Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Large accelerated filer | ¨ | þ | Non-accelerated filer | ¨ | Smaller reporting company |
Class | Number of Shares | ||||
Common Stock, $0.10 par value per share |
PAGE | |||||||||||
OCTOBER 3, 2021 | JANUARY 3, 2021 | ||||||||||
(UNAUDITED) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred tax asset | |||||||||||
Goodwill and intangibles, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Operating lease liabilities | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss – foreign currency translation | ( | ( | |||||||||
Accumulated other comprehensive loss – cash flow hedge | ( | ( | |||||||||
Accumulated other comprehensive loss – pension liability | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||||
OCTOBER 3, 2021 | OCTOBER 4, 2020 | OCTOBER 3, 2021 | OCTOBER 4, 2020 | ||||||||||||||||||||
NET SALES | $ | $ | $ | $ | |||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||
GROSS PROFIT ON SALES | |||||||||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||
Restructuring and Asset Impairment Charges | ( | ( | |||||||||||||||||||||
Goodwill and Intangible Asset Impairment Charge | |||||||||||||||||||||||
OPERATING INCOME (LOSS) | ( | ||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Other Expense | |||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE | ( | ||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
NET INCOME (LOSS) | $ | $ | $ | $ | ( | ||||||||||||||||||
Earnings (Loss) Per Share – Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Earnings (Loss) Per Share – Diluted | $ | $ | $ | $ | ( | ||||||||||||||||||
Common Shares Outstanding – Basic | |||||||||||||||||||||||
Common Shares Outstanding – Diluted |
THREE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||||||||||||||
OCTOBER 3, 2021 | OCTOBER 4, 2020 | OCTOBER 3, 2021 | OCTOBER 4, 2020 | ||||||||||||||||||||
Net Income (Loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | ( | ( | |||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge | ( | ||||||||||||||||||||||
Other Comprehensive Income (Loss), Pension Liability Adjustment | ( | ( | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | $ | $ | $ | ( |
NINE MONTHS ENDED | |||||||||||
OCTOBER 3, 2021 | OCTOBER 4, 2020 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock compensation amortization expense (benefit) | ( | ||||||||||
Deferred income taxes and other | ( | ||||||||||
Amortization of acquired intangible assets | |||||||||||
Goodwill and intangible asset impairment | |||||||||||
Working capital changes: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | |||||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other | ( | ||||||||||
CASH USED IN INVESTING ACTIVITIES | ( | ( | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Borrowing of long-term debt | |||||||||||
Tax withholding payments for share-based compensation | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Dividends paid | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Finance lease payments | ( | ( | |||||||||
CASH USED IN FINANCING ACTIVITIES | ( | ( | |||||||||
Net cash (used in) provided by operating, investing and financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Net change during the period | ( | ||||||||||
Balance at beginning of period | |||||||||||
Balance at end of period | $ | $ |
Nine Months Ended | |||||||||||
Geography | October 3, 2021 | October 4, 2020 | |||||||||
Americas | |||||||||||
Europe | |||||||||||
Asia-Pacific |
October 3, 2021 | January 3, 2021 | ||||||||||
(in thousands) | |||||||||||
Finished goods | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Inventories, net | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Less: distributed and undistributed earnings available to participating securities | ( | ( | ( | ( | |||||||||||||||||||
Distributed and undistributed earnings (loss) available to common shareholders | $ | $ | $ | $ | ( | ||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Participating securities | |||||||||||||||||||||||
Shares for basic EPS | |||||||||||||||||||||||
Dilutive effect of stock options | |||||||||||||||||||||||
Shares for diluted EPS | |||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted EPS | $ | $ | $ | $ | ( |
October 3, 2021 | January 3, 2021 | ||||||||||||||||||||||
Outstanding Principal | Interest Rate(1) | Outstanding Principal | Interest Rate(1) | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Syndicated Credit Facility: | |||||||||||||||||||||||
Revolving loan borrowings | $ | % | $ | % | |||||||||||||||||||
Term loan borrowings | % | % | |||||||||||||||||||||
Total borrowings under Syndicated Credit Facility | % | % | |||||||||||||||||||||
5.50% Senior Notes due 2028 | % | % | |||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Less: Unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total debt, net | |||||||||||||||||||||||
Less: Current portion of long-term debt | ( | ( | |||||||||||||||||||||
Total long-term debt, net | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||
October 4, 2020 | October 4, 2020 | ||||||||||
(in thousands) | |||||||||||
Interest rate swap contracts gain (loss) | $ | $ | ( |
Asset Derivatives | |||||||||||||||||
Balance Sheet Location | Fair Value as of October 3, 2021 | Fair Value as of January 3, 2021 | |||||||||||||||
(in thousands) | |||||||||||||||||
Foreign currency options | Other current assets | $ | $ |
Three Months Ended | |||||||||||||||||
Statement of Operations Location | October 3, 2021 | October 4, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Foreign currency options gain | Other expense | $ | $ |
Nine Months Ended | |||||||||||||||||
Statement of Operations Location | October 3, 2021 | October 4, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Foreign currency options gain | Other expense | $ | $ |
SHARES | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | CASH FLOW HEDGE | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance, at January 3, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Restricted stock issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unamortized compensation expense related to restricted stock awards | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards, net of forfeitures | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, at April 4, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Restricted stock issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unamortized compensation expense related to restricted stock awards | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, at July 4, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards, net of forfeitures | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive loss - discontinued cash flow hedge | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, at October 3, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
SHARES | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | PENSION LIABILITY | FOREIGN CURRENCY TRANSLATION ADJUSTMENT | CASH FLOW HEDGE | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance, at December 29, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Issuances of stock (other than restricted stock) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Restricted stock issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unamortized compensation expense related to restricted stock awards | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards, net of forfeitures | ( | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Cash flow hedge unrealized loss | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, at April 5, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Issuances of stock (other than restricted stock) | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock issuances | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unamortized compensation expense related to restricted stock awards | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards, net of forfeitures | ( | ( | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Cash flow hedge unrealized loss | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, at July 5, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Issuances of stock (other than restricted stock) | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock issuances | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Unamortized compensation expense related to restricted stock awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Compensation expense related to stock awards, net of forfeitures | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||
