Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HNI CORP | ' | ' |
Entity Central Index Key | '0000048287 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 44,982,873 | ' |
Trading Symbol | 'HNI | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $952,837,745 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $2,059,964 | $2,004,003 | $1,833,450 |
Cost of products sold | 1,344,672 | 1,314,776 | 1,194,387 |
Gross profit | 715,292 | 689,227 | 639,063 |
Selling and administrative expenses | 608,972 | 599,656 | 554,315 |
Restructuring related and impairment charges | 333 | 1,944 | 3,261 |
Operating income | 105,987 | 87,627 | 81,487 |
Interest income | 626 | 842 | 623 |
Interest expense | 9,906 | 10,865 | 11,951 |
Income before income taxes | 96,707 | 77,604 | 70,159 |
Income taxes | 33,338 | 29,278 | 24,411 |
Net income | 63,369 | 48,326 | 45,748 |
Less: Net income (loss) attributable to the noncontrolling interest | -314 | -641 | -238 |
Net income attributable to HNI Corporation | 63,683 | 48,967 | 45,986 |
Net income attributable to HNI Corporation per common share - basic | $1.41 | $1.08 | $1.03 |
Weighted average shares outstanding - basic | 45,250,665 | 45,211,385 | 44,803,248 |
Net income attributable to HNI Corporation per common share - diluted | $1.39 | $1.07 | $1.01 |
Weighted average shares outstanding - diluted | 45,956,280 | 45,819,979 | 45,694,278 |
Foreign currency translation adjustments | -2,562 | 264 | 796 |
Change in unrealized gains (losses) on marketable securities (net of tax) | -124 | 62 | 191 |
Change in pension and postretirement liability, net of tax | 2,151 | -708 | -1,270 |
Change in derivative financial instruments (net of tax) | 187 | -20 | 339 |
Other comprehensive income (loss) net of tax | -348 | -402 | 56 |
Comprehensive income | 63,021 | 47,924 | 45,804 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | -314 | -641 | -238 |
Comprehensive income attributable to HNI Corporation | $63,335 | $48,565 | $46,042 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Current Assets | ' | ' | ' |
Cash and cash equivalents | $65,030 | $41,782 | $72,812 |
Short-term Investments | 7,251 | 7,250 | 9,157 |
Receivables, net | 228,715 | 213,490 | 204,036 |
Inventories, net | 89,516 | 93,515 | 101,873 |
Deferred income taxes | 16,051 | 19,412 | 16,261 |
Prepaid expenses and other current assets | 26,665 | 26,926 | 27,365 |
Total Current Assets | 433,228 | 402,375 | 431,504 |
Property, Plant, and Equipment | 267,401 | 240,490 | 229,727 |
Goodwill | 286,655 | 288,348 | 270,761 |
Other Assets | 147,421 | 145,853 | 119,730 |
Total Assets | 1,134,705 | 1,077,066 | 1,051,722 |
Current Liabilities | ' | ' | ' |
Accounts payable and accrued expenses | 407,799 | 384,244 | 351,650 |
Note payable and current maturities of long-term debt and capital lease obligations | 484 | 4,554 | 30,345 |
Current maturities of other long-term obligations | 3,301 | 373 | 275 |
Total Current Liabilities | 411,584 | 389,171 | 382,270 |
Long-Term Debt | 150,091 | 150,146 | 150,200 |
Capital Lease Obligations | 106 | 226 | 340 |
Other Long-Term Liabilities | 67,543 | 63,995 | 59,356 |
Deferred Income Taxes | 68,964 | 52,868 | 40,234 |
Commitments and Contingencies | ' | ' | ' |
Shareholders' Equity | ' | ' | ' |
Preferred stock - $1 par value; Authorized: 2,000; Issued: None | 0 | 0 | 0 |
Common stock - $1 par value; Authorized 200,000; Issued and outstanding: 2013-44,982; 2012-44,951; 2011-44,855 | 44,982 | 44,951 | 44,855 |
Additional paid-in capital | 16,729 | 20,153 | 24,277 |
Retained Earnings | 373,652 | 353,942 | 348,210 |
Accumulated other comprehensive income | 965 | 1,313 | 1,715 |
Total HNI Corporation shareholders' equity | 436,328 | 420,359 | 419,057 |
Noncontrolling interest | 89 | 301 | 265 |
Total Equity | 436,417 | 420,660 | 419,322 |
Total Liabilities and Equity | $1,134,705 | $1,077,066 | $1,051,722 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Preferred stock, par value | $1 | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Common stock, par value | $1 | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 44,981,865 | 44,950,703 | 44,855,207 |
Common stock, shares outstanding | 44,981,865 | 44,950,703 | 44,855,207 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Jan. 01, 2011 | $408,456 | $44,841 | $18,011 | $343,474 | $1,659 | $471 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 45,748 | ' | ' | 45,986 | ' | -238 |
Other comprehensive income (net of tax) | 56 | ' | ' | ' | 56 | ' |
Distributions to noncontrolling interest | -87 | ' | ' | ' | ' | -87 |
Change in ownership of noncontrolling interest | 119 | ' | ' | ' | ' | 119 |
Cash dividends | -41,250 | ' | ' | -41,250 | ' | ' |
Common shares b treasury: | ' | ' | ' | ' | ' | ' |
Shares purchased | -10,000 | -324 | -9,676 | ' | ' | ' |
Shares issued under Membersb Stock Purchase Plan and stock awards | 16,280 | 338 | 15,942 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 419,322 | 44,855 | 24,277 | 348,210 | 1,715 | 265 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 48,326 | ' | ' | 48,967 | ' | -641 |
Other comprehensive income (net of tax) | -402 | ' | ' | ' | -402 | ' |
Distributions to noncontrolling interest | -124 | ' | ' | ' | ' | -124 |
Change in ownership of noncontrolling interest | 607 | ' | ' | -194 | ' | 801 |
Cash dividends | -43,041 | ' | ' | -43,041 | ' | ' |
Common shares b treasury: | ' | ' | ' | ' | ' | ' |
Shares purchased | -21,021 | -800 | -20,221 | ' | ' | ' |
Shares issued under Membersb Stock Purchase Plan and stock awards | 16,993 | 896 | 16,097 | ' | ' | ' |
Ending Balance at Dec. 29, 2012 | 420,660 | 44,951 | 20,153 | 353,942 | 1,313 | 301 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 63,369 | ' | ' | 63,683 | ' | -314 |
Other comprehensive income (net of tax) | -348 | ' | ' | ' | -348 | ' |
Distributions to noncontrolling interest | -167 | ' | ' | ' | ' | -167 |
Change in ownership of noncontrolling interest | -210 | ' | ' | -479 | ' | 269 |
Cash dividends | -43,494 | ' | ' | -43,494 | ' | ' |
Common shares b treasury: | ' | ' | ' | ' | ' | ' |
Shares purchased | -27,488 | -740 | -26,748 | ' | ' | ' |
Shares issued under Membersb Stock Purchase Plan and stock awards | 24,095 | 771 | 23,324 | ' | ' | ' |
Ending Balance at Dec. 28, 2013 | $436,417 | $44,982 | $16,729 | $373,652 | $965 | $89 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY CONSOLIDATED STATEMENTS OF EQUITY (Paranthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid per common share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 | $0.96 | $0.95 | $0.92 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net Cash Flows From (To) Operating Activities: | ' | ' | ' |
Net income | $63,369 | $48,326 | $45,748 |
Noncash items included in net income: | ' | ' | ' |
Depreciation and amortization | 46,621 | 43,360 | 46,287 |
Other postretirement and post-employment benefits | 1,309 | 1,678 | 1,660 |
Stock-based compensation | 7,451 | 6,437 | 7,171 |
Excess tax benefits from stock compensation | -2,211 | -4,156 | -99 |
Deferred income taxes | 18,451 | 7,060 | 12,400 |
Net loss on sales, retirements and impairments of long-lived assets and intangibles | 344 | 1,032 | 273 |
Loss on sale of business | 2,177 | 0 | 0 |
Stock issued to retirement plan | 5,352 | 4,864 | 4,906 |
Other b net | 4,419 | 2,557 | 849 |
Changes in working capital, excluding acquisition and disposition: | ' | ' | ' |
Receivables | -21,029 | -6,993 | -6,924 |
Inventories | 1,606 | 9,546 | -11,279 |
Prepaid expenses and other current assets | 526 | -1,799 | -4,352 |
Accounts payable and accrued expenses | 25,863 | 27,531 | 39,866 |
Income taxes | 4,525 | 4,662 | -4,444 |
Increase (decrease) in other liabilities | 6,229 | 672 | 2,216 |
Net cash flows from (to) operating activities | 165,002 | 144,777 | 134,278 |
Net Cash Flows From (To) Investing Activities: | ' | ' | ' |
Capital expenditures | -60,977 | -39,473 | -27,795 |
Proceeds from sale of property, plant, and equipment | 421 | 1,182 | 3,255 |
Capitalized software | -17,918 | -20,797 | -3,348 |
Acquisition spending, net of cash acquired | 0 | -26,894 | -54,990 |
Purchase of investments | -1,107 | -5,554 | -15,555 |
Sales or maturities of investments | 5,053 | 4,762 | 6,480 |
Other - net | -891 | 961 | 412 |
Net cash flows from (to) investing activities | -75,419 | -85,813 | -91,541 |
Net Cash Flows From (To) Financing Activities: | ' | ' | ' |
Purchase of HNI Corporation common stock | -27,488 | -21,021 | -10,000 |
Withholding related to net share settlements of equity based awards | -1,598 | -5,995 | 0 |
Proceeds from long-term debt | 157,967 | 148,844 | 5,455 |
Payments of note and long-term debt and other financing | -163,524 | -179,333 | -26,523 |
Proceeds from sales of HNI Corporation common stock | 9,591 | 6,396 | 3,198 |
Excess tax benefits from stock compensation | 2,211 | 4,156 | 99 |
Dividends paid | -43,494 | -43,041 | -41,250 |
Net cash flows from (to) financing activities | -66,335 | -89,994 | -69,021 |
Net increase (decrease) in cash and cash equivalents | 23,248 | -31,030 | -26,284 |
Cash and cash equivalents at beginning of year | 41,782 | 72,812 | 99,096 |
Cash and cash equivalents at end of year | $65,030 | $41,782 | $72,812 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
HNI Corporation with its subsidiaries (the “Corporation”) is a provider of office furniture and hearth products. Both industries are reportable segments; however, the Corporation’s office furniture business is its principal line of business. Refer to Operating Segment Information for further information. Office furniture products are sold through a national system of dealers, wholesalers and national office product distributors and directly to end-user customers and federal, state and local governments. Dealers and wholesalers are the major channels based on sales. Hearth products include a full array of gas, electric, and wood burning fireplaces, inserts, stoves, facings and accessories. These products are sold through a national system of dealers and distributors, as well as Corporation-owned distribution and retail outlets. The Corporation’s products are marketed predominantly in the United States and Canada. The Corporation exports select products to a limited number of markets outside North America, principally the Middle East, Mexico, Latin America and the Caribbean, through its export subsidiary and manufactures and markets office furniture in Asia and India; however, based on sales, these activities are not significant. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation and Fiscal Year-End | ||||||||||||
The consolidated financial statements include the accounts and transactions of the Corporation and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
The Corporation follows a 52/53 week fiscal year which ends on the Saturday nearest December 31. Fiscal year 2013 ended on December 28, 2013; 2012 ended on December 29, 2012; and 2011 ended on December 31, 2011. The financial statements for fiscal years 2013, 2012 and 2011 are on a 52-week basis. A 53-week year occurs approximately every sixth year. | ||||||||||||
Cash, Cash Equivalents and Investments | ||||||||||||
Cash and cash equivalents generally consist of cash and money market accounts. The fair value approximates the carrying value due to the short duration of the securities. These securities have original maturity dates not exceeding three months. The Corporation has short-term investments with maturities of less than one year and also has investments with maturities greater than one year included in Other Assets on the Consolidated Balance Sheets. Management classifies investments in marketable securities at the time of purchase and reevaluates such classification at each balance sheet date. Debt securities including government and corporate bonds are classified as available-for-sale and stated at current market value with unrealized gains and losses included as a separate component of equity, net of any related tax effect. The specific identification method is used to determine realized gains and losses on the trade date. | ||||||||||||
At December 28, 2013, December 29, 2012 and December 31, 2011, cash, cash equivalents and investments consisted of the following: | ||||||||||||
Year-End 2013 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 251 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 9,113 | |||||||||
Cash and money market accounts | 65,030 | — | — | |||||||||
Total | $ | 65,030 | $ | 7,251 | $ | 9,113 | ||||||
The amortized cost basis of the debt securities as of December 28, 2013 was $16.0 million. Unrealized gains of $0.2 million and unrealized losses of $0.1 million are recorded in accumulated other comprehensive income as of December 28, 2013 for these debt securities. | ||||||||||||
Year-End 2012 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 250 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 13,356 | |||||||||
Cash and money market accounts | 41,782 | — | — | |||||||||
Total | $ | 41,782 | $ | 7,250 | $ | 13,356 | ||||||
The amortized cost basis of the debt securities as of December 29, 2012 was $20.0 million. Unrealized gains of $0.3 million and unrealized losses of $0.0 million are recorded in accumulated other comprehensive income as of December 29, 2012 for these debt securities. | ||||||||||||
Year-End 2011 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 257 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 8,900 | 10,714 | |||||||||
Cash and money market accounts | 72,812 | — | — | |||||||||
Total | $ | 72,812 | $ | 9,157 | $ | 10,714 | ||||||
The amortized cost basis of the debt securities as of December 31, 2011 was $19.4 million. Unrealized gains of $0.2 million and unrealized losses of $0.0 million are recorded in accumulated other comprehensive income as of December 31, 2011 for these debt securities. | ||||||||||||
Receivables | ||||||||||||
Accounts receivable are presented net of allowance for doubtful accounts of $6.2 million, $5.2 million and $4.8 million, for 2013, 2012 and 2011, respectively. The allowance is developed based on several factors including overall customer credit quality, historical write-off experience, and specific account analyses projecting the ultimate collectibility of the account. As such, these factors may change over time causing the reserve level to adjust accordingly. | ||||||||||||
Inventories | ||||||||||||
The Corporation valued 74%, 70% and 67% of its inventory by the LIFO method at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. During 2013 and 2012, inventory quantities were reduced at certain reporting units. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of current year purchases, the effect of which decreased cost of goods sold by approximately $0.2 million and $0.8 million in 2013 and 2012, respectively. If the FIFO method had been in use, inventories would have been $27.7 million, $25.5 million and $25.9 million higher than reported at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are carried at cost. Expenditures for repairs and maintenance are expensed as incurred. Major improvements that materially extend the useful lives of the assets are capitalized. Depreciation has been computed using the straight-line method over estimated useful lives: land improvements, 10 – 20 years; buildings, 10 – 40 years; and machinery and equipment, 3 – 12 years. | ||||||||||||
Long-Lived Assets | ||||||||||||
Long-lived assets are reviewed for impairment as events or changes in circumstances occur indicating the amount of the asset reflected in the Corporation’s balance sheet may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared to the carrying value to determine whether impairment exists. The estimates of future cash flows involve considerable management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions. Asset impairment charges recorded in connection with the Corporation’s restructuring activities are discussed in Restructuring Related Charges. These assets included real estate, manufacturing equipment and certain other fixed assets. The Corporation’s continuous focus on improving the manufacturing process tends to increase the likelihood of assets being replaced; therefore, the Corporation is regularly evaluating the expected lives of its equipment and accelerating depreciation where appropriate. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
The Corporation evaluates its goodwill for impairment on an annual basis during the fourth quarter or whenever indicators of impairment exist. The accounting standards for goodwill permit entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The Corporation utilized this guidance for three reporting units for the annual impairment evaluation during the fourth quarter of 2013 where the fair value was substantially in excess of carrying value in prior year analysis. The qualitative factors considered included, but were not limited to, general economic conditions, outlook for the office furniture and hearth products industries and recent and forecasted financial performance of these units. General economic conditions considered included GDP, CEO confidence, small business confidence, corporate profitability, office vacancy rates, commodity prices, housing starts and remodeling activity.. The Corporation performed the two-step goodwill impairment test for all other reporting units and used various valuation techniques with the primary technique being a discounted cash flow method. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Management bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates. | ||||||||||||
The Corporation also determines the fair value of indefinite-lived trade names on an annual basis or whenever indications of impairment exist. The Corporation estimates the fair value of the trade names based on a discounted cash flow model using inputs which include projected revenues from management’s long-term plan, assumed royalty rates that could be payable if the trade names were not owned and a discount rate. Determining the fair value of a trade name involves the use of significant estimates and assumptions. Actual results may differ from those estimates. | ||||||||||||
