Interface (TILE) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Oct. 04, 2015	Nov. 06, 2015
Entity Registrant Name	INTERFACE INC
Entity Central Index Key	715,787
Trading Symbol	tile
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)		65,850,558
Document Type	10-Q
Document Period End Date	Oct. 4, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Oct. 04, 2015	Dec. 28, 2014
CURRENT ASSETS:
Cash and Cash Equivalents	$ 73,732,000	$ 54,896,000
Accounts Receivable, net	132,748,000	157,093,000
Inventories	163,440,000	142,167,000
Prepaid Expenses and Other Current Assets	16,323,000	20,780,000
Deferred Income Taxes	8,141,000	9,732,000
TOTAL CURRENT ASSETS	394,384,000	384,668,000
PROPERTY AND EQUIPMENT, less accumulated depreciation	214,988,000	227,347,000
DEFERRED TAX ASSET	19,833,000	33,138,000
GOODWILL	65,148,000	70,509,000
OTHER ASSETS	55,542,000	59,252,000
TOTAL ASSETS	749,895,000	774,914,000
CURRENT LIABILITIES:
Accounts Payable	49,003,000	49,464,000
Accrued Expenses	85,059,000	94,323,000
Current Portion of Long-Term Debt	10,000,000	0
TOTAL CURRENT LIABILITIES	144,062,000	143,787,000
LONG TERM DEBT	222,545,000	263,338,000
DEFERRED INCOME TAXES	10,225,000	11,002,000
OTHER	46,058,000	50,148,000
TOTAL LIABILITIES	$ 422,890,000	$ 468,275,000
Commitments and Contingencies
SHAREHOLDERS’ EQUITY:
Preferred Stock	$ 0	$ 0
Common Stock	6,586,000	6,597,000
Additional Paid-In Capital	370,607,000	368,603,000
Retained Earnings	85,316,000	39,737,000
Accumulated Other Comprehensive Loss – Foreign Currency Translation Adjustment	(87,583,000)	(58,936,000)
Accumulated Other Comprehensive Loss – Pension Liability	(47,921,000)	(49,362,000)
TOTAL SHAREHOLDERS’ EQUITY	327,005,000	306,639,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 749,895,000	$ 774,914,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014	Oct. 04, 2015	Sep. 28, 2014
NET SALES	$ 254,686,000	$ 252,191,000	$ 755,227,000	$ 731,807,000
Cost of Sales	156,720,000	168,596,000	470,577,000	483,141,000
GROSS PROFIT ON SALES	97,966,000	83,595,000	284,650,000	248,666,000
Selling, General and Administrative Expenses	66,664,000	63,958,000	198,729,000	192,659,000
Restructuring and Asset Impairment Charge	0	12,386,000	0	12,386,000
OPERATING INCOME	31,302,000	7,251,000	85,921,000	43,621,000
Interest Expense	1,348,000	5,614,000	5,026,000	16,532,000
Other Expense	657,000	931,000	1,483,000	777,000
INCOME BEFORE INCOME TAX EXPENSE	29,297,000	706,000	79,412,000	26,312,000
Income Tax Expense	9,170,000	1,082,000	25,241,000	9,592,000
NET INCOME (LOSS)	$ 20,127,000	$ (376,000)	$ 54,171,000	$ 16,720,000
Earnings (Loss) Per Share – Basic (in dollars per share)	$ 0.31	$ (0.01)	$ 0.82	$ 0.25
Earnings (Loss) Per Share – Diluted (in dollars per share)	$ 0.31	$ (0.01)	$ 0.82	$ 0.25
Common Shares Outstanding – Basic (in shares)	65,854,000	66,465,000	66,091,000	66,470,000
Common Shares Outstanding – Diluted (in shares)	65,907,000	66,465,000	66,139,000	66,554,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014	Oct. 04, 2015	Sep. 28, 2014
Net Income	$ 20,127,000	$ (376,000)	$ 54,171,000	$ 16,720,000
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment	(8,408,000)	(15,991,000)	(28,647,000)	(11,809,000)
Other Comprehensive Income (Loss), Pension Liability Adjustment	796,000	2,049,000	1,441,000	836,000
Comprehensive Income (Loss)	$ 12,515,000	$ (14,318,000)	$ 26,965,000	$ 5,747,000