Pension liability adjustment | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Cash flow hedge unrealized loss | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Balance, at October 4, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( |
Restricted Shares | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at January 3, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited or canceled | ( | ||||||||||
Outstanding at October 3, 2021 | $ |
Performance Shares | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at January 3, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | |||||||||||
Forfeited or canceled | ( | ||||||||||
Outstanding at October 3, 2021 | $ |
October 3, 2021 | January 3, 2021 | ||||||||||||||||||||||
Balance Sheet Location | Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating lease right-of-use assets | $ | $ | |||||||||||||||||||||
Current portion of operating lease liabilities | $ | $ | |||||||||||||||||||||
Operating lease liabilities | |||||||||||||||||||||||
Total operating lease liabilities | $ | $ | |||||||||||||||||||||
Property, plant and equipment, net | $ | $ | |||||||||||||||||||||
Accrued expenses | $ | $ | |||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Total finance lease liabilities | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||
Operating lease cost | |||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from finance leases | $ | $ | $ | $ | |||||||||||||||||||
Operating cash flows from operating leases | |||||||||||||||||||||||
Financing cash flows from finance leases | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities |
October 3, 2021 | January 3, 2021 | ||||||||||
Weighted-average remaining lease term – finance leases (in years) | |||||||||||
Weighted-average remaining lease term – operating leases (in years) | |||||||||||
Weighted-average discount rate – finance leases | % | % | |||||||||
Weighted-average discount rate – operating leases | % | % |
Fiscal Year | Operating Leases | Finance Leases | |||||||||
(in thousands) | |||||||||||
2021 (excluding the nine months ended October 3, 2021) | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total future minimum lease payments (undiscounted) | |||||||||||
Less: Present value discount | ( | ( | |||||||||
Total lease liability | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Defined Benefit Retirement Plans (Europe) | October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Amortization of net actuarial losses | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Salary Continuation Plan | October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Amortization of net actuarial losses | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
nora Defined Benefit Plan | October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization of net actuarial losses | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
AMS | EAAA | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance, at January 3, 2021 | $ | $ | $ | ||||||||||||||
Foreign currency translation | ( | ( | ( | ||||||||||||||
Balance, at October 3, 2021 | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
AMS | $ | $ | $ | $ | |||||||||||||||||||
EAAA | |||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | |||||||||||||||||||
Segment AOI | |||||||||||||||||||||||
AMS | $ | $ | $ | $ | |||||||||||||||||||
EAAA | |||||||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||||||
AMS | $ | $ | $ | $ | |||||||||||||||||||
EAAA | |||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ |
October 3, 2021 | January 3, 2021 | ||||||||||
(in thousands) | |||||||||||
Assets | |||||||||||
AMS | $ | $ | |||||||||
EAAA | |||||||||||
Total segment assets | |||||||||||
Corporate assets | |||||||||||
Eliminations | ( | ( | |||||||||
Total reported assets | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
AMS operating income | $ | $ | $ | $ | |||||||||||||||||||
EAAA operating income (loss) | ( | ||||||||||||||||||||||
Consolidated operating income (loss) | ( | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Income (loss) before income tax expense | $ | $ | $ | $ | ( |
Three Months Ended October 3, 2021 | Three Months Ended October 4, 2020 | ||||||||||||||||||||||
AMS | EAAA | AMS | EAAA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating income | $ | $ | $ | $ | |||||||||||||||||||
Purchase accounting amortization | |||||||||||||||||||||||
Restructuring, asset impairment, severance and other charges | ( | ||||||||||||||||||||||
SEC fine | |||||||||||||||||||||||
AOI | $ | $ | $ | $ |
Nine Months Ended October 3, 2021 | Nine Months Ended October 4, 2020 | ||||||||||||||||||||||
AMS | EAAA | AMS | EAAA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Purchase accounting amortization | |||||||||||||||||||||||
Goodwill and intangible asset impairment | |||||||||||||||||||||||
Impact of change in equity award forfeiture accounting | |||||||||||||||||||||||
Restructuring, asset impairment, severance and other charges | |||||||||||||||||||||||
SEC fine | |||||||||||||||||||||||
AOI | $ | $ | $ | $ |
Three Months Ended | |||||||||||||||||
Statement of Operations Location | October 3, 2021 | October 4, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest rate swap contracts loss | Interest expense | $ | ( | $ | ( | ||||||||||||
Amortization of benefit plan prior service cost and net actuarial losses | Other expense | ( | ( | ||||||||||||||
Total loss reclassified from AOCI, net | $ | ( | $ | ( |
Nine Months Ended | |||||||||||||||||
Statement of Operations Location | October 3, 2021 | October 4, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest rate swap contracts loss | Interest expense | $ | ( | $ | ( | ||||||||||||
Amortization of benefit plan prior service cost and net actuarial losses | Other expense | ( | ( | ||||||||||||||
Total loss reclassified from AOCI, net | $ | ( | $ | ( |
Workforce Reduction | Asset Impairment | ||||||||||||||||||||||
2021 Plan | 2019 Plan | 2021 Plan | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance, at January 3, 2021 | $ | $ | $ | — | $ | ||||||||||||||||||
Charged to expenses | ( | ||||||||||||||||||||||
Deductions | ( | — | ( | ||||||||||||||||||||
Charged to other accounts | — | — | ( | ( | |||||||||||||||||||
Balance, at October 3, 2021 | $ | $ | $ | — | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of sales | 66.0 | 63.3 | 63.8 | 62.0 | |||||||||||||||||||
Gross profit on sales | 34.0 | 36.7 | 36.2 | 38.0 | |||||||||||||||||||
Selling, general and administrative expenses | 24.9 | 31.6 | 27.5 | 31.0 | |||||||||||||||||||
Restructuring and asset impairment charges | 1.2 | (0.7) | 0.4 | (0.4) | |||||||||||||||||||
Goodwill and intangible asset impairment charge | — | — | — | 14.7 | |||||||||||||||||||
Operating income (loss) | 7.9 | 5.8 | 8.3 | (7.3) | |||||||||||||||||||
Interest/Other expenses | 2.8 | 3.0 | 2.8 | 3.1 | |||||||||||||||||||
Income (loss) before tax expense | 5.1 | 2.8 | 5.5 | (10.4) | |||||||||||||||||||
Income tax expense | 1.7 | 0.6 | 1.5 | 0.7 | |||||||||||||||||||
Net income (loss) | 3.4 | % | 2.2 | % | 4.0 | % | (11.1) | % |
Three Months Ended | Percentage Change | Nine Months Ended | Percentage Change | ||||||||||||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | 312,707 | $ | 278,642 | 12.2 | % | $ | 860,752 | $ | 826,315 | 4.2 | % |
Three Months Ended | Percentage Change | Nine Months Ended | Percentage Change | ||||||||||||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Cost of sales | $ | 206,382 | $ | 176,480 | 16.9 | % | $ | 549,397 | $ | 512,548 | 7.2 | % | |||||||||||||||||||||||
Selling, general and administrative expenses | 77,735 | 88,161 | (11.8) | % | 236,867 | 255,902 | (7.4) | % |
Three Months Ended | Percentage Change | Nine Months Ended | Percentage Change | ||||||||||||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
AMS segment net sales | $ | 176,770 | $ | 142,858 | 23.7 | % | $ | 460,402 | $ | 452,171 | 1.8 | % | |||||||||||||||||||||||
AMS segment AOI(1) | 21,595 | 20,279 | 6.5 | % | 54,606 | 67,771 | (19.4) | % |
Three Months Ended | Percentage Change | Nine Months Ended | Percentage Change | ||||||||||||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
EAAA segment net sales | $ | 135,937 | $ | 135,784 | 0.1 | % | $ | 400,350 | $ | 374,144 | 7.0 | % | |||||||||||||||||||||||
EAAA segment AOI(1) | 8,586 | 7,821 | 9.8 | % | 26,557 | 17,151 | 54.8 | % |
Nine Months Ended | |||||||||||
