COVER
COVER - shares | 9 Months Ended | |
Sep. 24, 2022 | Nov. 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 24, 2022 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000029332 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,801,671 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,129,158 | |
Common Class C | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 961 | $ 1,471 |
Receivables, net | 31,744 | 40,291 |
Inventories, net | 93,901 | 82,739 |
Prepaids and other current assets | 11,331 | 9,925 |
Current assets of discontinued operations | 718 | 5,991 |
TOTAL CURRENT ASSETS | 138,655 | 140,417 |
PROPERTY, PLANT AND EQUIPMENT, NET | 46,685 | 48,658 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 21,298 | 22,534 |
OTHER ASSETS | 17,740 | 21,138 |
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS | 1,755 | 2,752 |
TOTAL ASSETS | 226,133 | 235,499 |
CURRENT LIABILITIES | ||
Accounts payable | 19,448 | 16,748 |
Accrued expenses | 22,870 | 26,214 |
Current portion of long-term debt | 1,570 | 3,361 |
Current portion of operating lease liabilities | 2,758 | 2,528 |
Current liabilities of discontinued operations | 2,327 | 5,362 |
TOTAL CURRENT LIABILITIES | 48,973 | 54,213 |
LONG-TERM DEBT, NET | 92,001 | 73,701 |
OPERATING LEASE LIABILITIES | 19,497 | 20,692 |
OTHER LONG-TERM LIABILITIES | 11,852 | 16,030 |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 3,559 | 4,488 |
TOTAL LIABILITIES | 175,882 | 169,124 |
COMMITMENTS AND CONTINGENCIES (See Note 17) | ||
STOCKHOLDERS' EQUITY | ||
Additional paid-in capital | 157,132 | 157,658 |
Accumulated deficit | (155,330) | (138,706) |
Accumulated other comprehensive income | 200 | 30 |
TOTAL STOCKHOLDERS' EQUITY | 50,251 | 66,375 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 226,133 | 235,499 |
Common Class A | ||
STOCKHOLDERS' EQUITY | ||
Common stock issued | 44,862 | 44,378 |
Common Class B | ||
STOCKHOLDERS' EQUITY | ||
Common stock issued | $ 3,387 | $ 3,015 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 24, 2022 | Dec. 25, 2021 |
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) | 14,953,834 | 14,792,647 |
Common stock, shares outstanding (in shares) | 14,953,834 | 14,792,647 |
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) | 1,129,158 | 1,004,975 |
Common stock, shares outstanding (in shares) | 1,129,158 | 1,004,975 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Income Statement [Abstract] | ||||
NET SALES | $ 71,762 | $ 89,294 | $ 233,034 | $ 252,022 |
Cost of sales | 59,225 | 64,365 | 189,266 | 187,657 |
GROSS PROFIT | 12,537 | 24,929 | 43,768 | 64,365 |
Selling and administrative expenses | 18,606 | 18,132 | 54,875 | 50,828 |
Other operating (income) expense, net | 113 | (131) | 258 | (96) |
Facility consolidation and severance expenses, net | 968 | 88 | 968 | 183 |
OPERATING INCOME (LOSS) | (7,150) | 6,840 | (12,333) | 13,450 |
Interest expense | 1,302 | 1,179 | 3,498 | 3,750 |
Other (income) expense, net | (2) | 2 | (3) | 1 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES | (8,450) | 5,659 | (15,828) | 9,699 |
Income tax provision (benefit) | (78) | 62 | (94) | 597 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (8,372) | 5,597 | (15,734) | 9,102 |
Income (loss) from discontinued operations, net of tax | (408) | 836 | (890) | (1,348) |
NET INCOME (LOSS) | $ (8,780) | $ 6,433 | $ (16,624) | $ 7,754 |
BASIC EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations (in dollars per share) | $ (0.55) | $ 0.35 | $ (1.04) | $ 0.58 |
Discontinued operations (in dollars per share) | (0.03) | 0.05 | (0.05) | (0.09) |
Net income (loss) (in dollar per share) | $ (0.58) | $ 0.40 | $ (1.09) | $ 0.49 |
Basic shares outstanding (in shares) | 15,226 | 15,123 | 15,196 | 15,109 |
DILUTED EARNINGS (LOSS) PER SHARE: | ||||
Continuing operations (in dollars per share) | $ (0.55) | $ 0.35 | $ (1.04) | $ 0.58 |
Discontinued operations (in dollars per share) | (0.03) | 0.05 | (0.05) | (0.09) |
Net income (loss) (in dollars per share) | $ (0.58) | $ 0.40 | $ (1.09) | $ 0.49 |
Diluted shares outstanding (in shares) | 15,226 | 15,253 | 15,196 | 15,239 |
DIVIDENDS PER SHARE: | ||||
Common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Class B common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
NET INCOME (LOSS) | $ (8,780) | $ 6,433 | $ (16,624) | $ 7,754 | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||||
Unrealized gain (loss) on interest rate swaps | 0 | (3) | 0 | 40 | |
Income taxes | 0 | 0 | 0 | 0 | |
Unrealized gain (loss) on interest rate swaps, net | 0 | (3) | 0 | 40 | |
Reclassification of (gain) loss into earnings from interest rate swaps | [1] | 0 | 169 | (7) | 611 |
Income taxes | 0 | 47 | (2) | 174 | |
Reclassification of (gain) loss into earnings from interest rate swaps, net | 0 | 122 | (5) | 437 | |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps | [2] | 0 | 0 | 210 | 0 |
Income taxes | 0 | 0 | 33 | 0 | |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net | 0 | 0 | 177 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | [2] | 0 | (6) | (2) | (18) |
Income taxes | 0 | 0 | 0 | 0 | |
Reclassification of net actuarial gain into earnings from postretirement benefit plans, net | 0 | (6) | (2) | (18) | |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 0 | 113 | 170 | 459 | |
COMPREHENSIVE INCOME (LOSS) | $ (8,780) | $ 6,546 | $ (16,454) | $ 8,213 | |
[1]Amounts for cash flow hedges reclassified from accumulated other comprehensive income (loss) to net loss were included in interest expense in the Company's Consolidated Condensed Statements of Operations.[2]Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net loss were included in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) from continuing operations | $ (15,734) | $ 9,102 |
Loss from discontinued operations | (890) | (1,348) |
Net income (loss) | (16,624) | 7,754 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,057 | 6,884 |
Benefit for deferred income taxes | (125) | (174) |
Net gain on property, plant and equipment disposals | (40) | 0 |
Stock-based compensation expense | 559 | 339 |
Bad debt expense | 39 | 414 |
Changes in operating assets and liabilities: | ||
Receivables | 8,508 | (9,482) |
Inventories | (11,162) | (15,294) |
Prepaids and other current assets | (1,406) | 2,904 |
Accounts payable and accrued expenses | (1,216) | 12,454 |
Other operating assets and liabilities | 800 | (2,546) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (13,720) | 4,601 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES - DISCONTINUED OPERATIONS | 1,416 | (2,766) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net proceeds from sales of property, plant and equipment and divestiture | 40 | 18,450 |
Purchase of property, plant and equipment | (3,961) | (3,310) |
Cash paid for investment in joint venture | (1,000) | 0 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (4,921) | 15,140 |
NET CASH PROVIDED BY INVESTING ACTIVITIES - DISCONTINUED OPERATIONS | 1 | 538 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net borrowings on revolving credit facility | 13,884 | (11,637) |
Borrowings on notes payable - buildings | 11,000 | 0 |
Payments on notes payable - buildings and other term loans | (5,798) | (449) |
Payments on notes payable - equipment and other | (1,607) | (3,493) |
Payments on finance leases | (881) | (2,290) |
Change in outstanding checks in excess of cash | 572 | (250) |
Repurchases of Common Stock | (229) | (69) |
Payments for debt issuance costs | (227) | 0 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 16,714 | (18,188) |
DECREASE IN CASH AND CASH EQUIVALENTS | (510) | (675) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,471 | 1,920 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 961 | 1,245 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 2,027 | 1,885 |
Interest paid for financing leases | 973 | 1,136 |
Income taxes paid, net of tax refunds | 55 | 80 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 911 | 0 |
Escrowed funds from sale of Commercial business | $ 0 | $ 2,050 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Class B Common Stock Common Stock |
Balance a the beginning at Dec. 26, 2020 | $ 63,791,000 | $ 43,672,000 | $ 158,329,000 | $ (140,321,000) | $ (530,000) | $ 2,641,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Common Stock | (56,000) | (52,000) | (4,000) | |||
Restricted stock grants issued | 0 | 669,000 | (1,043,000) | 374,000 | ||
Restricted stock grants forfeited | (4,000) | (22,000) | 18,000 | |||
Stock-based compensation expense | 75,000 | 75,000 | ||||
Net income (loss) | (2,028,000) | (2,028,000) | ||||
Other comprehensive income | 189,000 | 0 | 189,000 | |||
Balance at the end at Mar. 27, 2021 | 61,967,000 | 44,267,000 | 157,375,000 | (142,349,000) | (341,000) | 3,015,000 |
Balance a the beginning at Dec. 26, 2020 | 63,791,000 | 43,672,000 | 158,329,000 | (140,321,000) | (530,000) | 2,641,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 7,754,000 | |||||
Other comprehensive income | 459,000 | |||||
Balance at the end at Sep. 25, 2021 | 72,274,000 | 44,378,000 | 157,520,000 | (132,568,000) | (71,000) | 3,015,000 |
Balance a the beginning at Mar. 27, 2021 | 61,967,000 | 44,267,000 | 157,375,000 | (142,349,000) | (341,000) | 3,015,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants issued | 40,000 | |||||
Common Stock issued under Directors' Stock Plan | 0 | 120,000 | (120,000) | |||
Stock-based compensation expense | 129,000 | 129,000 | ||||
Net income (loss) | 3,349,000 | 3,349,000 | ||||
Other comprehensive income | 157,000 | 157,000 | ||||
Balance at the end at Jun. 26, 2021 | 65,602,000 | 44,387,000 | 157,384,000 | (139,000,000) | (184,000) | 3,015,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Common Stock | (12,000) | (9,000) | (3,000) | |||
Restricted stock grants issued | 2,970 | |||||
Stock-based compensation expense | 139,000 | 139,000 | ||||
Net income (loss) | 6,433,000 | 6,433,000 | ||||
Other comprehensive income | 113,000 | 113,000 | ||||
Balance at the end at Sep. 25, 2021 | 72,274,000 | 44,378,000 | 157,520,000 | (132,568,000) | (71,000) | 3,015,000 |
Balance a the beginning at Dec. 25, 2021 | 66,375,000 | 44,378,000 | 157,658,000 | (138,706,000) | 30,000 | 3,015,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Common Stock | (95,000) | (105,000) | 10,000 | |||
Restricted stock grants issued | 0 | 580,000 | (854,000) | 274,000 | ||
Restricted stock grants forfeited | 0 | (6,000) | 6,000 | |||
Stock-based compensation expense | 154,000 | 154,000 | ||||
Net income (loss) | (3,357,000) | (3,357,000) | ||||
Other comprehensive income | 170,000 | 170,000 | ||||
Balance at the end at Mar. 26, 2022 | 63,247,000 | 44,847,000 | 156,974,000 | (142,063,000) | 200,000 | 3,289,000 |
