Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 26, 2020 | Feb. 25, 2021 | Jun. 27, 2020 | |
Entity Information [Line Items] | |||
Entity Registrant Name | DIXIE GROUP INC | ||
Entity Central Index Key | 0000029332 | ||
Entity File Number | 0-2585 | ||
Entity Tax Identification Number | 62-0183370 | ||
Current Fiscal Year End Date | --12-26 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 26, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Transition Report | false | ||
Entity Address, Address Line 1 | 475 Reed Road | ||
Entity Address, City or Town | Dalton | ||
Entity Address, State or Province | GA | ||
Entity Address, Country | US | ||
Entity Address, Postal Zip Code | 30720 | ||
City Area Code | 706 | ||
Local Phone Number | 876-5800 | ||
Entity Well-Known Seasoned Filer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 10,862,025 | ||
Common Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,557,435 | ||
Common Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 880,313 | ||
Common Class C [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,920 | $ 769 |
Receivables, net | 37,716 | 37,138 |
Inventories, net | 85,399 | 95,509 |
Prepaid expenses | 8,296 | 6,179 |
TOTAL CURRENT ASSETS | 133,331 | 139,595 |
PROPERTY, PLANT AND EQUIPMENT, NET | 57,904 | 65,442 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 22,074 | 24,835 |
OTHER ASSETS | 19,559 | 17,787 |
TOTAL ASSETS | 232,868 | 247,659 |
CURRENT LIABILITIES | ||
Accounts payable | 19,058 | 16,084 |
Accrued expenses | 25,965 | 25,418 |
Current portion of long-term debt | 6,116 | 6,684 |
Current portion of operating lease liabilities | 3,323 | 3,172 |
TOTAL CURRENT LIABILITIES | 54,462 | 51,358 |
LONG-TERM DEBT, NET | 72,041 | 81,667 |
OPERATING LEASE LIABILITIES | 19,404 | 22,123 |
OTHER LONG-TERM LIABILITIES | 23,170 | 19,300 |
TOTAL LIABILITIES | 169,077 | 174,448 |
COMMITMENTS AND CONTINGENCIES (See Note 19) | ||
STOCKHOLDERS' EQUITY | ||
Common Stock ($3 par value per share): Authorized 80,000,000 shares, issued and outstanding - 14,557,435 shares for 2020 and 15,025,087 shares for 2019 | 43,672 | 45,075 |
Class B Common Stock ($3 par value per share): Authorized 16,000,000 shares, issued and outstanding - 880,313 shares for 2020 and 836,669 shares for 2019 | 2,641 | 2,510 |
Additional paid-in capital | 158,329 | 157,547 |
Accumulated deficit | (140,321) | (131,113) |
Accumulated other comprehensive income (loss) | (530) | (808) |
TOTAL STOCKHOLDERS' EQUITY | 63,791 | 73,211 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 232,868 | $ 247,659 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 26, 2020 | Dec. 28, 2019 |
Common stock, par value | $ 3 | $ 3 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 14,557,435 | 15,025,087 |
Class B Common stock, par value | $ 3 | $ 3 |
Class B Common stock, shares authorized | 16,000,000 | 16,000,000 |
Class B Common stock, shares issued | 880,313 | 836,669 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
NET SALES | $ 315,939 | $ 374,582 | $ 405,033 | |
Cost of sales | 239,483 | 288,377 | 318,042 | |
GROSS PROFIT | 76,456 | 86,205 | 86,991 | |
Selling and administrative expenses | 75,731 | 83,825 | 92,473 | |
Other operating (income) expense, net | (108) | (23,988) | 458 | |
Facility consolidation and severance expenses, net | 3,752 | 5,019 | 3,167 | |
Impairment of assets | 0 | 0 | 6,709 | |
OPERATING INCOME (LOSS) | (2,919) | 21,349 | (15,816) | |
Interest expense | 5,803 | 6,444 | 6,491 | |
Other (income) expense, net | 678 | (57) | 3 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | (9,400) | 14,962 | (22,310) | |
Income tax provision (benefit) | (312) | (657) | (831) | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (9,088) | 15,619 | (21,479) | |
Income (loss) from discontinued operations, net of tax | (120) | (348) | 95 | |
NET INCOME (LOSS) | $ (9,208) | $ 15,271 | $ (21,384) | |
BASIC EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | $ (0.59) | $ 0.96 | $ (1.36) | |
Discontinued operations | (0.01) | (0.02) | 0.01 | |
Net income (loss) | $ (0.60) | $ 0.94 | $ (1.35) | |
BASIC SHARES OUTSTANDING | [1] | 15,316 | 15,822 | 15,764 |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations | $ (0.59) | $ 0.95 | $ (1.36) | |
Discontinued operations | (0.01) | (0.02) | 0.01 | |
Net income (loss) | $ (0.60) | $ 0.93 | $ (1.35) | |
DILUTED SHARES OUTSTANDING | [1],[2] | 15,316 | 15,926 | 15,764 |
DIVIDENDS PER SHARE: | ||||
Common Stock | $ 0 | $ 0 | $ 0 | |
Class B Common Stock | $ 0 | $ 0 | $ 0 | |
[1] | Includes Common and Class B Common shares, excluding 360, 461, and 570 unvested participating securities, in thousands, for 2020, 2019, and 2018, respectively. | |||
[2] | Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares excluded were 281 in 2020, 166 in 2019 and 422 in 2018. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
NET INCOME (LOSS) | $ (9,208) | $ 15,271 | $ (21,384) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Unrealized gain (loss) on interest rate swaps | (1,316) | (1,109) | 531 | |
Income taxes | 0 | 0 | 0 | |
Unrealized gain (loss) on interest rate swaps, net | (1,316) | (1,109) | 531 | |
Reclassification of loss into earnings from interest rate swaps (1) | [1] | 1,967 | 454 | 673 |
Income taxes | 343 | 10 | 0 | |
Reclassification of loss into earnings from interest rate swaps, net | 1,624 | 444 | 673 | |
Unrecognized net actuarial gain (loss) on postretirement benefit plans | 0 | (6) | 18 | |
Income taxes | 0 | 0 | 0 | |
Unrecognized net actuarial gain (loss) on postretirement benefit plans, net | 0 | (6) | 18 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans (2) | [2] | (27) | (27) | (27) |
Income taxes | 0 | 0 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (27) | (27) | (27) | |
Reclassification of prior service credits into earnings from postretirement benefit plans (2) | [2] | (3) | (2) | (4) |
Income taxes | 0 | 0 | 0 | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | (3) | (2) | (4) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 278 | (700) | 1,191 | |
COMPREHENSIVE INCOME (LOSS) | $ (8,930) | $ 14,571 | $ (20,193) | |
[1] | Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in interest expense in the Company's Consolidated Statements of Operations. | |||
[2] | Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net income (loss) were included in selling and administrative expenses in the Company's Consolidated Statements of Operations. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income (loss) from continuing operations | $ (9,088) | $ 15,619 | $ (21,479) |
Income (loss) from discontinued operations | (120) | (348) | 95 |
Net income (loss) | (9,208) | 15,271 | (21,384) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 10,746 | 11,440 | 12,653 |
Benefit for deferred income taxes | (343) | (487) | (537) |
Net loss (gain) on property, plant and equipment disposals | 41 | (25,281) | (1,047) |
Impairment of assets | 0 | 0 | 1,164 |
Impairment of goodwill and intangibles | 0 | 0 | 5,545 |
Stock-based compensation (credit) expense | 431 | 483 | (29) |
Bad debt expense | 90 | 240 | 163 |
Write-off of deferred financing costs | 157 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Receivables | (668) | 5,164 | 3,775 |
Inventories | 10,110 | 9,686 | 8,462 |
Prepaids and other current assets | (2,117) | (975) | (535) |
Accounts payable and accrued expenses | 1,427 | (3,678) | (4,198) |
Other operating assets and liabilities | 2,883 | (176) | 1,073 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 13,549 | 11,687 | 5,105 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net proceeds from sales of property, plant and equipment | 44 | 37,205 | 1,856 |
Purchase of property, plant and equipment | (1,760) | (4,235) | (4,052) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,716) | 32,970 | (2,196) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayments of Long-term Lines of Credit | (59,693) | (39,524) | 1,512 |
Net borrowings on revolving credit facility | 28,352 | 0 | 0 |
Proceeds from Issuance of Debt | 25,000 | 0 | 0 |
Repayments of Secured Debt | (343) | (5,475) | (731) |
Payments on notes payable related to acquisitions | 0 | 0 | (791) |
Borrowings on notes payable - equipment and other | 1,460 | 1,379 | 3,273 |
Payments on notes payable - equipment and other | (2,380) | (3,375) | (4,260) |
Borrowings on finance leases | 2,211 | 11,500 | 0 |
Payments on finance leases | (4,756) | (4,166) | (4,617) |
Change in outstanding checks in excess of cash | 2,094 | (3,141) | 2,762 |
Repurchases of Common Stock | (921) | (827) | (58) |
Payments for debt issuance costs | (1,706) | (277) | 0 |
NET CASH USED IN FINANCING ACTIVITIES | (10,682) | (43,906) | (2,910) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,151 | 751 | (1) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 769 | 18 | 19 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,920 | 769 | 18 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 52 | 0 |
Equipment purchased under capital leases | 0 | 0 | 223 |
Equipment purchased under notes payable | 1,314 | 0 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 653 | 18,167 | 0 |
Accrued purchases of equipment | $ 0 | $ 188 | $ 166 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Stockholders' Equity Attributable to Parent at Dec. 30, 2017 | $ 79,263 | $ 45,839 | $ 2,584 | $ 157,139 | $ (125,000) | $ (1,299) |
Common Stock issued | 0 | 119 | 0 | (119) | 0 | 0 |
Repurchases of Common Stock | (57) | (61) | 0 | 4 | 0 | 0 |
Restricted stock grants issued | 0 | 677 | 245 | (922) | 0 | 0 |
Restricted stock grants forfeited | (938) | (25) | (292) | (621) | 0 | 0 |
Class B converted into Common Stock | 0 | 19 | (19) | 0 | 0 | 0 |
Stock-based compensation expense | 909 | 0 | 0 | 909 | 0 | 0 |
Net income (loss) | (21,384) | 0 | 0 | 0 | (21,384) | 0 |
Other comprehensive income (loss) | 1,191 | 0 | 0 | 0 | 0 | 1,191 |
Stockholders' Equity Attributable to Parent at Dec. 29, 2018 | 58,984 | 46,568 | 2,518 | 156,390 | (146,384) | (108) |
Common Stock issued | 0 | 87 | 0 | (87) | 0 | 0 |
Repurchases of Common Stock | (827) | (1,535) | 0 | 708 | 0 | 0 |
Restricted stock grants forfeited | (11) | (53) | 0 | 42 | 0 | 0 |
Class B converted into Common Stock | 0 | 8 | (8) | 0 | 0 | 0 |
Stock-based compensation expense | 494 | 0 | 0 | 494 | 0 | 0 |
Net income (loss) | 15,271 | 0 | 0 | 0 | 15,271 | 0 |
Other comprehensive income (loss) | (700) | 0 | 0 | 0 | 0 | (700) |
Stockholders' Equity Attributable to Parent at Dec. 28, 2019 | 73,211 | 45,075 | 2,510 | 157,547 | (131,113) | (808) |
Repurchases of Common Stock | (921) | (1,668) | 0 | 747 | 0 | 0 |
Restricted stock grants issued | 0 | 265 | 131 | (396) | 0 | 0 |
Stock-based compensation expense | 431 | 0 | 0 | 431 | 0 | 0 |
Net income (loss) | (9,208) | 0 | 0 | 0 | (9,208) | 0 |
Other comprehensive income (loss) | 278 | 0 | 0 | 0 | 0 | 278 |
Stockholders' Equity Attributable to Parent at Dec. 26, 2020 | $ 63,791 | $ 43,672 | $ 2,641 | $ 158,329 | $ (140,321) | $ (530) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Exercised | 0 | 29,001 | 39,711 |
Common Stock, shares issued under Directors' Stock Plan | 0 | 0 | 0 |
Common Stock, shares purchased | 555,875 | 511,353 | 20,226 |
Restricted Stock, shares issued | 131,867 | 0 | 307,292 |
Restricted Stock, shares forfeited | 0 | 17,784 | 106,196 |
Class B Common Stock converted into Class A Common Stock, shares | 0 | 2,635 | 6,250 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business The Company's businesses consist principally of marketing, manufacturing and selling finished carpet, rugs and luxury vinyl flooring in the domestic floorcovering market. The Company sells floorcovering products in both residential and commercial applications. Additionally, the Company provides manufacturing support to its carpet businesses through its separate processing operations. Based on applicable accounting standards, the Company has determined that it has one reportable segment, Floorcovering comprising of two operating segments, Residential and Commercial. Pursuant to accounting standards, the Company has aggregated the two operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment. Principles of Consolidation The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. Fiscal Year The Company ends its fiscal year on the last Saturday of December. All references herein to "2020," "2019," and "2018," mean the fiscal years ended December 26, 2020, December 28, 2019, and December 29, 2018, respectively. All years presented contained 52 weeks. Reclassifications The Company reclassified certain amounts in 2019 and 2018 to conform to the 2020 presentation. Discontinued Operations The consolidated financial statements separately report discontinued operations and the results of continuing operations (See Note 22). Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. Market Risk The Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 7% in 2020, 11% in 2019 and 13% in 2018. No other customer accounted for more than 10% of net sales in 2020, 2019, or 2018, nor did the Company make a significant amount of sales to foreign countries during 2020, 2019, or 2018. Credit Risk The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. As a percentage of customer's trade accounts receivable, one customer accounted for approximately 20% in 2020, 18% in 2019, and 34% in 2018. Notes receivable are carried at their outstanding principal amounts, less an allowance for doubtful accounts to cover potential credit losses based on the financial condition of borrowers and collateral held by the Company. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. Property, Plant and Equipment Property, plant and equipment are stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of identified net assets acquired in business combinations. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic ("ASC") 350, “Intangibles-Goodwill and Other,” the Company tests goodwill for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. The goodwill impairment tests are based on determining the fair value of the specified reporting units based on management judgments and assumptions using the discounted cash flows and comparable company market valuation approaches. The Company has identified its reporting unit as its floorcovering business for the purposes of allocating goodwill and assessing impairments. The valuation approaches are subject to key judgments and assumptions that are sensitive to change such as judgments and assumptions about sales growth rates, operating margins, the weighted average cost of capital (“WACC”) and comparable company market multiples. When developing these key judgments and assumptions, the Company considers economic, operational and market conditions that could impact the fair value of the reporting unit. However, estimates are inherently uncertain and represent only management’s reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Should a significant or prolonged deterioration in economic conditions occur or a decline in comparable company market multiples, then key judgments and assumptions could be impacted. In the goodwill assessment process, the Company compares the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit to identify potential goodwill impairments. The Company estimates the fair value of the reporting unit by using both a discounted cash flow and comparable company market valuation approach. If an impairment is indicated in the assessment, the impairment would be measured as the amount by which the reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill (See Note 7). Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). Self-Insured Benefit Programs The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. Income Taxes The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company evaluates the recoverability of these future tax benefits by assessing the adequacy of future expected taxable income from all sources. In the event that the Company is not able to realize all or a portion of the deferred tax assets in the future, a valuation allowance is provided. The Company recognizes such amounts through a charge to income in the period in which that determination is made or when tax law changes are enacted. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. Derivative Financial Instruments The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. The Company recognizes all derivatives at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. Treasury Stock The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. Revenue Recognition The Company derives its revenues primarily from the sale of floorcovering products and processing services. Revenues are recognized when control of these products or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company determined revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the performance obligation is satisfied Performance Obligations For performance obligations related to residential floorcovering and commercial floorcovering products, control transfers at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer and the customer must have the significant risks and rewards of ownership. The Company’s principal terms of sale are FOB Shipping Point and FOB Destination and the Company transfers control and records revenue for product sales either upon shipment or delivery to the customer, respectively. Revenue is allocated to each performance obligation based on its relative stand-alone selling prices. Stand-alone selling prices are based on observable prices at which the Company separately sells the products or services. Variable Consideration The nature of the Company’s business gives rise to variable consideration, including rebates, allowances, and returns that generally decrease the transaction price, which reduces revenue. These variable amounts are generally credited to the customer, based on achieving certain levels of sales activity, product returns, or price concessions. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are estimated based upon historical experience and known trends. Advertising Costs The Company engages in promotional and advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Costs related to cooperative advertising programs are normally recorded as selling and administrative expenses when the Company can reasonably identify the benefit associated with the program and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2020, 2019, or 2018. Warranties The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products for a period of up to two years. The Company accrues for estimated future assurance warranty costs in the period in which the sale is recorded. The costs are included in cost of sales in the Consolidated Statements of Operations and the product warranty reserve is included in accrued expenses in the Consolidated Balance Sheets. The Company calculates its accrual using the portfolio approach based upon historical experience and known trends (See Note 9). The Company does not provide an additional service-type warranty. Cost of Sales Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. Selling and Administrative Expenses Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. Operating Leases The Company determines if an arrangement is an operating lease or a financing lease at inception. A lease exists if the Company obtains substantially all of the economic benefits of, and has the right to control the use of, an asset for a period of time. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease agreement. Lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the term of the lease. Right-of-use assets may also be adjusted to reflect any prepayments made or any incentive payments received. Generally, the Company's leases do not provide a readily determinable implicit interest rate, therefore, the Company uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments. The Company has operating leases primarily for real estate and equipment used in manufacturing. Operating lease expense is recognized in continuing operations on a straight-line basis over the lease term within cost of sales and selling and administrative expenses. Financing lease expense is comprised of both interest expense, which is recognized using the effective interest method, and amortization of the right-of-use assets. These expenses are presented consistently with the presentation of other interest expense and amortization or depreciation of similar assets. In determining lease asset values, the Company considers fixed and variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. Stock-Based Compensation The Company recognizes compensation expense relating to stock-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 17). The Company accounts for forfeitures when they actually occur. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in Fiscal 2020 In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ” This update is a part of FASB’s disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. The amendments in this update remove, modify, and add certain disclosure requirements within Topic 820. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain disclosure amendments are to be applied prospectively for only the most recent interim or annual period presented, while other amendments are to be applied retrospectively to all periods presented. The adoption of this ASU did not have a significant impact on the consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In particular, the risk of cessation of the London Interbank Offered Rate (LIBOR). Among the amendments are expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the transition from LIBOR to alternative reference interest rates, but does not expect a significant impact to its operating results, financial position or cash flows. Accounting Standards Yet to Be Adopted In June 2016, the FASB issued ASU No. 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which amends the impairment model to utilize an expected loss methodology in place of the current incurred loss methodology, which will result in the more timely recognition of losses. For smaller reporting entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The ASU, including the subsequently issued codification improvements update (" Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ," ASU 2019-04) and the targeted transition relief update (" Financial Instruments-Credit Losses (Topic 326 )," ASU 2019-05), is not expected to have a significant impact on the consolidated financial statements due to the nature of the Company's customers and the limited amount of write-offs in past years. In August 2018, the FASB issued ASU 2018-14, “ Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This update is a part of FASB’s disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. Upon adoption, this update is to be applied on a retrospective basis to all periods presented. The Company does not believe that the adoption of this ASU will have a significant impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, " Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes. " The standard eliminates the need for an organization to analyze whether the following apply in a given period: (1) the exception to the incremental approach for intraperiod tax allocation; (2) the exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception in interim periods income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, (4) enacted changes in tax laws in interim periods and (5) certain income tax accounting for employee stock ownership plans and affordable housing projects. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not expect adoption to have a material impact on its financial statements. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Disaggregation of Revenue from Contracts with Customers The following table disaggregates the Company’s revenue by end-user markets for the years ended December 26, 2020, December 28, 2019, and December 29, 2018: 2020 2019 2018 Residential floorcovering products $ 249,388 $ 268,186 $ 289,129 Commercial floorcovering products 65,070 103,286 113,971 Other services 1,481 3,110 1,933 Total net sales $ 315,939 $ 374,582 $ 405,033 Residential floorcovering products. Residential floorcovering products include broadloom carpet, rugs, luxury vinyl flooring and engineered hardwood. These products are sold into the designer, retailer, mass merchant and builder markets. Commercial floorcovering products. Commercial floorcovering products include broadloom carpet, carpet tile, rugs, and luxury vinyl flooring. These products are sold into the corporate, hospitality, healthcare, government, and education markets through the use of designers and architects. Other services. Other services include carpet yarn processing and carpet dyeing services. Contract Balances The Company often receives cash payments from customers in advance of the Company’s performance for limited production run orders resulting in contract liabilities. These contract liabilities are classified in accrued expenses in the Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue, which is typically less than a year. The net decrease or increase in the contract liabilities is primarily driven by order activity for limited runs requiring deposits offset by the recognition of revenue and application of deposit on the receivables ledger for such activity during the period. The activity in the advanced deposits for the year ended December 26, 2020, December 28, 2019, and December 29, 2018 is as follows: 2020 2019 2018 Beginning contract liability $ 4,685 $ 6,013 $ 5,717 Revenue recognized from contract liabilities included in the beginning balance (4,404) (5,873) (5,717) Increases due to cash received, net of amounts recognized in revenue during the period 2,859 4,545 6,013 Ending contract liability $ 3,140 $ 4,685 $ 6,013 |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 26, 2020 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: 2020 2019 Customers, trade $ 36,735 $ 34,285 Other receivables 1,125 3,115 Gross receivables 37,860 37,400 Less: allowance for doubtful accounts (144) (262) Receivables, net $ 37,716 $ 37,138 Bad debt expense was $90 in 2020, $240 in 2019, and $163 in 2018. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 26, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: 2020 2019 Raw materials $ 31,167 $ 32,377 Work-in-process 13,305 18,642 Finished goods 59,271 64,978 Supplies and other 167 260 LIFO reserve (18,511) (20,748) Inventories, net $ 85,399 $ 95,509 Reduction of inventory quantities in 2020 resulted in liquidations of LIFO inventories carried at prevailing costs established in prior years and decreased cost of sales by $559 in 2020. In March 2019, the Company incurred an inventory liquidation due to a consignment agreement with a primary vendor of raw materials. The former inventory levels are not expected to be reinstated. The Company recognized the effect within 2019 which resulted in liquidations of LIFO inventories carried at prevailing costs established in prior years and reduced cost of sales by $281. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: 2020 2019 Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,479 51,432 Machinery and equipment 181,642 179,993 Assets under construction 1,167 1,459 237,710 236,306 Accumulated depreciation (179,806) (170,864) Property, plant and equipment, net $ 57,904 $ 65,442 Depreciation of property, plant and equipment, including amounts for finance leases, totaled $10,527 in 2020, $11,219 in 2019 and $12,141 in 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill is $0 as of December 26, 2020 and December 28, 2019, respectively. The Company performed its annual assessment of goodwill in the fourth quarter of 2018. At the end of 2018, it was determined that the carrying value was greater than calculated fair value. Also at the end of 2018, the intangibles were determined to not be recoverable based on revised projections. Impairment costs incurred are classified as "impairment of assets" in the Company's Consolidated Statements of Operations. The following table represents the details of the Company's intangible assets that were subject to amortization during 2018: 2018 Gross Accumulated Amortization Impairment Net Customer relationships $ 208 $ (96) $ (112) $ — Rug design coding 144 (86) (58) — Trade names 3,300 (1,314) (1,986) — Total $ 3,652 $ (1,496) $ (2,156) $ — Amortization expense for intangible assets is summarized as follows: 2020 2019 2018 Customer relationships $ — $ — $ 16 Rug design coding — — 14 Trade names — — 275 Amortization expense $ — $ — $ 305 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 26, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: 2020 2019 Compensation and benefits (1) $ 9,159 $ 8,804 Provision for customer rebates, claims and allowances 8,006 7,682 Advanced customer deposits 3,139 4,685 Outstanding checks in excess of cash 2,094 — Other 3,567 4,247 Accrued expenses $ 25,965 $ 25,418 |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 26, 2020 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | PRODUCT WARRANTY RESERVES The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products. Product warranty reserves are included in accrued expenses in the Company's Consolidated Balance Sheets. The following is a summary of the Company's product warranty activity: 2020 2019 Product warranty reserve at beginning of period $ 1,002 $ 1,069 Warranty liabilities accrued 782 1,667 Warranty liabilities settled (790) (1,695) Changes for pre-existing warranty liabilities — (39) Product warranty reserve at end of period $ 994 $ 1,002 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended |
Dec. 26, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: 2020 2019 Revolving credit facility $ 28,353 $ 59,693 Term loans 24,970 — Notes payable - buildings 5,900 6,213 Notes payable - equipment and other 3,926 3,533 Finance lease - buildings 11,097 11,296 Finance lease obligations 5,841 8,187 Deferred financing costs, net (1,930) (571) Total long-term debt 78,157 88,351 Less: current portion of long-term debt 6,116 6,684 Long-term debt $ 72,041 $ 81,667 Revolving Credit Facility During the fourth quarter, the Company entered into a $75,000 Senior Secured Revolving Credit Facility with Fifth Third Bank National Association as lender. The loan is secured by a first priority security interest on all accounts receivable, cash, and inventory, and provides for borrowing limited by certain percentages of values of the accounts receivable and inventory. The revolving credit facility matures on October 30, 2025. At the Company's election, advances of the revolving credit facility bear interest at annual rates equal to either (a) LIBOR for 1, 2, or 3 month periods, as defined with a floor or 0.75% or published LIBOR, plus an applicable margin ranging between 1.50% and 2.00%, or (b) the higher of the prime rate plus an applicable margin ranging between 0.50% and 1.00%. The applicable margin is determined based on availability under the revolving credit facility with margins increasing as availability decreases. As of December 26, 2020, the applicable margin on the Company's revolving credit facility was 1.75%. The Company pays an unused line fee on the average amount by which the aggregate commitments exceed utilization of the revolving credit facility equal to 0.25% per annum. The weighted-average interest rate on borrowings outstanding under the revolving credit facility was 2.68% at December 26, 2020. Under the old revolving credit facility, the Company's weighted-average interest rate on borrowings outstanding was 4.79% at December 28, 2019. At the Company's election, advances of the old revolving credit facility bore interest at annual rates equal to either (a) LIBOR for 1, 2 or 3 month periods, as selected by the Company, plus an applicable margin ranging between 1.50% and 2.00%, or (b) the higher of the prime rate, the Federal Funds rate plus 0.5%, or a daily LIBOR rate plus 1.00%, plus an applicable margin ranging between 0.50% and 1.00%. The agreement is subject to customary terms and conditions and annual administrative fees with pricing varying on excess availability and a fixed charge coverage ratio. The agreement is also subject to certain compliance, affirmative, and financial covenants. As of the reporting date, the Company is in compliance with all such applicable covenants. The Company is only subject to the financial covenants if borrowing availability is less than 12.5% of the availability, and remains until the availability is greater than 12.5% for thirty consecutive days. As of December 26, 2020, the unused borrowing availability under the revolving credit facility was $43,344. Effective October 30, 2020, the Company's previous Senior Secured Credit Facility with Wells Fargo Capital Finance, LLC was terminated and repaid, with the subsequent new loans, by the Company upon notice to the lender in accordance with the terms of the facility. Term Loans Effective October 28, 2020, the Company entered into a $10,000 principal amount USDA Guaranteed term loan with AmeriState Bank as lender. The term of the loan is 25 years and bears interest at a minimum 5.00% rate or 4.00% above 5-year treasury, to be reset every 5 years at 3.5% above 5-year treasury. The loan is secured by a first mortgage on the Company’s Atmore, Alabama and Roanoke, Alabama facilities and requires certain compliance, affirmative, and financial covenants. As of the reporting date, the Company is in compliance with all such covenants. Effective October 29, 2020, the Company entered into a $15,000 principal amount USDA Guaranteed term loan with the Greater Nevada Credit Union as lender. The term of the loan is 10 years and bears interest at a minimum 5.00% rate or 4.00% above 5- year treasury, to be reset after 5 years at 3.5% above 5-year treasury. The loan is secured by a first lien on a substantial portion of the Company’s machinery and equipment and a second lien on the Company’s Atmore and Roanoke facilities. The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. Payments on the loan are interest only over the first three years and principal and interest over the remaining seven years. Notes Payable - Buildings On November 7, 2014, the Company entered into a ten-year $8,330 note payable to purchase a previously leased distribution center in Adairsville, Georgia. The note payable is scheduled to mature on November 7, 2024 and is secured by the distribution center. The note payable bears interest at a variable rate equal to one-month LIBOR plus 2.0% and is payable in equal monthly installments of principal of $35, plus interest calculated on the declining balance of the note, with a final payment of $4,165 due on maturity. In addition, the Company entered into an interest rate swap with an amortizing notional amount effective November 7, 2014 which effectively fixes the interest rate at 4.50%. Notes Payable - Equipment and Other The Company's equipment financing notes have terms ranging from 1 to 7 years, bear interest ranging from 1.60% to 7.00% and are due in monthly installments through their maturity dates. The Company's equipment financing notes are secured by the specific equipment financed and do not contain any financial covenants. Finance Lease - Buildings On January 14, 2019, the Company, entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with Saraland Industrial, LLC, an Alabama limited liability company (the “Purchaser”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its Saraland facility, and approximately 17.12 acres of surrounding property located in Saraland, Alabama (the “Property”) to the Purchaser for a purchase price of $11,500. Concurrent with the sale of the Property, the Company and the Purchaser entered into a twenty ten Finance Lease Obligations The Company's financed lease obligations have terms ranging from 3 to 6 years and are due in monthly or quarterly installments through their maturity dates. The Company's finance lease obligations are secured by the specific equipment leased. See Note 11 for further discussion of the impact of COVID-19 on the Company's finance lease obligations. Interest Payments and Debt Maturities Cash paid for interest for continuing operations was $5,293 in 2020, $6,303 in 2019, and $6,290 in 2018. These amounts include cash paid for financing leases of $1,702 in 2020, $1,378 in 2019, and $791 in 2018. Maturities of long-term debt for periods following December 26, 2020 are as follows: Long-Term Finance Leases (See Note 11) Total 2021 $ 3,346 $ 2,768 $ 6,114 2022 1,520 1,486 3,006 2023 1,259 2,344 3,603 2024 6,578 325 6,903 2025 30,540 357 30,897 Thereafter 19,906 9,658 29,564 Total maturities of long-term debt $ 63,149 $ 16,938 $ 80,087 Deferred financing costs, net (1,930) — (1,930) Total long-term debt $ 61,219 $ 16,938 $ 78,157 |
Leases
Leases | 12 Months Ended |
Dec. 29, 2018 | |
Leases [Abstract] | |
