Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000715787 | |
Entity Shell Company | false | |
Entity Registrant Name | INTERFACE INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-29 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-33994 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1451243 | |
Entity Address, Address Line One | 1280 West Peachtree Street | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30309 | |
City Area Code | 770 | |
Local Phone Number | 437-6800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TILE | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 58,433,011 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 84,256 | $ 80,989 |
Accounts receivable, net | 183,862 | 179,004 |
Inventories, net | 271,790 | 258,657 |
Prepaid expenses and other current assets | 42,946 | 40,229 |
Total current assets | 582,854 | 558,879 |
Property and equipment, net | 307,339 | 292,888 |
Operating lease right-of-use assets | 114,494 | 0 |
Deferred tax asset | 16,223 | 15,601 |
Goodwill and intangibles, net | 353,743 | 343,542 |
Other assets | 79,640 | 73,734 |
Total assets | 1,454,293 | 1,284,644 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 67,643 | 66,301 |
Accrued expenses | 119,214 | 125,971 |
Current portion of operating lease liabilities | 16,293 | 0 |
Current portion of long-term debt | 31,105 | 31,315 |
Total current liabilities | 234,255 | 223,587 |
Long-term debt | 641,106 | 587,266 |
Operating lease liabilities | 97,776 | 0 |
Deferred income taxes | 41,437 | 26,488 |
Other long-term liabilities | 87,606 | 92,640 |
Total liabilities | 1,102,180 | 929,981 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock | 0 | 0 |
Common stock | 5,843 | 5,951 |
Additional paid-in capital | 247,221 | 270,269 |
Retained earnings | 251,009 | 222,214 |
Accumulated other comprehensive loss – foreign currency translation | (102,441) | (101,487) |
Accumulated other comprehensive (loss) income – cash flow hedge | (6,647) | 1,326 |
Accumulated other comprehensive loss – pension liability | (42,872) | (43,610) |
Total shareholders’ equity | 352,113 | 354,663 |
Total liabilities and shareholders’ equity | $ 1,454,293 | $ 1,284,644 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
NET SALES | $ 357,507 | $ 283,626 | $ 655,195 | $ 524,189 |
Cost of Sales | 218,917 | 174,478 | 401,207 | 321,459 |
GROSS PROFIT ON SALES | 138,590 | 109,148 | 253,988 | 202,730 |
Selling, General and Administrative Expenses | 95,698 | 75,445 | 194,709 | 146,039 |
OPERATING INCOME | 42,892 | 33,703 | 59,279 | 56,691 |
Interest Expense | 6,810 | 2,261 | 13,603 | 4,355 |
Other Expense | 304 | 3,261 | 1,318 | 3,780 |
INCOME BEFORE INCOME TAX EXPENSE | 35,778 | 28,181 | 44,358 | 48,556 |
Income Tax Expense | 6,279 | 7,579 | 7,800 | 12,870 |
Net Income | $ 29,499 | $ 20,602 | $ 36,558 | $ 35,686 |
Earnings Per Share – Basic (in dollars per share) | $ 0.50 | $ 0.35 | $ 0.61 | $ 0.60 |
Earnings Per Share – Diluted (in dollars per share) | $ 0.50 | $ 0.35 | $ 0.61 | $ 0.60 |
Common Shares Outstanding – Basic (in shares) | 59,285 | 59,493 | 59,459 | 59,582 |
Common Shares Outstanding – Diluted (in shares) | 59,291 | 59,538 | 59,465 | 59,627 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net income | $ 29,499 | $ 20,602 | $ 36,558 | $ 35,686 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 4,249 | (20,773) | (954) | (11,943) |
Other Comprehensive (Loss) Income, Cash Flow Hedge | (4,667) | 647 | (7,973) | 2,279 |
Other Comprehensive Income, Pension Liability Adjustment | 829 | 3,459 | 738 | 1,243 |
Comprehensive Income | $ 29,910 | $ 3,935 | $ 28,369 | $ 27,265 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 36,558 | $ 35,686 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 22,698 | 17,190 |
Stock compensation amortization expense | 4,832 | 5,616 |
Deferred income taxes and other | (11,577) | (729) |
Amortization of acquired intangible assets | 3,252 | 0 |
Working capital changes: | ||
Accounts receivable | (4,637) | (16,410) |
Inventories | (13,349) | (24,281) |
Prepaid expenses and current assets | (6,206) | (17,974) |
Accounts payable and accrued expenses | (11,139) | 5,890 |
CASH PROVIDED BY OPERATING ACTIVITIES | 20,432 | 4,988 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (34,926) | (16,363) |
Other | 33 | 533 |
CASH USED IN INVESTING ACTIVITIES | (34,893) | (15,830) |
FINANCING ACTIVITIES: | ||
Repayments of long-term debt | (16,670) | (7,500) |
Borrowing of long-term debt | 70,000 | 23,210 |
Tax withholding payments for share-based compensation | (3,264) | (1,052) |
Proceeds from issuance of common stock | 60 | 124 |
Dividends paid | (7,763) | (7,735) |
Repurchase of common stock | (25,154) | (14,485) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | 17,209 | (7,438) |
Net cash provided by (used in) operating, investing and financing activities | 2,748 | (18,280) |
Effect of exchange rate changes on cash | 519 | (1,774) |
CASH AND CASH EQUIVALENTS: | ||
Net change during the period | 3,267 | (20,054) |
Balance at beginning of period | 80,989 | 87,037 |
Balance at end of period | $ 84,256 | $ 66,983 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Basis of Presentation As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10 -Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10 -K for the fiscal year ended December 30, 2018, as filed with the Commission. The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The December 30, 2018, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard regarding leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the new lease standard on December 31, 2018, using the modified retrospective approach and recorded operating lease right-of-use assets and operating lease liabilities for approximately million respectively, with no cumulative-effect adjustment to retained earnings. The Company elected to apply the practical expedients allowed by the standard, which resulted in the Company not having to reassess whether expired or existing contracts contained a lease as well as retaining the historical classification of our leases. The Company also elected the hindsight practical expedient in evaluating lessee options and elected to combine lease and non-lease components in calculating the right-of-use asset and lease liability for all leases, except data center assets. See Note 8 entitled “Leases” for additional information. In February 2018, the FASB issued Accounting Standard Update (“ASU”) 2018 - 02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to address a narrow-scope financial reporting issue that arose as a consequence of the U.S. Tax Cuts and Jobs Act. Existing guidance requires that deferred tax liabilities and assets be adjusted for a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. That guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in net income), such as amounts related to benefit plans and hedging activity. As a result, the tax effects of items within accumulated other comprehensive income do not reflect the appropriate tax rate (the difference is referred to as stranded tax effects). The new guidance allows for a reclassification of these amounts to retained earnings, thereby eliminating these stranded tax effects. The new guidance is effective for interim and annual periods beginning after December 15, 