The Corporation has definite-lived intangibles, including capitalized software, that are amortized over their estimated useful lives. Impairment losses are recognized if the carrying amount of an intangible, subject to amortization, is not recoverable from expected future cash flows and its carrying amount exceeds its fair value. Definite-lived intangibles, net of amortization, of approximately $95 million are included in other assets on the consolidated balance sheet as of the end of fiscal 2013. | ||||||||||||
See Goodwill and Other Intangible Assets footnote for further information. | ||||||||||||
Product Warranties | ||||||||||||
The Corporation issues certain warranty policies on its furniture and hearth products that provide for repair or replacement of any covered product or component failing during normal use because of a defect in design, materials or workmanship. Reserves have | ||||||||||||
been established for the various costs associated with the Corporation's warranty programs. | ||||||||||||
A warranty reserve is determined by recording a specific reserve for known warranty issues and an additional reserve for unknown claims expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. Activity associated with warranty obligations was as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Balance at the beginning of the period | $ | 13,055 | $ | 12,910 | $ | 12,930 | ||||||
Accrual assumed from acquisition | — | 301 | 222 | |||||||||
Accruals for warranties issued during the period | 21,878 | 18,370 | 15,581 | |||||||||
Accrual related to pre-existing warranties | 106 | 432 | (100 | ) | ||||||||
Settlements made during the period | (21,199 | ) | (18,958 | ) | (15,723 | ) | ||||||
Balance at the end of the period | $ | 13,840 | $ | 13,055 | $ | 12,910 | ||||||
The Corporation corrected a classification error by reclassifying a portion of the reserve for product warranties which was previously all classified as a current liability, including the related deferred tax impacts, to long-term. The portion of the reserve for estimated settlements expected to be paid in the next twelve months was, $6.7 million, $6.3 million and $6.3 million as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively, and are included in "Accounts payable and accrued expenses" in the Consolidated Balance Sheets. The portion of the reserve for estimated settlements expected to be paid beyond one year was, $7.1 million, $6.7 million and $6.6 million as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively, and are included in "Other Long-Term Liabilities" in the Consolidated Balance Sheets. The revisions in the Consolidated Balance Sheet noted above represent errors that are not deemed material, individually or in the aggregate, to the prior period consolidated financial statements. | ||||||||||||
Revenue Recognition | ||||||||||||
Sales of office furniture and hearth products are generally recognized when title transfers and the risks and rewards of ownership have passed to customers. Typically title and risk of ownership transfer when the product is shipped. In certain circumstances, title and risk of ownership do not transfer until the goods are received by the customer or upon installation and customer acceptance. Revenue includes freight charged to customers; related costs are recorded in selling and administrative expense. Rebates, discounts and other marketing program expenses directly related to the sale are recorded as a reduction to net sales. Marketing program accruals require the use of management estimates and the consideration of contractual arrangements subject to interpretation. Customer sales that achieve or do not achieve certain award levels can affect the amount of such estimates and actual results could differ from these estimates. | ||||||||||||
Product Development Costs | ||||||||||||
Product development costs relating to development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. These costs include salaries, contractor fees, building costs, utilities and administrative fees. The amounts charged against income were $27.3 million in 2013, $26.9 million in 2012 and $23.1 million in 2011 and were recorded in Selling and Administrative Expenses on the Consolidated Statements of Income. | ||||||||||||
Freight Expense | ||||||||||||
The Corporation records freight expense to customers in Selling and Administrative Expenses on the Consolidated Statements of Income. Amounts recorded were $123.8 million in 2013, $122.1 million in 2012 and $112.3 million in 2011. | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Corporation measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes cost over the requisite service period. See the Stock-Based Compensation footnote for further information. | ||||||||||||
Income Taxes | ||||||||||||
The Corporation uses an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Corporation’s financial statements or tax returns. Deferred income taxes are provided to reflect differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. The Corporation provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings it considers to be permanently reinvested. There were approximately $26.2 million of accumulated earnings considered permanently reinvested in China, Hong Kong and India as of December 28, 2013. The Corporation believes the U.S. tax cost on unremitted foreign earnings would be approximately $7.9 million if the amounts were not considered permanently reinvested. See the Income Tax footnote for further information. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share are based on the weighted-average number of common shares outstanding during the year. Shares potentially issuable under stock options, restricted stock units and common stock equivalents under the Corporation's deferred compensation plans have been considered outstanding for purposes of the diluted earnings per share calculation. | ||||||||||||
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share (EPS): | ||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Numerators: | ||||||||||||
Numerators for both basic and diluted EPS net income attributable to parent company | $ | 63,683 | $ | 48,967 | $ | 45,986 | ||||||
Denominators: | ||||||||||||
Denominator for basic EPS weighted- average common shares outstanding | 45,251 | 45,211 | 44,803 | |||||||||
Potentially dilutive shares from stock option plans | 706 | 609 | 891 | |||||||||
Denominator for diluted EPS | 45,956 | 45,820 | 45,694 | |||||||||
Earnings per share – basic | $ | 1.41 | $ | 1.08 | $ | 1.03 | ||||||
Earnings per share – diluted | $ | 1.39 | $ | 1.07 | $ | 1.01 | ||||||
Certain exercisable and non-exercisable stock options were not included in the computation of diluted EPS for fiscal years 2013, 2012 and 2011 because inclusion would have been anti-dilutive. The number of stock options outstanding, which met this criterion was 769,394; 1,760,220 and 1,969,085 for 2013, 2012 and 2011, respectively. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant areas requiring use of management estimates relate to allowance for doubtful accounts, inventory reserves, marketing program accruals, warranty accruals, accruals for self-insured medical claims, workers’ compensation, legal contingencies, general liability and auto insurance claims, valuation of long-lived assets, and useful lives for depreciation and amortization. Actual results could differ from those estimates. | ||||||||||||
Self-Insurance | ||||||||||||
The Corporation is primarily self-insured for general, auto and product liability, workers’ compensation, and certain employee health benefits. The general, auto, product and workers’ compensation liabilities are managed using a wholly owned insurance captive; the related liabilities are included in the accompanying consolidated financial statements. As of December 28, 2013, these liabilities totaled $28.2 million. The Corporation’s policy is to accrue amounts in accordance with the actuarially determined liabilities. The actuarial valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost inflation and magnitude of change in actual experience development could cause these estimates to change in the future. | ||||||||||||
Foreign Currency Translations | ||||||||||||
Foreign currency financial statements of foreign operations where the local currency is the functional currency are translated using exchange rates in effect at period end for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component of Shareholders’ Equity. Gains and losses on foreign currency transactions are included in the “Selling and administrative expenses” caption of the Consolidated Statements of Income. | ||||||||||||
Reclassifications | ||||||||||||
Certain reclassifications have been made within the footnotes to conform to the current year presentation. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In June 2011, the FASB issued accounting guidance updating the presentation format of comprehensive income. The guidance provided two options for presenting net income and other comprehensive income. The total of comprehensive income, the components of net income and the components of other comprehensive income may be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The Corporation adopted the new guidance beginning January 1, 2012. The guidance did not have a material impact on the Corporation's financial statements. | ||||||||||||
In July 2012, the FASB issued accounting guidance intended to reduce the cost and complexity of the annual impairment test | ||||||||||||
for indefinite-lived intangible assets other than goodwill by providing the option of performing a qualitative assessment to | ||||||||||||
determine whether future impairment testing is necessary. The Corporation adopted the new guidance beginning December 30, 2012, the beginning of the Corporation's 2013 fiscal year. The guidance did not have a material impact on the Corporation's financial statements. | ||||||||||||
In January 2013, the FASB issued accounting guidance clarifying the scope of disclosures about offsetting assets and liabilities. | ||||||||||||
This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those | ||||||||||||
annual periods. The Corporation does not expect the adoption to have a material impact on its fiscal 2014 financial statements. | ||||||||||||
In February 2013, the FASB issued accounting guidance intended to improve the reporting classifications out of accumulated other comprehensive income of various components. This guidance was effective for annual periods, and interim periods within those periods, beginning after December 15, 2012. The Corporation adopted the new guidance beginning December 30, 2012, the beginning of the Corporation's 2013 fiscal year. | ||||||||||||
In July 2013, the FASB issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when | ||||||||||||
a net operating loss carryforward, or similar tax loss, or a tax carryforward exists. The guidance is effective for annual | ||||||||||||
reporting periods beginning on or after December 15, 2013, and interim periods within those annual periods. The Corporation | ||||||||||||
does not expect the adoption to have a material impact on its fiscal 2014 financial statements. |
Restructuring_Related_and_Impa
Restructuring Related and Impairment Charges | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring Related and Impairment Charges | ' | |||||||||||
Restructuring Related and Impairment Charges | ||||||||||||
During 2011, the Corporation made the decision to transition out of its Lithia Springs, Georgia office furniture distribution center and the transition was completed in fourth quarter 2012. The distribution center was operated by a third-party logistics provider. The Corporation added distribution capacity to its Cedartown, Georgia office furniture manufacturing facility and distribution center to make up for the loss of the Lithia Springs distribution center. To make room for the additional distribution capacity, the Corporation consolidated some office furniture manufacturing production from the Cedartown facility into existing office furniture manufacturing facilities in Muscatine, Iowa. In addition, during 2011, the Corporation made the decision to consolidate some office furniture manufacturing production from its Hickory, North Carolina facility into its Wayland, New York facility. In connection with the closure, consolidations and realignment, the Corporation recorded $0.2 million of accelerated depreciation of machinery and equipment recorded in cost of sales and $1.8 million of severance and facility exit costs recorded as restructuring costs in 2011. During 2012, the Corporation recorded current period charges which included $0.3 million of accelerated depreciation of machinery and equipment recorded in cost of sales and $1.5 million of severance and facility exit costs recorded as restructuring costs. These included impairment of leasehold improvements of $0.2 million which was a non-cash transaction. | ||||||||||||
The Corporation made the decision to close certain hearth products retail and distribution locations during the first quarter of 2011. A pre-tax charge of $0.4 million was recorded for severance and facility exit costs. | ||||||||||||
During 2010, the Corporation made the decision to close an office furniture facility in Salisbury, North Carolina and consolidate production into existing office furniture manufacturing facilities. During 2011, the Corporation incurred $0.6 million of current period charges recorded as restructuring costs. | ||||||||||||
During 2010, the Corporation completed the shutdown of an office furniture facility in South Gate, California and consolidated production into existing office furniture manufacturing facilities. During 2011, 2012 and 2013, the Corporation incurred $0.5 million, $0.4 million and $0.3 million of current period charges due to ongoing costs related to a vacant building recorded as restructuring costs, respectively. | ||||||||||||
The following table summarizes the restructuring accrual activity since the beginning of fiscal 2011. | ||||||||||||
Severance | Facility | Total | ||||||||||
(In thousands) | Costs | Termination & | ||||||||||
Other Costs | ||||||||||||
Restructuring reserve at January 1, 2011 | $ | 2,389 | $ | 243 | $ | 2,632 | ||||||
Restructuring charges | 636 | 2,625 | 3,261 | |||||||||
Cash payments | (1,957 | ) | (2,837 | ) | (4,794 | ) | ||||||
Restructuring reserve at December 31, 2011 | $ | 1,068 | $ | 31 | $ | 1,099 | ||||||
Restructuring charges | (316 | ) | 2,107 | 1,791 | ||||||||
Cash payments | (560 | ) | (2,120 | ) | (2,680 | ) | ||||||
Restructuring reserve At December 29, 2012 | $ | 192 | $ | 18 | $ | 210 | ||||||
Restructuring charges | (8 | ) | 341 | 333 | ||||||||
Cash Payments | (135 | ) | (353 | ) | (488 | ) | ||||||
Restructuring reserve At December 28, 2013 | $ | 49 | $ | 6 | $ | 55 | ||||||
Business_Combinations
Business Combinations | 12 Months Ended |
Dec. 28, 2013 | |
Business Combinations [Abstract] | ' |
Business Combinations | ' |
Business Combinations | |
The Corporation completed the acquisition of 97.8% of the capital stock of BP Ergo Limited, a leading manufacturer and marketer of office furniture in India, on August 13, 2012 for a purchase price of approximately $25.5 million and assumption of $4.1 million of short-term bank debt. BP Ergo goes to market through a national network of sales branches and dealers supported by two manufacturing locations. The determination of fair value for the identifiable tangible and intangible assets acquired and liabilities assumed requires use of estimates and judgments. There were approximately $9.8 million of intangibles other than goodwill associated with this acquisition with estimated useful lives of ten years with amortization recorded based on the projected cash flow associated with the respective intangible assets' existing relationship. There was approximately $15.9 million of goodwill associated with this acquisition assigned to the office furniture segment. The goodwill is not deductible for tax purposes. As of December 28, 2013 the Corporation owns 99.3% of the capital stock of BP Ergo. | |
The Corporation completed the acquisition of the pellet stove business of Dansons, Inc. on August 29, 2012 for a purchase price of approximately $1.5 million. There were approximately $1.4 million of intangible assets other than goodwill associated with this acquisition with estimated useful lives of eight years with amortization recorded based on the projected cash flow associated with the respective intangible assets’ existing relationship. | |
The Corporation completed the acquisition of Sagus International, Inc, a privately held designer and manufacturer of educational furniture on November 14, 2011 for a purchase price of approximately $56.1 million in an all cash transaction. Sagus operates primarily in North America. The Corporation finalized the allocation of the purchase price during the first quarter of 2012. There were approximately $14.9 million of intangible assets other than goodwill associated with this acquisition with estimated useful lives ranging from eight to ten years with amortization recorded based on the projected cash flow associated with the respective intangible assets’ existing relationship. There was approximately $11.8 million of goodwill associated with this acquisition assigned to the office furniture segment. The goodwill is deductible for income tax purposes. | |
The results of the acquired businesses have been included in the Consolidated Financial Statements since the date of acquisition and represent 5% of consolidated net sales for 2013 and therefore, no proforma presentation has been provided. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental Cash Flow Information | ||||||||||||