Leases | LEASES COVID-19 Pandemic In response to the large volume of anticipated lease concessions to be granted related to the effects of the COVID-19 pandemic, and the resulting expected cost and complexity of applying the lease modification requirements in ASC 842, the FASB issued Staff Q&A-Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic , in April 2020 as interpretive guidance to provide clarity in response to the crisis. The FASB staff indicated that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Consequently, for such lease concessions, an entity will not need to reassess each existing contract to determine whether enforceable rights and obligations for concessions exist and an entity can then elect to apply or not to apply the lease modification guidance in ASC 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that will result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The Company has made this election and, consequently, for such lease concessions, did not reassess each existing contract to determine whether enforceable rights and obligations for concessions existed and elected not to apply the lease modification guidance in ASC 842 to those contracts. The Company has accounted for the concessions as if no changes to the lease contract were made and has subsequently increased accounts payable and has continued to recognize expense during the deferral period. Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location December 26, 2020 December 28, 2019 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 22,074 $ 24,835 Current portion of operating lease liabilities Current portion of operating lease liabilities 3,323 3,172 Noncurrent portion of operating lease liabilities Operating lease liabilities 19,404 22,123 Total operating lease liabilities $ 22,727 $ 25,295 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 14,332 $ 15,152 Current portion of finance lease liabilities (1) Current portion of long-term debt 2,771 4,011 Noncurrent portion of finance lease liabilities (1) Long-term debt 14,167 15,472 $ 16,938 $ 19,483 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated financial statements is summarized as follows: December 26, 2020 December 28, 2019 Operating lease cost $ 5,078 $ 3,528 Finance lease cost: Amortization of lease assets (1) 3,160 3,000 Interest on lease liabilities (1) 1,702 1,378 Total finance lease costs (1) $ 4,862 $ 4,378 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: December 26, 2020 December 28, 2019 Weighted average remaining lease term (in years): Operating leases 7.73 8.42 Finance leases (1) 12.57 12.03 Weighted average discount rate: Operating leases 6.91 % 6.98 % Finance leases (1) 9.42 % 6.72 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,874 3,518 Operating cash flows from finance leases (1) 1,702 1,378 Financing cash flows from finance leases (1) 4,756 4,166 (1) Includes leases classified as failed sale-leaseback transactions. The following table summarizes the Company's undiscounted future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of December 26, 2020: Fiscal Year Operating Leases Finance Leases 2021 4,783 4,259 2022 4,198 2,782 2023 3,251 3,409 2024 2,940 1,045 2025 2,969 1,053 Thereafter 11,561 14,988 Total future minimum lease payments (undiscounted) 29,702 27,536 Less: Present value discount (6,975) (10,598) Total lease liability 22,727 16,938 On October 22, 2019, the Company sold its Susan Street facility in Santa Ana, California to CenterPoint Properties Trust. The sale price was $37,195. The gain on the sale transaction was $25,121. The transaction was accounted for as a successful sale-leaseback. Concurrent with the sale of the Susan Street facility, the Company (by a wholly-owned subsidiary) entered into an operating lease to lease back the property for a term of 10 years with two 5 year renewal options. The initial annual rental is $2,083 increasing at 2% per year for the term of the lease. The lease requires the landlord to make certain required capital improvements, at no further rental increase or charge to the Company. The Company is responsible for normal maintenance of the building and facilities. The Company concurrently executed a lease guaranty, pursuant to which it guaranteed the prompt payment when due of all rent payments to be made under the lease agreement. Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, were as follows under Topic 840 for 2018: Capital Operating 2019 $ 4,590 $ 3,002 2020 4,205 2,533 2021 3,333 2,121 2022 989 1,667 2023 244 882 Thereafter — 3,155 Total commitments 13,361 13,360 Less amounts representing interest (1,265) — Total $ 12,096 $ 13,360 Rental expense was approximately $4,453 during 2018. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange value of an asset or a liability in an orderly transaction between market participants. The fair value guidance outlines a valuation framework and establishes a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and disclosures. The hierarchy consists of three levels as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities as of the reported date; Level 2 - Other than quoted market prices in active markets for identical assets or liabilities, quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other than quoted prices for assets or liabilities and prices that are derived principally from or corroborated by market data by correlation or other means; and Level 3 - Measurements using management's best estimate of fair value, where the determination of fair value requires significant management judgment or estimation. The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Balance Sheets as of December 26, 2020 and December 28, 2019: 2020 2019 Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 440 $ 1,653 Level 2 (1) The Company uses certain external sources in deriving the fair value of the interest rate swaps. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,920 $ 1,920 $ 769 $ 769 Financial liabilities: Long-term debt, including current portion 61,219 58,803 68,868 72,115 Finance leases, including current portion 16,938 18,451 19,483 20,361 Interest rate swaps 440 440 1,653 1,653 The fair values of the Company's long-term debt and finance leases were estimated using market rates the Company believes would be available for similar types of financial instruments and represent level 2 measurements. The fair values of cash and cash equivalents and notes receivable approximate their carrying amounts due to the short-term nature of the financial instruments. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Derivatives | DERIVATIVES The Company's earnings, cash flows and financial position are exposed to market risks relating to interest rates. It is the Company's policy to minimize its exposure to adverse changes in interest rates and manage interest rate risks inherent in funding the Company with debt. The Company addresses this risk by maintaining a mix of fixed and floating rate debt and entering into interest rate swaps for a portion of its variable rate debt to minimize interest rate volatility. The following is a summary of the Company's interest rate swaps as of December 26, 2020: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,796 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Balance Sheets: Location on Consolidated Balance Sheets Fair Value 2020 2019 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 135 $ 841 Interest rate swaps, long-term portion Other Long-Term Liabilities 305 812 Total Liability Derivatives $ 440 $ 1,653 The following tables summarize the pre-tax impact of derivative instruments on the Company's consolidated financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,316) $ (1,109) $ 531 Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 1,106 $ (454) $ (673) Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) 2020 2019 2018 Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 861 $ — $ — (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2020 is $135. (3) The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 26, 2020 | |
Defined Contribution Disclosures [Abstract] | |
Defined Contribution Plan | EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company sponsors a 401(k) defined contribution plan that covers a significant portion, or approximately 85% of the Company's associates. This plan includes a mandatory Company match on the first 1% of participants' contributions. The Company matches the next 2% of participants' contributions if the Company meets prescribed earnings levels. The plan also provides for additional Company contributions above the 3% level if the Company attains certain additional performance targets. Matching contribution expense for this 401(k) plan was $345 in 2020, $418 in 2019 and $448 in 2018. Additionally, the Company sponsors a 401(k) defined contribution plan that covers those associates at one facility who are under a collective-bargaining agreement, or approximately 15% of the Company's associates. Under this plan, the Company generally matches participants' contributions, on a sliding scale, up to a maximum of 2.75% of the participant's earnings. Matching contribution expense for the collective-bargaining 401(k) plan was $96 in 2020, $143 in 2019 and $123 in 2018. Non-Qualified Retirement Savings Plan The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $17,647 at December 26, 2020 and $16,203 at December 28, 2019 and are included in other long-term liabilities in the Company's Consolidated Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $17,951 at December 26, 2020 and $16,500 at December 28, 2019 and is included in other assets in the Company's Consolidated Balance Sheets. Multi-Employer Pension Plan The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. These union-represented employees represented approximately 15% of the Company's total employees. The risks of participating in multi-employer plans are different from single-employer plans. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company's participation in the multi-employer pension plan for 2020 is provided in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three digit plan number. The most recent Pension Protection Act (PPA) zone status available in 2020 and 2019 is for the plan's year-end at 2019 and 2018, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (1) Contributions (2) Surcharge Imposed (1) Expiration Date of Collective-Bargaining Agreement 2020 2019 2020 2019 2018 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 272 $ 335 $ 320 Yes 6/4/2022 (1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015, a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, a surcharge equal to $0.02 per hour (from $0.53 to $0.55) effective June 1, 2016 to May 31, 2017, a surcharge equal to $0.03 per hour (from $0.55 to $0.58) effective June 1, 2017 to May 31, 2018, a surcharge equal to $0.02 per hour (from $0.58 to $0.60) effective June 1, 2018 to May 31, 2019, a surcharge equal to $0.03 per hour (from $0.60 to $0.63) effective June 1, 2019 to May 31, 2020, and a surcharge equal to $0.03 per hour (from $0.63 to $0.66) effective June 1, 2020 to May 31, 2021. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $277 for 2021. (2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. Postretirement Plans The Company sponsors a postretirement benefit plan that provides life insurance to a limited number of associates upon retirement as part of a collective bargaining agreement. Information about the benefit obligation and funded status of the Company's postretirement benefit plan is summarized as follows: 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 360 $ 331 Service cost 8 7 Interest cost 17 17 Actuarial (gain) loss 6 6 Benefits paid (1) (1) Benefit obligation at end of year 390 360 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 1 1 Benefits paid (1) (1) Fair value of plan assets at end of year — — Unfunded amount $ (390) $ (360) The balance sheet classification of the Company's liability for the postretirement benefit plan is summarized as follows: 2020 2019 Accrued expenses $ 17 $ 16 Other long-term liabilities 373 344 Total liability $ 390 $ 360 Benefits expected to be paid on behalf of associates for the postretirement benefit plan during the period 2021 through 2030 are summarized as follows: Years Postretirement 2021 $ 17 2022 16 2023 16 2024 16 2025 16 2026-30 79 Assumptions used to determine the benefit obligation of the Company's postretirement benefit plan are summarized as follows: 2020 2019 Weighted-average assumptions as of year-end: Discount rate (benefit obligation) 3.25 % 3.50 % Components of net periodic benefit cost (credit) for the postretirement plan are summarized as follows: 2020 2019 2018 Service cost $ 8 $ 7 $ 8 Interest cost 17 17 17 Amortization of prior service credits — (3) (4) Recognized net actuarial gains (25) (27) (28) Net periodic benefit cost (credit) $ — $ (6) $ (7) Pre-tax amounts included in AOCIL for the Company's postretirement benefit plan at 2020 are summarized as follows: Postretirement Benefit Plan Balance at 2020 2021 Expected Amortization Unrecognized actuarial gains $ (309) $ (24) Totals $ (309) $ (24) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2020 2019 2018 Current Federal $ (78) $ (287) $ (178) State 109 107 (116) Total current 31 (180) (294) Deferred Federal (277) (385) (434) State (66) (92) (103) Total deferred (343) (477) (537) Income tax provision (benefit) $ (312) $ (657) $ (831) Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: 2020 2019 2018 Federal statutory rate 21 % 21 % 21 % Statutory rate applied to income (loss) from continuing operations before taxes $ (1,974) $ 3,142 $ (4,685) Plus state income taxes, net of federal tax effect 34 12 (173) Total statutory provision (benefit) (1,940) 3,154 (4,858) Effect of differences: Nondeductible meals and entertainment 37 77 90 Executive compensation limitation — — 258 Federal tax credits (279) (545) (286) Reserve for uncertain tax positions 7 39 27 Change in valuation allowance 1,754 (3,400) 3,990 Stock-based compensation 141 86 82 Other items (32) (68) (134) Income tax provision (benefit) $ (312) $ (657) $ (831) During the fourth quarter of 2017, the Company recorded a full valuation allowance against its deferred tax assets, which remains in effect as of December 26, 2020. The Company intends to maintain this position until there is sufficient evidence to support the reversal of all or some portion of these allowances. The Company also has certain assets with indefinite lives for which the basis is different for book and tax. In accordance with ASC 740-10-30-18, the deferred tax liability related to these intangible assets cannot be used to offset deferred tax assets when determining the amount of the valuation allowance for deferred tax assets which are not more-likely-than-not to be realized. The result is that the Company is in a net deferred tax liability position of $91 at December 26, 2020 and December 28, 2019, respectively, which is recorded in other long-term liabilities in the Company's Consolidated Balance Sheets. The income tax benefit for the twelve months ended December 26, 2020 was $312 compared with an income tax benefit of $657 for the twelve months ended December 28, 2019. Due to its full valuation allowance against its deferred tax balances, the Company is only able to recognize refundable credits, a small amount of state taxes, and benefits for both the reduction of certain indefinite lived assets not covered by the Company's valuation allowance and the recognition of stranded tax effects within other comprehensive income related to the termination of certain derivative contracts in the tax benefit for 2018, 2019, and 2020. Income tax payments, net of (income tax refunds) received for continuing and discontinued operations were $(100) in 2020, $128 in 2019 and $20 in 2018. Significant components of the Company's deferred tax assets and liabilities are as follows: 2020 2019 Deferred tax assets: Inventories $ 3,428 $ 3,336 Retirement benefits 1,190 1,394 State net operating losses 3,305 3,362 Federal net operating losses 556 715 State tax credit carryforwards 1,688 1,688 Federal tax credit carryforwards 4,413 4,282 Allowances for bad debts, claims and discounts 2,024 1,978 Other 5,196 4,039 Total deferred tax assets 21,800 20,794 Valuation allowance (15,443) (13,264) Net deferred tax assets 6,357 7,530 Deferred tax liabilities: Property, plant and equipment 6,448 7,621 Total deferred tax liabilities 6,448 7,621 Net deferred tax liability $ (91) $ (91) At December 26, 2020, $556 of deferred tax assets related to approximately $2,646 of federal net operating loss carryforwards and $3,305 of deferred tax assets related to approximately $61,640 of state net operating loss carryforwards. In addition, $4,413 of federal tax credit carryforwards and $1,688 of state tax credit carryforwards were available to the Company. The federal tax credit carryforwards will expire between 2029 and 2041. The federal net operating loss carryforwards generated in 2018 have no expiration. The state net operating loss carryforwards and the state tax credit carryforwards will expire between 2020 and 2040. A valuation allowance of $15,443 is recorded to reflect the estimated amount of deferred tax assets that may not be realized during the carryforward periods. At December 26, 2020, the Company is in a net deferred tax liability position of $91 which is included in other long-term liabilities in the Company's Consolidated Balance Sheets. Tax Uncertainties The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $487 at December 26, 2020, $480 at December 28, 2019, and $441 at December 29, 2018. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of December 26, 2020, December 28, 2019, or December 29, 2018. The following is a summary of the change in the Company's unrecognized tax benefits: 2020 2019 2018 Balance at beginning of year $ 480 $ 441 $ 414 Additions based on tax positions taken during a current period 7 39 27 Balance at end of year $ 487 $ 480 $ 441 The Company and its subsidiaries are subject to United States federal income taxes, as well as income taxes in a number of state jurisdictions. The tax years subsequent to 2016 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2016. A few state jurisdictions remain open to examination for tax years subsequent to 2015. |
Common Stock and Earnings (Loss
Common Stock and Earnings (Loss) Per Share | 12 Months Ended |
Dec. 26, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Common Stock and Earnings (Loss) Per Share | COMMON STOCK AND EARNINGS (LOSS) PER SHARE Common & Preferred Stock The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued. Earnings (Loss) Per Share The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: 2020 2019 2018 Basic earnings (loss) per share: Income (loss) from continuing operations $ (9,088) $ 15,619 $ (21,479) Less: Allocation of earnings to participating securities — (468) — Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,151 $ (21,479) Basic weighted-average shares outstanding (1) 15,316 15,822 15,764 Basic earnings (loss) per share - continuing operations $ (0.59) $ 0.96 $ (1.36) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,151 $ (21,479) Add: Undistributed earnings reallocated to unvested shareholders — 3 — Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,154 $ (21,479) Basic weighted-average shares outstanding (1) 15,316 15,822 15,764 Effect of dilutive securities: Stock options (2) — — — Directors' stock performance units (2) — 104 — Diluted weighted-average shares outstanding (1)(2) 15,316 15,926 15,764 Diluted earnings (loss) per share - continuing operations $ (0.59) $ 0.95 $ (1.36) (1) Includes Common and Class B Common shares, excluding 360, 461, and 570 unvested participating securities, in thousands, for 2020, 2019, and 2018, respectively. (2) Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares excluded were 281 in 2020, 166 in 2019 and 422 in 2018. |
Stock Plans and Stock Compensat
Stock Plans and Stock Compensation Expense | 12 Months Ended |