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements as the Company did not elect to reclassify stranded tax effects into retained earnings. In June 2018, the FASB issued ASU 2018 - 07, “Improvements to Nonemployee Share-Based Payment Accounting.” This standard will require that the accounting treatment for non-employee share-based payments for goods or services be consistent with current GAAP for employee share-based payments, including measurement of awards at grant-date fair value and the application of probability to evaluate performance conditions. This standard will also eliminate the current GAAP requirement to reassess the classification of non-employee share-based payments awards upon vesting. The new guidance is effective for interim and annual periods beginning after December 15, 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017 - 04, “Intangibles – Goodwill and Other,” that provides for the elimination of Step 2 from the goodwill impairment test. Under the new guidance, impairment charges are recognized to the extent the carrying amount of a reporting unit exceeds its fair value with certain limitations. The new guidance is effective for any annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate that the adoption of the new standard will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 13, “Changes to the Disclosure Requirements for Fair Value Measurement.” This standard eliminates the current requirement to disclose the amount or reason for transfers between level 1 and level 2 of the fair value hierarchy and the requirement to disclose the valuation methodology for level 3 fair value measurements. The standard includes additional disclosure requirements for level 3 fair value measurements, including the requirement to disclose the changes in unrealized gains and losses in other comprehensive income during the period and permits the disclosure of other relevant quantitative information for certain unobservable inputs. The new guidance is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate that the adoption of the new standard will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 15, “Internal-Use Software – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement.” This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement service contract with the guidance to capitalize implementation costs of internal use software. The ASU also requires that the costs for implementation activities during the application development phase be capitalized in a hosting arrangement service contract, and costs during the preliminary and post implementation phase are expensed. The new guidance is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this standard, but does not anticipate that the adoption will have a material effect on its consolidated financial statements. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 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% of total revenue for the six June 30, 2019. Disaggregation of Revenue For the six June 30, 2019, Geography Percentage of Net Sales Americas 56.2% Europe 28.8% Asia-Pacific 15.0% Impairment Losses The Company does not |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories are summarized as follows: June 3 0 , 2019 December 30, 2018 (In thousands) Finished Goods $ 194,340 $ 180,847 Work in Process 17,326 17,762 Raw Materials 60,124 60,048 Inventories, net $ 271,790 $ 258,657 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Earnings Per Share: Basic Earnings Per Share: Distributed Earnings $ 0.07 $ 0.07 $ 0.13 $ 0.13 Undistributed Earnings 0.43 0.28 0.48 0.47 Total $ 0.50 $ 0.35 $ 0.61 $ 0.60 Diluted Earnings Per Share: Distributed Earnings $ 0.07 $ 0.07 $ 0.13 $ 0.13 Undistributed Earnings 0.43 0.28 0.48 0.47 Total $ 0.50 $ 0.35 $ 0.61 $ 0.60 Basic earnings per share $ 0.50 $ 0.35 $ 0.61 $ 0.60 Diluted earnings per share $ 0.50 $ 0.35 $ 0.61 $ 0.60 The following table presents net income that was attributable to participating securities: Three Months Ended Six Months Ended Ju ne 30 , 201 9 July 1 , 201 8 Ju ne 30 , 201 9 July 1 , 201 8 (In millions) Net Income Attributable to Participating Securities $ 0.3 $ 0.2 $ 0.3 $ 0.3 The weighted average shares for basic and diluted EPS were as follows: Three Months Ended Six Months Ended Ju ne 30 , 201 9 July 1 , 201 8 Ju ne 30 , 201 9 July 1 , 201 8 (In thousands) Weighted Average Shares Outstanding 58,760 58,910 58,934 58,999 Participating Securities 525 583 525 583 Shares for Basic Earnings Per Share 59,285 59,493 59,459 59,582 Dilutive Effect of Stock Options 6 45 6 45 Shares for Diluted Earnings Per Share 59,291 59,538 59,465 59,627 For all periods presented, there were nostock options or participating securities excluded from the computation of diluted EPS. |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 Syndicated Credit Facility On August 7, 2018, June 30, 2019, In connection with the amended and restated Facility as discussed above, the Company recorded $8.8 million of debt issuance costs in the third 2018 June 30, 2019, As of June 30, 2019, June 30, 2019, 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 million of other lines of credit available at interest rates ranging from 2.5% to 6.5%. As of June 30, 2019, |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments | 6 Months Ended |
Jun. 30, 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, 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 June 30, 2019 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. June 30, 2019, The table below sets forth the fair value of derivative instruments as of June 30, 2019 ( Asset Derivatives as of June 30 , 201 9 Liability Derivatives as of June 30, 201 9 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 39 Accrued expenses $ 0 Interest rate swap contracts Other current assets 0 Accrued expenses 6,020 $ 39 $ 6,020 The table below sets forth the fair value of derivative instruments as of December 30, 2018 ( Asset Derivatives as of December 3 0 , 201 8 Liabilit y Derivatives as of December 3 0 , 201 8 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 651 Other current liabilities - Interest rate swap contract Other current assets $ 1,794 Other current liabilities - $ 2,445 - There was no three six June 30, 2019. no three six June 30, 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 six June 30, 2019 ( Three months ended June 30, 2019 Gain (Loss) Recognized in Accumulated Other Comprehensive Income Foreign currency contracts $ 204 Interest rate swap contracts (4,871 ) $ (4,667 ) Six months ended June 30, 2019 Gain (Loss) Recognized in Accumulated Other Comprehensive Income Foreign currency contracts $ (159 ) Interest rate swap contracts (7,814 ) $ (7,973 ) |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 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 six June 30, 2019 July 1, 2018: SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE ( I n 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 ) Net income 0 0 0 29,499 0 0 0 Stock issuances under employee plans 2 0 6 0 0 0 0 Other issuances of common stock (1 ) 0 0 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 52 0 0 0 0 Cash dividends paid 0 0 0 (3,863 ) 0 0 0 Forfeitures and compensation expense related to stock awards (28 ) (3 ) 1,506 0 0 0 0 Share repurchases (1,556 ) (156 ) (24,998 ) 0 0 0 0 Pension