Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | INTERFACE INC | |
Entity Central Index Key | 0000715787 | |
Trading Symbol | tile | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 59,987,513 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 66,972 | $ 80,989 |
Accounts receivable, net | 164,976 | 179,004 |
Inventories, net | 285,738 | 258,657 |
Prepaid expenses and other current assets | 46,799 | 40,229 |
Total current assets | 564,485 | 558,879 |
Property and equipment, net | 300,405 | 292,888 |
Operating lease right-of-use assets | 113,640 | 0 |
Deferred tax asset | 16,000 | 15,601 |
Goodwill and intangibles, net | 334,059 | 343,542 |
Other assets | 76,478 | 73,734 |
Total assets | 1,405,067 | 1,284,644 |
Current liabilities | ||
Accounts payable | 72,994 | 66,301 |
Accrued expenses | 112,409 | 125,971 |
Current portion of operating lease liabilities | 16,014 | 0 |
Current portion of long-term debt | 31,105 | 31,315 |
Total current liabilities | 232,522 | 223,587 |
Long-term debt | 610,895 | 587,266 |
Operating lease liabilities | 97,316 | 0 |
Deferred income taxes | 25,341 | 26,488 |
Other long-term liabilities | 89,334 | 92,640 |
Total liabilities | 1,055,408 | 929,981 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock | 0 | 0 |
Common stock | 6,002 | 5,951 |
Additional paid-in capital | 270,655 | 270,269 |
Retained earnings | 225,373 | 222,214 |
Accumulated other comprehensive loss – foreign currency translation | (106,690) | (101,487) |
Accumulated other comprehensive (loss) income – cash flow hedge | (1,980) | 1,326 |
Accumulated other comprehensive loss – pension liability | (43,701) | (43,610) |
Total shareholders’ equity | 349,659 | 354,663 |
Total liabilities and shareholders’ equity | $ 1,405,067 | $ 1,284,644 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
NET SALES | $ 297,688 | $ 240,563 |
Cost of Sales | 182,290 | 146,981 |
GROSS PROFIT ON SALES | 115,398 | 93,582 |
Selling, General and Administrative Expenses | 99,011 | 70,594 |
OPERATING INCOME | 16,387 | 22,988 |
Interest Expense | 6,793 | 2,094 |
Other Expense | 1,014 | 519 |
INCOME BEFORE INCOME TAX EXPENSE | 8,580 | 20,375 |
Income Tax Expense | 1,521 | 5,291 |
Net Income | $ 7,059 | $ 15,084 |
Earnings Per Share – Basic (in dollars per share) | $ 0.12 | $ 0.25 |
Earnings Per Share – Diluted (in dollars per share) | $ 0.12 | $ 0.25 |
Common Shares Outstanding – Basic (in shares) | 59,632 | 59,671 |
Common Shares Outstanding – Diluted (in shares) | 59,642 | 59,717 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net income | $ 7,059 | $ 15,084 |
Foreign currency translation adjustment | (5,203) | 8,830 |
Cash flow hedge unrealized gain (loss) | (3,306) | 1,632 |
Pension liability adjustment | (91) | (2,216) |
Comprehensive Income (Loss) | $ (1,541) | $ 23,330 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 7,059 | $ 15,084 |
Adjustments to reconcile net income to cash used in operating activities: | ||
Depreciation and amortization | 11,344 | 8,731 |
Stock compensation amortization expense | 2,817 | 2,858 |
Deferred income taxes and other | (6,088) | 1,800 |
Amortization of acquired intangible assets | 1,909 | 0 |
Working capital changes: | ||
Accounts receivable | 13,729 | 6,338 |
Inventories | (28,855) | (17,240) |
Prepaid expenses and current assets | (5,692) | (16,273) |
Accounts payable and accrued expenses | (7,924) | (7,077) |
CASH USED IN OPERATING ACTIVITIES | (11,701) | (5,779) |
INVESTING ACTIVITIES: | ||
Capital expenditures | (19,968) | (7,431) |
Other | (44) | 264 |
CASH USED IN INVESTING ACTIVITIES | (20,012) | (7,167) |
FINANCING ACTIVITIES: | ||
Repayments of long-term debt | (8,893) | (3,750) |
Borrowing of long-term debt | 33,000 | 17,210 |
Tax withholding payments for share-based compensation | (2,627) | (987) |
Proceeds from issuance of common stock | 60 | 124 |
Dividends paid | (3,900) | (3,868) |
Repurchase of common stock | 0 | (14,485) |
CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES: | 17,640 | (5,756) |
Net cash used in operating, investing and financing activities | (14,073) | (18,702) |
Effect of exchange rate changes on cash | 56 | (478) |
CASH AND CASH EQUIVALENTS: | ||
Net change during the period | (14,017) | (19,180) |
Balance at beginning of period | 80,989 | 87,037 |
Balance at end of period | $ 66,972 | $ 67,857 |
Note 1 - Condensed Footnotes
Note 1 - Condensed Footnotes | 3 Months Ended |
Mar. 31, 2019 | |
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 December 30, 2018, 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 necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not December 30, 2018, not first 2019 2018 13 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 Effective January 1, 2018, not Revenue from sales of carpet, modular resilient flooring, rubber flooring, and other flooring-related material was approximately 98% first 2019. 2% Disaggregation of Revenue For the first 2019, Geography Percentage of Net Sales Americas 54.0% Europe 31.2% Asia-Pacific 14.8% Impairment Losses The Company does not |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories are summarized as follows: March 31, 2019 December 30, 2018 (In thousands) Finished Goods $ 212,661 $ 180,847 Work in Process 13,551 17,762 Raw Materials 59,526 60,048 Inventories, net $ 285,738 $ 258,657 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 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 March 31, 2019 April 1, 2018 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.07 $ 0.06 Undistributed Earnings 0.05 0.19 Total $ 0.12 $ 0.25 Diluted Earnings Per Share: Distributed Earnings $ 0.07 $ 0.06 Undistributed Earnings 0.05 0.19 Total $ 0.12 $ 0.25 Basic earnings per share $ 0.12 $ 0.25 Diluted earnings per share $ 0.12 $ 0.25 The following table presents net income that was attributable to participating securities. Three Months Ended March 31, 2019 April 1, 2018 (In million s) Net Income Attributable to Participating Securities $ 0.1 $ 0.2 The weighted average shares for basic and diluted EPS were as follows: Three Months Ended March 31, 2019 April 1, 2018 (In thousands ) Weighted Average Shares Outstanding 59,065 59,069 Participating Securities 567 602 Shares for Basic Earnings Per Share 59,632 59,671 Dilutive Effect of Stock Options 10 46 Shares for Diluted Earnings Per Share 59,642 59,717 For the three March 31, 2019, April 1, 2018, no |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 Syndicated Credit Facility On August 7, 2018, March 31, 2019, In connection with the amended and restated Facility as discussed above, the Company recorded $8.8 third 2018 March 31, 2019, $7.6 As of March 31, 2019, $606.0 $43.6 $2.5 March 31, 2019, 3.87%. Under the amended and restated Facility, the Company is required to make quarterly amortization payments of the term loan borrowings, which commenced in the fourth 2018. 