Balance a the beginning at Dec. 25, 2021 | 66,375,000 | 44,378,000 | 157,658,000 | (138,706,000) | 30,000 | 3,015,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (16,624,000) | |||||
Other comprehensive income | 170,000 | |||||
Balance at the end at Sep. 24, 2022 | 50,251,000 | 44,862,000 | 157,132,000 | (155,330,000) | 200,000 | 3,387,000 |
Balance a the beginning at Mar. 26, 2022 | 63,247,000 | 44,847,000 | 156,974,000 | (142,063,000) | 200,000 | 3,289,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants issued | 0 | 331,000 | (429,000) | 98,000 | ||
Stock-based compensation expense | 197,000 | 197,000 | ||||
Net income (loss) | (4,487,000) | (4,487,000) | ||||
Balance at the end at Jun. 25, 2022 | 58,957,000 | 45,178,000 | 156,742,000 | (146,550,000) | 200,000 | 3,387,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants issued | (133,000) | (316,000) | 183,000 | 0 | ||
Stock-based compensation expense | 207,000 | 207,000 | ||||
Net income (loss) | (8,780,000) | (8,780,000) | ||||
Other comprehensive income | 0 | |||||
Balance at the end at Sep. 24, 2022 | $ 50,251,000 | $ 44,862,000 | $ 157,132,000 | $ (155,330,000) | $ 200,000 | $ 3,387,000 |
CONSOLIDATED CONDENSED STATEM_5
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | |||
Sep. 24, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Mar. 27, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Repurchases of Common Stock (in shares) | 35,160 | 17,359 | ||
Restricted stock grants issued (in shares) | 284,954 | 347,680 | ||
Restricted stock grants forfeited (in shares) | 2,000 | 7,477 | ||
Restricted stock grants issued (in shares) | 105,381 | 142,957 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial statements which do not include all the information and notes required by such accounting principles for annual financial statements. In the opinion of management, all adjustments (generally consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in The Dixie Group, Inc.'s and its wholly-owned subsidiaries (the "Company") 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 25, 2021. Operating results for the three and nine month periods ended September 24, 2022 are not necessarily indicative of the results that may be expected for the entire 2022 year. 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”). 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 operations 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 three and nine month periods ended September 25, 2021 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 Note 21. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 24, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS 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 | 9 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue Recognition Policy 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 Disaggregation of Revenue from Contracts with Customers The following table disaggregates the Company’s revenue by end-user markets for the three and nine month periods ended September 24, 2022 and September 25, 2021: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Residential floorcovering products, continuing operations $ 70,125 $ 88,551 $ 227,610 $ 249,939 Commercial floorcovering products, discontinued operations 710 15,065 7,622 43,470 Other services, continuing operations 1,637 743 5,424 2,083 Total net sales, continuing and discontinued operations $ 72,472 $ 104,359 $ 240,656 $ 295,492 Residential floorcovering products. Residential floorcovering products include broadloom carpet, rugs, luxury vinyl flooring and engineered hardwood. These products are sold into the designer, retailer, mass merchant and builder markets. Commercial floorcovering products. Commercial floorcovering products include broadloom carpet, carpet tile, rugs, and luxury vinyl flooring. These products are sold into the corporate, hospitality, healthcare, government, and education markets through the use of designers, architects, flooring contractors and independent retailers. Other services. Other services include carpet yarn processing and carpet dyeing services. Contract Balances Other than receivables that represent an unconditional right to consideration, which are presented in 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 the three and nine month periods ended September 24, 2022 and September 25, 2021 is as follows: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Beginning contract liability $ 1,122 $ 1,213 $ 1,285 $ 1,005 Revenue recognized from contract liabilities included in the beginning balance (797) (920) (1,096) (912) Increases due to cash received, net of amounts recognized in revenue during the period 760 1,081 896 1,281 Ending contract liability $ 1,085 $ 1,374 $ 1,085 $ 1,374 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 based upon historical experience and known trends. 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 Condensed Statements of Operations and the product warranty reserve is included in accrued expenses in the Consolidated Condensed Balance Sheets. The Company calculates its accrual using the portfolio approach based upon historical experience and known trends. The Company does not provide an additional service-type warranty. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 24, 2022 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Receivables are summarized as follows: September 24, December 25, Customers, trade $ 28,269 $ 37,148 Other receivables 3,578 3,251 Gross receivables 31,847 40,399 Less: allowance for doubtful accounts (103) (108) Receivables, net $ 31,744 $ 40,291 Bad debt expense was a credit of $(18) for the three months ended September 24, 2022 and $(4) for the three months ende d September 25, 2021. Bad debt expense was $39 for the nine months ended September 24, 2022 and $414 for the nine months ended September 25, 2021. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 24, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET Inventories are summarized as follows: September 24, December 25, Raw materials $ 34,504 $ 35,337 Work-in-process 16,895 15,186 Finished goods 71,198 62,592 Supplies and other 111 122 LIFO reserve (28,807) (30,498) Inventories, net $ 93,901 $ 82,739 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 24, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: September 24, December 25, Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,484 51,430 Machinery and equipment 160,467 158,248 Assets under construction 1,665 811 217,038 213,911 Accumulated depreciation (170,353) (165,253) Property, plant and equipment, net $ 46,685 $ 48,658 Depreciation of property, plant and equipment, including amounts for finance leases, totaled $1,959 and $5,933 in the three and nine months ended September 24, 2022, respectively, and $2,061 and $6,753 in the three and nine months ended September 25, 2021, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 24, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows: September 24, December 25, Compensation and benefits $ 6,505 $ 10,703 Provision for customer rebates, claims and allowances 7,041 7,562 Advanced customer deposits 1,085 1,285 Outstanding checks in excess of cash 3,725 3,153 Other 4,514 3,511 Accrued expenses $ 22,870 $ 26,214 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | LONG-TERM DEBT AND CREDIT ARRANGEMENTS Long-term debt consists of the following: September 24, December 25, Revolving credit facility $ 47,042 $ 33,158 Term loans 24,620 24,781 Notes payable - buildings 10,846 5,484 Notes payable - equipment and other — 1,607 Finance lease - buildings 10,685 10,873 Finance lease obligations 2,221 2,913 Deferred financing costs, net (1,843) (1,754) Total debt 93,571 77,062 Less: current portion of long-term debt 1,570 3,361 Long-term debt $ 92,001 $ 73,701 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 of 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 September 24, 2022, the applicable margin on the Company's revolving credit facility was 1.75%. The Company pays an unused line fee on the average amount by which the aggregate commitments exceed utilization of the revolving credit facility equal to 0.25% per annum. The weighted-average interest rate on borrowings outstanding under the revolving credit facility was 4.87% at September 24, 2022 and 3.00% at December 25, 2021. The agreement is subject to customary terms and conditions and annual administrative fees with pricing varying on excess availability and a fixed charge coverage ratio. The agreement is also subject to certain compliance, affirmative, and financial covenants. As of the reporting date, the Company is in compliance with all such applicable financial covenants or has obtained an appropriate waiver for such applicable financial covenants. The Company is only subject to the financial covenants if borrowing availability is less than $9,375, which is equal to 12.5% of the total loan availability of $75,000, and remains until the availability is greater than 12.5% for thirty 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. The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such financial covenants. Effective October 29, 2020, the Company entered into a $15,000 principal amount USDA Guaranteed term loan with the Greater Nevada Credit Union as lender. The term of the loan is 10 years and bears interest at a minimum 5.00% rate or 4.00% above 5-year treasury, to be reset after 5 years at 3.5% above 5-year treasury. The loan is secured by a first lien on a substantial portion of the Company’s machinery and equipment and a second lien on the Company’s Atmore and Roanoke facilities. The loan requires certain compliance, affirmative, and financial covenants and, as of the reporting date, the Company is in compliance with all such financial 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 March 16, 2022, the Company entered into a twenty year $11,000 note payable to refinance its existing note payable on its distribution facility in Adairsville, GA (the "Property"). The new note payable bears interest at a fixed annual rate of 3.81%. The note is secured by the property and a guarantee of the Company. The loan is subject to certain negative financial covenants and as of the reporting date the Company is in compliance with all such financial covenants. Concurrent with the closing of this note, the Company paid off existing loans secured by the Property in the amount of $5,456 and terminated an existing interest rate swap agreement. Notes Payable - Equipment and Other As of September 24, 2022, the Company had no balance due on equipment financing notes. The Company's equipment financing notes had terms of up to 7 years, bore interest ranging from 2.54% to 3.09% and were due in monthly installments through their maturity dates. The Company's equipment financing notes were secured by the specific equipment financed and did 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. 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 finance 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. |