October 3, 2021 | October 4, 2020 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 64,056 | $ | 97,268 | |||||||
Investing activities | (17,406) | (47,067) | |||||||||
Financing activities | (53,079) | (30,183) | |||||||||
Effect of exchange rate changes on cash | (3,815) | 2,400 | |||||||||
Net change in cash and cash equivalents | (10,244) | 22,418 | |||||||||
Cash and cash equivalents at beginning of period | 103,053 | 81,301 | |||||||||
Cash and cash equivalents at end of period | $ | 92,809 | $ | 103,719 |
EXHIBIT NUMBER | DESCRIPTION OF EXHIBIT | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document – The Instance Document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Definition Linkbase Document. | ||||
104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended October 3, 2021, formatted in Inline XBRL |
INTERFACE, INC. | ||||||||
Date: November 9, 2021 | By: | /s/ Bruce A. Hausmann | ||||||
Bruce A. Hausmann Chief Financial Officer (Principal Financial Officer) |
Date: 11/9/2021 | |||||
/s/ Daniel T. Hendrix | |||||
Daniel T. Hendrix Chief Executive Officer |
Date: 11/9/2021 | |||||
/s/ Bruce A. Hausmann | |||||
Bruce A. Hausmann | |||||
Chief Financial Officer |
Date: 11/9/2021 | |||||
/s/ Daniel T. Hendrix | |||||
Daniel T. Hendrix | |||||
Chief Executive Officer |
Date: 11/9/2021 | |||||
/s/ Bruce A. Hausmann | |||||
Bruce A. Hausmann | |||||
Chief Financial Officer |
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Income Statement [Abstract] | ||||
NET SALES | $ 312,707 | $ 278,642 | $ 860,752 | $ 826,315 |
Cost of Sales | 206,382 | 176,480 | 549,397 | 512,548 |
GROSS PROFIT ON SALES | 106,325 | 102,162 | 311,355 | 313,767 |
Selling, General and Administrative Expenses | 77,735 | 88,161 | 236,867 | 255,902 |
Restructuring and Asset Impairment Charges | 3,813 | (1,881) | 3,621 | (3,156) |
Goodwill and Intangible Asset Impairment Charge | 0 | 0 | 0 | 121,258 |
OPERATING INCOME (LOSS) | 24,777 | 15,882 | 70,867 | (60,237) |
Interest Expense | 7,727 | 5,426 | 22,272 | 16,021 |
Other Expense | 887 | 2,921 | 2,219 | 9,551 |
INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 16,163 | 7,535 | 46,376 | (85,809) |
Income Tax Expense | 5,204 | 1,622 | 12,968 | 5,736 |
NET INCOME (LOSS) | $ 10,959 | $ 5,913 | $ 33,408 | $ (91,545) |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.19 | $ 0.10 | $ 0.57 | $ (1.56) |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.19 | $ 0.10 | $ 0.57 | $ (1.56) |
Common Shares Outstanding – Basic (in shares) | 59,057 | 58,592 | 58,942 | 58,507 |
Common Shares Outstanding – Diluted (in shares) | 59,057 | 58,592 | 58,942 | 58,507 |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 10,959 | $ 5,913 | $ 33,408 | $ (91,545) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | (14,553) | 23,402 | (30,695) | 24,317 |
Other Comprehensive Income (Loss), Cash Flow Hedge | 1,323 | 2,817 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge | 864 | (5,627) | ||
Other Comprehensive Income (Loss), Pension Liability Adjustment | 2,377 | (1,471) | 2,566 | (80) |
Comprehensive Income (Loss) | $ 106 | $ 28,708 | $ 8,096 | $ (72,935) |
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 59,055,000 | 58,664,000 |
Common stock, shares outstanding (in shares) | 59,055,000 | 58,664,000 |
Summary of Significant Accounting Policies |
9 Months Ended |
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Oct. 03, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 3, 2021, as filed with the Commission. The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature unless otherwise disclosed. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 3, 2021, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The nine-month period ended October 3, 2021 includes 39 weeks, and the nine-month period ended October 4, 2020 includes 40 weeks. The three-month periods ended October 3, 2021 and October 4, 2020 both include 13 weeks. Risks and Uncertainties The World Health Organization declared the COVID-19 outbreak a pandemic in March 2020, and many companies have experienced disruptions in their operations. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that, except for the goodwill and intangible asset impairment recorded in the first quarter of 2020 and discussed in Note 10 “Goodwill and Intangible Assets,” the continued impacts to our global supply chain, and its consequent impacts on production volume, raw material shortages, raw material cost increases, higher freight costs, shipping delays and labor shortages, gross profit margins, operating income, net income, cash flows, and order rates, there were no other material adverse impacts on the Company’s results of operations and financial position at October 3, 2021. The Company’s primary credit facility has various financial and other covenants including, but not limited to, a covenant to not exceed a maximum secured net debt to EBITDA ratio, as defined by the credit facility agreement. The Company is currently in compliance with all covenants under the credit facility agreement and anticipates that it will remain in compliance with the covenants for the foreseeable future. The full extent of the future impact of COVID-19 on the Company’s operations is uncertain. A prolonged COVID-19 pandemic may continue to have a material adverse impact on our operations, financial condition, and supply chains. It may negatively impact our ability to collect outstanding receivables, manage inventory, produce our products and service customers. The impact of COVID-19 could result in additional impairment losses related to goodwill, intangible assets, and property, plant and equipment. As the virus spreads through communities, it could impact the physical health, mental health, and productivity of our workforce as many of them are required to shelter in place and work from home for prolonged periods of time, and it could also impact our ability to reach our customers and collaborate with them as they are required to shelter in place and work from home for prolonged periods of time. The COVID-19 pandemic is having broad and negative implications on the global economy, which affects the size and timing of our customers’ capital budgets, and could result in delays or terminations of new and existing renovation projects, remodeling projects, new construction projects, and other projects where our products are used. COVID-19 Impact We continue to monitor our operations and have implemented various programs to mitigate the effects of COVID-19 on our business. Our global supply chain and manufacturing operations continue to experience increased impacts of COVID-19 including raw material shortages, raw material cost increases, higher freight costs, shipping delays, and labor shortages – particularly in the United States. Reclassifications In the first quarter of fiscal 2021, the Company determined that it has two operating and reportable segments – namely Americas (“AMS”) and Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment is unchanged from prior year and continues to include the United States, Canada and Latin America geographic areas. Segment disclosures for 2020 have been restated to conform to the current reportable segment structure. See Note 11 entitled “Segment Information” for additional information. Recently Adopted Accounting Pronouncements On January 4, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740 related to intraperiod tax allocation, the calculation of income taxes in interim periods, and the accounting for outside basis differences of foreign subsidiaries and equity method investments. The amendments also improve consistent application of and simplify GAAP for other areas of ASC Topic 740, including franchise or similar taxes partially based on income, the accounting for a step-up in tax basis goodwill, and interim recognition of an enacted change in tax laws or rates, by clarifying and amending existing guidance. The adoption of this standard did not have a material impact to the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This standard addresses the risks from the discontinuation of the London Interbank Offered Rate (LIBOR) and provides optional expedients and exceptions to contracts, hedging relationships and other transactions that reference LIBOR if certain criteria are met. This new guidance is effective and may be applied beginning March 12, 2020 through December 31, 2022. While the Company is currently evaluating the impact of adoption of this standard, we do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.