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014
OPERATING ACTIVITIES:
Net Income	$ 54,171,000	$ 16,720,000
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation and Amortization	23,188,000	20,124,000
Stock Compensation Amortization Expense	10,928,000	2,989,000
Deferred Income Taxes and Other	15,403,000	1,739,000
Working Capital Changes:
Accounts Receivable	17,852,000	(7,373,000)
Inventories	(28,670,000)	(15,518,000)
Prepaid Expenses and Other Current Assets	(377,000)	1,799,000
Accounts Payable and Accrued Expenses	196,000	14,417,000
CASH PROVIDED BY OPERATING ACTIVITIES:	92,691,000	34,897,000
INVESTING ACTIVITIES:
Capital Expenditures	(23,734,000)	(32,123,000)
Other	(80,000)	(1,950,000)
CASH USED IN INVESTING ACTIVITIES:	(23,814,000)	(34,073,000)
FINANCING ACTIVITIES:
Borrowing of Long-Term Debt	0	5,952,000
Repayment of Long-Term Debt	(28,000,000)	(4,075,000)
Repurchase of Common Stock	(10,469,000)	0
Proceeds from Issuance of Common Stock	359,000	159,000
Dividends Paid	(8,592,000)	(6,647,000)
Debt Issuance Costs	0	(106,000)
CASH USED IN FINANCING ACTIVITIES:	(46,702,000)	(4,717,000)
Net Cash Provided By (Used In) Operating, Investing and Financing Activities	22,175,000	(3,893,000)
Effect of Exchange Rate Changes on Cash	(3,339,000)	(527,000)
CASH AND CASH EQUIVALENTS:
Net Change During the Period	18,836,000	(4,420,000)
Balance at Beginning of Period	54,896,000	72,883,000
Balance at End of Period	$ 73,732,000	$ 68,463,000

Note 1 - Condensed Footnotes

Note 1 - Condensed Footnotes	9 Months Ended
	Oct. 04, 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 nine months of 2015 were comprised of 40 weeks, while the first nine months of 2014 were comprised of 39 weeks. Each of the third quarters of 2015 and 2014 were comprised of 13 weeks. Certain prior period amounts have been reclassified to conform to the current period presentation.

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 – INVENTORIES Inventories are summarized as follows: Oct. 4, 2015 December 28, 2014 (In thousands) Finished Goods $ 105,328 $ 89,688 Work in Process 11,102 9,898 Raw Materials 47,010 42,581 $ 163,440 $ 142,167

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 3 – EARNINGS (LOSS) 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 Nine Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 Earnings (Loss) Per Share Basic Earnings (Loss) Per Share Distributed Earnings $ 0.05 $ 0.03 $ 0.13 $ 0.10 Undistributed Earnings 0.26 (0.04 ) 0.69 0.15 Total $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Diluted Earnings (Loss) Per Share Distributed Earnings $ 0.05 $ 0.03 $ 0.13 $ 0.10 Undistributed Earnings 0.26 (0.04 ) 0.69 0.15 Total $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Basic Earnings (Loss) Per Share $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Diluted Earnings (Loss) Per Share $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 The following tables present net income (loss) that was attributable to participating securities: Three Months Ended N i ne Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In millions) Net Income (Loss) $ 0.5 $ 0.0 $ 1.2 $ 0.4 The weighted average shares outstanding for basic and diluted EPS were as follows: Three Months Ended N i ne Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) Weighted Average Shares Outstanding 64,359 65,045 64,596 65,050 Participating Securities 1,495 1,420 1,495 1,420 Shares for Basic Earnings (Loss) Per Share 65,854 66,465 66,091 66,470 Dilutive Effect of Stock Options 53 0 48 84 Shares for Diluted Earnings (Loss) Per Share 65,907 66,465 66,139 66,554 For the three-month period ended September 28, 2014, no stock options have been included in the calculation of diluted EPS as the Company was in a net loss position and inclusion of these stock options would have been anti-dilutive. For all other periods presented, all outstanding stock options have been included in the calculation of diluted EPS

Note 4 - Long-term Debt

Note 4 - Long-term Debt	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 – LONG-TERM DEBT 7.625% Senior Notes As of September 28, 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 September 28, 2014, based on then current market prices, was $257.4 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, which depends on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter, over the applicable base interest rate. Interest on LIBOR-based loans and fees for letters of credit are charged at varying rates computed by applying a margin, which also depends on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter, over the applicable LIBOR rate. 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 October 4, 2015, the Company had $200 million of term loan borrowing and $32.5 million of revolving loan borrowings outstanding under the Facility, and had $3.1 million in letters of credit outstanding under the Facility. As of October 4, 2015, the weighted average interest rate on borrowings outstanding under the Facility was 2.0%. 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 $14.5 million of other lines of credit available at interest rates ranging from 2% to 6%. As of October 4, 2015, there were no borrowings outstanding under these lines of credit.

