Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 02, 2017 | Aug. 01, 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) | 61,559,932 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 2, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 02, 2017 | Jan. 01, 2017 |
ASSETS | ||
Cash and Cash Equivalents | $ 66,783 | $ 165,672 |
Accounts Receivable, net | 136,609 | 126,004 |
Inventories | 182,808 | 156,083 |
Prepaid Expenses and Other Current Assets | 24,155 | 23,123 |
TOTAL CURRENT ASSETS | 410,355 | 470,882 |
PROPERTY AND EQUIPMENT, less accumulated depreciation | 208,725 | 204,508 |
DEFERRED TAX ASSET | 32,522 | 33,117 |
GOODWILL | 66,172 | 61,218 |
OTHER ASSETS | 66,170 | 65,714 |
TOTAL ASSETS | 783,944 | 835,439 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts Payable | 49,799 | 45,380 |
Current Portion of Long-Term Debt | 15,000 | 15,000 |
Accrued Expenses | 92,068 | 98,703 |
TOTAL CURRENT LIABILITIES | 156,867 | 159,083 |
LONG-TERM DEBT | 215,425 | 255,347 |
DEFERRED INCOME TAXES | 5,195 | 4,728 |
OTHER | 74,522 | 75,552 |
TOTAL LIABILITIES | 452,009 | 494,710 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred Stock | 0 | 0 |
Common Stock | 6,158 | 6,424 |
Additional Paid-In Capital | 305,331 | 359,451 |
Retained Earnings | 167,980 | 140,238 |
Accumulated Other Comprehensive Income (Loss) – Foreign Currency Translation Adjustment | (89,692) | (110,522) |
Accumulated Other Comprehensive Income (Loss) – Pension Liability | (57,842) | (54,862) |
TOTAL SHAREHOLDERS’ EQUITY | 331,935 | 340,729 |
$ 783,944 | $ 835,439 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
NET SALES | $ 251,700 | $ 248,207 | $ 472,802 | $ 470,761 |
Cost of Sales | 153,803 | 149,081 | 287,103 | 285,003 |
GROSS PROFIT ON SALES | 97,897 | 99,126 | 185,699 | 185,758 |
Selling, General and Administrative Expenses | 64,852 | 67,328 | 130,027 | 132,933 |
Restructuring and Asset Impairment Charges | 0 | 0 | 7,299 | 0 |
OPERATING INCOME | 33,045 | 31,798 | 48,373 | 52,825 |
Interest Expense | 1,682 | 1,590 | 3,299 | 3,109 |
Other Expense (Income) | 232 | (116) | 1,165 | 333 |
INCOME BEFORE INCOME TAX EXPENSE | 31,131 | 30,324 | 43,909 | 49,383 |
Income Tax Expense | 10,193 | 9,667 | 14,424 | 15,832 |
NET INCOME | $ 20,938 | $ 20,657 | $ 29,485 | $ 33,551 |
Earnings Per Share – Basic (in dollars per share) | $ 0.33 | $ 0.32 | $ 0.46 | $ 0.51 |
Earnings Per Share – Diluted (in dollars per share) | $ 0.33 | $ 0.32 | $ 0.46 | $ 0.51 |
Common Shares Outstanding – Basic (in shares) | 62,789 | 65,367 | 63,432 | 65,526 |
Common Shares Outstanding – Diluted (in shares) | 62,832 | 65,405 | 63,474 | 65,564 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Net Income | $ 20,938 | $ 20,657 | $ 29,485 | $ 33,551 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 9,800 | (8,311) | 20,830 | 1,068 |
Other Comprehensive Income (Loss), Pension Liability Adjustment | (2,048) | 2,190 | (2,980) | 2,798 |
Comprehensive Income | $ 28,690 | $ 14,536 | $ 47,335 | $ 37,417 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 29,485 | $ 33,551 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: | ||
Depreciation and Amortization | 14,422 | 14,960 |
Stock Compensation Amortization Expense | 1,821 | 2,349 |
Deferred Income Taxes and Other | 2,870 | 4,490 |
Working Capital Changes: | ||
Accounts Receivable | (6,288) | 1,668 |
Inventories | (21,087) | (6,169) |
Prepaid Expenses and Other Current Assets | (667) | (574) |
Accounts Payable and Accrued Expenses | 1,389 | (15,731) |
CASH PROVIDED BY OPERATING ACTIVITIES: | 21,945 | 34,544 |
INVESTING ACTIVITIES: | ||
Capital Expenditures | (15,352) | (12,752) |
Other | 306 | 1,585 |
CASH USED IN INVESTING ACTIVITIES: | (15,046) | (11,167) |