Leases
Leases | 9 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
Leases | LEASES Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location September 24, 2022 December 25, 2021 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 21,298 $ 22,534 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,758 2,528 Noncurrent portion of operating lease liabilities Operating lease liabilities 19,497 20,692 Total operating lease liabilities $ 22,255 $ 23,220 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 5,418 $ 10,111 Current portion of finance lease liabilities (1) Current portion of long-term debt 946 1,104 Noncurrent portion of finance lease liabilities (1) Long-term debt 11,960 12,683 $ 12,906 $ 13,787 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated condensed financial statements is summarized as follows: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Operating lease cost $ 926 $ 1,074 $ 3,122 $ 3,624 Finance lease cost: Amortization of lease assets (1) 205 633 703 1,898 Interest on lease liabilities (1) 316 366 973 1,136 Total finance lease costs (1) $ 521 $ 999 $ 1,676 $ 3,034 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: September 24, 2022 September 25, 2021 Weighted average remaining lease term (in years): Operating leases 6.85 7.66 Finance leases (1) 13.7 13.38 Weighted average discount rate: Operating leases 6.39 % 6.79 % Finance leases (1) 9.65 % 9.63 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,940 3,610 Operating cash flows from finance leases (1) 973 1,136 Financing cash flows from finance leases (1) 881 2,290 (1) Includes leases classified as failed sale-leaseback transactions. The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 24, 2022: Fiscal Year Operating Leases Finance Leases 2022 1,032 532 2023 4,072 3,409 2024 3,999 1,045 2025 3,915 1,053 2026 3,707 1,066 Thereafter 11,003 13,919 Total future minimum lease payments (undiscounted) 27,728 21,024 Less: Present value discount 5,473 8,118 Total lease liability 22,255 12,906 |
Leases | LEASES Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location September 24, 2022 December 25, 2021 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 21,298 $ 22,534 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,758 2,528 Noncurrent portion of operating lease liabilities Operating lease liabilities 19,497 20,692 Total operating lease liabilities $ 22,255 $ 23,220 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 5,418 $ 10,111 Current portion of finance lease liabilities (1) Current portion of long-term debt 946 1,104 Noncurrent portion of finance lease liabilities (1) Long-term debt 11,960 12,683 $ 12,906 $ 13,787 (1) Includes leases classified as failed sale-leaseback transactions. Lease cost recognized in the consolidated condensed financial statements is summarized as follows: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Operating lease cost $ 926 $ 1,074 $ 3,122 $ 3,624 Finance lease cost: Amortization of lease assets (1) 205 633 703 1,898 Interest on lease liabilities (1) 316 366 973 1,136 Total finance lease costs (1) $ 521 $ 999 $ 1,676 $ 3,034 (1) Includes leases classified as failed sale-leaseback transactions. Other supplemental information related to leases is summarized as follows: September 24, 2022 September 25, 2021 Weighted average remaining lease term (in years): Operating leases 6.85 7.66 Finance leases (1) 13.7 13.38 Weighted average discount rate: Operating leases 6.39 % 6.79 % Finance leases (1) 9.65 % 9.63 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,940 3,610 Operating cash flows from finance leases (1) 973 1,136 Financing cash flows from finance leases (1) 881 2,290 (1) Includes leases classified as failed sale-leaseback transactions. The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 24, 2022: Fiscal Year Operating Leases Finance Leases 2022 1,032 532 2023 4,072 3,409 2024 3,999 1,045 2025 3,915 1,053 2026 3,707 1,066 Thereafter 11,003 13,919 Total future minimum lease payments (undiscounted) 27,728 21,024 Less: Present value discount 5,473 8,118 Total lease liability 22,255 12,906 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 24, 2022 | |
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 Condensed Balance Sheets as of September 24, 2022 and December 25, 2021: September 24, December 25, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ — $ 210 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: September 24, December 25, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 961 $ 961 $ 1,471 $ 1,471 Financial liabilities: Long-term debt, including current portion 80,665 73,644 63,275 61,721 Finance leases, including current portion 12,906 12,622 13,787 16,389 Interest rate swaps — — 210 210 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 | 9 Months Ended |
Sep. 24, 2022 | |
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 evaluating opportunities to enter into interest rate swaps for portions of its variable rate debt to minimize interest rate volatility. As of September 24, 2022, the Company had no interest rate swaps outstanding. The following is a summary of the Company's interest rate swap outstanding as of December 25, 2021: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,796 November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR The following table summarizes the fair values of derivative instruments included in the Company's consolidated condensed financial statements: Location on Consolidated Balance Sheets Fair Value September 24, December 25, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued expenses $ — $ 110 Interest rate swaps, long-term portion Other long-term liabilities — 100 Total Liability Derivatives $ — $ 210 The following tables summarize the pre-tax impact of derivative instruments on the Company's consolidated condensed financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ (3) $ — $ 40 Amount of Gain (Loss) Reclassified from AOCIL on the effective portion into Earnings (1)(2) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ 33 $ (7) $ 102 Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ 136 $ 210 $ 509 (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's consolidated condensed financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 24, 2022 is $0. (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 Condensed 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 | 9 Months Ended |
Sep. 24, 2022 | |
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 approximately 90% of the Company's current 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 $94 and $501 for the three months ended September 24, 2022 and September 25, 2021, respectively and expense amounts of $189 and $920 for the nine months ended September 24, 2022 and September 25, 2021, respectively. Additionally, the Company sponsors a 401(k) defined contribution plan that covers associates at one facility who are under a collective-bargaining agreement. The number of associates under the plan represents approximately 10% of the Company's total current 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 $14 and $21 for the three months ended September 24, 2022 and September 25, 2021, respectively and $60 and $63 for the nine months ended September 24, 2022 and September 25, 2021, respectively. Non-Qualified Retirement Savings Plan The Company sponsors a non-qualified retirement savings plan that allows eligible associates to defer a specified percentage of their compensation. The obligations owed to participants under this plan were $11,719 at September 24, 2022 and $15,794 at December 25, 2021 and are included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The obligations are unsecured general obligations of the Company and the participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company utilizes a Rabbi Trust to hold, invest and reinvest deferrals and contributions under the plan. Amounts are invested in Company-owned life insurance in the Rabbi Trust and the cash surrender value of the policies was $13,007 at September 24, 2022 and $16,608 at December 25, 2021 and is included in other assets in the Company's Consolidated Condensed Balance Sheets. Multi-Employer Pension Plan The Company contributes to a multi-employer pension plan under the terms of a collective-bargaining agreement that covers its union-represented employees. Expenses related to the multi-employer pension plan were $38 and $64 for the three months ended September 24, 2022 and September 25, 2021, respectively and $141 and $166 for the nine months ended September 24, 2022 and September 25, 2021, respectively. If the Company were to withdraw from the multi-employer plan, a withdrawal liability would be due, the amount of which would be determined by the plan. The withdrawal liability, as determined by the plan, would be a function of contribution rates, fund status, discount rates and various other factors at the time of any such withdrawal. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES TE 13 - INCOME TAXES The benefit rate for the nine months ending September 24, 2022 was 0.59% compared with an expense rate of 6.15% for the nine months ending September 25, 2021. Because the Company maintains a full valuation allowance against its deferred income tax balances, the Company is only able to recognize refundable credits, a small amount of state taxes, and a benefit for the recognition of stranded tax effects within other comprehensive income (loss) related to the termination of certain derivative contracts in the tax benefit for the first nine months of 2022. The Company is in a net deferred tax liability position of $91 at September 24, 2022 and December 25, 2021, respectively, which is included in other long-term liabilities in the Company's Consolidated Condensed Balance Sheets. The Company accounts for uncertainty in income tax positions according to FASB guidance relating to uncertain tax positions. Unrecognized tax benefits were $515 and $494 at September 24, 2022 and December 25, 2021, respectively. Such benefits, if recognized, would affect the Company's effective tax rate. There were no significant interest or penalties accrued as of September 24, 2022 and December 25, 2021. The Company and its subsidiaries are subject to United States federal income taxes, as well as income taxes in a number of state jurisdictions. The tax years subsequent to 2017 remain open to examination for U.S. federal income taxes. The majority of state jurisdictions remain open for tax years subsequent to 2017. A few state jurisdictions remain open to examination for tax years subsequent to 2016. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 24, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHAREThe 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 (loss) per share. Accounting guidance requires additional disclosure of earnings (loss) per share 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: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Basic earnings (loss) per share: Income (Loss) from continuing operations $ (8,372) $ 5,597 $ (15,734) $ 9,102 Less: Allocation of earnings to participating securities — (240) — (341) Income (Loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,357 $ (15,734) $ 8,761 Basic weighted-average shares outstanding (1) 15,226 15,123 15,196 15,109 Basic earnings income (loss) per share - continuing operations $ (0.55) $ 0.35 $ (1.04) $ 0.58 Diluted earnings income (loss) per share: Income (Loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,357 $ (15,734) $ 8,761 Add: Undistributed earnings reallocated to unvested shareholders — 2 — 2 Income (loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,359 $ (15,734) $ 8,763 Basic weighted-average shares outstanding (1) 15,226 15,123 15,196 15,109 Effect of dilutive securities: Stock options (2) — — — — Directors' stock performance units (2) — 130 — 130 Diluted weighted-average shares outstanding (1)(2) 15,226 15,253 15,196 15,239 Diluted earnings income (loss) per share - continuing operations $ (0.55) $ 0.35 $ (1.04) $ 0.58 (1) Includes Common and Class B Common shares, excluding unvested participating securities of 944 thousand as of September 24, 2022 and 671 thousand as of September 25, 2021. (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. There were 130 and 177 aggregate shares excluded for the three months ended September 24, 2022 and September 25, 2021, respectively and 130 and 177 for the nine months ended September 24, 2022 and September 25, 2021, respectively. Repurchases of Common Stock On August 3, 2022, the Company's Board of Directors approved the repurchase of up to $3,000 of the Company's common stock. A portion of such purchases would be under a plan pursuant to Rule 10b-5-1 of the Securities and Exchange Act ("Plan"). As of September 24, 2022, the Company had repurchased 105,381 shares under the Plan at a cost of $134. |
Stock-based Compensation Expens
Stock-based Compensation Expense | 9 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-based Compensation Expense | STOCK-BASED 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 Condensed Statements of Operations. The Company's stock compensation expense was $207 and $139 for the three months ended September 24, 2022 and September 25, 2021, respectively. The Company's stock compensation expense was $559 and $339 for the nine months ended September 24, 2022 and September 25, 2021, respectively. On March 12, 2022, the Company issued 284,954 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $863, or $3.03 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. On May 5, 2022, the Company issued 40,000 shares of restricted stock to the external members of the board of directors. The grant-date fair value of the awards was $107, or $2.67 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 1.0 year 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 June 1, 2022, the Company issued 78,954 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $150, or $1.90 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 3.0 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 June 6, 2022, the Company issued 24,000 shares of restricted stock to certain key employees. The grant-date fair value of the awards was $48, or $2.00 per share, and is expected to be recognized as stock compensation expense over a weighted-average period of 4.0 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 24, 2022 | |
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 25, 2021 $ (172) $ 202 $ 30 Reclassification of loss into earnings from interest rate swaps, net of tax of $2 (5) — (5) Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net of tax of $33 177 — 177 Reclassification of net actuarial gain into earnings from postretirement benefit plans — (2) (2) Balance at September 24, 2022 $ — $ 200 $ 200 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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. Legal Proceedings The Company has been sued, together with approximately 90 other defendants, in a lawsuit styled: Brenda E. Bostian, individually and as representative of the Estate of Hoyle Steven Bostian, deceased, case number 2021-CP-40-04877 South Carolina Court of Common Please, fifth Judicial Circuit- Richland County (Columbia SC), alleging that indirect exposure to asbestos at a plant in North Carolina contributed to the wrongful death of Mr. Bostian. The complaint alleges that Mr. Hoyle Bostian’s father worked at a facility in North Carolina where he was exposed to asbestos and that Mr. Bostian’s exposure indirectly caused Mr. Bostian (the decedent) to be exposed to asbestos. The plaintiff’s “secondary” exposure allegedly occurred in the 1950s - prior to the Company’s 1987 acquisition of China Grove Cotton Mills, the company that owned the facility. No damage amount has been alleged. The Company has denied liability and is vigorously defending the matter. The trial date for the case has been rescheduled to February 20, 2023. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 9 Months Ended |
Sep. 24, 2022 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | OTHER (INCOME) EXPENSE, NET Other operating (income) expense, net is summarized as follows: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Other operating (income) expense, net: Gain on property, plant and equipment disposals $ (30) $ — $ (40) $ — Loss on currency exchanges 34 119 120 110 Retirement expense 105 21 451 168 Miscellaneous (income) expense 4 (271) (273) (374) Other operating (income) expense, net $ 113 $ (131) $ 258 $ (96) |
Facility Consolidation and Seve
Facility Consolidation and Severance Expenses, Net | 9 Months Ended |
Sep. 24, 2022 | |
Restructuring and Related Activities [Abstract] | |
Facility Consolidation and Severance Expenses, Net | FACILITY CONSOLIDATION AND SEVERANCE EXPENSES, NET 2022 Consolidation of East Coast Manufacturing Plan During the three months ended September 24, 2022, the Company implemented a plan to consolidate its East Coast manufacturing in order to reduce its manufacturing costs. Under this plan, the Company will consolidate its East Coast tufting operations into one plant in North Georgia, convert a portion of the Atmore, Alabama facility from carpet manufacturing to luxury vinyl tile manufacturing and relocate the distribution of luxury vinyl flooring from its Saraland, Alabama facility to its Atmore, Alabama facility. On August 11, 2022, the Company entered into a joint venture to manufacture luxury vinyl tile (See Note 20). A portion of the Company's Atmore, Alabama facility will be leased to the joint venture for luxury vinyl floor manufacturing. Costs for the plan will include machinery and equipment relocation, inventory relocation, staff reductions and unabsorbed fixed costs during conversion of the Atmore facility. 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 included restrictions on travel, implementation of telecommuting where appropriate and limiting contact and maintaining social distancing between associates and with customers. Cost reductions were implemented including cutting non-essential expenditures, reducing capital expenditures, rotating layoffs and furloughs, selected job eliminations and temporary salary reductions. Costs related to the facility consolidation plans are summarized as follows: As of September 24, 2022 Accrued Balance at December 25, 2021 2022 Expenses To Date (1) 2022 Cash Payments Accrued Balance at September 24, 2022 Total Costs Incurred To Date Total Expected Costs Consolidation of East Coast Manufacturing Plan $ — $ 968 $ 968 $ — $ 968 $ 3,000 Profit Improvement Plan — — — — 10,525 10,525 COVID-19 Continuity Plan 78 — 78 — 2,533 2,533 Total All Plans $ 78 $ 968 $ 1,046 $ — $ 14,026 $ 16,058 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 26, 2020 2021 Expenses To Date (1) 2021 Cash Payments Accrued Balance at September 25, 2021 Profit Improvement Plan $ 104 $ 277 $ 351 $ 30 COVID-19 Continuity Plan 454 2 366 90 Totals $ 558 $ 279 $ 717 $ 120 Asset Impairments $ — $ — $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Condensed Statements of Operations. |
Investment In Join Venture
Investment In Join Venture | 9 Months Ended |
Sep. 24, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Join Venture | INVESTMENT IN JOINT VENTURE On August 11, 2022, TruCor LLC, a Georgia limited liability company (“TruCor”), a wholly-owned subsidiary of TDG Operations, LLC, a Georgia limited liability company, which is a wholly-owned subsidiary of the Company, entered into a Joint Venture Agreement (the “JVA”) with Alabama Manufacturing Investment LLC, a Delaware limited liability company (“AMI”), pursuant to which the two companies agreed to form and become the two members of Rigid Core Manufacturing LLC, a Delaware limited liability company (the “JV”), for the purpose of manufacturing luxury vinyl tile. Each of TruCor and AMI have agreed to contribute to the JV initial capital in the amount of $6,000, respectively. The capital contributions to the JV will be made in $1,000 installments. The JV will be governed by a board of managers. Each member will appoint two (2) managers of the LLC for a total of four (4) managers. Certain significant actions will be subject to unanimous approval of the managers. Upon an unresolved deadlock between the members, either member may trigger a buy-sell provision in the LLC Agreement. The Company agreed to guarantee the obligations of TruCor provided under the JVA. Pursuant to the JVA, the following ancillary agreements have been entered into by the parties: (1) TDG Operations, LLC, a Georgia limited liability company (“TDG Operations”), a wholly-owned subsidiary of the Company, entered into that certain Administrative Services and Loaned Employee Agreement with the JV for the provision of certain administrative services at cost plus an allocation of overhead; (2) AMI entered into that certain Technical Services Agreement with the JV for the provision of technical services and the license of certain technical know-how to manufacture luxury vinyl tile products; (3) TDG Operations agreed to use reasonable commercial efforts to enter into a lease with the JV for a portion of the Company's existing Atmore facility in Alabama; and (4) TruCor and AMI entered into that certain Limited Liability Company Operating Agreement (the “LLC Agreement”). TruCor and AMI also each agreed to enter into supply agreements with the JV for the manufacture of certain luxury vinyl tile products, with no minimum obligation to purchase by either member. There were no purchases during the three and nine months ended September 24, 2022. In addition, no lease agreement between TDG Operations and the JV had been entered into as of September 24, 2022. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 24, 2022 | |
