Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Feb. 25, 2022 | Jun. 26, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 25, 2021 | ||
Current Fiscal Year End Date | --12-25 | ||
Document Transition Report | false | ||
Entity File Number | 0-2585 | ||
Entity Registrant Name | The Dixie Group, Inc. | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Tax Identification Number | 62-0183370 | ||
Entity Address, Address Line 1 | 475 Reed Road | ||
Entity Address, City or Town | Dalton | ||
Entity Address, State or Province | GA | ||
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 Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference | Specified portions of the following document are incorporated by reference: Proxy Statement of the registrant for annual meeting of shareholders to be held May 4, 2022 (Part III). | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 10,862,025 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000029332 | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,792,467 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,004,975 | ||
Common Class C | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 25, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 57 |
Auditor Name | Dixon Hughes Goodman LLP |
Auditor Location | Atlanta, Georgia |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,471 | $ 1,920 |
Receivables, net | 40,291 | 32,902 |
Inventories, net | 82,739 | 67,900 |
Prepaid expenses | 9,925 | 7,979 |
Current assets of discontinued operations | 5,991 | 23,464 |
TOTAL CURRENT ASSETS | 140,417 | 134,165 |
PROPERTY, PLANT AND EQUIPMENT, NET | 48,658 | 52,905 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 22,534 | 21,151 |
OTHER ASSETS | 21,138 | 16,975 |
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS | 2,752 | 8,506 |
TOTAL ASSETS | 235,499 | 233,702 |
CURRENT LIABILITIES | ||
Accounts payable | 16,748 | 15,106 |
Accrued expenses | 26,214 | 19,483 |
Current portion of long-term debt | 3,361 | 6,116 |
Current portion of operating lease liabilities | 2,528 | 3,089 |
Current liabilities of discontinued operations | 5,362 | 11,502 |
TOTAL CURRENT LIABILITIES | 54,213 | 55,296 |
LONG-TERM DEBT, NET | 73,701 | 72,041 |
OPERATING LEASE LIABILITIES | 20,692 | 18,630 |
OTHER LONG-TERM LIABILITIES | 16,030 | 17,636 |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 4,488 | 6,308 |
TOTAL LIABILITIES | 169,124 | 169,911 |
COMMITMENTS AND CONTINGENCIES (See Note 18) | ||
STOCKHOLDERS' EQUITY | ||
Additional paid-in capital | 157,658 | 158,329 |
Accumulated deficit | (138,706) | (140,321) |
Accumulated other comprehensive income (loss) | 30 | (530) |
TOTAL STOCKHOLDERS' EQUITY | 66,375 | 63,791 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 235,499 | 233,702 |
Common Class A | ||
STOCKHOLDERS' EQUITY | ||
Common stock issued | 44,378 | 43,672 |
Common Class B | ||
STOCKHOLDERS' EQUITY | ||
Common stock issued | $ 3,015 | $ 2,641 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 25, 2021 | Dec. 26, 2020 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 3 | $ 3 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 14,792,647 | 14,557,435 |
Common stock, shares outstanding (in shares) | 14,792,647 | 14,557,435 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 3 | $ 3 |
Common stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Common stock, shares issued (in shares) | 1,004,975 | 880,313 |
Common stock, shares outstanding (in shares) | 1,004,975 | 880,313 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Income Statement [Abstract] | ||
NET SALES | $ 341,247 | $ 250,869 |
Cost of sales | 263,992 | 193,538 |
GROSS PROFIT | 77,255 | 57,331 |
Selling and administrative expenses | 67,926 | 58,175 |
Other operating (income) expense, net | (927) | (108) |
Facility consolidation and severance expenses, net | 255 | 3,752 |
OPERATING INCOME (LOSS) | 10,001 | (4,488) |
Interest expense | 4,742 | 5,803 |
Other (income) expense, net | 1 | 678 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | 5,258 | (10,969) |
Income tax provision (benefit) | 105 | (1,146) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 5,153 | (9,823) |
Income (loss) from discontinued operations, net of tax | (3,537) | 615 |
NET INCOME (LOSS) | $ 1,616 | $ (9,208) |
BASIC EARNINGS (LOSS) PER SHARE: | ||
Continuing operations (in dollars per share) | $ 0.33 | $ (0.64) |
Discontinued operations (in dollars per share) | (0.23) | 0.04 |
Net income (loss) (in dollars per share) | $ 0.10 | $ (0.60) |
Basic weighted-average shares outstanding (in shares) | 15,114 | 15,316 |
DILUTED EARNINGS (LOSS) PER SHARE: | ||
Continuing operations (in dollars per share) | $ 0.32 | $ (0.64) |
Discontinued operations (in dollars per share) | (0.23) | 0.04 |
Net income (loss) (in dollars per share) | $ 0.09 | $ (0.60) |
DILUTED SHARES OUTSTANDING (in shares) | 15,250 | 15,436 |
DIVIDENDS PER SHARE: | ||
Common stock (in dollars per share) | $ 0 | $ 0 |
Class B Common Stock (in dollars per share) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 1,616 | $ (9,208) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Unrealized gain (loss) on interest rate swaps | 94 | (1,316) | |
Income taxes | 0 | 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 94 | (1,316) | |
Reclassification of loss into earnings from interest rate swaps | [1] | 646 | 1,967 |
Income taxes | 174 | 343 | |
Reclassification of loss into earnings from interest rate swaps, net | 472 | 1,624 | |
Unrecognized net actuarial gain (loss) on postretirement benefit plans | 18 | 0 | |
Income taxes | 0 | 0 | |
Unrecognized net actuarial gain (loss) on postretirement benefit plans, net | 18 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | [2] | (24) | (27) |
Income taxes | 0 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | (24) | (27) | |
Reclassification of prior service credits into earnings from postretirement benefit plans | [2] | 0 | (3) |
Income taxes | 0 | 0 | |
Reclassification of prior service credits into earnings from postretirement benefit plans, net | 0 | (3) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 560 | 278 | |
COMPREHENSIVE INCOME (LOSS) | $ 2,176 | $ (8,930) | |
[1] | (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] | (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. 25, 2021 | Dec. 26, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) from continuing operations | $ 5,153 | $ (9,823) |
Income (loss) from discontinued operations | (3,537) | 615 |
Net income (loss) | 1,616 | (9,208) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 8,474 | 9,550 |
Benefit for deferred income taxes | (69) | (343) |
Net loss (gain) on property, plant and equipment disposals | 210 | 41 |
Stock-based compensation (credit) expense | 477 | 431 |
Bad debt expense | 451 | 90 |
Write-off of deferred financing costs | 0 | 157 |
Changes in operating assets and liabilities: | ||
Receivables | (7,840) | (4,671) |
Inventories | (14,838) | 7,970 |
Prepaids and other current assets | (1,946) | (2,173) |
Accounts payable and accrued expenses | 7,314 | 4,156 |
Other operating assets and liabilities | (4,025) | 2,115 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (6,639) | 7,500 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES - DISCONTINUED OPERATIONS | (8,770) | 6,049 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net proceeds from sales of property, plant and equipment | 19,475 | 44 |
Purchase of property, plant and equipment | (4,376) | (1,359) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 15,099 | (1,315) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES - DISCONTINUED OPERATIONS | 141 | (401) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net borrowings (payments) on revolving credit facility | 4,806 | (31,341) |
Borrowings on notes payable - buildings and other term loans | 0 | 25,000 |
Payments on notes payable - buildings and other term loans | (606) | (343) |
Borrowings on notes payable - equipment and other | 1,565 | 1,460 |
Payments on notes payable - equipment and other | (3,883) | (2,380) |
Borrowings on finance leases | 0 | 2,211 |
Payments on finance leases | (3,152) | (4,756) |
Change in outstanding checks in excess of cash | 1,059 | 2,094 |
Repurchases of Common Stock | (69) | (921) |
Payments for debt issuance costs | 0 | (1,706) |
NET CASH USED IN FINANCING ACTIVITIES | (280) | (10,682) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (449) | 1,151 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,920 | 769 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,471 | 1,920 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 3,141 | 3,591 |
Interest paid for financing leases | 1,483 | 1,702 |
Income taxes paid (received), net | 982 | (100) |
Right-of-use assets obtained in exchange for new operating lease | 4,922 | 653 |
Equipment purchased under notes payable | 0 | 1,314 |
Assets acquired in acquisitions, net of cash acquired | $ 1,025 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | Common Stock | Common StockCommon Class B | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance a the beginning at Dec. 28, 2019 | $ 73,211 | $ 45,075 | $ 2,510 | $ 157,547 | $ (131,113) | $ (808) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Common Stock | (921) | (1,668) | 747 | |||
Restricted stock grants issued | 0 | 265 | 131 | (396) | ||
Stock-based compensation expense | 431 | 431 | ||||
Net income (loss) | (9,208) | (9,208) | ||||
Other comprehensive income (loss) | 278 | 278 | ||||
Balance at the end at Dec. 26, 2020 | 63,791 | 43,672 | 2,641 | 158,329 | (140,321) | (530) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Common Stock | (69) | (61) | (8) | |||
Restricted stock grants issued | 0 | 789 | 374 | (1,163) | ||
Restricted stock grants forfeited | (4) | (22) | 18 | |||
Stock-based compensation expense | 481 | 481 | ||||
Net income (loss) | 1,616 | 1,616 | ||||
Other comprehensive income (loss) | 560 | 560 | ||||
Balance at the end at Dec. 25, 2021 | $ 66,375 | $ 44,378 | $ 3,015 | $ 157,657 | $ (138,705) | $ 30 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (Parentheticals) - shares | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, shares purchased (in shares) | 20,329 | 555,875 |
Restricted Stock, shares issued (in shares) | 387,680 | 131,867 |
Restricted Stock, shares forfeited (in shares) | 7,477 | |
Class B Common Stock converted into Common Stock (in shares) | 2,635 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
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, luxury vinyl flooring and engineered wood flooring in the domestic floorcovering market. The Company sells floorcovering products in residential 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. On September 13, 2021, the Company acting by and through its wholly owned operating subsidiary, TDG Operations, LLC, sold its Atlas|Masland commercial business (the “Commercial Business”). As a result of entering into a definitive agreement, we have classified the related assets and liabilities associated with our Commercial Business as held for discontinued operations in our consolidated balance sheet . The results of our Commercial Business have been presented as discontinued operations in our consolidated statement of income for all periods presented as the sale represents a shift in our business that has a major effect on our operations and financial results. Prior to the consummation of the sale, the Company was neither actively marketing the business for sale nor had intentions to abandon the Commercial Business and as a result did not present the results as assets held for sale or discontinued operations in prior filings. Interest expense and general and administrative expenses were not allocated to discontinued operations. Our consolidated financial statements and disclosures as of and for the year ended December 26, 2020 have been adjusted to reflect such discontinued operations classifications. See Note 21 for further detail of the Company’s discontinued operations reporting. Unless specifically noted otherwise, footnote disclosures reflect the results of continuing operations only. The results of discontinued operations are presented in footnote 21. 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 "2021" and "2020" mean the fiscal years ended December 25, 2021 and December 26, 2020 respectively. All years presented contained 52 weeks. Discontinued Operations The consolidated financial statements separately report discontinued operations and the results of continuing operations (See Note 21). 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 9% in 2021 and 9% in 2020. No other customer accounted for more than 10% of net sales in 2021 or 2020, nor did the Company make a significant amount of sales to foreign countries during 2021 or 2020. 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 2021 and 23% in 2020. 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. 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 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 2021 and 2020. 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 | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in Fiscal 2021 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 adoption of this ASU did not have a significant impact on the 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. See footnote 14 on Income Taxes for further information. 