FINANCING ACTIVITIES: | ||
Repayments of Long-Term Debt | (54,675) | (10,000) |
Borrowing of Long-Term Debt | 10,000 | 20,167 |
Tax withholding payments for share-based compensation | (1,406) | (4,629) |
Repurchase of Common Stock | (55,667) | (10,443) |
Dividends Paid | (7,575) | (6,547) |
CASH USED IN FINANCING ACTIVITIES: | (109,323) | (11,452) |
Net Cash Provided by (Used in) Operating, Investing and Financing Activities | (102,424) | 11,925 |
Effect of Exchange Rate Changes on Cash | 3,535 | 743 |
CASH AND CASH EQUIVALENTS: | ||
Net Change During the Period | (98,889) | 12,668 |
Balance at Beginning of Period | 165,672 | 75,696 |
Balance at End of Period | $ 66,783 | $ 88,364 |
Note 1 - Condensed Footnotes
Note 1 - Condensed Footnotes | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10 not 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 January 1, 2017, not Certain prior period amounts have been reclassified to conform to the current period presentation. |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories are summarized as follows: July 2, 2017 January 1, 2017 (In thousands) Finished Goods $ 122,737 $ 104,742 Work in Process 12,281 8,711 Raw Materials 47,790 42,630 $ 182,808 $ 156,083 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 6 Months Ended |
Jul. 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 Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 $ 0.12 $ 0.10 Undistributed Earnings 0.27 0.27 0.34 0.41 Total $ 0.33 $ 0.32 $ 0.46 $ 0.51 Diluted Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 $ 0.12 $ 0.10 Undistributed Earnings 0.27 0.27 0.34 0.41 Total $ 0.33 $ 0.32 $ 0.46 $ 0.51 Basic earnings per share $ 0.33 $ 0.32 $ 0.46 $ 0.51 Diluted earnings per share $ 0.33 $ 0.32 $ 0.46 $ 0.51 The following tables present net income that was attributable to participating securities: Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In millions) Net Income Attributable to Participating Securities $ 0.2 $ 0.2 $ 0.3 $ 0.3 The weighted average shares outstanding for basic and diluted EPS were as follows: Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) Weighted Average Shares Outstanding 62,305 64,779 62,948 64,938 Participating Securities 484 588 484 588 Shares for Basic Earnings Per Share 62,789 65,367 63,432 65,526 Dilutive Effect of Stock Options 43 38 42 38 Shares for Diluted Earnings Per Share 62,832 65,405 63,474 65,564 For all periods presented, there were no |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 6 Months Ended |
Jul. 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. 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 2, 2017, $177.5 $52.9 $2.6 July 2, 2017, 2.6%. 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 second 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. On August 8, 2017, second 2017, ● The Amended Facility matures in August 2022; ● The restricted payments covenant in the Amended Facility has been liberalized (and now allows for, among other things, the repurchase of the full amount of the new share repurchase program described above); and ● Permits the potential release of the lenders’ liens on certain real property and equipment in connection with an anticipated property tax abatement transaction in Georgia. Other Lines of Credit Subsidiaries of the Company have an aggregate of the equivalent of $9.8 2.5% 6.5%. July 2, 2017, no |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 6 Months Ended |