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	9 Months Ended
	Oct. 04, 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 have been no stock option compensation expenses during 2014 or 2015. There were no stock options granted in 2014 or 2015. The following table summarizes stock options outstanding as of October 4, 2015, as well as activity during the nine 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 October 4, 2015 87,500 $ 8.75 Exercisable at October 4, 2015 87,500 $ 8.75 At October 4, 2015, the aggregate intrinsic value of both in-the-money options outstanding and options exercisable was $1.2 million (the intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option). Cash proceeds and intrinsic value related to total stock options exercised during the first nine months of fiscal years 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. Nine Months Ended Oct. 4, 2015 Sept. 28, 2014 (In millions ) Proceeds from stock options exercised $ 0.4 $ 0.2 Intrinsic value of stock options exercised 0.4 0.3 Restricted Stock Awards During the nine months ended October 4, 2015, and September 28, 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 awards was $10.9 million and $3.0 million for the nine months ended October 4, 2015, and September 28, 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 awards outstanding as of October 4, 2015, and activity during the nine 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 202,000 13.66 Outstanding at October 4, 2015 1,495,500 $ 17.92 As of October 4, 2015, the unrecognized total compensation cost related to unvested restricted stock was approximately $12.1 million. That cost is expected to be recognized by the end of 2019. For the nine months ended October 4, 2015, and September 28, 2014, the Company recognized tax benefits with regard to restricted stock of $4.0 million and $0.6 million, respectively.

Note 6 - Employee Benefit Plans

Note 6 - Employee Benefit Plans	9 Months Ended
	Oct. 04, 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 nine-month periods ended October 4, 2015, and September 28, 2014, respectively: Three Months Ended Nine Months Ended Defined Benefit Retirement Plan (Europe) Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) (In thousands) Service cost $ 265 $ 176 $ 799 $ 539 Interest cost 2,124 2,664 6,328 8,028 Expected return on assets (2,279 ) (2,988 ) (6,791 ) (9,008 ) Amortization of prior service costs 8 10 25 38 Recognized net actuarial losses 244 164 725 492 Net periodic benefit cost $ 362 $ 26 $ 1,086 $ 89 Three Months Ended Nine Months Ended Salary Continuation Plan (SCP) Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) (In thousands) Service cost $ 148 $ 125 $ 445 $ 375 Interest cost 278 268 834 803 Amortization of prior service cost 0 6 0 18 Amortization of loss 131 67 392 201 Net periodic benefit cost $ 557 $ 466 $ 1,671 $ 1,397

Note 7 - Segment Information

Note 7 - Segment Information	9 Months Ended
	Oct. 04, 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 - 2014 Restructuring Pla

Note 8 - 2014 Restructuring Plan	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE 8 – 2014 RESTRUCTURING CHARGE In the third quarter of 2014, the Company committed to a restructuring plan in its continuing efforts to reduce costs across its worldwide operations. In connection with this restructuring plan, the Company incurred a pre-tax restructuring and asset impairment charge in the third quarter of 2014 in an amount of $12.4 million. The charge was comprised of severance expenses of $9.7 million for a reduction of 100 employees, other related exit costs of $0.1 million, and a charge for impairment of assets of $2.6 million. Approximately $10 million of the charge will result in cash expenditures, primarily severance expense. A summary of these restructuring activities is presented below: Total Restructuring Charge Costs Incurred in 201 4 Costs Incurred in 201 5 Balance at Oct. 4, 2015 (In thousands) Workforce Reduction $ 9,669 $ 2,732 $ 6,307 $ 630 Fixed Asset Impairment 2,584 2,584 0 0 Other Related Exit Costs 133 133 0 0

Note 9 - Supplemental Cash Flow

Note 9 - Supplemental Cash Flow Information	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE 9 – SUPPLEMENTAL CASH FLOW INFORMATION Cash payments for interest amounted to $4.8 million and $10.6 million for the nine months ended October 4, 2015, and September 28, 2014, respectively. Income tax payments amounted to $5.9 million and $5.8 million for the nine months ended October 4, 2015, and September 28, 2014, respectively.