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Disaggregation of Revenue from Contracts with Customers The following table disaggregates the Company’s revenue from continuing and discontinued operations by end-user markets: 2021 2020 Residential floorcovering products, continuing operations $ 341,247 $ 250,869 Commercial floorcovering products, discontinued operations $ 48,070 $ 65,070 Total net sales, continuing and discontinued operations $ 389,317 $ 315,939 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 fl oorcovering 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. Contract Balances Other than receivables that represent an unconditional right to consideration, which are presented separately (See Note 4), the Company does not recognize any contract assets which give conditional rights to receive consideration, as the Company does not incur costs to obtain customer contracts that are recoverable. 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 Condensed 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 continuing operations are as follows: 2021 2020 Beginning contract liability $ 1,005 $ 920 Revenue recognized from contract liabilities included in the beginning balance (927) (883) Increases due to cash received, net of amounts recognized in revenue during the period 1,207 968 Ending contract liability $ 1,285 $ 1,005 |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 25, 2021 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: 2021 2020 Customers, trade $ 37,148 $ 31,074 Other receivables 3,251 1,920 Gross receivables 40,399 32,994 Less: allowance for doubtful accounts (108) (92) Receivables, net $ 40,291 $ 32,902 Bad debt expense was $451 in 2021 and $90 in 2020. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 25, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: 2021 2020 Raw materials $ 35,337 $ 23,877 Work-in-process 15,186 12,086 Finished goods 62,592 46,017 Supplies and other 122 168 LIFO reserve (30,498) (14,248) Inventories, net $ 82,739 $ 67,900 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: 2021 2020 Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,430 51,479 Machinery and equipment 158,248 158,492 Assets under construction 811 1,167 213,911 214,560 Accumulated depreciation (165,253) (161,655) Property, plant and equipment, net $ 48,658 $ 52,905 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 25, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: 2021 2020 Compensation and benefits (1) $ 10,703 $ 6,357 Provision for customer rebates, claims and allowances 7,562 6,998 Advanced customer deposits 1,285 1,005 Outstanding checks in excess of cash 3,153 2,094 Other 3,511 3,029 Accrued expenses $ 26,214 $ 19,483 |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 25, 2021 | |
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 for continuing operations: 2021 2020 Product warranty reserve at beginning of period $ 895 $ 796 Warranty liabilities accrued 636 640 Warranty liabilities settled (481) (541) Changes for pre-existing warranty liabilities — — Product warranty reserve at end of period $ 1,050 $ 895 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: 2021 2020 Revolving credit facility $ 33,158 $ 28,353 Term loans 24,781 24,970 Notes payable - buildings 5,484 5,900 Notes payable - equipment and other 1,607 3,926 Finance lease - buildings 10,873 11,097 Finance lease obligations 2,913 5,841 Deferred financing costs, net (1,754) (1,930) Total long-term debt 77,062 78,157 Less: current portion of long-term debt 3,361 6,116 Long-term debt $ 73,701 $ 72,041 Revolving Credit Facility During the fourth quarter of 2020, 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 25, 2021, the applicable margin on the Company's revolving credit facility was 1.75% for LIBOR and 0.75% for Prime. 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 3.00% at December 25, 2021 and 2.68% for December 26, 2020. 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 or has obtained an appropriate waiver for 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 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 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, bore interest ranging from 1.60% to 7.00% through the year 2021 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-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rental rate of $977, subject to annual rent increases of 1.25%. Under the Lease Agreement, the Company has two (2) consecutive options to extend the term of the Lease by ten years for each such option. This transaction was recorded as a failed sale and leaseback as the present value of lease payments exceeded 90% of its fair value. The Company recorded a liability for the amounts received, will continue to depreciate the asset, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the lease term. Concurrently with the sale, the Company paid off the approximately $5,000 mortgage on the property to First Tennessee Bank National Association and terminated the related fixed interest rate swap agreement. Finance Lease Obligations The Company's financed lease obligations 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 10 for further discussion of the impact of COVID-19 on the Company's finance lease obligations. Debt Maturities Maturities of long-term debt for periods following December 25, 2021 are as follows: Long-Term Finance Leases (See Note 10) Total 2022 $ 2,257 $ 1,104 $ 3,361 2023 943 2,344 3,287 2024 6,578 325 6,903 2025 35,345 357 35,702 2026 2,279 396 2,675 Thereafter 17,627 9,261 26,888 Total maturities of long-term debt $ 65,029 $ 13,787 $ 78,816 Deferred financing costs, net (1,754) — (1,754) Total long-term debt $ 63,275 $ 13,787 $ 77,062 |
Leases
Leases | 12 Months Ended |
Dec. 25, 2021 | |
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 25, 2021 12/26/2020 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 22,534 $ 21,151 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,528 3,089 Noncurrent portion of operating lease liabilities Operating lease liabilities 20,692 18,630 Total operating lease liabilities $ 23,220 $ 21,719 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 10,111 $ 14,332 Current portion of finance lease liabilities (1) Current portion of long-term debt 1,104 2,771 Noncurrent portion of finance lease liabilities (1) Long-term debt 12,683 14,167 $ 13,787 $ 16,938 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated financial statements is summarized as follows: December 25, 2021 December 26, 2020 Operating lease cost $ 4,479 $ 4,734 Finance lease cost: Amortization of lease assets (1) 2,069 3,160 Interest on lease liabilities (1) 1,483 1,702 Total finance lease costs (1) $ 3,552 $ 4,862 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: December 25, 2021 December 26, 2020 Weighted average remaining lease term (in years): Operating leases 7.65 7.89 Finance leases (1) 13.82 12.57 Weighted average discount rate: Operating leases 6.30 % 6.81 % Finance leases (1) 9.73 % 9.42 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,395 4,568 Operating cash flows from finance leases (1) 1,483 1,702 Financing cash flows from finance leases (1) 3,152 4,756 (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 lease liabilities as of year end: Fiscal Year Operating Leases Finance Leases 2022 3,919 2,386 2023 3,708 3,409 2024 3,631 1,045 2025 3,670 1,053 2026 3,707 1,066 Thereafter 11,003 13,918 Total future minimum lease payments (undiscounted) 29,638 22,877 Less: Present value discount (6,418) (9,090) Total lease liability 23,220 13,787 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. |
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 25, 2021 12/26/2020 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 22,534 $ 21,151 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,528 3,089 Noncurrent portion of operating lease liabilities Operating lease liabilities 20,692 18,630 Total operating lease liabilities $ 23,220 $ 21,719 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 10,111 $ 14,332 Current portion of finance lease liabilities (1) Current portion of long-term debt 1,104 2,771 Noncurrent portion of finance lease liabilities (1) Long-term debt 12,683 14,167 $ 13,787 $ 16,938 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated financial statements is summarized as follows: December 25, 2021 December 26, 2020 Operating lease cost $ 4,479 $ 4,734 Finance lease cost: Amortization of lease assets (1) 2,069 3,160 Interest on lease liabilities (1) 1,483 1,702 Total finance lease costs (1) $ 3,552 $ 4,862 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: December 25, 2021 December 26, 2020 Weighted average remaining lease term (in years): Operating leases 7.65 7.89 Finance leases (1) 13.82 12.57 Weighted average discount rate: Operating leases 6.30 % 6.81 % Finance leases (1) 9.73 % 9.42 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,395 4,568 Operating cash flows from finance leases (1) 1,483 1,702 Financing cash flows from finance leases (1) 3,152 4,756 (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 lease liabilities as of year end: Fiscal Year Operating Leases Finance Leases 2022 3,919 2,386 2023 3,708 3,409 2024 3,631 1,045 2025 3,670 1,053 2026 3,707 1,066 Thereafter 11,003 13,918 Total future minimum lease payments (undiscounted) 29,638 22,877 Less: Present value discount (6,418) (9,090) Total lease liability 23,220 13,787 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 25, 2021 | |
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: 2021 2020 Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 210 $ 440 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: 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,471 $ 1,471 $ 1,920 $ 1,920 Financial liabilities: Long-term debt, including current portion 63,275 61,721 61,219 58,803 Finance leases, including current portion 13,787 16,389 16,938 18,451 Interest rate swaps 210 210 440 440 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. 25, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [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 year end:: 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 2021 2020 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 110 $ 135 Interest rate swaps, long-term portion Other Long-Term Liabilities 100 305 Total Liability Derivatives $ 210 $ 440 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 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 94 $ (1,316) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 135 $ 1,106 Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) 2021 2020 Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 511 $ 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 December 25, 2021 is $123. See footnote 23 Subsequent Events for further information. (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. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company sponsors a 401(k) defined contribution plan that covers a significant portion, or approximately 86% 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 $1,176 in 2021 and $345 in 2020. 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 14% 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 $101 in 2021 and $96 in 2020. 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 for continuing operations owed to participants under this plan were $15,794 at December 25, 2021 and $15,081 at December 26, 2020 and are included in other long-term liabilities in the Company's Consolidated Balance Sheets. The obligations for discontinued operations owed to participants under this plan were $2,218 at December 25, 2021 and $2,566 at December 26, 2020 and are included in long term liabilities of discontinued operations 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 for continuing operations was $16,608 at December 25, 2021 and $15,385 at December 26, 2020 and is included in other assets in the Company's Consolidated Balance Sheets. The cash surrender value of the policies for discontinued operations was $2,218 at December 25, 2021 and $2,566 at December 26, 2020 and is included in long term assets of discontinued operations in the Company's Consolidated Balance Sheets. Multi-Employer Pension Plan Recognized within discontinued operations, 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 2021 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 2021 and 2020 is for the plan's year-end at 2020 and 2019, 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 2021 December 26, 2020 2021 2020 2019 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 280 $ 272 $ 335 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 $290 for 2022. (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: 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 390 $ 360 Service cost 8 8 Interest cost 16 17 Actuarial (gain) loss (17) 6 Benefits paid (1) (1) Benefit obligation at end of year 396 390 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 $ (396) $ (390) The balance sheet classification of the Company's liability for the postretirement benefit plan is summarized as follows: 2021 2020 Accrued expenses $ 19 $ 17 Other long-term liabilities 377 373 Total liability $ 396 $ 390 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 2022 $ 19 2023 18 2024 17 2025 17 2026 16 2027-31 83 Assumptions used to determine the benefit obligation of the Company's postretirement benefit plan are summarized as follows: 2021 2020 Weighted-average assumptions as of year-end: Discount rate (benefit obligation) 3.25 % 3.25 % Components of net periodic benefit cost (credit) for the postretirement plan are summarized as follows: 2021 2020 Service cost $ 8 $ 8 Interest cost 16 17 Amortization of prior service credits — — Recognized net actuarial gains (22) (25) Net periodic benefit cost (credit) $ 2 $ — Pre-tax amounts included in AOCIL for the Company's postretirement benefit plan at 2020 are summarized as follows: Postretirement Benefit Plan Balance at 2021 2022 Expected Amortization Unrecognized actuarial gains $ (309) $ (22) Totals $ (309) $ (22) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2021 2020 Current Federal $ 141 $ (912) State 136 109 Total current 277 (803) Deferred Federal (139) (277) State (33) (66) Total deferred (172) (343) Income tax provision (benefit) $ 105 $ (1,146) 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: 2021 2020 Federal statutory rate 21 % 21 % Statutory rate applied to income (loss) from continuing operations before taxes $ 1,104 $ (2,296) Plus state income taxes, net of federal tax effect 81 34 Total statutory provision (benefit) 1,185 (2,262) Effect of differences: Nondeductible meals and entertainment 1 30 Executive compensation limitation 37 — Federal tax credits (227) (279) Reserve for uncertain tax positions 7 7 Change in valuation allowance (857) 1,236 Stock-based compensation (18) 141 Other items (23) (19) Income tax provision (benefit) $ 105 $ (1,146) 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 25, 2021. 