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: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Workers' compensation costs from former textile operations $ (30) $ (33) $ (31) $ (101) Environmental remediation costs from former textile operations (51) (27) (41) (81) Commercial business operations (327) 2,394 (818) (254) Income (loss) from discontinued operations, before taxes $ (408) $ 2,334 $ (890) $ (436) Income tax expense — 1,498 — 912 Income (loss) from discontinued operations, net of tax $ (408) $ 836 $ (890) $ (1,348) 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 $1,904 as of September 24, 2022 and $1,913 as of December 25, 2021. 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. As a result of the transaction the Company recognized a gain of $2.7 million. The Company retained the Commercial Business’ cash deposits, all accounts receivable, and certain inventory and equipment. Additionally, the Company agreed not to compete with the specified commercial business and the Atlas|Masland markets for a period of 5 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 the remaining unpaid portion of $1,025 is recognized within current assets. As of September 24, 2022, 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 Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of September 24, 2022 December 25, 2021 Current Assets of Discontinued Operations: Receivables, net $ 372 $ 3,406 Inventories, net 338 1,927 Prepaid expenses 8 658 Current Assets Held for Discontinued Operations 718 5,991 Long Term Assets of Discontinued Operations: Property, plant and equipment, net 273 292 Operating lease right of use assets 119 242 Other assets 1,363 2,218 Long Term Assets Held for Discontinued Operations 1,755 2,752 Current Liabilities of Discontinued Operations: Accounts payable 130 2,133 Accrued expenses 2,078 3,062 Current portion of operating lease liabilities 119 167 Current Liabilities Held for Discontinued Operations 2,327 5,362 Long Term Liabilities of Discontinued Operations Operating lease liabilities — 75 Other long term liabilities 3,559 4,413 Long Term Liabilities Held for Discontinued Operations $ 3,559 $ 4,488 For the three and nine months ended September 24, 2022 and September 25, 2021, the Company reclassified the following operations of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Net sales $ 710 $ 15,065 $ 7,622 $ 43,470 Cost of sales 929 12,086 7,247 34,679 Gross profit (219) 2,979 375 8,791 Selling and administrative expenses 107 3,245 1,244 11,705 Other operating (income) expense 1 — (51) — Discontinued loss, related to the divestiture of the Commercial business (327) (266) (818) (2,914) Gain on sale of business — (2,660) — (2,660) Income (loss) from discontinued Commercial operations before taxes (327) 2,394 (818) (254) |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 24, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSThe Company purchases a portion of its product needs from Engineered Floors, an entity substantially controlled by Robert E. Shaw, a shareholder of the Company. An affiliate of Mr. Shaw holds approximately 7.5% of the Company's Common Stock, which represents approximately 3.0% 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 during the three and nine months ended September 24, 2022 were approximately $3 and $917, respectively; or approximately 0.0% and 0.5%, respectively, of the Company's cost of goods sold. Total purchases from Engineered Floors during the three and nine months ended September 25, 2021 were approximately $1,258 and $3,159, respectively; or approximately 2.0% and 1.7%, respectively, of the Company's cost of goods sold. 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Accounting Standards Yet to Be Adopted | 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 Recognition Policy | Revenue Recognition Policy 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 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following table disaggregates the Company’s revenue by end-user markets for the three and nine month periods ended September 24, 2022 and September 25, 2021: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Residential floorcovering products, continuing operations $ 70,125 $ 88,551 $ 227,610 $ 249,939 Commercial floorcovering products, discontinued operations 710 15,065 7,622 43,470 Other services, continuing operations 1,637 743 5,424 2,083 Total net sales, continuing and discontinued operations $ 72,472 $ 104,359 $ 240,656 $ 295,492 |
Contract Balances | The activity in the advanced deposits for the three and nine month periods ended September 24, 2022 and September 25, 2021 is as follows: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Beginning contract liability $ 1,122 $ 1,213 $ 1,285 $ 1,005 Revenue recognized from contract liabilities included in the beginning balance (797) (920) (1,096) (912) Increases due to cash received, net of amounts recognized in revenue during the period 760 1,081 896 1,281 Ending contract liability $ 1,085 $ 1,374 $ 1,085 $ 1,374 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables are summarized as follows: September 24, December 25, Customers, trade $ 28,269 $ 37,148 Other receivables 3,578 3,251 Gross receivables 31,847 40,399 Less: allowance for doubtful accounts (103) (108) Receivables, net $ 31,744 $ 40,291 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories are summarized as follows: September 24, December 25, Raw materials $ 34,504 $ 35,337 Work-in-process 16,895 15,186 Finished goods 71,198 62,592 Supplies and other 111 122 LIFO reserve (28,807) (30,498) Inventories, net $ 93,901 $ 82,739 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following: September 24, December 25, Land and improvements $ 3,422 $ 3,422 Buildings and improvements 51,484 51,430 Machinery and equipment 160,467 158,248 Assets under construction 1,665 811 217,038 213,911 Accumulated depreciation (170,353) (165,253) Property, plant and equipment, net $ 46,685 $ 48,658 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses are summarized as follows: September 24, December 25, Compensation and benefits $ 6,505 $ 10,703 Provision for customer rebates, claims and allowances 7,041 7,562 Advanced customer deposits 1,085 1,285 Outstanding checks in excess of cash 3,725 3,153 Other 4,514 3,511 Accrued expenses $ 22,870 $ 26,214 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: September 24, December 25, Revolving credit facility $ 47,042 $ 33,158 Term loans 24,620 24,781 Notes payable - buildings 10,846 5,484 Notes payable - equipment and other — 1,607 Finance lease - buildings 10,685 10,873 Finance lease obligations 2,221 2,913 Deferred financing costs, net (1,843) (1,754) Total debt 93,571 77,062 Less: current portion of long-term debt 1,570 3,361 Long-term debt $ 92,001 $ 73,701 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
Lessee 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 September 24, 2022 December 25, 2021 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 21,298 $ 22,534 Current portion of operating lease liabilities Current portion of operating lease liabilities 2,758 2,528 Noncurrent portion of operating lease liabilities Operating lease liabilities 19,497 20,692 Total operating lease liabilities $ 22,255 $ 23,220 Finance Leases: Finance lease right-of-use assets (1) Property, plant, and equipment, net $ 5,418 $ 10,111 Current portion of finance lease liabilities (1) Current portion of long-term debt 946 1,104 Noncurrent portion of finance lease liabilities (1) Long-term debt 11,960 12,683 $ 12,906 $ 13,787 (1) Includes leases classified as failed sale-leaseback transactions. |
Lease, Cost | Lease cost recognized in the consolidated condensed financial statements is summarized as follows: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Operating lease cost $ 926 $ 1,074 $ 3,122 $ 3,624 Finance lease cost: Amortization of lease assets (1) 205 633 703 1,898 Interest on lease liabilities (1) 316 366 973 1,136 Total finance lease costs (1) $ 521 $ 999 $ 1,676 $ 3,034 (1) Includes leases classified as failed sale-leaseback transactions. |
Lessee's Schedule Of Balance Sheet Information For Operating And Financing Leases | Other supplemental information related to leases is summarized as follows: September 24, 2022 September 25, 2021 Weighted average remaining lease term (in years): Operating leases 6.85 7.66 Finance leases (1) 13.7 13.38 Weighted average discount rate: Operating leases 6.39 % 6.79 % Finance leases (1) 9.65 % 9.63 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,940 3,610 Operating cash flows from finance leases (1) 973 1,136 Financing cash flows from finance leases (1) 881 2,290 (1) Includes leases classified as failed sale-leaseback transactions. |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 24, 2022: Fiscal Year Operating Leases Finance Leases 2022 1,032 532 2023 4,072 3,409 2024 3,999 1,045 2025 3,915 1,053 2026 3,707 1,066 Thereafter 11,003 13,919 Total future minimum lease payments (undiscounted) 27,728 21,024 Less: Present value discount 5,473 8,118 Total lease liability 22,255 12,906 |
Finance Lease, Liability, Fiscal Year Maturity | The following table summarizes the Company's future minimum lease payments under non-cancellable contractual obligations for operating and financing liabilities as of September 24, 2022: Fiscal Year Operating Leases Finance Leases 2022 1,032 532 2023 4,072 3,409 2024 3,999 1,045 2025 3,915 1,053 2026 3,707 1,066 Thereafter 11,003 13,919 Total future minimum lease payments (undiscounted) 27,728 21,024 Less: Present value discount 5,473 8,118 Total lease liability 22,255 12,906 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
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 Condensed Balance Sheets as of September 24, 2022 and December 25, 2021: September 24, December 25, Fair Value Hierarchy Level Liabilities: Interest rate swaps (1) $ — $ 210 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: September 24, December 25, Carrying Fair Carrying Fair Amount Value Amount Value Financial assets: Cash and cash equivalents $ 961 $ 961 $ 1,471 $ 1,471 Financial liabilities: Long-term debt, including current portion 80,665 73,644 63,275 61,721 Finance leases, including current portion 12,906 12,622 13,787 16,389 Interest rate swaps — — 210 210 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following is a summary of the Company's interest rate swap outstanding as of December 25, 2021: Type Notional Amount Effective Date Fixed Rate Variable Rate Interest rate swap $ 5,796 November 7, 2014 through November 7, 2024 4.500% 1 Month LIBOR |