The Corporation had certain non-cash operating and investing activities related to accrued purchases of property and equipment of $3.8 million and capitalized software of $1.1 million at December 28, 2013. In subsequent periods, revision will be made on the Consolidated Statements of Cash Flows that will decrease the operating cash flows related to the change in accounts payable and accrued expenses for the three months ended March 30, 2013, the six months ended June 29, 2013 and nine months ended September 28, 2013 of $1.3 million, $5.7 million and $4.5 million, respectively. For the three months ended March 30, 2013 investing cash flows on the Consolidated Statement of Cash Flows will increase $1.6 million related to capital expenditures of property and equipment and decrease $0.3 million related to expenditures of capitalized software. For the six months ended June 29, 2013 and the nine months ended September 28, 2013 investing cash flows on the Consolidated Statement of Cash Flows will increase $4.4 million and $4.0 million related to capital expenditures for property and equipment, respectively and $1.3 million and $0.5 million related to capital expenditures for capitalized software, respectively. The revisions in the Consolidated Statement of Cash Flows noted above represent errors that are not deemed material, individually or in the aggregate, to the prior period consolidated financial statements. | ||||||||||||
Cash payments for interest and income taxes consisted of the following: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Interest paid (net of capitalized interest) | $ | 9,909 | $ | 10,865 | $ | 11,968 | ||||||
Income taxes paid | $ | 9,576 | $ | 13,404 | $ | 14,099 | ||||||
Inventories
Inventories | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Finished products | $ | 51,991 | $ | 47,042 | $ | 65,136 | ||||||
Materials and work in process | 65,247 | 71,945 | 62,638 | |||||||||
LIFO reserve | (27,722 | ) | (25,472 | ) | (25,901 | ) | ||||||
$ | 89,516 | $ | 93,515 | $ | 101,873 | |||||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||||||
Property, Plant, and Equipment | ' | |||||||||||
Property, Plant, and Equipment | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Land and land improvements | $ | 27,465 | $ | 26,681 | $ | 23,197 | ||||||
Buildings | 284,484 | 268,003 | 264,081 | |||||||||
Machinery and equipment | 470,748 | 465,014 | 468,926 | |||||||||
Construction and equipment installation in progress | 24,209 | 17,871 | 11,911 | |||||||||
806,906 | 777,569 | 768,115 | ||||||||||
Less: accumulated depreciation | 539,505 | 537,079 | 538,388 | |||||||||
$ | 267,401 | $ | 240,490 | $ | 229,727 | |||||||
Total depreciation expense was $36.3 million, $34.1 million and $38.6 million in 2013, 2012 and 2011, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
The Corporation evaluates its goodwill for impairment on an annual basis during the fourth quarter or whenever indicators of impairment exist. The Corporation had nine reporting units within its office furniture and hearth products operating segments, which contained goodwill during the fourth quarter analysis. These reporting units constitute components for which discrete financial information is available and regularly reviewed by segment management. The accounting standards for goodwill permit entities to first assess qualitative factors to determine whether it is more likely than not the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The Corporation utilized this guidance for the annual impairment evaluation for three reporting units during the fourth quarter of 2013 where the fair value was substantially in excess of carrying value in prior year analysis. The Corporation determined that based on relevant qualitative factors that it was more likely than not that the fair values of the reporting units were greater than their carrying amount. Therefore, no further testing was performed on these reporting units. The qualitative factors considered included, but were not limited to, general economic conditions, outlook for the office furniture and hearth product industries and recent and forecasted financial performance of these units. General economic conditions considered included GDP, CEO confidence, small business confidence, corporate profitability, office vacancy rates, commodity prices, housing starts and remodel activity. | ||||||||||||||||||||
The Corporation performed a two-step goodwill impairment test for all other reporting units. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The estimate of fair value of each reporting unit is based on management’s projection of revenues, gross margin, operating costs and cash flows considering historical and estimated future results, general economic and market conditions as well as the impact of planned business and operational strategies. The valuations employ present value techniques to measure fair value and consider market factors. Management believes the assumptions used for the impairment test are consistent with those utilized by a market participant in performing similar valuations of its reporting units. Management bases its fair value estimates on assumptions they believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates. In addition, for reasonableness, the Corporation also computed the fair value of all but one of the reporting units using EBIT multiples of market competitors, noting the fair value as determined by the discounted cash flow analysis was consistent with these estimates. | ||||||||||||||||||||
If the fair value of the reporting unit is less than its carrying value, an additional step is required to determine the implied fair value of goodwill associated with that reporting unit. The implied fair value of goodwill is determined by first allocating the fair value of the reporting unit to all of its assets and liabilities and then computing the excess of the reporting unit’s fair value over the amounts assigned to the assets and liabilities. If the carrying value of goodwill exceeds the implied fair value of goodwill, such excess represents the amount of goodwill impairment and, accordingly, such impairment is recognized. | ||||||||||||||||||||
As a result of the review performed in the fourth quarter of 2013, the Corporation determined the fair value of its nine reporting units all exceeded the respective carrying value and, therefore, no impairment of goodwill was recorded. | ||||||||||||||||||||
Under the income approach, the Corporation assumed a forecasted cash flow period of ten to fifteen years with discount rates ranging from 10 percent to 13 percent, near term growth rates ranging from negative 15.4 percent to positive 17.5 percent and terminal growth rates ranging from 3 percent to 5 percent. | ||||||||||||||||||||
For all reporting units included in the two-step impairment test except two, the estimated fair value is significantly in excess of carrying value. The other two reporting units were recently acquired and therefore have a carrying value that is closer to the current fair value. These two reporting units within the office furniture segment, exceeded their carrying value by approximately 7 percent and 6 percent. These reporting units have goodwill of approximately $12 million and $14 million, respectively. | ||||||||||||||||||||
For the office furniture reporting unit that exceeded its carrying value by approximately 7 percent, the Corporation assumed a discount rate of 10.5 percent, near term growth rates ranging from 0.8 percent to 10.4 percent and a terminal growth rate of 3 percent. The fair value model assumes continued positive economic momentum and transformation of the reporting unit including sales and marketing initiatives, new product development, operational processes and structural costs. Holding other assumptions constant a 100 basis point increase in the discount rate would result in a $7 million decrease in the estimated fair value of the reporting unit and a 100 basis point decrease in the long-term growth rate would result in a $4 million decrease in the estimated fair value of the reporting unit. Both of these scenarios individually would result in the reporting unit failing step 1. | ||||||||||||||||||||
For the office furniture reporting unit that exceeded its carrying value by approximately 6 percent, the Corporation assumed a discount rate of 13 percent, near term growth rates ranging from negative 15.4 percent to positive 17.5 percent and a terminal growth rate of 5 percent. The fair value model assumes positive economic momentum and transformation of the reporting unit including sales and marketing initiatives, new product development, operational processes and structural costs. The Corporation did not use the market approach for this reporting unit due to it being in a developing market so market multiples are not as meaningful as well as the lack of comparable companies. Holding other assumptions constant, a 100 basis point increase in the discount rate would result in a $5 million decrease in the estimated fair value of the reporting unit and a 100 basis point decrease in the long-term growth rate would result in a $2 million decrease in the estimated fair value of the reporting unit. Both of these scenarios individually would result in the reporting unit failing step 1. | ||||||||||||||||||||
Assessing the fair value of goodwill includes, among other things, making key assumptions for estimating future cash flows and appropriate market multiples. These assumptions are subject to a high degree of judgment and complexity. The Corporation makes every effort to estimate future cash flows as accurately as possible with the information available at the time the forecast is developed. However, changes in assumptions and estimates may affect the estimated fair value of the reporting unit, and could result in an impairment charge in future periods. Factors that have the potential to create variances in the estimated fair value of the reporting unit include but are not limited to economic conditions in the U.S. and other countries where the Corporation has a presence, competitor behavior, the mix of product sales, commodity costs, wage rates, the level of manufacturing capacity, the pricing environment and currency exchange fluctuations. In addition, estimates of fair value are impacted by estimates of the market-participant derived weighted average cost of capital. | ||||||||||||||||||||
Additionally, the Corporation compared the aggregate fair value of its reporting units to its overall market capitalization. | ||||||||||||||||||||
The Corporation also owns trade names having a net value of $41 million as of December 28, 2013, $41 million as of December 29, 2012, and $41 million as of December 31, 2011. The trade names are deemed to have an indefinite useful life because they are expected to generate cash flow indefinitely. The Corporation determines the fair value of indefinite-lived trade names on an annual basis during the fourth quarter or whenever indication of impairment exists. The Corporation performed its fiscal 2013 assessment of indefinite lived trade names during the fourth quarter. The estimate of the fair value of the trade names was based on a discounted cash flow model using inputs which included: projected revenues from management’s long-term plan, assumed royalty rates that could be payable if the trade names were not owned and a discount rate. As a result of the review performed in the fourth quarter of 2013, the Corporation determined the fair value of all trade names exceeded the respective carrying value and, therefore no impairment was recorded. | ||||||||||||||||||||
For all trade names except one, the estimated fair value is significantly in excess of carrying value. The one trade name within the office furniture segment, exceeded its carrying value by approximately 5 percent and had a carrying value of $7.6 million. For this trade name the Corporation assumed a discount rate of 12 percent, terminal growth rate of 3 percent and a royalty rate of 2.5 percent. A 100 basis point change in any of these assumptions could trigger an impairment. | ||||||||||||||||||||
The table below summarizes amortizable definite-lived intangible assets, which are reflected in Other Assets in the Corporation’s Consolidated Balance Sheets: | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Patents | $ | 18,905 | $ | 18,905 | $ | 18,905 | ||||||||||||||
Less: accumulated amortization | 18,685 | 18,609 | 18,526 | |||||||||||||||||
Net patents | 220 | 296 | 379 | |||||||||||||||||
Software | 52,778 | 36,126 | 15,525 | |||||||||||||||||
Less: accumulated amortization | 14,380 | 13,839 | 12,014 | |||||||||||||||||
Net software | 38,398 | 22,287 | 3,511 | |||||||||||||||||
Customer lists and other | 110,609 | 113,811 | 102,825 | |||||||||||||||||
Less: accumulated amortization | 54,592 | 49,520 | 42,688 | |||||||||||||||||
Net customer lists and other | 56,017 | 64,291 | 60,137 | |||||||||||||||||
Net intangible assets | $ | 94,635 | $ | 86,874 | $ | 64,027 | ||||||||||||||
Amortization expense for capitalized software for 2013, 2012 and 2011, was $2.9 million, $1.9 million and $1.7 million, respectively. Amortization expense for all other definite-lived intangibles for 2013, 2012 and 2011, was $7.4 million, $7.0 million and $5.9 million, respectively. All amortization expense was recorded in Selling and Administrative Expenses on the Consolidated Statements of Income. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows: | ||||||||||||||||||||
(in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Amortization expense | $ | 9.6 | $ | 11.2 | $ | 10.5 | $ | 9.9 | $ | 9.8 | ||||||||||
The occurrence of events such as acquisitions, dispositions or impairments in the future may result in changes to amounts. | ||||||||||||||||||||
The changes in the carrying amount of goodwill since January 1, 2011, are as follows by reporting segment: | ||||||||||||||||||||
Office | Hearth | Total | ||||||||||||||||||
(In thousands) | Furniture | Products | ||||||||||||||||||
Balance as of January 1, 2011 | ||||||||||||||||||||
Goodwill | $ | 123,948 | $ | 166,188 | $ | 290,136 | ||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
94,589 | 166,045 | 260,634 | ||||||||||||||||||
Goodwill acquired during the year | 10,127 | — | 10,127 | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | — | — | — | |||||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||||||||
Goodwill | 134,075 | 166,188 | 300,263 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
104,716 | 166,045 | 270,761 | ||||||||||||||||||
Goodwill acquired during the year | 15,867 | — | 15,867 | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | 1,720 | — | 1,720 | |||||||||||||||||
Balance as of December 29, 2012 | ||||||||||||||||||||
Goodwill | 151,662 | 166,188 | 317,850 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
122,303 | 166,045 | 288,348 | ||||||||||||||||||
Goodwill acquired during the year | — | — | — | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | — | — | — | |||||||||||||||||
Foreign currency translation adjustment | (1,693 | ) | — | (1,693 | ) | |||||||||||||||
Balance as of December 28, 2013 | ||||||||||||||||||||
Goodwill | 149,969 | 166,188 | 316,157 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
$ | 120,610 | $ | 166,045 | $ | 286,655 | |||||||||||||||
The goodwill increases relate to acquisitions completed. See the Business Combinations note. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Payables and Accruals [Abstract] | ' | |||||||||||
Accounts Payable and Accrued Expenses | ' | |||||||||||
Accounts Payable and Accrued Expenses | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Trade accounts payable | $ | 199,889 | $ | 189,391 | $ | 159,292 | ||||||
Compensation | 40,072 | 36,671 | 36,067 | |||||||||
Profit sharing and retirement expense | 23,686 | 20,821 | 19,284 | |||||||||
Marketing expenses | 37,292 | 32,979 | 30,653 | |||||||||
Freight | 15,682 | 12,826 | 13,816 | |||||||||
Other accrued expenses | 91,178 | 91,556 | 92,538 | |||||||||
$ | 407,799 | $ | 384,244 | $ | 351,650 | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Long-Term Debt | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Note payable to bank, revolving credit facility with interest at a variable rate (2011-1.80%) | $ | — | $ | — | $ | 30,000 | ||||||
Senior notes due in 2016 with interest at a fixed rate of 5.54% per annum. | 150,000 | 150,000 | 150,000 | |||||||||
Other notes and amounts | 455 | 4,586 | 437 | |||||||||
Total debt | 150,455 | 154,586 | 180,437 | |||||||||
Less: current portion | 364 | 4,440 | 30,237 | |||||||||
Long-term debt | $ | 150,091 | $ | 150,146 | $ | 150,200 | ||||||
Aggregate maturities of long-term debt are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 364 | ||||||||||
2015 | 55 | |||||||||||
2016 | 150,036 | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
Thereafter | $ | — | ||||||||||
On September 28, 2011, the Corporation, certain subsidiaries of the Corporation, certain lenders and Wells Fargo Bank, National Association, as administrative agent, entered into an Amended and Restated Credit Agreement (the "Credit Agreement"). The Credit Agreement amended and restated the Corporation's existing revolving credit facility dated June 11, 2010. | ||||||||||||
The Corporation increased its borrowing capacity under the Credit Agreement from $150 million to $250 million and has the option to increase its borrowing capacity by an additional $100 million. The Corporation also extended the term of the Existing | ||||||||||||
Facility under the Credit Agreement from June 11, 2014, to the earlier of (i) September 28, 2016 or (ii) the date 90 days prior to the maturity date of the Corporation's senior notes (April 6, 2016), subject to certain exceptions. | ||||||||||||
The Corporation effectively decreased (i) interest payable under the Credit Agreement by reducing the percentage spread applicable | ||||||||||||
to both alternate base rate and traditional LIBOR revolving loans and (ii) the quarterly commitment fee payable by decreasing the | ||||||||||||
rate range depending on the Corporation's consolidated leverage ratio. | ||||||||||||
Amounts borrowed under the Credit Agreement may be borrowed, repaid and reborrowed from time to time. The Corporation paid approximately $1.2 million of debt issuance costs that are being amortized straight-line over the term of the Credit Agreement. As of December 28, 2013, there was no amount outstanding under the revolving credit facility. | ||||||||||||