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 $9.5 2.5% 6.5%. March 31, 2019, no |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 6 Interest Rate Risk Management In the third 2017 first 2019, $100 $150 Cash Flow Interest Rate Swap Both of the interest rate swaps described above are designated and qualify as cash flow hedges of forecasted interest payments. The Company reports the effective portion of the fair value gain or loss on the swaps as a component of other comprehensive income (or other comprehensive loss). Gains or losses (if any) on any ineffective portion of derivative instruments in cash flow hedging relationships are recorded in the period in which they occur as a component of other expense (or other income) in the Consolidated Condensed Statement of Operations and as a component of operating activities in the Consolidated Condensed Statement of Cash Flows. The aggregate notional amount of the interest rate swaps as of March 31, 2019 $250 Forward Contracts Our nora operations are party to currency forward contracts designed to hedge the cash flow risk of intercompany sales from the manufacturing facility in Europe to the Americas. The Company’s objective and strategy with respect to these currency forward contracts is to protect the Company against adverse fluctuations in currency rates by reducing its exposure to variability in cash flows related to receipt of payment on intercompany sales. The Company is meeting its objective by hedging the risk of changes in its cash flows (intercompany payments for inventory) attributable to changes in the U.S. dollar/Euro exchange rate (the “hedged risk”). Changes in fair value attributable to components other than exchange rates will be excluded from the assessment of effectiveness and amortized to earnings on a straight-line basis. Changes in fair value related to the effective portion of these contracts will be reflected as a component of other comprehensive income (or other comprehensive loss). A portion of these forward contracts expire each month, with the final contract expiring in September 2019. 70% March 31, 2019, $24 The table below sets forth the fair value of derivative instruments as of March 31, 2019 ( Asset Derivatives as of Liability Derivatives as of March 31, 2019 March 31, 2019 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 0 Accrued expenses $ 115 Interest rate swap contracts Other current assets 828 Accrued expenses 1,977 $ 828 $ 2,092 The table below sets forth the fair value of derivative instruments as of December 30, 2018 ( Asset Derivatives as of Liability Derivatives as of December 30, 2018 December 30, 2018 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 651 Other current liabilities - Interest rate swap contracts Other current assets $ 1,794 Other current liabilities - $ 2,445 - no three March 31, 2019. no three March 31, 2019. 12 not The following table summarizes the pre-tax impact that changes in the fair value of derivatives designated as cash flow hedges and included in the assessment of hedge effectiveness had on accumulated other comprehensive income during the three March 31, 2019 ( Loss Recognized in Accumulated Three months ended March 31, 2019 Other Comprehensive Income Foreign currency contracts $ 363 Interest rate swap contracts 2,943 $ 3,306 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 The following tables depict the activity in the accounts which make up shareholders equity for the three March 31, 2019 April 1, 2018: SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE (In thousands) Balance, at December 30, 2018 59,508 $ 5,951 $ 270,269 $ 222,214 $ (43,610 ) $ (101,487 ) $ 1,326 Net income 0 0 0 7,059 0 0 0 Stock issuances under employee plans 509 51 379 0 0 0 0 Other issuances of common stock 224 22 3,900 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 (3,922 ) 0 0 0 0 Cash dividends paid 0 0 0 (3,900 ) 0 0 0 Forfeitures and compensation expense related to stock awards (225 ) (22 ) 29 0 0 0 0 Share Repurchases 0 0 0 0 0 0 0 Pension liability adjustment 0 0 0 0 (91 ) 0 0 Foreign currency translation adjustment 0 0 0 0 0 (5,203 ) 0 Cash flow hedge unrealized loss 0 0 0 0 0 0 (3,306 ) Balance, at March 31, 2019 60,016 $ 6,002 $ 270,655 $ 225,373 $ (43,701 ) $ (106,690 ) $ (1,980 ) SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE (In thousands) Balance, at December 31, 2017 59,806 $ 5,981 $ 271,271 $ 187,433 $ (56,554 ) $ (78,943 ) $ 904 Net income 0 0 0 15,084 0 0 0 Stock issuances under employee plans 175 17 102 0 0 0 0 Other issuances of common stock 187 19 4,769 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 (4,788 ) 0 0 0 0 Cash dividends paid 0 0 0 (3,868 ) 0 0 0 Forfeitures and compensation expense related to stock awards (55 ) (6 ) 3,185 0 0 0 0 Share Repurchases (615 ) (61 ) (14,424 ) 0 0 0 0 Pension liability adjustment 0 0 0 0 (2,216 ) 0 0 Foreign currency translation adjustment 0 0 0 0 0 8,830 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 1,632 Balance, at April 1, 2018 59,498 $ 5,950 $ 260,115 $ 198,649 $ (58,770 ) $ (70,113 ) $ 2,536 Repurchase of Common Stock In the second 2017, $100 no first 2019, $25.1 During the first 2019, not 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 2019 2018. As of March 31, 2019, 27,500 $12.43 no 2019 2018. 10,000 5,000 first 2019. 