liability adjustment 0 0 0 0 829 0 0 Foreign currency translation adjustment 0 0 0 0 0 4,249 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 (4,667 ) Balance, at June 30, 2019 58,433 $ 5,843 $ 247,221 $ 251,009 $ (42,872 ) $ (102,441 ) $ (6,647 ) SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE ( I n 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 loss 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 Net income 0 0 0 20,602 0 0 0 Stock issuances under employee plans 4 0 35 0 0 0 0 Other issuances of common stock 0 0 0 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 0 0 0 0 0 Cash dividends paid 0 0 0 (3,868 ) 0 0 0 Forfeitures and compensation expense related to stock awards (9 ) (1 ) 2,135 0 0 0 0 Share repurchases (0 ) (0 ) 0 0 0 0 0 Pension liability adjustment 0 0 0 0 3,459 0 0 Foreign currency translation adjustment 0 0 0 0 0 (20,773 ) 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 647 Balance, at July 1, 2018 59,493 $ 5,949 $ 262,285 $ 215,383 $ (55,311 ) $ (90,886 ) $ 3,183 Repurchase of Common Stock In the second 2017, second 2019, 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, first six 2019 2018. As of June 30, 2019, 2019 2018. first six 2019. first six 2018 six June 30, 2019. Restricted Stock Awards During the six June 30, 2019 July 1, 2018, Compensation expense related to restricted stock grants was $1.5 million and $2.0 million for the six June 30, 2019, July 1, 2018, The following table summarizes restricted stock outstanding as of June 30, 2019, six Restricted Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 549,000 $ 27.65 Granted 224,000 17.54 Vested (211,000 ) 18.30 Forfeited or canceled (37,000 ) 20.87 Outstanding at June 30, 2019 525,000 $ 27.57 As of June 30, 2019, 2022. Performance Share Awards During the six June 30, 2019 July 1, 2018, may may The following table summarizes the performance shares outstanding as of June 30, 2019, six Shares Weighted Average Grant Date Fair Value Outstanding at December 30, 2018 759,500 $ 20.17 Granted 344,500 17.54 Vested (472,000 ) 18.85 Forfeited or canceled (57,000 ) 20.42 Outstanding at June 30, 2019 575,000 $ 19.65 Compensation expense related to the performance shares was $3.3 million and $3.6 million for the six June 30, 2019, July 1, 2018, June 30, 2019. 2022. The tax benefits recognized with regard to restricted stock and performance shares were approximately $0.9 million for the six June 30, 2019. |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 8 General On December 31, 2018, may 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 June 30, 2019, no not second The table below represents a summary of the balances recorded in the consolidated condensed balance sheet related to our leases as of June 30, 2019: June 30 , 2019 ( I n thousands Balance Sheet Location Operating Leases Finance Leases Operating lease right-of-use assets $ 114,494 Current portion of operating lease liabilities $ 16,293 Operating lease liabilities 97,776 Total operating lease liabilities $ 114,069 Property and equipment $ 3,893 Accrued expenses $ 1,122 Other long-term liabilities 1,096 Total finance lease liabilities $ 2,218 Lease Costs Three Months Ended Six Months Ended June 30 , 2019 June 30 , 2019 Lease cost (In thousands) Finance lease cost: Amortization of right-of-use assets $ 278 $ 424 Interest on lease liabilities 11 19 Operating lease cost 5,930 11,601 Short-term lease cost 408 1,146 Variable lease cost 613 758 Total lease cost $ 7,240 $ 13,948 Other supplemental information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 11 $ 19 Operating cash flows from operating leases 5,395 10,505 Financing cash flows from finance leases 271 517 Right-of-use assets obtained in exchange for new finance lease liabilities 551 551 Right-of-use assets obtained in exchange for new operating lease liabilities 4,069 6,536 June 30 , 2019 Weighted-average remaining lease term – finance leases (in years) 2.30 Weighted-average remaining lease term – operating leases (in years) 10.86 Weighted-average discount rate – finance leases 1.98 % Weighted-average discount rate – operating leases 5.83 % Maturity Analysis Maturity analysis of lease payments under non-cancellable leases were as follows: Fiscal Year Operating Leases Finance Leases ( I n thousands) 2019 (excluding the six months ended June 30, 2019) $ 11,410 $ 588 2020 20,723 1,104 2021 16,559 397 2022 13,397 110 2023 11,408 64 Thereafter 85,905 14 Total future minimum lease payments (undiscounted) 159,402 2,277 Less: Present value discount (45,333 ) (59 ) Total lease liability $ 114,069 $ 2,218 At December 30, 2018, one Fiscal Year Amount ( I n thousands) 2019 $ 26,113 2020 22,066 2021 16,453 2022 8,692 2023 5,186 Thereafter 15,237 Total minimum rent commitments $ 93,747 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 carry forward 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 | 6 Months Ended |
Jun. 30, 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 six June 30, 2019 July 1, 2018, Three Months Ended Six Months Ended Defined Benefit Retirement Plan s (Europe) Ju ne 30 , 201 9 July 1, 2018 Ju ne 30 , 201 9 July 1, 2018 (In thousands) (In thousands) Service cost $ 184 $ 182 $ 369 $ 369 Interest cost 1,266 1,318 2,547 2,671 Expected return on assets (1,428 ) (1,562 ) (2,873 ) (3,164 ) Amortization of prior service cost 16 8 32 15 Amortization of net actuarial losses 249 281 502 569 Net periodic benefit cost $ 287 $ 227 $ 577 $ 460 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) Ju ne 30 , 201 9 July 1, 2018 Ju ne 30 , 201 9 July 1, 2018 (In thousands) (In thousands) Service cost $ 0 $ 0 $ 0 $ 0 Interest cost 289 271 577 541 Amortization of prior service cost 0 0 0 0 Amortization of net actuarial losses 93 116 187 232 Net periodic benefit cost $ 382 $ 387 $ 764 $ 773 Three Months Ended Six Months Ended Nora Defined Benefit Plan Ju ne 30 , 201 9 Ju ne 30 , 201 9 (In thousands) (In thousands) Service cost $ 216 $ 433 Interest cost 171 345 Net periodic benefit cost $ 387 $ 778 In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within Operating Income in the consolidated condensed statement of operations, while all other components of net periodic benefit costs are presented within other expense in the consolidated condensed statement of operations. |
Note 10 - Acquisition of Nora
