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended
	Jul. 05, 2015
Outstanding at December 28, 2014 (in shares)	1,391,000
Outstanding at December 28, 2014 (in dollars per share)	$ 17.12
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	597,000
Granted (in dollars per share)	$ 16.43
Vested (in shares)	290,500
Vested (in dollars per share)	$ 13.99
Forfeited or canceled (in shares)	199,500
Forfeited or canceled (in dollars per share)	$ 13.58
Outstanding at July 5, 2015 (in shares)	1,498,000
Outstanding at July 5, 2015 (in dollars per share)	$ 17.92

Note 6 - Net Periodic Benefit C

Note 6 - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Defined Benefit Retirement Plan Europe [Member]
Service cost	$ 265,000	$ 188,000	$ 534,000	$ 363,000
Interest cost	2,111,000	2,849,000	4,204,000	5,364,000
Expected return on assets	(2,265,000)	(3,195,000)	(4,512,000)	(6,020,000)
Amortization of prior service cost	9,000	13,000	17,000	25,000
Recognized net actuarial losses	242,000	175,000	481,000	328,000
Net periodic benefit cost	362,000	30,000	724,000	60,000
Salary Continuation Plan SCP [Member]
Service cost	148,000	125,000	297,000	250,000
Interest cost	278,000	268,000	556,000	535,000
Amortization of prior service cost	0	6,000	0	12,000
Net periodic benefit cost	557,000	466,000	1,114,000	930,000
Amortization of loss	$ 131,000	$ 67,000	$ 261,000	$ 133,000

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jul. 05, 2015
Number of Operating Segments	3
Number of Reportable Segments	1

Note 8 - Supplemental Cash Fl35

Note 8 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Interest Paid, Net	$ 3.3	$ 9.9
Income Taxes Paid, Net	$ 3.5	$ 4

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - Jul. 05, 2015 - USD ($) $ in Millions	Total	Total
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (0.1)	$ (21.9)
Unrecognized Tax Benefits	$ 27.2	$ 27.2

Note 11 - Items Reclassified 37

Note 11 - Items Reclassified from Other Comprehensive Income (Details Textual) $ in Millions	6 Months Ended
	Jul. 05, 2015USD ($)
Pension Plan [Member]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	$ 0.8

Note 12 - 2014 Restructuring 38

Note 12 - 2014 Restructuring Plan (Details Textual) - Restructuring Charge 2014 [Member]	3 Months Ended	6 Months Ended
	Sep. 28, 2014USD ($)	Jul. 05, 2015USD ($)
Employee Severance [Member]
Restructuring Charges	$ 9,700,000	$ 9,669,000
Other Restructuring [Member]
Restructuring Charges	100,000	133,000
Fixed Asset Impairment [Member]
Restructuring Charges	2,600,000	$ 2,584,000
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 Plan On

Note 12 - Restructuring Plan One Activities (Details) - Restructuring Charge 2014 [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jul. 05, 2015	Dec. 28, 2014
Employee Severance [Member]
Restructuring Charges	$ 9,669,000
Costs incurred	5,801,000	$ 2,732,000
Expecting remaining costs	1,136,000
Fixed Asset Impairment [Member]
Restructuring Charges	2,584,000
Costs incurred	0	2,584,000
Expecting remaining costs	0
Other Restructuring [Member]
Restructuring Charges	133,000
Costs incurred	0	$ 133,000
Expecting remaining costs	$ 0

Note 13 - Repurchase of Commo40

Note 13 - Repurchase of Common Stock (Details Textual) - $ / shares	3 Months Ended
	Jul. 05, 2015	Apr. 05, 2015	Dec. 28, 2014
Treasury Stock, Shares, Retired	250,000	250,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			500,000
Treasury Stock, Shares, Acquired	250,000	250,000
Treasury Stock Acquired, Average Cost Per Share	$ 22.41	$ 19.39