Jul. 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. There were no 2015 2017. 2013, no first six 2016 2017. As of July 2, 2017, 82,500 $8.53 5,000 first six 2017. no 2017 no first six 2016. $0.9 July 2, 2017. Restricted Stock Awards During the six July 2, 2017 July 3, 2016, 244,000 266,500 one three Compensation expense related to restricted stock grants was $1.3 $1.7 six July 2, 2017 July 3, 2016, The following table summarizes restricted stock outstanding as of July 2, 2017, six Restricted Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 504,500 $ 17.05 Granted 244,000 17.87 Vested 261,500 16.53 Forfeited or canceled 3,000 16.70 Outstanding at July 2, 2017 484,000 $ 17.75 As of July 2, 2017, $5.7 2020. Performance Share Awards In 2017 2016, one three may may 200% The following table summarizes the performance shares outstanding as of July 2, 2017, six Performance Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 368,500 $ 17.20 Granted 352,500 17.79 Vested 28,000 17.22 Forfeited or canceled 16,000 17.22 Outstanding at July 2, 2017 677,000 $ 17.51 Compensation expense related to performance shares was $0.5 $0.6 six July 2, 2017, July 3, 2016, $8.2 July 2, 2017. |
Note 6 - Employee Benefit Plans
Note 6 - Employee Benefit Plans | 6 Months Ended |
Jul. 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 six July 2, 2017 July 3, 2016, Three Months Ended Six Months Ended Defined Benefit Retirement Plan (Europe) July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) (In thousands) Service cost $ 397 $ 263 $ 780 $ 521 Interest cost 1,378 1,728 2,712 3,448 Expected return on assets (1,628 ) (2,007 ) (3,216 ) (4,004 ) Amortization of prior service costs (9 ) (9 ) (16 ) 18 Recognized net actuarial losses 320 184 629 368 Net periodic benefit cost $ 458 $ 159 $ 889 $ 351 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) (In thousands) Service cost $ 0 $ 110 $ 0 $ 220 Interest cost 314 317 628 634 Amortization of loss 91 203 182 405 Net periodic benefit cost $ 405 $ 630 $ 810 $ 1,259 |
Note 7 - Segment Information
Note 7 - Segment Information | 6 Months Ended |
Jul. 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 AMERICAS EUROPE ASIA- PACIFIC TOTAL (in thousands) Three Months Ended July 2, 2017: Net Sales $ 153,616 $ 57,811 $ 40,273 $ 251,700 Depreciation and amortization 3,310 1,314 2,090 6,714 Total assets 264,871 239,839 181,431 686,141 Three Months Ended July 3, 2016: Net Sales $ 148,761 $ 61,264 $ 38,182 $ 248,207 Depreciation and amortization 3,611 1,297 2,169 7,077 Six Months Ended July 2, 2017: Net Sales $ 285,378 $ 113,830 $ 73,594 $ 472,802 Depreciation and amortization 6,678 2,611 4,247 13,536 Six Months Ended July 3, 2016: Net Sales $ 279,177 $ 119,222 $ 72,362 $ 470,761 Depreciation and amortization 7,268 2,571 4,385 14,224 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 July 2, 2017 July 3, 2016 (In thousands) Total segment depreciation and amortization $ 6,714 $ 7,077 Corporate depreciation and amortization 739 366 Reported depreciation and amortization $ 7,453 $ 7,443 Six Months Ended DEPRECIATION AND AMORTIZATION July 2, 2017 July 3, 2016 (In thousands) Total segment depreciation and amortization $ 13,536 $ 14,224 Corporate depreciation and amortization 886 736 Reported depreciation and amortization $ 14,422 $ 14,960 ASSETS July 2, 2017 (In thousands) Total segment assets $ 686,141 Corporate assets and eliminations 97,803 Reported total assets $ 783,944 |
Note 8 - Supplemental Cash Flow
Note 8 - Supplemental Cash Flow Information | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 8 Cash payments for interest amounted to $3.2 $2.5 six July 2, 2017 July 3, 2016, $11.5 $7.3 six July 2, 2017 July 3, 2016, |
Note 9 - Recently Issued Accoun
Note 9 - Recently Issued Accounting Pronouncements | 6 Months Ended |