Note 10 - Acquisition of Nora | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 10 On August 7, 2018, €385.1 €40.0 €345.1 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. During the second 2019, June 30, 2019, The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date, including all measurement period adjustments. As of August 7 th (In thousands Assets acquired (excluding goodwill) $ 359,335 Liabilities assumed (114,049 ) Net assets acquired 245,286 Purchase price 447,192 Goodwill, excess of purchase price $ 201,906 On August 7, 2018, not 2018. The 2018 January 1, 2018. not first 2018. Pro Forma Consolidated Statement of Operations Three months ended Six months ended July 1, 2018 July 1, 2018 ( I n thousands Revenue $ 354,295 $ 651,393 Net income 28,471 42,743 Pro forma net income for 2018 |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Jun. 30, 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 operating segments – namely, the Americas, Europe and Asia-Pacific geographic regions. Pursuant to accounting standards, the Company has aggregated the three While the Company operates as one Summary information by operating segment follows: AMERICAS EUROPE ASIA- PACIFIC TOTAL ( I n thousands) Three Months Ended June 30, 2019: Net Sales $ 207,250 $ 95,665 $ 54,592 $ 357,507 Depreciation and amortization 3,300 4,651 2,108 10,059 Total assets 652,647 562,835 191,207 1,406,689 Three Months Ended July 1, 2018: Net Sales $ 176,380 $ 65,865 $ 41,381 $ 283,626 Depreciation and amortization 3,480 2,048 2,212 7,740 Six Months Ended June 30, 2019: Net Sales $ 367,876 $ 188,715 $ 98,604 $ 655,195 Depreciation and amortization 6,551 9,331 4,240 20,122 Six Months Ended July 1, 2018: Net Sales $ 311,605 $ 132,421 $ 80,163 $ 524,189 Depreciation and amortization 7,091 4,302 4,420 15,813 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 Ju ne 30 , 201 9 July 1, 2018 (In thousands) Total segment depreciation and amortization $ 10,059 $ 7,740 Corporate depreciation and amortization 1,295 719 Reported depreciation and amortization $ 11,354 $ 8,459 Six Months Ended DEPRECIATION AND AMORTIZATION Ju ne 30 , 201 9 July 1, 2018 (In thousands) Total segment depreciation and amortization $ 20,122 $ 15,813 Corporate depreciation and amortization 2,576 1,377 Reported depreciation and amortization $ 22,698 $ 17,190 ASSETS June 30, 2019 (In thousands) Total segment assets $ 1,406,689 Corporate assets and eliminations 47,604 Reported total assets $ 1,454,293 |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 12 Cash payments for interest amounted to $12.0 million and $3.9 million for the six June 30, 2019 July 1, 2018, six June 30, 2019 July 1, 2018, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13 The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs, including discrete tax items. For the six June 30, 2019, first six 2018. second 2019 Accounting standards require that all tax positions be analyzed using a two first not second not first six 2019, June 30, 2019, June 30, 2019 |
Note 14 - Items Reclassified Fr
Note 14 - Items Reclassified From Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE 14 During the first six 2019, |
Note 15 - Restructuring and Ass
Note 15 - Restructuring and Asset Impairment Charges | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 15 On December 29, 2018, As a result of this plan, the Company recorded a pre-tax restructuring and asset impairment charge in the fourth 2018 2019, 2019. 2019 A summary of these restructuring activities is presented below: Total Restructuring Charge Costs Incurred in 2018 Costs Incurred in 2019 Balance at June 30, 2019 (in thousands) Workforce Reduction $ 10,816 $ 53 $ 3,783 $ 6,980 Asset Impairment 8,569 8,569 0 0 Other Exit Costs 1,144 0 190 954 Total $ 20,529 $ 8,622 $ 3,973 $ 7,934 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10 -Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10 -K for the fiscal year ended December 30, 2018, as filed with the Commission. The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The December 30, 2018, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard regarding leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the new lease standard on December 31, 2018, using the modified retrospective approach and recorded operating lease right-of-use assets and operating lease liabilities for approximately million respectively, with no cumulative-effect adjustment to retained earnings. The Company elected to apply the practical expedients allowed by the standard, which resulted in the Company not having to reassess whether expired or existing contracts contained a lease as well as retaining the historical classification of our leases. The Company also elected the hindsight practical expedient in evaluating lessee options and elected to combine lease and non-lease components in calculating the right-of-use asset and lease liability for all leases, except data center assets. See Note 8 entitled “Leases” for additional information. In February 2018, the FASB issued Accounting Standard Update (“ASU”) 2018 - 02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to address a narrow-scope financial reporting issue that arose as a consequence of the U.S. Tax Cuts and Jobs Act. Existing guidance requires that deferred tax liabilities and assets be adjusted for a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. That guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in net income), such as amounts related to benefit plans and hedging activity. As a result, the tax effects of items within accumulated other comprehensive income do not reflect the appropriate tax rate (the difference is referred to as stranded tax effects). The new guidance allows for a reclassification of these amounts to retained earnings, thereby eliminating these stranded tax effects. The new guidance is effective for interim and annual periods beginning after December 15, 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements as the Company did not elect to reclassify stranded tax effects into retained earnings. In June 2018, the FASB issued ASU 2018 - 07, “Improvements to Nonemployee Share-Based Payment Accounting.” This standard will require that the accounting treatment for non-employee share-based payments for goods or services be consistent with current GAAP for employee share-based payments, including measurement of awards at grant-date fair value and the application of probability to evaluate performance conditions. This standard will also eliminate the current GAAP requirement to reassess the classification of non-employee share-based payments awards upon vesting. The new guidance is effective for interim and annual periods beginning after December 15, 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017 - 04, “Intangibles – Goodwill and Other,” that provides for the elimination of Step 2 from the goodwill impairment test. Under the new guidance, impairment charges are recognized to the extent the carrying amount of a reporting unit exceeds its fair value with certain limitations. The new guidance is effective for any annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate that the adoption of the new standard will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 13, “Changes to the Disclosure Requirements for Fair Value Measurement.” This standard eliminates the current requirement to disclose the amount or reason for transfers between level 1 and level 2 of the fair value hierarchy and the requirement to disclose the valuation methodology for level 3 fair value measurements. The standard includes additional disclosure requirements for level 3 fair value measurements, including the requirement to disclose the changes in unrealized gains and losses in other comprehensive income during the period and permits the disclosure of other relevant quantitative information for certain unobservable inputs. The new guidance is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate that the adoption of the new standard will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018 - 15, “Internal-Use Software – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement.” This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement service contract with the guidance to capitalize implementation costs of internal use software. The ASU also requires that the costs for implementation activities during the application development phase be capitalized in a hosting arrangement service contract, and costs during the preliminary and post implementation phase are expensed. The new guidance is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this standard, but does not anticipate that the adoption will have a material effect on its consolidated financial statements. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Geography Percentage of Net Sales Americas 56.2% Europe 28.8% Asia-Pacific 15.0% |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 3 0 , 2019 December 30, 2018 (In thousands) Finished Goods $ 194,340 $ 180,847 Work in Process 17,326 17,762 Raw Materials 60,124 60,048 Inventories, net $ 271,790 $ 258,657 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Distributed And Undistributed Earnings [Table Text Block] | Three Months Ended Six Months Ended June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018 Earnings Per Share: Basic Earnings Per Share: Distributed Earnings $ 0.07 $ 0.07 $ 0.13 $ 0.13 Undistributed Earnings 0.43 0.28 0.48 0.47 Total $ 0.50 $ 0.35 $ 0.61 $ 0.60 Diluted Earnings Per Share: Distributed Earnings $ 0.07 $ 0.07 $ 0.13 $ 0.13 Undistributed Earnings 0.43 0.28 0.48 0.47 Total $ 0.50 $ 0.35 $ 0.61 $ 0.60 Basic earnings per share $ 0.50 $ 0.35 $ 0.61 $ 0.60 Diluted earnings per share $ 0.50 $ 0.35 $ 0.61 $ 0.60 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended Ju ne 30 , 201 9 July 1 , 201 8 Ju ne 30 , 201 9 July 1 , 201 8 (In millions) Net Income Attributable to Participating Securities $ 0.3 $ 0.2 $ 0.3 $ 0.3 Three Months Ended Six Months Ended Ju ne 30 , 201 9 July 1 , 201 8 Ju ne 30 , 201 9 July 1 , 201 8 (In thousands) Weighted Average Shares Outstanding 58,760 58,910 58,934 58,999 Participating Securities 525 583 525 583 Shares for Basic Earnings Per Share 59,285 59,493 59,459 59,582 Dilutive Effect of Stock Options 6 45 6 45 Shares for Diluted Earnings Per Share 59,291 59,538 59,465 59,627 |
Note 6 - Derivative Instrumen_2
Note 6 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives as of June 30 , 201 9 Liability Derivatives as of June 30, 201 9 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 39 Accrued expenses $ 0 Interest rate swap contracts Other current assets 0 Accrued expenses 6,020 $ 39 $ 6,020 Asset Derivatives as of December 3 0 , 201 8 Liabilit y Derivatives as of December 3 0 , 201 8 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments designated as hedging instruments: Foreign currency contracts Other current assets $ 651 Other current liabilities - Interest rate swap contract 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] | Three months ended June 30, 2019 Gain (Loss) Recognized in Accumulated Other Comprehensive Income Foreign currency contracts $ 204 Interest rate swap contracts (4,871 ) $ (4,667 ) Six months ended June 30, 2019 Gain (Loss) Recognized in Accumulated Other Comprehensive Income Foreign currency contracts $ (159 ) Interest rate swap contracts (7,814 ) $ (7,973 ) |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 ( I n 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 ) Net income 0 0 0 29,499 0 0 0 Stock issuances under employee plans 2 0 6 0 0 0 0 Other issuances of common stock (1 ) 0 0 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 52 0 0 0 0 Cash dividends paid 0 0 0 (3,863 ) 0 0 0 Forfeitures and compensation expense related to stock awards (28 ) (3 ) 1,506 0 0 0 0 Share repurchases (1,556 ) (156 ) (24,998 ) 0 0 0 0 Pension liability adjustment 0 0 0 0 829 0 0 Foreign currency translation adjustment 0 0 0 0 0 4,249 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 (4,667 ) Balance, at June 30, 2019 58,433 $ 5,843 $ 247,221 $ 251,009 $ (42,872 ) $ (102,441 ) $ (6,647 ) SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS PENSION LIABILITY FOREIGN CURRENCY TRANSLATION ADJUSTMENT CASH FLOW HEDGE ( I n 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 loss 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 Net income 0 0 0 20,602 0 0 0 Stock issuances under employee plans 4 0 35 0 0 0 0 Other issuances of common stock 0 0 0 0 0 0 0 Unamortized stock compensation expense related to restricted stock awards 0 0 0 0 0 0 0 Cash dividends paid 0 0 0 (3,868 ) 0 0 0 Forfeitures and compensation expense related to stock awards (9 ) (1 ) 2,135 0 0 0 0 Share repurchases (0 ) (0 ) 0 0 0 0 0 Pension liability adjustment 0 0 0 0 3,459 0 0 Foreign currency translation adjustment 0 0 0 0 0 (20,773 ) 0 Cash flow hedge unrealized gain 0 0 0 0 0 0 647 Balance, at July 1, 2018 59,493 $ 5,949 $ 262,285 $ 215,383 $ (55,311 ) $ (90,886 ) $ 3,183 |
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 (211,000 ) 18.30 Forfeited or canceled (37,000 ) 20.87 Outstanding at June 30, 2019 525,000 $ 27.57 |
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 (472,000 ) 18.85 Forfeited or canceled (57,000 ) 20.42 Outstanding at June 30, 2019 575,000 $ 19.65 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Leases, Balance Sheet Information [Table Text Block] | June 30 , 2019 ( I n thousands Balance Sheet Location Operating Leases Finance Leases Operating lease right-of-use assets $ 114,494 Current portion of operating lease liabilities $ 16,293 Operating lease liabilities 97,776 Total operating lease liabilities $ 114,069 Property and equipment $ 3,893 Accrued expenses $ 1,122 Other long-term liabilities 1,096 Total finance lease liabilities $ 2,218 |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30 , 2019 June 30 , 2019 Lease cost (In thousands) Finance lease cost: Amortization of right-of-use assets $ 278 $ 424 Interest on lease liabilities 11 19 Operating lease cost 5,930 11,601 Short-term lease cost 408 1,146 Variable lease cost 613 758 Total lease cost $ 7,240 $ 13,948 Other supplemental information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 11 $ 19 Operating cash flows from operating leases 5,395 10,505 Financing cash flows from finance leases 271 517 Right-of-use assets obtained in exchange for new finance lease liabilities 551 551 Right-of-use assets obtained in exchange for new operating lease liabilities 4,069 6,536 June 30 , 2019 Weighted-average remaining lease term – finance leases (in years) 2.30 Weighted-average remaining lease term – operating leases (in years) 10.86 Weighted-average discount rate – finance leases 1.98 % Weighted-average discount rate – operating leases 5.83 % |
Lessee, Lease, Liability, Maturity [Table Text Block] | Fiscal Year Operating Leases Finance Leases ( I n thousands) 2019 (excluding the six months ended June 30, 2019) $ 11,410 $ 588 2020 20,723 1,104 2021 16,559 397 2022 13,397 110 2023 11,408 64 Thereafter 85,905 14 Total future minimum lease payments (undiscounted) 159,402 2,277 Less: Present value discount (45,333 ) (59 ) Total lease liability $ 114,069 $ 2,218 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Amount ( I n thousands) 2019 $ 26,113 2020 22,066 2021 16,453 2022 8,692 2023 5,186 Thereafter 15,237 Total minimum rent commitments $ 93,747 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended Defined Benefit Retirement Plan s (Europe) Ju ne 30 , 201 9 July 1, 2018 Ju ne 30 , 201 9 July 1, 2018 (In thousands) (In thousands) Service cost $ 184 $ 182 $ 369 $ 369 Interest cost 1,266 1,318 2,547 2,671 Expected return on assets (1,428 ) (1,562 ) (2,873 ) (3,164 ) Amortization of prior service cost 16 8 32 15 Amortization of net actuarial losses 249 281 502 569 Net periodic benefit cost $ 287 $ 227 $ 577 $ 460 Three Months Ended Six Months Ended Salary Continuation Plan (SCP) Ju ne 30 , 201 9 July 1, 2018 Ju ne 30 , 201 9 July 1, 2018 (In thousands) (In thousands) Service cost $ 0 $ 0 $ 0 $ 0 Interest cost 289 271 577 541 Amortization of prior service cost 0 0 0 0 Amortization of net actuarial losses 93 116 187 232 Net periodic benefit cost $ 382 $ 387 $ 764 $ 773 Three Months Ended Six Months Ended Nora Defined Benefit Plan Ju ne 30 , 201 9 Ju ne 30 , 201 9 (In thousands) (In thousands) Service cost $ 216 $ 433 Interest cost 171 345 Net periodic benefit cost $ 387 $ 778 |
