Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 02, 2017 | May 05, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | INTERFACE INC | |
Entity Central Index Key | 715,787 | |
Trading Symbol | tile | |
Current Fiscal Year End Date | --12-31 | |
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) | 62,808,165 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 2, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 02, 2017 | Jan. 01, 2017 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | $ 80,046 | $ 165,672 |
Accounts Receivable, net | 116,674 | 126,004 |
Inventories | 177,725 | 156,083 |
Prepaid Expenses and Other Current Assets | 26,790 | 23,123 |
TOTAL CURRENT ASSETS | 401,235 | 470,882 |
PROPERTY AND EQUIPMENT, less accumulated depreciation | 204,442 | 204,508 |
DEFERRED TAX ASSET | 38,108 | 33,117 |
GOODWILL | 63,033 | 61,218 |
OTHER ASSETS | 66,912 | 65,714 |
TOTAL ASSETS | 773,730 | 835,439 |
CURRENT LIABILITIES: | ||
Accounts Payable | 48,316 | 45,380 |
Current Portion of Long-Term Debt | 15,000 | 15,000 |
Accrued Expenses | 92,307 | 98,703 |
TOTAL CURRENT LIABILITIES | 155,623 | 159,083 |
LONG-TERM DEBT | 208,035 | 255,347 |
DEFERRED INCOME TAXES | 5,024 | 4,728 |
OTHER | 74,019 | 75,552 |
TOTAL LIABILITIES | 442,701 | 494,710 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred Stock | 0 | 0 |
Common Stock | 6,276 | 6,424 |
Additional Paid-In Capital | 329,228 | 359,451 |
Retained Earnings | 150,811 | 140,238 |
Accumulated Other Comprehensive Income (Loss) – Foreign Currency Translation Adjustment | (99,492) | (110,522) |
Accumulated Other Comprehensive Income (Loss) – Pension Liability | (55,794) | (54,862) |
TOTAL SHAREHOLDERS’ EQUITY | 331,029 | 340,729 |
Total Liabilities and Shareholders' Equity | $ 773,730 | $ 835,439 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
NET SALES | $ 221,102 | $ 222,554 |
Cost of Sales | 133,300 | 135,922 |
GROSS PROFIT ON SALES | 87,802 | 86,632 |
Selling, General and Administrative Expenses | 65,175 | 65,605 |
Restructuring and Asset Impairment Charges | 7,299 | 0 |
OPERATING INCOME | 15,328 | 21,027 |
Interest Expense | 1,617 | 1,519 |
Other Expense | 933 | 449 |
INCOME BEFORE INCOME TAX EXPENSE | 12,778 | 19,059 |
Income Tax Expense | 4,231 | 6,165 |
Net Income | $ 8,547 | $ 12,894 |
Earnings Per Share – Basic (in dollars per share) | $ 0.13 | $ 0.20 |
Earnings Per Share – Diluted (in dollars per share) | $ 0.13 | $ 0.20 |
Common Shares Outstanding – Basic (in shares) | 64,081 | 65,685 |
Common Shares Outstanding – Diluted (in shares) | 64,123 | 65,723 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net income | $ 8,547 | $ 12,894 |
Other Comprehensive Income, Foreign Currency Translation Adjustment | 11,030 | 9,379 |
Other Comprehensive Income (Loss), Pension Liability Adjustment | (932) | 608 |
Comprehensive Income | $ 18,645 | $ 22,881 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 8,547 | $ 12,894 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 8,244 | 7,517 |
Stock compensation amortization expense | 1,115 | 1,258 |
Deferred income taxes and other | 920 | 1,946 |
Working capital changes: | ||
Accounts receivable | 11,661 | 13,242 |
Inventories | (18,610) | (9,387) |
Prepaid expenses and current assets | (3,313) | (63) |
Accounts payable and accrued expenses | (1,169) | (27,079) |
CASH PROVIDED BY OPERATING ACTIVITIES | 7,395 | 328 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (8,494) | (4,461) |
Other | (389) | (270) |
CASH USED IN INVESTING ACTIVITIES | (8,883) | (4,731) |
FINANCING ACTIVITIES: | ||
Repayments of long-term debt | (50,511) | (2,500) |
Borrowing of long-term debt | 0 | 20,167 |
Tax withholding payments for share-based compensation | (1,447) | (4,624) |
Dividends paid | (3,806) | (3,273) |
Repurchase of common stock | (31,061) | (75) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | (86,825) | 9,695 |
Net cash provided by (used in) operating, investing and financing activities | (88,313) | 5,292 |
Effect of exchange rate changes on cash | 2,687 | 2,224 |
CASH AND CASH EQUIVALENTS: | ||
Net change during the period | (85,626) | 7,516 |
Balance at beginning of period | 165,672 | 75,696 |
Balance at end of period | $ 80,046 | $ 83,212 |
Note 1 - Condensed Footnotes