10,000 first 2018 no first 2018. $ 0.1 March 31, 2019. Restricted Stock Awards During the three March 31, 2019 April 1, 2018, 224,000 192,000 one three Compensation expense related to restricted stock grants was $0.8 $1.1 three March 31, 2019, April 1, 2018, The following table summarizes restricted stock outstanding as of March 31, 2019, three Restricted Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 549,000 $ 27.65 Granted 224,000 17.54 Vested 188,000 18.24 Forfeited or canceled 18,000 21.16 Outstanding at March 31, 2019 567,000 $ 26.98 As of March 31, 2019, $6.9 2022. Performance Share Awards During the three March 31, 2019 April 1, 2018, one three may may 200% The following table summarizes the performance shares outstanding as of March 31, 2019, three Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 759,500 $ 20.17 Granted 344,500 17.54 Vested 470,500 18.84 Forfeited or canceled 34,500 20.59 Outstanding at March 31, 2019 599,000 $ 19.67 Compensation expense related to the performance shares was $2.0 $1.8 three March 31, 2019, April 1, 2018, $7.6 March 31, 2019. 2022. The tax benefits recognized with regard to restricted stock and performance shares were approximately $0.6 first 2019. |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 8 General On December 31, 2018, 1 20 may 5 may may We record a right-of-use asset and lease liability for operating and finance leases once a contract that contains a lease is executed. The right-of-use asset is measured as the present value of the lease obligation. The discount rate used to calculate the present value of the lease liability was the Company’s incremental borrowing rate for the applicable geographical region. As of March 31, 2019, no not first The table below represents a summary of the balances recorded in the consolidated condensed balance sheet related to our leases as of March 31, 2019: March 31, 2019 (I n thousands Balance Sheet Location Operating Leases Finance Leases Operating lease right-of-use assets $ 113,640 Current portion of operating lease liabilities $ 16,014 Operating lease liabilities 97,316 Total operating lease liabilities $ 113,330 Property and equipment $ 3,512 Accrued expenses $ 986 Other long-term liabilities 977 Total finance lease liabilities $ 1,963 Lease Costs Three Months Ended March 31, 2019 Lease cost (In thousands) Finance lease cost: Amortization of right-of-use assets $ 146 Interest on lease liabilities 8 Operating lease cost 5,671 Short-term lease cost 738 Variable lease cost 145 Total lease cost $ 6,708 Other supplemental information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 8 Operating cash flows from operating leases 5,110 Financing cash flows from finance leases 246 Right-of-use assets obtained in exchange for new finance lease liabilities 0 Right-of-use assets obtained in exchange for new operating lease liabilities 2,467 Weighted-average remaining lease term – finance leases (in years) 2.04 Weighted-average remaining lease term – operating leases (in years) 10.94 Weighted-average discount rate – finance leases 1.50 % Weighted-average discount rate – operating leases 5.79 % Maturity Analysis Maturity analysis of lease payments under non-cancellable leases were as follows: FISCAL YEAR OPERATING LEASES FINANCE LEASES (In thousands) 2019 (excluding first quarter of 2019) $ 16,482 $ 756 2020 20,239 942 2021 15,854 294 2022 12,748 0 2023 10,833 0 Thereafter 82,454 0 Total future minimum lease payments (undiscounted) 158,610 1,992 Less: Present value discount (45,280 ) (29 ) Total lease liability $ 113,330 $ 1,963 At December 30, 2018, one FISCAL YEAR AMOUNT (In thousands) 2019 $ 26,113 2020 22,066 2021 16,453 2022 8,692 2023 5,186 Thereafter 15,237 Practical Expedients and Policy Elections The Company elected the package of practical expedients permitted under the transition guidance of the new lease standard, which, among other things, allows us to carryforward the historical lease classification and not not We made an accounting policy election to exclude leases with an initial term of 12 not |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 9 The following tables provide the components of net periodic benefit cost for the three March 31, 2019 April 1, 2018, Three Months Ended Defined Benefit Retirement Plan s (Europe) March 31, 2019 April 1, 2018 (In thousands) Service cost $ 185 $ 187 Interest cost 1,281 1,353 Expected return on assets (1,445 ) (1,602 ) Amortization of prior service cost 16 7 Amortization of net actuarial (gains)/losses 253 288 Net periodic benefit cost $ 290 $ 233 Three Months Ended Salary Continuation Plan (SCP) March 31, 2019 April 1, 2018 (In thousands) Service cost $ 0 $ 0 Interest cost 288 270 Amortization of prior service cost 0 0 Amortization of net actuarial (gains)/losses 94 116 Net periodic benefit cost $ 382 $ 386 Three Months Ended Nora Defined Benefit Plan March 31, 2019 (In thousands) Service cost $ 217 Interest cost 174 Net periodic benefit cost $ 391 In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within earnings from operations in the consolidated condensed statement of operations, while all other components of net periodic benefit costs are presented within other expenses in the consolidated condensed statement of operations. |
Note 10 - Acquisition of Nora
Note 10 - Acquisition of Nora | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 10 On August 7, 2018, €385.1 $447.2 €40.0 $46.5 €345.1 $400.7 The transaction was accounted for as a business combination using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recorded at their fair market values as of the acquisition date. The results of operations for this acquisition have been consolidated with those of the Company from the acquisition date forward. Tangible assets and liabilities of nora systems GmbH were valued as of the acquisition date using a market analysis, and intangible assets were valued using a discounted cash flow analysis. As of March 31, 2019, not The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The amounts represent a provisional measurement of the fair values, and are therefore subject to change: As of August 7 th (In thousands) Assets acquired (excluding goodwill) $ 359,335 Liabilities assumed (96,868 ) Net assets acquired 262,467 Purchase price 447,192 Goodwill, excess of purchase price $ 184,725 On August 7, 2018, $103.3 $60.8 not $39.1 7 $3.4 six $26.6 2018. The 2018 January 1, 2018. not first 2018. Pro Forma Consolidated