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Revenue Recognition |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | REVENUE RECOGNITION Revenue from sales of carpet, modular resilient flooring, rubber flooring, and other flooring-related material was approximately 98% of total revenue for both nine-month periods ended October 3, 2021 and October 4, 2020. The remaining 2% of revenue was generated from the installation of carpet and other flooring-related material for both 2021 and 2020 nine-month periods. Disaggregation of Revenue For the nine months ended October 3, 2021 and October 4, 2020, revenue from the Company’s customers is broken down by geography as follows:
Revenue from the Company’s customers in the Americas corresponds to the AMS operating segment, and the EAAA operating segment includes revenue from the Europe and Asia-Pacific geographies. See Note 11 entitled “Segment Information” for additional information.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories are summarized as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The Company computes basic earnings or loss per share (“EPS”) by dividing net income or loss by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings. The Company includes all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in the basic and diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following table shows the computation of basic and diluted EPS:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following:
(1) Represents the stated rate of interest, without the effect of debt issuance costs or interest rate swaps. Syndicated Credit Facility The Syndicated Credit Facility (the “Facility”) provides the Company and certain of its subsidiaries a multicurrency revolving loan and U.S. denominated and multicurrency term loans. Interest on base rate loans is charged at varying rates computed by applying a margin depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. Interest on Eurocurrency-based loans and fees for letters of credit are charged at varying rates computed by applying a margin over the applicable Eurocurrency rate, depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. In addition, the Company pays a commitment fee per annum (depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter) on the unused portion of the Facility. As of both October 3, 2021 and January 3, 2021, the Company had $1.6 million in letters of credit outstanding under the Facility. As of both October 3, 2021 and January 3, 2021, the carrying value of the Company’s borrowings under the Facility approximated its fair value as the Facility bears interest rates that are similar to existing market rates. Under the Facility, the Company is required to make quarterly amortization payments of the term loan borrowings, which are due on the last day of the calendar quarter. The Company is currently in compliance with all covenants under the Facility and anticipates that it will remain in compliance with the covenants for the foreseeable future. 5.50% Senior Notes due 2028 The 5.50% Senior Notes due 2028 (the “Senior Notes”) bear an interest rate at 5.50% per annum and mature on December 1, 2028. Interest is paid semi-annually on June 1 and December 1 of each year, beginning on June 1, 2021. The Senior Notes are unsecured and are guaranteed, jointly and severally, by each of the Company’s material domestic subsidiaries, all of which also guarantee the obligations of the Company under its existing Facility. As of October 3, 2021, the estimated fair value of the Senior Notes was $316.5 million, compared with a carrying value recorded in the Company’s consolidated condensed balance sheet of $300.0 million, excluding unamortized debt issuance costs. The fair value of the Senior Notes is derived using quoted prices for similar instruments and is considered Level 2 within the fair value hierarchy. Other Lines of Credit Subsidiaries of the Company had an aggregate of the equivalent of $6.0 million of other lines of credit available at interest rates ranging from 3.5% to 6.0% as of both October 3, 2021 and January 3, 2021. As of October 3, 2021 and January 3, 2021, there were no borrowings outstanding under these lines of credit. Borrowing Costs Debt issuance costs associated with the Company’s Senior Notes and term loans under the Facility are reflected as a reduction of long-term debt in accordance with applicable accounting standards. As these fees are expensed over the life of the outstanding borrowing, the debt balance will increase by the same amount as the fees that are expensed. As of October 3, 2021 and January 3, 2021, the unamortized debt issuance costs recorded as a reduction of long-term debt were $7.7 million and $8.6 million, respectively. Other deferred borrowing costs, which include underwriting, legal and other direct costs related to the issuance of revolving debt, net of accumulated amortization, were $1.7 million and $2.0 million as of October 3, 2021 and January 3, 2021, respectively. These amounts are included in other assets in the Company’s consolidated condensed balance sheets. The Company amortizes these costs over the life of the related debt.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS Interest Rate Risk Management From time to time, the Company enters into interest rate swap transactions to fix the variable interest rate on a portion of its term loan borrowing in order to manage a portion of its exposure to interest rate fluctuations. The Company’s objective and strategy with respect to these interest rate swaps is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability to cash flows relating to interest payments on a portion of its outstanding debt. Cash Flow Interest Rate Swaps In the fourth quarter of 2020 the Company terminated its designated interest rate swap transactions with a total notional value of $250 million. Hedge accounting was also discontinued at that time. Losses recorded in accumulated other comprehensive loss for these terminated interest rate swaps are reclassified and recorded in the consolidated condensed statements of operations to the extent it is probable that a portion of the original forecasted transactions related to the portion of the hedged debt repaid will not occur by the end of the originally specified time period. See Note 14 entitled “Items Reclassified From Accumulated Other Comprehensive Loss” for additional information. As of October 3, 2021 and January 3, 2021, the remaining accumulated other comprehensive loss associated with the terminated interest rate swaps was $4.7 million and $8.7 million, respectively, and will be amortized to earnings over the remaining term of the interest rate swaps prior to termination. We expect that approximately $3.3 million related to the terminated interest rate swaps will be reclassified from accumulated other comprehensive loss as an increase to interest expense in the next 12 months. The following table summarizes the impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss, net of tax, during the three and nine months ended October 4, 2020:
Derivative Transactions Not Designated as Hedging Instruments Our Asia-Pacific operations, from time to time, purchase foreign currency options to economically hedge inventory purchases denominated in foreign currencies other than their functional currency. The Company’s objective with respect to these foreign currency options is to protect the Company against adverse fluctuations in currency rates by reducing its exposure to variability in cash flows related to payment on inventory purchases. These options are classified as non-designated derivative instruments. Gains and losses on the changes in fair value of these foreign currency options are recognized in earnings each period. As of October 3, 2021, the Company had no outstanding foreign currency options. The table below sets forth the fair value of derivative instruments not designated as hedging instruments as of October 3, 2021 and January 3, 2021:
The following tables summarize gains and losses on derivatives not designated as hedging instruments within the consolidated condensed statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:
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Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | SHAREHOLDERS’ EQUITY The following tables depict the activity in the accounts which make up shareholders’ equity for the three and nine months ended October 3, 2021 and October 4, 2020:
Restricted Stock Awards During the nine months ended October 3, 2021 and October 4, 2020, the Company granted restricted stock awards for 428,400 and 308,100 shares of common stock, respectively. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a to three-year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause. Compensation expense related to restricted stock grants was $2.8 million and $0.6 million for the nine months ended October 3, 2021, and October 4, 2020, respectively. The Company has reduced its expense for restricted stock forfeited during the period. The following table summarizes restricted stock outstanding as of October 3, 2021, as well as activity during the nine months then ended:
As of October 3, 2021, the unrecognized total compensation cost related to unvested restricted stock was $6.1 million. That cost is expected to be recognized by the end of 2024. Performance Share Awards During the nine months ended October 3, 2021 and October 4, 2020, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of to three years, subject to the employee’s continued employment, and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The following table summarizes the performance shares outstanding as of October 3, 2021, as well as the activity during the nine months then ended:
Compensation expense (benefit) related to the performance shares was $1.4 million and $(2.0) million for the nine months ended October 3, 2021 and October 4, 2020, respectively. The Company has reduced its expense for performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $9.0 million as of October 3, 2021. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2024. The tax benefit recognized with regard to restricted stock and performance shares was approximately $0.8 million for the nine months ended October 3, 2021.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. The Company records a right-of-use asset and lease liability for leases extending beyond one year for operating and finance leases once a contract that contains a lease is executed and we have the right to control the use of the leased asset. The right-of-use asset is measured as the present value of the lease obligation. The discount rate used to calculate the present value of the lease liability was the Company’s incremental borrowing rate for the applicable geographical region. As of October 3, 2021, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 3, 2021 and January 3, 2021:
Lease Costs
Other Supplemental Information
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of October 3, 2021 and January 3, 2021:
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. The Company records a right-of-use asset and lease liability for leases extending beyond one year for operating and finance leases once a contract that contains a lease is executed and we have the right to control the use of the leased asset. The right-of-use asset is measured as the present value of the lease obligation. The discount rate used to calculate the present value of the lease liability was the Company’s incremental borrowing rate for the applicable geographical region. As of October 3, 2021, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 3, 2021 and January 3, 2021:
Lease Costs
Other Supplemental Information
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of October 3, 2021 and January 3, 2021:
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS During the three and nine months ended October 3, 2021, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.6 million and $2.0 million, respectively. During the three and nine months ended October 4, 2020, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.6 million and $1.9 million, respectively. The following tables provide the components of net periodic benefit cost for the three and nine months ended October 3, 2021 and October 4, 2020:
In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within operating income (loss) in the consolidated condensed statements of operations, while all other components of net periodic benefit costs are presented within other expense in the consolidated condensed statements of operations.
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Goodwill and Intangible Assets |
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Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS In the first quarter of 2021, the Company determined that it has two operating and reportable segments – namely AMS and EAAA. See Note 11 entitled “Segment Information” for additional information. The Company tests goodwill for impairment at least annually at the reporting unit level. The Company’s reporting units remain unchanged following the realignment of its operating segments and consist of the Americas, Europe, and Asia-Pacific. The Americas reporting unit is the same as the AMS reportable segment, and the Europe and Asia-Pacific reporting units are one level below the EAAA reportable segment. During the first quarter of 2020, as a result of changes in macroeconomic conditions related to the COVID-19 pandemic, the Company recognized a charge of $121.3 million for the impairment of goodwill and certain intangible assets. As a result of the first quarter 2020 assessment, we determined that the fair value for two reporting units was less than their carrying value and recognized a goodwill impairment loss of $116.5 million in the first quarter of 2020. The expected decline in revenue due to the impact of COVID-19 contributed to the lower fair value of our Europe and Asia-Pacific reporting units. As such, the goodwill impairment loss was allocated to our Europe and Asia-Pacific reporting units in the amounts of $99.2 million and $17.3 million, respectively. There were no indicators of additional goodwill impairment as of October 3, 2021. The changes in the carrying amounts of goodwill attributable to each reportable segment for the nine months ended October 3, 2021 are as follows:
Additionally, we determined that the trademarks and trade names intangible assets related to the acquired nora business were also impaired and recognized an impairment loss of $4.8 million in the first quarter of 2020. The carrying value of intangible assets was $79.0 million at October 3, 2021. There were no indicators of additional intangible asset impairment as of the end of the third quarter of 2021.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION The Company determines that an operating segment exists if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has operating results that are regularly reviewed by the chief operating decision maker (“CODM”) and (iii) has discrete financial information. Additionally, accounting standards require the utilization of a “management approach” to report the financial results of operating segments, which is based on information used by the CODM to assess performance and make operating and resource allocation decisions. In the first quarter of 2021, the Company largely completed its integration of the nora acquisition, and integration of its European and Asia-Pacific commercial areas and determined that it has two operating segments organized by geographical area – namely (a) Americas (“AMS”) and (b) Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment is unchanged from prior year and continues to include the United States, Canada and Latin America geographic areas. Pursuant to the management approach discussed above, the Company’s CODM, our chief executive officer, evaluates performance at the AMS and EAAA operating segment levels and makes operating and resource allocation decisions based on segment adjusted operating income or loss (“AOI”), which includes allocations of corporate selling, general and administrative expenses. AOI excludes nora purchase accounting amortization, goodwill and intangible asset impairment charges, changes in equity award forfeiture accounting, restructuring charges, asset impairment, severance and other charges, and an SEC settlement fine. Intersegment revenues for the three and nine months ended October 3, 2021 were $20.1 million and $56.4 million, respectively, and intersegment revenues for the three and nine months ended October 4, 2020 were $15.6 million and $56.2 million, respectively. Intersegment revenues are eliminated from net sales presented below since these amounts are not included in the information provided to the CODM. The Company has determined that it has two reportable segments – AMS and EAAA as each operating segment meets the quantitative thresholds defined in the accounting guidance. Segment information below for fiscal year 2020 has been restated to reflect our new reportable segment structure.
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
Reconciliations of operating income (loss) to income (loss) before income tax expense and segment AOI are presented as follows:
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Supplemental Cash Flow Information |
9 Months Ended |
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Oct. 03, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash payments for interest amounted to $13.2 million and $16.0 million for the nine months ended October 3, 2021 and October 4, 2020, respectively. Income tax payments, net of refunds, amounted to $15.3 million and $8.2 million for the nine months ended October 3, 2021 and October 4, 2020, respectively. See Note 8 entitled “Leases” for supplemental disclosures related to finance and operating leases.