Note 1 - Condensed Footnotes | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Condensed Footnotes [Text Block] | NOTE 1 As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10 10 January 1, 2017, 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 January 1, 2017 first 2017 2016 13 Certain prior period amounts have been reclassified to conform to the current period presentation. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories are summarized as follows: April 2, 2017 January 1, 2017 (In thousands) Finished Goods $ 121,212 $ 104,742 Work in Process 8,484 8,711 Raw Materials 48,029 42,630 $ 177,725 $ 156,083 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 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 April 2, 2017 April 3, 2016 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 Undistributed Earnings 0.07 0.15 Total $ 0.13 $ 0.20 Diluted Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 Undistributed Earnings 0.07 0.15 Total $ 0.13 $ 0.20 Basic earnings per share $ 0.13 $ 0.20 Diluted earnings per share $ 0.13 $ 0.20 The following table presents net income that was attributable to participating securities. Three Months Ended April 2, 2017 April 3, 2016 (In millions) Net Income Attributable to Participating Securities $ 0.1 $ 0.1 The weighted average shares for basic and diluted EPS were as follows: Three Months Ended April 2, 2017 April 3, 2016 (In thousands) Weighted Average Shares Outstanding 63,635 65,107 Participating Securities 446 578 Shares for Basic Earnings Per Share 64,081 65,685 Dilutive Effect of Stock Options 42 38 Shares for Diluted Earnings Per Share 64,123 65,723 For the three April 2, 2017, April 3, 2016, |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 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 2019. As of April 2, 2017, $181.3 $41.8 $2.6 April 2, 2017, 2.5%. The Company is required to make quarterly amortization payments of the term loan borrowing. The amortization payments are due on the last day of the calendar quarter. The quarterly amortization payment amount was $3.75 first 2017 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 $9.8 2.5% 6.5%. April 2, 2017, |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 5 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, no first 2017 2016. As of April 2, 2017, 87,500 $8.75 no 2017 2016. no first 2017. $0.9 April 2, 2017. Restricted Stock Awards During the three April 2, 2017 April 3, 2016, 200,000 242,000 one three Compensation expense related to restricted stock grants was $0.6 $1.0 three April 2, 2017, April 3, 2016, The following table summarizes restricted stock outstanding as of April 2, 2017, three Restricted Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 504,500 $ 17.05 Granted 200,000 17.75 Vested 255,500 16.50 Forfeited or canceled 3,000 16.70 Outstanding at April 2, 2017 446,000 $ 17.69 As of April 2, 2017, $5.8 2020. Performance Share Awards In 2017 2016, one three may may 200%) The following table summarizes the performance shares outstanding as of April 2, 2017, three Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 368,500 $ 17.20 Granted 329,000 17.75 Vested 1,000 17.22 Forfeited or canceled 2,500 17.22 Outstanding at April 2, 2017 694,000 $ 17.46 Compensation expense related to the performance shares was $0.5 $0.3 three April 2, 2017, April 3, 2016, $9.7 April 2, 2017. |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 6 The following tables provide the components of net periodic benefit cost for the three April 2, 2017 April 3, 2016, Three Months Ended Defined Benefit Retirement Plans (Europe) April 2, 2017 April 3, 2016 (In thousands) Service cost $ 384 $ 258 Interest cost 1,334 1,720 Expected return on assets (1,586 ) (1,997 ) Amortization of prior service costs 0 27 Recognized net actuarial (gains)/losses 309 184 Net periodic benefit cost $ 441 $ 192 Three Months Ended Salary Continuation Plan (SCP) April 2, 2017 April 2, 2016 (In thousands) Service cost $ 0 $ 111 Interest cost 313 317 Amortization of prior service cost 0 0 Amortization of (gain)/loss 91 202 Net periodic benefit cost $ 404 $ 630 |
Note 7 - Segment Information