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 25, 2021 and December 26, 2020, respectively, which is recorded in other long-term liabilities in the Company's Consolidated Balance Sheets. The income tax provision for the twelve months ended December 25, 2021 was $105 compared with an income tax benefit of $1,146 for the twelve months ended December 26, 2020. 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 (loss) related to the termination of certain derivative contracts in the tax benefit for 2020 and 2021. In 2021, the Company adopted ASU 2019-12 which impacts the accounting for income taxes. One of the items in the new accounting standard is a removal of the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income from other financial statement components. In 2020, the Company had a loss from continuing operations and income from discontinued operations. Because the Company did not early adopt ASU 2019-12 for the 2020 reporting year, the income from discontinued operations was considered a source of taxable income to realize a partial tax benefit for the loss generated by continuing operations. As such, the 2020 financial statements reflect tax expense in discontinued operations and a tax benefit in continuing operations. Applying the change on a prospective basis, this did not occur in 2021 and as such created a difference in the effective tax rate for continuing operations between 2020 and 2021. Significant components of the Company's deferred tax assets and liabilities are as follows: 2021 2020 Deferred tax assets: Inventories $ 2,316 $ 2,061 Retirement benefits 824 1,126 State net operating losses 3,033 3,305 Federal net operating losses — 556 State tax credit carryforwards 1,669 1,688 Federal tax credit carryforwards 4,136 4,413 Allowances for bad debts, claims and discounts 1,779 1,874 Other 3,958 4,595 Total deferred tax assets 17,715 19,618 Valuation allowance (12,851) (14,202) Net deferred tax assets 4,864 5,416 Deferred tax liabilities: Property, plant and equipment 4,955 5,507 Total deferred tax liabilities 4,955 5,507 Net deferred tax liability $ (91) $ (91) At December 25, 2021, $3,033 of deferred tax assets related to approximately $58,180 of state net operating loss carryforwards. In addition, $4,136 of federal tax credit carryforwards and $1,669 of state tax credit carryforwards were available to the Company. The federal tax credit carryforwards will expire between 2029 and 2042. 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 2021 and 2041. A valuation allowance of $12,851 is recorded to reflect the estimated amount of deferred tax assets that may not be realized during the carryforward periods. At December 25, 2021, 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 $494 at December 25, 2021 and $487 at December 26, 2020. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of December 25, 2021 or December 26, 2020. The following is a summary of the change in the Company's unrecognized tax benefits: 2021 2020 Balance at beginning of year $ 487 $ 480 Additions based on tax positions taken during a current period 7 7 Balance at end of year $ 494 $ 487 |
Common Stock and Earnings (Loss
Common Stock and Earnings (Loss) Per Share | 12 Months Ended |
Dec. 25, 2021 | |
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: 2021 2020 Basic earnings (loss) per share: Income (loss) from continuing operations $ 5,153 $ (9,823) Less: Allocation of earnings to participating securities (200) — Income (loss) from continuing operations available to common shareholders - basic $ 4,953 $ (9,823) Basic weighted-average shares outstanding (1) 15,114 15,316 Basic earnings (loss) per share - continuing operations $ 0.33 $ (0.64) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 4,953 $ (9,823) Add: Undistributed earnings reallocated to unvested shareholders 2 — Income (loss) from continuing operations available to common shareholders - basic $ 4,955 $ (9,823) Basic weighted-average shares outstanding (1) 15,114 15,316 Effect of dilutive securities: Stock options (2) 6 — Directors' stock performance units (2) 130 — Diluted weighted-average shares outstanding (1)(2) 15,250 15,316 Diluted earnings (loss) per share - continuing operations $ 0.32 $ (0.64) (1) Includes Common and Class B Common shares, excluding 669 and 360 unvested participating securities, in thousands, for 2021 and 2020, 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 4 in 2021 and 281 in 2020. |
Stock Plans and Stock Compensat
Stock Plans and Stock Compensation Expense | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [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 $477 in 2021 and $431 in 2020. 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 years. For participants over age 60, Career Shares awards fully vest when the participant becomes (i) qualified to retire from the Company and (ii) has retained such shares two years following the grant date. For the participants under age 60, Career Shares vest ratably over five years beginning on the participant's 61st birthday. On February 1, 2021, the Company issued 22,000 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $86, or $3.89 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 2.5 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 10, 2021, the Company issued 325,680 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $984, or $3.02 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 5.3 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. Restricted stock activity for the two years ended are summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value 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 Granted 387,680 $ 3.11 Vested (70,509) $ 1.84 Forfeited (7,477) $ 3.40 Outstanding at December 25, 2021 669,345 $ 3.34 As of December 25, 2021, unrecognized compensation cost related to unvested restricted stock was $1,337. That cost is expected to be recognized over a weighted-average period of 6.5 years. The total fair value of shares vested was approximately $243 and $241 during 2021 and 2020, 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 25, 2021, 130,320 Stock Performance Units were outstanding under this plan. As of December 25, 2021, there was no unrecognized compensation cost related to Stock Performance Units. 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-year period and require the Company's stock to trade at or above $7.00 for five consecutive trading days after the two-year period and within five years of issuance to meet the market condition. 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 25, 2021 and December 26, 2020. Option activity for the two years ended 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 28, 2019 166,000 4.33 — — Granted — — — — Exercised — — — — Forfeited (15,000) 4.17 — — Outstanding at December 26, 2020 151,000 4.35 1.40 — Granted — — — — Exercised — — — — Forfeited (10,000) 4.17 — — Outstanding at December 25, 2021 141,000 $ 4.36 0.40 $ — Options exercisable at: December 26, 2020 — — — — December 25, 2021 — — — — At December 25, 2021, there was no intrinsic value of outstanding stock options and no intrinsic value of exercisable stock options. At December 25, 2021, there was no unrecognized compensation expense related to unvested stock options. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 25, 2021 | |
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 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) Unrealized gain on interest rate swaps, net of tax of $0 94 — 94 Reclassification of loss into earnings from interest rate swaps, net of tax of $174 472 — 472 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (6) (6) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — — — Balance at December 25, 2021 $ (174) $ 204 $ 30 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 25, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company had purchase commitments of $375 at December 25, 2021, primarily related to machinery and equipment. The Company enters into fixed-price contracts with suppliers to purchase natural gas to support certain manufacturing processes in prior years. The Company had no contract purchases in 2021 or 2020. At December 25, 2021, the Company has no commitments to purchase natural gas for 2022. 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 21). Legal Proceedings We have 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) alleged 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). These lawsuits have been settled upon payment to the plaintiff of a sum deemed to be immaterial. Both lawsuits have been dismissed. 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 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). We agreed to settle and obtain dismissal of these lawsuits shortly after the end of the third quarter of 2021 upon payment of a sum to the plaintiff in the City of Rome matter. We deem the sum of the settlement to be immaterial to the Company. Delivery of the settlement agreement and dismissal of each of the matters is pending. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 25, 2021 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | OTHER (INCOME) EXPENSE, NET Other operating expense, net is summarized as follows: 2021 2020 Other operating (income) expense, net: (Gain) loss on property, plant and equipment disposals $ 210 $ 41 (Gain) loss on currency exchanges 211 (55) Retirement expenses 212 40 Miscellaneous income (1,560) (134) Other operating income, net $ (927) $ (108) |
Facility Consolidation and Seve
Facility Consolidation and Severance Expenses, Net | 12 Months Ended |
Dec. 25, 2021 | |
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 former 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 had 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 25, 2021 Accrued Balance at December 26, 2020 2021 Expenses (1) 2021 Cash Payments Accrued Balance at December 25, 2021 Total Costs Incurred to Date Total Expected Costs Corporate Office Consolidation Plan $ — $ — $ — $ — $ 835 $ 835 Profit Improvement Plan 104 253 357 — 10,525 10,525 COVID-19 Continuity Plan 454 2 378 78 2,533 2,533 Total All Plans $ 558 $ 255 $ 735 $ 78 $ 13,893 $ 13,893 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 28, 2019 2020 Expenses (1) 2020 Cash Payments Accrued Balance at December 26, 2020 Corporate Office Consolidation Plan $ 38 6 44 — Profit Improvement Plan 305 $ 1,376 $ 1,577 104 COVID-19 Continuity Plan — $ 2,370 $ 1,916 454 Total All Plans $ 343 $ 3,752 $ 3,537 $ 558 Asset Impairments $ — $ — $ — $ — (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. 25, 2021 | |