Jul. 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 95% not not 6% 48 not not In July 2015, December 15, 2016, not In November 2015, one not may December 15, 2016, first 2017, $10.0 $5.9 $4.1 2016 In March 2016, December 15, 2016, $5.8 first 2017. not first 2017, $4.6 first 2016 In February 2016, 12 December 15, 2018, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jul. 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 not second not first six 2017, $0.5 July 2, 2017, $28.4 July 2, 2017 $5.0 |
Note 11 - Items Reclassified Fr
Note 11 - Items Reclassified From Other Comprehensive Income | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE 11 During the first six 2017, not $0.8 |
Note 12 - Repurchase of Common
Note 12 - Repurchase of Common Stock | 6 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 In the fourth 2014, 500,000 2014 second 2016, $50 no first three 2017, 1,601,896 $19.36 $50 In the second 2017, $100 no second 2017, 1,244,735 $19.74 |
Note 13 - Restructuring and Ass
Note 13 - Restructuring and Asset Impairment Charges | 6 Months Ended |
Jul. 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 (in thousands) Workforce Reduction $ 10,652 $ 1,451 $ 5,631 $ 3,570 Asset Impairment 11,319 8,019 3,300 0 Lease Exit Costs 5,116 27 4,122 967 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 2, 2017 January 1, 2017 (In thousands) Finished Goods $ 122,737 $ 104,742 Work in Process 12,281 8,711 Raw Materials 47,790 42,630 $ 182,808 $ 156,083 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Distributed And Undistributed Earnings [Table Text Block] | Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 $ 0.12 $ 0.10 Undistributed Earnings 0.27 0.27 0.34 0.41 Total $ 0.33 $ 0.32 $ 0.46 $ 0.51 Diluted Earnings Per Share: Distributed Earnings $ 0.06 $ 0.05 $ 0.12 $ 0.10 Undistributed Earnings 0.27 0.27 0.34 0.41 Total $ 0.33 $ 0.32 $ 0.46 $ 0.51 Basic earnings per share $ 0.33 $ 0.32 $ 0.46 $ 0.51 Diluted earnings per share $ 0.33 $ 0.32 $ 0.46 $ 0.51 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In millions) Net Income Attributable to Participating Securities $ 0.2 $ 0.2 $ 0.3 $ 0.3 Three Months Ended Six Months Ended July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) Weighted Average Shares Outstanding 62,305 64,779 62,948 64,938 Participating Securities 484 588 484 588 Shares for Basic Earnings Per Share 62,789 65,367 63,432 65,526 Dilutive Effect of Stock Options 43 38 42 38 Shares for Diluted Earnings Per Share 62,832 65,405 63,474 65,564 |
Note 5 - Stock-based Compensa21
Note 5 - Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 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 244,000 17.87 Vested 261,500 16.53 Forfeited or canceled 3,000 16.70 Outstanding at July 2, 2017 484,000 $ 17.75 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Performance Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 368,500 $ 17.20 Granted 352,500 17.79 Vested 28,000 17.22 Forfeited or canceled 16,000 17.22 Outstanding at July 2, 2017 677,000 $ 17.51 |
Note 6 - Employee Benefit Pla22
Note 6 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended Defined Benefit Retirement Plan (Europe) July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) (In thousands) Service cost $ 397 $ 263 $ 780 $ 521 Interest cost 1,378 1,728 2,712 3,448 Expected return on assets (1,628 ) (2,007 ) (3,216 ) (4,004 ) Amortization of prior service costs (9 ) (9 ) (16 ) 18 Recognized net actuarial losses 320 184 629 368 Net periodic benefit cost $ 458 $ 159 $ 889 $ 351 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) July 2, 2017 July 3, 2016 July 2, 2017 July 3, 2016 (In thousands) (In thousands) Service cost $ 0 $ 110 $ 0 $ 220 Interest cost 314 317 628 634 Amortization of loss 91 203 182 405 Net periodic benefit cost $ 405 $ 630 $ 810 $ 1,259 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | AMERICAS