Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MAGNETEK, INC. | ' | ' |
Entity Central Index Key | '0000751085 | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,260,002 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $56,952,190 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Net sales | $58,721 | $50,943 | $103,316 | $114,274 | $117,610 | $109,832 |
Cost of sales | 38,388 | 34,929 | 67,991 | 74,430 | 78,134 | 74,675 |
Gross profit | 20,333 | 16,014 | 35,325 | 39,844 | 39,476 | 35,157 |
Operating expenses: | ' | ' | ' | ' | ' | ' |
Research and development | 2,103 | 2,069 | 3,246 | 3,834 | 4,394 | 4,360 |
Pension expense | 2,706 | 3,311 | 6,365 | 6,936 | 5,895 | 6,500 |
Sales, general and administrative | 10,644 | 8,308 | 20,939 | 21,052 | 21,187 | 18,851 |
Income (loss) from operations | 4,880 | 2,326 | 4,775 | 8,022 | 8,000 | 5,446 |
Non operating income: | ' | ' | ' | ' | ' | ' |
Interest income | 0 | -1 | 0 | 0 | 0 | -1 |
Income (loss) from continuing operations before provision for income taxes | 4,880 | 2,327 | 4,775 | 8,022 | 8,000 | 5,447 |
Provision for income taxes | 549 | 287 | 1,016 | 1,096 | 892 | 630 |
Income (loss) from continuing operations | 4,331 | 2,040 | 3,759 | 6,926 | 7,108 | 4,817 |
Income (loss) from discontinued operations, net of tax | -39 | -533 | -627 | 5,697 | -660 | -1,154 |
Net income (loss) | $4,292 | $1,507 | $3,132 | $12,623 | $6,448 | $3,663 |
Earnings per common share - basic | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (USD per share) | $1.38 | $0.65 | $1.16 | $2.18 | $2.27 | $1.54 |
Income (loss) from discontinued operations (USD per share) | ($0.01) | ($0.17) | ($0.19) | $1.79 | ($0.21) | ($0.37) |
Net income (loss) (USD per share) | $1.36 | $0.48 | $0.97 | $3.97 | $2.06 | $1.17 |
Earnings per common share - diluted | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (USD per share) | $1.35 | $0.65 | $1.13 | $2.14 | $2.22 | $1.51 |
Income (loss) from discontinued operations (USD per share) | ($0.01) | ($0.17) | ($0.19) | $1.76 | ($0.21) | ($0.37) |
Net income (loss) (USD per share) | $1.34 | $0.48 | $0.94 | $3.90 | $2.01 | $1.15 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 3,148 | 3,127 | 3,231 | 3,174 | 3,138 | 3,134 |
Weighted average shares outstanding - diluted | 3,212 | 3,151 | 3,339 | 3,238 | 3,194 | 3,187 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Net income (loss) | $373 | $1,122 | $1,165 | $472 | $1,022 | $1,501 | $3,219 | $6,881 | $4,292 | $1,507 | $3,132 | $12,623 | $6,448 | $3,663 |
Change in unrecognized pension liability | ' | ' | ' | ' | ' | ' | ' | ' | -35,940 | 3,491 | 35,389 | -8,867 | -32,576 | 14,613 |
Change in currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -218 | 109 | -284 | 132 | -42 | 284 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($31,866) | $5,107 | $38,237 | $3,888 | ($26,170) | $18,560 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $14,960 | $28,706 |
Restricted cash | 262 | 262 |
Trade accounts receivable, less allowances for doubtful accounts | 15,100 | 15,833 |
Inventories | 13,322 | 14,868 |
Prepaid expenses and other current assets | 814 | 710 |
Total current assets | 44,458 | 60,379 |
Buildings and improvements | 1,963 | 1,963 |
Machinery and equipment | 21,301 | 20,797 |
Less accumulated depreciation | 20,529 | 19,905 |
Net property, plant and equipment | 2,735 | 2,855 |
Goodwill | 30,427 | 30,485 |
Other assets | 4,349 | 5,096 |
Total assets | 81,969 | 98,815 |
Current liabilities: | ' | ' |
Accounts payable | 10,403 | 11,954 |
Accrued liabilities | 4,833 | 6,097 |
Total current liabilities | 15,236 | 18,051 |
Long-term pension benefit obligations | 48,461 | 102,340 |
Other long-term obligations | 911 | 1,095 |
Deferred income taxes | 9,125 | 8,204 |
Commitments and contingencies | ' | ' |
Stockholders' Equity (Deficit): | ' | ' |
Common stock, $0.10 par value, 100,000 shares authorized; 3,260 and 3,209 outstanding at December 29, 2013, and December 30, 2012, respectively | 33 | 32 |
Additional paid-in capital | 142,598 | 141,725 |
Retained earnings | 17,088 | 13,956 |
Accumulated other comprehensive loss | -151,483 | -186,588 |
Total stockholders' equity (deficit) | 8,236 | -30,875 |
Total liabilities and stockholders' equity (deficit) | $81,969 | $98,815 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,260,000 | 3,209,000 |
Common stock, shares outstanding | 3,260,000 | 3,209,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, unless otherwise specified | |||||
Beginning balance, amount at Jun. 27, 2010 | ($23,937) | $31 | $139,246 | ($6,622) | ($156,592) |
Beginning balance, shares at Jun. 27, 2010 | ' | 3,120 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercised, shares | 0 | ' | ' | ' | ' |
Shares issued, shares | ' | 0 | ' | ' | ' |
Shares issued, amount | 0 | 0 | ' | ' | ' |
Shares purchased, shares | ' | 0 | ' | ' | ' |
Shares purchased, amount | 0 | 0 | 0 | ' | ' |
Stock-based compensation expense | 629 | 0 | 629 | ' | ' |
Shares issued to trust, shares | ' | 18 | ' | ' | ' |
Shares issued to trust, amount | 286 | 0 | 286 | ' | ' |
Net income (loss) | 3,663 | ' | ' | 3,663 | ' |
Translation adjustments | 284 | ' | ' | ' | 284 |
Pension adjustments | 14,613 | ' | ' | ' | 14,613 |
Comprehensive income (loss) | 18,560 | ' | ' | ' | ' |
Ending balance, amount at Jul. 03, 2011 | -4,462 | 31 | 140,161 | -2,959 | -141,695 |
Ending balance, shares at Jul. 03, 2011 | ' | 3,138 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercised, shares | 0 | ' | ' | ' | ' |
Stock-based compensation expense | 402 | 0 | 402 | ' | ' |
Shares issued to trust, shares | ' | 20 | ' | ' | ' |
Shares issued to trust, amount | 181 | 1 | 180 | ' | ' |
Net income (loss) | 4,292 | ' | ' | 4,292 | ' |
Translation adjustments | -218 | ' | ' | ' | -218 |
Pension adjustments | -35,940 | ' | ' | ' | -35,940 |
Comprehensive income (loss) | -31,866 | ' | ' | ' | ' |
Ending balance, amount at Jan. 01, 2012 | -35,745 | 32 | 140,743 | 1,333 | -177,853 |
Ending balance, shares at Jan. 01, 2012 | ' | 3,158 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercised, shares | 0 | ' | ' | ' | ' |
Shares issued, shares | ' | 42 | ' | ' | ' |
Shares issued, amount | 0 | ' | ' | ' | ' |
Shares purchased, shares | ' | -14 | ' | ' | ' |
Shares purchased, amount | -151 | 0 | -151 | ' | ' |
Stock-based compensation expense | 824 | 0 | 824 | ' | ' |
Shares issued to trust, shares | ' | 23 | ' | ' | ' |
Shares issued to trust, amount | 309 | 0 | 309 | ' | ' |
Net income (loss) | 12,623 | ' | ' | 12,623 | ' |
Translation adjustments | 132 | ' | ' | ' | 132 |
Pension adjustments | -8,867 | ' | ' | ' | -8,867 |
Comprehensive income (loss) | 3,888 | ' | ' | ' | ' |
Ending balance, amount at Dec. 30, 2012 | -30,875 | 32 | 141,725 | 13,956 | -186,588 |
Ending balance, shares at Dec. 30, 2012 | 3,209 | 3,209 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued, amount | ' | 1 | ' | ' | ' |
Net income (loss) | 472 | ' | ' | ' | ' |
Ending balance, amount at Mar. 31, 2013 | ' | ' | ' | ' | ' |
Beginning balance, amount at Dec. 30, 2012 | -30,875 | 32 | 141,725 | 13,956 | -186,588 |
Beginning balance, shares at Dec. 30, 2012 | 3,209 | 3,209 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Exercised, shares | 8 | 8 | ' | ' | ' |
Exercise of stock options, amount | 99 | ' | 99 | ' | ' |
Shares issued, shares | ' | 37 | ' | ' | ' |
Shares issued, amount | 1 | ' | ' | ' | ' |
Shares purchased, shares | ' | -13 | ' | ' | ' |
Shares purchased, amount | -218 | 0 | -218 | ' | ' |
Stock-based compensation expense | 676 | 0 | 676 | ' | ' |
Shares issued to trust, shares | ' | 19 | ' | ' | ' |
Shares issued to trust, amount | 316 | 0 | 316 | ' | ' |
Net income (loss) | 3,132 | ' | ' | 3,132 | ' |
Translation adjustments | -284 | ' | ' | ' | -284 |
Pension adjustments | 35,389 | ' | ' | ' | 35,389 |
Comprehensive income (loss) | 38,237 | ' | ' | ' | ' |
Ending balance, amount at Dec. 29, 2013 | $8,236 | $33 | $142,598 | $17,088 | ($151,483) |
Ending balance, shares at Dec. 29, 2013 | 3,260 | 3,260 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' |
Net income (loss) | $4,292 | $1,507 | $3,132 | $12,623 | $6,448 | $3,663 |
Loss (income) from discontinued operations | 39 | 533 | 627 | -5,697 | 660 | 1,154 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' |
Depreciation | 423 | 439 | 663 | 2,082 | 898 | 914 |
Amortization | 27 | 27 | 53 | 53 | 53 | 53 |
Stock-based compensation expense | 402 | 341 | 676 | 824 | 690 | 629 |
Pension expense | 2,706 | 3,311 | 6,365 | 6,936 | 5,895 | 6,500 |
Deferred income tax provision | 477 | 493 | 929 | 950 | 833 | 849 |
Changes in operating assets and liabilities | 3,100 | -2,075 | 164 | -1,453 | 5,915 | 740 |
Cash contribution to pension fund | -1,920 | -5,388 | -24,856 | -11,571 | -4,950 | -8,418 |
Net cash provided by (used in) operating activities - continuing operations | 9,546 | -812 | -12,247 | 4,747 | 16,442 | 6,084 |
Net cash provided by (used in) operating activities - discontinued operations | -605 | -838 | -1,145 | 4,079 | -1,403 | -1,636 |
Net cash provided by (used in) operating activities | 8,941 | -1,650 | -13,392 | 8,826 | 15,039 | 4,448 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' |
Capital expenditures | -796 | -155 | -549 | -869 | -1,345 | -704 |
Net cash provided by (used in) investing activities - continuing operations | -796 | -155 | -549 | -869 | -1,345 | -704 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | -796 | -155 | -549 | -869 | -1,345 | -704 |
Cash flow from financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 182 | 143 | 416 | 309 | 325 | 286 |
Purchase and retirement of treasury stock | 0 | 0 | -218 | -151 | 0 | 0 |
Principal payments under capital lease obligations | -2 | -3 | -3 | -3 | -4 | -5 |
Net cash provided by (used in) financing activities - continuing operations | 180 | 140 | 195 | 155 | 321 | 281 |
Net cash provided by (used in) financing activities - discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 180 | 140 | 195 | 155 | 321 | 281 |
Net increase (decrease) in cash | 8,325 | -1,665 | -13,746 | 8,112 | 14,015 | 4,025 |
Cash at the beginning of the period | 12,269 | 8,244 | 28,706 | 20,594 | 6,579 | 8,244 |
Cash at the end of the period | $20,594 | $6,579 | $14,960 | $28,706 | $20,594 | $12,269 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Profile | |
Magnetek, Inc. (the “Company” or “Magnetek”) is a global provider of digital power control systems that are used to control motion and power primarily in material handling, elevator, and mining applications. The Company’s products consist primarily of programmable motion control and power conditioning systems used on overhead cranes and hoists, elevators, and underground mining equipment. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Magnetek, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
Fiscal Year | |
On August 4, 2011, the Company's Board of Directors approved a change in the Company's fiscal year-end from the Sunday nearest to June 30 of each calendar year to the Sunday nearest to December 31, with the change to a calendar year reporting cycle beginning January 2, 2012. The intent of the change was to align the reporting of financial results more closely with peers and to better align the Company's business cycle with suppliers and customers. Fiscal years 2013 and 2012 refer to the twelve-month periods ended December 29, 2013, and December 30, 2012, respectively, and each fiscal year contained 52 weeks. Transition period 2011 refers to the six-month transition period ended January 1, 2012, and contained 26 weeks. Fiscal year 2011 refers to the twelve-month period ended July 3, 2011, and contained 53 weeks. Supplemental financial information in these financial statements with respect to the twelve months ended January 1, 2012, and the six months ended January 2, 2011, is unaudited. | |
Reverse Stock Split | |
All references to numbers of common shares and per share information in this Annual Report on Form 10-K have been adjusted retroactively to reflect the one for ten reverse stock split effected by the Company on December 5, 2011. | |
Use of Estimates | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Accounts Receivable | |
Accounts receivable represent amounts due from customers in the ordinary course of business. The Company is subject to losses from uncollectable receivables in excess of its allowances. The Company maintains allowances for doubtful accounts for estimated losses from customers’ inability to make required payments. In order to estimate the appropriate level of these allowances, the Company analyzes historical bad debts, customer concentrations, current customer creditworthiness, current economic trends, and changes in customer payment patterns. If the financial conditions of the Company’s customers were to deteriorate and impair their ability to make payments, additional allowances may be required in future periods. | |
Inventories | |
The Company’s inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out (“FIFO”) method, including material, labor and factory overhead. Existing inventory on hand may exceed future demand either because the product is obsolete, or the amount on hand is more than can be used to meet future needs. The Company identifies potentially obsolete and excess inventory by evaluating overall inventory levels in relation to past and anticipated usage levels. In assessing the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements and compare those with the current or committed inventory levels. If future demand requirements are less favorable than those projected by management, additional inventory write-downs may be required. | |
Reserves for Litigation and Environmental Issues | |
The Company periodically records the estimated impacts of various conditions, situations, or circumstances involving uncertain outcomes. The accounting for such events is prescribed under ASC Topic 450, Contingencies. The Company does not record gain contingencies under any circumstances. For loss contingencies, the loss must be accrued if information is available that indicates it is probable that the loss has been incurred, given the likelihood of uncertain events, and if the amount of the loss can be reasonably estimated. | |
The accrual of a contingency involves considerable judgment on the part of management. The Company uses its internal expertise and outside experts, as necessary, to help estimate the probability that a loss has been incurred and the amount or range of the loss. | |
Income Taxes | |
The Company uses the liability method to account for income taxes. The preparation of consolidated financial statements involves estimating the Company’s current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. An assessment of the recoverability of deferred tax assets is made, and a valuation allowance is established if necessary based upon this assessment. | |
Pension Benefits | |
The valuation of the Company’s pension plan requires the use of assumptions and estimates to develop actuarial valuations of pension expense, pension assets, and pension liabilities. These assumptions include discount rates, investment returns, and mortality rates. Changes in these assumptions could potentially have a material impact on the Company’s pension expense and related funding requirements. | |
Restricted Cash | |
At December 29, 2013, and December 30, 2012, the Company had $0.3 million of restricted cash related to minimum balance requirements associated with procurement of certain raw materials and supplies. | |
Revenue Recognition | |
The Company’s policy is to recognize revenue when the earnings process is complete. The criteria used in making this determination are persuasive evidence that an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Sales are recorded net of returns and allowances, which are estimated using historical data, at the time of sale. | |
Terms of shipment are free on board shipping point, and payment is not contingent upon resale or any other matter other than passage of time. As a result, title to goods passes upon shipment. Amounts billed to customers for shipping costs are reflected in net sales; shipping costs are reflected in cost of sales. | |
Property, Plant and Equipment | |
Additions and improvements are capitalized at cost, whereas expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives of the respective assets principally on the straight-line method (machinery and equipment normally five to ten years; buildings and leasehold improvements over the shorter of the lease term or the economic life, estimated at ten to forty years). | |
Goodwill | |
In accordance with ASC Topic 350, Goodwill and Other Intangible Assets, the Company reviews the carrying value of goodwill at least annually and more frequently if indicators of potential impairment arise. Goodwill represents the excess of the amount paid to acquire the Company over the estimated fair value of the net tangible and intangible assets acquired as of the acquisition date. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset. | |
The Company performed the required annual impairment tests for fiscal years 2013 and 2012, transition period 2011, and fiscal year 2011, and found no impairment of goodwill. There can be no assurance that future goodwill impairment tests will not result in a charge to earnings. | |
Intangible Assets | |
Additions to intangible assets are capitalized at fair market value and the carrying value of indefinite-lived intangibles is reviewed for impairment at least annually. Intangible assets are included in other assets in the consolidated balance sheets, and are amortized over the estimated useful lives of the respective assets, principally on the straight-line method. In fiscal 2009 and fiscal 2010, the Company acquired several patents related to the design and manufacture of digital DC drives for material handling and mining applications. The cost of the patents, $533 as of December 29, 2013, and December 30, 2012, was capitalized and is included in other assets in the consolidated balance sheets. The estimated useful life of the patents is 10 years. Accumulated amortization of the patents as of December 29, 2013, and December 30, 2012, was $291 and $238, respectively, resulting in a net carrying value as of those dates of $242 and $295, respectively. | |
Stock-Based Compensation | |
The Company records stock-based compensation expenses in accordance with ASC Topic 718, Stock Compensation (formerly SFAS No. 123R, Accounting for Stock-Based Compensation). Compensation expense related to all stock-based awards for fiscal years 2013 and 2012, transition period 2011, and for fiscal year 2011 is included in selling, general and administrative expense in the consolidated statements of operations. No tax benefit was recorded on the stock compensation expense for fiscal years 2013 and 2012, transition period 2011, or fiscal year 2011 due to deferred tax valuation allowances recorded by the Company in those years. | |
Research and Development | |
Expenditures for research and development are charged to expense as incurred and totaled $3,246 for fiscal 2013, $3,834 for fiscal 2012, $2,103 for the six-month transition period 2011, and $4,360 for fiscal year 2011. | |