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: Fiscal Year 2021 2020 Workers' compensation costs from former textile operations $ (172) $ (60) Environmental remediation costs from former textile operations (146) (60) Commercial business operations (3,308) 1,569 Income (Loss) from discontinued operations, before taxes $ (3,626) $ 1,449 Income tax expense (89) 834 Income (Loss) from discontinued operations, net of tax $ (3,537) $ 615 Workers' compensation costs from former textile operations 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. Environmental remediation costs from former textile operations Reserves for environmental remediation obligations are established on an undiscounted basis. The Company has an accrual for environmental remediation obligations related to discontinued operations of $1,913 as of December 25, 2021 and $1,924 as of December 26, 2020. The liability established represents the Company's best estimate of possible loss and is the reasonable amount to which there is any meaningful degree of certainty given the periods of estimated remediation and the dollars applicable to such remediation for those periods. The actual timeline to remediate, and thus, the ultimate cost to complete such remediation through these remediation efforts, may differ significantly from the Company's estimates. Pre-tax cost for environmental remediation obligations classified as discontinued operations were primarily a result of specific events requiring action and additional expense in each period. Commercial business operations In accordance with the Asset Purchase Agreement dated September 13, 2021, the Company sold assets that include certain inventory, certain items of machinery and equipment used exclusively in the Commercial Business, and related intellectual property for a purchase price of $20,500. The Purchaser also assumed the liability to fulfill the orders represented by advance customer deposit liabilities of $3,127. The Company retained the Commercial Business’ cash deposits, all accounts receivable, and certain inventory and equipment. Additionally, the Company agrees not to compete with the specified commercial business and the Atlas|Masland markets for a period of five years following September 13, 2021. The agreement allows for the Company to sell the commercial inventory retained by the company after the divestiture. At closing, $2,100 of the proceeds were withheld and deposited in escrow to cover any claims arising with respect to the Commercial business for which the Company may be liable. The $2,100 was agreed to be released to the Company (net of claims paid, if any) in two installments with 50% of the escrow paid in 90 days from closing and the remaining amount paid 18 months from the closing date. The Company has received payment of the first installment and, at year end 2021, the remaining unpaid portion of $1,025 is recognized within non-current assets. As of December 25, 2021, the Company has not recognized amounts for potential indemnification settlements as those amounts cannot be reasonably estimated. In order to release liens on certain fixed assets included in the Asset Purchase Agreement, the Company placed $2,100 in cash collateral in an account with the lender (Greater Nevada Credit Union). The remaining proceeds were applied to the Company's debt with its senior credit facility (Fifth Third Bank). The gain on the sale of assets is summarized as follows: Net Proceeds, including escrowed funds $ 20,500 Inventory, net (9,195) Fixed Assets (2,278) Contract Liabilities 3,127 Net tangible assets sold (8,346) Gain on sale of assets sold, prior to other transaction related costs 12,154 Other transaction related costs Adjustments to Accruals, Reserves and Allowances (8,462) 1 Transaction Costs (1,032) 2 Total other transaction related costs (9,494) Gain on sale of discontinued operations, before tax 2,660 1) For the remaining retained commercial inventory and fixed assets, the Company recognized adjustment to recognize the effects of the transaction. For inventory, the Company recognized lower of cost or market adjustments of approximately $6,600. The Company’s remaining fixed assets will be disposed of by sale and the Company recognized an adjustment of approximately $1,800 to reflect the lower of its carrying value or estimated fair value less cost to sell. For these assets, the Company has suspended the associated depreciation and will recognize changes in the fair value less cost to sell as gains or losses in future periods until the date of sale. 2) Transaction costs were legal expenses and involuntary employee termination costs related to one-time benefit arrangements. The Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of December 25, 2021 December 26, 2020 Current Assets of Discontinued Operations: Receivables, net $ 3,406 $ 5,648 Inventories, net 1,927 17,499 Prepaid expenses 658 317 Current Assets Held for Discontinued Operations 5,991 23,464 Long Term Assets of Discontinued Operations: Property, plant and equipment, net 292 4,999 Operating lease right of use assets 242 923 Other assets 2,218 2,584 Long Term Assets Held for Discontinued Operations 2,752 8,506 Current Liabilities of Discontinued Operations: Accounts payable 2,133 3,952 Accrued expenses 3,062 7,316 Current portion of operating lease liabilities 167 234 Current Liabilities Held for Discontinued Operations 5,362 11,502 Long Term Liabilities of Discontinued Operations Operating lease liabilities 75 774 Other long term liabilities 4,413 5,534 Long Term Liabilities Held for Discontinued Operations $ 4,488 $ 6,308 For the twelve months ended December 25, 2021 and December 26, 2020, the Company reclassified the following operations of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Twelve Months Ended December 25, 2021 December 26, 2020 Net Sales $ 48,070 $ 65,070 Cost of sales 40,904 45,945 Gross Profit 7,166 19,125 Selling and administrative expenses 13,134 17,556 Discontinued Income (Loss), related to the divestiture of the Commercial business (5,968) 1,569 Gain on sale of business (2,660) — Income (Loss) from Discontinued Commercial Operations before Taxes (3,308) 1,569 As a result of the liquidation of inventory sold as part of the divestiture of its Commercial operations, the company recognized a liquidation of LIFO inventories carried at prevailing costs established in prior years and decreased the cost within Discontinued Operations in the amount of $3,174. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 25, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS 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 7.6% of the Company's Common Stock, which represents approximately 3.2% 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 2021 and 2020 were approximately $3,875 and $4,500 respectively; or approximately 1.4% and 2.3% of the Company's cost of goods sold in 2021 and 2020, 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 was 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 2021 and 2020 was $196 and $289, respectively. The lease was based on current market values for similar facilities. This lease was terminated on August 31, 2021. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 25, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTOn March 16, 2022, the Company entered into a loan agreement with RGA Reinsurance Company, LLC to refinance its industrial facility in Adairsville, Georgia (the “Property”). The loan agreement was for $11 million at an annual fixed interest rate of 3.81% with a repayment schedule of 20 years.The existing balance of prior loans, with First Horizon Bank, which were tied to the Property in the total amount of $5.4 million were paid off and those loans were terminated at closing. The prior loans with First Horizon Bank were tied to a SWAP Contract. This SWAP Contract was terminated at closing of the new loan. The termination fee for the SWAP was $72. The balance in accumulated other comprehensive income and loss related to the SWAP at December 25, 2021 was $172 net of tax. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 25, 2021 | |
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) (As Adjusted) 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 25, 2021: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 92 $ 46 $ — $ 30 (1) $ 108 Reserves classified as liabilities: Provision for claims, allowances and warranties 3,504 6,027 — 5,820 — 3,711 Year ended December 26, 2020: Reserves deducted from asset accounts: Allowance for doubtful accounts $ 161 $ 39 $ — $ 108 (1) $ 92 Reserves classified as liabilities: Provision for claims, allowances and warranties 3,402 5,732 — 5,630 — 3,504 (1) Uncollectible accounts written off, net of recoveries. The Allowance for Doubtful Accounts is included in Receivables, net on the Consolidated Balance Sheet. See Footnote 4 - Receivables, net for further information. (2) Net reserve reductions for claims, allowances and warranties settled. The provision for claims, allowances and warranties is included in Accrued Expenses under Current Liabilities on the Consolidated Balance Sheet and included, along with the accrual of rebates, within the Provision for customer rebates, claims and allowances in Footnote 7 - Accrued Expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
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 "2021" and "2020" mean the fiscal years ended December 25, 2021 and December 26, 2020 respectively. All years presented contained 52 weeks. |
Discontinued Operations | Discontinued OperationsThe consolidated financial statements separately report discontinued operations and the results of continuing operations (See Note 21). |
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 9% in 2021 and 9% in 2020. No other customer accounted for more than 10% of net sales in 2021 or 2020, nor did the Company make a significant amount of sales to foreign countries during 2021 or 2020. |
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 2021 and 23% in 2020. 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 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. |
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 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 2021 and 2020. |
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 |
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. |
Accounting Standard Adopted in 2020/ Accounting Standard Yet To Be Adopted | Accounting Standards Adopted in Fiscal 2021 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 adoption of this ASU did not have a significant impact on the 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. See footnote 14 on Income Taxes for further information. 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. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following table disaggregates the Company’s revenue from continuing and discontinued operations by end-user markets: 2021 2020 Residential floorcovering products, continuing operations $ 341,247 $ 250,869 Commercial floorcovering products, discontinued operations $ 48,070 $ 65,070 Total net sales, continuing and discontinued operations $ 389,317 $ 315,939 |
Contract Balances | The activity in the advanced deposits for continuing operations are as follows: 2021 2020 Beginning contract liability $ 1,005 $ 920 Revenue recognized from contract liabilities included in the beginning balance (927) (883) Increases due to cash received, net of amounts recognized in revenue during the period 1,207 968 Ending contract liability $ 1,285 $ 1,005 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables are summarized as follows: 2021 2020 Customers, trade $ 37,148 $ 31,074 Other receivables 3,251 1,920 Gross receivables 40,399 32,994 Less: allowance for doubtful accounts (108) (92) Receivables, net $ 40,291 $ 32,902 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories are summarized as follows: 2021 2020 Raw materials $ 35,337 $ 23,877 Work-in-process 15,186 12,086 Finished goods 62,592 46,017 Supplies and other 122 168 LIFO reserve (30,498) (14,248) Inventories, net $ 82,739 $ 67,900 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following: 2021 2020 Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,430 51,479 Machinery and equipment 158,248 158,492 Assets under construction 811 1,167 213,911 214,560 Accumulated depreciation (165,253) (161,655) Property, plant and equipment, net $ 48,658 $ 52,905 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses are summarized as follows: 2021 2020 Compensation and benefits (1) $ 10,703 $ 6,357 Provision for customer rebates, claims and allowances 7,562 6,998 Advanced customer deposits 1,285 1,005 Outstanding checks in excess of cash 3,153 2,094 Other 3,511 3,029 Accrued expenses $ 26,214 $ 19,483 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following is a summary of the Company's product warranty activity for continuing operations: 2021 2020 Product warranty reserve at beginning of period $ 895 $ 796 Warranty liabilities accrued 636 640 Warranty liabilities settled (481) (541) Changes for pre-existing warranty liabilities — — Product warranty reserve at end of period $ 1,050 $ 895 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: 2021 2020 Revolving credit facility $ 33,158 $ 28,353 Term loans 24,781 24,970 Notes payable - buildings 5,484 5,900 Notes payable - equipment and other 1,607 3,926 Finance lease - buildings 10,873 11,097 Finance lease obligations 2,913 5,841 Deferred financing costs, net (1,754) (1,930) Total long-term debt 77,062 78,157 Less: current portion of long-term debt 3,361 6,116 Long-term debt $ 73,701 $ 72,041 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt for periods following December 25, 2021 are as follows: Long-Term Finance Leases (See Note 10) Total 2022 $ 2,257 $ 1,104 $ 3,361 2023 943 2,344 3,287 2024 6,578 325 6,903 2025 35,345 357 35,702 2026 2,279 396 2,675 Thereafter 17,627 9,261 26,888 Total maturities of long-term debt $ 65,029 $ 13,787 $ 78,816 Deferred financing costs, net (1,754) — (1,754) Total long-term debt $ 63,275 $ 13,787 $ 77,062 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Leases [Abstract] | |
Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases | Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location December 25, 2021 12/26/2020 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 22,534 $ 21,151 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,528 3,089 Noncurrent portion of operating lease liabilities Operating lease liabilities 20,692 18,630 Total operating lease liabilities $ 23,220 $ 21,719 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 10,111 $ 14,332 Current portion of finance lease liabilities (1) Current portion of long-term debt 1,104 2,771 Noncurrent portion of finance lease liabilities (1) Long-term debt 12,683 14,167 $ 13,787 $ 16,938 (1) Includes leases classified as failed sale-leaseback transactions. |
Lease, Cost | Lease cost recognized in the consolidated financial statements is summarized as follows: December 25, 2021 December 26, 2020 Operating lease cost $ 4,479 $ 4,734 Finance lease cost: Amortization of lease assets (1) 2,069 3,160 Interest on lease liabilities (1) 1,483 1,702 Total finance lease costs (1) $ 3,552 $ 4,862 (1) Includes leases classified as failed sale-leaseback transactions. |