EUROPE ASIA- PACIFIC TOTAL (in thousands) Three Months Ended July 2, 2017: Net Sales $ 153,616 $ 57,811 $ 40,273 $ 251,700 Depreciation and amortization 3,310 1,314 2,090 6,714 Total assets 264,871 239,839 181,431 686,141 Three Months Ended July 3, 2016: Net Sales $ 148,761 $ 61,264 $ 38,182 $ 248,207 Depreciation and amortization 3,611 1,297 2,169 7,077 Six Months Ended July 2, 2017: Net Sales $ 285,378 $ 113,830 $ 73,594 $ 472,802 Depreciation and amortization 6,678 2,611 4,247 13,536 Six Months Ended July 3, 2016: Net Sales $ 279,177 $ 119,222 $ 72,362 $ 470,761 Depreciation and amortization 7,268 2,571 4,385 14,224 |
Reconciliation of Depreciation, Amortization, and Assets from Segments to Consolidated [Table Text Block] | Three Months Ended DEPRECIATION AND AMORTIZATION July 2, 2017 July 3, 2016 (In thousands) Total segment depreciation and amortization $ 6,714 $ 7,077 Corporate depreciation and amortization 739 366 Reported depreciation and amortization $ 7,453 $ 7,443 Six Months Ended DEPRECIATION AND AMORTIZATION July 2, 2017 July 3, 2016 (In thousands) Total segment depreciation and amortization $ 13,536 $ 14,224 Corporate depreciation and amortization 886 736 Reported depreciation and amortization $ 14,422 $ 14,960 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ASSETS July 2, 2017 (In thousands) Total segment assets $ 686,141 Corporate assets and eliminations 97,803 Reported total assets $ 783,944 |
Note 13 - Restructuring and A24
Note 13 - Restructuring and Asset Impairment Charges (Tables) | 6 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Total Restructuring Charge Costs Incurred in 2016 Costs Incurred in 2017 Balance at (in thousands) Workforce Reduction $ 10,652 $ 1,451 $ 5,631 $ 3,570 Asset Impairment 11,319 8,019 3,300 0 Lease Exit Costs 5,116 27 4,122 967 |
Note 2 - Inventories - Schedule
Note 2 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Jan. 01, 2017 |
Finished Goods | $ 122,737 | $ 104,742 |
Work in Process | 12,281 | 8,711 |
Raw Materials | 47,790 | 42,630 |
Inventory, net | $ 182,808 | $ 156,083 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 3 - Earnings Per Share - D
Note 3 - Earnings Per Share - Distributed and Undistributed Earnings (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Basic Earnings Per Share: | ||||
Distributed Earnings (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.12 | $ 0.10 |
Undistributed Earnings (in dollars per share) | 0.27 | 0.27 | 0.34 | 0.41 |
Total (in dollars per share) | 0.33 | 0.32 | 0.46 | 0.51 |
Diluted Earnings Per Share: | ||||
Distributed Earnings (in dollars per share) | 0.06 | 0.05 | 0.12 | 0.10 |
Undistributed Earnings (in dollars per share) | 0.27 | 0.27 | 0.34 | 0.41 |
Total (in dollars per share) | 0.33 | 0.32 | 0.46 | 0.51 |
Basic earnings per share (in dollars per share) | 0.33 | 0.32 | 0.46 | 0.51 |
Diluted earnings per share (in dollars per share) | $ 0.33 | $ 0.32 | $ 0.46 | $ 0.51 |
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 | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Net Income | $ 20,938 | $ 20,657 | $ 29,485 | $ 33,551 |
Weighted Average Shares Outstanding (in shares) | 62,305 | 64,779 | 62,948 | 64,938 |
Participating Securities (in shares) | 484 | 588 | 484 | 588 |
Shares for Basic Earnings Per Share (in shares) | 62,789 | 65,367 | 63,432 | 65,526 |
Dilutive Effect of Stock Options (in shares) | 43 | 38 | 42 | 38 |
Shares for Diluted Earnings Per Share (in shares) | 62,832 | 65,405 | 63,474 | 65,564 |
Participating Securities [Member] | ||||
Net Income | $ 200 | $ 200 | $ 300 | $ 300 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) $ in Thousands | 6 Months Ended |
Jul. 02, 2017USD ($) | |
Syndicated Facility Agreement [Member] | |