Statement of Operations Three months ended April 1, 2018 (I n thousands Revenue $ 297,098 Net income 14,272 Pro forma net income for 2018 |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 11 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 March 31, 2019: Net Sales $ 160,626 $ 93,050 $ 44,012 $ 297,688 Depreciation and amortization 3,251 4,680 2,132 10,063 Total assets 507,577 544,598 197,330 1,249,505 Three Months Ended April 1, 2018: Net Sales $ 135,225 $ 66,556 $ 38,782 $ 240,563 Depreciation and amortization 3,611 2,254 2,208 8,073 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 March 31, 2019 April 1, 2018 (In thousands) Total segment depreciation and amortization $ 10,063 $ 8,073 Corporate depreciation and amortization 1,281 658 Reported depreciation and amortization $ 11,344 $ 8,731 ASSETS March 31, 2019 (In thousands) Total segment assets $ 1,249,505 Corporate assets and eliminations 155,562 Reported total assets $ 1,405,067 |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 12 Cash payments for interest amounted to $1.1 $1.9 March 31, 2019 April 1, 2018, $11.3 $9.8 three March 31, 2019 April 1, 2018, |
Note 13 - Recently Issued Accou
Note 13 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 13 In February 2016, 12 December 15, 2018, December 31, 2018, $115 no not 8 In January 2017, 2 December 15, 2019. not In February 2018, not December 15, 2018. not not In June 2018, December 15, 2018. not In August 2018, 1 2 3 3 December 15, 2019. not In August 2018, December 15, 2019. not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate and records discrete tax items in the period in which they occur. In the first 2019, 17.7%, 26.0% first 2018. first 2019, Accounting standards require that all tax positions be analyzed using a two first not second not first three 2019, $0.2 March 31, 2019, $27.9 March 31, 2019 $2.8 |
Note 15 - Items Reclassified Fr
Note 15 - Items Reclassified From Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE 15 During the first 2019, not $0.4 |
Note 16 - Restructuring and Ass
Note 16 - Restructuring and Asset Impairment Charges | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 16 On December 29, 2018, 200 As a result of this plan, the Company recorded a pre-tax restructuring and asset impairment charge in the fourth 2018 $20.5 $10.8 $8.6 $1.1 $12.0 $10.8 first 2019, $12 2019. 2019 A summary of these 2018 Total Restructuring Charge Costs Incurred in 2018 Costs Incurred in 2019 Balance at March 31, 2019 (in thousands) Workforce Reduction $ 10,816 $ 53 $ 1,813 $ 8,950 Asset Impairment 8,569 8,569 0 0 Other Exit Costs 1,144 0 18 1,126 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Geography Percentage of Net Sales Americas 54.0% Europe 31.2% Asia-Pacific 14.8% |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2019 December 30, 2018 (In thousands) Finished Goods $ 212,661 $ 180,847 Work in Process 13,551 17,762 Raw Materials 59,526 60,048 Inventories, net $ 285,738 $ 258,657 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Distributed And Undistributed Earnings [Table Text Block] | Three Months Ended March 31, 2019 April 1, 2018 Earnings Per Share : Basic Earnings Per Share: Distributed Earnings $ 0.07 $ 0.06 Undistributed Earnings 0.05 0.19 Total $ 0.12 $ 0.25 Diluted Earnings Per Share: Distributed Earnings $ 0.07 $ 0.06 Undistributed Earnings 0.05 0.19 Total $ 0.12 $ 0.25 Basic earnings per share $ 0.12 $ 0.25 Diluted earnings per share $ 0.12 $ 0.25 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2019 April 1, 2018 (In million s) Net Income Attributable to Participating Securities $ 0.1 $ 0.2 Three Months Ended March 31, 2019 April 1, 2018 (In thousands ) Weighted Average Shares Outstanding 59,065 59,069 Participating Securities 567 602 Shares for Basic Earnings Per Share 59,632 59,671 Dilutive Effect of Stock Options 10 46 Shares for Diluted Earnings Per Share 59,642 59,717 |
Note 6 - Derivative Instrumen_2
Note 6 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives as of Liability Derivatives as of March 31, 2019 March 31, 2019 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 0 Accrued expenses $ 115 Interest rate swap contracts Other current assets 828 Accrued expenses 1,977 $ 828 $ 2,092 Asset Derivatives as of Liability Derivatives as of December 30, 2018 December 30, 2018 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 651 Other current liabilities - Interest rate swap contracts Other current assets $ 1,794 Other current liabilities - $ 2,445 - |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Loss Recognized in Accumulated Three months ended March 31, 2019 Other Comprehensive Income Foreign currency contracts $ 363 Interest rate swap contracts 2,943 $ 3,306 |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE (In thousands) Balance, at December 30, 2018 59,508 $ 5,951 $ 270,269 $ 222,214 $ (43,610 ) $ (101,487 ) $ 1,326 Net income 0 0 0 7,059 0 0 0 Stock issuances under employee plans 509 51 379 0 0 0 0 Other issuances of common stock 224 22 3,900 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 (3,922 ) 0 0 0 0 Cash dividends paid 0 0 0 (3,900 ) 0 0 0 Forfeitures and compensation expense related to stock awards (225 ) (22 ) 29 0 0 0 0 Share Repurchases 0 0 0 0 0 0 0 Pension liability adjustment 0 0 0 0 (91 ) 0 0 Foreign currency translation adjustment 0 0 0 0 0 (5,203 ) 0 Cash flow hedge unrealized loss 0 0 0 0 0 0 (3,306 ) Balance, at March 31, 2019 60,016 $ 6,002 $ 270,655 $ 225,373 $ (43,701 ) $ (106,690 ) $ (1,980 ) SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE (In thousands) Balance, at December 31, 2017 59,806 $ 5,981 $ 271,271 $ 187,433 $ (56,554 ) $ (78,943 ) $ 904 Net income 0 0 0 15,084 0 0 0 Stock issuances under employee plans 175 17 102 0 0 0 0 Other issuances of common stock 187 19 4,769 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 (4,788 ) 0 0 0 0 Cash dividends paid 0 0 0 (3,868 ) 0 0 0 Forfeitures and compensation expense related to stock awards (55 ) (6 ) 3,185 0 0 0 0 Share Repurchases (615 ) (61 ) (14,424 ) 0 0 0 0 Pension liability adjustment 0 0 0 0 (2,216 ) 0 0 Foreign currency translation adjustment 0 0 0 0 0 8,830 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 1,632 