Advertising | |
Expenditures for advertising are charged to expense as incurred and totaled $58 for fiscal year 2013, $88 for fiscal year 2012, $26 for the six-month transition period 2011, and $74 for the fiscal year 2011. | |
Foreign Currency Translation | |
The accounts of the Company’s foreign entities are measured using local currency as the functional currency. Assets and liabilities are translated to the reporting currency (U.S. Dollar) at the exchange rate in effect at year-end. Revenues and expenses are translated at the rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of accumulated other comprehensive gain or loss in stockholders’ equity. | |
Earnings Per Share | |
In accordance with ASC Topic 260, Earnings Per Share, basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share incorporate the incremental shares issuable upon the assumed vesting of restricted stock and the exercise of stock options as if all vesting and exercises had occurred at the beginning of the fiscal year. | |
Recent Accounting Pronouncements | |
On January 2, 2012, the Company adopted Financial Accounting Standards Board Accounting Standards Update ("ASU") 2011-05, an amendment to Accounting Standards Codification 220, Comprehensive Income. ASU 2011-05 introduces a new statement, the Consolidated Statement of Comprehensive Income, which begins with net earnings and adds or deducts other recognized changes in assets and liabilities that are not included in net earnings, but are reported directly to equity. For example, unrealized changes in currency translation adjustments are included in the measure of comprehensive income but are excluded from net income. The amendment affects only the display of those components of equity categorized as other comprehensive income and does not change existing recognition and measurement requirements that determine net earnings. | |
In February 2010, the SEC approved a work plan regarding convergence of US GAAP with International Financial Reporting Standards (“IFRS”) and the timeline for the preparation of financial statements by U.S. registrants under IFRS. IFRS are standards and interpretations adopted by the International Accounting Standards Board. Under the proposed roadmap, the Company would be required to prepare financial statements in accordance with IFRS no earlier than in fiscal 2016. The Company is currently assessing the potential impact of IFRS on its financial statements and will continue to follow the proposed roadmap for future developments. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
Certain expenses incurred related to businesses the Company no longer owns, are classified as discontinued operations. The results of discontinued operations follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Income (loss) from discontinued operations before interest and income taxes | $ | (627 | ) | $ | 703 | $ | (39 | ) | $ | (1,154 | ) | ||||||
Income on sale of telecom power systems business | — | 32 | — | — | |||||||||||||
Gain from settlement agreement, net of fees | — | 4,962 | — | — | |||||||||||||
Income (loss) from discontinued operations | $ | (627 | ) | $ | 5,697 | $ | (39 | ) | $ | (1,154 | ) | ||||||
The Company's loss from discontinued operations of $0.6 million in fiscal 2013 was comprised mainly of charges of $0.3 million for environmental matters and $0.2 million for legal fees related to asbestos matters from previously divested businesses (see Note 10 of Notes to Consolidated Financial Statements). | |||||||||||||||||
Income from discontinued operations of $5.7 million in fiscal 2012 includes a gain of $5.0 million from a settlement agreement entered into by the Company to resolve a legal matter, as well as income of $1.2 million from non-cash adjustments of liabilities related to previously owned businesses, partially offset by $0.5 million of legal fees and other costs related to previously divested businesses (see Note 10 of Notes to Consolidated Financial Statements). | |||||||||||||||||
The Company’s loss from discontinued operations in transition period 2011 includes charges of $0.3 million for adjustments to legacy insurance reserves, $0.2 million for environmental matters, and $0.2 million for legal fees related to asbestos and other costs related to previously divested businesses, offset by a gain of $0.7 million related to the recovery of legal fees paid in a patent infringement matter pursuant to an indemnification agreement (see Note 10 of Notes to Consolidated Financial Statements). | |||||||||||||||||
The Company’s loss from discontinued operations in fiscal 2011 includes charges of $0.5 million for environmental matters, $0.3 million for legal fees related to asbestos issues, and $0.3 million for other legal fees and other costs related to previously divested businesses. |
Goodwill
Goodwill | 12 Months Ended | ||||||
Dec. 29, 2013 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
Goodwill | ' | ||||||
Goodwill | |||||||
The change in the carrying value of goodwill for the periods ended December 29, 2013, and December 30, 2012, is as follows: | |||||||
December 29, | December 30, | ||||||
2013 | 2012 | ||||||
Balance at beginning of period | 30,485 | 30,465 | |||||
Currency translation | (58 | ) | 20 | ||||
Balance at end of period | 30,427 | 30,485 | |||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following: | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 8,531 | $ | 9,754 | |||||
Work in process | 1,344 | 1,554 | |||||||
Finished goods | 3,447 | 3,560 | |||||||
Total inventory | $ | 13,322 | $ | 14,868 | |||||
Bank_Borrowing_Arrangements_No
Bank Borrowing Arrangements (Notes) | 12 Months Ended |
Dec. 29, 2013 | |
Debt Disclosure [Abstract] | ' |
Bank Borrowing Arrangements | ' |
Bank Borrowing Arrangements | |
In November 2007, the Company entered into an agreement with Associated Bank, N.A. (“Associated Bank”) providing for a $10 million revolving credit facility (the “revolving facility”). Borrowings under the revolving facility bore interest at the London Interbank Offering Rate (“LIBOR”) plus 1.5%, with borrowing levels determined by a borrowing base formula as defined in the agreement, which includes the level of eligible accounts receivable. The revolving facility also supports the issuance of letters of credit, places certain restrictions on the Company’s ability to pay dividends or make acquisitions, and includes covenants that require minimum operating profit levels and limit annual capital expenditures. Borrowings under the revolving facility were originally collateralized by the Company’s accounts receivable and inventory. | |
The Company has subsequently entered into several amendments to the revolving facility, mainly to increase the commitment amount to $12.5 million, to extend the maturity date of the revolving facility, to broaden the security interest of Associated Bank to collateralize all assets of the Company, and to establish or modify certain covenants with which the Company must comply under the terms of the amended revolving facility. | |
In June 2013, the Company and Associated Bank entered into the fifth amendment to the revolving facility, the purpose of which was to (i) extend the maturity date of the revolving facility to June 15, 2014; (ii) establish minimum adjusted earnings before interest, taxes, depreciation and amortization requirements for the three-month periods ending December 31, 2012, through March 31, 2014; and (iii) establish maximum cash amounts the Company can contribute to its defined benefit pension plan during the term of the agreement. | |
In December 2013, the Company and Associated Bank entered into the most recent sixth amendment to the revolving facility, the purpose of which was to increase the maximum cash amounts the Company could contribute to its defined benefit pension plan during the fourth quarter of fiscal 2013. | |
There were no amounts outstanding on the amended revolving facility as of December 29, 2013. The Company is currently in compliance with all covenants of the revolving facility, as amended. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings (Loss) Per Share | ' | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods ended: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 3,759 | $ | 6,926 | $ | 4,331 | $ | 4,817 | |||||||||
Income (loss) from discontinued operations | (627 | ) | 5,697 | (39 | ) | (1,154 | ) | ||||||||||
Net income (loss) | $ | 3,132 | $ | 12,623 | $ | 4,292 | $ | 3,663 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares for basic income (loss) per share | 3,231 | 3,174 | 3,148 | 3,134 | |||||||||||||
Add dilutive effect of stock options outstanding | 108 | 64 | 64 | 53 | |||||||||||||
Weighted average shares for diluted income (loss) per share | 3,339 | 3,238 | 3,212 | 3,187 | |||||||||||||
Income (loss) per share - basic: | |||||||||||||||||
Income (loss) per share from continuing operations | $ | 1.16 | $ | 2.18 | $ | 1.38 | $ | 1.54 | |||||||||
Income (loss) per share from discontinued operations | $ | (0.19 | ) | $ | 1.79 | $ | (0.01 | ) | $ | (0.37 | ) | ||||||
Net income (loss) per share - basic | $ | 0.97 | $ | 3.97 | $ | 1.36 | $ | 1.17 | |||||||||
Income (loss) per share - diluted: | |||||||||||||||||
Income (loss) per share from continuing operations | $ | 1.13 | $ | 2.14 | $ | 1.35 | $ | 1.51 | |||||||||
Income (loss) per share from discontinued operations | $ | (0.19 | ) | $ | 1.76 | $ | (0.01 | ) | $ | (0.37 | ) | ||||||
Net income (loss) per share - diluted | $ | 0.94 | $ | 3.9 | $ | 1.34 | $ | 1.15 | |||||||||
Outstanding options to purchase 147 thousand and 174 thousand shares of common stock for fiscal years 2013 and 2012, respectively, have not been included in the Company’s computation of weighted average shares for diluted earnings per share because the effect would have been anti-dilutive. Similarly, outstanding options to purchase 179 thousand and 178 thousand shares of common stock for the six-month period ended January 1, 2012 and fiscal year 2011, respectively, have not been included in the Company’s computation of weighted average shares for diluted earnings per share because the effect would have been anti-dilutive. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 29, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Values of Financial Instruments | ' |
Fair Values of Financial Instruments | |
The carrying amounts of certain financial instruments including cash, restricted cash, accounts receivable, and accounts payable approximate their fair values based on the short-term nature of these instruments. In addition, the Company’s investment in an annuity contract of $3.9 million at December 29, 2013, and $4.6 million at December 30, 2012, is recorded at fair value based upon the net asset value of the contract. The annuity contract is included in other assets in the accompanying consolidated balance sheet and is classified as a level 2 asset within the fair value hierarchy (refer to Note 12 of Notes to Consolidated Financial Statements for a definition of the fair value levels). |
Asset_Impairment_Charges
Asset Impairment Charges | 12 Months Ended |
Dec. 29, 2013 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | ' |
Asset Impairment Charges | ' |
Asset Impairment Charges | |
In the fourth quarter of fiscal 2012, the Company committed to a plan to no longer pursue new business opportunities in renewable energy, due to significantly diminished expectations for future sales of inverters into renewable energy markets. As a result, the Company determined at that time that its fixed assets used in the manufacture and test of inverters were impaired. Accordingly, the Company recorded a non-cash, pre-tax impairment charge of $1.2 million. The charge is included in cost of sales in the accompanying consolidated statement of operations for the fiscal year ended December 30, 2012. The impairment charge reduced the net book value of the Company's renewable energy fixed assets to a negligible amount. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||
The Company’s provision for income taxes, all of which relates to its continuing operations, consists of the following: | |||||||||||||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
For the period ended | December 29, | December 30, | January 1, | July 3, | |||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
State | — | 45 | — | — | |||||||||||||||||||||||||
Foreign | 87 | 101 | 48 | (219 | ) | ||||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||||||
Federal | 926 | 955 | 477 | 953 | |||||||||||||||||||||||||
State and foreign | 3 | (5 | ) | 24 | (104 | ) | |||||||||||||||||||||||
Provision for income taxes | $ | 1,016 | $ | 1,096 | $ | 549 | $ | 630 | |||||||||||||||||||||
The Company did not record any provision for income taxes related to its discontinued operations for fiscal years 2013 or 2012, transition period 2011, or for fiscal year 2011, as the Company has a full valuation allowance and available net operating losses. | |||||||||||||||||||||||||||||
A reconciliation of the Company's effective tax rate for continuing operations to the statutory Federal tax rate follows: | |||||||||||||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||
Provision (benefit) computed at the statutory rate | $ | 1,670 | 35 | $ | 2,808 | 35 | $ | 1,708 | 35 | $ | 1,906 | 35 | |||||||||||||||||
Losses not benefited | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Use of net operating losses | (622 | ) | (13.0 | ) | (1,652 | ) | (20.2 | ) | (1,124 | ) | (23.0 | ) | (896 | ) | (16.5 | ) | |||||||||||||
Foreign tax rate differential | (32 | ) | (0.7 | ) | (60 | ) | (0.8 | ) | (35 | ) | (0.7 | ) | (380 | ) | (7.0 | ) | |||||||||||||
Total provision for income taxes | $ | 1,016 | 21.3 | $ | 1,096 | 14 | $ | 549 | 11.3 | $ | 630 | 11.5 | |||||||||||||||||
Income before provision for income taxes of the Company's foreign subsidiaries (located in Canada and the United Kingdom) included in continuing operations was approximately $368, $447, $305, and $341 for fiscal years 2013 and 2012, the six-month transition period 2011, and fiscal year 2011, respectively. | |||||||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||||||||||||||||||
Significant components of the Company's deferred tax liabilities and assets as of December 29, 2013, and December 30, 2012, follow: | |||||||||||||||||||||||||||||
December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||||||
Depreciation and amortization (including differences in the basis of acquired assets) | $ | (9,125 | ) | $ | (8,204 | ) | |||||||||||||||||||||||
Total deferred tax liabilities | (9,125 | ) | (8,204 | ) | |||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||||||
Inventory and other reserves | 2,329 | 2,152 | |||||||||||||||||||||||||||
Pension benefit obligation | 19,055 | 40,240 | |||||||||||||||||||||||||||
Net operating loss and capital loss carryforwards | 88,784 | 85,080 | |||||||||||||||||||||||||||
Total gross deferred tax assets | 110,168 | 127,472 | |||||||||||||||||||||||||||
Less valuation allowance | (110,090 | ) | (127,386 | ) | |||||||||||||||||||||||||
Deferred tax assets less valuation allowance | 78 | 86 | |||||||||||||||||||||||||||
Net deferred tax liability | $ | (9,047 | ) | $ | (8,118 | ) | |||||||||||||||||||||||
The Company records valuation allowances against its deferred tax assets, when necessary, in accordance with ASC Topic 740, Income Taxes. Realization of deferred tax assets (such as net operating loss carryforwards) is dependent on future taxable earnings and may therefore be uncertain. To the extent the Company believes that recovery is unlikely, a valuation allowance is established against its deferred tax asset, which increases the Company’s income tax expense in the period such determination is made. Due to the uncertainty surrounding the timing of realizing the benefits of its deferred tax assets in future tax returns, the Company has recorded a valuation allowance against its otherwise recognizable deferred tax assets. | |||||||||||||||||||||||||||||
The Company had net operating loss (“NOL”) carryforwards for U.S. federal tax purposes of $227 million and $212 million as of December 29, 2013, and December 30, 2012, respectively. The potential tax benefit of all carryforwards has been fully reserved with a valuation allowance and therefore there is no net tax asset on the consolidated balance sheets related to this asset at December 29, 2013, or at December 30, 2012. The Company’s NOLs have a carryforward period of 20 years with expiration dates ranging from 2019 to 2033. As the balance sheet reflects no benefit of such NOLs, the Company anticipates that no federal tax liability, other than alternative minimum tax, would be recorded when U.S. taxable income is generated and such carryforwards are utilized. | |||||||||||||||||||||||||||||
The Company regularly completes internal evaluations as to whether ordinary transfers of the Company’s common stock between shareholders have resulted in an ownership change as defined in Section 382 of the Internal Revenue Code. Based on available information, the Company has determined that no such ownership change has occurred as of the end of December 29, 2013. If such ownership change had occurred, utilization of the Company’s NOLs would be subject to annual limitation provisions per the Internal Revenue Code and similar state laws. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Leases | |||||
The Company leases certain facilities and machinery and equipment primarily under operating lease arrangements, which generally provide renewal options. Future minimum rental payments under noncancellable operating leases as of December 29, 2013, follow: | |||||
Minimum | |||||
Lease | |||||
Fiscal Year | Payments | ||||
2014 | 1,231 | ||||
2015 | 997 | ||||
2016 | 938 | ||||
2017 | 859 | ||||
2018 | 847 | ||||
Thereafter | 1,879 | ||||
Total lease payments | $ | 6,751 | |||
Rent expense was $1.3 million, $1.1 million, $0.6 million, and $1.2 million for fiscal years 2013 and 2012, the six-month transition period 2011, and fiscal year 2011, respectively. | |||||
Litigation-Product Liability | |||||
The Company has been named, along with multiple other defendants, in asbestos-related lawsuits associated with business operations previously acquired by the Company, but which are no longer owned. During the Company's ownership, none of the businesses produced or sold asbestos-containing products. For such claims, the Company is either contractually indemnified against liability, or contractually obligated to defend and indemnify the purchaser of these former Magnetek business operations. With respect to these claims, the Company is uninsured, but management believes that it has no such liability and the Company aggressively seeks dismissal from these proceedings. Management does not believe the asbestos proceedings, individually or in the aggregate, will have a material adverse effect on its financial position or results of operations. Given the nature of the above issues, uncertainty of the ultimate outcome, and inability to estimate the potential loss, no amounts have been reserved for these matters. | |||||