Dec. 26, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Plans and Stock Compensation Expense | STOCK PLANS AND STOCK COMPENSATION EXPENSE The Company recognizes compensation expense relating to share-based payments based on the fair value of the equity instrument issued and records such expense in selling and administrative expenses in the Company's Consolidated Statements of Operations. The number of shares to be issued is determined by dividing the specified dollar value of the award by the market value per share on the grant date. The Company's stock compensation expense (credit) was $431 in 2020, $483 in 2019 and $(29) in 2018. The credit in 2018 is related to the reversal of stock compensation that did not vest. 2016 Incentive Compensation Plan On May 3, 2016, the Company's shareholders' approved and adopted the Company's 2016 Incentive Compensation Plan (the "2016 Incentive Compensation Plan") which provides for the issuance of a maximum of 800,000 shares of Common Stock and/or Class B Common Stock for the grant of options, and/or other stock-based or stock-denominated awards to employees, officers, directors, and agents of the Company and its participating subsidiaries. The 2016 Incentive Compensation Plan and the allocation of shares thereunder superseded and replaced The Dixie Group, Inc. Stock Awards Plan, as amended (the "2006 Plan") and the allocation of shares thereunder. The 2006 Plan was terminated with respect to new awards. Awards previously granted under the 2006 Plan continue to be governed by the terms of that plan and are not affected by its termination. On May 6, 2020, the board approved an amendment of the Company's 2016 Incentive Compensation Plan to increase the original number of shares by an additional 500,000. 2006 Stock Awards Plan The Company had a Stock Awards Plan, ("2006 Plan"), as amended, which provided for the issuance of up to 1,800,000 shares of Common Stock and/or Class B Common Stock as stock-based or stock-denominated awards to directors of the Company and to salaried employees of the Company and its participating subsidiaries. Restricted Stock Awards Each executive officer has the opportunity to earn a Primary Long-Term Incentive Award of restricted stock and separately receive an award of restricted stock denominated as “Career Shares.” The number of shares issued, if any, is based on the market price of the Company’s Common Stock at the time of grant of the award, subject to a $5.00 per share minimum value. Primary Long-Term Incentive Awards vest over three two five On March 12, 2020, the Company issued 131,867 shares of restricted stock to officers and other key employees. The grant-date fair value of the awards was $132, or $1.00 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 8.4 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. On March 12, 2018, the Company granted 297,292 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $832, or $2.80 per share, and will be recognized as stock compensation expense over a weighted-average period of 6.1 years from the date the awards were granted. Each award is subject to a continued service condition. The fair value of each share of restricted stock awarded was equal to the market value of a share of the Company's Common Stock on the grant date. On July 30, 2018, the Company granted 10,000 shares of restricted stock to an employee. The grant-date fair value of the award was $20, or $2.00 per share and will be recognized as stock compensation over a three Restricted stock activity for the three years ended December 26, 2020 is summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 30, 2017 433,841 $ 6.66 Granted 307,292 2.77 Vested (64,939) 6.58 Forfeited (106,196) 9.51 Outstanding at December 29, 2018 569,998 4.04 Vested (90,791) 2.83 Forfeited (17,784) 3.48 Outstanding at December 28, 2019 461,423 4.30 Granted 131,867 1.00 Vested (233,639) 3.90 Outstanding at December 26, 2020 359,651 $ 3.35 As of December 26, 2020, unrecognized compensation cost related to unvested restricted stock was $705. That cost is expected to be recognized over a weighted-average period of 10.3 years. The total fair value of shares vested was approximately $241, $94 and $173 during 2020, 2019 and 2018, respectively. Stock Performance Units The Company's non-employee directors receive an annual retainer of $18 in cash and $18 in value of Stock Performance Units (subject to a $5.00 minimum per unit). If market value at the date of the grants is above $5.00 per share; there is no reduction in the number of units issued. However, if the market value at the date of the grants is below $5.00, units will be reduced to reflect the $5.00 per share minimum. Upon retirement, the Company issues the number of shares of Common Stock equivalent to the number of Stock Performance Units held by non-employee directors at that time. As of December 26, 2020, 130,320 Stock Performance Units were outstanding under this plan. As of December 26, 2020, unrecognized compensation cost related to Stock Performance Units was $5. That cost is expected to be recognized over a weighted-average period of 0.3 years. Stock Options Options granted under the Company's 2006 Plan and the 2016 Plan were exercisable for periods determined at the time the awards are granted. Effective 2009, the Company established a $5.00 minimum price for calculating the number of options to be granted. On May 30, 2017, the Company granted 203,000 options with a market condition to certain key employees of the Company at a weighted-average exercise price of $4.30. The grant-date fair value of these options was $306. These options vest over a two two five The fair value of each option was estimated on the date of grant using a lattice model. Expected volatility was based on historical volatility of the Company's stock, using the most recent period equal to the expected life of the options. The risk-free interest rate was based on the U.S. Treasury yield for a term equal to the expected life of the option at the time of grant. The Company uses historical exercise behavior data of similar employee groups to determine the expected lives of options. No options were granted during the years ended December 26, 2020, December 28, 2019, and December 29, 2018. Option activity for the three years ended December 26, 2020 is summarized as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Weighted-Average Fair Value of Options Granted During the Year Outstanding at December 30, 2017 306,500 $ 4.54 — Granted — — — Exercised — — — Forfeited (8,000) 4.17 — Outstanding at December 29, 2018 298,500 4.55 — Granted — — — Exercised — — — Forfeited (132,500) 4.82 — Outstanding at December 28, 2019 166,000 4.33 — Granted — — — Exercised — — — Forfeited (15,000) 4.17 — Outstanding at December 26, 2020 151,000 $ 4.35 1.40 $ — Options exercisable at: December 29, 2018 103,500 $ 5.00 — December 28, 2019 166,000 4.33 — December 26, 2020 151,000 4.35 1.40 — At December 26, 2020, there was no intrinsic value of outstanding stock options and no intrinsic value of exercisable stock options. The intrinsic value of stock options exercised during 2020, 2019 and 2018 was $0, $0 and $0, respectively. At December 26, 2020, there was no unrecognized compensation expense related to unvested stock options. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 26, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Components of accumulated other comprehensive income (loss), net of tax, are as follows: Interest Rate Swaps Post-Retirement Liabilities Total Balance at December 30, 2017 (1,587) 288 (1,299) Unrealized gain on interest rate swaps, net of tax of $0 531 — 531 Reclassification of loss into earnings from interest rate swaps, net of tax of $0 673 — 673 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $0 — 18 18 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (4) (4) Balance at December 29, 2018 (383) 275 (108) Unrealized gain on interest rate swaps, net of tax of $0 (1,109) — (1,109) Reclassification of loss into earnings from interest rate swaps, net of tax of $10 444 — 444 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $0 — (6) (6) Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (2) (2) Balance at December 28, 2019 $ (1,048) $ 240 $ (808) Unrealized gain on interest rate swaps, net of tax of $0 (1,316) — (1,316) Reclassification of loss into earnings from interest rate swaps, net of tax of $343 1,624 — 1,624 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (3) (3) Balance at December 26, 2020 $ (740) $ 210 $ (530) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments The Company had purchase commitments of $555 at December 26, 2020, primarily related to machinery and equipment. The Company enters into fixed-price contracts with suppliers to purchase natural gas to support certain manufacturing processes. The Company had contract purchases of $72 in 2020, $431 in 2019 and $428 in 2018. At December 26, 2020, the Company has no commitments to purchase natural gas for 2021. Contingencies The Company assesses its exposure related to legal matters, including those pertaining to product liability, safety and health matters and other items that arise in the regular course of its business. If the Company determines that it is probable a loss has been incurred, the amount of the loss, or an amount within the range of loss, that can be reasonably estimated will be recorded. Environmental Remediation The Company accrues for losses associated with environmental remediation obligations when such losses are probable and estimable. Remediation obligations are accrued based on the latest available information and are recorded at undiscounted amounts. The Company regularly monitors the progress of environmental remediation. If studies indicate that the cost of remediation has changed from the previous estimate, an adjustment to the liability would be recorded in the period in which such determination is made. (See Note 22). Legal Proceedings The Company has been sued, together with 3M Company and approximately 30 other named defendants and unnamed "fictitious defendants" including various carpet manufacturers and suppliers, in four lawsuits whereby the plaintiffs seek monetary damages and injunctive relief related to the manufacture, supply, and/or use of certain chemical products in the manufacture, finishing, and treatment of carpet products in the Dalton, Georgia area. These chemical products allegedly include without limitation perflourinated compounds ("PFC") such as perflourinated acid ("PFOA") and perfluorooctane sulfonate ("PFOS"). In each lawsuit, the plaintiff(s) alleges that, as a consequence of these actions, these chemical compounds have discharged or leached into the water systems around Dalton and then flow into the waters in or near the water bodies from which the plaintiff(s) draw for drinking water. Two of these lawsuits were filed in Alabama. The first lawsuit in Alabama was filed on September 22, 2016 by The Water Works and Sewer Board of the City of Gadsden (Alabama) in the Circuit Court of Etowah County, Alabama (styled The Water Works and Sewer Board of the City of Gadsden v. 3M Company, et al., Civil Action No. 31-CV-2016-900676.00). The second lawsuit in Alabama was filed on May 15, 2017 by The Water Works and Sewer Board of the Town of Centre (Alabama) in the Circuit Court of Cherokee County, Alabama (styled The Water Works and Sewer Board of the Town of Centre v. 3M Company, et al., Civil Action No. 13-CV- 2017-900049.00). In each of these Alabama lawsuits, the plaintiff seeks damages that include but are not limited to the expenses associated with the future installation and operation of a filtration system capable of removing from the water the chemicals that are allegedly present as a result of the manufacturing and treatment process described above. Each plaintiff requests a jury trial, does not specify an amount of damages other than an assertion that its damages exceed $10, and requests injunctive relief. The Company has answered the complaint in each of these lawsuits, intends to defend those matters vigorously, and is unable to estimate its potential exposure to loss, if any, for these lawsuits at this time. The other two lawsuits were filed in Georgia. The first lawsuit in Georgia was filed on November 19, 2019 by the City of Rome (Georgia) in the Superior Court of Floyd County, Georgia (styled The City of Rome, Georgia v. 3M Company, et al., No. 19CV02405JFL003). The plaintiff in that case also seeks damages that include without limitation the expenses associated with the future installation and operation of a filtration system capable of removing from the water the chemicals that are allegedly present as a result of the manufacturing and treatment process described above. The plaintiff requests a jury trial and also seeks injunctive relief. While the amount of damages is unspecified, the plaintiff asserts it has spent "tens of millions" to remove the chemicals from the county's water supply and will incur additional costs related to removing such chemicals in the future. The Company has answered the complaint, intends to defend the matter vigorously, and is unable to estimate its potential exposure to loss, if any, at this time. The second lawsuit in Georgia was originally filed on November 26, 2019 and is presented as a class action lawsuit by and on behalf of a class of persons who obtain drinking water from the City of Rome, Georgia and the Floyd County Water Department (and similarly situated persons) (generally, for these purposes, residents of Floyd County) (styled Jarrod Johnson v. 3M Company, et al., Civil Action No. 19-CV-02448-JFL-003) (the "Class Action Lawsuit"). On January 10, 2020, the Class Action Lawsuit was removed to the United States District Court for the Northern District of Georgia, Rome Division (styled Jarrod Johnson v. 3M Company, et al Civil Action No. 4:20-CV-0008-AT). The plaintiffs in this case allege their damages include without limitation the surcharges incurred for the costs of partially filtering the chemicals from their drinking water. The Complaint requests a jury trial and asserts damages unspecified in amount, in addition to requests for injunctive relief. The Company has filed a response to the Complaint, intends to defend the matter vigorously, and is unable to estimate its potential exposure, if any, at this time. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 26, 2020 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | OTHER (INCOME) EXPENSE, NET Other operating expense, net is summarized as follows: 2020 2019 2018 Other operating (income) expense, net: (Gain) loss on property, plant and equipment disposals $ 41 $ 353 $ (1,047) Gain on sale of building — (25,121) — (Gain) loss on currency exchanges (55) 41 126 Amortization of intangibles — — 305 Retirement expenses 40 72 64 Miscellaneous (income) expense (134) 667 1,010 Other operating (income) expense, net $ (108) $ (23,988) $ 458 Other (income) expense, net is summarized as follows: 2020 2019 2018 Other (income) expense, net: Interest Income $ (3) $ (49) $ — Post-retirement income (8) (14) (15) Miscellaneous expense 689 6 18 Other (income) expense, net $ 678 $ (57) $ 3 |
Facility Consolidation and Seve
Facility Consolidation and Severance Expenses, Net | 12 Months Ended |
Dec. 26, 2020 | |
Restructuring and Related Activities [Abstract] | |
Facility Consolidation and Severance Expenses, Net | FACILITY CONSOLIDATION AND SEVERANCE EXPENSES, NET 2015 Corporate Office Consolidation Plan In April 2015, the Company's Board of Directors approved the Corporate Office Consolidation Plan, to cover the costs of consolidating three of the Company's existing leased divisional and corporate offices to a single leased facility located in Dalton, Georgia. The Company paid a fee to terminate one of the leased facilities, did not renew a second facility and vacated the third facility. Related to the vacated facility, the Company recorded the estimated costs related to the fulfillment of its contractual lease obligation and on-going facility maintenance, net of an estimate of sub-lease expectations. Accordingly, if the estimates differ, the Company would record an additional charge or benefit, as appropriate. Costs related to the consolidation included the lease termination fee, contractual lease obligations and moving costs. The plan is now substantially complete. 2017 Profit Improvement Plan During the fourth quarter of 2017, the Company announced a Profit Improvement Plan to improve profitability through lower cost and streamlined decision making and aligning processes to maximize efficiency. The plan included consolidating the management of the Company's two commercial brands, Atlas Carpet Mills and Masland Contract, under one management team, sharing operations in sales, marketing, product development and manufacturing. Specific to this plan, the Company has focused nearly all commercial solution dyed make-to-order production in its Atmore, Alabama operations where the Company has developed such make-to-order capabilities over the last 5 years. Further, the Company aligned its west coast production facilities, better utilizing its west coast real estate by moving production to its Santa Ana, California and Atmore, Alabama operations to more efficiently distribute its west coast products. Furthermore, the Company re-configured its east coast distribution facilities to provide more efficient distribution of its products. In addition, the Company realized reductions in related support functions such as accounting and information services. The plan is now substantially complete. 2020 COVID-19 Continuity Plan As the extent of the COVID-19 pandemic became apparent, the Company implemented a continuity plan to maintain the health and safety of associates, preserve cash, and minimize the impact on customers. The response has included restrictions on travel, implementation of telecommuting where appropriate and limiting contact and maintaining social distancing between associates and with customers. In line with demand, running schedules have been reduced for most facilities to one shift while simultaneously reducing inventories to align them with the lower customer demand. Cost reductions have been implemented including cutting non-essential expenditures, reducing capital expenditures, rotating layoffs and furloughs, selected job eliminations and temporary salary reductions. The Company has also deferred new product introductions and reduced sample and marketing expenses for 2020. Initiatives were taken with suppliers, lenders and landlords to extend payment terms in the second quarter for existing agreements. The Company is taking advantage of payment deferrals and credits related to payroll taxes under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as well as deferring payments into its defined contribution retirement plan. The CARES Act also provides for an employee retention credit, which is a refundable tax credit against certain employment taxes of up to $5 per employee for eligible employers. The tax credit is equal to 50% of qualified wages paid to employees, capped at $10 of qualified wages per employee throughout the year. The Company qualified for the tax credit in the second, third and fourth quarters of 2020 and recognized $2,100 in the fourth quarter of 2020, related to the Employee Retention Credit. Of the $2,100 credit, $1,500 million was recorded to Cost of Sales and the remaining $600 was recorded to Selling and Administrative Expenses. Costs related to the facility consolidation plans are summarized as follows: As of December 26, 2020 Accrued Balance at December 28, 2019 2020 Expenses (1) 2020 Cash Payments Accrued Balance at December 26, 2020 Total Costs Incurred to Date Total Expected Costs Corporate Office Consolidation Plan 38 6 44 — 835 835 Profit Improvement Plan 305 1,376 1,577 104 10,176 10,176 COVID-19 Continuity Plan $ 2,370 $ 1,916 454 $ 2,531 $ 2,531 Total All Plans $ 343 $ 3,752 $ 3,537 $ 558 $ 13,542 $ 13,542 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 29, 2018 2019 Expenses (1) 2019 Cash Payments Accrued Balance at December 28, 2019 Corporate Office Consolidation Plan 98 13 73 38 Profit Improvement Plan $ 846 $ 5,006 $ 5,547 $ 305 Total All Plans $ 944 $ 5,019 $ 5,620 $ 343 Asset Impairments $ — $ 3 $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Statements of Operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 26, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS The Company has either sold or discontinued certain operations that are accounted for as "Discontinued Operations" under applicable accounting guidance. Discontinued operations are summarized as follows: 2020 2019 2018 Income (loss) from discontinued operations: Workers' compensation costs from former textile operations $ (60) $ 38 $ 212 Environmental remediation costs from former textile operations (60) (386) (117) Income (loss) from discontinued operations, before taxes $ (120) $ (348) $ 95 Income tax benefit — — — Income (loss) from discontinued operations, net of tax $ (120) $ (348) $ 95 Undiscounted reserves are maintained for the self-insured workers' compensation obligations related to the Company's former textile operations. These reserves are administered by a third-party workers' compensation service provider under the supervision of Company personnel. Such reserves are reassessed on a quarterly basis. Pre-tax cost incurred for workers' compensation as a component of discontinued operations primarily represents a change in estimate for each period from unanticipated medical costs associated with the Company's obligations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 26, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company was a party to a 5-year lease with the seller of Atlas Carpet Mills, Inc. to lease three manufacturing facilities as part of the acquisition in 2014. The lessor was controlled by an associate of the Company. Rent paid to the lessor during 2019 and 2018 was $497 and $1,003, respectively. The lease was based on current market values for similar facilities. These leases terminated as of September, 2019. The Company purchases a portion of its product needs in the form of fiber, yarn and carpet from Engineered Floors, an entity substantially controlled by Robert E. Shaw, a shareholder of the Company. An affiliate of Mr. Shaw holds approximately 7.7% of the Company's Common Stock, which represents approximately 3.5% of the total vote of all classes of the Company's Common Stock. Engineered Floors is one of several suppliers of such materials to the Company. Total purchases from Engineered Floors for 2020, 2019, and 2018 were approximately $4,500, $5,900 and $8,200, respectively; or approximately 1.9%, 2.1%, and 2.6% of the Company's cost of goods sold in 2020, 2019, and 2018, respectively. Purchases from Engineered Floors are based on market value, negotiated prices. The Company has no contractual commitments with Mr. Shaw associated with its business relationship with Engineered Floors. Transactions with Engineered Floors are reviewed annually by the Company's board of directors. The Company is a party to a ten-year lease with the Rothman Family Partnership to lease a facility as part of the Robertex acquisition in 2013. The controlling principle of the lessor was an associate of the Company until June 30, 2018. Rent paid to the lessor during 2020, 2019, and 2018 was $289 , |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 26, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS THE DIXIE GROUP, INC. (dollars in thousands) Description Balance at Beginning of Year Additions - Charged to Costs and Expenses Additions - Charged to Other Account - Describe Deductions - Describe Balance at End of Year Year ended December 26, 2020: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 262 $ 90 $ — $ 208 (1) $ 144 Reserves classified as liabilities: Provision for claims, allowances and warranties 4,541 7,938 — 7,999 — 4,480 Year ended December 28, 2019: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 174 $ 240 $ — $ 152 (1) $ 262 Reserves classified as liabilities: Provision for claims, allowances and warranties 5,717 10,538 — 11,714 — 4,541 Year ended December 29, 2018: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 133 $ 162 $ — $ 121 (1) $ 174 Reserves classified as liabilities: Provision for claims, allowances and warranties 6,360 11,995 — 12,638 (2) 5,717 (1) Uncollectible accounts written off, net of recoveries. (2) Net reserve reductions for claims, allowances and warranties settled. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Principals of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of The Dixie Group, Inc. and its wholly-owned subsidiaries (the "Company"). Significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. |