On April 6, 2006, the Corporation refinanced $150 million of borrowings outstanding under a revolving credit facility with 5.54% percent ten-year unsecured Senior Notes due in 2016 issued through the private placement debt market. Interest payments are due semi-annually on April 1 and October 1 of each year and the principal is due in a lump sum in 2016. | ||||||||||||
Certain of the above borrowing arrangements include covenants which limit the assumption of additional debt and lease obligations. The Corporation has been, and currently is, in compliance with the covenants related to these debt agreements. The fair value of the Corporation’s outstanding variable rate long-term debt obligations at year-end 2013 approximates the carrying value. The fair value of the Corporation’s outstanding fixed rate long-term debt obligations is estimated based on discounted cash flow method (Level 2) to be $159 million at December 28, 2013, slightly above the carrying value of $150 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Significant components of the provision for income taxes including those related to noncontrolling interest and discontinued operations are as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 12,077 | $ | 19,132 | $ | 8,931 | ||||||
State | 1,036 | 2,460 | 1,929 | |||||||||
Foreign | 2,153 | 1,175 | 1,719 | |||||||||
Current provision | 15,266 | 22,767 | 12,579 | |||||||||
Deferred: | ||||||||||||
Federal | 16,614 | 6,692 | 10,829 | |||||||||
State | 2,558 | 603 | 1,307 | |||||||||
Foreign | (1,100 | ) | (784 | ) | (304 | ) | ||||||
Deferred provision | 18,072 | 6,511 | 11,832 | |||||||||
$ | 33,338 | $ | 29,278 | $ | 24,411 | |||||||
The differences between the actual tax expense and tax expense computed at the statutory U.S. Federal tax rate are explained as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory tax expense | $ | 33,957 | $ | 27,386 | $ | 24,639 | ||||||
State taxes, net of federal tax effect | 2,469 | 2,164 | 2,096 | |||||||||
Credit for increasing research activities | (1,338 | ) | — | (942 | ) | |||||||
Deduction related to domestic production activities | (1,396 | ) | (1,192 | ) | (1,005 | ) | ||||||
Foreign income tax differential | (26 | ) | (899 | ) | (629 | ) | ||||||
Executive compensation limitation | 320 | 1,672 | 40 | |||||||||
Valuation allowance | — | — | 2 | |||||||||
Uncertain tax positions | 773 | 611 | 654 | |||||||||
Other tax credits | (256 | ) | — | (203 | ) | |||||||
Other – net | (1,165 | ) | (464 | ) | (241 | ) | ||||||
Total income tax expense | $ | 33,338 | $ | 29,278 | $ | 24,411 | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | ||||||||||||
Significant components of the Corporation’s deferred tax liabilities and assets are as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net long-term deferred tax liabilities: | ||||||||||||
Compensation | 5,304 | 5,399 | 4,367 | |||||||||
Stock-based compensation | 8,911 | 7,069 | 5,582 | |||||||||
Accrued post-retirement benefit obligations | 5,972 | 5,918 | 5,749 | |||||||||
OCI tax effected items | 1,230 | 2,585 | 2,159 | |||||||||
Warranty Accrual | 2,723 | 2,565 | 2,536 | |||||||||
Other – net | 2,349 | 3,362 | 3,501 | |||||||||
Total long-term deferred tax assets | 26,489 | 26,898 | 23,894 | |||||||||
Goodwill | (74,436 | ) | (66,127 | ) | (56,878 | ) | ||||||
Tax over book depreciation | $ | (20,081 | ) | $ | (12,720 | ) | $ | (6,300 | ) | |||
Total long-term deferred tax liabilities | (94,517 | ) | (78,847 | ) | (63,178 | ) | ||||||
Valuation allowance | (936 | ) | (919 | ) | (950 | ) | ||||||
Total net long-term deferred tax liabilities | (68,964 | ) | (52,868 | ) | (40,234 | ) | ||||||
Net current deferred tax assets: | ||||||||||||
Allowance for doubtful accounts | 1,859 | 1,233 | 1,691 | |||||||||
Vacation accrual | 3,706 | 3,920 | 3,078 | |||||||||
Inventory differences | 3,695 | 3,660 | 3,676 | |||||||||
Marketing accrual | 1,317 | 1,348 | 1,323 | |||||||||
Warranty accrual | 2,412 | 2,022 | 2,212 | |||||||||
Compensation | 7,821 | 5,609 | 5,532 | |||||||||
Other – net | 7,371 | 7,042 | 4,300 | |||||||||
Total current deferred tax assets | 28,181 | 24,834 | 21,812 | |||||||||
Deferred income | (4,148 | ) | (3,949 | ) | (3,933 | ) | ||||||
Prepaids | (7,339 | ) | (812 | ) | (952 | ) | ||||||
Total current deferred tax liabilities | (11,487 | ) | (4,761 | ) | (4,885 | ) | ||||||
Valuation allowance | (643 | ) | (661 | ) | (666 | ) | ||||||
Total net current deferred tax assets | 16,051 | 19,412 | 16,261 | |||||||||
Net deferred tax (liabilities) assets | $ | (52,913 | ) | $ | (33,456 | ) | $ | (23,973 | ) | |||
At December 28, 2013, the Corporation has approximately $22.2 million of U.S. state tax net operating losses and $3.3 million of U.S. state tax credits which expire over the next twenty years. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefits, beginning of period | $ | 2,927 | $ | 3,098 | $ | 3,193 | ||||||
Increases (decreases) in positions taken in a prior period | 156 | 14 | 492 | |||||||||
Decreases in positions taken in a prior period | (135 | ) | (8 | ) | (16 | ) | ||||||
Increases in positions taken in a current period | 791 | 626 | 670 | |||||||||
Decrease due to settlements | — | — | — | |||||||||
Decrease due to lapse of statute of limitations | (930 | ) | (803 | ) | (1,241 | ) | ||||||
Unrecognized tax benefits, end of period | $ | 2,809 | $ | 2,927 | $ | 3,098 | ||||||
The amount of unrecognized tax benefits which would impact the Corporation’s effective tax rate, if recognized, was $2.7 million at December 28, 2013, $2.9 million at December 29, 2012 and $3.0 million at December 31, 2011. | ||||||||||||
The Corporation recognized interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses consistent with the recognition of these items in prior reporting. Interest and penalties recognized in the Consolidated Statements of Income amounted to a benefit of $51,964. The Corporation had recorded a liability for interest and penalties related to unrecognized tax benefits of $0.2 million, $0.3 million and $0.3 million as of December 28, 2013, December 29, 2012, and December 31, 2011, respectively. | ||||||||||||
Tax years 2010 through 2013 remain open for examination by the Internal Revenue Service ("IRS"). The Corporation is currently under examination in various state jurisdictions, of which years 2008 through 2013 remain open to examination. | ||||||||||||
As of December 28, 2013, it is reasonably possible the amount of unrecognized tax benefits may increase or decrease within the twelve months following the reporting date. These increases or decreases in the unrecognized tax benefits would be due to new positions that may be taken on income tax returns, settlement of tax positions and the closing of statutes of limitation. It is not expected any of the changes will be material individually or in total to the results or financial position of the Corporation. | ||||||||||||
Deferred income taxes are provided to reflect differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Corporation provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings it considers to be permanently reinvested. There were approximately $26.2 million of accumulated earnings considered permanently reinvested in Canada, China, Hong Kong and India as of December 28, 2013. The Corporation believes the U.S tax cost on unremitted foreign earnings would be approximately $7.9 million if the amounts were not considered permanently reinvested. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The Corporation uses derivative financial instruments to reduce its exposure to adverse fluctuations in interest rates and diesel fuel. On the date a derivative is entered into, the Corporation designates the derivative as (i) a fair value hedge, (ii) a cash flow hedge, (iii) a hedge of a net investment in a foreign operation, or (iv) a risk management instrument not designated for hedge accounting. The Corporation recognizes all derivatives on its Consolidated Balance Sheets at fair value. | |||||||||||||||||
Interest Rate Risk | |||||||||||||||||
In June 2008, the Corporation entered into an interest rate swap agreement, designated as a cash flow hedge, for purposes of managing its benchmark interest rate fluctuation risk. Under the interest rate swap agreement, the Corporation pays a fixed rate of interest and receives a variable rate of interest equal to the one-month LIBOR as determined on the last day of each monthly settlement period on an aggregated notional principal amount of $50 million. The net amount paid or received upon monthly settlements is recorded as an adjustment to interest expense, while the effective change in fair value is recorded as a component of accumulated other comprehensive income in the equity section of the Corporation's Consolidated Balance Sheets. The interest rate swap agreement matured on May 27, 2011. | |||||||||||||||||
Diesel Fuel Risk | |||||||||||||||||
The Corporation uses independent freight carriers to deliver its products. These carriers charge the Corporation a basic rate per mile that is subject to a mileage surcharge for diesel fuel price increases. The Corporation entered into variable to fixed rate commodity swap agreements beginning in April 2010 with two financial counterparties to manage fluctuations in fuel costs. The Corporation will hedge approximately 50% of its diesel fuel requirements for the next twelve months. The Corporation uses the hedge agreements to mitigate the volatility of diesel fuel prices and related fuel surcharges, and not to speculate on the future price of diesel fuel. The hedge agreements are designed to add stability to the Corporation's costs, enabling the Corporation to make pricing decisions and lessen the economic impact of abrupt changes in diesel fuel prices over the term of the contract. The hedging instruments consist of a series of financially settled fixed forward contracts with expiration dates ranging up to twelve months. The contracts have been designated as cash flow hedges of future diesel purchases, and as such, the net amount paid or received upon monthly settlements is recorded as an adjustment to freight expense, while the effective change in fair value is recorded as a component of accumulated other comprehensive income in the equity section of the Corporation's Consolidated Balance Sheets. | |||||||||||||||||
As of December 28, 2013, $0.1 million of deferred net gains, net of tax, included in equity ("Accumulated other comprehensive income (loss)" in the Corporation's Consolidated Balance Sheets) related to the diesel hedge agreements, are expected to be reclassified to current earnings ("Selling and administrative expense" in the Corporation's Consolidated Statements of Income) over the next twelve months. | |||||||||||||||||
The location and fair value of derivative instruments reported in the Corporation's Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||||
Asset (Liability) Fair Value | |||||||||||||||||
Balance Sheet Location | 2013 | 2012 | 2011 | ||||||||||||||
Diesel fuel swap | Prepaid expenses and other current assets | 176 | 123 | 165 | |||||||||||||
Diesel fuel swap | Accounts payable and accrued expenses | — | (242 | ) | (256 | ) | |||||||||||
$ | 176 | $ | (119 | ) | $ | (91 | ) | ||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 28, 2013 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Diesel fuel swap | 538 | Selling and administrative expense | 243 | Selling and administrative expense | (2 | ) | |||||||||||
Total | $ | 538 | $ | 243 | $ | (2 | ) | ||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 29, 2012 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Diesel fuel swap | 213 | Selling and administrative expense | 243 | Selling and administrative expense | — | ||||||||||||
Total | $ | 213 | $ | 243 | $ | — | |||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 31, 2011 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swap | $ | 10 | Interest expense | $ | (898 | ) | None | $ | — | ||||||||
Diesel fuel swap | 747 | Selling and administrative expense | 1,112 | Selling and administrative expense | — | ||||||||||||
Total | $ | 757 | $ | 214 | $ | — | |||||||||||
Fair_Value_Measurements_of_Fin
Fair Value Measurements of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements of Financial Instruments | ' | |||||||||||||||
Fair Value Measurements of Financial Instruments | ||||||||||||||||
For recognition purposes, on a recurring basis, the Corporation is required to measure at fair value its marketable securities and its investment in target funds. The marketable securities were comprised of investments in government securities, corporate bonds and money market funds. The target funds are reported as both current and noncurrent assets based on the portion anticipated to be used for current operations. When available, the Corporation uses quoted market prices to determine fair value and classifies such measurements within Level 1. In some cases where market prices are not available, the Corporation makes use of observable market based inputs (prices or quotes from published exchanges/indexes) to calculate fair value using the market approach, in which case the measurements are classified within Level 2. | ||||||||||||||||
Assets measured at fair value for the year ended December 28, 2013 were as follows: | ||||||||||||||||
(in thousands) | Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Government securities | $ | 11,254 | $ | — | $ | 11,254 | $ | — | ||||||||
Corporate bonds | $ | 4,859 | $ | — | $ | 4,859 | $ | — | ||||||||
Derivative financial instrument | $ | 176 | $ | — | $ | 176 | $ | — | ||||||||
Assets measured at fair value for the year ended December 29, 2012 were as follows: | ||||||||||||||||
(in thousands) | Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Government securities | $ | 15,295 | $ | — | $ | 15,295 | $ | — | ||||||||
Corporate bonds | $ | 5,061 | $ | — | $ | 5,061 | $ | — | ||||||||
Derivative financial instrument | $ | (119 | ) | $ | — | $ | (119 | ) | $ | — | ||||||
Assets measured at fair value for the Corporation’s fiscal year ended December 31, 2011 were as follows: | ||||||||||||||||
Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in thousands) | ||||||||||||||||
Government securities | $ | 15,863 | $ | — | $ | 15,863 | $ | — | ||||||||
Corporate bonds | $ | 3,751 | $ | — | $ | 3,751 | $ | — | ||||||||
Derivative financial instrument | $ | (91 | ) | $ | — | $ | (91 | ) | $ | — | ||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common Stock, $1 Par Value | ||||||||||||||||||||
Authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Issued and outstanding | 44,981,865 | 44,950,703 | 44,855,207 | |||||||||||||||||
Preferred Stock, $1 Par Value | ||||||||||||||||||||
Authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||
Issued and outstanding | — | — | — | |||||||||||||||||
The Corporation purchased 740,000; 800,000; and 323,965 shares of its common stock during 2013, 2012 and 2011, respectively. The par value method of accounting is used for common stock repurchases. | ||||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income loss: | ||||||||||||||||||||
(in thousands) | Foreign Currency | Unrealized Gains | Pension Postretirement | Derivative Financial | Accumulated Other | |||||||||||||||
Translation Adjustment | Losses) on Marketable | Liability | Instruments | Comprehensive Loss | ||||||||||||||||
Securities | ||||||||||||||||||||
Balance at January 1, 2011 | $ | 4,415 | $ | (48 | ) | $ | (2,313 | ) | $ | (395 | ) | $ | 1,659 | |||||||
Change during year | 796 | 294 | (2,035 | ) | 543 | (402 | ) | |||||||||||||
Less: Taxes | — | 103 | (765 | ) | 204 | (458 | ) | |||||||||||||
Balance at December 31, 2011 | 5,211 | 143 | (3,583 | ) | (56 | ) | 1,715 | |||||||||||||
Change during year | 264 | 95 | (1,132 | ) | (30 | ) | (803 | ) | ||||||||||||
Less: Taxes | — | 33 | (424 | ) | (10 | ) | (401 | ) | ||||||||||||
Balance at December 29, 2012 | 5,475 | 205 | (4,291 | ) | (76 | ) | 1,313 | |||||||||||||
Other comprehensive income before reclassifications | (2,562 | ) | (191 | ) | 3,389 | 538 | 1,174 | |||||||||||||
Less: Taxes | — | (67 | ) | 1,312 | 197 | 1,442 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | — | — | 74 | (154 | ) | (80 | ) | |||||||||||||
Balance at December 28, 2013 | $ | 2,913 | $ | 81 | $ | (2,140 | ) | $ | 111 | $ | 965 | |||||||||
The following table details the reclassifications from accumulated other comprehensive income (loss) for the year ended December 28, 2013 (in thousands): | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||
Pension postretirement liability | ||||||||||||||||||||
Transition obligation | $ | (117 | ) | Selling and administrative expenses | ||||||||||||||||
43 | Tax (expense) or benefit | |||||||||||||||||||
$ | (74 | ) | Net of tax | |||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||
Diesel hedge | $ | 243 | Selling and administrative expenses | |||||||||||||||||
(89 | ) | Tax (expense) or benefit | ||||||||||||||||||
$ | 154 | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | 80 | Net of tax | |||||||||||||||||
In May 2007, the Corporation registered 300,000 shares of its common stock under its 2007 Equity Plan for Non-Employee Directors of HNI Corporation, as amended (the “Director Plan”). The Director Plan permits the Corporation to issue to its non-employee directors options to purchase shares of Corporation common stock, restricted stock or restricted stock units of the Corporation and awards of Corporation common stock. The Director Plan also permits non-employee directors to elect to receive all or a portion of their annual retainers and other compensation in the form of shares of Corporation common stock. During 2013, 2012, and 2011, 26,520; 42,620; and 32,487 shares, respectively, of Corporation common stock were issued under the Director Plan. | ||||||||||||||||||||
Cash dividends declared and paid per share for each year are: | ||||||||||||||||||||
(In dollars) | 2013 | 2012 | 2011 | |||||||||||||||||
Common shares | 0.96 | 0.95 | 0.92 | |||||||||||||||||