Litigation—Patent Infringement and Related Proceedings | |||||
In August 2008, the Company filed a complaint in the Circuit Court of Cook County, Illinois, County Department, Law Division, against Kirkland & Ellis, LLP (“K&E”). The lawsuit involved a claim for breach of professional responsibility arising out of K&E’s representation of Magnetek in the patent infringement action, Ole K. Nilssen v. Magnetek, Inc. The Company alleged that, as a result of K&E’s negligent breach of professional duty in failing to discover or investigate the existence of prior art and prior misconduct which would have made Nilssen’s patent claim unenforceable or invalidated his patent, the Company suffered an arbitration award and judgment in the amount of $23.4 million, which judgment was ultimately settled by the payment to Nilssen of $18.75 million. The Company sought damages in the amount of $18.75 million. Following a December 2011 mediation, on January 9, 2012, the Company entered into a settlement agreement with K&E. Under the terms of the settlement agreement all outstanding claims were settled and released with prejudice in consideration of K&E making a $5 million settlement payment to Magnetek, which the Company received in January 2012. The federal proceeding and the Illinois Supreme Court proceeding were subsequently dismissed, also in January 2012. The Company entered into the settlement agreement to eliminate the uncertainties, burden and expense of further litigation. The Company recorded the settlement payment as a gain in discontinued operations in the first quarter of fiscal 2012, as the initial patent infringement claim related to a business the Company divested in 2003. | |||||
As previously reported by the Company, Universal Lighting Technologies, Inc. (“ULT”) and Nilssen entered into a consent judgment in April 2008, for dismissal, on collateral estoppel grounds, of the patent infringement lawsuit filed by Nilssen against ULT. The Company had provided the defense in the lawsuit pursuant to an indemnification claim from ULT subject to the terms of the sale agreement under which ULT purchased Magnetek’s lighting business in 2003. In September 2009, Nilssen and ULT entered into a settlement agreement relating to attorney’s fees. Under the settlement agreement, Nilssen paid to the Company an amount of $0.75 million as attorney’s fees as well as a nominal amount for costs. However, if a motion by Nilssen was successful such that ULT ceased to be the “prevailing party” and was no longer entitled to attorney’s fees, then the Company would have been obligated to refund the $0.75 million attorney’s fees settlement amount. In November 2011, the court ordered Nilssen's motion be denied and, as a result, Nilssen's potential claim to a refund of the attorney's fees settlement amount was extinguished. As a result, the Company recorded a gain of $0.75 million in discontinued operations in the six-month transition period ended January 1, 2012. | |||||
Litigation-Other | |||||
In November 2007, a lawsuit was filed by Antonio Canova in Italy, in the Court of Arezzo, Labor Law Section, against the Company and Power-One Italy, S.p.A. Mr. Canova is a former Executive Vice President of the Company and was Deputy Chairman and Managing Director of the Company's former Italian subsidiary, Magnetek, S.p.A. Mr. Canova asserted claims for damages in the amount of 3.5 million Euros (approximately US$4.8 million) allegedly incurred in connection with the termination of his employment at the time of the sale of the Company's power electronics business to Power-One, Inc. ("Power One") in October 2006. The claims against the Company relate to a change of control agreement and restricted stock grant. On March 8, 2012, the Court of Arezzo ruled in the Company's favor, dismissing Mr. Canova's claims against the Company as invalid. Mr. Canova appealed the ruling in September 2012. | |||||
In October 2010, the Company received a request for indemnification from Power-One for an Italian tax matter arising out of the sale of the Company's power electronics business to Power-One in October 2006. With a reservation of rights, the Company affirmed its obligation to indemnify Power-One for certain pre-closing taxes. The sale included an Italian company, Magnetek, S.p.A., and its wholly owned subsidiary, Magnetek Electronics (Shenzhen) Co. Ltd. (the “Power-One China Subsidiary”). The tax authority in Arezzo, Italy, issued a notice of audit report in September 2010 wherein it asserted that the Power-One China Subsidiary had its administrative headquarters in Italy with fiscal residence in Italy and, therefore, was subject to taxation in Italy. In November 2010, the tax authority issued a notice of tax assessment for the period of July 2003 to June 2004, alleging that taxes of approximately 1.9 million Euros (approximately US$2.6 million) were due in Italy on taxable income earned by the Power-One China Subsidiary during this period. In addition, the assessment alleged potential penalties calculated at 120% of the tax amount claimed together with interest in the amount of approximately 2.6 million Euros (or approximately US$3.6 million) for the alleged failure of the Power-One China Subsidiary to file its Italian tax return. The Power-One China Subsidiary filed its response with the provincial tax commission of Arezzo, Italy in January 2011. The tax authority in Arezzo, Italy issued a tax inspection report in January 2011 for the periods July 2002 to June 2003 and July 2004 to December 2006 claiming that the Power-One China Subsidiary failed to file Italian tax returns for the reported periods. A hearing before the Tax Court was held on July 5, 2012 on the tax assessment for the period of July 2003 to June 2004. On September 20, 2012, the Tax Court ruled in favor of the Power-One China Subsidiary dismissing the tax assessment for the period of July 2003 to June 2004. On February 22, 2013, the tax authority filed an appeal of the Tax Court's September 2012 ruling. On August 2, 2012, the tax authority in Arezzo, Italy issued additional notices of tax assessment for the periods July 2002 to June 2003 and July 2004 to December 2006, alleging that taxes of approximately 9.5 million Euros (approximately US$13.0 million) were due in Italy on taxable income earned by the Power-One China Subsidiary together with an allegation of potential penalties in the amount of approximately 2.8 million Euros (approximately US$3.9 million) for the alleged failure of the Power-One China Subsidiary to file its Italian tax returns. The Company believes the Italian tax claims are without merit and intends to vigorously defend against them. On October 1, 2013, the Court of Appeal of Florence issued its decision in the Canova matter rejecting all claims of the appellant Canova against Magnetek, Inc. and ordered Mr. Canova to pay a nominal amount in favor of Magnetek, Inc. toward the Company's legal expenses incurred in the appeal. Mr. Canova retains the right to appeal the decision to the Supreme Court within one year after the decision of the Court of Appeal was formally published (October 16, 2013). Any review by the Supreme Court would be limited to a review of the legal basis of the decision and no review of the merits of the case is possible. | |||||
Litigation - Environmental Matters | |||||
From time to time, Magnetek has taken action to bring certain facilities associated with previously owned businesses into compliance with applicable environmental laws and regulations. Upon the subsequent sale of certain businesses, the Company agreed to indemnify the buyers against environmental claims associated with the divested operations, subject to certain conditions and limitations. Remediation activities, including those related to the Company's indemnification obligations, did not involve material expenditures during fiscal years 2013 or 2012, transition period 2011, or fiscal year 2011. | |||||
The Company has also been identified by the United States Environmental Protection Agency and certain state agencies as a potentially responsible party for clean-up costs associated with alleged past waste disposal practices at several previously utilized, owned or leased facilities and offsite locations. Its remediation activities as a potentially responsible party were not material in fiscal years 2013 or 2012, transition period 2011, or fiscal year 2011. Although the materiality of future expenditures for environmental activities may be affected by the level and type of contamination, the extent and nature of clean-up activities required by governmental authorities, the nature of the Company's alleged connection to the contaminated sites, the number and financial resources of other potentially responsible parties, the availability of indemnification rights against third parties and the identification of additional contaminated sites, the Company's estimated share of liability, if any, for environmental remediation, including its indemnification obligations, is not expected to be material. | |||||
Bridgeport, Connecticut Facility | |||||
In 1986, the Company acquired the stock of Universal Manufacturing Company (“Universal”) from a predecessor of Fruit of the Loom (“FOL”), and the predecessor agreed to indemnify the Company against certain environmental liabilities arising from pre-acquisition activities at a facility in Bridgeport, Connecticut. Environmental liabilities covered by the indemnification agreement included completion of additional clean-up activities, if any, at the Bridgeport facility and defense and indemnification against liability for potential response costs related to offsite disposal locations. The Company's leasehold interest in the Bridgeport facility was assigned to the buyer in connection with the sale of the Company's transformer business in June 2001. FOL, the successor to the indemnification obligation, filed a petition for Reorganization under Chapter 11 of the Bankruptcy Code in 1999 and the Company filed a proof of claim in the proceeding for obligations related to the environmental indemnification agreement. The Company believes that FOL had substantially completed the clean-up obligations required by the indemnification agreement prior to the bankruptcy filing. In November 2001, the Company and FOL entered into an agreement involving the allocation of certain potential tax benefits and Magnetek withdrew its claims in the bankruptcy proceeding. The Company further believes that FOL's obligation to the state of Connecticut was not discharged in the reorganization proceeding. | |||||
In January 2007, the Connecticut Department of Environmental Protection (“DEP”) requested parties, including the Company, to submit reports summarizing the investigations and remediation performed to date at the site and the proposed additional investigations and remediation necessary to complete those actions at the site. DEP requested additional information from the Company relating to site investigations and remediation. The Company retained an environmental consultant to review and prepare reports on historical operations and environmental activities at the Bridgeport facility. In November 2009, the Company submitted its site summary report and proposed work plan to the DEP and in October 2010 submitted a revised work plan to the DEP. The Company and the DEP agreed to the scope of the work plan in November 2010. The Company has recorded a liability of $0.5 million related to the Bridgeport facility, representing the Company's best estimate of future site investigation costs and remediation costs which are expected to be incurred in the future. The liability is included in accrued liabilities in the consolidated balance sheet as of December 29, 2013. | |||||
FOL's inability to satisfy its remaining obligations to the state of Connecticut related to the Bridgeport facility and any offsite disposal locations or the discovery of additional environmental contamination at the Bridgeport facility could have a material adverse effect on the Company's financial position, cash flows or results of operations. | |||||
Letters of Credit | |||||
The Company had approximately $0.8 million of outstanding letters of credit as of December 29, 2013. |
StockBased_Compensation_Agreem
Stock-Based Compensation Agreements | 12 Months Ended | ||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Stock-Based Compensation Agreements | ' | ||||||||||||||||||
Stock-Based Compensation Agreements | |||||||||||||||||||
The Company has two stock option plans (the "Plans"), one of which provides for the issuance of both incentive stock options (under Section 422A of the Internal Revenue Code of 1986) and non-qualified stock options at exercise prices not less than the fair market value of the Company’s common stock at the date of grant, and one of which provides only for the issuance of non-qualified stock options at exercise prices not less than the fair market value of the Company’s common stock at the date of grant. One of the Plans also provides for the issuance of stock appreciation rights, restricted stock, incentive bonuses and incentive stock units. The total number of shares of the Company's common stock available for issuance of stock options and other stock rights under the Plans is approximately 158 thousand shares. | |||||||||||||||||||
Under the provisions of the Plans, key employees and non-employee directors may be granted options to purchase shares of Magnetek common stock at a price not less than its fair market value on the date of grant. Options granted have a maximum term of 10 years. Vesting requirements are determined at the discretion of the Compensation Committee of the Company’s Board of Directors, with vesting periods generally ranging from two to four years. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options. The key assumptions for the Black-Scholes valuation method include the expected life of the option, stock price volatility, a risk-free interest rate, and dividend yield. Many of these assumptions are judgmental and highly sensitive. Following is a table of the weighted average fair value of the Company’s stock option grants for fiscal years 2013 and 2012, transition period 2011, and for fiscal year 2011, using the Black-Scholes valuation model, assuming no dividends, with the following assumptions: | |||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year | |||||||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | ||||||||||||||||
Expected life in years | 5.8 | 5.3 | 5.6 | 5.7 | |||||||||||||||
Expected stock price volatility | 70.9 | % | 74.9 | % | 73.7 | % | 73.3 | % | |||||||||||
Risk-free interest rate | 2 | % | 0.8 | % | 1.2 | % | 1.6 | % | |||||||||||
Options granted (in thousands) | 6 | 15 | 11 | 42 | |||||||||||||||
Weighted average fair value of options granted | $ | 14.03 | $ | 6.47 | $ | 6.18 | $ | 8 | |||||||||||
Compensation expense related to stock option awards is recognized ratably over the vesting period. | |||||||||||||||||||
The Company also awards restricted shares of the Company’s common stock to key employees under the provisions of one of the Plans. Restrictions on the shares expire either after completion of a service period, typically three years, or upon achievement of established performance objectives, as determined by the Compensation Committee of the Company’s Board of Directors. Shares are valued at the market price on the date of award. Compensation expense related to these awards is recognized ratably over the service period. | |||||||||||||||||||
During fiscal 2013, the Company recorded $0.7 million of stock-based compensation related to all share-based awards. For fiscal year 2012, transition period 2011 and fiscal year 2011, the Company recorded $0.8 million, $0.4 million, and $0.6 million, respectively, of stock-based compensation related to share-based awards. Stock-based compensation expense is included in selling, general and administrative expense in the accompanying consolidated statements of operations. As of December 29, 2013, there was $1.0 million of total unrecognized compensation cost related to all stock option and restricted share grants, to be expensed ratably over a weighted-average remaining period of 1.8 years. | |||||||||||||||||||
A summary of certain information with respect to outstanding stock options under the Plans follows (options in thousands): | |||||||||||||||||||
Options | Weighted- | Aggregate | |||||||||||||||||
Average | Intrinsic | ||||||||||||||||||
Exercise | Value | ||||||||||||||||||
Price | ($000's) | ||||||||||||||||||
Options outstanding, June 27, 2010 | 232 | $ | 51.6 | $ | — | ||||||||||||||
Granted | 42 | $ | 12.6 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Canceled | (96 | ) | 58.9 | ||||||||||||||||
Options outstanding, July 3, 2011 | 178 | $ | 38.5 | $ | 270 | ||||||||||||||
Granted | 11 | $ | 9.82 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Canceled | (10 | ) | 107.81 | ||||||||||||||||
Options outstanding, January 1, 2012 | 179 | $ | 32.67 | $ | 1 | ||||||||||||||
Granted | 15 | $ | 10.41 | ||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||
Canceled | (20 | ) | $ | 65.26 | |||||||||||||||
Options outstanding, December 30, 2012 | 174 | $ | 26.88 | $ | 18 | ||||||||||||||
Granted | 6 | $ | 22.23 | ||||||||||||||||
Exercised | (8 | ) | $ | 12.06 | |||||||||||||||
Canceled | (25 | ) | $ | 22.67 | |||||||||||||||
Options outstanding, December 29, 2013 | 147 | $ | 28.22 | $ | 624 | ||||||||||||||
Exercisable options, July 3, 2011 | 114 | $ | 50.9 | $ | 23 | ||||||||||||||
Exercisable options, January 1, 2012 | 112 | $ | 43.42 | $ | — | ||||||||||||||
Exercisable options, December 30, 2012 | 115 | $ | 34.91 | $ | 9 | ||||||||||||||
Exercisable options, December 29, 2013 | 132 | $ | 29.87 | $ | 486 | ||||||||||||||
The following table provides information regarding exercisable and outstanding options as of December 29, 2013 (options in thousands): | |||||||||||||||||||
Exercisable | Outstanding | ||||||||||||||||||
Range of exercise price per share | Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||
exercisable | average | average | outstanding | average | average | ||||||||||||||
exercise | remaining | exercise | remaining | ||||||||||||||||
price per | contractual | price per | contractual | ||||||||||||||||
share | life (years) | share | life (years) | ||||||||||||||||
8.48 - $10.00 | 4 | $ | 8.48 | 8 | 8 | $ | 8.48 | 8 | |||||||||||
10.01 - $15.00 | 32 | 11.43 | 7 | 38 | 11.27 | 7.3 | |||||||||||||
15.01 - $20.00 | 7 | 17.79 | 7.5 | 7 | 17.79 | 7.5 | |||||||||||||
20.01 - $30.00 | 47 | 22.77 | 4.6 | 52 | 22.71 | 5.2 | |||||||||||||
30.01 - $80.00 | 42 | 55.74 | 2.1 | 42 | 55.74 | 2.1 | |||||||||||||
Total | 132 | $ | 29.87 | 4.7 | 147 | $ | 28.22 | 5.1 | |||||||||||
The following table provides information regarding vested and unvested restricted stock activity for fiscal year 2011, for the six-month transition period 2011, and for fiscal years 2012 and 2013 (shares in thousands): | |||||||||||||||||||
Shares | Weighted | Fair value | |||||||||||||||||
average | of vested | ||||||||||||||||||
grant date | shares at | ||||||||||||||||||
fair value | vesting date | ||||||||||||||||||