Note 10 - Acquisition of Nora (
Note 10 - Acquisition of Nora (Tables) | 6 Months Ended |
Jun. 30, 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 (114,049 ) Net assets acquired 245,286 Purchase price 447,192 Goodwill, excess of purchase price $ 201,906 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro Forma Consolidated Statement of Operations Three months ended Six months ended July 1, 2018 July 1, 2018 ( I n thousands Revenue $ 354,295 $ 651,393 Net income 28,471 42,743 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | AMERICAS EUROPE ASIA- PACIFIC TOTAL ( I n thousands) Three Months Ended June 30, 2019: Net Sales $ 207,250 $ 95,665 $ 54,592 $ 357,507 Depreciation and amortization 3,300 4,651 2,108 10,059 Total assets 652,647 562,835 191,207 1,406,689 Three Months Ended July 1, 2018: Net Sales $ 176,380 $ 65,865 $ 41,381 $ 283,626 Depreciation and amortization 3,480 2,048 2,212 7,740 Six Months Ended June 30, 2019: Net Sales $ 367,876 $ 188,715 $ 98,604 $ 655,195 Depreciation and amortization 6,551 9,331 4,240 20,122 Six Months Ended July 1, 2018: Net Sales $ 311,605 $ 132,421 $ 80,163 $ 524,189 Depreciation and amortization 7,091 4,302 4,420 15,813 |
Reconciliation of Depreciation, Amortization, and Assets from Segments to Consolidated [Table Text Block] | Three Months Ended DEPRECIATION AND AMORTIZATION Ju ne 30 , 201 9 July 1, 2018 (In thousands) Total segment depreciation and amortization $ 10,059 $ 7,740 Corporate depreciation and amortization 1,295 719 Reported depreciation and amortization $ 11,354 $ 8,459 Six Months Ended DEPRECIATION AND AMORTIZATION Ju ne 30 , 201 9 July 1, 2018 (In thousands) Total segment depreciation and amortization $ 20,122 $ 15,813 Corporate depreciation and amortization 2,576 1,377 Reported depreciation and amortization $ 22,698 $ 17,190 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ASSETS June 30, 2019 (In thousands) Total segment assets $ 1,406,689 Corporate assets and eliminations 47,604 Reported total assets $ 1,454,293 |
Note 15 - Restructuring and A_2
Note 15 - Restructuring and Asset Impairment Charges (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Total Restructuring Charge Costs Incurred in 2018 Costs Incurred in 2019 Balance at June 30, 2019 (in thousands) Workforce Reduction $ 10,816 $ 53 $ 3,783 $ 6,980 Asset Impairment 8,569 8,569 0 0 Other Exit Costs 1,144 0 190 954 Total $ 20,529 $ 8,622 $ 3,973 $ 7,934 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Operating Lease, Right-of-Use Asset | $ 114,494 | $ 0 | |
Operating Lease, Liability, Total | $ 114,069 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 115,000 | ||
Operating Lease, Liability, Total | $ 115,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2019 | |
Americas [Member] | |
Percentage of net sales | 56.20% |
Europe [Member] | |
Percentage of net sales | 28.80% |
Asia Pacific [Member] | |
Percentage of net sales | 15.00% |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 30, 2018 |
Finished Goods | $ 194,340 | $ 180,847 |
Work in Process | 17,326 | 17,762 |
Raw Materials | 60,124 | 60,048 |
Inventories, net | $ 271,790 | $ 258,657 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Distributed Earnings (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.13 | $ 0.13 |
Undistributed Earnings (in dollars per share) | 0.43 | 0.28 | 0.48 | 0.47 |
Total (in dollars per share) | 0.50 | 0.35 | 0.61 | 0.60 |
Distributed Earnings (in dollars per share) | 0.07 | 0.07 | 0.13 | 0.13 |
Undistributed Earnings (in dollars per share) | 0.43 | 0.28 | 0.48 | 0.47 |
Total (in dollars per share) | 0.50 | 0.35 | 0.61 | 0.60 |
Basic earnings per share (in dollars per share) | 0.50 | 0.35 | 0.61 | 0.60 |
Diluted earnings per share (in dollars per share) | $ 0.50 | $ 0.35 | $ 0.61 | $ 0.60 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net income | $ 29,499 | $ 20,602 | $ 36,558 | $ 35,686 |
Weighted Average Shares Outstanding (in shares) | 58,760 | 58,910 | 58,934 | 58,999 |
Participating Securities (in shares) | 525 | 583 | 525 | 583 |
Shares for Basic Earnings Per Share (in shares) | 59,285 | 59,493 | 59,459 | 59,582 |
Dilutive Effect of Stock Options (in shares) | 6 | 45 | 6 | 45 |
Shares for Diluted Earnings Per Share (in shares) | 59,291 | 59,538 | 59,465 | 59,627 |
Participating Securities [Member] | ||||
Net income | $ 300 | $ 200 | $ 300 | $ 300 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018 | Jun. 30, 2019 | |
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 | $ 598,900 | |
Long-term Line of Credit, Total | 80,500 | |
Letters of Credit Outstanding, Amount | $ 2,500 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.88% | |
Syndicated Facility Agreement [Member] | Term Loan [Member] | ||
Payments of Debt Issuance Costs | $ 8,800 | |
Debt Instrument, Unamortized Discount (Premium), Net, Total | $ 7,200 |
Note 6 - Derivative Instrumen_3
Note 6 - Derivative Instruments (Details Textual) - USD ($) $ in Millions | Jun. 30, 2019 | 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 | $ 12 |
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 | Jun. 30, 2019 | Dec. 30, 2018 |
Derivative Asset, Fair Value | $ 39 | $ 2,445 |
Derivative Liability, Fair Value | 6,020 | 0 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Derivative Asset, Fair Value | 39 | 651 |
Foreign Exchange Forward [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value | 0 | |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 0 | |
Interest Rate Swap [Member] | Other Current Assets [Member] | ||
Derivative Asset, Fair Value | 0 | 1,794 |
Derivative Liability, Fair Value | $ 0 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value | $ 6,020 |
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] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Derivative, Pre-tax gain (loss) recognized in OCI | $ (4,667) | $ (7,973) |
Foreign Exchange Forward [Member] | ||
Derivative, Pre-tax gain (loss) recognized in OCI | 204 | (159) |
Interest Rate Swap [Member] | ||
Derivative, Pre-tax gain (loss) recognized in OCI | $ (4,871) | $ (7,814) |
Note 7 - Shareholders' Equity_2
Note 7 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 02, 2017 | |
Stock Repurchased and Retired During Period, Value | $ 25,200 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 27,500 | 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 | $ 100 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Expense | 0 | $ 0 | |||||
Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 1,500 | $ 2,000 | |||||
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 | 5,700 | $ 5,700 | |||||