Note 7 - Segment Information | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7 Based on applicable accounting standards, the Company has determined that it has three three one While the Company operates as one Summary information by operating segment follows: AMERICAS EUROPE ASIA- PACIFIC TOTAL (in thousands) Three Months Ended April 2, 2017: Net Sales $ 131,762 $ 56,019 $ 33,321 $ 221,102 Depreciation and amortization 3,368 1,251 2,157 6,776 Total assets 247,266 228,860 243,625 719,751 Three Months Ended April 3, 2016: Net Sales $ 130,417 $ 57,958 $ 34,179 $ 222,554 Depreciation and amortization 3,657 1,274 2,216 7,147 A reconciliation of the Company’s total operating segment depreciation and amortization, and assets to the corresponding consolidated amounts follows: Three Months Ended DEPRECIATION AND AMORTIZATION April 2, 2017 April 3, 2016 (In thousands) Total segment depreciation and amortization $ 6,776 $ 7,147 Corporate depreciation and amortization 1,468 370 Reported depreciation and amortization $ 8,244 $ 7,517 ASSETS April 2, 2017 (In thousands) Total segment assets $ 719,751 Corporate assets and eliminations 53,979 Reported total assets $ 773,730 |
Note 8 - Supplemental Cash Flow
Note 8 - Supplemental Cash Flow Information | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 8 Cash payments for interest amounted to $1.6 $1.1 three April 2, 2017, April 3, 2016, $4.7 $4.8 three April 2, 2017, April 3, 2016, |
Note 9 - Recently Issued Accoun
Note 9 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 9 In May 2014, December 15, 2016, August 2015, one In July 2015, December 15, 2016, In November 2015, one may December 15, 2016, first 2017, $10.0 $5.9 $4.1 2016 In March 2016, December 15, 2016, $5.8 first 2017, $4.6 first 2016 In February 2016, 12 December 15, 2018, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 Accounting standards require that all tax positions be analyzed using a two first second first three 2017, $0.3 April 2, 2017, $28.2 April 2, 2017 $5.0 |
Note 11 - Items Reclassified Fr
Note 11 - Items Reclassified From Other Comprehensive Income | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE 11 During the first 2017, $0.4 |
Note 12 - Repurchase of Common
Note 12 - Repurchase of Common Stock | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 In the fourth 2014, 500,000 2014 second 2016, $50 first three 2017, 1,601,896 $19.36 $50 On April 26, 2017, first $100 |
Note 13 - Restructuring and Ass
Note 13 - Restructuring and Asset Impairment Charges | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 13 In the fourth 2016, 70 As a result of this plan, the Company incurred a pre-tax restructuring and asset impairment charge in the fourth 2016 $19.8 first 2017, $7.3 first 2017. first 2017 $3.4 $3.3 $0.6 A summary of these restructuring activities is presented below: Total Restructuring Charge Costs Incurred in 2016 Costs Incurred in 2017 Balance at April, 2, 2017 (in thousands) Workforce Reduction $ 10,652 $ 1,451 $ 2,739 $ 6,462 Asset Impairment 11,319 8,019 3,300 0 Lease Exit Costs 5,116 27 1,102 3,987 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 2, 2017 January 1, 2017 (In thousands) Finished Goods $ 121,212 $ 104,742 Work in Process 8,484 8,711 Raw Materials 48,029 42,630 $ 177,725 $ 156,083 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Distributed And Undistributed Earnings [Table Text Block] | Three Months Ended April 2, 2017 April 3, 2016 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 Undistributed Earnings 0.07 0.15 Total $ 0.13 $ 0.20 Diluted Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 Undistributed Earnings 0.07 0.15 Total $ 0.13 $ 0.20 Basic earnings per share $ 0.13 $ 0.20 Diluted earnings per share $ 0.13 $ 0.20 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 2, 2017 April 3, 2016 (In millions) Net Income Attributable to Participating Securities $ 0.1 $ 0.1 Three Months Ended April 2, 2017 April 3, 2016 (In thousands) Weighted Average Shares Outstanding 63,635 65,107 Participating Securities 446 578 Shares for Basic Earnings Per Share 64,081 65,685 Dilutive Effect of Stock Options 42 38 Shares for Diluted Earnings Per Share 64,123 65,723 |
Note 5 - Stock-based Compensa21