Note 10 - Recently Issued Accou

Note 10 - Recently Issued Accounting Pronouncements	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 10 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard regarding recognition of revenue from contracts with customers. In summary, the core principle of this standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance for this standard was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in August of 2015, the FASB delayed the effective date of the standard for one full year. While we are currently reviewing this new standard, we do not believe that the adoption of this standard will have a material impact on our financial condition or results of operations. In January 2015, the 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. In April 2015, the FASB issued an accounting standard to simplify the presentation of debt issuance costs. This accounting standard requires debt issuance costs to be presented on the balance sheet as a direct reduction from the carrying amount of the related debt liability. In August 2015, the FASB issued an accounting standard update that allows the presentation of debt issuance costs related to line-of-credit arrangements as an asset on the balance sheet under the simplified guidance, regardless of whether there are any outstanding borrowings on the related arrangements. The guidance in these accounting standards is to be applied retrospectively and is effective for interim and annual reporting periods beginning after December 15, 2015. As these standards relate to presentation only, we do not believe the adoption of these accounting standards will have a material impact on our financial statements.

Note 11 - Income Taxes

Note 11 - Income Taxes	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11 – 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 nine months of 2015, the Company decreased its liability for unrecognized tax benefits by $0.1 million. As of October 4, 2015, the Company had accrued approximately $27.3 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of October 4, 2015 reflects a reduction for $21.9 million of these unrecognized tax benefits.

Note 12 - Items Reclassified fr

Note 12 - Items Reclassified from Other Comprehensive Income	9 Months Ended
	Oct. 04, 2015
Notes to Financial Statements
Reclassifications [Text Block]	NOTE 12 – ITEMS RECLASSIFIED FROM OTHER COMPREHENSIVE INCOME During the first nine 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 $1.1 million related to the Company’s defined benefit retirement plan and salary continuation plan. These reclassifications were included in the selling, general and administrative expenses line item of the Company’s consolidated condensed statement of operations.

Note 13 - Repurchase of Common

Note 13 - Repurchase of Common Stock	9 Months Ended
	Oct. 04, 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. There were no repurchases in the third quarter of 2015.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
	Oct. 04, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Oct. 4, 2015 December 28, 2014 (In thousands) Finished Goods $ 105,328 $ 89,688 Work in Process 11,102 9,898 Raw Materials 47,010 42,581 $ 163,440 $ 142,167

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	9 Months Ended
	Oct. 04, 2015
Notes Tables
Distributed And Undistributed Earnings [Table Text Block]	Three Months Ended Nine Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 Earnings (Loss) Per Share Basic Earnings (Loss) Per Share Distributed Earnings $ 0.05 $ 0.03 $ 0.13 $ 0.10 Undistributed Earnings 0.26 (0.04 ) 0.69 0.15 Total $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Diluted Earnings (Loss) Per Share Distributed Earnings $ 0.05 $ 0.03 $ 0.13 $ 0.10 Undistributed Earnings 0.26 (0.04 ) 0.69 0.15 Total $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Basic Earnings (Loss) Per Share $ 0.31 $ (0.01 ) $ 0.82 $ 0.25 Diluted Earnings (Loss) Per Share $ 0.31 $ (0.01 ) $ 0.82 $ 0.25
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended N i ne Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In millions) Net Income (Loss) $ 0.5 $ 0.0 $ 1.2 $ 0.4 Three Months Ended N i ne Months Ended Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) Weighted Average Shares Outstanding 64,359 65,045 64,596 65,050 Participating Securities 1,495 1,420 1,495 1,420 Shares for Basic Earnings (Loss) Per Share 65,854 66,465 66,091 66,470 Dilutive Effect of Stock Options 53 0 48 84 Shares for Diluted Earnings (Loss) Per Share 65,907 66,465 66,139 66,554

Note 5 - Stock-based Compensa21

Note 5 - Stock-based Compensation (Tables)	9 Months Ended
	Oct. 04, 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 October 4, 2015 87,500 $ 8.75 Exercisable at October 4, 2015 87,500 $ 8.75
Cash Proceeds and Intrinsic Value Related to Stock Options Exercised [Table Text Block]	Nine Months Ended Oct. 4, 2015 Sept. 28, 2014 (In millions ) Proceeds from stock options exercised $ 0.4 $ 0.2 Intrinsic value of stock options exercised 0.4 0.3
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 202,000 13.66 Outstanding at October 4, 2015 1,495,500 $ 17.92