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 condensed financial statements: Location on Consolidated Balance Sheets Fair Value September 24, December 25, Liability Derivatives: Derivatives designated as hedging instruments: Interest rate swaps, current portion Accrued expenses $ — $ 110 Interest rate swaps, long-term portion Other long-term liabilities — 100 Total Liability Derivatives $ — $ 210 |
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 condensed financial statements: Amount of Gain or (Loss) Recognized in AOCIL on the effective portion of the Derivative Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ (3) $ — $ 40 Amount of Gain (Loss) Reclassified from AOCIL on the effective portion into Earnings (1)(2) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives designated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ 33 $ (7) $ 102 Amount of Gain or (Loss) Recognized on the Dedesignated Portion in Income on Derivative (3) Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Derivatives dedesignated as hedging instruments: Cash flow hedges - interest rate swaps $ — $ 136 $ 210 $ 509 (1) The amount of gain (loss) reclassified from AOCIL is included in interest expense on the Company's consolidated condensed financial statements. (2) The amount of loss expected to be reclassified from AOCIL into earnings during the next 12 months subsequent to September 24, 2022 is $0. (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 Condensed 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. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Basic earnings (loss) per share: Income (Loss) from continuing operations $ (8,372) $ 5,597 $ (15,734) $ 9,102 Less: Allocation of earnings to participating securities — (240) — (341) Income (Loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,357 $ (15,734) $ 8,761 Basic weighted-average shares outstanding (1) 15,226 15,123 15,196 15,109 Basic earnings income (loss) per share - continuing operations $ (0.55) $ 0.35 $ (1.04) $ 0.58 Diluted earnings income (loss) per share: Income (Loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,357 $ (15,734) $ 8,761 Add: Undistributed earnings reallocated to unvested shareholders — 2 — 2 Income (loss) from continuing operations available to common shareholders - basic $ (8,372) $ 5,359 $ (15,734) $ 8,763 Basic weighted-average shares outstanding (1) 15,226 15,123 15,196 15,109 Effect of dilutive securities: Stock options (2) — — — — Directors' stock performance units (2) — 130 — 130 Diluted weighted-average shares outstanding (1)(2) 15,226 15,253 15,196 15,239 Diluted earnings income (loss) per share - continuing operations $ (0.55) $ 0.35 $ (1.04) $ 0.58 (1) Includes Common and Class B Common shares, excluding unvested participating securities of 944 thousand as of September 24, 2022 and 671 thousand as of September 25, 2021. (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. There were 130 and 177 aggregate shares excluded for the three months ended September 24, 2022 and September 25, 2021, respectively and 130 and 177 for the nine months ended September 24, 2022 and September 25, 2021, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
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 25, 2021 $ (172) $ 202 $ 30 Reclassification of loss into earnings from interest rate swaps, net of tax of $2 (5) — (5) Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net of tax of $33 177 — 177 Reclassification of net actuarial gain into earnings from postretirement benefit plans — (2) (2) Balance at September 24, 2022 $ — $ 200 $ 200 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating (Income) Expense, Net | Other operating (income) expense, net is summarized as follows: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Other operating (income) expense, net: Gain on property, plant and equipment disposals $ (30) $ — $ (40) $ — Loss on currency exchanges 34 119 120 110 Retirement expense 105 21 451 168 Miscellaneous (income) expense 4 (271) (273) (374) Other operating (income) expense, net $ 113 $ (131) $ 258 $ (96) |
Facility Consolidation and Se_2
Facility Consolidation and Severance Expenses, Net (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Costs related to the facility consolidation plans are summarized as follows: As of September 24, 2022 Accrued Balance at December 25, 2021 2022 Expenses To Date (1) 2022 Cash Payments Accrued Balance at September 24, 2022 Total Costs Incurred To Date Total Expected Costs Consolidation of East Coast Manufacturing Plan $ — $ 968 $ 968 $ — $ 968 $ 3,000 Profit Improvement Plan — — — — 10,525 10,525 COVID-19 Continuity Plan 78 — 78 — 2,533 2,533 Total All Plans $ 78 $ 968 $ 1,046 $ — $ 14,026 $ 16,058 Asset Impairments $ — $ — $ — $ — $ 3,323 $ 3,323 Accrued Balance at December 26, 2020 2021 Expenses To Date (1) 2021 Cash Payments Accrued Balance at September 25, 2021 Profit Improvement Plan $ 104 $ 277 $ 351 $ 30 COVID-19 Continuity Plan 454 2 366 90 Totals $ 558 $ 279 $ 717 $ 120 Asset Impairments $ — $ — $ — $ — (1) Costs incurred under these plans are classified as "facility consolidation and severance expenses, net" in the Company's Consolidated Condensed Statements of Operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
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: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Workers' compensation costs from former textile operations $ (30) $ (33) $ (31) $ (101) Environmental remediation costs from former textile operations (51) (27) (41) (81) Commercial business operations (327) 2,394 (818) (254) Income (loss) from discontinued operations, before taxes $ (408) $ 2,334 $ (890) $ (436) Income tax expense — 1,498 — 912 Income (loss) from discontinued operations, net of tax $ (408) $ 836 $ (890) $ (1,348) |
Discontinued Operations, Balance Sheet | The Company reclassified the following assets and liabilities for discontinued operations in the accompanying consolidated balance sheets: As of September 24, 2022 December 25, 2021 Current Assets of Discontinued Operations: Receivables, net $ 372 $ 3,406 Inventories, net 338 1,927 Prepaid expenses 8 658 Current Assets Held for Discontinued Operations 718 5,991 Long Term Assets of Discontinued Operations: Property, plant and equipment, net 273 292 Operating lease right of use assets 119 242 Other assets 1,363 2,218 Long Term Assets Held for Discontinued Operations 1,755 2,752 Current Liabilities of Discontinued Operations: Accounts payable 130 2,133 Accrued expenses 2,078 3,062 Current portion of operating lease liabilities 119 167 Current Liabilities Held for Discontinued Operations 2,327 5,362 Long Term Liabilities of Discontinued Operations Operating lease liabilities — 75 Other long term liabilities 3,559 4,413 Long Term Liabilities Held for Discontinued Operations $ 3,559 $ 4,488 |
Discontinued Operations, Income Statement | For the three and nine months ended September 24, 2022 and September 25, 2021, the Company reclassified the following operations of the Commercial business included in discontinued operations in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Net sales $ 710 $ 15,065 $ 7,622 $ 43,470 Cost of sales 929 12,086 7,247 34,679 Gross profit (219) 2,979 375 8,791 Selling and administrative expenses 107 3,245 1,244 11,705 Other operating (income) expense 1 — (51) — Discontinued loss, related to the divestiture of the Commercial business (327) (266) (818) (2,914) Gain on sale of business — (2,660) — (2,660) Income (loss) from discontinued Commercial operations before taxes (327) 2,394 (818) (254) |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Sep. 24, 2022 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales, continuing and discontinued operations | $ 71,762 | $ 89,294 | $ 233,034 | $ 252,022 |
Continuing Operations And Discontinued Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales, continuing and discontinued operations | 72,472 | 104,359 | 240,656 | 295,492 |
Residential floorcovering products, continuing operations | Continuing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales, continuing and discontinued operations | 70,125 | 88,551 | 227,610 | 249,939 |
Commercial floorcovering products, discontinued operations | Discontinued Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales, continuing and discontinued operations | 710 | 15,065 | 7,622 | 43,470 |
Other services, continuing operations | Continuing Operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales, continuing and discontinued operations | $ 1,637 | $ 743 | $ 5,424 | $ 2,083 |
Revenue (Contract Balances) (De
Revenue (Contract Balances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Contract With Customer, Change In Liability [Roll Forward] | ||||
Beginning contract liability | $ 1,122 | $ 1,213 | $ 1,285 | $ 1,005 |
Revenue recognized from contract liabilities included in the beginning balance | (797) | (920) | (1,096) | (912) |
Increases due to cash received, net of amounts recognized in revenue during the period | 760 | 1,081 | 896 | 1,281 |
Ending contract liability | $ 1,085 | $ 1,374 | $ 1,085 | $ 1,374 |
Product warranty period | 2 years |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Receivables [Abstract] | |||||
Customers, trade | $ 28,269 | $ 28,269 | $ 37,148 | ||
Other receivables | 3,578 | 3,578 | 3,251 | ||
Gross receivables | 31,847 | 31,847 | 40,399 | ||
Less: allowance for doubtful accounts | (103) | (103) | (108) | ||
Receivables, net | 31,744 | 31,744 | $ 40,291 | ||
Bad debt expense | $ (18) | $ (4) | $ 39 | $ 414 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 34,504 | $ 35,337 |
Work-in-process | 16,895 | 15,186 |
Finished goods | 71,198 | 62,592 |
Supplies and other | 111 | 122 |
LIFO reserve | (28,807) | (30,498) |
Inventories, net | $ 93,901 | $ 82,739 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 217,038 | $ 217,038 | $ 213,911 | ||
Accumulated depreciation | (170,353) | (170,353) | (165,253) | ||
Property, plant and equipment, net | 46,685 | 46,685 | 48,658 | ||
Depreciation | 1,959 | $ 5,933 | 2,061 | $ 6,753 | |
Land and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 3,422 | 3,422 | 3,422 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 51,484 | 51,484 | 51,430 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 160,467 | 160,467 | 158,248 | ||