Other Supplemental Information Related to Leases | Other supplemental information related to leases is summarized as follows: December 25, 2021 December 26, 2020 Weighted average remaining lease term (in years): Operating leases 7.65 7.89 Finance leases (1) 13.82 12.57 Weighted average discount rate: Operating leases 6.30 % 6.81 % Finance leases (1) 9.73 % 9.42 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,395 4,568 Operating cash flows from finance leases (1) 1,483 1,702 Financing cash flows from finance leases (1) 3,152 4,756 |
Finance And Operating Lease Maturity | The following table summarizes the Company's undiscounted future minimum lease payments under non-cancellable contractual obligations for operating and financing lease liabilities as of year end: Fiscal Year Operating Leases Finance Leases 2022 3,919 2,386 2023 3,708 3,409 2024 3,631 1,045 2025 3,670 1,053 2026 3,707 1,066 Thereafter 11,003 13,918 Total future minimum lease payments (undiscounted) 29,638 22,877 Less: Present value discount (6,418) (9,090) Total lease liability 23,220 13,787 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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: 2021 2020 Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ 210 $ 440 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 | The carrying amounts and estimated fair values of the Company's financial instruments are summarized as follows: 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 1,471 $ 1,471 $ 1,920 $ 1,920 Financial liabilities: Long-term debt, including current portion 63,275 61,721 61,219 58,803 Finance leases, including current portion 13,787 16,389 16,938 18,451 Interest rate swaps 210 210 440 440 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following is a summary of the Company's interest rate swaps as of year end:: 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 | 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 2021 2020 Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued Expenses $ 110 $ 135 Interest rate swaps, long-term portion Other Long-Term Liabilities 100 305 Total Liability Derivatives $ 210 $ 440 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | 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 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 94 $ (1,316) Amount of Gain or (Loss) Reclassified from AOCIL on the effective portion into Income (1)(2) 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ 135 $ 1,106 Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) 2021 2020 Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ 511 $ 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 December 25, 2021 is $123. See footnote 23 Subsequent Events for further information. (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. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Multiemployer Plans | 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 2021 December 26, 2020 2021 2020 2019 The Pension Plan of the National Retirement Fund 13-6130178 - 001 Red Red Implemented $ 280 $ 272 $ 335 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 $290 for 2022. (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 | Information about the benefit obligation and funded status of the Company's postretirement benefit plan is summarized as follows: 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 390 $ 360 Service cost 8 8 Interest cost 16 17 Actuarial (gain) loss (17) 6 Benefits paid (1) (1) Benefit obligation at end of year 396 390 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 $ (396) $ (390) |
Schedule of Amounts Recognized in Balance Sheet | The balance sheet classification of the Company's liability for the postretirement benefit plan is summarized as follows: 2021 2020 Accrued expenses $ 19 $ 17 Other long-term liabilities 377 373 Total liability $ 396 $ 390 |
Schedule of Expected Benefit Payments | 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 2022 $ 19 2023 18 2024 17 2025 17 2026 16 2027-31 83 |
Defined Benefit Plan, Assumptions | Assumptions used to determine the benefit obligation of the Company's postretirement benefit plan are summarized as follows: 2021 2020 Weighted-average assumptions as of year-end: Discount rate (benefit obligation) 3.25 % 3.25 % |
Schedule of Net Benefit Costs | Components of net periodic benefit cost (credit) for the postretirement plan are summarized as follows: 2021 2020 Service cost $ 8 $ 8 Interest cost 16 17 Amortization of prior service credits — — Recognized net actuarial gains (22) (25) Net periodic benefit cost (credit) $ 2 $ — Pre-tax amounts included in AOCIL for the Company's postretirement benefit plan at 2020 are summarized as follows: Postretirement Benefit Plan Balance at 2021 2022 Expected Amortization Unrecognized actuarial gains $ (309) $ (22) Totals $ (309) $ (22) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes on income (loss) from continuing operations consists of the following: 2021 2020 Current Federal $ 141 $ (912) State 136 109 Total current 277 (803) Deferred Federal (139) (277) State (33) (66) Total deferred (172) (343) Income tax provision (benefit) $ 105 $ (1,146) |
Schedule of Effective Income Tax Rate Reconciliation | 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: 2021 2020 Federal statutory rate 21 % 21 % Statutory rate applied to income (loss) from continuing operations before taxes $ 1,104 $ (2,296) Plus state income taxes, net of federal tax effect 81 34 Total statutory provision (benefit) 1,185 (2,262) Effect of differences: Nondeductible meals and entertainment 1 30 Executive compensation limitation 37 — Federal tax credits (227) (279) Reserve for uncertain tax positions 7 7 Change in valuation allowance (857) 1,236 Stock-based compensation (18) 141 Other items (23) (19) Income tax provision (benefit) $ 105 $ (1,146) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows: 2021 2020 Deferred tax assets: Inventories $ 2,316 $ 2,061 Retirement benefits 824 1,126 State net operating losses 3,033 3,305 Federal net operating losses — 556 State tax credit carryforwards 1,669 1,688 Federal tax credit carryforwards 4,136 4,413 Allowances for bad debts, claims and discounts 1,779 1,874 Other 3,958 4,595 Total deferred tax assets 17,715 19,618 Valuation allowance (12,851) (14,202) Net deferred tax assets 4,864 5,416 Deferred tax liabilities: Property, plant and equipment 4,955 5,507 Total deferred tax liabilities 4,955 5,507 Net deferred tax liability $ (91) $ (91) |
Summary of Income Tax Contingencies | The following is a summary of the change in the Company's unrecognized tax benefits: 2021 2020 Balance at beginning of year $ 487 $ 480 Additions based on tax positions taken during a current period 7 7 Balance at end of year $ 494 $ 487 |
Common Stock and Earnings (Lo_2
Common Stock and Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: 2021 2020 Basic earnings (loss) per share: Income (loss) from continuing operations $ 5,153 $ (9,823) Less: Allocation of earnings to participating securities (200) — Income (loss) from continuing operations available to common shareholders - basic $ 4,953 $ (9,823) Basic weighted-average shares outstanding (1) 15,114 15,316 Basic earnings (loss) per share - continuing operations $ 0.33 $ (0.64) Diluted earnings (loss) per share: Income (loss) from continuing operations available to common shareholders - basic $ 4,953 $ (9,823) Add: Undistributed earnings reallocated to unvested shareholders 2 — Income (loss) from continuing operations available to common shareholders - basic $ 4,955 $ (9,823) Basic weighted-average shares outstanding (1) 15,114 15,316 Effect of dilutive securities: Stock options (2) 6 — Directors' stock performance units (2) 130 — Diluted weighted-average shares outstanding (1)(2) 15,250 15,316 Diluted earnings (loss) per share - continuing operations $ 0.32 $ (0.64) (1) Includes Common and Class B Common shares, excluding 669 and 360 unvested participating securities, in thousands, for 2021 and 2020, 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 4 in 2021 and 281 in 2020. |
Stock Plans and Stock Compens_2
Stock Plans and Stock Compensation Expense (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Restricted stock activity for the two years ended are summarized as follows: Number of Shares Weighted-Average Grant-Date Fair Value 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 Granted 387,680 $ 3.11 Vested (70,509) $ 1.84 Forfeited (7,477) $ 3.40 Outstanding at December 25, 2021 669,345 $ 3.34 |
Share-based Payment Arrangement, Option, Activity | Option activity for the two years ended 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 28, 2019 166,000 4.33 — — Granted — — — — Exercised — — — — Forfeited (15,000) 4.17 — — Outstanding at December 26, 2020 151,000 4.35 1.40 — Granted — — — — Exercised — — — — Forfeited (10,000) 4.17 — — Outstanding at December 25, 2021 141,000 $ 4.36 0.40 $ — Options exercisable at: December 26, 2020 — — — — December 25, 2021 — — — — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of 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 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) Unrealized gain on interest rate swaps, net of tax of $0 94 — 94 Reclassification of loss into earnings from interest rate swaps, net of tax of $174 472 — 472 Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax of $0 — (6) (6) Reclassification of prior service credits into earnings from postretirement benefit plans, net of tax of $0 — — — Balance at December 25, 2021 $ (174) $ 204 $ 30 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating expense, net is summarized as follows: 2021 2020 Other operating (income) expense, net: (Gain) loss on property, plant and equipment disposals $ 210 $ 41 (Gain) loss on currency exchanges 211 (55) Retirement expenses 212 40 Miscellaneous income (1,560) (134) Other operating income, net $ (927) $ (108) |
Facility Consolidation and Se_2
Facility Consolidation and Severance Expenses, Net (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Costs related to the facility consolidation plans are summarized as follows: As of December 25, 2021 Accrued Balance at December 26, 2020 2021 Expenses (1) 2021 Cash Payments Accrued Balance at December 25, 2021 Total Costs Incurred to Date Total Expected Costs Corporate Office Consolidation Plan $ — $ — $ — $ — $ 835 $ 835 Profit Improvement Plan 104 253 357 — 10,525 10,525 COVID-19 Continuity Plan 454 2 378 78 2,533 2,533 Total All Plans $ 558 $ 255 $ 735 $ 78 $ 13,893 $ 13,893 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 28, 2019 2020 Expenses (1) 2020 Cash Payments Accrued Balance at December 26, 2020 Corporate Office Consolidation Plan $ 38 6 44 — Profit Improvement Plan 305 $ 1,376 $ 1,577 104 COVID-19 Continuity Plan — $ 2,370 $ 1,916 454 Total All Plans $ 343 $ 3,752 $ 3,537 $ 558 Asset Impairments $ — $ — $ — $ — (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. 25, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | 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: Fiscal Year 2021 2020 Workers' compensation costs from former textile operations $ (172) $ (60) Environmental remediation costs from former textile operations (146) (60) Commercial business operations (3,308) 1,569 Income (Loss) from discontinued operations, before taxes $ (3,626) $ 1,449 Income tax expense (89) 834 Income (Loss) from discontinued operations, net of tax $ (3,537) $ 615 |
Schedule Of Gain On Sale Of Assets | The gain on the sale of assets is summarized as follows: Net Proceeds, including escrowed funds $ 20,500 Inventory, net (9,195) Fixed Assets (2,278) Contract Liabilities 3,127 Net tangible assets sold (8,346) Gain on sale of assets sold, prior to other transaction related costs 12,154 Other transaction related costs Adjustments to Accruals, Reserves and Allowances (8,462) 1 Transaction Costs (1,032) 2 Total other transaction related costs (9,494) Gain on sale of discontinued operations, before tax 2,660 1) For the remaining retained commercial inventory and fixed assets, the Company recognized adjustment to recognize the effects of the transaction. For inventory, the Company recognized lower of cost or market adjustments of approximately $6,600. The Company’s remaining fixed assets will be disposed of by sale and the Company recognized an adjustment of approximately $1,800 to reflect the lower of its carrying value or estimated fair value less cost to sell. For these assets, the Company has suspended the associated depreciation and will recognize changes in the fair value less cost to sell as gains or losses in future periods until the date of sale. 2) Transaction costs were legal expenses and involuntary employee termination costs related to one-time benefit arrangements. |
Discontinued Operations, Balance Sheet | The Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of December 25, 2021 December 26, 2020 Current Assets of Discontinued Operations: Receivables, net $ 3,406 $ 5,648 Inventories, net 1,927 17,499 Prepaid expenses 658 317 Current Assets Held for Discontinued Operations 5,991 23,464 Long Term Assets of Discontinued Operations: Property, plant and equipment, net 292 4,999 Operating lease right of use assets 242 923 Other assets 2,218 2,584 Long Term Assets Held for Discontinued Operations 2,752 8,506 Current Liabilities of Discontinued Operations: Accounts payable 2,133 3,952 Accrued expenses 3,062 7,316 Current portion of operating lease liabilities 167 234 Current Liabilities Held for Discontinued Operations 5,362 11,502 Long Term Liabilities of Discontinued Operations Operating lease liabilities 75 774 Other long term liabilities 4,413 5,534 Long Term Liabilities Held for Discontinued Operations $ 4,488 $ 6,308 |