Fiscal Year | Fiscal Year The Company ends its fiscal year on the last Saturday of December. All references herein to "2020," "2019," and "2018," mean the fiscal years ended December 26, 2020, December 28, 2019, and December 29, 2018, respectively. All years presented contained 52 weeks. |
Reclassifications | Reclassifications The Company reclassified certain amounts in 2019 and 2018 to conform to the 2020 presentation. |
Discontinued Operations | Discontinued OperationsThe consolidated financial statements separately report discontinued operations and the results of continuing operations (See Note 22). |
Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when purchased are reported as cash equivalents. |
Market Risk | Market RiskThe Company sells carpet to floorcovering retailers, the interior design, architectural and specifier communities and supplies carpet yarn and carpet dyeing and finishing services to certain manufacturers. The Company's customers are located principally throughout the United States. As a percentage of net sales, one customer accounted for approximately 7% in 2020, 11% in 2019 and 13% in 2018. No other customer accounted for more than 10% of net sales in 2020, 2019, or 2018, nor did the Company make a significant amount of sales to foreign countries during 2020, 2019, or 2018. |
Credit Risk | Credit Risk The Company grants credit to its customers with defined payment terms, performs ongoing evaluations of the credit worthiness of its customers and generally does not require collateral. Accounts receivable are carried at their outstanding principal amounts, less an anticipated amount for discounts and an allowance for doubtful accounts, which management believes is sufficient to cover potential credit losses based on historical experience and periodic evaluation of the financial condition of the Company's customers. As a percentage of customer's trade accounts receivable, one customer accounted for approximately 20% in 2020, |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") method, which generally matches current costs of inventory sold with current revenues, for substantially all inventories. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at the lower of cost or impaired value. Provisions for depreciation and amortization of property, plant and equipment have been computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets, ranging from 10 to 40 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Costs to repair and maintain the Company's equipment and facilities are expensed as incurred. Such costs typically include expenditures to maintain equipment and facilities in good repair and proper working condition. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate that the carrying value of an asset may not be fully recoverable. When the carrying value of the asset exceeds the value of its estimated undiscounted future cash flows, an impairment charge is recognized equal to the difference between the asset's carrying value and its fair value. Fair value is estimated using discounted cash flows, prices for similar assets or other valuation techniques. |
Goodwill and other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of identified net assets acquired in business combinations. In accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic ("ASC") 350, “Intangibles-Goodwill and Other,” the Company tests goodwill for impairment annually in the fourth quarter of each year or more frequently if events or circumstances indicate that the carrying value of goodwill associated with a reporting unit may not be fully recoverable. The goodwill impairment tests are based on determining the fair value of the specified reporting units based on management judgments and assumptions using the discounted cash flows and comparable company market valuation approaches. The Company has identified its reporting unit as its floorcovering business for the purposes of allocating goodwill and assessing impairments. The valuation approaches are subject to key judgments and assumptions that are sensitive to change such as judgments and assumptions about sales growth rates, operating margins, the weighted average cost of capital (“WACC”) and comparable company market multiples. When developing these key judgments and assumptions, the Company considers economic, operational and market conditions that could impact the fair value of the reporting unit. However, estimates are inherently uncertain and represent only management’s reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Should a significant or prolonged deterioration in economic conditions occur or a decline in comparable company market multiples, then key judgments and assumptions could be impacted. In the goodwill assessment process, the Company compares the carrying value of a reporting unit, including goodwill, to the fair value of the reporting unit to identify potential goodwill impairments. The Company estimates the fair value of the reporting unit by using both a discounted cash flow and comparable company market valuation approach. If an impairment is indicated in the assessment, the impairment would be measured as the amount by which the reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill (See Note 7). Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, which range from 10 to 20 years (See Note 7). |
Self-Insured Benefit Programs | Self-Insured Benefit Programs The Company records liabilities to reflect an estimate of the ultimate cost of claims related to its self-insured medical and dental benefits and workers' compensation. The amounts of such liabilities are based on an analysis of the Company's historical experience for each type of claim. |
Income Taxes | Income Taxes The Company recognizes deferred income tax assets and liabilities for the future tax consequences of the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company evaluates the recoverability of these future tax benefits by assessing the adequacy of future expected taxable income from all sources. In the event that the Company is not able to realize all or a portion of the deferred tax assets in the future, a valuation allowance is provided. The Company recognizes such amounts through a charge to income in the period in which that determination is made or when tax law changes are enacted. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not hold speculative financial instruments, nor does it hold or issue financial instruments for trading purposes. The Company uses derivative instruments, currently interest rate swaps, to minimize the effects of interest rate volatility. The Company recognizes all derivatives at fair value. Derivatives that are designated as cash flow hedges are linked to specific liabilities on the Company's balance sheet. The Company assesses, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. When it is determined that a derivative is not highly effective or the derivative expires, is sold, terminated, or exercised, the Company discontinues hedge accounting for that specific hedge instrument. Changes in the fair value of effective cash flow hedges are deferred in accumulated other comprehensive income (loss) ("AOCIL") and reclassified to earnings in the same periods during which the hedge transaction affects earnings. Changes in the fair value of derivatives that are not effective cash flow hedges are recognized in results of operations. |
Treasury Stock | Treasury Stock The Company classifies treasury stock as a reduction to Common Stock for the par value of such shares acquired and the difference between the par value and the price paid for each share recorded either entirely to retained earnings or to additional paid-in-capital for periods in which the Company does not have retained earnings. This presentation reflects the repurchased shares as authorized but unissued as prescribed by state statute. |
Revenue Recognition | Revenue Recognition The Company derives its revenues primarily from the sale of floorcovering products and processing services. Revenues are recognized when control of these products or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company determined revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the performance obligation is satisfied Performance Obligations For performance obligations related to residential floorcovering and commercial floorcovering products, control transfers at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer and the customer must have the significant risks and rewards of ownership. The Company’s principal terms of sale are FOB Shipping Point and FOB Destination and the Company transfers control and records revenue for product sales either upon shipment or delivery to the customer, respectively. Revenue is allocated to each performance obligation based on its relative stand-alone selling prices. Stand-alone selling prices are based on observable prices at which the Company separately sells the products or services. Variable Consideration The nature of the Company’s business gives rise to variable consideration, including rebates, allowances, and returns that generally decrease the transaction price, which reduces revenue. These variable amounts are generally credited to the customer, based on achieving certain levels of sales activity, product returns, or price concessions. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are estimated based upon historical experience and known trends. |
Advertising Costs | Advertising CostsThe Company engages in promotional and advertising programs. Expenses relating to these programs are charged to results of operations during the period of the related benefits. These arrangements do not require significant estimates of costs. Costs related to cooperative advertising programs are normally recorded as selling and administrative expenses when the Company can reasonably identify the benefit associated with the program and can reasonably estimate that the fair value of the benefit is equal to or greater than its cost. The amount of advertising and promotion expenses included in selling and administrative expenses was not significant for the years 2020, 2019, or 2018. |
Warranties | Warranties The Company generally provides product warranties related to manufacturing defects and specific performance standards for its products for a period of up to two years. The Company accrues for estimated future assurance warranty costs in the period in which the sale is recorded. The costs are included in cost of sales in the Consolidated Statements of Operations and the product warranty reserve is included in accrued expenses in the Consolidated Balance Sheets. The Company calculates its accrual using the portfolio approach based upon historical experience and known trends (See Note 9). The Company does not provide an additional service-type warranty. |
Cost of Sales | Cost of Sales Cost of sales includes all costs related to manufacturing the Company's products, including purchasing and receiving costs, inspection costs, warehousing costs, freight costs, internal transfer costs or other costs of the Company's distribution network. |
Selling and Administrative Expenses | Selling and Administrative Expenses Selling and administrative expenses include all costs, not included in cost of sales, related to the sale and marketing of the Company's products and general administration of the Company's business. |
Operating Leases | Operating Leases The Company determines if an arrangement is an operating lease or a financing lease at inception. A lease exists if the Company obtains substantially all of the economic benefits of, and has the right to control the use of, an asset for a period of time. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease agreement. Lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the term of the lease. Right-of-use assets may also be adjusted to reflect any prepayments made or any incentive payments received. Generally, the Company's leases do not provide a readily determinable implicit interest rate, therefore, the Company uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense relating to stock-based payments based on the fair value of the equity or liability instrument issued. Restricted stock grants with pro-rata vesting are expensed using the straight-line method. (Terms of the Company's awards are specified in Note 17). The Company accounts for forfeitures when they actually occur. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers [Table Text Block] | The following table disaggregates the Company’s revenue by end-user markets for the years ended December 26, 2020, December 28, 2019, and December 29, 2018: 2020 2019 2018 Residential floorcovering products $ 249,388 $ 268,186 $ 289,129 Commercial floorcovering products 65,070 103,286 113,971 Other services 1,481 3,110 1,933 Total net sales $ 315,939 $ 374,582 $ 405,033 |
Contract Balances [Table Text Block] | The activity in the advanced deposits for the year ended December 26, 2020, December 28, 2019, and December 29, 2018 is as follows: 2020 2019 2018 Beginning contract liability $ 4,685 $ 6,013 $ 5,717 Revenue recognized from contract liabilities included in the beginning balance (4,404) (5,873) (5,717) Increases due to cash received, net of amounts recognized in revenue during the period 2,859 4,545 6,013 Ending contract liability $ 3,140 $ 4,685 $ 6,013 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables are summarized as follows: 2020 2019 Customers, trade $ 36,735 $ 34,285 Other receivables 1,125 3,115 Gross receivables 37,860 37,400 Less: allowance for doubtful accounts (144) (262) Receivables, net $ 37,716 $ 37,138 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories are summarized as follows: 2020 2019 Raw materials $ 31,167 $ 32,377 Work-in-process 13,305 18,642 Finished goods 59,271 64,978 Supplies and other 167 260 LIFO reserve (18,511) (20,748) Inventories, net $ 85,399 $ 95,509 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: 2020 2019 Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,479 51,432 Machinery and equipment 181,642 179,993 Assets under construction 1,167 1,459 237,710 236,306 Accumulated depreciation (179,806) (170,864) Property, plant and equipment, net $ 57,904 $ 65,442 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table represents the details of the Company's intangible assets that were subject to amortization during 2018: 2018 Gross Accumulated Amortization Impairment Net Customer relationships $ 208 $ (96) $ (112) $ — Rug design coding 144 (86) (58) — Trade names 3,300 (1,314) (1,986) — Total $ 3,652 $ (1,496) $ (2,156) $ — |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense for intangible assets is summarized as follows: 2020 2019 2018 Customer relationships $ — $ — $ 16 Rug design coding — — 14 Trade names — — 275 Amortization expense $ — $ — $ 305 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses are summarized as follows: 2020 2019 Compensation and benefits (1) $ 9,159 $ 8,804 Provision for customer rebates, claims and allowances 8,006 7,682 Advanced customer deposits 3,139 4,685 Outstanding checks in excess of cash 2,094 — Other 3,567 4,247 Accrued expenses $ 25,965 $ 25,418 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following is a summary of the Company's product warranty activity: 2020 2019 Product warranty reserve at beginning of period $ 1,002 $ 1,069 Warranty liabilities accrued 782 1,667 Warranty liabilities settled (790) (1,695) Changes for pre-existing warranty liabilities — (39) Product warranty reserve at end of period $ 994 $ 1,002 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: 2020 2019 Revolving credit facility $ 28,353 $ 59,693 Term loans 24,970 — Notes payable - buildings 5,900 6,213 Notes payable - equipment and other 3,926 3,533 Finance lease - buildings 11,097 11,296 Finance lease obligations 5,841 8,187 Deferred financing costs, net (1,930) (571) Total long-term debt 78,157 88,351 Less: current portion of long-term debt 6,116 6,684 Long-term debt $ 72,041 $ 81,667 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of long-term debt for periods following December 26, 2020 are as follows: Long-Term Finance Leases (See Note 11) Total 2021 $ 3,346 $ 2,768 $ 6,114 2022 1,520 1,486 3,006 2023 1,259 2,344 3,603 2024 6,578 325 6,903 2025 30,540 357 30,897 Thereafter 19,906 9,658 29,564 Total maturities of long-term debt $ 63,149 $ 16,938 $ 80,087 Deferred financing costs, net (1,930) — (1,930) Total long-term debt $ 61,219 $ 16,938 $ 78,157 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Leases [Abstract] | |
Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases [Table Text Block] | Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location December 26, 2020 December 28, 2019 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 22,074 $ 24,835 Current portion of operating lease liabilities Current portion of operating lease liabilities 3,323 3,172 Noncurrent portion of operating lease liabilities Operating lease liabilities 19,404 22,123 Total operating lease liabilities $ 22,727 $ 25,295 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 14,332 $ 15,152 Current portion of finance lease liabilities (1) Current portion of long-term debt 2,771 4,011 Noncurrent portion of finance lease liabilities (1) Long-term debt 14,167 15,472 $ 16,938 $ 19,483 |