Assets under construction | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 1,665 | $ 1,665 | $ 811 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Jun. 25, 2022 | Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Dec. 26, 2020 |
Payables and Accruals [Abstract] | ||||||
Compensation and benefits | $ 6,505 | $ 10,703 | ||||
Provision for customer rebates, claims and allowances | 7,041 | 7,562 | ||||
Advanced customer deposits | 1,085 | $ 1,122 | 1,285 | $ 1,374 | $ 1,213 | $ 1,005 |
Outstanding checks in excess of cash | 3,725 | 3,153 | ||||
Other | 4,514 | 3,511 | ||||
Accrued expenses | $ 22,870 | $ 26,214 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 47,042 | $ 33,158 |
Term loans | 24,620 | 24,781 |
Notes payable - buildings | 10,846 | 5,484 |
Notes payable - equipment and other | 0 | 1,607 |
Finance lease - buildings | 10,685 | 10,873 |
Finance lease obligations | 2,221 | 2,913 |
Deferred financing costs, net | (1,843) | (1,754) |
Total debt | 93,571 | 77,062 |
Less: current portion of long-term debt | 1,570 | 3,361 |
Long-term debt | $ 92,001 | $ 73,701 |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements (Revolving Credit Facility) (Details) - Amended Revolving Credit Facility - USD ($) | 9 Months Ended | ||
Sep. 24, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Debt Disclosure [Line Items] | |||
Maximum borrowing capacity | $ 75,000,000 | ||
Basis spread on variable rate | 0.75% | ||
Commitment Fee Percentage | 0.25% | ||
Debt, weighted average interest rate | 4.87% | 3% | |
Financial covenants (less than) | $ 9,375,000 | ||
Total loan availability | $ 75,000 | ||
Covenant period | 30 days | ||
Remaining borrowing capacity | $ 23,749,000 | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Disclosure [Line Items] | |||
Basis spread on variable rate at end of period | 1.75% | ||
Minimum | |||
Debt Disclosure [Line Items] | |||
Borrowing capacity for covenant applicability (in percent) | 12.50% | ||
Minimum | Libor | |||
Debt Disclosure [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Minimum | Daily Libor | |||
Debt Disclosure [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Maximum | |||
Debt Disclosure [Line Items] | |||
Borrowing capacity for covenant applicability (in percent) | 12.50% | ||
Maximum | Libor | |||
Debt Disclosure [Line Items] | |||
Basis spread on variable rate | 2% | ||
Maximum | Daily Libor | |||
Debt Disclosure [Line Items] | |||
Basis spread on variable rate | 1% |
Long-Term Debt and Credit Arr_5
Long-Term Debt and Credit Arrangements (Term Loans) (Details) - USD ($) $ in Thousands | Oct. 29, 2020 | Oct. 28, 2020 |
AmeriState Bank | ||
Debt Disclosure [Line Items] | ||
Secured debt other term loans | $ 10,000 | |
Long-term debt, term | 25 years | |
Debt instrument, interest rate, stated percentage | 5% | |
Interest rate for first five years (in percent) | 4% | |
Interest rate, period | 5 years | |
Interest rate after five years (in percent) | 3.50% | |
Greater Nevada Credit Union | ||
Debt Disclosure [Line Items] | ||
Secured debt other term loans | $ 15,000 | |
Long-term debt, term | 10 years | |
Debt instrument, interest rate, stated percentage | 5% | |
Interest rate for first five years (in percent) | 4% | |
Interest rate, 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 | Mar. 16, 2022 | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Instrument [Line Items] | |||
Notes payable - buildings | $ 10,846 | $ 5,484 | |
Building - Adairsville | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 20 years | ||
Notes payable - buildings | $ 11 | ||
Debt instrument, interest rate, stated percentage | 3.81% | ||
Repayments of debt | $ 5,456 |
Long-Term Debt and Credit Arr_7
Long-Term Debt and Credit Arrangements (Notes Payable - Equipment and Other) (Details) - Equipment Note Payable | 9 Months Ended |
Sep. 24, 2022 | |
Minimum | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate, stated percentage | 2.54% |
Maximum | |
Debt Instrument [Line Items] | |
Term of note payable | 7 years |
Debt instrument, interest rate, stated percentage | 3.09% |
Long-Term Debt and Credit Arr_8
Long-Term Debt and Credit Arrangements (Finance Lease - Buildings) (Details) $ in Thousands | Jan. 14, 2019 USD ($) a segment | Sep. 24, 2022 USD ($) |
Debt Instrument [Line Items] | ||
Year one | $ 3,409 | |
Finance Lease - Saraland Building | ||
Debt Instrument [Line Items] | ||
Area of land | a | 17.12 | |
Lessee - finance lease, selling price of building | $ 11,500 | |
Lessee, finance lease, term of contract | 20 years | |
Year one | $ 977 | |
Rent escalation | 1.25% | |
Finance Lease, Renewal Term, Option | segment | 2 | |
Lessor, direct financing lease, renewal term | 10 years | |
Repayments of debt | $ 5,000 |
Leases Balance Sheet Informatio
Leases Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 21,298 | $ 22,534 |
Current portion of operating lease liabilities | 2,758 | 2,528 |
Noncurrent portion of operating lease liabilities | 19,497 | 20,692 |
Total operating lease liabilities | 22,255 | 23,220 |
Finance lease right-of-use assets | 5,418 | 10,111 |
Current portion of finance lease liabilities | 946 | 1,104 |
Noncurrent portion of finance lease liabilities | 11,960 | 12,683 |
Total lease liability | $ 12,906 | $ 13,787 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | LONG-TERM DEBT, NET | LONG-TERM DEBT, NET |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 926 | $ 1,074 | $ 3,122 | $ 3,624 |
Amortization of lease assets | 205 | 633 | 703 | 1,898 |
Interest on lease liabilities | 316 | 366 | 973 | 1,136 |
Total finance lease costs | $ 521 | $ 999 | $ 1,676 | $ 3,034 |
Leases Supplemental Lease Infor
Leases Supplemental Lease Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 6 years 10 months 6 days | 7 years 7 months 28 days |
Finance lease, weighted average remaining lease term | 13 years 8 months 12 days | 13 years 4 months 17 days |
Operating lease, weighted average discount rate, percent | 6.39% | 6.79% |
Finance lease, weighted average discount rate, percent | 9.65% | 9.63% |
Operating cash flows from operating leases | $ 2,940 | $ 3,610 |
Operating cash flows from financing leases | 973 | 1,136 |
Financing cash flows from financing leases | $ 881 | $ 2,290 |
Leases Contractual Obligations
Leases Contractual Obligations for Operating and Financing Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Operating Leases | ||
2022 | $ 1,032 | |
2023 | 4,072 | |
2024 | 3,999 | |
2025 | 3,915 | |
2026 | 3,707 | |
Thereafter | 11,003 | |
Total future minimum lease payments (undiscounted) | 27,728 | |
Less: Present value discount | 5,473 | |
Total operating lease liabilities | 22,255 | $ 23,220 |
Finance Leases | ||
2022 | 532 | |
2023 | 3,409 | |
2024 | 1,045 | |
2025 | 1,053 | |
2026 | 1,066 | |
Thereafter | 13,919 | |
Total future minimum lease payments (undiscounted) | 21,024 | |
Less: Present value discount | 8,118 | |
Total lease liability | $ 12,906 | $ 13,787 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Liabilities: | ||
Interest rate swaps | $ 0 | $ 210 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Financial liabilities: | ||
Finance leases, including current portion | $ 12,906 | $ 13,787 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 961 | 1,471 |
Financial liabilities: | ||
Long-term debt, including current portion | 80,665 | 63,275 |
Finance leases, including current portion | 12,906 | 13,787 |
Interest rate swaps | 0 | 210 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 961 | 1,471 |
Financial liabilities: | ||
Long-term debt, including current portion | 73,644 | 61,721 |
Finance leases, including current portion | 12,622 | 16,389 |
Interest rate swaps | $ 0 | $ 210 |
Derivatives (Summary of Derivat
Derivatives (Summary of Derivative Instruments) (Details) - November 7, 2014 through November 7, 2024 - Interest Rate Swap $ in Thousands | Sep. 24, 2022 USD ($) |
Derivative [Line Items] | |
Notional Amount | $ 5,796 |
Fixed Rate | 4.50% |
Derivatives (Fair Value and Des
Derivatives (Fair Value and Designation) (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Derivatives designated as hedging instruments: | ||
Interest rate swaps | $ 0 | $ 210 |
Designated as Hedging Instrument | Interest Rate Swap | Accrued expenses | ||
Derivatives designated as hedging instruments: | ||
Interest rate swaps | 0 | 110 |
Designated as Hedging Instrument | Interest Rate Swap | Other long-term liabilities | ||
Derivatives designated as hedging instruments: | ||
Interest rate swaps | $ 0 | $ 100 |
Derivatives (Schedule of Deriva
Derivatives (Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 16, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedges - interest rate swaps | $ 0 | $ (3) | $ 0 | $ 40 | ||
Cash flow hedges - interest rate swaps | [1] | 0 | 0 | (210) | 0 | |
Net of tax, that had been deferred in AOCIL were reclassified into interest expense | 0 | 0 | 177 | 0 | ||
Interest Rate Swap | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Payment to terminate the swap agreements | $ 73 | |||||
Net of tax, that had been deferred in AOCIL were reclassified into interest expense | $ 177 | |||||
Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedges - interest rate swaps | 0 | (3) | 0 | 40 | ||
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedges - interest rate swaps | 0 | 33 | (7) | 102 | ||
Cash flow hedge gain (loss) to be reclassified during next 12 months, net | 0 | 0 | ||||
Designated as Hedging Instrument | Interest Rate Swap | Other Nonoperating Income (Expense) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash flow hedges - interest rate swaps | $ 0 | $ 136 | $ 210 | $ 509 | ||
[1]Amounts for postretirement plans reclassified from accumulated other comprehensive income (loss) to net loss were included in selling and administrative expenses in the Company's Consolidated Condensed Statements of Operations. |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Non-Collective-Bargaining Plan | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of employees covered | 90% | |||
Employer matching contribution, percentage | 1% | |||
Employer matching contribution, discretionary percentage | 2% | |||
Maximum annual contribution per employee, percentage | 3% | |||
Cost recognized | $ 94 | $ 501 | $ 189 | $ 920 |
Collective-Bargaining Plan | ||||
Defined Contribution Plans [Line Items] | ||||
Percentage of employees covered | 10% | |||
Maximum annual contribution per employee, percentage | 2.75% | |||
Cost recognized | $ 14 | $ 21 | $ 60 | $ 63 |
Employee Benefit Plans (Non-qua
Employee Benefit Plans (Non-qualified Retirement Savings Plan) (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Liability to participants | $ 11,719 | $ 15,794 |
Cash surrender value of life insurance | $ 13,007 | $ 16,608 |
Employee Benefit Plans (Multi-E