Note 6 - Employee Benefit Pla22

Note 6 - Employee Benefit Plans (Tables)	9 Months Ended
	Oct. 04, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended Defined Benefit Retirement Plan (Europe) Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) (In thousands) Service cost $ 265 $ 176 $ 799 $ 539 Interest cost 2,124 2,664 6,328 8,028 Expected return on assets (2,279 ) (2,988 ) (6,791 ) (9,008 ) Amortization of prior service costs 8 10 25 38 Recognized net actuarial losses 244 164 725 492 Net periodic benefit cost $ 362 $ 26 $ 1,086 $ 89 Three Months Ended Nine Months Ended Salary Continuation Plan (SCP) Oct. 4, 2015 Sept. 28, 2014 Oct. 4, 2015 Sept. 28, 2014 (In thousands) (In thousands) Service cost $ 148 $ 125 $ 445 $ 375 Interest cost 278 268 834 803 Amortization of prior service cost 0 6 0 18 Amortization of loss 131 67 392 201 Net periodic benefit cost $ 557 $ 466 $ 1,671 $ 1,397

Note 8 - 2014 Restructuring P23

Note 8 - 2014 Restructuring Plan (Tables)	9 Months Ended
	Oct. 04, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	Total Restructuring Charge Costs Incurred in 201 4 Costs Incurred in 201 5 Balance at Oct. 4, 2015 (In thousands) Workforce Reduction $ 9,669 $ 2,732 $ 6,307 $ 630 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	Oct. 04, 2015	Dec. 28, 2014
Finished Goods	$ 105,328	$ 89,688
Work in Process	11,102	9,898
Raw Materials	47,010	42,581
Inventory, net	$ 163,440	$ 142,167

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual)	3 Months Ended
	Sep. 28, 2014shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0

Note 3 - Distributed and Undist

Note 3 - Distributed and Undistributed Earnings (Details) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014	Oct. 04, 2015	Sep. 28, 2014
Basic Earnings (Loss) Per Share
Distributed Earnings (in dollars per share)	$ 0.05	$ 0.03	$ 0.13	$ 0.10
Undistributed Earnings (in dollars per share)	0.26	(0.04)	0.69	0.15
Total (in dollars per share)	0.31	(0.01)	0.82	0.25
Diluted Earnings (Loss) Per Share
Distributed Earnings (in dollars per share)	0.05	0.03	0.13	0.10
Undistributed Earnings (in dollars per share)	0.26	(0.04)	0.69	0.15
Total (in dollars per share)	0.31	(0.01)	0.82	0.25
Total (in dollars per share)	$ 0.31	$ (0.01)	$ 0.82	$ 0.25

Note 3 - Calculation of Income

Note 3 - Calculation of Income (Loss) Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014	Oct. 04, 2015	Sep. 28, 2014
Participating Securities [Member]
Net Income (Loss)	$ 500,000	$ 0	$ 1,200,000	$ 400,000
Weighted Average Shares Outstanding (in shares)	64,359,000	65,045,000	64,596,000	65,050,000
Participating Securities (in shares)	1,495,000	1,420,000	1,495,000	1,420,000
Shares for Basic Earnings (Loss) Per Share (in shares)	65,854,000	66,465,000	66,091,000	66,470,000
Dilutive Effect of Stock Options (in shares)	53,000	0	48,000	84,000
Shares for Diluted Earnings (Loss) Per Share (in shares)	65,907,000	66,465,000	66,139,000	66,554,000

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($)	9 Months Ended
	Oct. 04, 2015	Sep. 28, 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	14,500,000
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	2.00%
Revolving Credit Facility [Member]
Long-term Line of Credit	$ 32,500,000
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		$ 257,400,000
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 ($)	9 Months Ended
	Oct. 04, 2015	Sep. 28, 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	$ 10,900,000	3,000,000
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	$ 4,000,000	$ 600,000
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	$ 12,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
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, Exercisable, Intrinsic Value	$ 1,200,000

Note 5 - Stock Options Outstand

Note 5 - Stock Options Outstanding (Details)	9 Months Ended
	Oct. 04, 2015$ / sharesshares
Outstanding Shares (in shares) | shares	126,000
Weighted Average Exercise Price (in dollars per share)	$ 9.23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	0
Granted (in dollars per share)	$ 0
Exercised (in shares) | shares	38,500
Exercised (in dollars per share)	$ 9.27
Forfeited or canceled (in shares) | shares	0
Forfeited or canceled (in dollars per share)	$ 0
Outstanding Shares (in shares) | shares	87,500
Weighted Average Exercise Price (in dollars per share)	$ 8.75
Exercisable at October 4, 2015 (in shares) | shares	87,500
Exercisable at October 4, 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 Millions	9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014
Proceeds from stock options exercised	$ 0.4	$ 0.2
Intrinsic value of stock options exercised	$ 0.4	$ 0.3