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Income Taxes |
9 Months Ended |
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Oct. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate and records any changes affecting the estimated annual effective tax rate in the interim period in which the change occurs, including discrete tax items. During the nine months ended October 3, 2021, the Company recorded a total income tax provision of $13.0 million on pre-tax income of $46.4 million resulting in an effective tax rate of 28.0%, as compared to a total income tax provision of $5.7 million on a pre-tax loss of $85.8 million resulting in an effective tax rate of (6.7)% during the nine months ended October 4, 2020. The effective tax rate for the period ended October 4, 2020 was primarily impacted by a non-deductible goodwill impairment. Excluding the impact of the goodwill impairment, the effective tax rate was 18.7% during the nine months ended October 4, 2020. The increase in the effective tax rate as compared to the period ended October 4, 2020, excluding the non-deductible goodwill impairment, was due to the one-time favorable impacts of amending prior year tax returns during the nine months ended October 4, 2020. In the first nine months of 2021, the Company decreased its liability for unrecognized tax benefits by $0.6 million. The decrease was primarily due to settlements with taxing authorities and a lapse of applicable statute of limitations. As of October 3, 2021, the Company had accrued approximately $10.2 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of October 3, 2021 reflects a reduction for $3.0 million of these unrecognized tax benefits. In October 2021, the statute of limitations for the 2017 U.S. federal income tax return closed. As a result of this lapse in the statute of limitations, the Company will recognize $1.2 million of unrecognized tax benefits in the fourth quarter of 2021. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including the progress of tax audits and the closing of statutes of limitations. Based on information currently available, it is reasonably possible that approximately $1.7 million of unrecognized tax benefits, including the $1.2 million to be recognized in the fourth quarter of 2021, may be recognized within the next 12 months due to a lapse of statute of limitations.
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Items Reclassified From Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Items Reclassified From Accumulated Other Comprehensive Loss | ITEMS RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE LOSS Amounts reclassified out of accumulated other comprehensive loss (“AOCI”), before tax, to the consolidated condensed statements of operations during the three and nine months ended October 3, 2021 and October 4, 2020 are reflected in the table below:
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Restructuring and Other Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES A summary of restructuring activities for the 2021 and 2019 restructuring plans are presented below:
For the nine months ended October 3, 2021, the Company recorded restructuring and asset impairment charges of $3.6 million. At October 3, 2021, the restructuring reserve was $2.4 million. Below is a discussion of the restructuring plan activities under the 2021 and 2019 restructuring plans. 2021 Restructuring Plan On September 8, 2021, the Company committed to a new restructuring plan that continues to focus on efforts to improve efficiencies and decrease costs across its worldwide operations. The plan involves a reduction of approximately 188 employees and the closure of the Company’s manufacturing facility in Thailand at the end of the first quarter of 2022. As a result of this plan, the Company expects to incur pre-tax restructuring charges between the third quarter of 2021 and the fourth quarter of 2022 of approximately $4 million to $5 million. The expected charges are comprised of severance expenses ($2.2 million), retention bonuses ($0.5 million), and asset impairment and other charges ($2.0 million). The retention costs of approximately $0.5 million will be recognized through the end of fiscal year 2022 as earned over the requisite service periods. Restructuring charges of $3.9 million comprised of severance and asset impairment charges were recognized during the third quarter of 2021. The restructuring plan is expected to result in future cash expenditures of approximately $3 million to $4 million for payment of the employee severance, employee retention bonuses and other costs of the shutdown of the Thailand manufacturing facility, as described above. The Company expects to complete the restructuring plan in fiscal year 2022 and expects the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings is expected to be realized on the income statement in fiscal year 2022, with the remaining portion of the annualized savings expected to be realized in fiscal year 2023. 2019 Restructuring Plan On December 23, 2019, the Company committed to a new restructuring plan that continues to focus on efforts to improve efficiencies and decrease costs across its worldwide operations, and more closely align its operating structure with its business strategy. The plan involved a reduction of approximately 105 employees and early termination of two office leases. As a result of this plan, the Company recorded a pre-tax restructuring charge in the fourth quarter of 2019 of approximately $9.0 million. The charge was comprised of severance expenses ($8.8 million) and lease exit costs ($0.2 million). The restructuring plan was expected to result in cash expenditures of approximately $9.0 million for payment of the employee severance and lease exit costs, as described above. The Company expects to complete the restructuring plan in fiscal year 2021 and expects the plan to yield annualized savings of approximately $6.0 million. A portion of the annualized savings was realized on the income statement in fiscal year 2020, with the remaining portion of the annualized savings expected to be realized in fiscal year 2021.
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Significant Accounting Policies (Policies) |
9 Months Ended |
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Oct. 03, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 3, 2021, as filed with the Commission. The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature unless otherwise disclosed. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 3, 2021, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The nine-month period ended October 3, 2021 includes 39 weeks, and the nine-month period ended October 4, 2020 includes 40 weeks. The three-month periods ended October 3, 2021 and October 4, 2020 both include 13 weeks.
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Risks and Uncertainties | Risks and Uncertainties The World Health Organization declared the COVID-19 outbreak a pandemic in March 2020, and many companies have experienced disruptions in their operations. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that, except for the goodwill and intangible asset impairment recorded in the first quarter of 2020 and discussed in Note 10 “Goodwill and Intangible Assets,” the continued impacts to our global supply chain, and its consequent impacts on production volume, raw material shortages, raw material cost increases, higher freight costs, shipping delays and labor shortages, gross profit margins, operating income, net income, cash flows, and order rates, there were no other material adverse impacts on the Company’s results of operations and financial position at October 3, 2021. The Company’s primary credit facility has various financial and other covenants including, but not limited to, a covenant to not exceed a maximum secured net debt to EBITDA ratio, as defined by the credit facility agreement. The Company is currently in compliance with all covenants under the credit facility agreement and anticipates that it will remain in compliance with the covenants for the foreseeable future. The full extent of the future impact of COVID-19 on the Company’s operations is uncertain. A prolonged COVID-19 pandemic may continue to have a material adverse impact on our operations, financial condition, and supply chains. It may negatively impact our ability to collect outstanding receivables, manage inventory, produce our products and service customers. The impact of COVID-19 could result in additional impairment losses related to goodwill, intangible assets, and property, plant and equipment. As the virus spreads through communities, it could impact the physical health, mental health, and productivity of our workforce as many of them are required to shelter in place and work from home for prolonged periods of time, and it could also impact our ability to reach our customers and collaborate with them as they are required to shelter in place and work from home for prolonged periods of time. The COVID-19 pandemic is having broad and negative implications on the global economy, which affects the size and timing of our customers’ capital budgets, and could result in delays or terminations of new and existing renovation projects, remodeling projects, new construction projects, and other projects where our products are used.
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Reclassifications | Reclassifications In the first quarter of fiscal 2021, the Company determined that it has two operating and reportable segments – namely Americas (“AMS”) and Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment is unchanged from prior year and continues to include the United States, Canada and Latin America geographic areas. Segment disclosures for 2020 have been restated to conform to the current reportable segment structure. See Note 11 entitled “Segment Information” for additional information.