Lease, Cost [Table Text Block] | Lease cost recognized in the consolidated financial statements is summarized as follows: December 26, 2020 December 28, 2019 Operating lease cost $ 5,078 $ 3,528 Finance lease cost: Amortization of lease assets (1) 3,160 3,000 Interest on lease liabilities (1) 1,702 1,378 Total finance lease costs (1) $ 4,862 $ 4,378 |
Other Supplemental Information Related to Leases [Table Text Block] | Other supplemental information related to leases is summarized as follows: December 26, 2020 December 28, 2019 Weighted average remaining lease term (in years): Operating leases 7.73 8.42 Finance leases (1) 12.57 12.03 Weighted average discount rate: Operating leases 6.91 % 6.98 % Finance leases (1) 9.42 % 6.72 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,874 3,518 Operating cash flows from finance leases (1) 1,702 1,378 Financing cash flows from finance leases (1) 4,756 4,166 |
Finance And Operating Lease Maturity [Table Text Block] | The following table summarizes the Company's undiscounted future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of December 26, 2020: Fiscal Year Operating Leases Finance Leases 2021 4,783 4,259 2022 4,198 2,782 2023 3,251 3,409 2024 2,940 1,045 2025 2,969 1,053 Thereafter 11,561 14,988 Total future minimum lease payments (undiscounted) 29,702 27,536 Less: Present value discount (6,975) (10,598) Total lease liability 22,727 16,938 |
Schedule of Maturities of Long-term Debt Under Topic 840 [Table Text Block] | Commitments for minimum rentals under non-cancelable leases, including any applicable rent escalation clauses, were as follows under Topic 840 for 2018: Capital Operating 2019 $ 4,590 $ 3,002 2020 4,205 2,533 2021 3,333 2,121 2022 989 1,667 2023 244 882 Thereafter — 3,155 Total commitments 13,361 13,360 Less amounts representing interest (1,265) — Total $ 12,096 $ 13,360 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table reflects the fair values of assets and liabilities measured and recognized at fair value on a recurring basis on the Company's Consolidated Balance Sheets as of December 26, 2020 and December 28, 2019: 2020 2019 Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 440 $ 1,653 Level 2 (1) The Company uses certain external sources in deriving the fair value of the interest rate swaps. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,920 $ 1,920 $ 769 $ 769 Financial liabilities: Long-term debt, including current portion 61,219 58,803 68,868 72,115 Finance leases, including current portion 16,938 18,451 19,483 20,361 Interest rate swaps 440 440 1,653 1,653 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of the Company's interest rate swaps as of December 26, 2020: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,796 (1) November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR (1) Interest rate swap notional amount amortizes by $35 monthly to maturity. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair values of derivative instruments included in the Company's Consolidated Balance Sheets: Location on Consolidated Balance Sheets Fair Value 2020 2019 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 135 $ 841 Interest rate swaps, long-term portion Other Long-Term Liabilities 305 812 Total Liability Derivatives $ 440 $ 1,653 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the pre-tax impact of derivative instruments on the Company's consolidated financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ (1,316) $ (1,109) $ 531 Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 1,106 $ (454) $ (673) Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) 2020 2019 2018 Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 861 $ — $ — (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2020 is $135. (3) The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | The "FIP/RP Status Pending/Implemented" column indicates a plan for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (1) Contributions (2) Surcharge Imposed (1) Expiration Date of Collective-Bargaining Agreement 2020 2019 2020 2019 2018 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 272 $ 335 $ 320 Yes 6/4/2022 (1) The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015, a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, a surcharge equal to $0.02 per hour (from $0.53 to $0.55) effective June 1, 2016 to May 31, 2017, a surcharge equal to $0.03 per hour (from $0.55 to $0.58) effective June 1, 2017 to May 31, 2018, a surcharge equal to $0.02 per hour (from $0.58 to $0.60) effective June 1, 2018 to May 31, 2019, a surcharge equal to $0.03 per hour (from $0.60 to $0.63) effective June 1, 2019 to May 31, 2020, and a surcharge equal to $0.03 per hour (from $0.63 to $0.66) effective June 1, 2020 to May 31, 2021. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $277 for 2021. (2) The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. |
Schedule of Net Funded Status [Table Text Block] | Information about the benefit obligation and funded status of the Company's postretirement benefit plan is summarized as follows: 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 360 $ 331 Service cost 8 7 Interest cost 17 17 Actuarial (gain) loss 6 6 Benefits paid (1) (1) Benefit obligation at end of year 390 360 Change in plan assets: Fair value of plan assets at beginning of year — — Employer contributions 1 1 Benefits paid (1) (1) Fair value of plan assets at end of year — — Unfunded amount $ (390) $ (360) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The balance sheet classification of the Company's liability for the postretirement benefit plan is summarized as follows: 2020 2019 Accrued expenses $ 17 $ 16 Other long-term liabilities 373 344 Total liability $ 390 $ 360 |
Schedule of Expected Benefit Payments [Table Text Block] | Benefits expected to be paid on behalf of associates for the postretirement benefit plan during the period 2021 through 2030 are summarized as follows: Years Postretirement 2021 $ 17 2022 16 2023 16 2024 16 2025 16 2026-30 79 |
Defined Benefit Plan, Assumptions [Table Text Block] | Assumptions used to determine the benefit obligation of the Company's postretirement benefit plan are summarized as follows: 2020 2019 Weighted-average assumptions as of year-end: Discount rate (benefit obligation) 3.25 % 3.50 % |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (credit) for the postretirement plan are summarized as follows: 2020 2019 2018 Service cost $ 8 $ 7 $ 8 Interest cost 17 17 17 Amortization of prior service credits — (3) (4) Recognized net actuarial gains (25) (27) (28) Net periodic benefit cost (credit) $ — $ (6) $ (7) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Pre-tax amounts included in AOCIL for the Company's postretirement benefit plan at 2020 are summarized as follows: Postretirement Benefit Plan Balance at 2020 2021 Expected Amortization Unrecognized actuarial gains $ (309) $ (24) Totals $ (309) $ (24) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2020 2019 2018 Current Federal $ (78) $ (287) $ (178) State 109 107 (116) Total current 31 (180) (294) Deferred Federal (277) (385) (434) State (66) (92) (103) Total deferred (343) (477) (537) Income tax provision (benefit) $ (312) $ (657) $ (831) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Differences between the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income (loss) from continuing operations before taxes are summarized as follows: 2020 2019 2018 Federal statutory rate 21 % 21 % 21 % Statutory rate applied to income (loss) from continuing operations before taxes $ (1,974) $ 3,142 $ (4,685) Plus state income taxes, net of federal tax effect 34 12 (173) Total statutory provision (benefit) (1,940) 3,154 (4,858) Effect of differences: Nondeductible meals and entertainment 37 77 90 Executive compensation limitation — — 258 Federal tax credits (279) (545) (286) Reserve for uncertain tax positions 7 39 27 Change in valuation allowance 1,754 (3,400) 3,990 Stock-based compensation 141 86 82 Other items (32) (68) (134) Income tax provision (benefit) $ (312) $ (657) $ (831) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets and liabilities are as follows: 2020 2019 Deferred tax assets: Inventories $ 3,428 $ 3,336 Retirement benefits 1,190 1,394 State net operating losses 3,305 3,362 Federal net operating losses 556 715 State tax credit carryforwards 1,688 1,688 Federal tax credit carryforwards 4,413 4,282 Allowances for bad debts, claims and discounts 2,024 1,978 Other 5,196 4,039 Total deferred tax assets 21,800 20,794 Valuation allowance (15,443) (13,264) Net deferred tax assets 6,357 7,530 Deferred tax liabilities: Property, plant and equipment 6,448 7,621 Total deferred tax liabilities 6,448 7,621 Net deferred tax liability $ (91) $ (91) |
Summary of Income Tax Contingencies [Table Text Block] | The following is a summary of the change in the Company's unrecognized tax benefits: 2020 2019 2018 Balance at beginning of year $ 480 $ 441 $ 414 Additions based on tax positions taken during a current period 7 39 27 Balance at end of year $ 487 $ 480 $ 441 |
Common Stock and Earnings (Lo_2
Common Stock and Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: 2020 2019 2018 Basic earnings (loss) per share: Income (loss) from continuing operations $ (9,088) $ 15,619 $ (21,479) Less: Allocation of earnings to participating securities — (468) — Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,151 $ (21,479) Basic weighted-average shares outstanding (1) 15,316 15,822 15,764 Basic earnings (loss) per share - continuing operations $ (0.59) $ 0.96 $ (1.36) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,151 $ (21,479) Add: Undistributed earnings reallocated to unvested shareholders — 3 — Income (loss) from continuing operations available to common shareholders - basic $ (9,088) $ 15,154 $ (21,479) Basic weighted-average shares outstanding (1) 15,316 15,822 15,764 Effect of dilutive securities: Stock options (2) — — — Directors' stock performance units (2) — 104 — Diluted weighted-average shares outstanding (1)(2) 15,316 15,926 15,764 Diluted earnings (loss) per share - continuing operations $ (0.59) $ 0.95 $ (1.36) (1) Includes Common and Class B Common shares, excluding 360, 461, and 570 unvested participating securities, in thousands, for 2020, 2019, and 2018, respectively. (2) Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares excluded were 281 in 2020, 166 in 2019 and 422 in 2018. |
Stock Plans and Stock Compens_2
Stock Plans and Stock Compensation Expense (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted stock activity for the three years ended December 26, 2020 is summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 30, 2017 433,841 $ 6.66 Granted 307,292 2.77 Vested (64,939) 6.58 Forfeited (106,196) 9.51 Outstanding at December 29, 2018 569,998 4.04 Vested (90,791) 2.83 Forfeited (17,784) 3.48 Outstanding at December 28, 2019 461,423 4.30 Granted 131,867 1.00 Vested (233,639) 3.90 Outstanding at December 26, 2020 359,651 $ 3.35 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option activity for the three years ended December 26, 2020 is summarized as follows: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Weighted-Average Fair Value of Options Granted During the Year Outstanding at December 30, 2017 306,500 $ 4.54 — Granted — — — Exercised — — — Forfeited (8,000) 4.17 — Outstanding at December 29, 2018 298,500 4.55 — Granted — — — Exercised — — — Forfeited (132,500) 4.82 — Outstanding at December 28, 2019 166,000 4.33 — Granted — — — Exercised — — — Forfeited (15,000) 4.17 — Outstanding at December 26, 2020 151,000 $ 4.35 1.40 $ — Options exercisable at: December 29, 2018 103,500 $ 5.00 — December 28, 2019 166,000 4.33 — December 26, 2020 151,000 4.35 1.40 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Components of accumulated other comprehensive income (loss), net of tax, are as follows: Interest Rate Swaps Post-Retirement Liabilities Total Balance at December 30, 2017 (1,587) 288 (1,299) Unrealized gain on interest rate swaps, net of tax of $0 531 — 531 Reclassification of loss into earnings from interest rate swaps, net of tax of $0 673 — 673 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $0 — 18 18 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (4) (4) Balance at December 29, 2018 (383) 275 (108) Unrealized gain on interest rate swaps, net of tax of $0 (1,109) — (1,109) Reclassification of loss into earnings from interest rate swaps, net of tax of $10 444 — 444 Unrecognized net actuarial gain on postretirement benefit plans, net of tax of $0 — (6) (6) Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (2) (2) Balance at December 28, 2019 $ (1,048) $ 240 $ (808) Unrealized gain on interest rate swaps, net of tax of $0 (1,316) — (1,316) Reclassification of loss into earnings from interest rate swaps, net of tax of $343 1,624 — 1,624 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (27) (27) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — (3) (3) Balance at December 26, 2020 $ (740) $ 210 $ (530) |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Other (Income) Expense [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Other operating expense, net is summarized as follows: 2020 2019 2018 Other operating (income) expense, net: (Gain) loss on property, plant and equipment disposals $ 41 $ 353 $ (1,047) Gain on sale of building — (25,121) — (Gain) loss on currency exchanges (55) 41 126 Amortization of intangibles — — 305 Retirement expenses 40 72 64 Miscellaneous (income) expense (134) 667 1,010 Other operating (income) expense, net $ (108) $ (23,988) $ 458 |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other (income) expense, net is summarized as follows: 2020 2019 2018 Other (income) expense, net: Interest Income $ (3) $ (49) $ — Post-retirement income (8) (14) (15) Miscellaneous expense 689 6 18 Other (income) expense, net $ 678 $ (57) $ 3 |
Facility Consolidation and Se_2
Facility Consolidation and Severance Expenses, Net (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Costs related to the facility consolidation plans are summarized as follows: As of December 26, 2020 Accrued Balance at December 28, 2019 2020 Expenses (1) 2020 Cash Payments Accrued Balance at December 26, 2020 Total Costs Incurred to Date Total Expected Costs Corporate Office Consolidation Plan 38 6 44 — 835 835 Profit Improvement Plan 305 1,376 1,577 104 10,176 10,176 COVID-19 Continuity Plan $ 2,370 $ 1,916 454 $ 2,531 $ 2,531 Total All Plans $ 343 $ 3,752 $ 3,537 $ 558 $ 13,542 $ 13,542 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 29, 2018 2019 Expenses (1) 2019 Cash Payments Accrued Balance at December 28, 2019 Corporate Office Consolidation Plan 98 13 73 38 Profit Improvement Plan $ 846 $ 5,006 $ 5,547 $ 305 Total All Plans $ 944 $ 5,019 $ 5,620 $ 343 Asset Impairments $ — $ 3 $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued operations are summarized as follows: 2020 2019 2018 Income (loss) from discontinued operations: Workers' compensation costs from former textile operations $ (60) $ 38 $ 212 Environmental remediation costs from former textile operations (60) (386) (117) Income (loss) from discontinued operations, before taxes $ (120) $ (348) $ 95 Income tax benefit — — — Income (loss) from discontinued operations, net of tax $ (120) $ (348) $ 95 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Market and Credit Risk (Details) - customers | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Concentration Risk [Line Items] | |||
Number of customers | 1 | ||
Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 7.00% | 11.00% | 13.00% |
Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 18.00% | 34.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 26, 2020 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 26, 2020 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Disaggregation of Revenue [Line Items] | |||
NET SALES | $ 315,939 | $ 374,582 | $ 405,033 |
Residential Floorcovering Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
NET SALES | 249,388 | 268,186 | 289,129 |
Commercial Floorcovering Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
NET SALES | 65,070 | 103,286 | 113,971 |
Other Segments [Member] | |||
Disaggregation of Revenue [Line Items] | |||
NET SALES | $ 1,481 | $ 3,110 | $ 1,933 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Beginning contract liability | $ 4,685 | $ 6,013 | $ 5,717 |
Revenue recognized from contract liabilities included in the beginning balance | (4,404) | (5,873) | (5,717) |
Increases due to cash received, net of amounts recognized in revenue during the period | 2,859 | 4,545 | 6,013 |
Ending contract liability | $ 3,140 | $ 4,685 | $ 6,013 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customers, trade | $ 36,735 | $ 34,285 | |
Other receivables | 1,125 | 3,115 | |
Gross receivables | 37,860 | 37,400 | |
Less: allowance for doubtful accounts | (144) | (262) | |
Receivables, net | 37,716 | 37,138 | |
Bad debt expense | $ 90 | $ 240 | $ 163 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 31,167 | $ 32,377 |
Work-in-process | 13,305 | 18,642 |
Finished goods | 59,271 | 64,978 |
Supplies and other | 167 | 260 |
LIFO reserve | (18,511) | (20,748) |
Inventories | 85,399 | 95,509 |
Effect of LIFO Inventory Liquidation on Income | $ 559 | $ 281 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $ 3,422 | $ 3,422 | |
Buildings and improvements | 51,479 | 51,432 | |
Machinery and equipment | 181,642 | 179,993 | |
Assets under construction | 1,167 | 1,459 | |
Property, plant and equipment, gross | 237,710 | 236,306 | |
Accumulated depreciation | (179,806) | (170,864) | |
Property, plant and equipment, net | 57,904 | 65,442 | |
Depreciation | $ 10,527 | $ 11,219 | $ 12,141 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 0 | $ 0 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 3,389 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 3,652 | ||
Accumulated Amortization | (1,496) | ||
Impairment | (2,156) | ||
Net | 0 | ||
Amortization expense | $ 0 | $ 0 | 305 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 208 | ||
Accumulated Amortization | (96) | ||
Impairment | (112) | ||
Net | 0 | ||
Amortization expense | 0 | 0 | 16 |
Rug Design Coding [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 144 | ||
Accumulated Amortization | (86) | ||
Impairment | (58) | ||
Net | 0 | ||
Amortization expense | 0 | 0 | 14 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 3,300 | ||
Accumulated Amortization | (1,314) | ||
Impairment | (1,986) | ||
Net | 0 | ||
Amortization expense | $ 0 | $ 0 | $ 275 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Payables and Accruals [Abstract] | |||
Compensation and benefits (1) | $ 9,159 | [1] | $ 8,804 |
Provision for customer rebates, claims and allowances | 8,006 | 7,682 | |
Advanced customer deposits | 3,139 | 4,685 | |
Outstanding checks in excess of cash | 2,094 | 0 | |
Other | 3,567 | 4,247 | |
Accrued expenses | 25,965 | $ 25,418 | |
Letters of Credit Outstanding, Amount | $ 2,452 | ||
[1] | Includes a liability related to the Company's self-insured Workers' Compensation program. This program is collateralized by letters of credit in the aggregate amount of $2,452. |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Product Warranties Disclosures [Abstract] | ||
Product warranty reserve at beginning of period | $ 1,002 | $ 1,069 |
Warranty liabilities accrued | 782 | 1,667 |
Warranty liabilities settled | (790) | (1,695) |
Changes for pre-existing warranty liabilities | 0 | (39) |
Product warranty reserve at end of period | $ 994 | $ 1,002 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 28,353 | $ 59,693 |
Secured Debt, Other | 24,970 | 0 |
Notes payable - buildings | 5,900 | 6,213 |
Notes payable - equipment and other | 3,926 | 3,533 |