Note 5 - Restricted Stock Outst

Note 5 - Restricted Stock Outstanding (Details) - Restricted Stock [Member]	9 Months Ended
	Oct. 04, 2015$ / sharesshares
Shares, beginning of period (in shares) | shares	1,391,000
Weighted Average Grant Date Fair Value, beginning of period (in dollars per share)	$ 17.12
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	597,000
Granted (in dollars per share)	$ 16.43
Vested (in shares) | shares	290,500
Vested (in dollars per share)	$ 13.99
Forfeited or canceled (in shares) | shares	202,000
Forfeited or canceled (in dollars per share)	$ 13.66
Shares, end of period (in shares) | shares	1,495,500
Weighted Average Grant Date Fair Value, end of period (in dollars per share)	$ 17.92

Note 6 - Net Periodic Benefit C

Note 6 - Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014	Oct. 04, 2015	Sep. 28, 2014
Defined Benefit Retirement Plan Europe [Member]
Service cost	$ 265,000	$ 176,000	$ 799,000	$ 539,000
Interest cost	2,124,000	2,664,000	6,328,000	8,028,000
Expected return on assets	(2,279,000)	(2,988,000)	(6,791,000)	(9,008,000)
Amortization of prior service cost	8,000	10,000	25,000	38,000
Recognized net actuarial losses	244,000	164,000	725,000	492,000
Net periodic benefit cost	362,000	26,000	1,086,000	89,000
Salary Continuation Plan SCP [Member]
Service cost	148,000	125,000	445,000	375,000
Interest cost	278,000	268,000	834,000	803,000
Amortization of prior service cost	0	6,000	0	18,000
Net periodic benefit cost	557,000	466,000	1,671,000	1,397,000
Amortization of loss	$ 131,000	$ 67,000	$ 392,000	$ 201,000

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	9 Months Ended
	Oct. 04, 2015
Number of Operating Segments	3
Number of Reportable Segments	1

Note 8 - 2014 Restructuring P35

Note 8 - 2014 Restructuring Plan (Details Textual) - Restructuring Charge 2014 [Member]	3 Months Ended	15 Months Ended
	Sep. 28, 2014USD ($)	Oct. 04, 2015USD ($)
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 8 - Restructuring Plan One

Note 8 - Restructuring Plan One Activities (Details) - Restructuring Charge 2014 [Member] - USD ($)	6 Months Ended	9 Months Ended	15 Months Ended
	Dec. 28, 2014	Oct. 04, 2015	Oct. 04, 2015
Employee Severance [Member]
Restructuring Charges			$ 9,669,000
Costs incurred	$ 2,732,000	$ 6,307,000
Expecting remaining costs		630,000	630,000
Fixed Asset Impairment [Member]
Restructuring Charges			2,584,000
Costs incurred	2,584,000	0
Expecting remaining costs		0	0
Other Restructuring [Member]
Restructuring Charges			133,000
Costs incurred	$ 133,000	0
Expecting remaining costs		$ 0	$ 0

Note 9 - Supplemental Cash Fl37

Note 9 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Oct. 04, 2015	Sep. 28, 2014
Interest Paid	$ 4.8	$ 10.6
Income Taxes Paid	$ 5.9	$ 5.8

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) $ in Millions	9 Months Ended	27 Months Ended
	Oct. 04, 2015USD ($)	Oct. 04, 2015USD ($)
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (0.1)
Unrecognized Tax Benefits	$ 27.3	$ 27.3
Increase (Decrease) in Deferred Tax Assets		$ (21.9)

Note 12 - Items Reclassified 39

Note 12 - Items Reclassified from Other Comprehensive Income (Details Textual) $ in Millions	9 Months Ended
	Oct. 04, 2015USD ($)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	$ 1.1

Note 13 - Repurchase of Commo40

Note 13 - Repurchase of Common Stock (Details Textual) - $ / shares	3 Months Ended
	Oct. 04, 2015	Jul. 05, 2015	Apr. 05, 2015	Dec. 28, 2014
Treasury Stock, Shares, Acquired	0	250,000	250,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				500,000
Treasury Stock Acquired, Average Cost Per Share		$ 22.41	$ 19.39