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 504,500 $ 17.05 Granted 200,000 17.75 Vested 255,500 16.50 Forfeited or canceled 3,000 16.70 Outstanding at April 2, 2017 446,000 $ 17.69 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 368,500 $ 17.20 Granted 329,000 17.75 Vested 1,000 17.22 Forfeited or canceled 2,500 17.22 Outstanding at April 2, 2017 694,000 $ 17.46 |
Note 6 - Employee Benefit Pla22
Note 6 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Defined Benefit Retirement Plans (Europe) April 2, 2017 April 3, 2016 (In thousands) Service cost $ 384 $ 258 Interest cost 1,334 1,720 Expected return on assets (1,586 ) (1,997 ) Amortization of prior service costs 0 27 Recognized net actuarial (gains)/losses 309 184 Net periodic benefit cost $ 441 $ 192 Three Months Ended Salary Continuation Plan (SCP) April 2, 2017 April 2, 2016 (In thousands) Service cost $ 0 $ 111 Interest cost 313 317 Amortization of prior service cost 0 0 Amortization of (gain)/loss 91 202 Net periodic benefit cost $ 404 $ 630 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | AMERICAS EUROPE ASIA- PACIFIC TOTAL (in thousands) Three Months Ended April 2, 2017: Net Sales $ 131,762 $ 56,019 $ 33,321 $ 221,102 Depreciation and amortization 3,368 1,251 2,157 6,776 Total assets 247,266 228,860 243,625 719,751 Three Months Ended April 3, 2016: Net Sales $ 130,417 $ 57,958 $ 34,179 $ 222,554 Depreciation and amortization 3,657 1,274 2,216 7,147 |
Reconciliation of Depreciation, Amortization, and Assets from Segments to Consolidated [Table Text Block] | Three Months Ended DEPRECIATION AND AMORTIZATION April 2, 2017 April 3, 2016 (In thousands) Total segment depreciation and amortization $ 6,776 $ 7,147 Corporate depreciation and amortization 1,468 370 Reported depreciation and amortization $ 8,244 $ 7,517 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ASSETS April 2, 2017 (In thousands) Total segment assets $ 719,751 Corporate assets and eliminations 53,979 Reported total assets $ 773,730 |
Note 13 - Restructuring and A24
Note 13 - Restructuring and Asset Impairment Charges (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Total Restructuring Charge Costs Incurred in 2016 Costs Incurred in 2017 Balance at April, 2, 2017 (in thousands) Workforce Reduction $ 10,652 $ 1,451 $ 2,739 $ 6,462 Asset Impairment 11,319 8,019 3,300 0 Lease Exit Costs 5,116 27 1,102 3,987 |
Note 2 - Inventories - Schedule
Note 2 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Jan. 01, 2017 |
Finished Goods | $ 121,212 | $ 104,742 |
Work in Process | 8,484 | 8,711 |
Raw Materials | 48,029 | 42,630 |
Inventory, net | $ 177,725 | $ 156,083 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note 3 - Earnings Per Share - D
Note 3 - Earnings Per Share - Distributed and Undistributed Earnings (Details) - $ / shares | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Basic Earnings Per Share: | ||
Distributed Earnings (in dollars per share) | $ 0.06 | $ 0.05 |
Undistributed Earnings (in dollars per share) | 0.07 | 0.15 |
Total (in dollars per share) | 0.13 | 0.20 |
Diluted Earnings Per Share: | ||
Distributed Earnings (in dollars per share) | 0.06 | 0.05 |
Undistributed Earnings (in dollars per share) | 0.07 | 0.15 |
Total (in dollars per share) | 0.13 | 0.20 |
Basic earnings per share (in dollars per share) | 0.13 | 0.20 |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.20 |
Note 3 - Earnings Per Share - C
Note 3 - Earnings Per Share - Calculation of Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net Income Attributable to Participating Securities | $ 8,547 | $ 12,894 |
Weighted Average Shares Outstanding (in shares) | 63,635 | 65,107 |
Participating Securities (in shares) | 446 | 578 |
Shares for Basic Earnings Per Share (in shares) | 64,081 | 65,685 |
Dilutive Effect of Stock Options (in shares) | 42 | 38 |
Shares for Diluted Earnings Per Share (in shares) | 64,123 | 65,723 |
Participating Securities [Member] | ||
Net Income Attributable to Participating Securities | $ 100 | $ 100 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Syndicated Facility Agreement [Member] | |
Letters of Credit Outstanding, Amount | $ 2,600 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.50% |
Debt Instrument, Periodic Payment | $ 3,750 |
Syndicated Facility Agreement [Member] | Term Loan A [Member] | |
Long-term Line of Credit | 181,300 |
Revolving Credit Facility [Member] | |
Long-term Line of Credit | 41,800 |