Finance lease - buildings | 11,097 | 11,296 |
Finance lease obligations | 5,841 | 8,187 |
Deferred financing costs, net | (1,930) | (571) |
Total long-term debt | 78,157 | 88,351 |
Less: current portion of long-term debt | 6,116 | 6,684 |
Long-term debt | $ 72,041 | $ 81,667 |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Line of Credit Facility [Line Items] | ||
Maximum Borrowing Capacity | $ 75,000 | |
Debt Instrument, Covenant Compliance | As of the reporting date, the Company is in compliance with all such applicable covenants. | |
Debt Instrument, Covenant Description | The Company is only subject to the financial covenants if borrowing availability is less than 12.5% of the availability, and remains until the availability is greater than 12.5% for thirty consecutive days. | |
Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Floor Interest Rate [Line Items] | 0.75% | |
Basis Spread on Variable Rate at End of Period | 1.75% | |
Commitment Fee Percentage | 0.25% | |
Debt, Weighted Average Interest Rate | 2.68% | |
Remaining Borrowing Capacity | $ 43,344 | |
Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.79% | |
Alternative [Member] | Minimum [Member] | Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.50% | |
Alternative [Member] | Minimum [Member] | Libor [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.50% | |
Alternative [Member] | Maximum [Member] | Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 2.00% | |
Alternative [Member] | Maximum [Member] | Libor [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 2.00% | |
Alternative B [Member] | Federal Funds [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Daily Libor [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% | |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Minimum [Member] | Daily Libor [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 0.50% | |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | Amended Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% | |
Alternative B [Member] | Maximum [Member] | Daily Libor [Member] | Previous Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis Spread on Variable Rate | 1.00% |
Long-Term Debt and Credit Arr_5
Long-Term Debt and Credit Arrangements (Term Loans ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Debt Instrument [Line Items] | ||
Notes payable - buildings | $ 5,900 | $ 6,213 |
Debt Instrument, Covenant Compliance | As of the reporting date, the Company is in compliance with all such applicable covenants. | |
AmeriState Bank | ||
Debt Instrument [Line Items] | ||
Notes payable - buildings | $ 10,000 | |
Long-term Debt, Term | 25 years | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Interest Rate Terms | or 4.00% above 5-year treasury, to be reset every 5 years at 3.5% above 5-year treasury | |
Debt Instrument, Covenant Compliance | As of the reporting date, the Company is in compliance with all such covenants. | |
Greater Nevada Credit Union | ||
Debt Instrument [Line Items] | ||
Notes payable - buildings | $ 15,000 | |
Long-term Debt, Term | 10 years | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Interest Rate Terms | or 4.00% above 5- year treasury, to be reset after 5 years at 3.5% above 5-year treasury | |
Debt Instrument, Covenant Compliance | The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such covenants. |
Long-Term Debt and Credit Arr_6
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Nov. 07, 2014 | |
Debt Instrument [Line Items] | |||
Notes payable - buildings | $ 5,900 | $ 6,213 | |
Building - Adairsville [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable - buildings | $ 8,330 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||
Debt Instrument, Periodic Payment, Principal | $ 35 | ||
Final Payment on Debt Instument | $ 4,165 | ||
Fixed Interest Rate | 4.50% |
Long-Term Debt and Credit Arr_7
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable [Member] | 12 Months Ended |
Dec. 26, 2020yrRate | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 1.60% |
Term of Note Payable | yr | 1 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 7.00% |
Term of Note Payable | yr | 7 |
Long-Term Debt and Credit Arr_8
Long-Term Debt and Credit Arrangements Finance Lease - Buildings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Debt Instrument [Line Items] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 4,259 | |
Rent escalation | 2.00% | |
Finance Lease - Saraland Building [Member] | ||
Debt Instrument [Line Items] | ||
Lessee - Finance Lease, Selling Price of Building | $ 11,500 | |
Lessee, Finance Lease, Term of Contract | 20 years | |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 977 | |
Rent escalation | 1.25% | |
Lessee, Finance Lease, Renewal Term | 10 years | |
Repayments of Debt | $ 5,000 |
Long-Term Debt and Credit Arr_9
Long-Term Debt and Credit Arrangements (Finance Lease Obligations) (Details) - Finance Lease Obligations [Member] | 12 Months Ended |
Dec. 26, 2020yr | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Term of Capital Lease Obligation (in months) | 3 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Term of Capital Lease Obligation (in months) | 6 |
Long-Term Debt and Credit Ar_10
Long-Term Debt and Credit Arrangements (Interest payments and debt maturities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |||
Debt Instrument [Line Items] | |||||
Interest paid | $ 5,293 | $ 6,303 | $ 6,290 | ||
Finance Lease, Interest Payment on Liability | 1,702 | [1] | 1,378 | [1] | $ 791 |
Maturities of Long-term Debt [Abstract] | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 6,114 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,006 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,603 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,903 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 30,897 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 29,564 | ||||
Long-term Debt | 80,087 | ||||
Deferred financing costs, net | (1,930) | (571) | |||
Total long-term debt | 78,157 | $ 88,351 | |||
Long-term Debt [Member] | |||||
Maturities of Long-term Debt [Abstract] | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 3,346 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,520 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,259 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,578 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 30,540 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 19,906 | ||||
Long-term Debt | 63,149 | ||||
Deferred financing costs, net | (1,930) | ||||
Total long-term debt | 61,219 | ||||
Finance Lease Obligations [Member] | |||||
Maturities of Long-term Debt [Abstract] | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2,768 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,486 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,344 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 325 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 357 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,658 | ||||
Long-term Debt | 16,938 | ||||
Deferred financing costs, net | 0 | ||||
Total long-term debt | $ 16,938 | ||||
[1] | (1) Includes leases classified as failed sale-leaseback transactions. |
Leases Lessee's Schedule Of Bal
Leases Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Lessee's Schedule Of Balance Sheet Information [Abstract] | |||
OPERATING LEASE RIGHT-OF-USE ASSETS | $ 22,074 | $ 24,835 | |
Current portion of operating lease liabilities | 3,323 | 3,172 | |
OPERATING LEASE LIABILITIES | 19,404 | 22,123 | |
Operating Lease, Liability | 22,727 | 25,295 | |
Finance Lease, Right-of-Use Asset | [1] | 14,332 | 15,152 |
Finance Lease, Liability, Current | [1] | 2,771 | 4,011 |
Finance Lease, Liability, Noncurrent | [1] | 14,167 | 15,472 |
Finance Lease, Liability | $ 16,938 | $ 19,483 | |
[1] | (1) Includes leases classified as failed sale-leaseback transactions. |
Leases Lease, Cost (Details)
Leases Lease, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | ||
Leases [Abstract] | |||
Operating lease cost | $ 5,078 | $ 3,528 | |
Finance Lease, Right-of-Use Asset, Amortization | [1] | 3,160 | 3,000 |
Finance Lease, Interest Expense | [1] | 1,702 | 1,378 |
Finance Lease Cost | [1] | $ 4,862 | $ 4,378 |
[1] | (1) Includes leases classified as failed sale-leaseback transactions. |
Leases Other Supplemental Infor
Leases Other Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||||
Leases [Abstract] | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 8 months 23 days | 8 years 5 months 1 day | ||||
Finance Lease, Weighted Average Remaining Lease Term | [1] | 12 years 6 months 25 days | 12 years 10 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 6.91% | 6.98% | ||||
Finance Lease, Weighted Average Discount Rate, Percent | [1] | 9.42% | 6.72% | |||
Operating Lease, Payments | $ 4,874 | $ 3,518 | ||||
Finance Lease, Interest Payment on Liability | 1,702 | [1] | 1,378 | [1] | $ 791 | |
Finance Lease, Principal Payments | [1] | $ 4,756 | $ 4,166 | |||
[1] | (1) Includes leases classified as failed sale-leaseback transactions. |
Leases Finance And Operating Le
Leases Finance And Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 4,783 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 4,198 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,251 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,940 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,969 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 11,561 | |
Lessee, Operating Lease, Liability, Payments, Due | 29,702 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (6,975) | |
Operating Lease, Liability | 22,727 | $ 25,295 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 4,259 | |
Finance Lease, Liability, Payments, Due Year Two | 2,782 | |
Finance Lease, Liability, Payments, Due Year Three | 3,409 | |
Finance Lease, Liability, Payments, Due Year Four | 1,045 | |
Finance Lease, Liability, Payments, Due Year Five | 1,053 | |
Finance Lease, Liability, Payments, Due after Year Five | 14,988 | |
Finance Lease, Liability, Payment, Due | 27,536 | |
Finance Lease, Liability, Undiscounted Excess Amount | (10,598) | |
Finance Lease, Liability | $ 16,938 | $ 19,483 |
Leases Sale and Lease Back (Det
Leases Sale and Lease Back (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Leases [Abstract] | |||
Proceeds from sale of assets held for sale | $ 37,195 | ||
Gain on sale of building | $ 0 | $ 25,121 | $ 0 |
Lessee, Operating Lease, Term of Contract | 10 years | ||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Lessee, Operating Lease, Payments for Rent | $ 2,083 | ||
Rent escalation | 2.00% |
Leases Schedule of Maturities o
Leases Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 26, 2020 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 6,114 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,006 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,603 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,903 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 30,897 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 29,564 | ||
Total commitments | 80,087 | ||
Total | $ 88,351 | $ 78,157 | |
Finance Lease Obligations Under 840 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 4,590 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 4,205 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,333 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 989 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 244 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||
Total commitments | 13,361 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (1,265) | ||
Total | 12,096 | ||
Operating Lease Obligations Under 840 [Member] | |||
Debt Instrument [Line Items] | |||
Operating Leases, Rent Expense | $ 4,453 | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 3,002 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,533 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,121 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,667 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 882 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,155 | ||
Total commitments | 13,360 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | 0 | ||
Total | $ 13,360 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements - Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest rate swaps (1) | [1] | $ 440 | $ 1,653 |
[1] | The Company uses certain external sources in deriving the fair value of the interest rate swaps. The interest rate swaps were valued using observable inputs (e.g., LIBOR yield curves, credit spreads). Valuations of interest rate swaps may fluctuate considerably from period-to-period due to volatility in underlying interest rates, which are driven by market conditions and the duration of the instrument. Credit adjustments could have a significant impact on the valuations due to changes in credit ratings of the Company or its counterparties. |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Finance Lease, Liability | $ 16,938 | $ 19,483 |
Operating Lease, Liability | 22,727 | 25,295 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 1,920 | 769 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 61,219 | 68,868 |
Finance Lease, Liability | 16,938 | 19,483 |
Interest rate swaps | 440 | 1,653 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 1,920 | 769 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt and capital leases, including current portion | 58,803 | 72,115 |
Finance Lease, Liability | 18,451 | 20,361 |
Interest rate swaps | $ 440 | $ 1,653 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) $ in Thousands | Dec. 26, 2020USD ($)Rate | |
November 7, 2014 through November 7, 2024 [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,796 | [1] |
Fixed Interest Rate | Rate | 4.50% | |
Effective September 1, 2015 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Effective September 1, 2016 through September 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 440 | $ 1,653 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Expenses | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 135 | 841 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Long-Term Liabilities | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 305 | $ 812 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on interest rate swaps | $ (1,316) | $ (1,109) | $ 531 | |
Effective September 1, 2015 through September 1, 2021 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional Amount | 25,000 | |||
Effective September 1, 2016 through September 1, 2021 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional Amount | 25,000 | |||
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payments for Other Fees | 1,427 | |||
Interest Rate Swap [Member] | November 7, 2014 through November 7, 2024 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional Amount | [1] | 5,796 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Nonoperating Income (Expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Of Gain (Loss) On Dedesignation Of Derivatives, Net | [2] | 861 | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on interest rate swaps | (1,316) | (1,109) | 531 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | [3],[4] | 1,106 | (454) | (673) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 135 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness | $ 0 | $ 0 | ||
[1] | Interest rate swap notional amount amortizes by $35 monthly to maturity. | |||
[2] | The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. | |||
[3] | The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's Consolidated Statements of Operations. | |||
[4] | The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to fiscal 2020 is $135. (3) The amount of gain (loss) recognized in income on the dedesignated portion of interest rate swaps is included in other income or other expense on the Company's Consolidated Statements of Operations. The amount of expense recognized on the Company's Consolidated Statements of Operations for the terminated portion of interest rate swaps is included in interest expense. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Non-Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 85.00% | ||
Employer Matching Contribution, Percentage | 1.00% | ||
Employer Matching Contribution, Discretionary Percentage | 2.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 3.00% | ||
Cost Recognized | $ 345 | $ 418 | $ 448 |
Collective-Bargaining Plan [Member] | |||
Defined Contribution Plans [Line Items] | |||
Percentage of Employees Covered | 15.00% | ||
Maximum Annual Contribution Per Employee, Percentage | 2.75% | ||
Cost Recognized | $ 96 | $ 143 | $ 123 |
Employee Benefit Plans (Nonqual
Employee Benefit Plans (Nonqualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Retirement Benefits [Abstract] | ||
Liability to Participants | $ 17,647 | $ 16,203 |
Cash Surrender Value of Life Insurance | $ 17,951 | $ 16,500 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |||
Multiemployer Plans [Line Items] | |||||||||
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Participants, Percentage | 15.00% | ||||||||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Red | Red | |||||||
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan [Fixed List] | [1] | Implemented | |||||||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 272 | [2] | $ 335 | $ 320 | |||||
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | [1] | Yes | |||||||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Jun. 4, 2022 | ||||||||
Multiemployer Plans, Employer Contribution Rate Per Hour | 0.47 | ||||||||
Multiemployer Plan, Contribution Amount Increase (Decrease) | 0.03 | 0.03 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 277 | ||||||||
[1] | The collective-bargaining agreement requires the Company to contribute to the plan at the rate of $0.47 per compensated hour for each covered employee. The Company will make additional contributions, as mandated by law, in accordance with the fund's 2010 Rehabilitation Plan which required a surcharge equal to $0.03 per hour (from $0.47 to $0.50) effective June 1, 2014 to May 31, 2015, a surcharge equal to $0.03 per hour (from $0.50 to $0.53) effective June 1, 2015 to May 31, 2016, a surcharge equal to $0.02 per hour (from $0.53 to $0.55) effective June 1, 2016 to May 31, 2017, a surcharge equal to $0.03 per hour (from $0.55 to $0.58) effective June 1, 2017 to May 31, 2018, a surcharge equal to $0.02 per hour (from $0.58 to $0.60) effective June 1, 2018 to May 31, 2019, a surcharge equal to $0.03 per hour (from $0.60 to $0.63) effective June 1, 2019 to May 31, 2020, and a surcharge equal to $0.03 per hour (from $0.63 to $0.66) effective June 1, 2020 to May 31, 2021. Based upon current employment and benefit levels, the Company's contributions to the multi-employer pension plan are expected to be approximately $277 for 2021. | ||||||||
[2] | The Company's contributions to the plan do not represent more than 5% of the total contributions to the plan for the most recent plan year available. |
Employee Benefit Plans (Other P
Employee Benefit Plans (Other Postretirement Plans - Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Unrecognized actuarial gains | $ (309) | ||
Totals | (309) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Accrued expenses | 17 | $ 16 | |
Other long-term liabilities | 373 | 344 | |
Total liability | 390 | 360 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 1 | 1 | |
Benefits Paid | 1 | 1 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Unfunded amount | (390) | (360) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | |||
Unrecognized actuarial gains | (24) | ||