Unvested at June 27, 2010 | 64 | $ | 15.3 | ||||||||||||||||
Granted | 50 | $ | 11.8 | ||||||||||||||||
Vested | — | — | $ | — | |||||||||||||||
Forfeited | (23 | ) | 14.4 | ||||||||||||||||
Unvested at July 3, 2011 | 91 | $ | 13.6 | ||||||||||||||||
Granted | 21 | $ | 13 | ||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Unvested at January 1, 2012 | 112 | $ | 13.48 | ||||||||||||||||
Granted | 46 | $ | 16.66 | ||||||||||||||||
Vested | (42 | ) | $ | 14.85 | $ | 437 | |||||||||||||
Forfeited | (11 | ) | $ | 13.38 | |||||||||||||||
Unvested at December 30, 2012 | 105 | $ | 14.35 | ||||||||||||||||
Granted | 66 | $ | 12.6 | ||||||||||||||||
Vested | (37 | ) | $ | 12.28 | $ | 618 | |||||||||||||
Forfeited | (3 | ) | $ | 11.5 | |||||||||||||||
Unvested at December 29, 2013 | 131 | $ | 14.11 | ||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
The Company maintains a defined benefit pension plan (the “pension plan”) for the benefit of eligible employees, former employees, and retirees in the U.S. The pension plan has been frozen since 2003, and since that time, participant accounts have not been credited with any additional years of service or additional compensation, but rather only with interest on accrued balances. The pension plan is managed in compliance with all provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), the Investment Advisers Act of 1940, and other applicable laws. The Company funds the pension plan in accordance with applicable employee benefit and tax laws, primarily the Pension Protection Act of 2006, as amended ("PPA"). The primary purpose of the pension plan is to provide a source of retirement income for plan participants and beneficiaries. | |||||||||||||||||
Net pension expense for the Company’s pension plan follows: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
29-Dec-13 | 30-Dec-12 | 1-Jan-12 | 3-Jul-11 | ||||||||||||||
Interest cost | $ | 7,854 | $ | 8,655 | $ | 4,919 | $ | 9,686 | |||||||||
Expected return on plan assets | (10,246 | ) | (9,741 | ) | (5,394 | ) | (10,041 | ) | |||||||||
Recognized net actuarial loss | 8,757 | 8,022 | 3,181 | 6,855 | |||||||||||||
Net pension expense | $ | 6,365 | $ | 6,936 | $ | 2,706 | $ | 6,500 | |||||||||
Net pension expense for fiscal 2014 is estimated at $3.7 million. During that time, it is expected that $7.2 million of amounts included in accumulated other comprehensive loss will be recognized in net periodic benefit cost. The expected long-term rate of return on pension plan assets in determining fiscal 2014 pension expense is 7.75%. | |||||||||||||||||
Pension benefit obligations at year-end, the fair value of pension plan assets, and the pension plan funded status are as follows: | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation at beginning of period | $ | 230,257 | $ | 217,452 | |||||||||||||
Interest cost | 7,854 | 8,655 | |||||||||||||||
Actuarial loss (gain) | (17,762 | ) | 16,922 | ||||||||||||||
Benefits paid | (11,285 | ) | (12,772 | ) | |||||||||||||
Benefit obligation at end of period | $ | 209,064 | $ | 230,257 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 127,917 | $ | 119,344 | |||||||||||||
Actual return on plan assets | 19,115 | 9,774 | |||||||||||||||
Employer contributions | 24,856 | 11,571 | |||||||||||||||
Benefits paid | (11,285 | ) | (12,772 | ) | |||||||||||||
Fair value of plan assets at end of period | $ | 160,603 | $ | 127,917 | |||||||||||||
Funded status | $ | (48,461 | ) | $ | (102,340 | ) | |||||||||||
Unrecognized net actuarial loss | 169,070 | 204,459 | |||||||||||||||
Net amount recognized | $ | 120,609 | $ | 102,119 | |||||||||||||
Amounts Recognized in Statement of Financial Position: | |||||||||||||||||
Pension benefit obligations, net | $ | (48,461 | ) | $ | (102,340 | ) | |||||||||||
Accumulated other comprehensive loss | 169,070 | 204,459 | |||||||||||||||
Net amount recognized | $ | 120,609 | $ | 102,119 | |||||||||||||
The pension plan has been in a net under-funded position for the past several years, and as a result, the Company recognized an additional minimum pension liability on its balance sheet in accordance with ASC 715. The pension plan’s unrecognized losses of $169.1 million and $204.5 million (excluding tax benefits of $17 million) at December 29, 2013, and December 30, 2012, respectively, have been recorded as a reduction to equity in accumulated other comprehensive loss on the Company’s consolidated balance sheets. | |||||||||||||||||
During fiscal years 2013 and 2012, the Company made contributions totaling $24.9 million and $11.6 million to the pension plan. The Company previously made required contributions to the pension plan of $1.9 million in transition period 2011, and $8.4 million in fiscal 2011. Based upon current actuarial projections and pension funding regulations, future minimum required contributions to the pension plan are estimated at $43.2 million, of which approximately $15.3 million is scheduled to be contributed during fiscal 2014. The net present value of the future required minimum contributions, discounted at 4.45%, is estimated at $38.0 million. Required contributions after fiscal 2014 are subject to change and will depend on future interest rate levels, values in equity and fixed income markets, and the level and timing of interim contributions we may make to the pension plan. | |||||||||||||||||
Weighted average assumptions used to determine benefit cost and benefit obligation for the pension plan follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | ||||||||||||||
Discount rate used to determine benefit obligation | 4.45% | 3.50% | 4.05% | 5.15% | |||||||||||||
Discount rate used to determine benefit cost | 3.50% | 4.05% | 5.15% | 5.10% | |||||||||||||
Expected return on plan assets | 7.75% | 8.25% | 8.25% | 8.50% | |||||||||||||
Measurement date for pension benefit obligations | December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | |||||||||||||
The Company's expected rate of return on plan assets is determined in part by reviewing past actual investment returns of plan assets and historical returns of the Company's asset allocation targets. In addition, management reviews assessments of the current market environment based on a variety of data sources by asset class, including correlations between economic growth, volatility, risk, return rates, interest rates, and inflation, applied to a number of different time periods, seeking time periods that are most representative of current markets. In reviewing these assessments, management relies in part on input | |||||||||||||||||
from the Company's independent investment manager and actuaries, who provide asset-liability modeling and other advice services which simulate how pension assets and liabilities will respond under different investment and interest rate scenarios. These models incorporate the Company's specific liability and cash flow information as well as other factors that influence the pension plan liability and corresponding assets. In addition, management periodically evaluates actual returns against appropriate benchmarks to determine if actual return rates were commensurate with expectations. Based on the Company's analysis of past actual return rates, current and expected asset allocations, and future expectations of asset performance, the long-term expected rate of return on assets was reduced to 7.75% for cost recognition purposes for fiscal 2013 from the expected return rate of 8.25% that was used in fiscal year 2012. | |||||||||||||||||
The Company has adopted an investment policy which is periodically reviewed and updated. The primary objective of the investment policy is to maximize the funded status of the pension plan based on a long-term investment horizon. The Company's long-term strategic investment objectives take into consideration a number of factors, including the funded status of the plan, the plan's projected liquidity needs, the demographics of the plan's participants, and a consideration of the probability and duration of investment losses weighted against the potential for long-term appreciation of assets. | |||||||||||||||||
The Company's investment policy also establishes asset allocation targets (guidelines) for each primary asset class. The asset allocation targets per the Company's most recently adopted investment policy statement are as follows: | |||||||||||||||||
Asset Class | Target Allocation | ||||||||||||||||
Equity | 45% to 65% | ||||||||||||||||
Fixed income | 15% to 30% | ||||||||||||||||
Alternative investments | 20% to 40% | ||||||||||||||||
Cash | 0% to 5% | ||||||||||||||||
Rapid unanticipated market shifts or changes in economic conditions may cause the asset mix to fall outside the target allocations. Generally these divergences should be of a short-term nature, and rebalancing may be necessary. Investments are diversified within asset classes with the intent of minimizing risk of large losses to the pension plan while maintaining liquidity sufficient to fund current benefit payments. | |||||||||||||||||
The U.S equity holdings portion of the portfolio consists primarily of equity securities or mutual funds of companies listed on registered exchanges or actively traded in the over-the-counter markets. International equity holdings consist primarily of equity securities of non-U.S. issuers purchased in foreign markets, on U.S. or foreign exchanges, or the over-the-counter markets. The strategy for equity holdings is to provide opportunities to earn higher rates of return than with fixed income investments, while minimizing concentrations of risk by investing in a diversified mix of companies and industries worldwide, with varying market capitalization levels, growth and value profiles, fund types, and fund managers. | |||||||||||||||||
Fixed income holdings include core fixed income securities rated investment grade or better, such as bonds and debentures issued by domestic and foreign private and governmental issuers, as well as high-yield fixed income securities rated below investment grade. The fixed income investment strategy includes longer term maturities which match longer duration pension liabilities, and also includes the higher yield alternatives which are shorter in duration and allow for higher potential returns. The emerging market debt portion of the portfolio consists primarily of debt securities rated below investment grade of government and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The primary strategy for investing in emerging market debt is to provide opportunities to earn higher returns than core fixed income. | |||||||||||||||||
Limited partnership holdings consist primarily of investments in hedge funds and private investment funds. The portfolio may be allocated across several hedge fund styles and strategies, and may include equity securities, debt securities, asset-backed securities, exchange-traded funds, and derivatives. Investments in limited partnerships provide opportunities to earn above market returns. | |||||||||||||||||
The fair values of pension plan assets as of December 29, 2013, follows: | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
Pension Plan Assets | December 29, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 3 | $ | 3 | $ | — | $ | — | |||||||||
Equity holdings: | |||||||||||||||||
U.S. large cap | 21,273 | 21,273 | — | — | |||||||||||||
U.S. small cap | 7,216 | 7,216 | — | — | |||||||||||||
U.S. blended cap | 27,794 | 27,794 | — | — | |||||||||||||
International equity | 34,503 | 34,503 | — | — | |||||||||||||
Total equity holdings | 90,786 | 90,786 | — | — | |||||||||||||
Fixed income holdings: | |||||||||||||||||
Core fixed income | 13,654 | — | 13,654 | — | |||||||||||||
Diversified short term debt | 9,732 | — | 9,732 | — | |||||||||||||
Emerging market debt | 7,942 | — | 7,942 | — | |||||||||||||
High yield debt | 2,517 | — | 2,517 | — | |||||||||||||
Total fixed income holdings | 33,845 | — | 33,845 | — | |||||||||||||
Multi asset class holdings | 15,032 | — | 15,032 | — | |||||||||||||
Limited partnership holdings | 20,937 | — | 20,937 | — | |||||||||||||
Total pension plan assets | $ | 160,603 | $ | 90,789 | $ | 69,814 | $ | — | |||||||||
The fair values of pension plan assets as of December 30, 2012, follows: | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
Pension Plan Assets | December 30, 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||
Equity holdings: | |||||||||||||||||
U.S. large cap | 43,759 | 43,759 | — | — | |||||||||||||
U.S. small cap | 4,087 | 4,087 | — | — | |||||||||||||
International equity | 25,185 | 25,185 | — | — | |||||||||||||
Total equity holdings | 73,031 | 73,031 | — | — | |||||||||||||
Fixed income holdings: | |||||||||||||||||
Core fixed income | 19,618 | — | 19,618 | — | |||||||||||||
Emerging market debt | 5,130 | — | 5,130 | — | |||||||||||||
Total fixed income holdings | 24,748 | — | 24,748 | — | |||||||||||||
Limited partnership holdings | 30,138 | — | 30,138 | — | |||||||||||||
Total pension plan assets | $ | 127,917 | $ | 73,031 | $ | 54,886 | $ | — | |||||||||
Pension plan assets do not include any shares of Company common stock as of December 29, 2013, or at December 30, 2012. | |||||||||||||||||
The Company uses the market approach in determining the fair value of pension assets, which uses observable prices and other information generated by market transactions involving identical or comparable assets. Cash is valued at cost, which approximates fair value. | |||||||||||||||||
The valuation of level 1 assets reflects quoted closing market prices from the exchanges where the securities are actively traded. | |||||||||||||||||
Level 2 assets are valued using observable inputs for similar assets in active markets, or identical assets in inactive markets. Debt securities categorized as level 2 assets are generally valued based on independent broker/dealer bids, or by comparison to other debt securities having similar durations, yields, and credit ratings. | |||||||||||||||||
Level 3 assets are fund investments in private companies, and are typically valued using entity-specific inputs, including discounted cash flow analysis, earnings multiple approaches, recent transactions, volatilities, and other factors. | |||||||||||||||||
The fair value of the Company's pension plan investments in limited partnership holdings has been estimated using the net asset value per share of the investment as a practical expedient. Investments in limited partnerships were categorized as level 3 investments at January 1, 2012, due to lock-up provisions which prohibited the sale of the Company's interest in these investments for specified periods of time. These lockup provisions have since expired, and the investments in limited partnerships can now be redeemed at net asset value in the near term (within three to six months). As a result, the investments in limited partnerships were reclassified from level 3 assets at January 1, 2012, to level 2 assets at December 30, 2012. | |||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013, and December 30, 2012: | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
Balance, beginning of period | $ | — | $ | 28,911 | |||||||||||||
Depreciation in the fair market value of plan assets | — | — | |||||||||||||||
Reclassification of assets to level 2 | — | (28,911 | ) | ||||||||||||||
Balance, end of period | $ | — | $ | — | |||||||||||||
Expected future benefit payments under the pension plan by fiscal year are as follows: | |||||||||||||||||
Fiscal | Benefit | ||||||||||||||||
Year | Payment | ||||||||||||||||
2014 | $ | 13,510 | |||||||||||||||
2015 | 13,199 | ||||||||||||||||
2016 | 13,525 | ||||||||||||||||
2017 | 13,405 | ||||||||||||||||
2018 | 13,410 | ||||||||||||||||
2019-2023 | 68,024 | ||||||||||||||||
In addition to the pension plan, the Company maintains a defined contribution savings plan (“401k plan”) for eligible employees. Contributions made by the Company to the 401k plan during fiscal 2013 were $444. Contributions made by the Company to the 401k plan during fiscal 2012, transition period 2011, and fiscal 2011 were $449, $232, and $200, respectively. |
Warranties
Warranties | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Warranties | ' | ||||||||
Warranties | |||||||||
The Company offers warranties for certain products that it manufactures, with the warranty term generally ranging from one to two years. Warranty reserves are established for costs expected to be incurred after the sale and delivery of products under warranty, based mainly on known product failures and historical experience, and are included in accrued liabilities in the accompanying consolidated balance sheets. | |||||||||
Changes in the warranty reserve for fiscal years 2013 and 2012 follow: | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 370 | $ | 689 | |||||
Amounts charged to (included in) earnings, net | 603 | (255 | ) | ||||||
Use of reserve for warranty obligations | (594 | ) | (64 | ) | |||||
Balance at end of period | $ | 379 | $ | 370 | |||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Changes in operating assets and liabilities of continuing operations follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
Fiscal period ended | December 29, | December 30, | January 1, | July 3, | |||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
(Increase) decrease in accounts receivable | $ | 733 | $ | 906 | $ | 1,498 | $ | (1,801 | ) | ||||||||
(Increase) decrease in inventories | 1,546 | (1,163 | ) | 624 | (4,044 | ) | |||||||||||
(Increase) decrease in prepaids and other current assets | (104 | ) | 222 | (402 | ) | 54 | |||||||||||
(Increase) decrease in other assets | 747 | 226 | 343 | 460 | |||||||||||||
Increase (decrease) in accounts payable | (1,559 | ) | (1,339 | ) | 2,290 | 2,196 | |||||||||||
Increase (decrease) in accrued liabilities | (1,199 | ) | (305 | ) | (1,253 | ) | 3,875 | ||||||||||
Increase (decrease) in operating assets and liabilities | $ | 164 | $ | (1,453 | ) | $ | 3,100 | $ | 740 | ||||||||
Cash paid for interest and paid (refunded) for income taxes : | |||||||||||||||||
Interest | $ | — | $ | — | $ | — | $ | — | |||||||||
Income taxes | $ | 57 | $ | 210 | $ | 76 | $ | (276 | ) | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||
Accumulated Other Comprehensive Loss | ||||||||||
Accumulated other comprehensive loss consisted of the following: | ||||||||||
December 29, | December 30, | |||||||||
2013 | 2012 | |||||||||
Unrecognized pension plan liabilities, net of $17,000 income tax benefit | $ | (152,070 | ) | $ | (187,459 | ) | ||||
Foreign currency translation adjustments | 587 | 871 | ||||||||
Accumulated other comprehensive loss | $ | (151,483 | ) | $ | (186,588 | ) | ||||
Changes in the components of accumulated other comprehensive income (loss) for the twelve months ended December 29, 2013, were as follows: | ||||||||||
Defined | ||||||||||
Foreign | Benefit | |||||||||
Currency | Pension Plan | Total | ||||||||
Balance, beginning of period | $ | 871 | $ | (187,459 | ) | $ | (186,588 | ) | ||
Other comprehensive income (loss) before reclassifications | (284 | ) | — | (284 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 35,389 | 35,389 | |||||||