Long-term Line of Credit | $ 177,500 |
Letters of Credit Outstanding, Amount | $ 2,600 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.60% |
Debt Instrument, Periodic Payment | $ 3,750 |
Revolving Credit Facility [Member] | |
Long-term Line of Credit | 52,900 |
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 ($) | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jan. 01, 2017 | Jan. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 8.53 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 82,500 | |||
Employee Stock Option [Member] | ||||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | ||
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 5,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 244,000 | 266,500 | ||
Allocated Share-based Compensation Expense | $ 1,300,000 | $ 1,700,000 | ||
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] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 8,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 352,500 | |||
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% | |||
Allocated Share-based Compensation Expense | $ 500,000 | $ 600,000 | ||
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 |
Note 5 - Stock-based Compensa31
Note 5 - Stock-based Compensation - Restricted Stock Outstanding (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Outstanding at January 1, 2017 (in shares) | 504,500 | |
Outstanding at January 1, 2017 (in dollars per share) | $ 17.05 | |
Granted (in shares) | 244,000 | 266,500 |
Granted (in dollars per share) | $ 17.87 | |
Vested (in shares) | 261,500 | |
Vested (in dollars per share) | $ 16.53 | |
Outstanding at July 2, 2017 (in dollars per share) | $ 17.75 | |
Forfeited or canceled (in shares) | 3,000 | |
Forfeited or canceled (in dollars per share) | $ 16.70 | |
Outstanding at July 2, 2017 (in shares) | 484,000 |
Note 5 - Stock-based Compensa32
Note 5 - Stock-based Compensation - Performance Shares Outstanding (Details) - Performance Shares [Member] | 6 Months Ended |
Jul. 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 |
Outstanding at July 2, 2017 (in dollars per share) | $ / shares | $ 17.51 |
Granted (in shares) | shares | 352,500 |
Granted (in dollars per share) | $ / shares | $ 17.79 |
Vested (in shares) | shares | 28,000 |
Vested (in dollars per share) | $ / shares | $ 17.22 |
Forfeited or canceled (in shares) | shares | 16,000 |
Forfeited or canceled (in dollars per share) | $ / shares | $ 17.22 |
Outstanding at July 2, 2017 (in shares) | shares | 677,000 |
Note 6 - Employee Benefit Pla33
Note 6 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Interest cost | $ 1,378 | $ 1,728 | $ 2,712 | $ 3,448 |
Expected return on assets | (1,628) | (2,007) | (3,216) | (4,004) |
Amortization of prior service costs | (9) | (9) | (16) | 18 |
Recognized net actuarial losses | 320 | 184 | 629 | 368 |
Net periodic benefit cost | 458 | 159 | 889 | 351 |
Service cost | 397 | 263 | 780 | 521 |
Salary Continuation Plan [Member] | Domestic Plan [Member] | ||||
Interest cost | 314 | 317 | 628 | 634 |
Recognized net actuarial losses | 91 | 203 | 182 | 405 |
Net periodic benefit cost | 405 | 630 | 810 | 1,259 |
Service cost | $ 0 | $ 110 | $ 0 | $ 220 |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 6 Months Ended |
Jul. 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 | 6 Months Ended | |||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | Jan. 01, 2017 | |
Depreciation and Amortization | $ 7,453 | $ 7,443 | $ 14,422 | $ 14,960 | |
Assets | 783,944 | 783,944 | $ 835,439 | ||
Net Sales | 251,700 | 248,207 | 472,802 | 470,761 | |
Operating Segments [Member] | |||||
Depreciation and Amortization | 6,714 | 7,077 | 13,536 | 14,224 | |