Balance, at April 1, 2018 59,498 $ 5,950 $ 260,115 $ 198,649 $ (58,770 ) $ (70,113 ) $ 2,536 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 549,000 $ 27.65 Granted 224,000 17.54 Vested 188,000 18.24 Forfeited or canceled 18,000 21.16 Outstanding at March 31, 2019 567,000 $ 26.98 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 759,500 $ 20.17 Granted 344,500 17.54 Vested 470,500 18.84 Forfeited or canceled 34,500 20.59 Outstanding at March 31, 2019 599,000 $ 19.67 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lessee, Leases, Balance Sheet Information [Table Text Block] | March 31, 2019 (I n thousands Balance Sheet Location Operating Leases Finance Leases Operating lease right-of-use assets $ 113,640 Current portion of operating lease liabilities $ 16,014 Operating lease liabilities 97,316 Total operating lease liabilities $ 113,330 Property and equipment $ 3,512 Accrued expenses $ 986 Other long-term liabilities 977 Total finance lease liabilities $ 1,963 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 Lease cost (In thousands) Finance lease cost: Amortization of right-of-use assets $ 146 Interest on lease liabilities 8 Operating lease cost 5,671 Short-term lease cost 738 Variable lease cost 145 Total lease cost $ 6,708 Other supplemental information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 8 Operating cash flows from operating leases 5,110 Financing cash flows from finance leases 246 Right-of-use assets obtained in exchange for new finance lease liabilities 0 Right-of-use assets obtained in exchange for new operating lease liabilities 2,467 Weighted-average remaining lease term – finance leases (in years) 2.04 Weighted-average remaining lease term – operating leases (in years) 10.94 Weighted-average discount rate – finance leases 1.50 % Weighted-average discount rate – operating leases 5.79 % |
Lessee, Lease, Liability, Maturity [Table Text Block] | FISCAL YEAR OPERATING LEASES FINANCE LEASES (In thousands) 2019 (excluding first quarter of 2019) $ 16,482 $ 756 2020 20,239 942 2021 15,854 294 2022 12,748 0 2023 10,833 0 Thereafter 82,454 0 Total future minimum lease payments (undiscounted) 158,610 1,992 Less: Present value discount (45,280 ) (29 ) Total lease liability $ 113,330 $ 1,963 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | FISCAL YEAR AMOUNT (In thousands) 2019 $ 26,113 2020 22,066 2021 16,453 2022 8,692 2023 5,186 Thereafter 15,237 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Defined Benefit Retirement Plan s (Europe) March 31, 2019 April 1, 2018 (In thousands) Service cost $ 185 $ 187 Interest cost 1,281 1,353 Expected return on assets (1,445 ) (1,602 ) Amortization of prior service cost 16 7 Amortization of net actuarial (gains)/losses 253 288 Net periodic benefit cost $ 290 $ 233 Three Months Ended Salary Continuation Plan (SCP) March 31, 2019 April 1, 2018 (In thousands) Service cost $ 0 $ 0 Interest cost 288 270 Amortization of prior service cost 0 0 Amortization of net actuarial (gains)/losses 94 116 Net periodic benefit cost $ 382 $ 386 Three Months Ended Nora Defined Benefit Plan March 31, 2019 (In thousands) Service cost $ 217 Interest cost 174 Net periodic benefit cost $ 391 |
Note 10 - Acquisition of Nora (
Note 10 - Acquisition of Nora (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of August 7 th (In thousands) Assets acquired (excluding goodwill) $ 359,335 Liabilities assumed (96,868 ) Net assets acquired 262,467 Purchase price 447,192 Goodwill, excess of purchase price $ 184,725 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro Forma Consolidated Statement of Operations Three months ended April 1, 2018 (I n thousands Revenue $ 297,098 Net income 14,272 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | AMERICAS EUROPE ASIA- PACIFIC TOTAL (in thousands) Three Months Ended March 31, 2019: Net Sales $ 160,626 $ 93,050 $ 44,012 $ 297,688 Depreciation and amortization 3,251 4,680 2,132 10,063 Total assets 507,577 544,598 197,330 1,249,505 Three Months Ended April 1, 2018: Net Sales $ 135,225 $ 66,556 $ 38,782 $ 240,563 Depreciation and amortization 3,611 2,254 2,208 8,073 |
Reconciliation of Depreciation, Amortization, and Assets from Segments to Consolidated [Table Text Block] | Three Months Ended DEPRECIATION AND AMORTIZATION March 31, 2019 April 1, 2018 (In thousands) Total segment depreciation and amortization $ 10,063 $ 8,073 Corporate depreciation and amortization 1,281 658 Reported depreciation and amortization $ 11,344 $ 8,731 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ASSETS March 31, 2019 (In thousands) Total segment assets $ 1,249,505 Corporate assets and eliminations 155,562 Reported total assets $ 1,405,067 |
Note 16 - Restructuring and A_2
Note 16 - Restructuring and Asset Impairment Charges (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Total Restructuring Charge Costs Incurred in 2018 Costs Incurred in 2019 Balance at March 31, 2019 (in thousands) Workforce Reduction $ 10,816 $ 53 $ 1,813 $ 8,950 Asset Impairment 8,569 8,569 0 0 Other Exit Costs 1,144 0 18 1,126 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Carpet, Modular Resilient Flooring, and Related Products [Member] | |
Percent of Revenue Due to Contracts With Customers | 98.00% |
Installation of Carpet and Other Flooring Related Material [Member] | |
Percent of Revenue Due to Contracts With Customers | 2.00% |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Americas [Member] | |
Percentage of net sales | 54.00% |
Europe [Member] | |
Percentage of net sales | 31.20% |
Asia Pacific [Member] | |
Percentage of net sales | 14.80% |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Finished Goods | $ 212,661 | $ 180,847 |
Work in Process | 13,551 | 17,762 |
Raw Materials | 59,526 | 60,048 |
Inventories, net | $ 285,738 | $ 258,657 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note 4 - Earnings Per Share - D
Note 4 - Earnings Per Share - Distributed and Undistributed Earnings (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Basic Earnings Per Share: | ||
Distributed Earnings (in dollars per share) | $ 0.07 | $ 0.06 |
Undistributed Earnings (in dollars per share) | 0.05 | 0.19 |
Total (in dollars per share) | 0.12 | 0.25 |