Balance, end of period | $ | 587 | $ | (152,070 | ) | $ | (151,483 | ) | ||
The amount reclassified out of accumulated other comprehensive income (loss) reported in the table above is comprised entirely of actuarial losses related to the Company's defined benefit pension plan, and is included in the computation of periodic pension expense (see Note 12 of Notes to Condensed Consolidated Financial Statements). There is no tax effect on any of the current year activity included in the table above. |
Business_Segment_and_Geographi
Business Segment and Geographic Information | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment and Geographic Information | ' | ||||||||||||||||
Business Segment and Geographic Information | |||||||||||||||||
The Company currently operates within a single business segment, digital power control systems, and sells its products primarily to large original equipment manufacturers. The Company performs ongoing credit evaluations of its customers' financial conditions and generally requires no collateral. The Company does not have any single customer whose purchases represented 10% or more of the Company’s total revenue in fiscal year 2013. | |||||||||||||||||
Information with respect to the Company's foreign subsidiaries follows: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
For the fiscal period | December 29, | December 30, | January 1, | July 3, | |||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Sales | $ | 6,694 | $ | 7,164 | $ | 3,930 | $ | 6,593 | |||||||||
Income from operations | 368 | 447 | 305 | 341 | |||||||||||||
Identifiable assets | 7,882 | 6,553 | 5,665 | 5,200 | |||||||||||||
Capital expenditures | 0.036 | — | — | — | |||||||||||||
Depreciation and amortization | 31 | 26 | 23 | 53 | |||||||||||||
Sales by foreign subsidiaries include sales of products to customers within the U.S. | |||||||||||||||||
Export sales from the United States were $4,625 during fiscal 2013, $6,698 during fiscal 2012, $3,327 during transition period 2011, and $5,624 in fiscal year 2011. |
Quarterly_Results
Quarterly Results | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results (unaudited) | ' | ||||||||||||||||
Quarterly Results (unaudited) | |||||||||||||||||
The supplementary financial information presented below provides quarterly financial data for fiscal year 2013 and for fiscal year 2012. | |||||||||||||||||
Fiscal 2013 quarter ended | March 31, | June 30, | September 29, | December 29, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 25,059 | $ | 27,006 | $ | 26,011 | $ | 25,240 | |||||||||
Gross profit | 8,142 | 9,343 | 9,175 | 8,665 | |||||||||||||
Income (loss) from operations | 806 | 1,473 | 1,545 | 951 | |||||||||||||
Income (loss) from continuing operations before income taxes | 806 | 1,473 | 1,545 | 951 | |||||||||||||
Provision for income taxes | 261 | 280 | 262 | 213 | |||||||||||||
Income (loss) from continuing operations | 545 | 1,193 | 1,283 | 738 | |||||||||||||
Income (loss) from discontinued operations | (73 | ) | (28 | ) | (161 | ) | (365 | ) | |||||||||
Net income (loss) | $ | 472 | $ | 1,165 | $ | 1,122 | $ | 373 | |||||||||
Earnings per common share - basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.17 | $ | 0.37 | $ | 0.4 | $ | 0.23 | |||||||||
Income (loss) from discontinued operations | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.11 | ) | |||||
Net income (loss) | $ | 0.15 | $ | 0.36 | $ | 0.35 | $ | 0.12 | |||||||||
Earnings per common share - diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.36 | $ | 0.38 | $ | 0.22 | |||||||||
Income (loss) from discontinued operations | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.11 | ) | |||||
Net income (loss) | $ | 0.14 | $ | 0.35 | $ | 0.34 | $ | 0.11 | |||||||||
Fiscal 2012 quarter ended | April 1, | July 1, | September 30, | December 30, | |||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 28,725 | $ | 29,001 | $ | 26,863 | $ | 29,685 | |||||||||
Gross profit | 10,641 | 10,155 | 9,670 | 9,378 | |||||||||||||
Income (loss) from operations | 2,451 | 2,540 | 1,891 | 1,140 | |||||||||||||
Income (loss) from continuing operations before income taxes | 2,451 | 2,540 | 1,891 | 1,140 | |||||||||||||
Provision for income taxes | 276 | 267 | 231 | 322 | |||||||||||||
Income (loss) from continuing operations | 2,175 | 2,273 | 1,660 | 818 | |||||||||||||
Income (loss) from discontinued operations | 4,706 | 946 | (159 | ) | 204 | ||||||||||||
Net income (loss) | $ | 6,881 | $ | 3,219 | $ | 1,501 | $ | 1,022 | |||||||||
Earnings per common share - basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.69 | $ | 0.72 | $ | 0.52 | $ | 0.26 | |||||||||
Income (loss) from discontinued operations | $ | 1.49 | $ | 0.3 | $ | (0.05 | ) | $ | 0.06 | ||||||||
Net income (loss) | $ | 2.18 | $ | 1.02 | $ | 0.47 | $ | 0.32 | |||||||||
Earnings per common share - diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.68 | $ | 0.7 | $ | 0.51 | $ | 0.25 | |||||||||
Income (loss) from discontinued operations | $ | 1.46 | $ | 0.29 | $ | (0.05 | ) | $ | 0.06 | ||||||||
Net income (loss) | $ | 2.14 | $ | 0.99 | $ | 0.46 | $ | 0.31 | |||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
PERIODS ENDED JULY 3, 2011, JANUARY 1, 2012, DECEMBER 30, 2012, AND DECEMBER 29, 2013 | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Balance at | Additions charged | Deductions | Other | Balance at | |||||||||||||||||
beginning | (recoveries added) | from | end of year | ||||||||||||||||||
of year | to earnings | allowance | |||||||||||||||||||
July 3, 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 249 | $ | 29 | $ | (24 | ) | $ | 1 | $ | 255 | ||||||||||
January 1, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 255 | $ | (6 | ) | $ | (42 | ) | $ | (1 | ) | $ | 206 | ||||||||
December 30, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 206 | $ | 13 | $ | — | $ | — | $ | 219 | |||||||||||
December 29, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 219 | $ | 13 | $ | (16 | ) | $ | (1 | ) | $ | 215 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Fiscal Year | ' |
Fiscal Year | |
On August 4, 2011, the Company's Board of Directors approved a change in the Company's fiscal year-end from the Sunday nearest to June 30 of each calendar year to the Sunday nearest to December 31, with the change to a calendar year reporting cycle beginning January 2, 2012. The intent of the change was to align the reporting of financial results more closely with peers and to better align the Company's business cycle with suppliers and customers. Fiscal years 2013 and 2012 refer to the twelve-month periods ended December 29, 2013, and December 30, 2012, respectively, and each fiscal year contained 52 weeks. Transition period 2011 refers to the six-month transition period ended January 1, 2012, and contained 26 weeks. Fiscal year 2011 refers to the twelve-month period ended July 3, 2011, and contained 53 weeks. Supplemental financial information in these financial statements with respect to the twelve months ended January 1, 2012, and the six months ended January 2, 2011, is unaudited. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Accounts Receivables | ' |
Accounts Receivable | |
Accounts receivable represent amounts due from customers in the ordinary course of business. The Company is subject to losses from uncollectable receivables in excess of its allowances. The Company maintains allowances for doubtful accounts for estimated losses from customers’ inability to make required payments. In order to estimate the appropriate level of these allowances, the Company analyzes historical bad debts, customer concentrations, current customer creditworthiness, current economic trends, and changes in customer payment patterns. If the financial conditions of the Company’s customers were to deteriorate and impair their ability to make payments, additional allowances may be required in future periods. | |
Inventories | ' |
Inventories | |
The Company’s inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out (“FIFO”) method, including material, labor and factory overhead. Existing inventory on hand may exceed future demand either because the product is obsolete, or the amount on hand is more than can be used to meet future needs. The Company identifies potentially obsolete and excess inventory by evaluating overall inventory levels in relation to past and anticipated usage levels. In assessing the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements and compare those with the current or committed inventory levels. If future demand requirements are less favorable than those projected by management, additional inventory write-downs may be required. | |
Reserves for Litigation and Environmental Issues | ' |
Reserves for Litigation and Environmental Issues | |
The Company periodically records the estimated impacts of various conditions, situations, or circumstances involving uncertain outcomes. The accounting for such events is prescribed under ASC Topic 450, Contingencies. The Company does not record gain contingencies under any circumstances. For loss contingencies, the loss must be accrued if information is available that indicates it is probable that the loss has been incurred, given the likelihood of uncertain events, and if the amount of the loss can be reasonably estimated. | |
The accrual of a contingency involves considerable judgment on the part of management. The Company uses its internal expertise and outside experts, as necessary, to help estimate the probability that a loss has been incurred and the amount or range of the loss. | |
Income Taxes | ' |
Income Taxes | |
The Company uses the liability method to account for income taxes. The preparation of consolidated financial statements involves estimating the Company’s current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. An assessment of the recoverability of deferred tax assets is made, and a valuation allowance is established if necessary based upon this assessment. | |
Pension Benefits | ' |
Pension Benefits | |
The valuation of the Company’s pension plan requires the use of assumptions and estimates to develop actuarial valuations of pension expense, pension assets, and pension liabilities. These assumptions include discount rates, investment returns, and mortality rates. Changes in these assumptions could potentially have a material impact on the Company’s pension expense and related funding requirements. | |
Restricted Cash | ' |
Restricted Cash | |
At December 29, 2013, and December 30, 2012, the Company had $0.3 million of restricted cash related to minimum balance requirements associated with procurement of certain raw materials and supplies. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company’s policy is to recognize revenue when the earnings process is complete. The criteria used in making this determination are persuasive evidence that an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Sales are recorded net of returns and allowances, which are estimated using historical data, at the time of sale. | |
Terms of shipment are free on board shipping point, and payment is not contingent upon resale or any other matter other than passage of time. As a result, title to goods passes upon shipment. Amounts billed to customers for shipping costs are reflected in net sales; shipping costs are reflected in cost of sales. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Additions and improvements are capitalized at cost, whereas expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is provided over the estimated useful lives of the respective assets principally on the straight-line method (machinery and equipment normally five to ten years; buildings and leasehold improvements over the shorter of the lease term or the economic life, estimated at ten to forty years). | |
Goodwill | ' |
Goodwill | |
In accordance with ASC Topic 350, Goodwill and Other Intangible Assets, the Company reviews the carrying value of goodwill at least annually and more frequently if indicators of potential impairment arise. Goodwill represents the excess of the amount paid to acquire the Company over the estimated fair value of the net tangible and intangible assets acquired as of the acquisition date. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of an asset. | |
The Company performed the required annual impairment tests for fiscal years 2013 and 2012, transition period 2011, and fiscal year 2011, and found no impairment of goodwill. There can be no assurance that future goodwill impairment tests will not result in a charge to earnings. | |
Intangible Assets | ' |
Intangible Assets | |
Additions to intangible assets are capitalized at fair market value and the carrying value of indefinite-lived intangibles is reviewed for impairment at least annually. Intangible assets are included in other assets in the consolidated balance sheets, and are amortized over the estimated useful lives of the respective assets, principally on the straight-line method. In fiscal 2009 and fiscal 2010, the Company acquired several patents related to the design and manufacture of digital DC drives for material handling and mining applications. The cost of the patents, $533 as of December 29, 2013, and December 30, 2012, was capitalized and is included in other assets in the consolidated balance sheets. The estimated useful life of the patents is 10 years. Accumulated amortization of the patents as of December 29, 2013, and December 30, 2012, was $291 and $238, respectively, resulting in a net carrying value as of those dates of $242 and $295, respectively. | |
Share-based Compensation | ' |
Stock-Based Compensation | |
The Company records stock-based compensation expenses in accordance with ASC Topic 718, Stock Compensation (formerly SFAS No. 123R, Accounting for Stock-Based Compensation). Compensation expense related to all stock-based awards for fiscal years 2013 and 2012, transition period 2011, and for fiscal year 2011 is included in selling, general and administrative expense in the consolidated statements of operations. No tax benefit was recorded on the stock compensation expense for fiscal years 2013 and 2012, transition period 2011, or fiscal year 2011 due to deferred tax valuation allowances recorded by the Company in those years. | |
Research and Development | ' |
Research and Development | |
Expenditures for research and development are charged to expense as incurred and totaled $3,246 for fiscal 2013, $3,834 for fiscal 2012, $2,103 for the six-month transition period 2011, and $4,360 for fiscal year 2011. | |
Advertising | ' |
Advertising | |
Expenditures for advertising are charged to expense as incurred and totaled $58 for fiscal year 2013, $88 for fiscal year 2012, $26 for the six-month transition period 2011, and $74 for the fiscal year 2011. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The accounts of the Company’s foreign entities are measured using local currency as the functional currency. Assets and liabilities are translated to the reporting currency (U.S. Dollar) at the exchange rate in effect at year-end. Revenues and expenses are translated at the rates of exchange prevailing during the year. Unrealized translation gains and losses arising from differences in exchange rates from period to period are included as a component of accumulated other comprehensive gain or loss in stockholders’ equity. | |
Earnings Per Share | ' |
Earnings Per Share | |
In accordance with ASC Topic 260, Earnings Per Share, basic earnings per share is computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share incorporate the incremental shares issuable upon the assumed vesting of restricted stock and the exercise of stock options as if all vesting and exercises had occurred at the beginning of the fiscal year. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
On January 2, 2012, the Company adopted Financial Accounting Standards Board Accounting Standards Update ("ASU") 2011-05, an amendment to Accounting Standards Codification 220, Comprehensive Income. ASU 2011-05 introduces a new statement, the Consolidated Statement of Comprehensive Income, which begins with net earnings and adds or deducts other recognized changes in assets and liabilities that are not included in net earnings, but are reported directly to equity. For example, unrealized changes in currency translation adjustments are included in the measure of comprehensive income but are excluded from net income. The amendment affects only the display of those components of equity categorized as other comprehensive income and does not change existing recognition and measurement requirements that determine net earnings. | |
In February 2010, the SEC approved a work plan regarding convergence of US GAAP with International Financial Reporting Standards (“IFRS”) and the timeline for the preparation of financial statements by U.S. registrants under IFRS. IFRS are standards and interpretations adopted by the International Accounting Standards Board. Under the proposed roadmap, the Company would be required to prepare financial statements in accordance with IFRS no earlier than in fiscal 2016. The Company is currently assessing the potential impact of IFRS on its financial statements and will continue to follow the proposed roadmap for future developments. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Results of discontinued operations | ' | ||||||||||||||||
The results of discontinued operations follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Income (loss) from discontinued operations before interest and income taxes | $ | (627 | ) | $ | 703 | $ | (39 | ) | $ | (1,154 | ) | ||||||
Income on sale of telecom power systems business | — | 32 | — | — | |||||||||||||
Gain from settlement agreement, net of fees | — | 4,962 | — | — | |||||||||||||
Income (loss) from discontinued operations | $ | (627 | ) | $ | 5,697 | $ | (39 | ) | $ | (1,154 | ) | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||
Dec. 29, 2013 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
Change in the carrying value of goodwill | ' | ||||||
The change in the carrying value of goodwill for the periods ended December 29, 2013, and December 30, 2012, is as follows: | |||||||
December 29, | December 30, | ||||||
2013 | 2012 | ||||||
Balance at beginning of period | 30,485 | 30,465 | |||||
Currency translation | (58 | ) | 20 | ||||
Balance at end of period | 30,427 | 30,485 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory components | ' | ||||||||
Inventories consist of the following: | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 8,531 | $ | 9,754 | |||||
Work in process | 1,344 | 1,554 | |||||||
Finished goods | 3,447 | 3,560 | |||||||
Total inventory | $ | 13,322 | $ | 14,868 | |||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of earnings per share reconciliation | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods ended: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 3,759 | $ | 6,926 | $ | 4,331 | $ | 4,817 | |||||||||
Income (loss) from discontinued operations | (627 | ) | 5,697 | (39 | ) | (1,154 | ) | ||||||||||