Discontinued Operations, Income Statement | For the twelve months ended December 25, 2021 and December 26, 2020, the Company reclassified the following operations of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Twelve Months Ended December 25, 2021 December 26, 2020 Net Sales $ 48,070 $ 65,070 Cost of sales 40,904 45,945 Gross Profit 7,166 19,125 Selling and administrative expenses 13,134 17,556 Discontinued Income (Loss), related to the divestiture of the Commercial business (5,968) 1,569 Gain on sale of business (2,660) — Income (Loss) from Discontinued Commercial Operations before Taxes (3,308) 1,569 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Market and Credit Risk) (Details) | 12 Months Ended | |
Dec. 25, 2021segmentcustomer | Dec. 26, 2020 | |
Accounting Policies [Abstract] | ||
Number of reportable segments | segment | 1 | |
Concentration Risk [Line Items] | ||
Number of customers | customer | 1 | |
Warranty period | 2 years | |
Revenue Benchmark | Customer Concentration Risk | One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 9.00% | 9.00% |
Accounts Receivable | Customer Concentration Risk | One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | 23.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 25, 2021 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||
NET SALES | $ 341,247 | $ 250,869 |
Continuing Operations And Discontinued Operations | ||
Disaggregation of Revenue [Line Items] | ||
NET SALES | 389,317 | 315,939 |
Residential Floorcovering Products | Continuing Operations | ||
Disaggregation of Revenue [Line Items] | ||
NET SALES | 341,247 | 250,869 |
Commercial Floorcovering Products | Discontinued Operations | ||
Disaggregation of Revenue [Line Items] | ||
NET SALES | $ 48,070 | $ 65,070 |
Revenue (Contract Balances) (De
Revenue (Contract Balances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Beginning contract liability | $ 1,005 | $ 920 |
Revenue recognized from contract liabilities included in the beginning balance | (927) | (883) |
Increases due to cash received, net of amounts recognized in revenue during the period | 1,207 | 968 |
Ending contract liability | $ 1,285 | $ 1,005 |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Receivables [Abstract] | ||
Customers, trade | $ 37,148 | $ 31,074 |
Other receivables | 3,251 | 1,920 |
Gross receivables | 40,399 | 32,994 |
Less: allowance for doubtful accounts | (108) | (92) |
Receivables, net | 40,291 | 32,902 |
Bad debt expense | $ 451 | $ 90 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35,337 | $ 23,877 |
Work-in-process | 15,186 | 12,086 |
Finished goods | 62,592 | 46,017 |
Supplies and other | 122 | 168 |
LIFO reserve | (30,498) | (14,248) |
Inventories, net | $ 82,739 | $ 67,900 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 213,911 | $ 214,560 |
Accumulated depreciation | (165,253) | (161,655) |
PROPERTY, PLANT AND EQUIPMENT, NET | 48,658 | 52,905 |
Depreciation | 8,272 | 9,332 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,422 | 3,422 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,430 | 51,479 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 158,248 | 158,492 |
Assets under construction | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 811 | $ 1,167 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 10,703 | $ 6,357 |
Provision for customer rebates, claims and allowances | 7,562 | 6,998 |
Advanced customer deposits | 1,285 | 1,005 |
Outstanding checks in excess of cash | 3,153 | 2,094 |
Other | 3,511 | 3,029 |
Accrued expenses | 26,214 | $ 19,483 |
Letters of credit outstanding, amount | $ 3,233 |
Product Warranty Reserves (Deta
Product Warranty Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Product warranty reserve at beginning of period | $ 895 | $ 796 |
Warranty liabilities accrued | 636 | 640 |
Warranty liabilities settled | (481) | (541) |
Changes for pre-existing warranty liabilities | 0 | 0 |
Product warranty reserve at end of period | $ 1,050 | $ 895 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 33,158 | $ 28,353 |
Term loans | 24,781 | 24,970 |
Notes payable - buildings | 5,484 | 5,900 |
Notes payable - equipment and other | 1,607 | 3,926 |
Finance lease - buildings | 10,873 | 11,097 |
Finance lease obligations | 2,913 | 5,841 |
Deferred financing costs, net | (1,754) | (1,930) |
Total long-term debt | 77,062 | 78,157 |
Less: current portion of long-term debt | 3,361 | 6,116 |
Long-term debt | $ 73,701 | $ 72,041 |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - USD ($) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 75,000,000 | |
Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.75% | |
Basis spread on variable rate at end of period | 0.75% | |
Commitment fee percentage (in percent) | 0.25% | |
Weighted average interest rate (in percent) | 3.00% | 2.68% |
Covenant period | 30 days | |
Remaining borrowing capacity | $ 37,632,000 | |
Amended Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Minimum | Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing capacity for covenant applicability (in percent) | 12.50% | |
Minimum | LIBOR | Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Minimum | Daily LIBOR | Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Maximum | Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing capacity for covenant applicability (in percent) | 12.50% | |
Maximum | LIBOR | Amended Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Maximum | Daily LIBOR | Amended Revolving Credit Facility | ||
Debt Instrument [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 | Oct. 29, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Oct. 28, 2020 |
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 5,484 | $ 5,900 | ||
AmeriState Bank | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 10,000 | |||
Long-term debt, term | 25 years | |||
Debt instrument, stated interest rate (in percent) | 5.00% | |||
Interest rate for first five years (in percent) | 4.00% | |||
Interest reset period | 5 years | |||
Interest rate after five years (in percent) | 3.50% | |||
Greater Nevada Credit Union | ||||
Debt Instrument [Line Items] | ||||
Notes payable - buildings | $ 15,000 | |||
Long-term debt, term | 10 years | |||
Debt instrument, stated interest rate (in percent) | 5.00% | |||
Interest rate for first five years (in percent) | 4.00% | |||
Interest reset period | 5 years | |||
Interest rate after five years (in percent) | 3.50% | |||
Interest only term | 3 years | |||
Principal and interest term | 7 years |
Long-Term Debt and Credit Arr_6
Long-Term Debt and Credit Arrangements (Notes Payable - Buildings) (Details) - USD ($) $ in Thousands | Nov. 07, 2014 | Dec. 25, 2021 | Dec. 26, 2020 |
Debt Instrument [Line Items] | |||
Notes payable - buildings | $ 5,484 | $ 5,900 | |
Building - Adairsville | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 10 years | ||
Notes payable - buildings | $ 8,330 | ||
Debt instrument, stated interest rate (in percent) | 2.00% | ||
Periodic payment, principal | $ 35 | ||
Final payment on debt instrument | $ 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 | 12 Months Ended |
Dec. 25, 2021 | |
Minimum | |
Debt Instrument [Line Items] | |
Term of note payable | 1 year |
Debt instrument, stated interest rate (in percent) | 1.60% |
Maximum | |
Debt Instrument [Line Items] | |
Term of note payable | 7 years |
Debt instrument, stated interest rate (in percent) | 7.00% |
Long-Term Debt and Credit Arr_8
Long-Term Debt and Credit Arrangements (Finance Lease - Buildings) (Details) $ in Thousands | Jan. 14, 2019USD ($)asegment | Dec. 26, 2020 | Dec. 25, 2021USD ($) |
Debt Instrument [Line Items] | |||
Finance lease, payments | $ 2,386 | ||
Rent escalation | 2.00% | ||
Finance Lease - Saraland Building | |||
Debt Instrument [Line Items] | |||
Area of land | a | 17.12 | ||
Lessee - finance lease, selling price of building | $ 11,500 | ||
Finance lease, term of contract | 20 years | ||
Finance lease, payments | $ 977 | ||
Rent escalation | 1.25% | ||
Renewal term, option | segment | 2 | ||
Renewal term | 10 years | ||
Repayments of debt | $ 5,000 |
Long-Term Debt and Credit Arr_9
Long-Term Debt and Credit Arrangements (Interest payments and debt maturities) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Maturities of Long-term Debt [Abstract] | ||
2022 | $ 3,361 | |
2023 | 3,287 | |
2024 | 6,903 | |
2025 | 35,702 | |
2026 | 2,675 | |
Thereafter | 26,888 | |
Total maturities of long-term debt | 78,816 | |
Deferred financing costs, net | (1,754) | $ (1,930) |
Total long-term debt | 77,062 | $ 78,157 |
Long-term Debt | ||
Maturities of Long-term Debt [Abstract] | ||
2022 | 2,257 | |
2023 | 943 | |
2024 | 6,578 | |
2025 | 35,345 | |
2026 | 2,279 | |
Thereafter | 17,627 | |
Total maturities of long-term debt | 65,029 | |
Deferred financing costs, net | (1,754) | |
Total long-term debt | 63,275 | |
Finance Leases | ||
Maturities of Long-term Debt [Abstract] | ||
2022 | 1,104 | |
2023 | 2,344 | |
2024 | 325 | |
2025 | 357 | |
2026 | 396 | |
Thereafter | 9,261 | |
Total maturities of long-term debt | 13,787 | |
Deferred financing costs, net | 0 | |
Total long-term debt | $ 13,787 |
Leases Lessee's Schedule Of Bal
Leases Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 22,534 | $ 21,151 |
Current portion of operating lease liabilities | 2,528 | 3,089 |
Noncurrent portion of operating lease liabilities | 20,692 | 18,630 |
Total operating lease liabilities | $ 23,220 | $ 21,719 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET |
Finance lease, right-of-use asset | $ 10,111 | $ 14,332 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt |
Current portion of finance lease liabilities | $ 1,104 | $ 2,771 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | LONG-TERM DEBT, NET | LONG-TERM DEBT, NET |
Noncurrent portion of finance lease liabilities | $ 12,683 | $ 14,167 |
Finance leases, including current portion | $ 13,787 | $ 16,938 |
Leases Lease, Cost (Details)
Leases Lease, Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 4,479 | $ 4,734 |
Amortization of lease assets | 2,069 | 3,160 |
Interest on lease liabilities | 1,483 | 1,702 |
Total finance cost | $ 3,552 | $ 4,862 |
Leases Other Supplemental Infor
Leases Other Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 7 years 7 months 24 days | 7 years 10 months 20 days |
Finance lease, weighted average remaining lease term | 13 years 9 months 25 days | 12 years 6 months 25 days |
Operating lease, weighted average discount rate, percent | 6.30% | 6.81% |
Finance lease, weighted average discount rate, percent | 9.73% | 9.42% |
Operating cash flows from operating leases | $ 4,395 | $ 4,568 |
Operating cash flows from financing leases | 1,483 | 1,702 |
Financing cash flows from financing leases | $ 3,152 | $ 4,756 |
Leases Finance And Operating Le
Leases Finance And Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Operating Leases | ||
Year one | $ 3,919 | |
Year two | 3,708 | |
Year three | 3,631 | |
Year four | 3,670 | |
Year five | 3,707 | |
Thereafter | 11,003 | |
Total future minimum lease payments (undiscounted) | 29,638 | |
Less: Present value discount | (6,418) | |
Total operating lease liabilities | 23,220 | $ 21,719 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Year one | 2,386 | |
Year two | 3,409 | |
Year three | 1,045 | |
Year four | 1,053 | |
Year five | 1,066 | |
Thereafter | 13,918 | |
Total future minimum lease payments (undiscounted) | 22,877 | |
Less: Present value discount | (9,090) | |
Finance leases, including current portion | $ 13,787 | $ 16,938 |
Leases Sale and Lease Back (Det
Leases Sale and Lease Back (Details) $ in Thousands | Oct. 22, 2019USD ($) | Dec. 26, 2020USD ($)option |
Leases [Abstract] | ||
Proceeds from sale of assets held for sale | $ 37,195 | |
Gain on sale of building | $ 25,121 | |
Lease, term of contract | 10 years | |
Renewal option | option | 2 | |
Renewal term | 5 years | |
Payments for rent | $ 2,083 | |
Rent escalation | 2.00% |
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. 25, 2021 | Dec. 26, 2020 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swaps | $ 210 | $ 440 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Measurements - Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Finance leases, including current portion | $ 13,787 | $ 16,938 |
Carrying Amount | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 1,471 | 1,920 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | 63,275 | 61,219 |
Finance leases, including current portion | 13,787 | 16,938 |
Interest rate swaps | 210 | 440 |
Fair Value | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 1,471 | 1,920 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | 61,721 | 58,803 |
Finance leases, including current portion | 16,389 | 18,451 |
Interest rate swaps | $ 210 | $ 440 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - November 7, 2014 through November 7, 2024 - Interest Rate Swap $ in Thousands | 12 Months Ended |
Dec. 25, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 5,796 |
Fixed interest rate | 4.50% |
Monthly amortization amount | $ 35 |
Derivatives (Derivatives - Fair
Derivatives (Derivatives - Fair Value and Designation) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 210 | $ 440 |