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Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 4, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740 related to intraperiod tax allocation, the calculation of income taxes in interim periods, and the accounting for outside basis differences of foreign subsidiaries and equity method investments. The amendments also improve consistent application of and simplify GAAP for other areas of ASC Topic 740, including franchise or similar taxes partially based on income, the accounting for a step-up in tax basis goodwill, and interim recognition of an enacted change in tax laws or rates, by clarifying and amending existing guidance. The adoption of this standard did not have a material impact to the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This standard addresses the risks from the discontinuation of the London Interbank Offered Rate (LIBOR) and provides optional expedients and exceptions to contracts, hedging relationships and other transactions that reference LIBOR if certain criteria are met. This new guidance is effective and may be applied beginning March 12, 2020 through December 31, 2022. While the Company is currently evaluating the impact of adoption of this standard, we do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.
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Revenue Recognition (Tables) |
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | For the nine months ended October 3, 2021 and October 4, 2020, revenue from the Company’s customers is broken down by geography as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories are summarized as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the computation of basic and diluted EPS:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | Long-term debt consisted of the following:
(1) Represents the stated rate of interest, without the effect of debt issuance costs or interest rate swaps.
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss | The following table summarizes the impact that changes in the fair value of derivatives designated as cash flow hedges had on accumulated other comprehensive loss, net of tax, during the three and nine months ended October 4, 2020:
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Derivatives Not Designated as Hedging Instruments | The table below sets forth the fair value of derivative instruments not designated as hedging instruments as of October 3, 2021 and January 3, 2021:
The following tables summarize gains and losses on derivatives not designated as hedging instruments within the consolidated condensed statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:
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Shareholders' Equity (Tables) |
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shareholders' Equity | The following tables depict the activity in the accounts which make up shareholders’ equity for the three and nine months ended October 3, 2021 and October 4, 2020:
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Schedule of Restricted Stock Outstanding and Activity | The following table summarizes restricted stock outstanding as of October 3, 2021, as well as activity during the nine months then ended:
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Schedule of Performance Shares Outstanding and Activity | The following table summarizes the performance shares outstanding as of October 3, 2021, as well as the activity during the nine months then ended:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Information, Lessee | The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 3, 2021 and January 3, 2021:
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Schedule of Lease Cost | Lease Costs
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Other Supplemental Information, Lessee | Other Supplemental Information
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Weighted Average Lease Term and Discount Rate, Lessee | The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of October 3, 2021 and January 3, 2021:
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Lease Liability Maturity Schedule | A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Lease Liability Maturity Schedule | A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | The following tables provide the components of net periodic benefit cost for the three and nine months ended October 3, 2021 and October 4, 2020:
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Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill attributable to each reportable segment for the nine months ended October 3, 2021 are as follows:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segment Information | Segment information below for fiscal year 2020 has been restated to reflect our new reportable segment structure.
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Reconciliation of Assets from Segment to Consolidated | A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
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Reconciliation of Operating Income (Loss) to Income (Loss) Before Income Tax Expense and Segment AOI | Reconciliations of operating income (loss) to income (loss) before income tax expense and segment AOI are presented as follows:
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Items Reclassified From Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss | Amounts reclassified out of accumulated other comprehensive loss (“AOCI”), before tax, to the consolidated condensed statements of operations during the three and nine months ended October 3, 2021 and October 4, 2020 are reflected in the table below:
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Restructuring and Other Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Plan and Type of Cost | A summary of restructuring activities for the 2021 and 2019 restructuring plans are presented below:
|
Revenue Recognition - Narrative (Details) |
9 Months Ended | |
---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Carpet, Modular Resilient Flooring, and Related Products | ||
Percent of revenue due to contracts with customers (percentage) | 98.00% | 98.00% |
Installation of Carpet and Other Flooring Related Material | ||
Percent of revenue due to contracts with customers (percentage) | 2.00% | 2.00% |
Revenue Recognition - Disaggregation of Revenue (Details) |
9 Months Ended | |
---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Americas | ||
Percentage of net sales | 53.50% | 54.70% |
Europe | ||
Percentage of net sales | 32.60% | 31.40% |
Asia-Pacific | ||
Percentage of net sales | 13.90% | 13.90% |
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 176,180 | $ 152,836 |
Work in process | 16,487 | 17,109 |
Raw materials | 63,985 | 58,780 |
Inventories, net | $ 256,652 | $ 228,725 |
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Oct. 03, 2021 |
Jan. 03, 2021 |
Dec. 02, 2020 |
|
Interest rate swap | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 250.0 | ||
Gain (Loss) of discontinued cash flow hedge in AOCI | $ (4.7) | $ (8.7) | |
Cash flow hedge gain (loss) to be reclassified within twelve months | (3.3) | ||
Foreign currency option | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 0.0 |
Derivative Instruments - Cash Flow Hedges Included in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Oct. 04, 2020 |
Oct. 04, 2020 |
|
Derivative instruments designated as hedging instruments | Cash flow hedge | Interest rate swap | ||
Derivative [Line Items] | ||
Interest rate swap contracts gain (loss) | $ 864 | $ (5,627) |
Derivative Instruments - Derivatives Not Designated as Hedging Instruments (Details) - Derivative instruments not designated as hedging instruments - Foreign currency option - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
Jan. 03, 2021 |
|
Other expense | |||||
Derivative [Line Items] | |||||
Foreign currency options gain | $ 101 | $ 11 | $ 420 | $ 90 | |
Other current assets | |||||
Derivative [Line Items] | |||||
Asset derivatives | $ 0 | $ 0 | $ 37 |
Shareholders' Equity - Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares |
9 Months Ended | |
---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Shares | ||
Outstanding at beginning of period (in shares) | 436,900 | |
Granted (in shares) | 428,400 | 308,100 |
Vested (in shares) | (167,200) | |
Forfeited or canceled (in shares) | (14,300) | |
Outstanding at end of period (in shares) | 683,800 | |
Weighted Average Grant Date Fair Value | ||
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 24.73 | |