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 | $ 3,300 | $ 3,600 | |||||
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 | 6,000 | $ 6,000 | |||||
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 | ||||||
Restricted Stock and Performance Shares [Member] | |||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 900 | ||||||
Common Stock [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 156 | $ 0 | $ 0 | $ 61 |
Note 7 - Shareholders' Equity -
Note 7 - Shareholders' Equity - Activity in Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jul. 01, 2018 | Apr. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Balance | $ 354,663 | $ 354,663 | ||||
Net income | $ 29,499 | $ 20,602 | 36,558 | $ 35,686 | ||
Share repurchases | (25,200) | |||||
Pension liability adjustment | 829 | 3,459 | 738 | 1,243 | ||
Foreign currency translation adjustment | 4,249 | (20,773) | (954) | (11,943) | ||
Cash flow hedge unrealized gain (loss) | (4,667) | $ 647 | (7,973) | $ 2,279 | ||
Balance | $ 352,113 | $ 352,113 | ||||
Common Stock [Member] | ||||||
Balance (in shares) | 60,016 | 59,508 | 59,498 | 59,806 | 59,508 | 59,806 |
Balance | $ 6,002 | $ 5,951 | $ 5,950 | $ 5,981 | $ 5,951 | $ 5,981 |
Net income | $ 0 | $ 0 | $ 0 | $ 0 | ||
Stock issuances under employee plans (in shares) | 2 | 509 | 4 | 175 | ||
Stock issuances under employee plans | $ 0 | $ 51 | $ 0 | $ 17 | ||
Other issuances of common stock (in shares) | (1) | 224 | 0 | 187 | ||
Other issuances of common stock | $ 0 | $ 22 | $ 0 | $ 19 | ||
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 | 0 | 0 | ||
Cash dividends paid | $ 0 | $ 0 | $ 0 | $ 0 | ||
Forfeitures and compensation expense related to stock awards (in shares) | (28) | (225) | (9) | (55) | ||
Forfeitures and compensation expense related to stock awards | $ (3) | $ (22) | $ (1) | $ (6) | ||
Share repurchases (in shares) | (1,556) | 0 | 0 | (615) | ||
Share repurchases | $ (156) | $ 0 | $ 0 | $ (61) | ||
Pension liability adjustment | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Cash flow hedge unrealized gain (loss) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Balance (in shares) | 58,433 | 60,016 | 59,493 | 59,498 | 58,433 | 59,493 |
Balance | $ 5,843 | $ 6,002 | $ 5,949 | $ 5,950 | $ 5,843 | $ 5,949 |
Additional Paid-in Capital [Member] | ||||||
Balance | 270,655 | 270,269 | 260,115 | 271,271 | 270,269 | 271,271 |
Net income | 0 | 0 | 0 | 0 | ||
Stock issuances under employee plans | 6 | 379 | 35 | 102 | ||
Other issuances of common stock | 0 | 3,900 | 0 | 4,769 | ||
Unamortized stock compensation expense related to restricted stock awards | 52 | (3,922) | 0 | (4,788) | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Forfeitures and compensation expense related to stock awards | 1,506 | 29 | 2,135 | 3,185 | ||
Share repurchases | (24,998) | 0 | 0 | (14,424) | ||
Pension liability adjustment | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Cash flow hedge unrealized gain (loss) | 0 | 0 | 0 | 0 | ||
Balance | 247,221 | 270,655 | 262,285 | 260,115 | 247,221 | 262,285 |
Retained Earnings [Member] | ||||||
Balance | 225,373 | 222,214 | 198,649 | 187,433 | 222,214 | 187,433 |
Net income | 29,499 | 7,059 | 20,602 | 15,084 | ||
Stock issuances under employee plans | 0 | 0 | 0 | 0 | ||
Other issuances of common stock | 0 | 0 | 0 | 0 | ||
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 | 0 | 0 | ||
Cash dividends paid | (3,863) | (3,900) | (3,868) | (3,868) | ||
Forfeitures and compensation expense related to stock awards | 0 | 0 | 0 | 0 | ||
Share repurchases | 0 | 0 | 0 | 0 | ||
Pension liability adjustment | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Cash flow hedge unrealized gain (loss) | 0 | 0 | 0 | 0 | ||
Balance | 251,009 | 225,373 | 215,383 | 198,649 | 251,009 | 215,383 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Balance | (43,701) | (43,610) | (58,770) | (56,554) | (43,610) | (56,554) |
Net income | 0 | 0 | 0 | 0 | ||
Stock issuances under employee plans | 0 | 0 | 0 | 0 | ||
Other issuances of common stock | 0 | 0 | 0 | 0 | ||
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Forfeitures and compensation expense related to stock awards | 0 | 0 | 0 | 0 | ||
Share repurchases | 0 | 0 | 0 | 0 | ||
Pension liability adjustment | 829 | (91) | 3,459 | (2,216) | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Cash flow hedge unrealized gain (loss) | 0 | 0 | 0 | 0 | ||
Balance | (42,872) | (43,701) | (55,311) | (58,770) | (42,872) | (55,311) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Balance | (106,690) | (101,487) | (70,113) | (78,943) | (101,487) | (78,943) |
Net income | 0 | 0 | 0 | 0 | ||
Stock issuances under employee plans | 0 | 0 | 0 | 0 | ||
Other issuances of common stock | 0 | 0 | 0 | 0 | ||
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Forfeitures and compensation expense related to stock awards | 0 | 0 | 0 | 0 | ||
Share repurchases | 0 | 0 | 0 | 0 | ||
Pension liability adjustment | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 4,249 | (5,203) | (20,773) | 8,830 | ||
Cash flow hedge unrealized gain (loss) | 0 | 0 | 0 | 0 | ||
Balance | (102,441) | (106,690) | (90,886) | (70,113) | (102,441) | (90,886) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | (1,980) | 1,326 | 2,536 | 904 | 1,326 | 904 |
Net income | 0 | 0 | 0 | 0 | ||
Stock issuances under employee plans | 0 | 0 | 0 | 0 | ||
Other issuances of common stock | 0 | 0 | 0 | 0 | ||
Unamortized stock compensation expense related to restricted stock awards | 0 | 0 | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | 0 | ||
Forfeitures and compensation expense related to stock awards | 0 | 0 | 0 | 0 | ||
Share repurchases | 0 | 0 | 0 | 0 | ||
Pension liability adjustment | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Cash flow hedge unrealized gain (loss) | (4,667) | (3,306) | 647 | 1,632 | ||
Balance | $ (6,647) | $ (1,980) | $ 3,183 | $ 2,536 | $ (6,647) | $ 3,183 |
Note 7 - Shareholders' Equity_3
Note 7 - Shareholders' Equity - Restricted Stock Outstanding (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 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) | (211,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 18.30 | |
Forfeited or canceled (in shares) | (37,000) | |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ 20.87 | |
Outstanding (in shares) | 525,000 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 27.57 |
Note 7 - Shareholders' Equity_4
Note 7 - Shareholders' Equity - Performance Shares Outstanding (Details) - Performance Shares [Member] | 6 Months Ended |
Jun. 30, 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 | (472,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.85 |
Forfeited or canceled (in shares) | shares | (57,000) |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.42 |
Outstanding (in shares) | shares | 575,000 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.65 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2019 | Dec. 30, 2018 |
Operating lease right-of-use assets | $ 114,494 | $ 0 |
Current portion of operating lease liabilities | 16,293 | 0 |
Operating lease liabilities | 97,776 | $ 0 |
Total operating lease liabilities | 114,069 | |
Property and equipment | 3,893 | |
Accrued expenses | 1,122 | |
Other long-term liabilities | 1,096 | |
Total finance lease liabilities | $ 2,218 |