Diluted Earnings Per Share: | ||
Distributed Earnings (in dollars per share) | 0.07 | 0.06 |
Undistributed Earnings (in dollars per share) | 0.05 | 0.19 |
Total (in dollars per share) | 0.12 | 0.25 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.25 |
Note 4 - Earnings Per Share - C
Note 4 - Earnings Per Share - Calculation of Income (Loss) Per Shares (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Net income | $ 7,059 | $ 15,084 |
Weighted Average Shares Outstanding (in shares) | 59,065 | 59,069 |
Participating Securities (in shares) | 567 | 602 |
Shares for Basic Earnings Per Share (in shares) | 59,632 | 59,671 |
Dilutive Effect of Stock Options (in shares) | 10 | 46 |
Shares for Diluted Earnings Per Share (in shares) | 59,642 | 59,717 |
Participating Securities [Member] | ||
Net income | $ 100 | $ 200 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Other Line Of Credit [Member] | ||
Long-term Line of Credit, Total | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,500 | |
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% | |
Syndicated Facility Agreement [Member] | ||
Long-term Debt, Total | $ 606,000 | |
Long-term Line of Credit, Total | 43,600 | |
Letters of Credit Outstanding, Amount | $ 2,500 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.87% | |
Syndicated Facility Agreement [Member] | Term Loan [Member] | ||
Payments of Debt Issuance Costs | $ 8,800 | |
Debt Instrument, Unamortized Discount (Premium), Net, Total | $ 7,600 |
Note 6 - Derivative Instrumen_3
Note 6 - Derivative Instruments (Details Textual) - USD ($) $ in Millions | Mar. 31, 2019 | Oct. 01, 2017 |
Interest Rate Swap 1 [Member] | ||
Derivative, Notional Amount | $ 100 | |
Interest Rate Swap 2 [Member] | ||
Derivative, Notional Amount | $ 150 | |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | 250 | |
Foreign Exchange Forward [Member] | ||
Derivative, Notional Amount | $ 24 | |
Derivative, Percentage of Expected Inter-company Sales Between European and US Subsidiary | 70.00% |
Note 6 - Derivative Instrumen_4
Note 6 - Derivative Instruments - Fair Value of Derivative Instruments (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Derivative Asset, Fair Value | $ 828 | $ 2,445 |
Derivative Liability, Fair Value | 2,092 | |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Derivative Asset, Fair Value | 0 | 651 |
Foreign Exchange Forward [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value | 115 | |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | ||
Interest Rate Swap [Member] | Other Current Assets [Member] | ||
Derivative Asset, Fair Value | 828 | 1,794 |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value | $ 1,977 | |
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value |
Note 6 - Derivative Instrumen_5
Note 6 - Derivative Instruments - Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative, Pre-tax gain (loss) recognized in OCI | $ 3,306 |
Foreign Exchange Forward [Member] | |
Derivative, Pre-tax gain (loss) recognized in OCI | 363 |
Interest Rate Swap [Member] | |
Derivative, Pre-tax gain (loss) recognized in OCI | $ 2,943 |
Note 7 - Shareholders' Equity_2
Note 7 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Jul. 02, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 27,500 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 12.43 | ||
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 | 10,000 | 10,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 5,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 100 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense | 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 800 | $ 1,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 224,000 | 192,000 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6,900 | ||
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 Payment Arrangement, Expense | $ 2,000 | $ 1,800 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 344,500 | ||
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% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,600 | ||
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 | ||
Restricted Stock and Performance Shares [Member] | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 600 | ||
Common Stock [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 25,100 | ||
Stock Repurchased and Retired During Period, Shares | 0 | 615,000 |
Note 7 - Shareholders' Equity -
Note 7 - Shareholders' Equity - Activity in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Balance | $ 354,663 | |
Net income | 7,059 | $ 15,084 |
Pension liability adjustment | (91) | (2,216) |
Foreign currency translation adjustment | (5,203) | 8,830 |
Cash flow hedge unrealized gain (loss) | (3,306) | $ 1,632 |
Balance | $ 349,659 | |
Common Stock [Member] | ||
Balance (in shares) | 59,508,000 | 59,806,000 |
Balance | $ 5,951 | $ 5,981 |
Net income | $ 0 | $ 0 |
Stock issuances under employee plans (in shares) | 509,000 | 175,000 |
Stock issuances under employee plans | $ 51 | $ 17 |
Other issuances of common stock (in shares) | 224,000 | 187,000 |
Other issuances of common stock | $ 22 | $ 19 |
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 |
Cash dividends paid | $ 0 | $ 0 |
Forfeitures and compensation expense related to stock awards (in shares) | (225,000) | (55,000) |
Forfeitures and compensation expense related to stock awards | $ (22) | $ (6) |
Share Repurchases | 0 | (61) |
Pension liability adjustment | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Cash flow hedge unrealized gain (loss) | $ 0 | $ 0 |
Share Repurchases (in shares) | 0 | (615,000) |
Balance (in shares) | 60,016,000 | 59,498,000 |
Balance | $ 6,002 | $ 5,950 |
Additional Paid-in Capital [Member] | ||
Balance | 270,269 | 271,271 |
Net income | 0 | 0 |
Stock issuances under employee plans | 379 | 102 |
Other issuances of common stock | 3,900 | 4,769 |
Unamortized stock compensation expense related to restricted stock awards | (3,922) | (4,788) |
Cash dividends paid | 0 | 0 |
Forfeitures and compensation expense related to stock awards | 29 | 3,185 |
Share Repurchases | 0 | (14,424) |
Pension liability adjustment | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Cash flow hedge unrealized gain (loss) | 0 | 0 |