Employee Benefit Plans (Multi-Employer Pension Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||
Multiemployer plan, employer contribution, cost | $ 38 | $ 64 | $ 141 | $ 166 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax (benefit) rate | 0.59% | 6.15% | |
Net deferred tax liability | $ 91 | $ 91 | |
Unrecognized tax benefits | 515 | 494 | |
Income tax penalties and interest accrued | $ 0 | $ 0 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 24, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | Aug. 03, 2022 | |
Basic earnings (loss) per share: | ||||||
Income (Loss) from continuing operations | $ (8,372,000) | $ 5,597,000 | $ (15,734,000) | $ 9,102,000 | ||
Less: Allocation of earnings to participating securities | 0 | (240,000) | 0 | (341,000) | ||
Income (Loss) from continuing operations available to common shareholders - basic | $ (8,372,000) | $ 5,357,000 | $ (15,734,000) | $ 8,761,000 | ||
Basic weighted-average shares outstanding | 15,226,000 | 15,123,000 | 15,196,000 | 15,109,000 | ||
Basic earnings income (loss) per share - continuing operations | $ (0.55) | $ 0.35 | $ (1.04) | $ 0.58 | ||
Diluted earnings income (loss) per share: | ||||||
Income (Loss) from continuing operations available to common shareholders - basic | $ (8,372,000) | $ 5,357,000 | $ (15,734,000) | $ 8,761,000 | ||
Add: Undistributed earnings reallocated to unvested shareholders | 0 | 2,000 | 0 | 2,000 | ||
Income (loss) from continuing operations available to common shareholders - basic | $ (8,372,000) | $ 5,359,000 | $ (15,734,000) | $ 8,763,000 | ||
Effect of dilutive securities: | ||||||
Stock options | 0 | 0 | 0 | 0 | ||
Directors' stock performance units | 0 | 130,000 | 0 | 130,000 | ||
Diluted weighted-average shares outstanding | 15,226,000 | 15,253,000 | 15,196,000 | 15,239,000 | ||
Diluted earnings income (loss) per share - continuing operations | $ (0.55) | $ 0.35 | $ (1.04) | $ 0.58 | ||
Common shares, excluding unvested participating securities | 944,000 | 944,000 | 671,000 | 944,000 | 671,000 | |
Antidilutive securities excluded from computation of earnings per share, (in shares) | 130,000 | 177,000 | 130,000 | 177,000 | ||
Repurchases of Common Stock | $ (229,000) | $ (69,000) | ||||
Authorized repurchase amount | $ 3,000,000 | |||||
Repurchased shares (in shares) | 105,381 | 105,381 | 105,381 | |||
Shares repurchase cost | $ 134,000 |
Stock-based Compensation Expe_2
Stock-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 06, 2022 | Jun. 01, 2022 | May 05, 2022 | Mar. 12, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based payment arrangement, expense | $ 207 | $ 139 | $ 559 | $ 339 | ||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock granted in period (in shares) | 24,000 | 78,954 | 40,000 | 284,954 | ||||
Grant date fair value of restricted stock | $ 48 | $ 150 | $ 107 | $ 863 | ||||
Weighted average grant date fair value of restricted (in dollars per share) | $ 2 | $ 1.90 | $ 2.67 | $ 3.03 | ||||
Stock compensation expense over a weighted-average period | 4 years | 3 years | 1 year | 5 years 3 months 18 days |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Reclassification of loss into earnings from interest rate swaps, net of tax | $ 0 | $ 122 | $ (5) | $ 437 |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net of tax | 0 | 0 | 177 | 0 |
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (2) | |||
Reclassification of loss into earnings from interest rate swaps, tax | 0 | (47) | 2 | (174) |
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, tax | 0 | $ 0 | 33 | $ 0 |
Interest Rate Swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning | (172) | |||
Reclassification of loss into earnings from interest rate swaps, net of tax | (5) | |||
Reclassification of unrealized loss into earnings from dedesignated interest rate swaps, net of tax | 177 | |||
Balance ending | 0 | 0 | ||
Post-Retirement Liabilities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning | 202 | |||
Reclassification of net actuarial gain into earnings from postretirement benefit plans | (2) | |||
Balance ending | 200 | 200 | ||
Accumulated Other Comprehensive Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance, beginning | 30 | |||
Balance ending | $ 200 | $ 200 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Sep. 24, 2022 defendant | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of defendants | 90 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Other Income and Expenses [Abstract] | ||||
Gain on property, plant and equipment disposals | $ (30) | $ 0 | $ (40) | $ 0 |
Loss on currency exchanges | 34 | 119 | 120 | 110 |
Retirement expense | 105 | 21 | 451 | 168 |
Miscellaneous (income) expense | 4 | (271) | (273) | (374) |
Other operating (income) expense, net | $ 113 | $ (131) | $ 258 | $ (96) |
Facility Consolidation and Se_3
Facility Consolidation and Severance Expenses, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrued, beginning balance | $ 78 | $ 558 |
2022 Expenses to date | 968 | 279 |
2022 Cash Payments | 1,046 | 717 |
Accrued, ending balance | 0 | 120 |
Total Costs Incurred To Date | 14,026 | |
Total Expected Costs | 16,058 | |
Consolidation of East Coast Manufacturing Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued, beginning balance | 0 | |
2022 Expenses to date | 968 | |
2022 Cash Payments | 968 | |
Accrued, ending balance | 0 | |
Total Costs Incurred To Date | 968 | |
Total Expected Costs | 3,000 | |
Profit Improvement Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued, beginning balance | 0 | 104 |
2022 Expenses to date | 0 | 277 |
2022 Cash Payments | 0 | 351 |
Accrued, ending balance | 0 | 30 |
Total Costs Incurred To Date | 10,525 | |
Total Expected Costs | 10,525 | |
COVID-19 Continuity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued, beginning balance | 78 | 454 |
2022 Expenses to date | 0 | 2 |
2022 Cash Payments | 78 | 366 |
Accrued, ending balance | 0 | 90 |
Total Costs Incurred To Date | 2,533 | |
Total Expected Costs | 2,533 | |
Asset Impairments | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued, beginning balance | 0 | 0 |
2022 Expenses to date | 0 | 0 |
2022 Cash Payments | 0 | 0 |
Accrued, ending balance | 0 | $ 0 |
Total Costs Incurred To Date | 3,323 | |
Total Expected Costs | $ 3,323 |
Investment In Join Venture (Det
Investment In Join Venture (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Aug. 11, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Initial capital | $ 6 | |
Installment payment amounts | $ 1 | |
Initial investments | $ 1 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||||
Income (loss) from discontinued operations, net of tax | $ (408) | $ 836 | $ (890) | $ (1,348) |
Previously Discontinued Operations | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract] | ||||
Workers' compensation costs from former textile operations | (30) | (33) | (31) | (101) |
Environmental remediation costs from former textile operations | (51) | (27) | (41) | (81) |
Commercial business operations | (327) | 2,394 | (818) | (254) |
Income (loss) from discontinued Commercial operations before taxes | (408) | 2,334 | (890) | (436) |
Income tax expense | 0 | 1,498 | 0 | 912 |
Income (loss) from discontinued operations, net of tax | $ (408) | $ 836 | $ (890) | $ (1,348) |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 USD ($) installment | Dec. 25, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accrual for environmental loss contingencies | $ 1,904 | $ 1,913 |
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 | |
Gain on discontinued operation | $ 2,700 | |
Discontinued operations, noncompete, term | 5 years | |
Escrow deposit | $ 2,100 | |
Escrow deposits, number of installments | installment | 2 | |
Escrow deposit, initial amount paid, percentage | 50% | |
Escrow deposit, initial amount paid, period | 90 days | |
Escrow deposit, remaining amount paid, period | 18 months | |
Escrow deposit, current | $ 1,025 | |
Payments for deposits with other institutions | $ 2,100 |
Discontinued Operations (Balanc
Discontinued Operations (Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Current Assets of Discontinued Operations: | ||
Current Assets Held for Discontinued Operations | $ 718 | $ 5,991 |
Long Term Assets of Discontinued Operations: | ||
Long Term Assets Held for Discontinued Operations | 1,755 | 2,752 |
Current Liabilities of Discontinued Operations: | ||
Current Liabilities Held for Discontinued Operations | 2,327 | 5,362 |
Long Term Liabilities of Discontinued Operations | ||
Long Term Liabilities Held for Discontinued Operations | 3,559 | 4,488 |
Discontinued Operations, Disposed of by Sale | Commercial Divestiture | ||
Current Assets of Discontinued Operations: | ||
Receivables, net | 372 | 3,406 |
Inventories, net | 338 | 1,927 |
Prepaid expenses | 8 | 658 |
Current Assets Held for Discontinued Operations | 718 | 5,991 |
Long Term Assets of Discontinued Operations: | ||
Property, plant and equipment, net | 273 | 292 |
Operating lease right of use assets | 119 | 242 |
Other assets | 1,363 | 2,218 |
Long Term Assets Held for Discontinued Operations | 1,755 | 2,752 |
Current Liabilities of Discontinued Operations: | ||
Accounts payable | 130 | 2,133 |
Accrued expenses | 2,078 | 3,062 |
Current portion of operating lease liabilities | 119 | 167 |
Current Liabilities Held for Discontinued Operations | 2,327 | 5,362 |
Long Term Liabilities of Discontinued Operations | ||
Operating lease liabilities | 0 | 75 |
Other long term liabilities | 3,559 | 4,413 |
Long Term Liabilities Held for Discontinued Operations | $ 3,559 | $ 4,488 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations) (Details) - Discontinued Operations, Disposed of by Sale - Commercial Divestiture - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 710 | $ 15,065 | $ 7,622 | $ 43,470 |
Cost of sales | 929 | 12,086 | 7,247 | 34,679 |
Gross profit | (219) | 2,979 | 375 | 8,791 |
Selling and administrative expenses | 107 | 3,245 | 1,244 | 11,705 |
Other operating (income) expense | 1 | 0 | (51) | 0 |
Discontinued loss, related to the divestiture of the Commercial business | (327) | (266) | (818) | (2,914) |
Gain on sale of business | 0 | (2,660) | 0 | (2,660) |
Income (loss) from discontinued Commercial operations before taxes | $ (327) | $ 2,394 | $ (818) | $ (254) |
Related Party Transactions (Det
Related Party Transactions (Details) - Robert E Shaw - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Related Party Transaction [Line Items] | ||||
Ownership of common stock, percentage | 7.50% | 7.50% | ||
Voting interest of common stock, percentage | 3% | 3% | ||
Related party transaction, amounts of transaction | $ 3 | $ 1,258 | $ 917 | $ 3,159 |
Purchases from related party, percentage | (0.00%) | 2% | 0.50% | 1.70% |