During 2007, shareholders approved the 2002 Members’ Stock Purchase Plan (the "Purchase Plan"), as amended January 1, 2007. Under the plan, 800,000 shares of common stock were initially registered for issuance to participating members. On June 12, 2009, an additional 1,000,000 shares of common stock were registered for issuance to participating members. Beginning on June 30, 2002, rights to purchase stock are granted on a quarterly basis to all participating members who customarily work 20 hours or more per week and for five months or more in any calendar year. The price of the stock purchased under the Purchase Plan is 85% of the closing price on the exercise date. No member may purchase stock under the Purchase Plan in an amount which exceeds a maximum fair value of $25,000 in any calendar year. During 2013, 86,291 shares of common stock were issued under the Purchase Plan at an average price of $25.63. During 2012, 106,592 shares of common stock were issued under the plan at an average price of $18.86. During 2011, 104,379 shares of common stock were issued under the Purchase Plan at an average price of $17.39. An additional 531,207 shares were available for issuance under the Purchase Plan at December 28, 2013. | ||||||||||||||||||||
The Corporation has entered into change in control employment agreements with certain officers. According to the agreements, a change in control occurs when a third person or entity becomes the beneficial owner of 20% or more of the Corporation’s common stock, when more than one-third of the Board is composed of persons not recommended by at least three-fourths of the incumbent Board, upon certain business combinations involving the Corporation or, upon approval by the Corporation’s shareholders of a complete liquidation or dissolution. Upon a change in control, a key member is deemed to have a two-year employment agreement with the Corporation, and all of his or her benefits vest under the Corporation’s compensation plans. If, at any time within two years of the change in control, his or her employment is terminated by the Corporation for any reason other than cause or disability, or by the key member for good reason, as such terms are defined in the agreement, then the key member is entitled to receive, among other benefits, a severance payment equal to two times (three times for the Corporation’s Chairman, President and CEO) annual salary and the average of the prior two years’ bonuses. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Under the Corporation’s 2007 Stock-Based Compensation Plan (the “Plan”), effective May 8, 2007, as amended, the Corporation may award options to purchase shares of the Corporation’s common stock and grant other stock awards to executives, managers and key personnel. Upon shareholder approval of the Plan in May 2007, no future awards were granted under the Corporation’s 1995 Stock-Based Compensation Plan, but all outstanding awards previously granted under that plan shall remain outstanding in accordance with their terms. As of December 28, 2013, there were approximately 4.6 million shares available for future issuance under the Plan. The Plan is administered by the Human Resources and Compensation Committee of the Board. Restricted stock units awarded under the Plan are expensed ratably over the vesting period of the awards. Stock options awarded to members under the Plan must be at exercise prices equal to or exceeding the fair market value of the Corporation’s common stock on the date of grant. Stock options are generally subject to four-year cliff vesting and must be exercised within 10 years from the date of grant. | |||||||||||||
As discussed above, the Corporation also has the shareholder approved Purchase Plan. The price of the stock purchased under the Purchase Plan is 85% of the closing price on the applicable purchase date. During 2013, 86,291 shares of the Corporation’s common stock were issued under the Purchase Plan at an average price of $25.63. | |||||||||||||
The Corporation measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes cost over the requisite service period. | |||||||||||||
Compensation cost charged against operations for the Plan and Purchase Plan described above was $7.5 million, $6.4 million and $7.2 million for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $2.6 million, $2.3 million and $2.5 million for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||||
The stock compensation expense for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions by grant year: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||||||||||
Expected term | 5 years | 6 years | 6 years | ||||||||||
Expected volatility: | |||||||||||||
Range used | 50.39 | % | 48.25%-48.34% | 45.22 | % | ||||||||
Weighted-average | 50.39 | % | 48.25 | % | 45.22 | % | |||||||
Expected dividend yield: | |||||||||||||
Range used | 3.02 | % | 2.90%-3.61% | 2.88%-3.42% | |||||||||
Weighted-average | 3.02 | % | 3.6 | % | 2.9 | % | |||||||
Risk-free interest rate: | |||||||||||||
Range used | 0.93 | % | 0.90%-1.17% | 1.99%-3.70% | |||||||||
Expected volatilities are based on historical volatility as the Corporation does not feel that future volatility over the expected term of the options is likely to differ from the past. The Corporation used a simple-average calculation method based on monthly frequency points for the prior seven years. The Corporation normally uses the current dividend yield as there are no plans to substantially increase or decrease its dividends. The Corporation uses historical exercise experience to determine the expected term. The risk-free interest rate was selected based on yields from U.S. Treasury zero-coupon issues with a remaining term equal to the expected term of the options being valued. | |||||||||||||
The following table summarizes the changes in outstanding stock options since the beginning of fiscal 2011. | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at January 1, 2011 | 2,564,799 | $ | 27.65 | ||||||||||
Granted | 499,735 | 31.82 | |||||||||||
Exercised | (34,000 | ) | 26.45 | ||||||||||
Forfeited or Expired | (33,783 | ) | 30.84 | ||||||||||
Outstanding at December 31, 2011 | 2,996,751 | $ | 28.33 | ||||||||||
Granted | 727,381 | 25.51 | |||||||||||
Exercised | (149,000 | ) | 25.8 | ||||||||||
Forfeited or Expired | (118,618 | ) | 24.99 | ||||||||||
Outstanding at December 29, 2012 | 3,456,514 | $ | 27.96 | ||||||||||
Granted | 611,599 | 31.79 | |||||||||||
Exercised | (394,476 | ) | 14.86 | ||||||||||
Forfeited or Expired | (43,070 | ) | 35.05 | ||||||||||
Outstanding at December 28, 2013 | 3,630,567 | $ | 29.94 | ||||||||||
A summary of the Corporation’s nonvested shares as of December 28, 2013 and changes during the year are presented below: | |||||||||||||
Weighted-Average | |||||||||||||
Shares | Grant-Date | ||||||||||||
Nonvested Shares | Fair Value | ||||||||||||
Nonvested at December 29, 2012 | 2,372,450 | $ | 7.75 | ||||||||||
Granted | 611,599 | 10.85 | |||||||||||
Vested | (445,398 | ) | 7.47 | ||||||||||
Forfeited | (23,053 | ) | 10.52 | ||||||||||
Nonvested at December 28, 2013 | 2,515,598 | $ | 8.53 | ||||||||||
At December 28, 2013, there was $7.5 million of unrecognized compensation cost related to nonvested stock option awards, which the Corporation expects to recognize over a weighted-average period of 1.1 years. Information about stock options vested or expected to vest and are exercisable at December 28, 2013, is as follows: | |||||||||||||
Weighted-Average | Aggregate | ||||||||||||
Weighted-Average | Remaining Life in | Intrinsic | |||||||||||
Number | Exercise Price | Years | Value | ||||||||||
Options | ($000s) | ||||||||||||
Vested or expected to vest | 3,536,230 | $ | 29.94 | 6.1 | $ | 33,382 | |||||||
Exercisable | 1,114,969 | $ | 34.85 | 2.8 | 5,051 | ||||||||
The weighted-average grant-date fair value of options granted was $10.85, $8.32 and $11.58, for 2013, 2012 and 2011, respectively. Other information for the last three years is as follows: | |||||||||||||
(In thousands) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Total fair value of shares vested | $ | 1,127 | $ | 3,005 | $ | 2,150 | |||||||
Total intrinsic value of options exercised | 6,445 | 388 | 178 | ||||||||||
Cash received from exercise of stock options | 5,862 | 3,845 | 232 | ||||||||||
Tax benefit realized from exercise of stock options | 2,291 | 138 | 63 | ||||||||||
In 2012, 2011, 2010 and 2009, the Corporation issued restricted stock units (“RSUs”) to executives, managers and key personnel. The RSUs vest at the end of three years after the grant date. No dividends are accrued on the RSUs. The share-based compensation expense associated with the RSUs is based on the quoted market price of HNI Corporation shares on the date of grant less the discounted present value of dividends not received on the shares and is amortized using the straight-line method from the grant date through the earlier of the vesting date or the estimated retirement eligibility date. | |||||||||||||
The following table summarizes the changes in outstanding RSUs since the beginning of fiscal 2011: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Outstanding at January 1, 2011 | 802,797 | $ | 10.37 | ||||||||||
Granted | 14,000 | 24.37 | |||||||||||
Vested | (16,048 | ) | 7.84 | ||||||||||
Forfeited | (13,944 | ) | 13.94 | ||||||||||
Outstanding at December 31, 2011 | 786,805 | $ | 10.61 | ||||||||||
Granted | 10,526 | 21.19 | |||||||||||
Vested | (631,759 | ) | 7.87 | ||||||||||
Forfeited | (8,352 | ) | 22.02 | ||||||||||
Outstanding at December 29, 2012 | 157,220 | $ | 21.71 | ||||||||||
Granted | — | — | |||||||||||
Vested | (132,693 | ) | 21.47 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at December 28, 2013 | 24,527 | $ | 23.01 | ||||||||||
At December 28, 2013, there was $0.2 million of unrecognized compensation cost related to RSUs which the Corporation expects to recognize over a weighted-average period of 0.7 year. The total value of shares vested in 2013, 2012 and 2011 was $2.8 million, $5.0 million and $0.1 million, respectively. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended |
Dec. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Benefits | ' |
Retirement Benefits | |
The Corporation has defined contribution profit-sharing plans covering substantially all employees who are not participants in certain defined benefit plans. The Corporation’s annual contribution to the defined contribution plans is based on employee eligible earnings and results of operations and amounted to $23.3 million, $20.8 million, and $19.6 million, in 2013, 2012, and 2011, respectively. A portion of the annual contribution is in the form of common stock of the Corporation. The amount of the stock contribution was $6.1 million, $5.4 million, and $4.9 million in 2013, 2012, and 2011, respectively. | |
The Corporation sponsors a defined benefit plan which covers a limited number of former salaried and hourly members. The Corporation’s funding policy is generally to contribute annually the minimum actuarially computed amount. Net pension costs relating to these plans were $185,000, $281,000 and $196,000, in 2013, 2012 and 2011, respectively. The actuarial present value of obligations, less related plan assets at fair value, is not significant. |
Postretirement_Health_Care
Postretirement Health Care | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Postretirement Health Care | ' | |||||||||||
Postretirement Health Care | ||||||||||||
Guidance on employers’ accounting for other postretirement plans requires recognition of the overfunded or underfunded status on the balance sheet. Under this guidance, gains and losses, prior services costs and credits and any remaining transition amounts under previous guidance not yet recognized through net periodic benefit cost are recognized in accumulated other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. Also, the measurement date – the date at which the benefit obligation and plan assets are measured – is required to be the Corporation’s fiscal year-end. | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 18,547 | $ | 16,872 | $ | 15,411 | ||||||
Service cost | 525 | 450 | 364 | |||||||||
Interest cost | 668 | 721 | 804 | |||||||||
Benefits paid | (1,263 | ) | (1,131 | ) | (909 | ) | ||||||
Actuarial (gain)/loss | (2,029 | ) | 1,635 | 1,202 | ||||||||
Benefit obligation at end of year | $ | 16,448 | $ | 18,547 | $ | 16,872 | ||||||
Change in plan assets | ||||||||||||
Fair value at beginning of year | $ | — | $ | — | $ | — | ||||||
Actual return on assets | — | — | — | |||||||||
Employer contribution | 1,263 | 1,131 | 909 | |||||||||
Transferred out | — | — | — | |||||||||
Benefits paid | (1,263 | ) | (1,131 | ) | (909 | ) | ||||||
Fair value at end of year | $ | — | $ | — | $ | — | ||||||
Funded Status of Plan | $ | (16,448 | ) | $ | (18,547 | ) | $ | (16,872 | ) | |||
Amounts recognized in the Statement of Financial Position consist of: | ||||||||||||
Current liabilities | $ | 924 | $ | 994 | $ | 988 | ||||||
Noncurrent liabilities | $ | 15,524 | $ | 17,554 | $ | 15,884 | ||||||
Amounts recognized in Accumulated Other Comprehensive Income (before tax) consist of: | ||||||||||||
Actuarial (gain)/loss | $ | (900 | ) | $ | 1,129 | $ | (506 | ) | ||||
Transition (asset)/obligation | — | 117 | 624 | |||||||||
Prior service cost | — | — | — | |||||||||
$ | (900 | ) | $ | 1,246 | $ | 118 | ||||||
Change in Accumulated Other Comprehensive Income (before tax): | ||||||||||||
Amount disclosed at beginning of year | $ | 1,246 | $ | 118 | $ | (593 | ) | |||||
Actuarial (gain)/loss | (2,029 | ) | 1,635 | 1,202 | ||||||||
Amortization of actuarial gain or loss | — | — | 17 | |||||||||
Amortization of transition amount | (117 | ) | (507 | ) | (508 | ) | ||||||
Amortization of prior service cost | — | — | — | |||||||||
Amount disclosed at end of year | $ | (900 | ) | $ | 1,246 | $ | 118 | |||||
Estimated Future Benefit Payments (In thousands) | ||||||||||||
Fiscal 2014 | 924 | |||||||||||
Fiscal 2015 | 928 | |||||||||||
Fiscal 2016 | 943 | |||||||||||
Fiscal 2017 | 971 | |||||||||||
Fiscal 2018 | 995 | |||||||||||
Fiscal 2019 – 2023 | 5,773 | |||||||||||
Expected Contributions During Fiscal 2014 | ||||||||||||
Total | $ | 924 | ||||||||||
The discount rates at fiscal year-end 2013, 2012 and 2011, were 4.6%, 3.7% and 4.4%, respectively. The Corporation payment for these benefits has reached the maximum amounts per the plan; therefore, healthcare trend rates have no impact on the Corporation’s cost. There were no funds designated as plan assets. | ||||||||||||
Components of Net Periodic Postretirement Benefit Cost (in thousands) | 2014 | |||||||||||
Service cost | $ | 504 | ||||||||||
Interest cost | 735 | |||||||||||
Amortization of net (gain)/loss | — | |||||||||||
Amortization of unrecognized transition (asset)/obligation | — | |||||||||||
Net periodic postretirement benefit cost/(income) | $ | 1,239 | ||||||||||
A discount rate of 4.6% was used to determine net periodic benefit cost for 2014. The discount rate is set at the measurement date to reflect the yield of a portfolio of high quality, fixed income debt instruments. There are no plan assets invested. |
Leases
Leases | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases | ' | |||||||||||
Leases | ||||||||||||
The Corporation leases certain warehouse and plant facilities and equipment. Commitments for minimum rentals under non-cancelable leases at the end of 2013 are as follows: | ||||||||||||
(In thousands) | Capitalized | Operating | ||||||||||
Leases | Leases | |||||||||||
2014 | $ | 129 | $ | 28,754 | ||||||||
2015 | 108 | 24,457 | ||||||||||
2016 | — | 20,394 | ||||||||||
2017 | — | 8,725 | ||||||||||
2018 | — | 5,662 | ||||||||||
Thereafter | — | 14,067 | ||||||||||
Total minimum lease payments | 237 | $ | 102,059 | |||||||||
Less: amount representing interest | 11 | |||||||||||
Present value of net minimum lease payments, including current maturities of $ | $ | 226 | ||||||||||
Property, plant and equipment at year-end include the following amounts for capitalized leases: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Office equipment | $ | 570 | $ | 570 | $ | 570 | ||||||
Less: allowances for depreciation | 346 | 232 | 118 | |||||||||
$ | 224 | $ | 338 | $ | 452 | |||||||
Rent expense for the years 2013, 2012 and 2011, amounted to approximately $41.5 million, $37.6 million and $29.1 million, respectively. There was no contingent rent expense under either capitalized and operating leases (generally based on mileage of transportation equipment) for the years 2013, 2012, and 2011. |
Guarantees_Commitments_and_Con
Guarantees, Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Guarantees, Commitments and Contingencies | ' |
Guarantees, Commitments and Contingencies | |
The Corporation utilizes letters of credit in the amount of $11 million to back certain financing instruments, insurance policies and payment obligations. The letters of credit reflect fair value as a condition of their underlying purpose and are subject to fees competitively determined. | |
The Corporation is involved in various kinds of disputes and legal proceedings that have arisen in the course of its business, including pending litigation, environmental remediation, taxes and other claims. It is the Corporation’s opinion, after consultation with legal counsel, that additional liabilities, if any, resulting from these matters are not expected to have a material adverse effect on the Corporation’s quarterly or annual operating results and cash flows when resolved in a future period. |
Reportable_Segment_Information
Reportable Segment Information | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Reportable Segment Information | ' | |||||||||||
Reportable Segment Information | ||||||||||||
Management views the Corporation as being in two reportable segments based on industries: office furniture and hearth products, with the former being the principal segment. The aggregated office furniture segment manufactures and markets a broad line of metal and wood commercial and home office furniture which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems and other related products. The hearth products segment manufactures and markets a broad line of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories, principally for the home. | ||||||||||||