Net income (loss) | $ | 3,132 | $ | 12,623 | $ | 4,292 | $ | 3,663 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares for basic income (loss) per share | 3,231 | 3,174 | 3,148 | 3,134 | |||||||||||||
Add dilutive effect of stock options outstanding | 108 | 64 | 64 | 53 | |||||||||||||
Weighted average shares for diluted income (loss) per share | 3,339 | 3,238 | 3,212 | 3,187 | |||||||||||||
Income (loss) per share - basic: | |||||||||||||||||
Income (loss) per share from continuing operations | $ | 1.16 | $ | 2.18 | $ | 1.38 | $ | 1.54 | |||||||||
Income (loss) per share from discontinued operations | $ | (0.19 | ) | $ | 1.79 | $ | (0.01 | ) | $ | (0.37 | ) | ||||||
Net income (loss) per share - basic | $ | 0.97 | $ | 3.97 | $ | 1.36 | $ | 1.17 | |||||||||
Income (loss) per share - diluted: | |||||||||||||||||
Income (loss) per share from continuing operations | $ | 1.13 | $ | 2.14 | $ | 1.35 | $ | 1.51 | |||||||||
Income (loss) per share from discontinued operations | $ | (0.19 | ) | $ | 1.76 | $ | (0.01 | ) | $ | (0.37 | ) | ||||||
Net income (loss) per share - diluted | $ | 0.94 | $ | 3.9 | $ | 1.34 | $ | 1.15 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Provision for income taxes related to continuing operations | ' | ||||||||||||||||||||||||||||
The Company’s provision for income taxes, all of which relates to its continuing operations, consists of the following: | |||||||||||||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
For the period ended | December 29, | December 30, | January 1, | July 3, | |||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
State | — | 45 | — | — | |||||||||||||||||||||||||
Foreign | 87 | 101 | 48 | (219 | ) | ||||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||||||
Federal | 926 | 955 | 477 | 953 | |||||||||||||||||||||||||
State and foreign | 3 | (5 | ) | 24 | (104 | ) | |||||||||||||||||||||||
Provision for income taxes | $ | 1,016 | $ | 1,096 | $ | 549 | $ | 630 | |||||||||||||||||||||
Reconciliation of the Company's effective tax rate | ' | ||||||||||||||||||||||||||||
A reconciliation of the Company's effective tax rate for continuing operations to the statutory Federal tax rate follows: | |||||||||||||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
December 29, | December 30, | January 1, | July 3, | ||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||
Provision (benefit) computed at the statutory rate | $ | 1,670 | 35 | $ | 2,808 | 35 | $ | 1,708 | 35 | $ | 1,906 | 35 | |||||||||||||||||
Losses not benefited | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Use of net operating losses | (622 | ) | (13.0 | ) | (1,652 | ) | (20.2 | ) | (1,124 | ) | (23.0 | ) | (896 | ) | (16.5 | ) | |||||||||||||
Foreign tax rate differential | (32 | ) | (0.7 | ) | (60 | ) | (0.8 | ) | (35 | ) | (0.7 | ) | (380 | ) | (7.0 | ) | |||||||||||||
Total provision for income taxes | $ | 1,016 | 21.3 | $ | 1,096 | 14 | $ | 549 | 11.3 | $ | 630 | 11.5 | |||||||||||||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||||||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||||||||||||||||||
Significant components of the Company's deferred tax liabilities and assets as of December 29, 2013, and December 30, 2012, follow: | |||||||||||||||||||||||||||||
December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||||||
Depreciation and amortization (including differences in the basis of acquired assets) | $ | (9,125 | ) | $ | (8,204 | ) | |||||||||||||||||||||||
Total deferred tax liabilities | (9,125 | ) | (8,204 | ) | |||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||||||
Inventory and other reserves | 2,329 | 2,152 | |||||||||||||||||||||||||||
Pension benefit obligation | 19,055 | 40,240 | |||||||||||||||||||||||||||
Net operating loss and capital loss carryforwards | 88,784 | 85,080 | |||||||||||||||||||||||||||
Total gross deferred tax assets | 110,168 | 127,472 | |||||||||||||||||||||||||||
Less valuation allowance | (110,090 | ) | (127,386 | ) | |||||||||||||||||||||||||
Deferred tax assets less valuation allowance | 78 | 86 | |||||||||||||||||||||||||||
Net deferred tax liability | $ | (9,047 | ) | $ | (8,118 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Future minimum rental payments under noncancellable operating leases | ' | ||||
Future minimum rental payments under noncancellable operating leases as of December 29, 2013, follow: | |||||
Minimum | |||||
Lease | |||||
Fiscal Year | Payments | ||||
2014 | 1,231 | ||||
2015 | 997 | ||||
2016 | 938 | ||||
2017 | 859 | ||||
2018 | 847 | ||||
Thereafter | 1,879 | ||||
Total lease payments | $ | 6,751 | |||
StockBased_Compensation_Agreem1
Stock-Based Compensation Agreements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Valuation assumptions for stock option grants | ' | ||||||||||||||||||
Following is a table of the weighted average fair value of the Company’s stock option grants for fiscal years 2013 and 2012, transition period 2011, and for fiscal year 2011, using the Black-Scholes valuation model, assuming no dividends, with the following assumptions: | |||||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year | |||||||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | ||||||||||||||||
Expected life in years | 5.8 | 5.3 | 5.6 | 5.7 | |||||||||||||||
Expected stock price volatility | 70.9 | % | 74.9 | % | 73.7 | % | 73.3 | % | |||||||||||
Risk-free interest rate | 2 | % | 0.8 | % | 1.2 | % | 1.6 | % | |||||||||||
Options granted (in thousands) | 6 | 15 | 11 | 42 | |||||||||||||||
Weighted average fair value of options granted | $ | 14.03 | $ | 6.47 | $ | 6.18 | $ | 8 | |||||||||||
Outstanding stock option activity | ' | ||||||||||||||||||
A summary of certain information with respect to outstanding stock options under the Plans follows (options in thousands): | |||||||||||||||||||
Options | Weighted- | Aggregate | |||||||||||||||||
Average | Intrinsic | ||||||||||||||||||
Exercise | Value | ||||||||||||||||||
Price | ($000's) | ||||||||||||||||||
Options outstanding, June 27, 2010 | 232 | $ | 51.6 | $ | — | ||||||||||||||
Granted | 42 | $ | 12.6 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Canceled | (96 | ) | 58.9 | ||||||||||||||||
Options outstanding, July 3, 2011 | 178 | $ | 38.5 | $ | 270 | ||||||||||||||
Granted | 11 | $ | 9.82 | ||||||||||||||||
Exercised | — | — | |||||||||||||||||
Canceled | (10 | ) | 107.81 | ||||||||||||||||
Options outstanding, January 1, 2012 | 179 | $ | 32.67 | $ | 1 | ||||||||||||||
Granted | 15 | $ | 10.41 | ||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||
Canceled | (20 | ) | $ | 65.26 | |||||||||||||||
Options outstanding, December 30, 2012 | 174 | $ | 26.88 | $ | 18 | ||||||||||||||
Granted | 6 | $ | 22.23 | ||||||||||||||||
Exercised | (8 | ) | $ | 12.06 | |||||||||||||||
Canceled | (25 | ) | $ | 22.67 | |||||||||||||||
Options outstanding, December 29, 2013 | 147 | $ | 28.22 | $ | 624 | ||||||||||||||
Exercisable options, July 3, 2011 | 114 | $ | 50.9 | $ | 23 | ||||||||||||||
Exercisable options, January 1, 2012 | 112 | $ | 43.42 | $ | — | ||||||||||||||
Exercisable options, December 30, 2012 | 115 | $ | 34.91 | $ | 9 | ||||||||||||||
Exercisable options, December 29, 2013 | 132 | $ | 29.87 | $ | 486 | ||||||||||||||
Shares exercisable and outstanding by excercise price range | ' | ||||||||||||||||||
The following table provides information regarding exercisable and outstanding options as of December 29, 2013 (options in thousands): | |||||||||||||||||||
Exercisable | Outstanding | ||||||||||||||||||
Range of exercise price per share | Options | Weighted | Weighted | Options | Weighted | Weighted | |||||||||||||
exercisable | average | average | outstanding | average | average | ||||||||||||||
exercise | remaining | exercise | remaining | ||||||||||||||||
price per | contractual | price per | contractual | ||||||||||||||||
share | life (years) | share | life (years) | ||||||||||||||||
8.48 - $10.00 | 4 | $ | 8.48 | 8 | 8 | $ | 8.48 | 8 | |||||||||||
10.01 - $15.00 | 32 | 11.43 | 7 | 38 | 11.27 | 7.3 | |||||||||||||
15.01 - $20.00 | 7 | 17.79 | 7.5 | 7 | 17.79 | 7.5 | |||||||||||||
20.01 - $30.00 | 47 | 22.77 | 4.6 | 52 | 22.71 | 5.2 | |||||||||||||
30.01 - $80.00 | 42 | 55.74 | 2.1 | 42 | 55.74 | 2.1 | |||||||||||||
Total | 132 | $ | 29.87 | 4.7 | 147 | $ | 28.22 | 5.1 | |||||||||||
Unvested restricted stock units activity | ' | ||||||||||||||||||
The following table provides information regarding vested and unvested restricted stock activity for fiscal year 2011, for the six-month transition period 2011, and for fiscal years 2012 and 2013 (shares in thousands): | |||||||||||||||||||
Shares | Weighted | Fair value | |||||||||||||||||
average | of vested | ||||||||||||||||||
grant date | shares at | ||||||||||||||||||
fair value | vesting date | ||||||||||||||||||
Unvested at June 27, 2010 | 64 | $ | 15.3 | ||||||||||||||||
Granted | 50 | $ | 11.8 | ||||||||||||||||
Vested | — | — | $ | — | |||||||||||||||
Forfeited | (23 | ) | 14.4 | ||||||||||||||||
Unvested at July 3, 2011 | 91 | $ | 13.6 | ||||||||||||||||
Granted | 21 | $ | 13 | ||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Unvested at January 1, 2012 | 112 | $ | 13.48 | ||||||||||||||||
Granted | 46 | $ | 16.66 | ||||||||||||||||
Vested | (42 | ) | $ | 14.85 | $ | 437 | |||||||||||||
Forfeited | (11 | ) | $ | 13.38 | |||||||||||||||
Unvested at December 30, 2012 | 105 | $ | 14.35 | ||||||||||||||||
Granted | 66 | $ | 12.6 | ||||||||||||||||
Vested | (37 | ) | $ | 12.28 | $ | 618 | |||||||||||||
Forfeited | (3 | ) | $ | 11.5 | |||||||||||||||
Unvested at December 29, 2013 | 131 | $ | 14.11 | ||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension Expense Related to the Defined Benefit Pension Plan | ' | ||||||||||||||||
Net pension expense for the Company’s pension plan follows: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
29-Dec-13 | 30-Dec-12 | 1-Jan-12 | 3-Jul-11 | ||||||||||||||
Interest cost | $ | 7,854 | $ | 8,655 | $ | 4,919 | $ | 9,686 | |||||||||
Expected return on plan assets | (10,246 | ) | (9,741 | ) | (5,394 | ) | (10,041 | ) | |||||||||
Recognized net actuarial loss | 8,757 | 8,022 | 3,181 | 6,855 | |||||||||||||
Net pension expense | $ | 6,365 | $ | 6,936 | $ | 2,706 | $ | 6,500 | |||||||||
Changes in Benefit Obligations, Plan Assets, and Plan Funded Status | ' | ||||||||||||||||
Pension benefit obligations at year-end, the fair value of pension plan assets, and the pension plan funded status are as follows: | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||
Benefit obligation at beginning of period | $ | 230,257 | $ | 217,452 | |||||||||||||
Interest cost | 7,854 | 8,655 | |||||||||||||||
Actuarial loss (gain) | (17,762 | ) | 16,922 | ||||||||||||||
Benefits paid | (11,285 | ) | (12,772 | ) | |||||||||||||
Benefit obligation at end of period | $ | 209,064 | $ | 230,257 | |||||||||||||
Change in Plan Assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 127,917 | $ | 119,344 | |||||||||||||
Actual return on plan assets | 19,115 | 9,774 | |||||||||||||||
Employer contributions | 24,856 | 11,571 | |||||||||||||||
Benefits paid | (11,285 | ) | (12,772 | ) | |||||||||||||
Fair value of plan assets at end of period | $ | 160,603 | $ | 127,917 | |||||||||||||
Funded status | $ | (48,461 | ) | $ | (102,340 | ) | |||||||||||
Unrecognized net actuarial loss | 169,070 | 204,459 | |||||||||||||||
Net amount recognized | $ | 120,609 | $ | 102,119 | |||||||||||||
Amounts Recognized in Statement of Financial Position: | |||||||||||||||||
Pension benefit obligations, net | $ | (48,461 | ) | $ | (102,340 | ) | |||||||||||
Accumulated other comprehensive loss | 169,070 | 204,459 | |||||||||||||||
Net amount recognized | $ | 120,609 | $ | 102,119 | |||||||||||||
Schedule of Weighted Average Assumptions Used | ' | ||||||||||||||||
Weighted average assumptions used to determine benefit cost and benefit obligation for the pension plan follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | ||||||||||||||
Discount rate used to determine benefit obligation | 4.45% | 3.50% | 4.05% | 5.15% | |||||||||||||
Discount rate used to determine benefit cost | 3.50% | 4.05% | 5.15% | 5.10% | |||||||||||||
Expected return on plan assets | 7.75% | 8.25% | 8.25% | 8.50% | |||||||||||||
Measurement date for pension benefit obligations | December 29, 2013 | December 30, 2012 | January 1, 2012 | July 3, 2011 | |||||||||||||
Schedule of Asset Allocations and Fair Values of Pension Plan Assets | ' | ||||||||||||||||
The asset allocation targets per the Company's most recently adopted investment policy statement are as follows: | |||||||||||||||||
Asset Class | Target Allocation | ||||||||||||||||
Equity | 45% to 65% | ||||||||||||||||
Fixed income | 15% to 30% | ||||||||||||||||
Alternative investments | 20% to 40% | ||||||||||||||||
Cash | 0% to 5% | ||||||||||||||||
The fair values of pension plan assets as of December 29, 2013, follows: | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
Pension Plan Assets | December 29, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 3 | $ | 3 | $ | — | $ | — | |||||||||
Equity holdings: | |||||||||||||||||
U.S. large cap | 21,273 | 21,273 | — | — | |||||||||||||
U.S. small cap | 7,216 | 7,216 | — | — | |||||||||||||
U.S. blended cap | 27,794 | 27,794 | — | — | |||||||||||||
International equity | 34,503 | 34,503 | — | — | |||||||||||||
Total equity holdings | 90,786 | 90,786 | — | — | |||||||||||||
Fixed income holdings: | |||||||||||||||||
Core fixed income | 13,654 | — | 13,654 | — | |||||||||||||
Diversified short term debt | 9,732 | — | 9,732 | — | |||||||||||||
Emerging market debt | 7,942 | — | 7,942 | — | |||||||||||||
High yield debt | 2,517 | — | 2,517 | — | |||||||||||||
Total fixed income holdings | 33,845 | — | 33,845 | — | |||||||||||||
Multi asset class holdings | 15,032 | — | 15,032 | — | |||||||||||||
Limited partnership holdings | 20,937 | — | 20,937 | — | |||||||||||||
Total pension plan assets | $ | 160,603 | $ | 90,789 | $ | 69,814 | $ | — | |||||||||
The fair values of pension plan assets as of December 30, 2012, follows: | |||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | ||||||||||||||
in Active Markets | Other Observable | Unobservable | |||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
Pension Plan Assets | December 30, 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||
Equity holdings: | |||||||||||||||||
U.S. large cap | 43,759 | 43,759 | — | — | |||||||||||||
U.S. small cap | 4,087 | 4,087 | — | — | |||||||||||||
International equity | 25,185 | 25,185 | — | — | |||||||||||||
Total equity holdings | 73,031 | 73,031 | — | — | |||||||||||||
Fixed income holdings: | |||||||||||||||||
Core fixed income | 19,618 | — | 19,618 | — | |||||||||||||
Emerging market debt | 5,130 | — | 5,130 | — | |||||||||||||
Total fixed income holdings | 24,748 | — | 24,748 | — | |||||||||||||
Limited partnership holdings | 30,138 | — | 30,138 | — | |||||||||||||
Total pension plan assets | $ | 127,917 | $ | 73,031 | $ | 54,886 | $ | — | |||||||||
Reconciliation of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013, and December 30, 2012: | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
Balance, beginning of period | $ | — | $ | 28,911 | |||||||||||||
Depreciation in the fair market value of plan assets | — | — | |||||||||||||||
Reclassification of assets to level 2 | — | (28,911 | ) | ||||||||||||||
Balance, end of period | $ | — | $ | — | |||||||||||||
Expected Future Benefit Payments | ' | ||||||||||||||||
Expected future benefit payments under the pension plan by fiscal year are as follows: | |||||||||||||||||
Fiscal | Benefit | ||||||||||||||||
Year | Payment | ||||||||||||||||
2014 | $ | 13,510 | |||||||||||||||
2015 | 13,199 | ||||||||||||||||
2016 | 13,525 | ||||||||||||||||
2017 | 13,405 | ||||||||||||||||
2018 | 13,410 | ||||||||||||||||
2019-2023 | 68,024 | ||||||||||||||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Changes in the warranty reserve | ' | ||||||||
Changes in the warranty reserve for fiscal years 2013 and 2012 follow: | |||||||||
December 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 370 | $ | 689 | |||||
Amounts charged to (included in) earnings, net | 603 | (255 | ) | ||||||
Use of reserve for warranty obligations | (594 | ) | (64 | ) | |||||
Balance at end of period | $ | 379 | $ | 370 | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Changes in operating assets and liabilities | ' | ||||||||||||||||
Changes in operating assets and liabilities of continuing operations follow: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
Fiscal period ended | December 29, | December 30, | January 1, | July 3, | |||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
(Increase) decrease in accounts receivable | $ | 733 | $ | 906 | $ | 1,498 | $ | (1,801 | ) | ||||||||
(Increase) decrease in inventories | 1,546 | (1,163 | ) | 624 | (4,044 | ) | |||||||||||
(Increase) decrease in prepaids and other current assets | (104 | ) | 222 | (402 | ) | 54 | |||||||||||
(Increase) decrease in other assets | 747 | 226 | 343 | 460 | |||||||||||||
Increase (decrease) in accounts payable | (1,559 | ) | (1,339 | ) | 2,290 | 2,196 | |||||||||||
Increase (decrease) in accrued liabilities | (1,199 | ) | (305 | ) | (1,253 | ) | 3,875 | ||||||||||
Increase (decrease) in operating assets and liabilities | $ | 164 | $ | (1,453 | ) | $ | 3,100 | $ | 740 | ||||||||
Cash paid for interest and paid (refunded) for income taxes : | |||||||||||||||||
Interest | $ | — | $ | — | $ | — | $ | — | |||||||||
Income taxes | $ | 57 | $ | 210 | $ | 76 | $ | (276 | ) | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||
Schedule of accumulated other comprehensive loss | ' | |||||||||
Accumulated other comprehensive loss consisted of the following: | ||||||||||
December 29, | December 30, | |||||||||
2013 | 2012 | |||||||||
Unrecognized pension plan liabilities, net of $17,000 income tax benefit | $ | (152,070 | ) | $ | (187,459 | ) | ||||
Foreign currency translation adjustments | 587 | 871 | ||||||||
Accumulated other comprehensive loss | $ | (151,483 | ) | $ | (186,588 | ) | ||||
Changes in the components of accumulated other comprehensive income (loss) for the twelve months ended December 29, 2013, were as follows: | ||||||||||
Defined | ||||||||||
Foreign | Benefit | |||||||||
Currency | Pension Plan | Total | ||||||||
Balance, beginning of period | $ | 871 | $ | (187,459 | ) | $ | (186,588 | ) | ||
Other comprehensive income (loss) before reclassifications | (284 | ) | — | (284 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 35,389 | 35,389 | |||||||
Balance, end of period | $ | 587 | $ | (152,070 | ) | $ | (151,483 | ) | ||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Information of Company's foreign subsidiaries | ' | ||||||||||||||||
Information with respect to the Company's foreign subsidiaries follows: | |||||||||||||||||
Fiscal Year Ended | Six Months Ended | Fiscal Year Ended | |||||||||||||||
For the fiscal period | December 29, | December 30, | January 1, | July 3, | |||||||||||||
2013 | 2012 | 2012 | 2011 | ||||||||||||||
Sales | $ | 6,694 | $ | 7,164 | $ | 3,930 | $ | 6,593 | |||||||||
Income from operations | 368 | 447 | 305 | 341 | |||||||||||||
Identifiable assets | 7,882 | 6,553 | 5,665 | 5,200 | |||||||||||||
Capital expenditures | 0.036 | — | — | — | |||||||||||||