Totals | (24) | ||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 17 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 16 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 79 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 8 | 7 | 8 |
Interest cost | 17 | 17 | 17 |
Amortization of prior service credits | 0 | (3) | (4) |
Recognized net actuarial gains | (25) | (27) | (28) |
Net periodic benefit cost (credit) | $ 0 | $ (6) | (7) |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (benefit obligation) | 3.25% | 3.50% | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Defined Benefit Plan, Benefit Obligation | $ 390 | $ 360 | 331 |
Service cost | 8 | 7 | 8 |
Interest cost | 17 | 17 | $ 17 |
Actuarial (gain) loss | 6 | 6 | |
Benefits Paid | $ 1 | $ 1 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Current | |||
Federal | $ (78) | $ (287) | $ (178) |
State | 109 | 107 | (116) |
Total current | 31 | (180) | (294) |
Deferred | |||
Federal | (277) | (385) | (434) |
State | (66) | (92) | (103) |
Total deferred | (343) | (477) | (537) |
Income tax provision (benefit) | $ (312) | $ (657) | $ (831) |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Statutory rate applied to income (loss) from continuing operations before taxes | $ (1,974) | $ 3,142 | $ (4,685) |
Plus state income taxes, net of federal tax effect | 34 | 12 | (173) |
Total statutory provision (benefit) | (1,940) | 3,154 | (4,858) |
Nondeductible meals and entertainment | 37 | 77 | 90 |
Executive compensation limitation | 0 | 0 | 258 |
Federal tax credits | (279) | (545) | (286) |
Reserve for uncertain tax positions | 7 | 39 | 27 |
Change in valuation allowance | 1,754 | (3,400) | 3,990 |
Stock-based compensation | 141 | 86 | 82 |
Other items | (32) | (68) | (134) |
Income tax provision (benefit) | $ (312) | $ (657) | $ (831) |
Income Taxes Income Tax Recon_2
Income Taxes Income Tax Reconciliation, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Tax Cuts and Jobs Act Narrative [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Deferred Tax Liabilities, Net | $ 91 | $ 91 | |
Income tax provision (benefit) | 312 | 657 | $ 831 |
Tax Reconciliation Details [Abstract] | |||
Change in valuation allowance | 1,754 | (3,400) | 3,990 |
Income taxes paid, net of tax refunds | $ (100) | $ 128 | $ 20 |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Deferred tax assets: | ||
Inventories | $ 3,428 | $ 3,336 |
Retirement benefits | 1,190 | 1,394 |
State net operating losses | 3,305 | 3,362 |
Federal net operating losses | 556 | 715 |
State tax credit carryforwards | 1,688 | 1,688 |
Federal tax credit carryforwards | 4,413 | 4,282 |
Allowances for bad debts, claims and discounts | 2,024 | 1,978 |
Other | 5,196 | 4,039 |
Total deferred tax assets | 21,800 | 20,794 |
Valuation allowance | (15,443) | (13,264) |
Net deferred tax assets | 6,357 | 7,530 |
Deferred tax liabilities: | ||
Property, plant and equipment | 6,448 | 7,621 |
Total deferred tax liabilities | 6,448 | 7,621 |
Net deferred tax liability | $ (91) | $ (91) |
Income Taxes Components of De_2
Income Taxes Components of Deferred Tax Assets and Liabilities, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 15,443 | $ 13,264 |
Deferred Tax Liabilities, Net | 91 | 91 |
Federal net operating losses | 556 | 715 |
State net operating losses | 3,305 | 3,362 |
Federal tax credit carryforwards | 4,413 | 4,282 |
State tax credit carryforwards | 1,688 | $ 1,688 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 2,646 | |
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | 2029 | |
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | 2041 | |
State Taxing Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 61,640 | |
State Taxing Authority [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | 2020 | |
State Taxing Authority [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards and Tax Credit Carryforwards, Expiration Date | 2040 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 480 | $ 441 | $ 414 |
Additions based on tax positions taken during a current period | 7 | 39 | 27 |
Unrecognized tax benefits | 487 | 480 | 441 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 | $ 0 |
Common Stock and Earnings (Lo_3
Common Stock and Earnings (Loss) Per Share (Common and Preferred Stock) (Details) | Dec. 26, 2020votes$ / sharesshares | Dec. 28, 2019$ / sharesshares |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, par value | $ / shares | $ 3 | $ 3 |
Votes Per Share of Class B Common Stock | votes | 20 | |
Common stock, shares issued | 14,557,435 | 15,025,087 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 80,000,000 | |
Common stock, par value | $ / shares | $ 3 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 16,000,000 | |
Common stock, par value | $ / shares | $ 3 | |
Common Class C [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 200,000,000 | |
Common stock, par value | $ / shares | $ 3 | |
Common stock, shares issued | 0 | |
Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 16,000,000 | |
Common stock, shares issued | 0 |
Common Stock and Earnings (Lo_4
Common Stock and Earnings (Loss) Per Share (Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations | $ (9,088) | $ 15,619 | $ (21,479) | |
Less: Allocation of earnings to participating securities | 0 | (468) | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ (9,088) | $ 15,151 | $ (21,479) | |
Basic weighted-average shares outstanding (1) | [1] | 15,316 | 15,822 | 15,764 |
Basic earnings (loss) per share - continuing operations | $ (0.59) | $ 0.96 | $ (1.36) | |
Diluted earnings (loss) per share: | ||||
Income (loss) from continuing operations available to common shareholders - basic | $ (9,088) | $ 15,151 | $ (21,479) | |
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 3 | 0 | |
Income (loss) from continuing operations available to common shareholders - basic | $ (9,088) | $ 15,154 | $ (21,479) | |
Effect of dilutive securities: | ||||
Stock options (2) | [2] | 0 | 0 | 0 |
Directors' stock performance units (2) | [2] | 0 | 104 | 0 |
Diluted weighted-average shares outstanding (1)(2) | [1],[2] | 15,316 | 15,926 | 15,764 |
Diluted earnings (loss) per share - continuing operations | $ (0.59) | $ 0.95 | $ (1.36) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 360 | 461 | 570 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 281 | 166 | 422 | |
[1] | Includes Common and Class B Common shares, excluding 360, 461, and 570 unvested participating securities, in thousands, for 2020, 2019, and 2018, respectively. | |||
[2] | Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares excluded were 281 in 2020, 166 in 2019 and 422 in 2018. |
Stock Plans and Stock Compens_3
Stock Plans and Stock Compensation Expense Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 431 | $ 483 | $ (29) |
2006 Stock Awards Plan, as amended in 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,800,000 | ||
2016 Incentive Compensation Plan [Member] | Original | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 800,000 | ||
2016 Incentive Compensation Plan [Member] | Additional | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 500,000 |
Stock Plans and Stock Compens_4
Stock Plans and Stock Compensation Expense Share-based Awards (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 26, 2020USD ($)yr$ / sharesshares | Dec. 28, 2019USD ($)$ / sharesshares | Dec. 29, 2018USD ($)$ / sharesshares | Dec. 30, 2017daysUSD ($)$ / sharesshares | Mar. 12, 2020USD ($)$ / sharesshares | Jul. 30, 2018USD ($)$ / sharesshares | Mar. 12, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Outstanding | 461,000 | 570,000 | |||||
Outstanding | 360,000 | 461,000 | 570,000 | ||||
Share-based Arrangements with Nonemployee Directors [Abstract] | |||||||
Minimum Market Value Per Share, Calculation of Shares | $ / shares | $ 5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | (29,001) | (39,711) | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Award Vesting Period | 3 years | ||||||
Restricted Stock Granted in Period | 131,867 | 10,000 | 297,292 | ||||
Grant Date Fair Value of Restricted Stock | $ | $ 132 | $ 20 | $ 832 | ||||
Weighted Average Grant Date Fair Value of Restricted Stock | $ / shares | $ 1 | $ 2 | $ 2.80 | ||||
Share Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 8 years 4 months 24 days | 6 years 1 month 6 days | |||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 10 years 3 months 18 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Outstanding | 461,423 | 569,998 | 433,841 | ||||
Weighted Average Grant Date Fair Value of Outstanding Shares | $ / shares | $ 4.30 | $ 4.04 | $ 6.66 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 131,867 | 307,292 | |||||
Weighted Average Grant Date Fair Value Granted During the Year | $ / shares | $ 1 | $ 2.77 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (233,639) | (90,791) | (64,939) | ||||
Weighted Average Grant Date Fair Value of Awards Vested | $ / shares | $ 3.90 | $ 2.83 | $ 6.58 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (17,784) | (106,196) | |||||
Weighted Average Grant Date Fair Value of Forfeitures | $ / shares | $ 3.48 | $ 9.51 | |||||
Outstanding | 359,651 | 461,423 | 569,998 | 433,841 | |||
Weighted Average Grant Date Fair Value of Outstanding Shares | $ / shares | $ 3.35 | $ 4.30 | $ 4.04 | $ 6.66 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||||||
Nonvested Awards, Compensation Not yet Recognized | $ | $ 705 | ||||||
Nonvested Awards, Vested in Period, Fair Value | $ | $ 241 | $ 94 | $ 173 | ||||
Primary Long-Term Incentive Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Award Vesting Period | 3 years | ||||||
Stock Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 months 18 days | ||||||
Share-based Arrangements with Nonemployee Directors [Abstract] | |||||||
Nonemployee Directors Fees, Paid in Cash | $ | $ 18 | 18 | 18 | ||||
Nonemployee Directors Fees, Value Received in Stock Performance Units | $ | $ 18 | $ 18 | $ 18 | ||||
Stock Performance Units, Outstanding | 130,320 | ||||||
Nonemployee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options | $ | $ 5 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Award Vesting Period | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 203,000 | ||||||
Options Granted, Weighted Average Exercise Price | $ / shares | $ 0 | $ 0 | $ 0 | $ 4.30 | |||
Share-based Compensation Arrangement by Share-based Award, Equity Instrument, Options, Grant Date Fair Value | $ | 306 | ||||||
SharebasedCompensationArrangementbySharebasedPaymentAwardVestingMinimumSharePrice | $ / shares | $ 7 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vesting, Common Stock Minimum Share Price, Trading Period | days | 5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award | lattice model | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Options Outstanding | 166,000 | 298,500 | 306,500 | ||||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 4.33 | $ 4.55 | $ 4.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||||
Options Granted, Weighted Average Exercise Price | $ / shares | $ 0 | $ 0 | $ 0 | $ 4.30 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | ||||
Options Exercised, Weighted Average Exercise Price | $ / shares | $ 0 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (15,000) | (132,500) | (8,000) | ||||
Options Forfeitured and Expired, Weighted Average Exercise Price | $ / shares | $ 4.17 | $ 4.82 | $ 4.17 | ||||
Options Outstanding | 151,000 | 166,000 | 298,500 | 306,500 | |||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 4.35 | $ 4.33 | $ 4.55 | $ 4.54 | |||
Options Outstanding, Weighted Average Remaining Contractual Term | |||||||
Options Exercisable | 151,000 | 166,000 | 103,500 | ||||
Options Exercisable, Weighted Average Exercise Price | $ / shares | $ 4.35 | $ 4.33 | $ 5 | ||||
Options Exercisable, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | ||||||
Options Outstanding, Intrinsic Value | $ | $ 0 | ||||||
Options Exercisable, Intrinsic Value | $ | 0 | ||||||
Options Exercised in Period, Intrinsic Value | $ | $ 0 | $ 0 | $ 0 | ||||
Age 60 or Older [Member] | Career Shares Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Award Vesting Period | 2 years | ||||||
Age Eligible for Retirement | yr | 60 | ||||||
Under Age 60 [Member] | Career Shares Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonvested Awards, General Disclosures [Abstract] | |||||||
Award Vesting Period | 5 years | ||||||
Age Eligible for Retirement | yr | 60 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | $ (808) | $ (108) | $ (1,299) |
Unrealized gain (loss) on interest rate swaps | (1,316) | (1,109) | 531 |
Reclassification of loss into earnings from interest rate swaps | 1,624 | 444 | 673 |
Unrecognized net actuarial gain on postretirement benefit plans | 0 | (6) | 18 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (27) | (27) | (27) |
Reclassification of prior service credits into earnings from postretirement benefit plans | (3) | (2) | (4) |
Accumulated other comprehensive loss - total | (530) | (808) | (108) |
Income taxes | 0 | 0 | 0 |
Income taxes | 343 | 10 | 0 |
Income taxes | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | (1,048) | (383) | (1,587) |
Unrealized gain (loss) on interest rate swaps | (1,316) | (1,109) | 531 |
Reclassification of loss into earnings from interest rate swaps | 1,624 | 444 | 673 |
Accumulated other comprehensive loss - total | (740) | (1,048) | (383) |
Income taxes | 0 | 0 | 0 |
Income taxes | 343 | 10 | 0 |
Income taxes | 0 | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss - total | 240 | 275 | 288 |
Unrecognized net actuarial gain on postretirement benefit plans | (6) | 18 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (27) | (27) | (27) |
Reclassification of prior service credits into earnings from postretirement benefit plans | (3) | (2) | (4) |
Accumulated other comprehensive loss - total | 210 | 240 | 275 |
Income taxes | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Income taxes | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Parentheticals) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 343 | 10 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 343 | 10 | 0 |
Other Comprehensive Income (Loss), Amortization of Unrealized Losses on Dedesignated Derivatives, Tax | 0 | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 555 | ||
Unrecorded Unconditional Purchase Obligation, Purchases | 72 | $ 431 | $ 428 |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 0 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies Legal Proceedings (Details) $ in Thousands | 12 Months Ended |
Dec. 26, 2020USD ($) | |
The Water Works and Sewer Board of the City of Gadsden [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 10 |
The Water Works and Sewer Board of the Town of Centre [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 10 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other operating (income) expense, net: | |||
(Gain) loss on property, plant and equipment disposals | $ 41 | $ 353 | $ (1,047) |
Gain on sale of building | 0 | 25,121 | 0 |
(Gain) loss on currency exchanges | (55) | 41 | 126 |
Amortization of intangibles | 0 | 0 | 305 |
Retirement expenses | 40 | 72 | 64 |
Miscellaneous (income) expense | (134) | 667 | 1,010 |
Other operating (income) expense, net | $ (108) | $ (23,988) | $ 458 |
Other (Income) Expense, Net (Co
Other (Income) Expense, Net (Components of Other Nonoperating (Income) Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other (income) expense, net: | |||
Interest Income | $ (3) | $ (49) | $ 0 |
Post-retirement income | (8) | (14) | (15) |
Miscellaneous (income) expense | 689 | 6 | 18 |
Other expense, net | $ (678) | $ 57 | $ (3) |
Facility Consolidation and Se_3
Facility Consolidation and Severance Expenses, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | ||
Employee Retention Credit, Line Items [Line Items] | ||||
ERC, Refundable Tax Credit | $ 5 | |||
ERC, Eligible Percentage of Employees Wages Paid | 50.00% | |||
ERC, Qualified Wages Paid to Employees, Maximum | $ 10 | |||
ERC, Tax Credit Received | 2,100 | |||
ERC, Portion Recognized in Cost of Sales | 1,500 | |||
ERC, Portion Recognized in Selling and Administrative Expenses | 600 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 343 | $ 944 | ||
Expenses to Date | [1] | 3,752 | 5,019 | |
Cash Payments | 3,537 | 5,620 | ||
Accrued Balance | 558 | 343 | $ 944 | |
Total Costs Incurred to Date | 13,542 | |||
Expected Cost Remaining | 13,542 | |||
Environmental Remediation Costs Recognized [Abstract] | ||||
Facility consolidation and severance expenses, net | 3,752 | 5,019 | 3,167 | |
2015 Corporate Office Consolidation Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 38 | 98 | ||
Expenses to Date | [1] | 6 | 13 | |
Cash Payments | 44 | 73 | ||
Accrued Balance | 0 | 38 | 98 | |
Total Costs Incurred to Date | 835 | |||
Expected Cost Remaining | 835 | |||
2017 Profit Improvement Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 305 | 846 | ||
Expenses to Date | [1] | 1,376 | 5,006 | |
Cash Payments | 1,577 | 5,547 | ||
Accrued Balance | 104 | 305 | 846 | |
Total Costs Incurred to Date | 10,176 | |||
Expected Cost Remaining | 10,176 | |||
Asset Impairments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | 0 | 0 | ||
Expenses to Date | 0 | 3 | ||
Cash Payments | 0 | 0 | ||
Accrued Balance | 0 | 0 | $ 0 | |
Total Costs Incurred to Date | 3,323 | |||
Expected Cost Remaining | 3,323 | |||
2020 COVID-19 Continuity Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued Balance | ||||
Expenses to Date | 2,370 | |||
Cash Payments | 1,916 | |||
Accrued Balance | 454 | |||
Total Costs Incurred to Date | 2,531 | |||
Expected Cost Remaining | $ 2,531 | |||
[1] | Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Statements of Operations. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income (loss) from discontinued operations: | |||
Income (loss) from discontinued operations, before taxes | $ (120) | $ (348) | $ 95 |
Income tax benefit | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of tax | (120) | (348) | 95 |
Previously Discontinued Operations [Member] | |||
Income (loss) from discontinued operations: | |||
Workers' compensation costs from former textile operations | (60) | 38 | 212 |
Environmental remediation costs from former textile operations | $ (60) | $ (386) | $ (117) |
Discontinued Operations (Enviro
Discontinued Operations (Environmental Remediation) (Details) - USD ($) $ in Thousands | Dec. 26, 2020 | Dec. 28, 2019 |
Environmental Remediation Obligations [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 1,924 | $ 1,987 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
James Horwich [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 497 | $ 1,003 | |
Robert E Shaw [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 4,500 | $ 5,900 | $ 8,200 |
Ownership of Common Stock, Percentage | 7.70% | ||
Voting Interest of Common Stock, Percentage | 3.50% | ||
Related Party Transaction, Purchases from Related Party, Percentage | 1.90% | 2.10% | 2.60% |
Robert P Rothman [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 289 | $ 284 | $ 278 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Year ended: | |||||
Balance at beginning of year | $ 262 | $ 174 | $ 133 | ||
Charged to costs and expenses | 90 | 240 | 162 | ||
Charged to other accounts | 0 | 0 | 0 | ||
Deductions | [1] | 208 | 152 | 121 | |
Balance at end of year | 144 | 262 | 174 | ||
Provision for claims, allowances and warranties [Member] | |||||
Year ended: | |||||
Balance at beginning of year | 4,541 | 5,717 | 6,360 | ||
Charged to costs and expenses | 7,938 | 10,538 | 11,995 | ||
Charged to other accounts | 0 | 0 | 0 | ||
Deductions | 7,999 | 11,714 | 12,638 | [2] | |
Balance at end of year | $ 4,480 | $ 4,541 | $ 5,717 | ||
[1] | Uncollectible accounts written off, net of recoveries. | ||||
[2] | Net reserve reductions for claims, allowances and warranties settled. |