Other Line Of Credit [Member] | |
Long-term Line of Credit | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,800 |
Other Line Of Credit [Member] | Minimum [Member] | |
Line of Credit Facility, Interest Rate During Period | 2.50% |
Other Line Of Credit [Member] | Maximum [Member] | |
Line of Credit Facility, Interest Rate During Period | 6.50% |
Note 5 - Stock-based Compensa30
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 87,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.75 | |
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, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200,000 | 242,000 |
Allocated Share-based Compensation Expense | $ 600,000 | $ 1,000,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 5,800,000 | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 329,000 | |
Allocated Share-based Compensation Expense | $ 500,000 | 300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 9,700,000 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Shares Issued During Exercise of Instrument, Upper Limit, Percentage | 200.00% | |
Performance Shares [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 0 | $ 0 |
Note 5 - Stock-based Compensa31
Note 5 - Stock-based Compensation - Restricted Stock Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Outstanding at January 1, 2017 (in shares) | 504,500 | |
Outstanding at January 1, 2017 (in dollars per share) | $ 17.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200,000 | 242,000 |
Granted (in dollars per share) | $ 17.75 | |
Vested (in shares) | 255,500 | |
Vested (in dollars per share) | $ 16.50 | |
Forfeited or canceled (in shares) | 3,000 | |
Forfeited or canceled (in dollars per share) | $ 16.70 | |
Outstanding at April 2, 2017 (in shares) | 446,000 | |
Outstanding at April 2, 2017 (in dollars per share) | $ 17.69 |
Note 5 - Stock-based Compensa32
Note 5 - Stock-based Compensation - Performance Shares Outstanding (Details) - Performance Shares [Member] | 3 Months Ended |
Apr. 02, 2017$ / sharesshares | |
Outstanding at January 1, 2017 (in shares) | shares | 368,500 |
Outstanding at January 1, 2017 (in dollars per share) | $ / shares | $ 17.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 329,000 |
Granted (in dollars per share) | $ / shares | $ 17.75 |
Vested (in shares) | shares | 1,000 |
Vested (in dollars per share) | $ / shares | $ 17.22 |
Forfeited or canceled (in shares) | shares | 2,500 |
Forfeited or canceled (in dollars per share) | $ / shares | $ 17.22 |
Outstanding at April 2, 2017 (in shares) | shares | 694,000 |
Outstanding at April 2, 2017 (in dollars per share) | $ / shares | $ 17.46 |
Note 6 - Employee Benefit Pla33
Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Pension Plan [Member] | Foreign Plan [Member] | ||
Service cost | $ 384 | $ 258 |
Interest cost | 1,334 | 1,720 |
Expected return on assets | (1,586) | (1,997) |
Amortization of prior service costs | 0 | 27 |
Recognized net actuarial (gains)/losses | 309 | 184 |
Net periodic benefit cost | 441 | 192 |
Salary Continuation Plan [Member] | Domestic Plan [Member] | ||
Service cost | 0 | 111 |
Interest cost | 313 | 317 |
Amortization of prior service costs | 0 | 0 |
Recognized net actuarial (gains)/losses | 91 | 202 |
Net periodic benefit cost | $ 404 | $ 630 |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 3 Months Ended |
Apr. 02, 2017 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 1 |
Note 7 - Segment Information -
Note 7 - Segment Information - Operating Segment Summary Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2017 | Apr. 03, 2016 | Jan. 01, 2017 | |
NET SALES | $ 221,102 | $ 222,554 | |
Depreciation and amortization | 8,244 | 7,517 | |
Assets | 773,730 | $ 835,439 | |
Operating Segments [Member] | |||
NET SALES | 221,102 | 222,554 | |
Depreciation and amortization | 6,776 | 7,147 | |
Assets | 719,751 | ||
Americas [Member] | |||
NET SALES | 131,762 | 130,417 | |
Depreciation and amortization | 3,368 | 3,657 | |
Assets | 247,266 | ||
Europe [Member] | |||
NET SALES | 56,019 | 57,958 | |
Depreciation and amortization | 1,251 | 1,274 | |
Assets | 228,860 | ||
Asia Pacific [Member] | |||
NET SALES | 33,321 | 34,179 | |
Depreciation and amortization | 2,157 | $ 2,216 | |
Assets | $ 243,625 |