Note 8 - Leases - Lease Costs (
Note 8 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jul. 01, 2018 | |
Amortization of right-of-use assets | $ 278 | $ 424 |
Interest on lease liabilities | 11 | 19 |
Operating lease cost | 5,930 | 11,601 |
Short-term lease cost | 408 | 1,146 |
Variable lease cost | 613 | 758 |
Total lease cost | 7,240 | 13,948 |
Operating cash flows from finance leases | 11 | 19 |
Operating cash flows from operating leases | 5,395 | 10,505 |
Financing cash flows from finance leases | 271 | 517 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 551 | 551 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,069 | $ 6,536 |
Weighted-average remaining lease term – finance leases (in years) (Year) | 2 years 3 months 18 days | |
Weighted-average remaining lease term – operating leases (in years) (Year) | 10 years 10 months 9 days | |
Weighted-average discount rate – finance leases | 1.98% | |
Weighted-average discount rate – operating leases | 5.83% |
Note 8 - Leases - Maturity of L
Note 8 - Leases - Maturity of Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 (excluding first quarter of 2019), operating leases | $ 11,410 |
2019 (excluding first quarter of 2019), finance leases | 588 |
2020, operating leases | 20,723 |
2020, finance leases | 1,104 |
2021, operating leases | 16,559 |
2021, finance leases | 397 |
2022, operating leases | 13,397 |
2022, finance leases | 110 |
2023, operating leases | 11,408 |
2023, finance leases | 64 |
Thereafter, operating leases | 85,905 |
Thereafter, finance leases | 14 |
Total future minimum lease payments (undiscounted), operating leases | 159,402 |
Total future minimum lease payments (undiscounted), finance leases | 2,277 |
Less: Present value discount, operating leases | (45,333) |
Less: Present value discount, finance leases | (59) |
Total lease liability, operating leases | 114,069 |
Total lease liability, finance leases | $ 2,218 |
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 |
Total minimum rent commitments | $ 93,747 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Nora Defined Benefit Plan [Member] | ||||
Service cost | $ 216 | $ 433 | ||
Interest cost | 171 | 345 | ||
Net periodic benefit cost | 387 | 778 | ||
Foreign Plan [Member] | ||||
Service cost | 184 | $ 182 | 369 | $ 369 |
Interest cost | 1,266 | 1,318 | 2,547 | 2,671 |
Expected return on assets | (1,428) | (1,562) | (2,873) | (3,164) |
Amortization of prior service cost | 16 | 8 | 32 | 15 |
Amortization of net actuarial losses | 249 | 281 | 502 | 569 |
Net periodic benefit cost | 287 | 227 | 577 | 460 |
Amortization of net actuarial losses | 249 | 281 | 502 | 569 |
UNITED STATES | Salary Continuation Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 289 | 271 | 577 | 541 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of net actuarial losses | 93 | 116 | 187 | 232 |
Net periodic benefit cost | 382 | 387 | 764 | 773 |
Amortization of net actuarial losses | $ 93 | $ 116 | $ 187 | $ 232 |
Note 10 - Acquisition of Nora_2
Note 10 - Acquisition of Nora (Details Textual) - Nora [Member] € in Millions, $ in Millions | Aug. 07, 2018USD ($) | Aug. 07, 2018EUR (€) | Jun. 30, 2019USD ($) |
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, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | $ 17.2 | ||
Goodwill, Purchase Accounting Adjustments | $ 17.2 | ||
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 | 6 months | 6 months | |
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 | (114,049) |
Net assets acquired | 245,286 |
Purchase price | 447,192 |
Goodwill, excess of purchase price | $ 201,906 |
Note 10 - Acquisition of Nora_3
Note 10 - Acquisition of Nora - Pro Forma Information (Details) - Nora [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 01, 2018 | Jul. 01, 2018 | |
Revenue | $ 354,295 | $ 651,393 |
Net income | $ 28,471 | $ 42,743 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | Dec. 30, 2018 | |
NET SALES | $ 357,507 | $ 283,626 | $ 655,195 | $ 524,189 | |
Depreciation and amortization | 11,354 | 8,459 | 22,698 | 17,190 | |
Assets | 1,454,293 | 1,454,293 | $ 1,284,644 | ||
Operating Segments [Member] | |||||
NET SALES | 357,507 | 283,626 | 655,195 | 524,189 | |
Depreciation and amortization | 10,059 | 7,740 | 20,122 | 15,813 | |
Assets | 1,406,689 | 1,406,689 | |||
Americas [Member] | Operating Segments [Member] | |||||
NET SALES | 207,250 | 176,380 | 367,876 | 311,605 | |
Depreciation and amortization | 3,300 | 3,480 | 6,551 | 7,091 | |
Assets | 652,647 | 652,647 | |||
Europe [Member] | Operating Segments [Member] | |||||
NET SALES | 95,665 | 65,865 | 188,715 | 132,421 | |
Depreciation and amortization | 4,651 | 2,048 | 9,331 | 4,302 | |
Assets | 562,835 | 562,835 | |||
Asia Pacific [Member] | Operating Segments [Member] | |||||
NET SALES | 54,592 | 41,381 | 98,604 | 80,163 | |
Depreciation and amortization | 2,108 | $ 2,212 | 4,240 | $ 4,420 | |
Assets | $ 191,207 | $ 191,207 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Operating Segments Depreciation, Amortization, and Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2019 | Jul. 01, 2018 | |
Depreciation and amortization | $ 11,354 | $ 8,459 | $ 22,698 | $ 17,190 |
Operating Segments [Member] | ||||
Depreciation and amortization | 10,059 | 7,740 | 20,122 | 15,813 |
Corporate, Non-Segment [Member] | ||||
Depreciation and amortization | $ 1,295 | $ 719 | $ 2,576 | $ 1,377 |
Note 11 - Segment Information_4
Note 11 - Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 30, 2018 |
Assets | $ 1,454,293 | $ 1,284,644 |
Operating Segments [Member] | ||
Assets | 1,406,689 | |
Corporate, Non-Segment [Member] | ||
Assets | $ 47,604 |
Note 12 - Supplemental Cash F_2
Note 12 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 12 | $ 3.9 |
Income Taxes Paid | $ 16.4 | $ 14.9 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.60% | 26.50% |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ (2.5) | |
Unrecognized Tax Benefits, Ending Balance | 25.6 | |
Increase (Decrease) in Deferred Tax Assets | $ (2.8) |
Note 14 - Items Reclassified _2
Note 14 - Items Reclassified From Other Comprehensive Income (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Other Expense [Member] | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total | $ 0.7 |
Note 15 - Restructuring and A_3
Note 15 - Restructuring and Asset Impairment Charges (Details Textual) $ in Thousands | Dec. 29, 2018USD ($) | Dec. 30, 2018USD ($) | Jun. 30, 2019USD ($) |
Restructuring and Related Cost, Number of Positions Eliminated | 200 | ||
Restructuring Charges, Total | $ 20,529 | $ 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 15 - Restructuring and A_4
Note 15 - Restructuring and Asset Impairment Charges - Restructuring Activities (Details) - USD ($) $ in Thousands | Dec. 29, 2018 | Dec. 30, 2018 | Jun. 30, 2019 |
Restructuring Charge | $ 20,529 | $ 20,500 | |
Costs Incurred | 8,622 | $ 3,973 | |
Restructuring reserve | 7,934 | ||
Employee Severance [Member] | |||
Restructuring Charge | 10,816 | ||
Costs Incurred | 53 | 3,783 | |
Restructuring reserve | 6,980 | ||
Asset Impairment [Member] | |||
Restructuring Charge | 8,569 | ||
Costs Incurred | 8,569 | 0 | |
Restructuring reserve | 0 | ||
Other Restructuring [Member] | |||
Restructuring Charge | $ 1,144 | ||
Costs Incurred | $ 0 | 190 | |
Restructuring reserve | $ 954 |