Balance | 270,655 | 260,115 |
Retained Earnings [Member] | ||
Balance | 222,214 | 187,433 |
Net income | 7,059 | 15,084 |
Stock issuances under employee plans | 0 | 0 |
Other issuances of common stock | 0 | 0 |
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 |
Cash dividends paid | (3,900) | (3,868) |
Forfeitures and compensation expense related to stock awards | 0 | 0 |
Share Repurchases | 0 | 0 |
Pension liability adjustment | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Cash flow hedge unrealized gain (loss) | 0 | 0 |
Balance | 225,373 | 198,649 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (43,610) | (56,554) |
Net income | 0 | 0 |
Stock issuances under employee plans | 0 | 0 |
Other issuances of common stock | 0 | 0 |
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 |
Cash dividends paid | 0 | 0 |
Forfeitures and compensation expense related to stock awards | 0 | 0 |
Share Repurchases | 0 | 0 |
Pension liability adjustment | (91) | (2,216) |
Foreign currency translation adjustment | 0 | 0 |
Cash flow hedge unrealized gain (loss) | 0 | 0 |
Balance | (43,701) | (58,770) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (101,487) | (78,943) |
Net income | 0 | 0 |
Stock issuances under employee plans | 0 | 0 |
Other issuances of common stock | 0 | 0 |
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 |
Cash dividends paid | 0 | 0 |
Forfeitures and compensation expense related to stock awards | 0 | 0 |
Share Repurchases | 0 | 0 |
Pension liability adjustment | 0 | 0 |
Foreign currency translation adjustment | (5,203) | 8,830 |
Cash flow hedge unrealized gain (loss) | 0 | 0 |
Balance | (106,690) | (70,113) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 1,326 | 904 |
Net income | 0 | 0 |
Stock issuances under employee plans | 0 | 0 |
Other issuances of common stock | 0 | 0 |
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 |
Cash dividends paid | 0 | 0 |
Forfeitures and compensation expense related to stock awards | 0 | 0 |
Share Repurchases | 0 | 0 |
Pension liability adjustment | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Cash flow hedge unrealized gain (loss) | (3,306) | 1,632 |
Balance | $ (1,980) | $ 2,536 |
Note 7 - Shareholders' Equity_3
Note 7 - Shareholders' Equity - Restricted Stock Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Outstanding (in shares) | 549,000 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 27.65 | |
Granted (in shares) | 224,000 | 192,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 17.54 | |
Vested (in shares) | 188,000 | |
Vested, weighted average grant date fair value (in dollars per share) | $ 18.24 | |
Forfeited or canceled (in shares) | 18,000 | |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ 21.16 | |
Outstanding (in shares) | 567,000 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 26.98 |
Note 7 - Shareholders' Equity_4
Note 7 - Shareholders' Equity - Performance Shares Outstanding (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 759,500 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.17 |
Granted (in shares) | shares | 344,500 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.54 |
Vested (in shares) | shares | 470,500 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.84 |
Forfeited or canceled (in shares) | shares | 34,500 |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.59 |
Outstanding (in shares) | shares | 599,000 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.67 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee, Lease, Renewal Term | 5 years |
Minimum [Member] | |
Lessee, Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Term of Contract | 20 years |
Note 8 - Leases - Balance Sheet
Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Operating lease right-of-use assets | $ 113,640 | $ 0 |
Current portion of operating lease liabilities | 16,014 | 0 |
Operating lease liabilities | 97,316 | $ 0 |
Total operating lease liabilities | 113,330 | |
Property and equipment | 3,512 | |
Accrued expenses | 986 | |
Other long-term liabilities | 977 | |
Total finance lease liabilities | $ 1,963 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Amortization of right-of-use assets | $ 146 |
Interest on lease liabilities | 8 |
Operating lease cost | 5,671 |
Short-term lease cost | 738 |
Variable lease cost | 145 |
Total lease cost | 6,708 |
Operating cash flows from finance leases | 8 |
Operating cash flows from operating leases | 5,110 |
Financing cash flows from finance leases | 246 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,467 |
Weighted-average remaining lease term – finance leases (in years) (Year) | 2 years 14 days |
Weighted-average remaining lease term – operating leases (in years) (Year) | 10 years 343 days |
Weighted-average discount rate – finance leases | 1.50% |
Weighted-average discount rate – operating leases | 5.79% |
Note 8 - Leases - Maturity of L
Note 8 - Leases - Maturity of Lease Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 (excluding first quarter of 2019), operating leases | $ 16,482 |
2019 (excluding first quarter of 2019), finance leases | 756 |
2020, operating leases | 20,239 |
2020, finance leases | 942 |
2021, operating leases | 15,854 |
2021, finance leases | 294 |
2022, operating leases | 12,748 |
2022, finance leases | 0 |
2023, operating leases | 10,833 |
2023, finance leases | 0 |
Thereafter, operating leases | 82,454 |
Thereafter, finance leases | 0 |
Total future minimum lease payments (undiscounted), operating leases | 158,610 |
Total future minimum lease payments (undiscounted), finance leases | 1,992 |
Less: Present value discount, operating leases | (45,280) |
Less: Present value discount, finance leases | (29) |
Total lease liability, operating leases | 113,330 |
Total lease liability, finance leases | $ 1,963 |
Note 8 - Leases - Minimum Rent
Note 8 - Leases - Minimum Rent Commitments Under Operating Leases (Details) $ in Thousands | Dec. 30, 2018USD ($) |
2019 | $ 26,113 |
2020 | 22,066 |
2021 | 16,453 |
2022 | 8,692 |
2023 | 5,186 |
Thereafter | $ 15,237 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Nora Defined Benefit Plan [Member] | ||
Service cost | $ 217 | |
Interest cost | 174 | |