For purposes of segment reporting, intercompany sales transfers between segments are not material, and operating profit is income before income taxes exclusive of certain unallocated corporate expenses. These unallocated corporate expenses include the net costs of the Corporation’s corporate operations, interest income and interest expense. Management views interest income and expense as corporate financing costs and not as a reportable segment cost. In addition, management applies an effective income tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis. Identifiable assets by segment are those assets applicable to the respective industry segments. Corporate assets consist principally of cash and cash equivalents, short-term investments, long-term investments and corporate office real estate and related equipment. | ||||||||||||
No geographic information for revenues from external customers or for long-lived assets is disclosed since the Corporation’s primary market and capital investments are concentrated in the United States. | ||||||||||||
Reportable segment data reconciled to the consolidated financial statements for the years ended 2013, 2012, and 2011, is as follows for continuing operations: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net sales: | ||||||||||||
Office furniture | $ | 1,685,205 | $ | 1,687,302 | $ | 1,528,050 | ||||||
Hearth products | 374,759 | 316,701 | 305,400 | |||||||||
$ | 2,059,964 | $ | 2,004,003 | $ | 1,833,450 | |||||||
Operating profit: | ||||||||||||
Office furniture (a) | $ | 97,339 | $ | 91,849 | $ | 99,626 | ||||||
Hearth products (b) | 46,662 | 26,477 | 14,752 | |||||||||
Total operating profit | 144,001 | 118,326 | 114,378 | |||||||||
Unallocated corporate expenses | (47,294 | ) | (40,722 | ) | (44,219 | ) | ||||||
Income (loss) before income taxes | $ | 96,707 | $ | 77,604 | $ | 70,159 | ||||||
Depreciation and amortization expense: | ||||||||||||
Office furniture | $ | 36,992 | $ | 34,491 | $ | 36,109 | ||||||
Hearth products | 5,288 | 5,958 | 7,574 | |||||||||
General corporate | 4,341 | 2,911 | 2,604 | |||||||||
$ | 46,621 | $ | 43,360 | $ | 46,287 | |||||||
Capital expenditures (including capitalized software): | ||||||||||||
Office furniture | $ | 51,954 | $ | 36,080 | $ | 24,061 | ||||||
Hearth products | 4,220 | 2,008 | 2,179 | |||||||||
General corporate | 22,721 | 22,182 | 4,903 | |||||||||
$ | 78,895 | $ | 60,270 | $ | 31,143 | |||||||
Identifiable assets: | ||||||||||||
Office furniture | $ | 722,697 | $ | 700,665 | $ | 671,334 | ||||||
Hearth products | 255,978 | 254,835 | 259,142 | |||||||||
General corporate | 156,030 | 121,566 | 121,246 | |||||||||
$ | 1,134,705 | $ | 1,077,066 | $ | 1,051,722 | |||||||
(a) | Included in operating profit for the office furniture segment are pretax charges of $0.3 million, $1.9 million and $2.8 million, for closing of facilities and impairment charges in 2013, 2012 and 2011, respectively. | |||||||||||
(b) | Included in operating profit for the hearth products segment are pretax charges of $0.4 million for closing facilities in 2011. | |||||||||||
The Corporation's net sales by product category were as follows for the years ended 2013, 2012 and 2011: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Systems and storage | 1,132,885 | 1,126,272 | 1,072,629 | |||||||||
Seating | 469,220 | 452,923 | 399,264 | |||||||||
Other | 83,100 | 108,107 | 56,157 | |||||||||
Hearth products | 374,759 | 316,701 | 305,400 | |||||||||
2,059,964 | 2,004,003 | 1,833,450 | ||||||||||
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
Summary of Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following table presents certain unaudited quarterly financial information for each of the past 12 quarters. In the opinion of the Corporation’s management, this information has been prepared on the same basis as the consolidated financial statements appearing elsewhere in this report and includes all adjustments (consisting only of normal recurring accruals) necessary to state fairly the financial results set forth herein. Results of operations for any previous quarter are not necessarily indicative of results for any future period. | ||||||||||||||||
Year-End 2013: (In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 442,297 | $ | 510,698 | $ | 565,706 | $ | 541,263 | ||||||||
Cost of products sold | 294,515 | 336,040 | 365,835 | 348,282 | ||||||||||||
Gross profit | 147,782 | 174,658 | 199,871 | 192,981 | ||||||||||||
Selling and administrative expenses | 144,556 | 154,538 | 154,641 | 155,237 | ||||||||||||
Restructuring related charges (income) | 156 | (35 | ) | 115 | 97 | |||||||||||
Operating income (loss) | 3,070 | 20,155 | 45,115 | 37,647 | ||||||||||||
Interest income (expense) – net | (2,516 | ) | (2,567 | ) | (2,668 | ) | (1,529 | ) | ||||||||
Income (loss) before income taxes | 554 | 17,588 | 42,447 | 36,118 | ||||||||||||
Income taxes | (625 | ) | 6,189 | 14,398 | 13,376 | |||||||||||
Net income (loss) | 1,179 | 11,399 | 28,049 | 22,742 | ||||||||||||
Less: net income attributable to the noncontrolling interest | (229 | ) | (22 | ) | (45 | ) | (18 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | 1,408 | $ | 11,421 | $ | 28,094 | $ | 22,760 | ||||||||
Net income (loss) attributable to HNI Corporation per common share – basic | $ | 0.03 | $ | 0.25 | $ | 0.62 | $ | 0.5 | ||||||||
Weighted-average common shares outstanding – basic | 45,154,764 | 45,412,668 | 45,317,912 | 45,117,315 | ||||||||||||
Net income (loss) attributable to HNI Corporation per common share – diluted | $ | 0.03 | $ | 0.25 | $ | 0.61 | $ | 0.5 | ||||||||
Weighted-average common shares outstanding – diluted | 45,719,878 | 46,109,563 | 46,089,580 | 45,964,128 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 33.4 | 34.2 | 35.3 | 35.7 | ||||||||||||
Selling and administrative expenses | 32.7 | 30.3 | 27.3 | 28.7 | ||||||||||||
Restructuring related charges | — | — | — | — | ||||||||||||
Operating income (loss) | 0.7 | 3.9 | 8 | 7 | ||||||||||||
Income taxes | (0.1 | ) | 1.2 | 2.5 | 2.5 | |||||||||||
Net income (loss) attributable to HNI Corporation | 0.3 | 2.2 | 5 | 4.2 | ||||||||||||
Year-End 2012: | First | Second | Third | Fourth | ||||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Net sales | $ | 445,212 | $ | 480,400 | $ | 550,855 | $ | 527,536 | ||||||||
Cost of products sold | 298,385 | 315,287 | 359,519 | 341,585 | ||||||||||||
Gross profit | 146,827 | 165,113 | 191,336 | 185,951 | ||||||||||||
Selling and administrative expenses | 143,734 | 151,455 | 149,421 | 155,046 | ||||||||||||
Restructuring related charges | 897 | 292 | 172 | 583 | ||||||||||||
Operating income (loss) | 2,196 | 13,366 | 41,743 | 30,322 | ||||||||||||
Interest income (expense) – net | (2,435 | ) | (2,633 | ) | (2,503 | ) | (2,452 | ) | ||||||||
Income (loss) before income taxes | (239 | ) | 10,733 | 39,240 | 27,870 | |||||||||||
Income taxes | (86 | ) | 3,835 | 15,036 | 10,493 | |||||||||||
Net income (loss) | (153 | ) | 6,898 | 24,204 | 17,377 | |||||||||||
Less: net income attributable to the noncontrolling interest | (12 | ) | (127 | ) | (286 | ) | (216 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | (141 | ) | $ | 7,025 | $ | 24,490 | $ | 17,593 | |||||||
Net income (loss) per common share – basic | $ | — | $ | 0.15 | $ | 0.54 | $ | 0.39 | ||||||||
Weighted-average common shares outstanding – basic | 45,152 | 45,420 | 45,224 | 45,050 | ||||||||||||
Net income (loss) per common share – diluted | $ | — | $ | 0.15 | $ | 0.53 | $ | 0.39 | ||||||||
Weighted-average common shares outstanding – diluted | 45,152 | 45,945 | 45,820 | 45,692 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 33 | 34.4 | 34.7 | 35.2 | ||||||||||||
Selling and administrative expenses | 32.3 | 31.5 | 27.1 | 29.4 | ||||||||||||
Restructuring related charges | 0.2 | 0.1 | — | 0.1 | ||||||||||||
Operating income (loss) | 0.5 | 2.8 | 7.6 | 5.7 | ||||||||||||
Income taxes | — | 0.8 | 2.7 | 2 | ||||||||||||
Net income (loss) attributable to HNI Corporation | — | 1.5 | 4.4 | 3.3 | ||||||||||||
Year-End 2011: (In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 396,151 | $ | 432,810 | $ | 504,220 | $ | 500,269 | ||||||||
Cost of products sold | 261,427 | 285,880 | 324,825 | 322,255 | ||||||||||||
Gross profit | 134,724 | 146,930 | 179,395 | 178,014 | ||||||||||||
Selling and administrative expenses | 132,413 | 136,197 | 138,671 | 147,034 | ||||||||||||
Restructuring related charges | 1,390 | 463 | 277 | 1,131 | ||||||||||||
Operating income (loss) | 921 | 10,270 | 40,447 | 29,849 | ||||||||||||
Interest income (expense) – net | (3,456 | ) | (2,923 | ) | (2,345 | ) | (2,604 | ) | ||||||||
Income (loss) before income taxes | (2,535 | ) | 7,347 | 38,102 | 27,245 | |||||||||||
Income taxes | (738 | ) | 2,744 | 13,186 | 9,219 | |||||||||||
Net income (loss) | (1,797 | ) | 4,603 | 24,916 | 18,026 | |||||||||||
Less: Net income attributable to the noncontrolling interest | (42 | ) | (54 | ) | (31 | ) | (111 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | (1,755 | ) | $ | 4,657 | $ | 24,947 | $ | 18,137 | |||||||
Net income (loss) attributable to HNI Corporation per common share – basic | $ | (0.04 | ) | $ | 0.1 | $ | 0.56 | $ | 0.4 | |||||||
Weighted-average common shares outstanding – basic | 44,853 | 44,745 | 44,787 | 44,828 | ||||||||||||
Net income (loss) attributable to HNI Corporation per common share – diluted | $ | (0.04 | ) | $ | 0.1 | $ | 0.55 | $ | 0.4 | |||||||
Weighted-average common shares outstanding – diluted | 44,853 | 45,667 | 45,637 | 45,759 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 34 | 33.9 | 35.6 | 35.6 | ||||||||||||
Selling and administrative expenses | 33.4 | 31.5 | 27.5 | 29.4 | ||||||||||||
Restructuring related charges | 0.4 | 0.1 | 0.1 | 0.2 | ||||||||||||
Operating income (loss) | 0.2 | 2.4 | 8 | 6 | ||||||||||||
Income taxes | (0.2 | ) | 0.6 | 2.6 | 1.8 | |||||||||||
Net income (loss) attributable to HNI Corporation | (0.4 | ) | 1.1 | 4.9 | 3.6 | |||||||||||
Investor_Information
Investor Information | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Investor Information [Abstract] | ' | |||||||||||||
Investor Information | ' | |||||||||||||
INVESTOR INFORMATION | ||||||||||||||
Common Stock Market Prices and Dividends (Unaudited) | ||||||||||||||
Quarterly 2013 – 2011 | ||||||||||||||
2013 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 35.74 | $ | 28.28 | 0.24 | |||||||||
2nd | 38.53 | 31.45 | 0.24 | |||||||||||
3rd | 40.73 | 32.38 | 0.24 | |||||||||||
4th | 40.1 | 32.83 | 0.24 | |||||||||||
Total Dividends Paid | 0.96 | |||||||||||||
2012 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 32.01 | $ | 24.97 | 0.23 | |||||||||
2nd | 27.95 | 21.57 | 0.24 | |||||||||||
3rd | 32.02 | 25.39 | 0.24 | |||||||||||
4th | 30.24 | 25.08 | 0.24 | |||||||||||
Total Dividends Paid | 0.95 | |||||||||||||
2011 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 36.48 | $ | 28.42 | 0.23 | |||||||||
2nd | 32.78 | 22.04 | 0.23 | |||||||||||
3rd | 26.4 | 15.78 | 0.23 | |||||||||||
4th | 27.75 | 17.14 | 0.23 | |||||||||||
Total Dividends Paid | 0.92 | |||||||||||||
Common Stock Market Price and Price/Earnings Ratio (Unaudited) | ||||||||||||||
Fiscal Years 2013 – 2009 | ||||||||||||||
Market Price | Diluted | Price/Earnings Ratio | ||||||||||||
Earnings | ||||||||||||||
per | ||||||||||||||
Year | High | Low | Share | High | Low | |||||||||
2013 | $ | 40.73 | $ | 28.28 | $ | 1.39 | 29 | 20 | ||||||
2012 | 32.02 | 21.57 | 1.07 | 30 | 20 | |||||||||
2011 | 36.48 | 15.78 | 1.01 | 36 | 16 | |||||||||
2010 | 35.29 | 22.8 | 0.59 | 60 | 39 | |||||||||
2009 | 29.4 | 7.7 | (0.14 | ) | (210 | ) | (55 | ) | ||||||
Five-Year Average | (11 | ) | 8 | |||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||
HNI CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
December 28, 2013 | |||||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | |||||||||||||||
ADDITIONS | |||||||||||||||||||
BALANCE AT BEGINNING OF PERIOD | (1) CHARGED TO COSTS AND EXPENSES | (2) CHARGED TO OTHER ACCOUNTS (DESCRIBE) | DEDUCTIONS | BALANCE AT END OF PERIOD | |||||||||||||||
DESCRIPTION | (DESCRIBE) | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Year ended December 28, 2013: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 5,151 | $ | 2,590 | — | $ | 1,533 | (A) | $ | 6,208 | |||||||||
Valuation allowance for deferred tax asset | $ | 1,580 | $ | — | — | 1 | (A) | $ | 1,579 | ||||||||||
Year ended December 29, 2012: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 4,838 | $ | 870 | — | $ | 557 | (A) | $ | 5,151 | |||||||||
Valuation allowance for deferred tax asset | $ | 1,616 | $ | — | — | 36 | (A) | $ | 1,580 | ||||||||||
Year ended December 31, 2011: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 5,479 | $ | 1,889 | — | $ | 2,530 | (A) | $ | 4,838 | |||||||||
Valuation allowance for deferred tax asset | $ | 1,630 | $ | 2 | — | 16 | 1,616 | ||||||||||||
Note A: Represents amounts written off, net of recoveries and other adjustments. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles of Consolidation and Fiscal Year-End | ' | |||||||||||
The consolidated financial statements include the accounts and transactions of the Corporation and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
The Corporation follows a 52/53 week fiscal year which ends on the Saturday nearest December 31. Fiscal year 2013 ended on December 28, 2013; 2012 ended on December 29, 2012; and 2011 ended on December 31, 2011. The financial statements for fiscal years 2013, 2012 and 2011 are on a 52-week basis. A 53-week year occurs approximately every sixth year. | ||||||||||||
Cash, Cash Equivalents and Investments | ' | |||||||||||
Cash and cash equivalents generally consist of cash and money market accounts. The fair value approximates the carrying value due to the short duration of the securities. These securities have original maturity dates not exceeding three months. The Corporation has short-term investments with maturities of less than one year and also has investments with maturities greater than one year included in Other Assets on the Consolidated Balance Sheets. Management classifies investments in marketable securities at the time of purchase and reevaluates such classification at each balance sheet date. Debt securities including government and corporate bonds are classified as available-for-sale and stated at current market value with unrealized gains and losses included as a separate component of equity, net of any related tax effect. The specific identification method is used to determine realized gains and losses on the trade date. | ||||||||||||
At December 28, 2013, December 29, 2012 and December 31, 2011, cash, cash equivalents and investments consisted of the following: | ||||||||||||
Year-End 2013 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 251 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 9,113 | |||||||||
Cash and money market accounts | 65,030 | — | — | |||||||||
Total | $ | 65,030 | $ | 7,251 | $ | 9,113 | ||||||
The amortized cost basis of the debt securities as of December 28, 2013 was $16.0 million. Unrealized gains of $0.2 million and unrealized losses of $0.1 million are recorded in accumulated other comprehensive income as of December 28, 2013 for these debt securities. | ||||||||||||
Year-End 2012 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 250 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 13,356 | |||||||||
Cash and money market accounts | 41,782 | — | — | |||||||||
Total | $ | 41,782 | $ | 7,250 | $ | 13,356 | ||||||
The amortized cost basis of the debt securities as of December 29, 2012 was $20.0 million. Unrealized gains of $0.3 million and unrealized losses of $0.0 million are recorded in accumulated other comprehensive income as of December 29, 2012 for these debt securities. | ||||||||||||
Year-End 2011 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 257 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 8,900 | 10,714 | |||||||||
Cash and money market accounts | 72,812 | — | — | |||||||||
Total | $ | 72,812 | $ | 9,157 | $ | 10,714 | ||||||
The amortized cost basis of the debt securities as of December 31, 2011 was $19.4 million. Unrealized gains of $0.2 million and unrealized losses of $0.0 million are recorded in accumulated other comprehensive income as of December 31, 2011 for these debt securities. | ||||||||||||
Receivables | ' | |||||||||||
Accounts receivable are presented net of allowance for doubtful accounts of $6.2 million, $5.2 million and $4.8 million, for 2013, 2012 and 2011, respectively. The allowance is developed based on several factors including overall customer credit quality, historical write-off experience, and specific account analyses projecting the ultimate collectibility of the account. As such, these factors may change over time causing the reserve level to adjust accordingly. | ||||||||||||
Inventories | ' | |||||||||||
The Corporation valued 74%, 70% and 67% of its inventory by the LIFO method at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. During 2013 and 2012, inventory quantities were reduced at certain reporting units. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of current year purchases, the effect of which decreased cost of goods sold by approximately $0.2 million and $0.8 million in 2013 and 2012, respectively. If the FIFO method had been in use, inventories would have been $27.7 million, $25.5 million and $25.9 million higher than reported at December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, plant and equipment are carried at cost. Expenditures for repairs and maintenance are expensed as incurred. Major improvements that materially extend the useful lives of the assets are capitalized. Depreciation has been computed using the straight-line method over estimated useful lives: land improvements, 10 – 20 years; buildings, 10 – 40 years; and machinery and equipment, 3 – 12 years. | ||||||||||||
Long-Lived Assets | ' | |||||||||||