Depreciation and amortization | 31 | 26 | 23 | 53 | |||||||||||||
Quarterly_Results_Tables
Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Results (unaudited) | ' | ||||||||||||||||
The supplementary financial information presented below provides quarterly financial data for fiscal year 2013 and for fiscal year 2012. | |||||||||||||||||
Fiscal 2013 quarter ended | March 31, | June 30, | September 29, | December 29, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 25,059 | $ | 27,006 | $ | 26,011 | $ | 25,240 | |||||||||
Gross profit | 8,142 | 9,343 | 9,175 | 8,665 | |||||||||||||
Income (loss) from operations | 806 | 1,473 | 1,545 | 951 | |||||||||||||
Income (loss) from continuing operations before income taxes | 806 | 1,473 | 1,545 | 951 | |||||||||||||
Provision for income taxes | 261 | 280 | 262 | 213 | |||||||||||||
Income (loss) from continuing operations | 545 | 1,193 | 1,283 | 738 | |||||||||||||
Income (loss) from discontinued operations | (73 | ) | (28 | ) | (161 | ) | (365 | ) | |||||||||
Net income (loss) | $ | 472 | $ | 1,165 | $ | 1,122 | $ | 373 | |||||||||
Earnings per common share - basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.17 | $ | 0.37 | $ | 0.4 | $ | 0.23 | |||||||||
Income (loss) from discontinued operations | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.11 | ) | |||||
Net income (loss) | $ | 0.15 | $ | 0.36 | $ | 0.35 | $ | 0.12 | |||||||||
Earnings per common share - diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.36 | $ | 0.38 | $ | 0.22 | |||||||||
Income (loss) from discontinued operations | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.11 | ) | |||||
Net income (loss) | $ | 0.14 | $ | 0.35 | $ | 0.34 | $ | 0.11 | |||||||||
Fiscal 2012 quarter ended | April 1, | July 1, | September 30, | December 30, | |||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 28,725 | $ | 29,001 | $ | 26,863 | $ | 29,685 | |||||||||
Gross profit | 10,641 | 10,155 | 9,670 | 9,378 | |||||||||||||
Income (loss) from operations | 2,451 | 2,540 | 1,891 | 1,140 | |||||||||||||
Income (loss) from continuing operations before income taxes | 2,451 | 2,540 | 1,891 | 1,140 | |||||||||||||
Provision for income taxes | 276 | 267 | 231 | 322 | |||||||||||||
Income (loss) from continuing operations | 2,175 | 2,273 | 1,660 | 818 | |||||||||||||
Income (loss) from discontinued operations | 4,706 | 946 | (159 | ) | 204 | ||||||||||||
Net income (loss) | $ | 6,881 | $ | 3,219 | $ | 1,501 | $ | 1,022 | |||||||||
Earnings per common share - basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.69 | $ | 0.72 | $ | 0.52 | $ | 0.26 | |||||||||
Income (loss) from discontinued operations | $ | 1.49 | $ | 0.3 | $ | (0.05 | ) | $ | 0.06 | ||||||||
Net income (loss) | $ | 2.18 | $ | 1.02 | $ | 0.47 | $ | 0.32 | |||||||||
Earnings per common share - diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.68 | $ | 0.7 | $ | 0.51 | $ | 0.25 | |||||||||
Income (loss) from discontinued operations | $ | 1.46 | $ | 0.29 | $ | (0.05 | ) | $ | 0.06 | ||||||||
Net income (loss) | $ | 2.14 | $ | 0.99 | $ | 0.46 | $ | 0.31 | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||||
Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 | Jun. 27, 2010 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of weeks in fiscal year | ' | ' | 'P52W | 'P53W | ' | ' | 'P52W |
Number of weeks in transition period | 'P26W | ' | ' | ' | ' | ' | ' |
Reverse stock split conversion ratio | ' | ' | 0.1 | ' | ' | ' | ' |
Restricted cash | $262,000 | ' | $262,000 | $262,000 | $262,000 | ' | ' |
Impairment of goodwill | 0 | ' | 0 | 0 | ' | ' | 0 |
Tax benefit recorded on stock compensation expense | 0 | ' | 0 | 0 | ' | ' | 0 |
Research and development expense | 2,103,000 | 2,069,000 | 3,246,000 | 3,834,000 | 4,394,000 | 4,360,000 | ' |
Advertising expense | 26,000 | ' | 58,000 | 88,000 | ' | 74,000 | ' |
Patents [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gross cost of patents | 533,000 | ' | 533,000 | ' | 533,000 | ' | ' |
Estimated useful life of patents | ' | ' | '10 years | ' | ' | ' | ' |
Accumulated amortization of patents | 238,000 | ' | 291,000 | ' | 238,000 | ' | ' |
Net carrying value of patents | $295,000 | ' | $242,000 | ' | $295,000 | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated useful lives | ' | ' | '5 years | ' | ' | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated useful lives | ' | ' | '10 years | ' | ' | ' | ' |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated useful lives | ' | ' | '10 years | ' | ' | ' | ' |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated useful lives | ' | ' | '40 years | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations before interest and income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ($39) | ' | ($627) | $703 | ' | ($1,154) |
Income on sale of telecom power systems business | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 32 | ' | 0 |
Gain from settlement agreement, net of fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 4,962 | ' | 0 |
Income (loss) from discontinued operations, net of tax | -365 | -161 | -28 | -73 | 204 | -159 | 946 | 4,706 | -39 | -533 | -627 | 5,697 | -660 | -1,154 |
Legal Settlement [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' |
Non-Cash Adjustments for Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200 | ' | ' |
Legal Fees and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 700 | ' | -200 | -500 | ' | -300 |
Adjustments to Insurance Reserves [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -300 | ' | ' | ' | ' | ' |
Environmental Charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -200 | ' | -300 | ' | ' | -500 |
Legal Fees Related to Abestos Issues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ($200) | ' | ' | ' | ' | ($300) |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, balance at beginning of year | $30,485 | $30,465 |
Currency translation | -58 | 20 |
Goodwill, balance at end of year | $30,427 | $30,485 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $8,531 | $9,754 |
Work in process | 1,344 | 1,554 |
Finished goods | 3,447 | 3,560 |
Total inventory | $13,322 | $14,868 |
Bank_Borrowing_Arrangements_De
Bank Borrowing Arrangements (Details) (Revolving Credit Facility [Member], USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2007 | Dec. 29, 2013 |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Borrowing capacity on revolving credit facility | $10 | $12.50 |
Description of variable rate basis | 'LIBOR | ' |
Basis spread on variable rate | 1.50% | ' |
Amount outstanding | ' | $0 |
Earnings_Loss_Per_Share_Reconc
Earnings (Loss) Per Share (Reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | $738 | $1,283 | $1,193 | $545 | $818 | $1,660 | $2,273 | $2,175 | $4,331 | $2,040 | $3,759 | $6,926 | $7,108 | $4,817 |
Income (loss) from discontinued operations | -365 | -161 | -28 | -73 | 204 | -159 | 946 | 4,706 | -39 | -533 | -627 | 5,697 | -660 | -1,154 |
Net income (loss) | $373 | $1,122 | $1,165 | $472 | $1,022 | $1,501 | $3,219 | $6,881 | $4,292 | $1,507 | $3,132 | $12,623 | $6,448 | $3,663 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares for basic income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 3,148 | 3,127 | 3,231 | 3,174 | 3,138 | 3,134 |
Add dilutive effect of stock options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 64 | ' | 108 | 64 | ' | 53 |
Weighted average shares for diluted income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 3,212 | 3,151 | 3,339 | 3,238 | 3,194 | 3,187 |
Income (loss) per share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.23 | $0.40 | $0.37 | $0.17 | $0.26 | $0.52 | $0.72 | $0.69 | $1.38 | $0.65 | $1.16 | $2.18 | $2.27 | $1.54 |
Discontinued operations (in dollars per share) | ($0.11) | ($0.05) | ($0.01) | ($0.02) | $0.06 | ($0.05) | $0.30 | $1.49 | ($0.01) | ($0.17) | ($0.19) | $1.79 | ($0.21) | ($0.37) |
Net income (loss) (in dollars per share) | $0.12 | $0.35 | $0.36 | $0.15 | $0.32 | $0.47 | $1.02 | $2.18 | $1.36 | $0.48 | $0.97 | $3.97 | $2.06 | $1.17 |
Income (loss) per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.22 | $0.38 | $0.36 | $0.16 | $0.25 | $0.51 | $0.70 | $0.68 | $1.35 | $0.65 | $1.13 | $2.14 | $2.22 | $1.51 |
Discontinued operations (in dollars per share) | ($0.11) | ($0.04) | ($0.01) | ($0.02) | $0.06 | ($0.05) | $0.29 | $1.46 | ($0.01) | ($0.17) | ($0.19) | $1.76 | ($0.21) | ($0.37) |
Net income (loss) (in dollars per share) | $0.11 | $0.34 | $0.35 | $0.14 | $0.31 | $0.46 | $0.99 | $2.14 | $1.34 | $0.48 | $0.94 | $3.90 | $2.01 | $1.15 |
Earnings_Loss_Per_Share_Antidi
Earnings (Loss) Per Share (Antidilutive Securities) (Details) (Stock Options) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities | 179 | 147 | 174 | 178 |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Details) (Quoted Market Prices [Member], USD $) | Dec. 29, 2013 | Jan. 01, 2012 |
In Millions, unless otherwise specified | ||
Quoted Market Prices [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in annuity contract, fair value | $3.90 | $4.60 |
Asset_Impairment_Charges_Detai
Asset Impairment Charges (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 29, 2013 |
Property, Plant and Equipment Impairment or Disposal [Abstract] | ' |
Impairment charge for fixed assets | $1.20 |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | $0 | ' | $0 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 45 | ' | 0 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | 87 | 101 | ' | -219 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 477 | ' | 926 | 955 | ' | 953 |
State and foreign | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | 3 | -5 | ' | -104 |
Provision for income taxes | $213 | $262 | $280 | $261 | $322 | $231 | $267 | $276 | $549 | $287 | $1,016 | $1,096 | $892 | $630 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Income Tax Expense (Benefit), Tax Reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (benefit) computed at the statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $1,708 | ' | $1,670 | $2,808 | ' | $1,906 |
Losses not benefited | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Use of net operating losses | ' | ' | ' | ' | ' | ' | ' | ' | -1,124 | ' | -622 | -1,652 | ' | -896 |
Foreign income tax rate differential | ' | ' | ' | ' | ' | ' | ' | ' | -35 | ' | -32 | -60 | ' | -380 |
Provision for income taxes | $213 | $262 | $280 | $261 | $322 | $231 | $267 | $276 | $549 | $287 | $1,016 | $1,096 | $892 | $630 |
Effective Income Tax Rate Reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (benefit) computed at the statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 35.00% | 35.00% | ' | 35.00% |
Losses not benefited | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | 0.00% | ' | 0.00% |
Use of net operating losses | ' | ' | ' | ' | ' | ' | ' | ' | -23.00% | ' | -13.00% | -20.20% | ' | -16.50% |
Foreign income tax rate differential | ' | ' | ' | ' | ' | ' | ' | ' | -0.70% | ' | -0.70% | -0.80% | ' | -7.00% |
Total provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11.30% | ' | 21.30% | 14.00% | ' | 11.50% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities | ' | ' |
Depreciation and amortization (including differences in the basis of acquired assets) | ($9,125) | ($8,204) |
Total deferred tax liabilities | -9,125 | -8,204 |
Deferred tax assets | ' | ' |
Inventory and other reserves | 2,329 | 2,152 |
Pension benefit obligation | 19,055 | 40,240 |
Net operating loss and capital loss carryforwards | 88,784 | 85,080 |
Total gross deferred tax assets | 110,168 | 127,472 |
Less valuation allowance | -110,090 | -127,386 |
Deferred tax assets less valuation allowance | 78 | 86 |
Net deferred tax asset (liability) | ($9,047) | ($8,118) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income before provision for income taxes, foreign subsidiaries | $305,000 | $368,000 | $447,000 | $341,000 |
Federal [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | ' | $227,000,000 | $212,000,000 | ' |
Federal [Member] | Maximum [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Carryforward period | ' | ' | '20 years | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Leases) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 | ' | $1,231,000 | ' | ' |
2015 | ' | 997,000 | ' | ' |
2016 | ' | 938,000 | ' | ' |
2017 | ' | 859,000 | ' | ' |
2018 | ' | 847,000 | ' | ' |
Thereafter | ' | 1,879,000 | ' | ' |
Total lease payments | ' | 6,751,000 | ' | ' |
Rent expense | $600,000 | $1,300,000 | $1,100,000 | $1,200,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Litigation) (Details) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | Aug. 02, 2012 | Aug. 02, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Nov. 30, 2007 | Nov. 30, 2007 | Dec. 29, 2013 | Dec. 29, 2013 | Jan. 31, 2012 | Aug. 31, 2008 | Jan. 01, 2012 | Dec. 29, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Italy Tax Authority [Member] | Italy Tax Authority [Member] | Italy Tax Authority [Member] | Italy Tax Authority [Member] | Antonio Canova [Member] | Antonio Canova [Member] | Connecticut Department of Environmental Protection [Member] | Ole K. Nilssen v. Magnetek, Inc. [Member] | Kirkland and Ellis, LLP v. Magnetek, Inc. [Member] | Kirkland and Ellis, LLP v. Magnetek, Inc. [Member] | Universal Lighting Technologies, Inc. v. Ole K. Nilssen [Member] | Universal Lighting Technologies, Inc. v. Ole K. Nilssen [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,400,000 | ' | ' | ' | ' |
Damages paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,750,000 | ' | ' | ' | 750,000 |
Gain in discontinued operations, related to litigation settlement | 0 | 0 | 4,962,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' |
Damages awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Asserted claims for damages | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | 3,500,000 | ' | ' | ' | 18,750,000 | ' | ' |
Alleged taxes owed including penalties and interest | ' | ' | ' | ' | 3,900,000 | 2,800,000 | 3,600,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of possible loss | ' | ' | ' | ' | 13,000,000 | 9,500,000 | 2,600,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Potential penalties rate, including interest | ' | ' | ' | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilitiy recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Agreem2
Stock-Based Compensation Agreements (Black-Scholes Fair Value Assumptions) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' |
Expected life in years | '5 years 7 months 6 days | '5 years 9 months 18 days | '5 years 3 months 18 days | '5 years 8 months 12 days |
Expected stock price volatility | 73.70% | 70.90% | 74.90% | 73.30% |
Risk-free interest rate | 1.20% | 2.00% | 0.80% | 1.60% |
Options granted (in thousands) | 11 | 6 | 15 | 42 |
Weighted average fair value of options granted | $6.18 | $14.03 | $6.47 | $8 |
StockBased_Compensation_Agreem3
Stock-Based Compensation Agreements (Summary of Stock Option Activity) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | Jun. 27, 2010 |
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' |
Options outstanding, beginning balance | 178 | 174 | 179 | 232 | ' |
Granted | 11 | 6 | 15 | 42 | ' |
Exercised | 0 | -8 | 0 | 0 | ' |
Canceled | -10 | -25 | -20 | -96 | ' |
Options outstanding, ending balance | 179 | 147 | 174 | 178 | ' |
Exercisable options | 112 | 132 | 115 | 114 | ' |
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' |
Options outstanding, weighted average exercise price, beginning balance | $38.50 | $26.88 | $32.67 | $51.60 | ' |
Options granted, weighted average exercise price | $9.82 | $22.23 | $10.41 | $12.60 | ' |
Options exercised, weighted average exercise price | $0 | $12.06 | $0 | $0 | ' |
Options canceled, weighted average exercise price | $107.81 | $22.67 | $65.26 | $58.90 | ' |
Options outstanding, weighted average exercise price, ending balance | $32.67 | $28.22 | $26.88 | $38.50 | ' |
Options exercisable, weighted average exercise price | $43.42 | $29.87 | $34.91 | $50.90 | ' |
Options outstanding, aggregate intrinsic value | $1 | $624 | $18 | $270 | $0 |
Options exercisable, aggregate intrinsic value | $0 | $486 | $9 | $23 | ' |
StockBased_Compensation_Agreem4
Stock-Based Compensation Agreements (Exercisable and Outstanding Options) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 | Jun. 27, 2010 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Options exercisable (in shares) | 132 | 115 | 112 | 114 | ' |
Options exercisable, weighted average exercise price per share | $29.87 | $34.91 | $43.42 | $50.90 | ' |
Options exercisable, weighted average remaining contractual term | '4 years 8 months 12 days | ' | ' | ' | ' |
Options outstanding (in shares) | 147 | 174 | 179 | 178 | 232 |
Options outstanding, weighted average exercise price per share | $28.22 | $26.88 | $32.67 | $38.50 | $51.60 |
Options outstanding, weighted average remaining contractual term | '5 years 1 month 6 days | ' | ' | ' | ' |
$8.48 - $10.00 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Exercise price range, lower limit | $8.48 | ' | ' | ' | ' |
Exercise price range, upper limit | $10 | ' | ' | ' | ' |
Options exercisable (in shares) | 4 | ' | ' | ' | ' |
Options exercisable, weighted average exercise price per share | $8.48 | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | '8 years | ' | ' | ' | ' |
Options outstanding (in shares) | 8 | ' | ' | ' | ' |
Options outstanding, weighted average exercise price per share | $8.48 | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '8 years | ' | ' | ' | ' |
$10.01 - $15.00 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Exercise price range, lower limit | $10.01 | ' | ' | ' | ' |
Exercise price range, upper limit | $15 | ' | ' | ' | ' |
Options exercisable (in shares) | 32 | ' | ' | ' | ' |
Options exercisable, weighted average exercise price per share | $11.43 | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | '7 years | ' | ' | ' | ' |
Options outstanding (in shares) | 38 | ' | ' | ' | ' |
Options outstanding, weighted average exercise price per share | $11.27 | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '7 years 3 months 18 days | ' | ' | ' | ' |
$15.01 - $20.00 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Exercise price range, lower limit | $15.01 | ' | ' | ' | ' |
Exercise price range, upper limit | $20 | ' | ' | ' | ' |
Options exercisable (in shares) | 7 | ' | ' | ' | ' |
Options exercisable, weighted average exercise price per share | $17.79 | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | '7 years 6 months | ' | ' | ' | ' |
Options outstanding (in shares) | 7 | ' | ' | ' | ' |
Options outstanding, weighted average exercise price per share | $17.79 | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '7 years 6 months | ' | ' | ' | ' |
$20.01 - $30.00 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Exercise price range, lower limit | $20.01 | ' | ' | ' | ' |
Exercise price range, upper limit | $30 | ' | ' | ' | ' |
Options exercisable (in shares) | 47 | ' | ' | ' | ' |
Options exercisable, weighted average exercise price per share | $22.77 | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | '4 years 7 months 6 days | ' | ' | ' | ' |