Designated as Hedging Instrument | Interest Rate Swap | Accrued Expenses | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | 110 | 135 |
Designated as Hedging Instrument | Interest Rate Swap | Other Long-Term Liabilities | ||
Derivative Liability, Fair Value, Net [Abstract] | ||
Interest rate swaps | $ 100 | $ 305 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges - interest rate swaps | $ 94 | $ (1,316) |
Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges - interest rate swaps | 94 | (1,316) |
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges - interest rate swaps | 135 | 1,106 |
Cash flow hedge gain (loss) to be reclassified during next 12 months, net | 123 | |
Not Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges - interest rate swaps | $ 511 | $ 861 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | Oct. 30, 2020USD ($)swap | Dec. 25, 2021USD ($) |
September 1, 2016 through September 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000,000 | |
September 1, 2015 through September 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000,000 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest rate swap agreements terminated | swap | 2 | |
Payments for Other Fees | $ 1,427,000 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021USD ($)facility | Dec. 26, 2020USD ($) | |
Non-Collective-Bargaining Plan | ||
Defined Contribution Plans [Line Items] | ||
Percentage of employees covered | 86.00% | |
Employer matching contribution, percentage | 1.00% | |
Employer matching contribution, discretionary percentage | 2.00% | |
Maximum annual contribution per employee, percentage | 3.00% | |
Cost recognized | $ 1,176 | $ 345 |
Collective-Bargaining Plan | ||
Defined Contribution Plans [Line Items] | ||
Percentage of employees covered | 14.00% | |
Maximum annual contribution per employee, percentage | 2.75% | |
Cost recognized | $ 101 | $ 96 |
Number of facilities | facility | 1 |
Employee Benefit Plans (Non-Qua
Employee Benefit Plans (Non-Qualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Continuing Operations | ||
Schedule of Defined Contribution Plans [Line Items] | ||
Liability to participants | $ 15,794 | $ 15,081 |
Cash surrender value | 16,608 | 15,385 |
Discontinued Operations | ||
Schedule of Defined Contribution Plans [Line Items] | ||
Liability to participants | 2,218 | 2,566 |
Cash surrender value | $ 2,218 | $ 2,566 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021USD ($) | Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | |
Multiemployer Plans [Line Items] | |||
Union represented employees, percentage | 15.00% | ||
Contribution | $ 280 | $ 272 | $ 335 |
Employer contribution rate per hour | 0.47 | ||
Employer contributions, next fiscal year | $ 290 | ||
Effective Date One | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.03 | ||
Effective Date Two | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.03 | ||
Effective Date Three | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.02 | ||
Effective Date Four | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.03 | ||
Effective Date Five | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.02 | ||
Effective Date Six | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.03 | ||
Effective Date Seven | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.03 | ||
Minimum | Effective Date One | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.47 | ||
Minimum | Effective Date Two | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.50 | ||
Minimum | Effective Date Three | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.53 | ||
Minimum | Effective Date Four | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.55 | ||
Minimum | Effective Date Five | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.58 | ||
Minimum | Effective Date Six | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.60 | ||
Minimum | Effective Date Seven | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.63 | ||
Maximum | Effective Date One | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.50 | ||
Maximum | Effective Date Two | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.53 | ||
Maximum | Effective Date Three | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.55 | ||
Maximum | Effective Date Four | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.58 | ||
Maximum | Effective Date Five | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.60 | ||
Maximum | Effective Date Six | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.63 | ||
Maximum | Effective Date Seven | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plan, contribution amount increase (decrease) | 0.66 |
Employee Benefit Plans (Post Re
Employee Benefit Plans (Post Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Defined Benefit Plan, Roll Forwards [Abstract] | ||
Benefit obligation at beginning of year | $ 390 | $ 360 |
Service cost | 8 | 8 |
Interest cost | 16 | 17 |
Actuarial (gain) loss | (17) | 6 |
Benefits paid | (1) | (1) |
Benefit obligation at end of year | 396 | 390 |
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 |
Fair value of plan assets at end of year | 0 | 0 |
Unfunded amount | $ (396) | $ (390) |
Employee Benefit Plans (Liabili
Employee Benefit Plans (Liability For Post Retirement Benefits) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Accrued expenses | $ 19 | $ 17 |
Other long-term liabilities | 377 | 373 |
Total liability | $ 396 | $ 390 |
Employee Benefit Plans(Benefit
Employee Benefit Plans(Benefit To Be Paid) (Details) $ in Thousands | Dec. 25, 2021USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
2022 | $ 19 |
2023 | 18 |
2024 | 17 |
2025 | 17 |
2026 | 16 |
2027-31 | $ 83 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumption Used To Determine the Benefit Obligation) (Details) | Dec. 25, 2021 | Dec. 26, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Discount rate (benefit obligation) | 3.25% | 3.25% |
Employee Benefit Plans (Periodi
Employee Benefit Plans (Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Service cost | $ 8 | $ 8 |
Interest cost | 16 | 17 |
Amortization of prior service credits | 0 | 0 |
Recognized net actuarial gains | (22) | (25) |
Net periodic benefit cost (credit) | $ 2 | $ 0 |
Employee Benefit Plans (Post _2
Employee Benefit Plans (Post Retirement Benefit) (Details) $ in Thousands | Dec. 25, 2021USD ($) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |
Unrecognized actuarial gains | $ (309) |
Totals | (309) |
Unrecognized actuarial gains | (22) |
Totals | $ (22) |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Current | ||
Federal | $ 141 | $ (912) |
State | 136 | 109 |
Total current | 277 | (803) |
Deferred | ||
Federal | (139) | (277) |
State | (33) | (66) |
Total deferred | (172) | (343) |
Income tax provision (benefit) | $ 105 | $ (1,146) |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Statutory rate applied to income (loss) from continuing operations before taxes | $ 1,104 | $ (2,296) |
Plus state income taxes, net of federal tax effect | 81 | 34 |
Total statutory provision (benefit) | 1,185 | (2,262) |
Nondeductible meals and entertainment | 1 | 30 |
Executive compensation limitation | 37 | 0 |
Federal tax credits | (227) | (279) |
Reserve for uncertain tax positions | 7 | 7 |
Change in valuation allowance | (857) | 1,236 |
Stock-based compensation | (18) | 141 |
Other items | (23) | (19) |
Income tax provision (benefit) | $ 105 | $ (1,146) |
Income Taxes Income Tax Recon_2
Income Taxes Income Tax Reconciliation, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Tax Cuts and Jobs Act Narrative [Abstract] | ||
Deferred tax liabilities, net | $ 91 | $ 91 |
Income tax provision (benefit) | 105 | (1,146) |
Income taxes paid (received), net | $ 982 | $ (100) |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Deferred tax assets: | ||
Inventories | $ 2,316 | $ 2,061 |
Retirement benefits | 824 | 1,126 |
State net operating losses | 3,033 | 3,305 |
Federal net operating losses | 0 | 556 |
State tax credit carryforwards | 1,669 | 1,688 |
Federal tax credit carryforwards | 4,136 | 4,413 |
Allowances for bad debts, claims and discounts | 1,779 | 1,874 |
Other | 3,958 | 4,595 |
Total deferred tax assets | 17,715 | 19,618 |
Valuation allowance | (12,851) | (14,202) |
Net deferred tax assets | 4,864 | 5,416 |
Deferred tax liabilities: | ||
Property, plant and equipment | 4,955 | 5,507 |
Total deferred tax liabilities | 4,955 | 5,507 |
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. 25, 2021 | Dec. 26, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Federal net operating losses | $ 0 | $ 556 |
Valuation allowance | 12,851 | 14,202 |
Deferred tax liabilities, net | 91 | 91 |
State net operating losses | 3,033 | 3,305 |
Federal tax credit carryforwards | 4,136 | 4,413 |
State tax credit carryforwards | $ 1,669 | $ 1,688 |
Internal Revenue Service (IRS) | Earliest Tax Year | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards and tax credit carryforwards, expiration date | 2029 | |
Internal Revenue Service (IRS) | Latest Tax Year | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards and tax credit carryforwards, expiration date | 2042 | |
State Taxing Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Federal net operating losses | $ 3,033 | |
Operating loss carryforwards | $ 58,180 | |
State Taxing Authority | Earliest Tax Year | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards and tax credit carryforwards, expiration date | 2021 | |
State Taxing Authority | Latest Tax Year | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards and tax credit carryforwards, expiration date | 2041 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 487 | $ 480 | |
Additions based on tax positions taken during a current period | 7 | 7 | |
Balance at end of year | 494 | 487 | |
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) | 12 Months Ended | |
Dec. 25, 2021vote$ / sharesshares | Dec. 26, 2020$ / sharesshares | |
Class of Stock [Line Items] | ||
Conversion ratio (in shares) | 1 | |
Votes Per Share of Class B Common Stock (in votes) | vote | 20 | |
Common Class A | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 3 | $ 3 |
Common stock, shares issued (in shares) | 14,792,647 | 14,557,435 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 3 | $ 3 |
Common stock, shares issued (in shares) | 1,004,975 | 880,313 |
Common Class C | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 200,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 3 | |
Common stock, shares issued (in shares) | 0 | |
Preferred Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 16,000,000 |
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. 25, 2021 | Dec. 26, 2020 | |
Basic earnings (loss) per share: | ||
Income (loss) from continuing operations | $ 5,153 | $ (9,823) |
Less: Allocation of earnings to participating securities | (200) | 0 |
Income (loss) from continuing operations available to common shareholders - basic | $ 4,953 | $ (9,823) |
Basic weighted-average shares outstanding (in shares) | 15,114 | 15,316 |
Basic earnings (loss) per share - continuing operations (in dollars per share) | $ 0.33 | $ (0.64) |
Diluted earnings (loss) per share: | ||
Income (loss) from continuing operations available to common shareholders - basic | $ 4,953 | $ (9,823) |
Add: Undistributed earnings reallocated to unvested shareholders | 2 | 0 |
Income (loss) from continuing operations available to common shareholders - basic | $ 4,955 | $ (9,823) |
Effect of dilutive securities: | ||
Stock options | 6 | 0 |
Directors' stock performance units | 130 | 0 |
Diluted weighted-average shares outstanding | 15,250 | 15,316 |
Diluted earnings (loss) per share - continuing operations (in dollars per share) | $ 0.32 | $ (0.64) |
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share) | 281 | |
Common Class B | ||
Effect of dilutive securities: | ||
Shares outstanding at the beginning (in shares) | 669 | 360 |
Stock Plans and Stock Compens_3
Stock Plans and Stock Compensation Expense (2016 Incentive Compensation Plan & 2006 Stock Awards plan) (Details) - USD ($) $ in Thousands | May 06, 2020 | Dec. 25, 2021 | Dec. 26, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 477 | $ 431 | |
2016 Incentive Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 800,000 | ||
Additional shares authorized (in shares) | 500,000 | ||
2006 Stock Awards Plan, as amended in 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 1,800,000 |
Stock Plans and Stock Compens_4
Stock Plans and Stock Compensation Expense (Restricted Stock Awards) (Details) $ / shares in Units, $ in Thousands | Mar. 10, 2021USD ($)$ / sharesshares | Feb. 01, 2021USD ($)$ / sharesshares | Dec. 25, 2021USD ($)yr$ / shares | Dec. 26, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum market value (in dollars per share) | $ / shares | $ 5 | |||
Primary Long-Term Incentive Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Career Shares Award | Share-based Payment Arrangement, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Age eligible for retirement | yr | 60 | |||
Career Shares Award | Share-based Payment Arrangement, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Age eligible for retirement | yr | 60 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock granted (in shares) | shares | 325,680 | 22,000 | ||
Fair value of restricted stock | $ 984 | $ 86 | ||
Weighted average value of restricted stock (in dollars per shares) | $ / shares | $ 3.02 | $ 3.89 | ||
Award vesting period | 5 years 3 months 18 days | 2 years 6 months | ||