Granted, weighted average grant date fair value (in dollars per share) | 14.26 | |
Vested, weighted average grant date fair value (in dollars per share) | 13.68 | |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | 15.48 | |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ 21.06 |
Shareholders' Equity - Performance Shares Outstanding (Details) - Performance Shares |
9 Months Ended |
---|---|
Oct. 03, 2021
$ / shares
shares
| |
Shares | |
Outstanding at beginning of period (in shares) | shares | 405,300 |
Granted (in shares) | shares | 375,800 |
Vested (in shares) | shares | 0 |
Forfeited or canceled (in shares) | shares | (63,000) |
Outstanding at end of period (in shares) | shares | 718,100 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.94 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 13.94 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares | 21.43 |
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.98 |
Leases - Narrative (Details) |
9 Months Ended |
---|---|
Oct. 03, 2021 | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 5 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease contract term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease contract term | 20 years |
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 93,999 | $ 98,013 |
Current portion of operating lease liabilities | 15,040 | 13,555 |
Operating lease liabilities | 80,741 | 86,468 |
Total operating lease liabilities | 95,781 | 100,023 |
Property, plant and equipment, net | 6,961 | 6,138 |
Accrued expenses | 1,814 | 1,496 |
Other long-term liabilities | 3,490 | 2,688 |
Total finance lease liabilities | $ 5,304 | $ 4,184 |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Leases [Abstract] | ||||
Finance lease cost: Amortization of right-of-use assets | $ 646 | $ 176 | $ 1,230 | $ 811 |
Finance lease cost: Interest on lease liabilities | 37 | 22 | 104 | 56 |
Operating lease cost | 5,240 | 6,095 | 17,040 | 19,076 |
Short-term lease cost | 222 | 85 | 864 | 426 |
Variable lease cost | 730 | 1,089 | 2,018 | 2,659 |
Total lease cost | $ 6,875 | $ 7,467 | $ 21,256 | $ 23,028 |
Leases - Other Supplemental Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Statement of Financial Position [Abstract] | ||||
Operating cash flows from finance leases | $ 16 | $ 22 | $ 83 | $ 56 |
Operating cash flows from operating leases | 6,677 | 5,528 | 17,353 | 16,978 |
Financing cash flows from finance leases | 680 | 442 | 1,796 | 1,252 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 67 | 1,156 | 2,811 | 1,709 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,417 | $ 1,517 | $ 12,062 | $ 5,582 |
Leases - Lease Term and Discount Rate (Details) |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Weighted-average remaining lease term – finance leases (in years) | 3 years 3 months 10 days | 3 years 4 months 6 days |
Weighted-average remaining lease term – operating leases (in years) | 10 years 10 days | 10 years 7 months 9 days |
Weighted-average discount rate – finance leases (percentage) | 2.84% | 2.64% |
Weighted-average discount rate – operating leases (percentage) | 5.87% | 5.98% |
Leases - Maturity of Lease Payments (Details) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 (excluding the nine months ended October 3, 2021) | $ 4,842 | |
2022 | 17,833 | |
2023 | 13,698 | |
2024 | 12,225 | |
2025 | 10,578 | |
Thereafter | 71,205 | |
Total future minimum lease payments (undiscounted) | 130,381 | |
Less: Present value discount | (34,600) | |
Total lease liability | 95,781 | $ 100,023 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2021 (excluding the nine months ended October 3, 2021) | 696 | |
2022 | 1,821 | |
2023 | 1,441 | |
2024 | 1,055 | |
2025 | 412 | |
Thereafter | 135 | |
Total future minimum lease payments (undiscounted) | 5,560 | |
Less: Present value discount | (256) | |
Total lease liability | $ 5,304 | $ 4,184 |
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Retirement Plans (Europe) | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Multiemployer Plan, Employer Contribution | $ 0.6 | $ 0.6 | $ 2.0 | $ 1.9 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Apr. 05, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill and Intangible Asset Impairment Charge | $ 0 | $ 0 | $ 121,300 | $ 0 | $ 121,258 |
Goodwill, Impairment Loss | 116,500 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 4,800 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 79,000 | $ 79,000 | |||
Europe | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, Impairment Loss | 99,200 | ||||
Asia-Pacific | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, Impairment Loss | $ 17,300 |
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Oct. 03, 2021 |
Jan. 03, 2021 |
|
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 151,858 | $ 165,777 |
Goodwill, Foreign Currency Translation | (13,919) | |
Operating Segments | AMS | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 112,072 | 122,344 |
Goodwill, Foreign Currency Translation | (10,272) | |
Operating Segments | EAAA | ||
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | 39,786 | $ 43,433 |
Goodwill, Foreign Currency Translation | $ (3,647) |
Segment Information - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021
USD ($)
|
Oct. 04, 2020
USD ($)
|
Oct. 03, 2021
USD ($)
|
Oct. 04, 2020
USD ($)
|
|
Segment Reporting [Abstract] | ||||
Number of operating segments | 2 | |||
Number of reportable segments | 2 | |||
Intersegment Revenues | $ 20.1 | $ 15.6 | $ 56.4 | $ 56.2 |
Segment Information - Operating Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 312,707 | $ 278,642 | $ 860,752 | $ 826,315 |
Depreciation and amortization | 11,417 | 11,732 | 35,087 | 33,480 |
Operating Segments | AMS | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 176,770 | 142,858 | 460,402 | 452,171 |
AOI | 21,595 | 20,279 | 54,606 | 67,771 |
Depreciation and amortization | 4,365 | 4,301 | 13,592 | 12,174 |
Operating Segments | EAAA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 135,937 | 135,784 | 400,350 | 374,144 |
AOI | 8,586 | 7,821 | 26,557 | 17,151 |
Depreciation and amortization | $ 7,052 | $ 7,431 | $ 21,495 | $ 21,306 |
Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Jan. 03, 2021 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,289,242 | $ 1,306,011 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,505,814 | 1,482,363 |
Operating Segments | AMS | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 808,015 | 800,068 |
Operating Segments | EAAA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 697,799 | 682,295 |
Corporate, Non-Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 123,196 | 111,073 |
Eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ (339,768) | $ (287,425) |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest | $ 13.2 | $ 16.0 |
Income tax payments, net of refunds | $ 15.3 | $ 8.2 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 02, 2022 |
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense | $ 5,204 | $ 1,622 | $ 12,968 | $ 5,736 | |
Income (Loss) from Continuing Operations before Income Tax Expense | 16,163 | $ 7,535 | $ 46,376 | $ (85,809) | |
Effective income tax rate, percent | 28.00% | (6.70%) | |||
Effective income tax rate, excluding non-deductible goodwill impairment, percent | 18.70% | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ (600) | ||||
Unrecognized tax benefits | 10,200 | 10,200 | |||
Decrease in deferred tax assets | 3,000 | ||||
Decrease in unrecognized tax benefits reasonably possible within next 12 months | $ 1,700 | $ 1,700 | |||
Subsequent Event | |||||
Income Tax Disclosure [Abstract] | |||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 1,200 | ||||
Subsequent Event [Line Items] | |||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 1,200 |
Items Reclassified From Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 03, 2021 |
Oct. 04, 2020 |
Oct. 03, 2021 |
Oct. 04, 2020 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Loss | ||||
Total loss reclassified from AOCI, net | $ (2,550) | $ (1,888) | $ (6,084) | $ (4,591) |
Interest expense | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss | ||||
Interest rate swap contracts loss | (1,845) | (3,952) | ||
Interest rate swap contracts loss | (1,328) | (2,944) | ||
Other expense | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss | ||||
Amortization of benefit plan prior service cost and net actuarial losses | $ (705) | $ (560) | $ (2,132) | $ (1,647) |
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