Note 7 - Segement Information -
Note 7 - Segement Information - Reconciliation of Segment Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Depreciation and amortization | $ 8,244 | $ 7,517 |
Operating Segments [Member] | ||
Depreciation and amortization | 6,776 | 7,147 |
Corporate, Non-Segment [Member] | ||
Depreciation and amortization | $ 1,468 | $ 370 |
Note 7 - Segment Information 37
Note 7 - Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Jan. 01, 2017 |
Assets | $ 773,730 | $ 835,439 |
Operating Segments [Member] | ||
Assets | 719,751 | |
Corporate, Non-Segment [Member] | ||
Assets | $ 53,979 |
Note 8 - Supplemental Cash Fl38
Note 8 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Interest Paid | $ 1.6 | $ 1.1 |
Income Taxes Paid | $ 4.7 | $ 4.8 |
Note 9 - Recently Issued Acco39
Note 9 - Recently Issued Accounting Pronouncements (Details Textual) $ in Millions | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Reclassification from Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | Fiscal Year End January 1, 2017 [Member] | |
Prior Period Reclassification Adjustment | $ 10 |
Reclassification from Current Deferred Tax Assets and Noncurrent Deferred Tax Liabilities to Noncurrent Deferred Tax Assets [Member] | Fiscal Year End January 1, 2017 [Member] | |
Prior Period Reclassification Adjustment | 5.9 |
Rreclassification from Noncurrent Deferred Tax Liabilities to Noncurrent Deferred Tax Assets [Member] | Fiscal Year End January 1, 2017 [Member] | |
Prior Period Reclassification Adjustment | 4.1 |
Accounting Standards Update 2016-09 [Member] | |
Deferred Tax Assets, Gross | 5.8 |
Cumulative Effect of New Accounting Principle in Period of Adoption | 5.8 |
Reclassification of Tax Withholdings from Cash from Operating Activities to Cash from Financing Activities [Member] | April 3, 2016 [Member] | |
Prior Period Reclassification Adjustment | $ 4.6 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ in Millions | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 0.3 |
Unrecognized Tax Benefits | 28.2 |
Increase (Decrease) in Deferred Tax Assets | $ (5) |
Note 11 - Items Reclassified 41
Note 11 - Items Reclassified From Other Comprehensive Income (Details Textual) $ in Millions | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Selling, General and Administrative Expenses [Member] | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 0.4 |
Note 12 - Repurchase of Commo42
Note 12 - Repurchase of Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Apr. 02, 2017 | Apr. 26, 2017 | Jul. 03, 2016 | Dec. 28, 2014 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | |||
Stock Repurchase Program, Authorized Amount | $ 50 | |||
Treasury Stock, Shares, Acquired | 1,601,896 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 19.36 | |||
Treasury Stock, Shares, Retired | 1,601,896 | |||
Subsequent Event [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 100 |
Note 13 - Restructuring and A43
Note 13 - Restructuring and Asset Impairment Charges (Details Textual) - Restructuring Charge 2014 [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | |
Apr. 02, 2017USD ($) | Jan. 01, 2017USD ($) | Apr. 02, 2017USD ($) | |
Restructuring and Related Cost, Number of Positions Eliminated | 70 | ||
Restructuring Charges | $ 7,300 | $ 19,800 | |
Other Restructuring [Member] | |||
Restructuring Charges | 3,400 | $ 5,116 | |
Fixed Asset Impairment [Member] | |||
Restructuring Charges | 3,300 | 11,319 | |
Employee Severance [Member] | |||
Restructuring Charges | $ 600 | $ 10,652 |
Note 13 - Restructuring and A44
Note 13 - Restructuring and Asset Impairment Charges - Restructuring Activities (Details) - Restructuring Charge 2014 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Apr. 02, 2017 | Jan. 01, 2017 | Apr. 02, 2017 | |
Total restructuring charge | $ 7,300 | $ 19,800 | |
Employee Severance [Member] | |||
Total restructuring charge | 600 | $ 10,652 | |
Cost incurred | 2,739 | 1,451 | |
Balance | 6,462 | 6,462 | |
Fixed Asset Impairment [Member] | |||
Total restructuring charge | 3,300 | 11,319 | |
Cost incurred | 3,300 | 8,019 | |
Balance | 0 | 0 | |
Other Restructuring [Member] | |||
Total restructuring charge | 3,400 | 5,116 | |
Cost incurred | 1,102 | $ 27 | |
Balance | $ 3,987 | $ 3,987 |