Net periodic benefit cost | 391 | |
Service cost | 217 | |
Interest cost | 174 | |
Foreign Plan [Member] | ||
Service cost | 185 | $ 187 |
Interest cost | 1,281 | 1,353 |
Expected return on assets | (1,445) | (1,602) |
Amortization of prior service cost | 16 | 7 |
Amortization of net actuarial (gains)/losses | 253 | 288 |
Net periodic benefit cost | 290 | 233 |
Amortization of prior service cost | 16 | 7 |
Amortization of net actuarial (gains)/losses | 253 | 288 |
Service cost | 185 | 187 |
Interest cost | 1,281 | 1,353 |
UNITED STATES | Salary Continuation Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 288 | 270 |
Amortization of prior service cost | 0 | 0 |
Amortization of net actuarial (gains)/losses | 94 | 116 |
Net periodic benefit cost | 382 | 386 |
Amortization of prior service cost | 0 | 0 |
Amortization of net actuarial (gains)/losses | 94 | 116 |
Service cost | 0 | 0 |
Interest cost | $ 288 | $ 270 |
Note 10 - Acquisition of Nora_2
Note 10 - Acquisition of Nora (Details Textual) - Nora [Member] € in Millions, $ in Millions | Aug. 07, 2018USD ($) | Aug. 07, 2018EUR (€) |
Business Combination, Consideration Transferred, Total | $ 447.2 | € 385.1 |
Cash Acquired from Acquisition | 46.5 | 40 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | 400.7 | € 345.1 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 103.3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Step-up of Inventory | 26.6 | |
Developed Technology Rights [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 39.1 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | 7 years |
Order or Production Backlog [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3.4 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 180 days | 180 days |
Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 60.8 |
Note 10 - Acquisition of Nora -
Note 10 - Acquisition of Nora - Schedule of Assets Acquired and Liabilities Assumed (Details) - Nora [Member] $ in Thousands | Aug. 07, 2018USD ($) |
Assets acquired (excluding goodwill) | $ 359,335 |
Liabilities assumed | (96,868) |
Net assets acquired | 262,467 |
Purchase price | 447,192 |
Goodwill, excess of purchase price | $ 184,725 |
Note 10 - Acquisition of Nora_3
Note 10 - Acquisition of Nora - Pro Forma Information (Details) - Nora [Member] $ in Thousands | 3 Months Ended |
Apr. 01, 2018USD ($) | |
Revenue | $ 297,098 |
Net income | $ 14,272 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 1 |
Note 11 - Segment Information -
Note 11 - Segment Information - Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 30, 2018 | |
NET SALES | $ 297,688 | $ 240,563 | |
Depreciation and amortization | 11,344 | 8,731 | |
Assets | 1,405,067 | $ 1,284,644 | |
Operating Segments [Member] | |||
NET SALES | 297,688 | 240,563 | |
Depreciation and amortization | 10,063 | 8,073 | |
Assets | 1,249,505 | ||
Americas [Member] | Operating Segments [Member] | |||
NET SALES | 160,626 | 135,225 | |
Depreciation and amortization | 3,251 | 3,611 | |
Assets | 507,577 | ||
Europe [Member] | Operating Segments [Member] | |||
NET SALES | 93,050 | 66,556 | |
Depreciation and amortization | 4,680 | 2,254 | |
Assets | 544,598 | ||
Asia Pacific [Member] | Operating Segments [Member] | |||
NET SALES | 44,012 | 38,782 | |
Depreciation and amortization | 2,132 | $ 2,208 | |
Assets | $ 197,330 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Operating Segments Depreciation, Amortization, and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Depreciation and amortization | $ 11,344 | $ 8,731 |
Operating Segments [Member] | ||
Depreciation and amortization | 10,063 | 8,073 |
Corporate, Non-Segment [Member] | ||
Depreciation and amortization | $ 1,281 | $ 658 |
Note 11 - Segment Information_4
Note 11 - Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Assets | $ 1,405,067 | $ 1,284,644 |
Operating Segments [Member] | ||
Assets | 1,249,505 | |
Corporate, Non-Segment [Member] | ||
Assets | $ 155,562 |
Note 12 - Supplemental Cash F_2
Note 12 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1.1 | $ 1.9 |
Income Taxes Paid | $ 11.3 | $ 9.8 |
Note 13 - Recently Issued Acc_2
Note 13 - Recently Issued Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Operating Lease, Right-of-Use Asset | $ 113,640 | $ 0 | |
Operating Lease, Liability, Total | $ 113,330 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 115,000 | ||
Operating Lease, Liability, Total | $ 115,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.70% | 26.00% |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ (0.2) | |
Unrecognized Tax Benefits, Ending Balance | 27.9 | |
Increase (Decrease) in Deferred Tax Assets | $ (2.8) |
Note 15 - Items Reclassified _2
Note 15 - Items Reclassified From Other Comprehensive Income (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Other Expense [Member] | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total | $ 0.4 |
Note 16 - Restructuring and A_3
Note 16 - Restructuring and Asset Impairment Charges (Details Textual) $ in Thousands | Dec. 29, 2018USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2019USD ($) |
Restructuring and Related Cost, Number of Positions Eliminated | 200 | ||
Restructuring Charges, Total | $ 20,500 | ||
Severance Costs | 10,800 | ||
Asset Impairment Charges, Total | 8,600 | ||
Other Restructuring Costs | $ 1,100 | ||
Restructuring and Related Cost, Expected Cost Remaining | $ 12,000 | ||
Restructuring, Expected Savings | 12,000 | ||
Employee Severance [Member] | |||
Restructuring Charges, Total | $ 10,816 | ||
Restructuring and Related Cost, Expected Cost Remaining | $ 10,800 |
Note 16 - Restructuring and A_4
Note 16 - Restructuring and Asset Impairment Charges - Restructuring Activities (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Mar. 31, 2019 | Dec. 30, 2018 |
Restructuring Charge | $ 20,500 | ||
Employee Severance [Member] | |||
Restructuring Charge | $ 10,816 | ||
Costs Incurred | $ 1,813 | 53 | |
Restructuring reserve | 8,950 | ||
Asset Impairment [Member] | |||
Restructuring Charge | 8,569 | ||
Costs Incurred | 0 | 8,569 | |
Restructuring reserve | 0 | ||
Other Restructuring [Member] | |||
Restructuring Charge | $ 1,144 | ||
Costs Incurred | 18 | $ 0 | |
Restructuring reserve | $ 1,126 |