Assets | 686,141 | 686,141 | |||
Net Sales | 251,700 | 248,207 | 472,802 | 470,761 | |
Americas [Member] | |||||
Depreciation and Amortization | 3,310 | 3,611 | 6,678 | 7,268 | |
Assets | 264,871 | 264,871 | |||
Net Sales | 153,616 | 148,761 | 285,378 | 279,177 | |
Europe [Member] | |||||
Depreciation and Amortization | 1,314 | 1,297 | 2,611 | 2,571 | |
Assets | 239,839 | 239,839 | |||
Net Sales | 57,811 | 61,264 | 113,830 | 119,222 | |
Asia Pacific [Member] | |||||
Depreciation and Amortization | 2,090 | 2,169 | 4,247 | 4,385 | |
Assets | 181,431 | 181,431 | |||
Net Sales | $ 40,273 | $ 38,182 | $ 73,594 | $ 72,362 |
Note 7 - Segment Information 36
Note 7 - Segment Information - Reconciliation of Segment Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Depreciation and amortization | $ 7,453 | $ 7,443 | $ 14,422 | $ 14,960 |
Operating Segments [Member] | ||||
Depreciation and amortization | 6,714 | 7,077 | 13,536 | 14,224 |
Corporate, Non-Segment [Member] | ||||
Depreciation and amortization | $ 739 | $ 366 | $ 886 | $ 736 |
Note 7 - Segment Information 37
Note 7 - Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2017 | Jan. 01, 2017 |
Assets | $ 783,944 | $ 835,439 |
Operating Segments [Member] | ||
Assets | 686,141 | |
Corporate, Non-Segment [Member] | ||
Assets | $ 97,803 |
Note 8 - Supplemental Cash Fl38
Note 8 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2017 | Jul. 03, 2016 | Jul. 02, 2017 | Jul. 03, 2016 | |
Interest Paid | $ 3.2 | $ 2.5 | ||
Income Taxes Paid | $ 11.5 | $ 7.3 |
Note 9 - Recently Issued Acco39
Note 9 - Recently Issued Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 02, 2017 | Jul. 02, 2017 | |
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 | |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Carpet, Hard Surface Flooring and Related Products [Member] | ||
Concentration Risk, Percentage | 95.00% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ in Millions | 6 Months Ended |
Jul. 02, 2017USD ($) | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 0.5 |
Unrecognized Tax Benefits | 28.4 |
Increase (Decrease) in Deferred Tax Assets | $ (5) |
Note 11 - Items Reclassified 41
Note 11 - Items Reclassified From Other Comprehensive Income (Details Textual) $ in Millions | 6 Months Ended |
Jul. 02, 2017USD ($) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | $ 0.8 |
Note 12 - Repurchase of Commo42
Note 12 - Repurchase of Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Jul. 02, 2017 | Apr. 02, 2017 | Jul. 03, 2016 | Dec. 28, 2014 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | |||
Stock Repurchase Program, Authorized Amount | $ 100 | $ 50 | ||
Treasury Stock, Shares, Acquired | 1,244,735 | 1,601,896 | ||
Treasury Stock, Shares, Retired | 1,244,735 | 1,601,896 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 19.74 | $ 19.36 |
Note 13 - Restructuring and A43
Note 13 - Restructuring and Asset Impairment Charges (Details Textual) - Restructuring Charge 2014 [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | |
Apr. 02, 2017USD ($) | Jan. 01, 2017USD ($) | Jul. 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 | 9 Months Ended | |
Apr. 02, 2017 | Jan. 01, 2017 | Jul. 02, 2017 | Jul. 02, 2017 | |
Total restructuring charge | $ 7,300 | $ 19,800 | ||
Employee Severance [Member] | ||||
Cost incurred | 1,451 | $ 5,631 | ||
Balance | 3,570 | $ 3,570 | ||
Total restructuring charge | 600 | 10,652 | ||
Fixed Asset Impairment [Member] | ||||
Cost incurred | 8,019 | 3,300 | ||
Balance | 0 | 0 | ||
Total restructuring charge | 3,300 | 11,319 | ||
Other Restructuring [Member] | ||||
Cost incurred | $ 27 | 4,122 | ||
Balance | $ 967 | 967 | ||
Total restructuring charge | $ 3,400 | $ 5,116 |