Options outstanding (in shares) | 52 | ' | ' | ' | ' |
Options outstanding, weighted average exercise price per share | $22.71 | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '5 years 2 months 12 days | ' | ' | ' | ' |
$30.01 - $80.00 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' |
Exercise price range, lower limit | $30.01 | ' | ' | ' | ' |
Exercise price range, upper limit | $80 | ' | ' | ' | ' |
Options exercisable (in shares) | 42 | ' | ' | ' | ' |
Options exercisable, weighted average exercise price per share | $55.74 | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | '2 years 1 month 6 days | ' | ' | ' | ' |
Options outstanding (in shares) | 42 | ' | ' | ' | ' |
Options outstanding, weighted average exercise price per share | $55.74 | ' | ' | ' | ' |
Options outstanding, weighted average remaining contractual term | '2 years 1 month 6 days | ' | ' | ' | ' |
StockBased_Compensation_Agreem5
Stock-Based Compensation Agreements (Vested and Unvested Restricted Stock Unit Activity) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
Restricted Stock [Member] | ' | ' | ' | ' |
Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Shares, beginning balance | 91 | 105 | 112 | 64 |
Shares granted | 21 | 66 | 46 | 50 |
Shares vested | 0 | -37 | -42 | 0 |
Shares forfeited | 0 | -3 | -11 | -23 |
Shares, ending balance | 112 | 131 | 105 | 91 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Weighted average grant date fair value, beginnig balance | $13.60 | $14.35 | $13.48 | $15.30 |
Weighted average grant date fair value, granted | $13 | $12.60 | $16.66 | $11.80 |
Weighted average grant date fair value, vested | $0 | $12.28 | $14.85 | $0 |
Weighted average grant date fair value, forfeited | $0 | $11.50 | $13.38 | $14.40 |
Weighted average grant date fair value, ending balance | $13.48 | $14.11 | $14.35 | $13.60 |
Fair value of vested shares at vesting date, vested | ' | $618 | $437 | $0 |
StockBased_Compensation_Agreem6
Stock-Based Compensation Agreements (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
Share data in Thousands, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | 158 | ' | ' | ' |
Maximum term of options granted | ' | ' | '10 years | ' | ' | ' |
Award service period | ' | ' | '3 years | ' | ' | ' |
Share-based compensation expense recognized | $402,000 | $341,000 | $676,000 | $824,000 | $690,000 | $629,000 |
Total unrecognized compensation cost | ' | ' | $1,000,000 | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted-average remaining period for recognition | ' | ' | '1 year 9 months 18 days | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | '2 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | '4 years | ' | ' | ' |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Plans) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||
Dec. 29, 2013 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 | Mar. 31, 2013 | |
Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | ||
Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Estimated future pension expense | $3,700,000 | ' | ' | ' | ' | ' | ' |
Amounts from AOCI to be reocgnized in net periodic benefit cost in next fiscal year | 7,200,000 | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on pension plan | 7.75% | 8.25% | 7.75% | 8.25% | ' | 8.50% | 7.75% |
Unrecognized losses | ' | 204,459,000 | 169,070,000 | 204,459,000 | 204,459,000 | ' | ' |
Unrecognized losses, tax benefits | ' | ' | -17,000,000 | ' | ' | ' | ' |
Employer contributions | ' | 1,900,000 | 24,856,000 | 11,571,000 | 8,400,000 | ' | ' |
Future minimum required contributions | ' | ' | 43,200,000 | ' | ' | ' | ' |
Expected contributions in 2013 | ' | ' | 15,300,000 | ' | ' | ' | ' |
Discount rate for estimated future employer contributions | ' | ' | 4.45% | ' | ' | ' | ' |
Net present value of future employer contributions | ' | ' | $38,000,000 | ' | ' | ' | ' |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Pension Expense) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Interest cost | $4,919 | $7,854 | $8,655 | $9,686 |
Expected return on plan assets | -5,394 | -10,246 | -9,741 | -10,041 |
Recognized net actuarial losses | 3,181 | 8,757 | 8,022 | 6,855 |
Total net pension expense | $2,706 | $6,365 | $6,936 | $6,500 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension Plan Benefit Obligations, Plans Assets, and Funded Status) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | |||||
Change in Benefit Obligation: | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of period | ' | ' | ' | ' | ' | $230,257 | $217,452 | ' |
Interest cost | 4,919 | 7,854 | 8,655 | 9,686 | ' | 7,854 | 8,655 | ' |
Actuarial loss (gain) | ' | ' | ' | ' | ' | -17,762 | 16,922 | ' |
Benefits paid | ' | ' | ' | ' | ' | -11,285 | -12,772 | ' |
Benefit obligation at end of period | ' | ' | ' | ' | 217,452 | 209,064 | 230,257 | 217,452 |
Change in Plan Assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value balance, beginning of period | ' | ' | ' | ' | ' | 127,917 | 119,344 | ' |
Actual return on plan assets | ' | ' | ' | ' | ' | 19,115 | 9,774 | ' |
Employer contributions | ' | ' | ' | ' | 1,900 | 24,856 | 11,571 | 8,400 |
Benefits paid | ' | ' | ' | ' | ' | -11,285 | -12,772 | ' |
Fair value balance, end of period | ' | ' | ' | ' | 119,344 | 160,603 | 127,917 | 119,344 |
Funded status | ' | ' | ' | ' | ' | -48,461 | -102,340 | ' |
Unrecognized net actuarial loss | ' | ' | ' | ' | 204,459 | 169,070 | 204,459 | 204,459 |
Prepaid benefit cost | ' | ' | ' | ' | ' | 120,609 | 102,119 | ' |
Pension benefit obligations, net | ' | -48,461 | -102,340 | ' | ' | -48,461 | -102,340 | ' |
Accumulatd other comprehensive loss | ' | -152,070 | -187,459 | ' | ' | 169,070 | 204,459 | ' |
Net amount recognized | ' | ' | ' | ' | ' | $120,609 | $102,119 | ' |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted Average Assumptions Used) (Details) | 6 Months Ended | 12 Months Ended | ||
Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Expected return on plan assets | ' | 7.75% | ' | ' |
Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Discount rate used to determine benefit obligation | 4.05% | 4.45% | 3.50% | 5.15% |
Discount rate used to determine benefit cost | 5.15% | 3.50% | 4.05% | 5.10% |
Expected return on plan assets | 8.25% | 7.75% | 8.25% | 8.50% |
Measurement date for pension benefit obligations | 'January 1, 2012 | 'December 29, 2013 | 'December 30, 2012 | 'July 3, 2011 |
Employee_Benefit_Plans_Asset_T
Employee Benefit Plans (Asset Target Allocations) (Details) (Pension Plan [Member]) | 12 Months Ended |
Dec. 29, 2013 | |
Equity [Member] | ' |
Asset Class, Target Allocations [Abstract] | ' |
Target plan asset allocations, minimum | 45.00% |
Target plan asset allocations, maximum | 65.00% |
Fixed income [Member] | ' |
Asset Class, Target Allocations [Abstract] | ' |
Target plan asset allocations, minimum | 15.00% |
Target plan asset allocations, maximum | 30.00% |
Alternative investments [Member] | ' |
Asset Class, Target Allocations [Abstract] | ' |
Target plan asset allocations, minimum | 20.00% |
Target plan asset allocations, maximum | 40.00% |
Cash [Member] | ' |
Asset Class, Target Allocations [Abstract] | ' |
Target plan asset allocations, minimum | 0.00% |
Target plan asset allocations, maximum | 5.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value of Pension Plans) (Details) (Pension Plan [Member], USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | $160,603 | $127,917 | $119,344 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 90,789 | 73,031 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 69,814 | 54,886 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | 28,911 |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 3 | 0 | ' |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 3 | 0 | ' |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Cash and Cash Equivalents [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Equity Holdings [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 90,786 | 73,031 | ' |
Equity Holdings [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 90,786 | 73,031 | ' |
Equity Holdings [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Equity Holdings [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
U.S. Large Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 21,273 | 43,759 | ' |
U.S. Large Cap [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 21,273 | 43,759 | ' |
U.S. Large Cap [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
U.S. Large Cap [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
U.S. Small Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 7,216 | 4,087 | ' |
U.S. Small Cap [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 7,216 | 4,087 | ' |
U.S. Small Cap [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
U.S. Small Cap [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
U.S. Blended Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 27,794 | ' | ' |
U.S. Blended Cap [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 27,794 | ' | ' |
U.S. Blended Cap [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
U.S. Blended Cap [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
International Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 34,503 | 25,185 | ' |
International Equity [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 34,503 | 25,185 | ' |
International Equity [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
International Equity [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Fixed Income Holdings [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 33,845 | 24,748 | ' |
Fixed Income Holdings [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Fixed Income Holdings [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 33,845 | 24,748 | ' |
Fixed Income Holdings [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Core Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 13,654 | 19,618 | ' |
Core Fixed Income [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Core Fixed Income [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 13,654 | 19,618 | ' |
Core Fixed Income [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Diversified short term debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 9,732 | ' | ' |
Diversified short term debt [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
Diversified short term debt [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 9,732 | ' | ' |
Diversified short term debt [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
Emerging Market Debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 7,942 | 5,130 | ' |
Emerging Market Debt [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Emerging Market Debt [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 7,942 | 5,130 | ' |
Emerging Market Debt [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
High yield debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 2,517 | ' | ' |
High yield debt [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
High yield debt [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 2,517 | ' | ' |
High yield debt [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
Multi asset class holdings [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 15,032 | ' | ' |
Multi asset class holdings [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
Multi asset class holdings [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 15,032 | ' | ' |
Multi asset class holdings [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | ' | ' |
Limited Partnership Holdings [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 20,937 | 30,138 | ' |
Limited Partnership Holdings [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 0 | 0 | ' |
Limited Partnership Holdings [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 20,937 | 30,138 | ' |
Limited Partnership Holdings [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | $0 | $0 | ' |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans (Reconciliation to Fair Value of Pension Plans) (Details) (Pension Plan [Member], USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Level 3 [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | ' | ' | ' | ' | ' |
Fair value balance, beginning of period | $160,603 | $127,917 | $119,344 | $0 | $28,911 |
Depreciation in the fair market value of plan assets | ' | ' | ' | 0 | 0 |
Reclassification of assets to level 2 | ' | ' | ' | 0 | -28,911 |
Fair value balance, end of period | $160,603 | $127,917 | $119,344 | $0 | $0 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $13,510 |
2015 | 13,199 |
2016 | 13,525 |
2017 | 13,405 |
2018 | 13,410 |
2019-2023 | $68,024 |
Employee_Benefit_Plans_Defined1
Employee Benefit Plans (Defined Contribution Plan) (Details) (401K [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
401K [Member] | ' | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' | ' |
Employer contributions | $232 | $444 | $449 | $200 |
Warranties_Details
Warranties (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Product Warranties Disclosures [Abstract] | ' | ' |
Warranty term, minimum | '1 year | ' |
Warranty term, maximum | '2 years | ' |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance at beginning of period | $370 | $689 |
Amounts charged to (included in) earnings, net | 603 | -255 |
Use of reserve for warranty obligations | -594 | -64 |
Balance at end of period | $379 | $370 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | $1,498 | ' | $733 | $906 | ' | ($1,801) |
(Increase) decrease in inventories | 624 | ' | 1,546 | -1,163 | ' | -4,044 |
(Increase) decrease in prepaids and other current assets | -402 | ' | -104 | 222 | ' | 54 |
(Increase) decrease in other assets | 343 | ' | 747 | 226 | ' | 460 |
Increase (decrease) in accounts payable | 2,290 | ' | -1,559 | -1,339 | ' | 2,196 |
Increase (decrease) in accrued liabilities | -1,253 | ' | -1,199 | -305 | ' | 3,875 |
Increase (decrease) in operating assets and liabilities | 3,100 | -2,075 | 164 | -1,453 | 5,915 | 740 |
Cash paid (refunded) for interest | 0 | ' | 0 | 0 | ' | 0 |
Cash paid (refunded) for income taxes | $76 | ' | $57 | $210 | ' | ($276) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Unrecognized pension plan liabilities, net of $17,000 income tax benefit | ($152,070) | ($187,459) | ' |
Foreign currency translation adjustments | 587 | 871 | ' |
Accumulated other comprehensive loss | -151,483 | -186,588 | ' |
Unrecognized pension plan liabilities, tax benefit | $17,000 | ' | $17,000 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Changes In Components) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | ' |
Balance, beginning of period | ($186,588) |
Other comprehensive income (loss) before reclassifications | -284 |
Amounts reclassified from accumulated other comprehensive income (loss) | 35,389 |
Balance, end of period | -151,483 |
Foreign Currency [Member] | ' |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | ' |
Balance, beginning of period | 871 |
Other comprehensive income (loss) before reclassifications | -284 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Balance, end of period | 587 |
Defined Benefit Pension Plan [Member] | ' |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | ' |
Balance, beginning of period | -187,459 |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 35,389 |
Balance, end of period | ($152,070) |
Business_Segment_and_Geographi2
Business Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations | $951 | $1,545 | $1,473 | $806 | $1,140 | $1,891 | $2,540 | $2,451 | $4,880 | $2,326 | $4,775 | $8,022 | $8,000 | $5,446 |
Identifiable assets | 81,969 | ' | ' | ' | 98,815 | ' | ' | ' | ' | ' | 81,969 | 98,815 | ' | ' |
Export sales from the United States | ' | ' | ' | ' | ' | ' | ' | ' | 3,327 | ' | 5 | 6,698 | ' | 5,624 |
Foreign Subsidiary [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,930 | ' | 6,694 | 7,164 | ' | 6,593 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 305 | ' | 368 | 447 | ' | 341 |
Identifiable assets | 7,882 | ' | ' | ' | 6,553 | ' | ' | ' | 5,665 | ' | 7,882 | 6,553 | 5,665 | 5,200 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $23 | ' | $31 | $26 | ' | $53 |
Total Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Quarterly_Results_Details
Quarterly Results (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jul. 03, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $25,240 | $26,011 | $27,006 | $25,059 | $29,685 | $26,863 | $29,001 | $28,725 | $58,721 | $50,943 | $103,316 | $114,274 | $117,610 | $109,832 |
Gross profit | 8,665 | 9,175 | 9,343 | 8,142 | 9,378 | 9,670 | 10,155 | 10,641 | 20,333 | 16,014 | 35,325 | 39,844 | 39,476 | 35,157 |
Income from operations | 951 | 1,545 | 1,473 | 806 | 1,140 | 1,891 | 2,540 | 2,451 | 4,880 | 2,326 | 4,775 | 8,022 | 8,000 | 5,446 |
Income (loss) from continuing operations before income taxes | 951 | 1,545 | 1,473 | 806 | 1,140 | 1,891 | 2,540 | 2,451 | 4,880 | 2,327 | 4,775 | 8,022 | 8,000 | 5,447 |
Provision for income taxes | 213 | 262 | 280 | 261 | 322 | 231 | 267 | 276 | 549 | 287 | 1,016 | 1,096 | 892 | 630 |
Income (loss) from continuing operations | 738 | 1,283 | 1,193 | 545 | 818 | 1,660 | 2,273 | 2,175 | 4,331 | 2,040 | 3,759 | 6,926 | 7,108 | 4,817 |
Income (loss) from discontinued operations | -365 | -161 | -28 | -73 | 204 | -159 | 946 | 4,706 | -39 | -533 | -627 | 5,697 | -660 | -1,154 |
Net income (loss) | $373 | $1,122 | $1,165 | $472 | $1,022 | $1,501 | $3,219 | $6,881 | $4,292 | $1,507 | $3,132 | $12,623 | $6,448 | $3,663 |
Earnings per common share - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (USD per share) | $0.23 | $0.40 | $0.37 | $0.17 | $0.26 | $0.52 | $0.72 | $0.69 | $1.38 | $0.65 | $1.16 | $2.18 | $2.27 | $1.54 |
Income (loss) from discontinued operations (USD per share) | ($0.11) | ($0.05) | ($0.01) | ($0.02) | $0.06 | ($0.05) | $0.30 | $1.49 | ($0.01) | ($0.17) | ($0.19) | $1.79 | ($0.21) | ($0.37) |
Net income (loss) (in dollars per share) | $0.12 | $0.35 | $0.36 | $0.15 | $0.32 | $0.47 | $1.02 | $2.18 | $1.36 | $0.48 | $0.97 | $3.97 | $2.06 | $1.17 |
Earnings per common share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (USD per share) | $0.22 | $0.38 | $0.36 | $0.16 | $0.25 | $0.51 | $0.70 | $0.68 | $1.35 | $0.65 | $1.13 | $2.14 | $2.22 | $1.51 |
Income (loss) from discontinued operations (USD per share) | ($0.11) | ($0.04) | ($0.01) | ($0.02) | $0.06 | ($0.05) | $0.29 | $1.46 | ($0.01) | ($0.17) | ($0.19) | $1.76 | ($0.21) | ($0.37) |
Net income (loss) (in dollars per share) | $0.11 | $0.34 | $0.35 | $0.14 | $0.31 | $0.46 | $0.99 | $2.14 | $1.34 | $0.48 | $0.94 | $3.90 | $2.01 | $1.15 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (Allowance for doubtful accounts [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 03, 2011 |
Allowance for doubtful accounts [Member] | ' | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of year | $255 | $219 | $206 | $249 |
Additions charged (recoveries added) to earnings | -6 | 13 | 13 | 29 |
Deductions from allowance | -42 | -16 | 0 | -24 |
Other | -1 | -1 | 0 | 1 |
Balance at end of year | $206 | $215 | $219 | $255 |