Compensation not yet recognized | $ 1,337 | |||
Compensation cost not yet recognized, period for recognition | 6 years 6 months | |||
Nonvested awards, vested in period, fair value | $ 243 | $ 241 |
Stock Plans and Stock Compens_5
Stock Plans and Stock Compensation Expense (Schedule of Restricted Stock Awards) (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Number of Shares | ||
Shares outstanding at the beginning (in shares) | 359,651 | 461,423 |
Granted (in shares) | 387,680 | 131,867 |
Vested (in shares) | (70,509) | (233,639) |
Forfeited (in shares) | (7,477) | |
Shares outstanding at the end (in shares) | 669,345 | 359,651 |
Weighted-Average Grant-Date Fair Value | ||
Outstanding at the beginning (in shares) | $ 3.35 | $ 4.30 |
Granted (in dollars per share) | 3.11 | 1 |
Vested (in dollars per share) | 1.84 | 3.90 |
Forfeited (in dollars per share) | 3.40 | |
Outstanding at the end (in shares) | $ 3.34 | $ 3.35 |
Stock Plans and Stock Compens_6
Stock Plans and Stock Compensation Expense (Stock Performance Units) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 25, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum market value (in dollars per share) | $ / shares | $ 5 |
Stock Performance Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonemployee directors fees | $ 18 |
Value received in stock performance units | $ 18 |
Stock performance units, outstanding (in shares) | shares | 130,320 |
Stock Plans and Stock Compens_7
Stock Plans and Stock Compensation Expense (Stock Options) (Details) | 12 Months Ended | ||
Dec. 25, 2021USD ($)$ / shares | Dec. 26, 2020$ / shares | Dec. 29, 2018USD ($)day$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum market value (in dollars per share) | $ / shares | $ 5 | ||
Options outstanding, intrinsic value | $ 0 | ||
Options exercisable, intrinsic value | 0 | ||
Unrecognized compensation expense related to stock options | $ 0 | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeitures (in shares) | shares | 203,000 | ||
Options granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 4.30 |
Grant-date fair value option | 306,000 | ||
Award vesting period | 2 years | ||
Minimum expense(in dollars per share) | $ / shares | $ 7 | ||
Trading period | day | 5 | ||
Requisite service period | 2 years | ||
Expiration period | 5 years |
Stock Plans and Stock Compens_8
Stock Plans and Stock Compensation Expense (Schedule of Stock Options) (Details) - Share-based Payment Arrangement, Option - $ / shares | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at the beginning (in shares) | 151,000 | 166,000 | |
Granted (in share) | 0 | 0 | |
Exercised (in shares) | 0 | 0 | |
Forfeited(in shares) | (10,000) | (15,000) | |
Outstanding at the end (in shares) | 141,000 | 151,000 | |
Options Exercisable (in shares) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options outstanding at the beginning (in dollars per share) | $ 4.35 | $ 4.33 | |
Options granted, weighted average exercise price (in dollars per share) | 0 | 0 | $ 4.30 |
Options exercised, weighted average exercise price (in dollars per share) | 0 | 0 | |
Options forfeited, weighted average exercise price (in dollars per share) | 4.17 | 4.17 | |
Options outstanding at the end (in dollars per share) | 4.36 | 4.35 | |
Options exercisable at the end (in dollars per share) | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average remaining contractual term | 4 months 24 days | 1 year 4 months 24 days |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning | $ (530) | $ (808) |
Unrealized gain on interest rate swaps, net of tax | 94 | (1,316) |
Unrealized gain on interest rate swaps, tax | 0 | 0 |
Reclassification of loss into earnings from interest rate swaps, net of tax | 472 | 1,624 |
Reclassification of loss into earnings from interest rate swaps, tax | 174 | 343 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax | (6) | (27) |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, tax | 0 | 0 |
Reclassification of prior service credits into earnings from postretirement benefit plans | 0 | (3) |
Reclassification of prior service credits into earnings from postretirement benefit plans, tax | 0 | 0 |
Balance ending | 30 | (530) |
Interest Rate Swaps | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning | (740) | (1,048) |
Unrealized gain on interest rate swaps, net of tax | 94 | (1,316) |
Reclassification of loss into earnings from interest rate swaps, net of tax | 472 | 1,624 |
Balance ending | (174) | (740) |
Post-Retirement Liabilities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning | 210 | 240 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net of tax | (6) | (27) |
Reclassification of prior service credits into earnings from postretirement benefit plans | 0 | (3) |
Balance ending | $ 204 | $ 210 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 25, 2021USD ($)defendantlawsuit | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitment, remaining minimum amount committed | $ 375 |
Unrecorded unconditional purchase obligation, due in next twelve months | $ 0 |
Number of defendants | defendant | 30 |
Number of lawsuits | lawsuit | 4 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Other Income and Expenses [Abstract] | ||
(Gain) loss on property, plant and equipment disposals | $ 210 | $ 41 |
(Gain) loss on currency exchanges | 211 | (55) |
Retirement expenses | 212 | 40 |
Miscellaneous income | (1,560) | (134) |
Other operating income, net | (927) | $ (108) |
Insurance reimbursement for replacement of assets and business interruption loss | $ 1,700 |
Facility Consolidation and Se_3
Facility Consolidation and Severance Expenses, Net (Narrative) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Restructuring and Related Activities [Abstract] | ||
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 |
Facility Consolidation and Se_4
Facility Consolidation and Severance Expenses, Net (Facility Consolidation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Accrued, beginning balance | $ 558 | $ 343 |
Expenses | 255 | 3,752 |
Cash Payments | 735 | 3,537 |
Total Costs Incurred to Date | 13,893 | |
Total Expected Costs | 13,893 | |
Accrued, ending balance | 78 | 558 |
Corporate Office Consolidation Plan | ||
Restructuring Reserve [Roll Forward] | ||
Accrued, beginning balance | 0 | 38 |
Expenses | 0 | 6 |
Cash Payments | 0 | 44 |
Total Costs Incurred to Date | 835 | |
Total Expected Costs | 835 | |
Accrued, ending balance | 0 | 0 |
Profit Improvement Plan | ||
Restructuring Reserve [Roll Forward] | ||
Accrued, beginning balance | 104 | 305 |
Expenses | 253 | 1,376 |
Cash Payments | 357 | 1,577 |
Total Costs Incurred to Date | 10,525 | |
Total Expected Costs | 10,525 | |
Accrued, ending balance | 0 | 104 |
COVID-19 Continuity Plan | ||
Restructuring Reserve [Roll Forward] | ||
Accrued, beginning balance | 454 | 0 |
Expenses | 2 | 2,370 |
Cash Payments | 378 | 1,916 |
Total Costs Incurred to Date | 2,533 | |
Total Expected Costs | 2,533 | |
Accrued, ending balance | 78 | 454 |
Asset Impairments | ||
Restructuring Reserve [Roll Forward] | ||
Accrued, beginning balance | 0 | 0 |
Expenses | 0 | 0 |
Cash Payments | 0 | 0 |
Total Costs Incurred to Date | 3,323 | |
Total Expected Costs | 3,323 | |
Accrued, ending balance | $ 0 | $ 0 |
Discontinued Operations (Income
Discontinued Operations (Income (loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||
Income (Loss) from discontinued operations, net of tax | $ (3,537) | $ 615 |
Previously Discontinued Operations | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||
Workers' compensation costs from former textile operations | (172) | (60) |
Environmental remediation costs from former textile operations | (146) | (60) |
Commercial business operations | (3,308) | 1,569 |
Income (Loss) from discontinued operations, before taxes | (3,626) | 1,449 |
Income tax expense | (89) | 834 |
Income (Loss) from discontinued operations, net of tax | $ (3,537) | $ 615 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021USD ($)installment | Dec. 26, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accrual for environmental remediation obligation | $ 1,913 | $ 1,924 |
Discontinued Operations, Disposed of by Sale | Commercial Divestiture | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Proceeds, including escrowed funds | 20,500 | |
Contract Liabilities | $ 3,127 | |
Noncompete term | 5 years | |
Escrow deposit | $ 2,100 | |
Number of installments | installment | 2 | |
Initial amount paid, percentage | 50.00% | |
Initial amount paid, period | 90 days | |
Remaining amount paid, period | 18 months | |
Escrow deposit, current | $ 1,025 | |
Payments for Deposits with Other Institutions | 2,100 | |
Effect of LIFO inventory liquidation on income | $ 3,174 |
Discontinued Operations (Gain o
Discontinued Operations (Gain on Assets) (Details) - Discontinued Operations, Disposed of by Sale - Commercial Divestiture $ in Thousands | 12 Months Ended |
Dec. 25, 2021USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Proceeds, including escrowed funds | $ 20,500 |
Inventory, net | (9,195) |
Fixed Assets | (2,278) |
Contract Liabilities | 3,127 |
Net tangible assets sold | (8,346) |
Gain on sale of assets sold, prior to other transaction related costs | 12,154 |
Adjustments to Accruals, Reserves and Allowances | (8,462) |
Transaction Costs | (1,032) |
Total other transaction related costs | (9,494) |
Gain on sale of discontinued operations, before tax | 2,660 |
Inventory adjustments | 6,600 |
Property plant and equipment adjustments | $ 1,800 |
Discontinued Operations (Balanc
Discontinued Operations (Balance sheet) (Details) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Current Assets of Discontinued Operations: | ||
Current Assets Held for Discontinued Operations | $ 5,991 | $ 23,464 |
Long Term Assets of Discontinued Operations: | ||
Current Assets Held for Discontinued Operations | 2,752 | 8,506 |
Current Liabilities of Discontinued Operations: | ||
Current Liabilities Held for Discontinued Operations | 5,362 | 11,502 |
Long Term Liabilities of Discontinued Operations | ||
Long Term Liabilities Held for Discontinued Operations | 4,488 | 6,308 |
Discontinued Operations, Disposed of by Sale | Commercial Divestiture | ||
Current Assets of Discontinued Operations: | ||
Receivables, net | 3,406 | 5,648 |
Inventories, net | 1,927 | 17,499 |
Prepaid expenses | 658 | 317 |
Current Assets Held for Discontinued Operations | 5,991 | 23,464 |
Long Term Assets of Discontinued Operations: | ||
Property, plant and equipment, net | 292 | 4,999 |
Operating lease right of use assets | 242 | 923 |
Other assets | 2,218 | 2,584 |
Current Assets Held for Discontinued Operations | 2,752 | 8,506 |
Current Liabilities of Discontinued Operations: | ||
Accounts payable | 2,133 | 3,952 |
Accrued expenses | 3,062 | 7,316 |
Current portion of operating lease liabilities | 167 | 234 |
Current Liabilities Held for Discontinued Operations | 5,362 | 11,502 |
Long Term Liabilities of Discontinued Operations | ||
Operating lease liabilities | 75 | 774 |
Other long term liabilities | 4,413 | 5,534 |
Long Term Liabilities Held for Discontinued Operations | $ 4,488 | $ 6,308 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations) (Details) - Discontinued Operations, Disposed of by Sale - Commercial Divestiture - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales | $ 48,070 | $ 65,070 |
Cost of sales | 40,904 | 45,945 |
Gross Profit | 7,166 | 19,125 |
Selling and administrative expenses | 13,134 | 17,556 |
Discontinued Income (Loss), related to the divestiture of the Commercial business | (5,968) | 1,569 |
Gain on sale of business | (2,660) | 0 |
Income (Loss) from discontinued operations, before taxes | $ (3,308) | $ 1,569 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 25, 2021 | Dec. 28, 2013 | |
Robert E Shaw | ||||
Related Party Transaction [Line Items] | ||||
Ownership of common stock, percentage | 7.60% | |||
Voting interest of common stock, percentage | 3.20% | |||
Related party transaction, amounts of transaction | $ 3,875 | $ 4,500 | ||
purchases from related party, percentage | 1.40% | 2.30% | ||
Robert P Rothman | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $ 196 | $ 289 | ||
Lease term | 10 years |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Mar. 16, 2022 | Dec. 25, 2021 | Dec. 26, 2020 |
Subsequent Event [Line Items] | |||
Unrealized gain on interest rate swaps, net of tax | $ 94,000 | $ (1,316,000) | |
Interest Rate Swap | |||
Subsequent Event [Line Items] | |||
Unrealized gain on interest rate swaps, net of tax | $ 172,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Repayments of debt | $ 5,400,000 | ||
Subsequent Event | Interest Rate Swap | |||
Subsequent Event [Line Items] | |||
Termination fee | 72,000 | ||
Subsequent Event | RGA Reinsurance Company, LLC | |||
Subsequent Event [Line Items] | |||
Loan amount | $ 11,000,000 | ||
Debt instrument, stated interest rate (in percent) | 3.81% | ||
Debt instrument, term | 20 years |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Allowance for doubtful accounts | ||
Year ended: | ||
Balance at beginning of year | $ 92 | $ 161 |
Charged to costs and expenses | 46 | 39 |
Charged to other accounts | 0 | 0 |
Deductions | 30 | 108 |
Balance at end of year | 108 | 92 |
Provision for claims, allowances and warranties | ||
Year ended: | ||
Balance at beginning of year | 3,504 | 3,402 |
Charged to costs and expenses | 6,027 | 5,732 |
Charged to other accounts | 0 | 0 |
Deductions | 5,820 | 5,630 |
Balance at end of year | $ 3,711 | $ 3,504 |