Long-lived assets are reviewed for impairment as events or changes in circumstances occur indicating the amount of the asset reflected in the Corporation’s balance sheet may not be recoverable. An estimate of undiscounted cash flows produced by the asset, or the appropriate group of assets, is compared to the carrying value to determine whether impairment exists. The estimates of future cash flows involve considerable management judgment and are based upon assumptions about expected future operating performance. The actual cash flows could differ from management’s estimates due to changes in business conditions, operating performance and economic conditions. Asset impairment charges recorded in connection with the Corporation’s restructuring activities are discussed in Restructuring Related Charges. These assets included real estate, manufacturing equipment and certain other fixed assets. The Corporation’s continuous focus on improving the manufacturing process tends to increase the likelihood of assets being replaced; therefore, the Corporation is regularly evaluating the expected lives of its equipment and accelerating depreciation where appropriate. | ||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||
The Corporation evaluates its goodwill for impairment on an annual basis during the fourth quarter or whenever indicators of impairment exist. The accounting standards for goodwill permit entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The Corporation utilized this guidance for three reporting units for the annual impairment evaluation during the fourth quarter of 2013 where the fair value was substantially in excess of carrying value in prior year analysis. The qualitative factors considered included, but were not limited to, general economic conditions, outlook for the office furniture and hearth products industries and recent and forecasted financial performance of these units. General economic conditions considered included GDP, CEO confidence, small business confidence, corporate profitability, office vacancy rates, commodity prices, housing starts and remodeling activity.. The Corporation performed the two-step goodwill impairment test for all other reporting units and used various valuation techniques with the primary technique being a discounted cash flow method. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Management bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates. | ||||||||||||
The Corporation also determines the fair value of indefinite-lived trade names on an annual basis or whenever indications of impairment exist. The Corporation estimates the fair value of the trade names based on a discounted cash flow model using inputs which include projected revenues from management’s long-term plan, assumed royalty rates that could be payable if the trade names were not owned and a discount rate. Determining the fair value of a trade name involves the use of significant estimates and assumptions. Actual results may differ from those estimates. | ||||||||||||
The Corporation has definite-lived intangibles, including capitalized software, that are amortized over their estimated useful lives. Impairment losses are recognized if the carrying amount of an intangible, subject to amortization, is not recoverable from expected future cash flows and its carrying amount exceeds its fair value. Definite-lived intangibles, net of amortization, of approximately $95 million are included in other assets on the consolidated balance sheet as of the end of fiscal 2013. | ||||||||||||
Product Warranties | ' | |||||||||||
The Corporation issues certain warranty policies on its furniture and hearth products that provide for repair or replacement of any covered product or component failing during normal use because of a defect in design, materials or workmanship. Reserves have | ||||||||||||
been established for the various costs associated with the Corporation's warranty programs. | ||||||||||||
A warranty reserve is determined by recording a specific reserve for known warranty issues and an additional reserve for unknown claims expected to be incurred based on historical claims experience. Actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. Activity associated with warranty obligations was as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Balance at the beginning of the period | $ | 13,055 | $ | 12,910 | $ | 12,930 | ||||||
Accrual assumed from acquisition | — | 301 | 222 | |||||||||
Accruals for warranties issued during the period | 21,878 | 18,370 | 15,581 | |||||||||
Accrual related to pre-existing warranties | 106 | 432 | (100 | ) | ||||||||
Settlements made during the period | (21,199 | ) | (18,958 | ) | (15,723 | ) | ||||||
Balance at the end of the period | $ | 13,840 | $ | 13,055 | $ | 12,910 | ||||||
The Corporation corrected a classification error by reclassifying a portion of the reserve for product warranties which was previously all classified as a current liability, including the related deferred tax impacts, to long-term. The portion of the reserve for estimated settlements expected to be paid in the next twelve months was, $6.7 million, $6.3 million and $6.3 million as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively, and are included in "Accounts payable and accrued expenses" in the Consolidated Balance Sheets. The portion of the reserve for estimated settlements expected to be paid beyond one year was, $7.1 million, $6.7 million and $6.6 million as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively, and are included in "Other Long-Term Liabilities" in the Consolidated Balance Sheets. The revisions in the Consolidated Balance Sheet noted above represent errors that are not deemed material, individually or in the aggregate, to the prior period consolidated financial statements. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Sales of office furniture and hearth products are generally recognized when title transfers and the risks and rewards of ownership have passed to customers. Typically title and risk of ownership transfer when the product is shipped. In certain circumstances, title and risk of ownership do not transfer until the goods are received by the customer or upon installation and customer acceptance. Revenue includes freight charged to customers; related costs are recorded in selling and administrative expense. Rebates, discounts and other marketing program expenses directly related to the sale are recorded as a reduction to net sales. Marketing program accruals require the use of management estimates and the consideration of contractual arrangements subject to interpretation. Customer sales that achieve or do not achieve certain award levels can affect the amount of such estimates and actual results could differ from these estimates. | ||||||||||||
Product Development Costs | ' | |||||||||||
Product development costs relating to development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. These costs include salaries, contractor fees, building costs, utilities and administrative fees. The amounts charged against income were $27.3 million in 2013, $26.9 million in 2012 and $23.1 million in 2011 and were recorded in Selling and Administrative Expenses on the Consolidated Statements of Income. | ||||||||||||
Freight Expense | ' | |||||||||||
The Corporation records freight expense to customers in Selling and Administrative Expenses on the Consolidated Statements of Income. Amounts recorded were $123.8 million in 2013, $122.1 million in 2012 and $112.3 million in 2011. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
The Corporation measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes cost over the requisite service period. | ||||||||||||
Income Taxes | ' | |||||||||||
The Corporation uses an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Corporation’s financial statements or tax returns. Deferred income taxes are provided to reflect differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. The Corporation provides for taxes that may be payable if undistributed earnings of overseas subsidiaries were to be remitted to the United States, except for those earnings it considers to be permanently reinvested. There were approximately $26.2 million of accumulated earnings considered permanently reinvested in China, Hong Kong and India as of December 28, 2013. The Corporation believes the U.S. tax cost on unremitted foreign earnings would be approximately $7.9 million if the amounts were not considered permanently reinvested. See the Income Tax footnote for further information. | ||||||||||||
Earnings Per Share | ' | |||||||||||
Basic earnings per share are based on the weighted-average number of common shares outstanding during the year. Shares potentially issuable under stock options, restricted stock units and common stock equivalents under the Corporation's deferred compensation plans have been considered outstanding for purposes of the diluted earnings per share calculation. | ||||||||||||
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share (EPS): | ||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Numerators: | ||||||||||||
Numerators for both basic and diluted EPS net income attributable to parent company | $ | 63,683 | $ | 48,967 | $ | 45,986 | ||||||
Denominators: | ||||||||||||
Denominator for basic EPS weighted- average common shares outstanding | 45,251 | 45,211 | 44,803 | |||||||||
Potentially dilutive shares from stock option plans | 706 | 609 | 891 | |||||||||
Denominator for diluted EPS | 45,956 | 45,820 | 45,694 | |||||||||
Earnings per share – basic | $ | 1.41 | $ | 1.08 | $ | 1.03 | ||||||
Earnings per share – diluted | $ | 1.39 | $ | 1.07 | $ | 1.01 | ||||||
Certain exercisable and non-exercisable stock options were not included in the computation of diluted EPS for fiscal years 2013, 2012 and 2011 because inclusion would have been anti-dilutive. The number of stock options outstanding, which met this criterion was 769,394; 1,760,220 and 1,969,085 for 2013, 2012 and 2011, respectively. | ||||||||||||
Use of Estimates | ' | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant areas requiring use of management estimates relate to allowance for doubtful accounts, inventory reserves, marketing program accruals, warranty accruals, accruals for self-insured medical claims, workers’ compensation, legal contingencies, general liability and auto insurance claims, valuation of long-lived assets, and useful lives for depreciation and amortization. Actual results could differ from those estimates. | ||||||||||||
Self-Insurance | ' | |||||||||||
The Corporation is primarily self-insured for general, auto and product liability, workers’ compensation, and certain employee health benefits. The general, auto, product and workers’ compensation liabilities are managed using a wholly owned insurance captive; the related liabilities are included in the accompanying consolidated financial statements. As of December 28, 2013, these liabilities totaled $28.2 million. The Corporation’s policy is to accrue amounts in accordance with the actuarially determined liabilities. The actuarial valuations are based on historical information along with certain assumptions about future events. Changes in assumptions for such matters as legal actions, medical cost inflation and magnitude of change in actual experience development could cause these estimates to change in the future. | ||||||||||||
Foreign Currency Translations | ' | |||||||||||
Foreign currency financial statements of foreign operations where the local currency is the functional currency are translated using exchange rates in effect at period end for assets and liabilities and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component of Shareholders’ Equity. Gains and losses on foreign currency transactions are included in the “Selling and administrative expenses” caption of the Consolidated Statements of Income. | ||||||||||||
Reclassifications | ' | |||||||||||
Certain reclassifications have been made within the footnotes to conform to the current year presentation. | ||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||
Recent Accounting Pronouncements | ||||||||||||
In June 2011, the FASB issued accounting guidance updating the presentation format of comprehensive income. The guidance provided two options for presenting net income and other comprehensive income. The total of comprehensive income, the components of net income and the components of other comprehensive income may be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The Corporation adopted the new guidance beginning January 1, 2012. The guidance did not have a material impact on the Corporation's financial statements. | ||||||||||||
In July 2012, the FASB issued accounting guidance intended to reduce the cost and complexity of the annual impairment test | ||||||||||||
for indefinite-lived intangible assets other than goodwill by providing the option of performing a qualitative assessment to | ||||||||||||
determine whether future impairment testing is necessary. The Corporation adopted the new guidance beginning December 30, 2012, the beginning of the Corporation's 2013 fiscal year. The guidance did not have a material impact on the Corporation's financial statements. | ||||||||||||
In January 2013, the FASB issued accounting guidance clarifying the scope of disclosures about offsetting assets and liabilities. | ||||||||||||
This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those | ||||||||||||
annual periods. The Corporation does not expect the adoption to have a material impact on its fiscal 2014 financial statements. | ||||||||||||
In February 2013, the FASB issued accounting guidance intended to improve the reporting classifications out of accumulated other comprehensive income of various components. This guidance was effective for annual periods, and interim periods within those periods, beginning after December 15, 2012. The Corporation adopted the new guidance beginning December 30, 2012, the beginning of the Corporation's 2013 fiscal year. | ||||||||||||
In July 2013, the FASB issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when | ||||||||||||
a net operating loss carryforward, or similar tax loss, or a tax carryforward exists. The guidance is effective for annual | ||||||||||||
reporting periods beginning on or after December 15, 2013, and interim periods within those annual periods. The Corporation | ||||||||||||
does not expect the adoption to have a material impact on its fiscal 2014 financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Cash, Cash Equivalents and Investments | ' | |||||||||||
At December 28, 2013, December 29, 2012 and December 31, 2011, cash, cash equivalents and investments consisted of the following: | ||||||||||||
Year-End 2013 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 251 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 9,113 | |||||||||
Cash and money market accounts | 65,030 | — | — | |||||||||
Total | $ | 65,030 | $ | 7,251 | $ | 9,113 | ||||||
The amortized cost basis of the debt securities as of December 28, 2013 was $16.0 million. Unrealized gains of $0.2 million and unrealized losses of $0.1 million are recorded in accumulated other comprehensive income as of December 28, 2013 for these debt securities. | ||||||||||||
Year-End 2012 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 250 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 7,000 | 13,356 | |||||||||
Cash and money market accounts | 41,782 | — | — | |||||||||
Total | $ | 41,782 | $ | 7,250 | $ | 13,356 | ||||||
The amortized cost basis of the debt securities as of December 29, 2012 was $20.0 million. Unrealized gains of $0.3 million and unrealized losses of $0.0 million are recorded in accumulated other comprehensive income as of December 29, 2012 for these debt securities. | ||||||||||||
Year-End 2011 | Cash and cash equivalents | Short-term investments | Long-term investments | |||||||||
(In thousands) | ||||||||||||
Held-to-maturity securities | ||||||||||||
Certificates of deposit | $ | — | $ | 257 | $ | — | ||||||
Available-for-sale securities | ||||||||||||
Debt securities | — | 8,900 | 10,714 | |||||||||
Cash and money market accounts | 72,812 | — | — | |||||||||
Total | $ | 72,812 | $ | 9,157 | $ | 10,714 | ||||||
Schedule of Product Warranties | ' | |||||||||||
Activity associated with warranty obligations was as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Balance at the beginning of the period | $ | 13,055 | $ | 12,910 | $ | 12,930 | ||||||
Accrual assumed from acquisition | — | 301 | 222 | |||||||||
Accruals for warranties issued during the period | 21,878 | 18,370 | 15,581 | |||||||||
Accrual related to pre-existing warranties | 106 | 432 | (100 | ) | ||||||||
Settlements made during the period | (21,199 | ) | (18,958 | ) | (15,723 | ) | ||||||
Balance at the end of the period | $ | 13,840 | $ | 13,055 | $ | 12,910 | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share (EPS): | ||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Numerators: | ||||||||||||
Numerators for both basic and diluted EPS net income attributable to parent company | $ | 63,683 | $ | 48,967 | $ | 45,986 | ||||||
Denominators: | ||||||||||||
Denominator for basic EPS weighted- average common shares outstanding | 45,251 | 45,211 | 44,803 | |||||||||
Potentially dilutive shares from stock option plans | 706 | 609 | 891 | |||||||||
Denominator for diluted EPS | 45,956 | 45,820 | 45,694 | |||||||||
Earnings per share – basic | $ | 1.41 | $ | 1.08 | $ | 1.03 | ||||||
Earnings per share – diluted | $ | 1.39 | $ | 1.07 | $ | 1.01 | ||||||
Restructuring_Related_and_Impa1
Restructuring Related and Impairment Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||
The following table summarizes the restructuring accrual activity since the beginning of fiscal 2011. | ||||||||||||
Severance | Facility | Total | ||||||||||
(In thousands) | Costs | Termination & | ||||||||||
Other Costs | ||||||||||||
Restructuring reserve at January 1, 2011 | $ | 2,389 | $ | 243 | $ | 2,632 | ||||||
Restructuring charges | 636 | 2,625 | 3,261 | |||||||||
Cash payments | (1,957 | ) | (2,837 | ) | (4,794 | ) | ||||||
Restructuring reserve at December 31, 2011 | $ | 1,068 | $ | 31 | $ | 1,099 | ||||||
Restructuring charges | (316 | ) | 2,107 | 1,791 | ||||||||
Cash payments | (560 | ) | (2,120 | ) | (2,680 | ) | ||||||
Restructuring reserve At December 29, 2012 | $ | 192 | $ | 18 | $ | 210 | ||||||
Restructuring charges | (8 | ) | 341 | 333 | ||||||||
Cash Payments | (135 | ) | (353 | ) | (488 | ) | ||||||
Restructuring reserve At December 28, 2013 | $ | 49 | $ | 6 | $ | 55 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||||||
Cash payments for interest and income taxes consisted of the following: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Interest paid (net of capitalized interest) | $ | 9,909 | $ | 10,865 | $ | 11,968 | ||||||
Income taxes paid | $ | 9,576 | $ | 13,404 | $ | 14,099 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule Of Inventory Current Table | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Finished products | $ | 51,991 | $ | 47,042 | $ | 65,136 | ||||||
Materials and work in process | 65,247 | 71,945 | 62,638 | |||||||||
LIFO reserve | (27,722 | ) | (25,472 | ) | (25,901 | ) | ||||||
$ | 89,516 | $ | 93,515 | $ | 101,873 | |||||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||||||
Schedule of Property, Plant and Equipment | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Land and land improvements | $ | 27,465 | $ | 26,681 | $ | 23,197 | ||||||
Buildings | 284,484 | 268,003 | 264,081 | |||||||||
Machinery and equipment | 470,748 | 465,014 | 468,926 | |||||||||
Construction and equipment installation in progress | 24,209 | 17,871 | 11,911 | |||||||||
806,906 | 777,569 | 768,115 | ||||||||||
Less: accumulated depreciation | 539,505 | 537,079 | 538,388 | |||||||||
$ | 267,401 | $ | 240,490 | $ | 229,727 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||
The table below summarizes amortizable definite-lived intangible assets, which are reflected in Other Assets in the Corporation’s Consolidated Balance Sheets: | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Patents | $ | 18,905 | $ | 18,905 | $ | 18,905 | ||||||||||||||
Less: accumulated amortization | 18,685 | 18,609 | 18,526 | |||||||||||||||||
Net patents | 220 | 296 | 379 | |||||||||||||||||
Software | 52,778 | 36,126 | 15,525 | |||||||||||||||||
Less: accumulated amortization | 14,380 | 13,839 | 12,014 | |||||||||||||||||
Net software | 38,398 | 22,287 | 3,511 | |||||||||||||||||
Customer lists and other | 110,609 | 113,811 | 102,825 | |||||||||||||||||
Less: accumulated amortization | 54,592 | 49,520 | 42,688 | |||||||||||||||||
Net customer lists and other | 56,017 | 64,291 | 60,137 | |||||||||||||||||
Net intangible assets | $ | 94,635 | $ | 86,874 | $ | 64,027 | ||||||||||||||
Schedule of Expected Amortization Expense Table | ' | |||||||||||||||||||
. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows: | ||||||||||||||||||||
(in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Amortization expense | $ | 9.6 | $ | 11.2 | $ | 10.5 | $ | 9.9 | $ | 9.8 | ||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||
The changes in the carrying amount of goodwill since January 1, 2011, are as follows by reporting segment: | ||||||||||||||||||||
Office | Hearth | Total | ||||||||||||||||||
(In thousands) | Furniture | Products | ||||||||||||||||||
Balance as of January 1, 2011 | ||||||||||||||||||||
Goodwill | $ | 123,948 | $ | 166,188 | $ | 290,136 | ||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
94,589 | 166,045 | 260,634 | ||||||||||||||||||
Goodwill acquired during the year | 10,127 | — | 10,127 | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | — | — | — | |||||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||||||||
Goodwill | 134,075 | 166,188 | 300,263 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
104,716 | 166,045 | 270,761 | ||||||||||||||||||
Goodwill acquired during the year | 15,867 | — | 15,867 | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | 1,720 | — | 1,720 | |||||||||||||||||
Balance as of December 29, 2012 | ||||||||||||||||||||
Goodwill | 151,662 | 166,188 | 317,850 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
122,303 | 166,045 | 288,348 | ||||||||||||||||||
Goodwill acquired during the year | — | — | — | |||||||||||||||||
Impairment losses | — | — | — | |||||||||||||||||
Goodwill related to the sale of business units | — | — | — | |||||||||||||||||
Final purchase price allocations/contingent payments from prior year acquisitions | — | — | — | |||||||||||||||||
Foreign currency translation adjustment | (1,693 | ) | — | (1,693 | ) | |||||||||||||||
Balance as of December 28, 2013 | ||||||||||||||||||||
Goodwill | 149,969 | 166,188 | 316,157 | |||||||||||||||||
Accumulated impairment losses | (29,359 | ) | (143 | ) | (29,502 | ) | ||||||||||||||
$ | 120,610 | $ | 166,045 | $ | 286,655 | |||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Payables and Accruals [Abstract] | ' | |||||||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Trade accounts payable | $ | 199,889 | $ | 189,391 | $ | 159,292 | ||||||
Compensation | 40,072 | 36,671 | 36,067 | |||||||||
Profit sharing and retirement expense | 23,686 | 20,821 | 19,284 | |||||||||
Marketing expenses | 37,292 | 32,979 | 30,653 | |||||||||
Freight | 15,682 | 12,826 | 13,816 | |||||||||
Other accrued expenses | 91,178 | 91,556 | 92,538 | |||||||||
$ | 407,799 | $ | 384,244 | $ | 351,650 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-Term Debt | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Note payable to bank, revolving credit facility with interest at a variable rate (2011-1.80%) | $ | — | $ | — | $ | 30,000 | ||||||
Senior notes due in 2016 with interest at a fixed rate of 5.54% per annum. | 150,000 | 150,000 | 150,000 | |||||||||
Other notes and amounts | 455 | 4,586 | 437 | |||||||||
Total debt | 150,455 | 154,586 | 180,437 | |||||||||
Less: current portion | 364 | 4,440 | 30,237 | |||||||||
Long-term debt | $ | 150,091 | $ | 150,146 | $ | 150,200 | ||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||
Aggregate maturities of long-term debt are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 364 | ||||||||||
2015 | 55 | |||||||||||
2016 | 150,036 | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
Thereafter | $ | — | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Significant components of the provision for income taxes including those related to noncontrolling interest and discontinued operations are as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 12,077 | $ | 19,132 | $ | 8,931 | ||||||
State | 1,036 | 2,460 | 1,929 | |||||||||
Foreign | 2,153 | 1,175 | 1,719 | |||||||||
Current provision | 15,266 | 22,767 | 12,579 | |||||||||
Deferred: | ||||||||||||
Federal | 16,614 | 6,692 | 10,829 | |||||||||
State | 2,558 | 603 | 1,307 | |||||||||
Foreign | (1,100 | ) | (784 | ) | (304 | ) | ||||||
Deferred provision | 18,072 | 6,511 | 11,832 | |||||||||
$ | 33,338 | $ | 29,278 | $ | 24,411 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The differences between the actual tax expense and tax expense computed at the statutory U.S. Federal tax rate are explained as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory tax expense | $ | 33,957 | $ | 27,386 | $ | 24,639 | ||||||
State taxes, net of federal tax effect | 2,469 | 2,164 | 2,096 | |||||||||
Credit for increasing research activities | (1,338 | ) | — | (942 | ) | |||||||
Deduction related to domestic production activities | (1,396 | ) | (1,192 | ) | (1,005 | ) | ||||||
Foreign income tax differential | (26 | ) | (899 | ) | (629 | ) | ||||||
Executive compensation limitation | 320 | 1,672 | 40 | |||||||||
Valuation allowance | — | — | 2 | |||||||||
Uncertain tax positions | 773 | 611 | 654 | |||||||||
Other tax credits | (256 | ) | — | (203 | ) | |||||||
Other – net | (1,165 | ) | (464 | ) | (241 | ) | ||||||
Total income tax expense | $ | 33,338 | $ | 29,278 | $ | 24,411 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Significant components of the Corporation’s deferred tax liabilities and assets are as follows: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net long-term deferred tax liabilities: | ||||||||||||
Compensation | 5,304 | 5,399 | 4,367 | |||||||||
Stock-based compensation | 8,911 | 7,069 | 5,582 | |||||||||
Accrued post-retirement benefit obligations | 5,972 | 5,918 | 5,749 | |||||||||
OCI tax effected items | 1,230 | 2,585 | 2,159 | |||||||||
Warranty Accrual | 2,723 | 2,565 | 2,536 | |||||||||
Other – net | 2,349 | 3,362 | 3,501 | |||||||||
Total long-term deferred tax assets | 26,489 | 26,898 | 23,894 | |||||||||
Goodwill | (74,436 | ) | (66,127 | ) | (56,878 | ) | ||||||
Tax over book depreciation | $ | (20,081 | ) | $ | (12,720 | ) | $ | (6,300 | ) | |||
Total long-term deferred tax liabilities | (94,517 | ) | (78,847 | ) | (63,178 | ) | ||||||
Valuation allowance | (936 | ) | (919 | ) | (950 | ) | ||||||
Total net long-term deferred tax liabilities | (68,964 | ) | (52,868 | ) | (40,234 | ) | ||||||
Net current deferred tax assets: | ||||||||||||
Allowance for doubtful accounts | 1,859 | 1,233 | 1,691 | |||||||||
Vacation accrual | 3,706 | 3,920 | 3,078 | |||||||||
Inventory differences | 3,695 | 3,660 | 3,676 | |||||||||
Marketing accrual | 1,317 | 1,348 | 1,323 | |||||||||
Warranty accrual | 2,412 | 2,022 | 2,212 | |||||||||
Compensation | 7,821 | 5,609 | 5,532 | |||||||||
Other – net | 7,371 | 7,042 | 4,300 | |||||||||
Total current deferred tax assets | 28,181 | 24,834 | 21,812 | |||||||||
Deferred income | (4,148 | ) | (3,949 | ) | (3,933 | ) | ||||||
Prepaids | (7,339 | ) | (812 | ) | (952 | ) | ||||||
Total current deferred tax liabilities | (11,487 | ) | (4,761 | ) | (4,885 | ) | ||||||
Valuation allowance | (643 | ) | (661 | ) | (666 | ) | ||||||
Total net current deferred tax assets | 16,051 | 19,412 | 16,261 | |||||||||
Net deferred tax (liabilities) assets | $ | (52,913 | ) | $ | (33,456 | ) | $ | (23,973 | ) | |||
Summary of Income Tax Contingencies | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefits, beginning of period | $ | 2,927 | $ | 3,098 | $ | 3,193 | ||||||
Increases (decreases) in positions taken in a prior period | 156 | 14 | 492 | |||||||||
Decreases in positions taken in a prior period | (135 | ) | (8 | ) | (16 | ) | ||||||
Increases in positions taken in a current period | 791 | 626 | 670 | |||||||||
Decrease due to settlements | — | — | — | |||||||||
Decrease due to lapse of statute of limitations | (930 | ) | (803 | ) | (1,241 | ) | ||||||
Unrecognized tax benefits, end of period | $ | 2,809 | $ | 2,927 | $ | 3,098 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The location and fair value of derivative instruments reported in the Corporation's Consolidated Balance Sheets are as follows (in thousands): | |||||||||||||||||
Asset (Liability) Fair Value | |||||||||||||||||
Balance Sheet Location | 2013 | 2012 | 2011 | ||||||||||||||
Diesel fuel swap | Prepaid expenses and other current assets | 176 | 123 | 165 | |||||||||||||
Diesel fuel swap | Accounts payable and accrued expenses | — | (242 | ) | (256 | ) | |||||||||||
$ | 176 | $ | (119 | ) | $ | (91 | ) | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 28, 2013 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Diesel fuel swap | 538 | Selling and administrative expense | 243 | Selling and administrative expense | (2 | ) | |||||||||||
Total | $ | 538 | $ | 243 | $ | (2 | ) | ||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 29, 2012 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Diesel fuel swap | 213 | Selling and administrative expense | 243 | Selling and administrative expense | — | ||||||||||||
Total | $ | 213 | $ | 243 | $ | — | |||||||||||
The effect of derivative instruments on the Corporation's Consolidated Statements of Income for the year ended December 31, 2011 was as follows (in thousands): | |||||||||||||||||
Derivatives in Cash Flow Hedge Relationship | Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Locations of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | Locations of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||
Interest rate swap | $ | 10 | Interest expense | $ | (898 | ) | None | $ | — | ||||||||
Diesel fuel swap | 747 | Selling and administrative expense | 1,112 | Selling and administrative expense | — | ||||||||||||
Total | $ | 757 | $ | 214 | $ | — | |||||||||||
Fair_Value_Measurements_of_Fin1
Fair Value Measurements of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis Table | ' | |||||||||||||||
Assets measured at fair value for the year ended December 28, 2013 were as follows: | ||||||||||||||||
(in thousands) | Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Government securities | $ | 11,254 | $ | — | $ | 11,254 | $ | — | ||||||||
Corporate bonds | $ | 4,859 | $ | — | $ | 4,859 | $ | — | ||||||||
Derivative financial instrument | $ | 176 | $ | — | $ | 176 | $ | — | ||||||||
Assets measured at fair value for the year ended December 29, 2012 were as follows: | ||||||||||||||||
(in thousands) | Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Government securities | $ | 15,295 | $ | — | $ | 15,295 | $ | — | ||||||||
Corporate bonds | $ | 5,061 | $ | — | $ | 5,061 | $ | — | ||||||||
Derivative financial instrument | $ | (119 | ) | $ | — | $ | (119 | ) | $ | — | ||||||
Assets measured at fair value for the Corporation’s fiscal year ended December 31, 2011 were as follows: | ||||||||||||||||
Fair value as of measurement date | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(in thousands) | ||||||||||||||||
Government securities | $ | 15,863 | $ | — | $ | 15,863 | $ | — | ||||||||
Corporate bonds | $ | 3,751 | $ | — | $ | 3,751 | $ | — | ||||||||
Derivative financial instrument | $ | (91 | ) | $ | — | $ | (91 | ) | $ | — | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule of Stock by Class | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common Stock, $1 Par Value | ||||||||||||||||||||
Authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Issued and outstanding | 44,981,865 | 44,950,703 | 44,855,207 | |||||||||||||||||
Preferred Stock, $1 Par Value | ||||||||||||||||||||
Authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||
Issued and outstanding | — | — | — | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss Table | ' | |||||||||||||||||||
The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income loss: | ||||||||||||||||||||
(in thousands) | Foreign Currency | Unrealized Gains | Pension Postretirement | Derivative Financial | Accumulated Other | |||||||||||||||
Translation Adjustment | Losses) on Marketable | Liability | Instruments | Comprehensive Loss | ||||||||||||||||
Securities | ||||||||||||||||||||
Balance at January 1, 2011 | $ | 4,415 | $ | (48 | ) | $ | (2,313 | ) | $ | (395 | ) | $ | 1,659 | |||||||
Change during year | 796 | 294 | (2,035 | ) | 543 | (402 | ) | |||||||||||||
Less: Taxes | — | 103 | (765 | ) | 204 | (458 | ) | |||||||||||||
Balance at December 31, 2011 | 5,211 | 143 | (3,583 | ) | (56 | ) | 1,715 | |||||||||||||
Change during year | 264 | 95 | (1,132 | ) | (30 | ) | (803 | ) | ||||||||||||
Less: Taxes | — | 33 | (424 | ) | (10 | ) | (401 | ) | ||||||||||||
Balance at December 29, 2012 | 5,475 | 205 | (4,291 | ) | (76 | ) | 1,313 | |||||||||||||
Other comprehensive income before reclassifications | (2,562 | ) | (191 | ) | 3,389 | 538 | 1,174 | |||||||||||||
Less: Taxes | — | (67 | ) | 1,312 | 197 | 1,442 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | — | — | 74 | (154 | ) | (80 | ) | |||||||||||||
Balance at December 28, 2013 | $ | 2,913 | $ | 81 | $ | (2,140 | ) | $ | 111 | $ | 965 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
The following table details the reclassifications from accumulated other comprehensive income (loss) for the year ended December 28, 2013 (in thousands): | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||
Pension postretirement liability | ||||||||||||||||||||
Transition obligation | $ | (117 | ) | Selling and administrative expenses | ||||||||||||||||
43 | Tax (expense) or benefit | |||||||||||||||||||
$ | (74 | ) | Net of tax | |||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||
Diesel hedge | $ | 243 | Selling and administrative expenses | |||||||||||||||||
(89 | ) | Tax (expense) or benefit | ||||||||||||||||||
$ | 154 | Net of tax | ||||||||||||||||||
Total reclassifications for the period | $ | 80 | Net of tax | |||||||||||||||||
Schedule of Dividends Declared and Paid Per Share | ' | |||||||||||||||||||
Cash dividends declared and paid per share for each year are: | ||||||||||||||||||||
(In dollars) | 2013 | 2012 | 2011 | |||||||||||||||||
Common shares | 0.96 | 0.95 | 0.92 | |||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Valuation Assumptions | ' | ||||||||||||
The stock compensation expense for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions by grant year: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||||||||||
Expected term | 5 years | 6 years | 6 years | ||||||||||
Expected volatility: | |||||||||||||
Range used | 50.39 | % | 48.25%-48.34% | 45.22 | % | ||||||||
Weighted-average | 50.39 | % | 48.25 | % | 45.22 | % | |||||||
Expected dividend yield: | |||||||||||||
Range used | 3.02 | % | 2.90%-3.61% | 2.88%-3.42% | |||||||||
Weighted-average | 3.02 | % | 3.6 | % | 2.9 | % | |||||||
Risk-free interest rate: | |||||||||||||
Range used | 0.93 | % | 0.90%-1.17% | 1.99%-3.70% | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
The following table summarizes the changes in outstanding stock options since the beginning of fiscal 2011. | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at January 1, 2011 | 2,564,799 | $ | 27.65 | ||||||||||
Granted | 499,735 | 31.82 | |||||||||||
Exercised | (34,000 | ) | 26.45 | ||||||||||
Forfeited or Expired | (33,783 | ) | 30.84 | ||||||||||
Outstanding at December 31, 2011 | 2,996,751 | $ | 28.33 | ||||||||||
Granted | 727,381 | 25.51 | |||||||||||
Exercised | (149,000 | ) | 25.8 | ||||||||||
Forfeited or Expired | (118,618 | ) | 24.99 | ||||||||||
Outstanding at December 29, 2012 | 3,456,514 | $ | 27.96 | ||||||||||
Granted | 611,599 | 31.79 | |||||||||||
Exercised | (394,476 | ) | 14.86 | ||||||||||
Forfeited or Expired | (43,070 | ) | 35.05 | ||||||||||
Outstanding at December 28, 2013 | 3,630,567 | $ | 29.94 | ||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||
A summary of the Corporation’s nonvested shares as of December 28, 2013 and changes during the year are presented below: | |||||||||||||
Weighted-Average | |||||||||||||
Shares | Grant-Date | ||||||||||||
Nonvested Shares | Fair Value | ||||||||||||
Nonvested at December 29, 2012 | 2,372,450 | $ | 7.75 | ||||||||||
Granted | 611,599 | 10.85 | |||||||||||
Vested | (445,398 | ) | 7.47 | ||||||||||
Forfeited | (23,053 | ) | 10.52 | ||||||||||
Nonvested at December 28, 2013 | 2,515,598 | $ | 8.53 | ||||||||||
Stock Option Vested or Expected to Vest and are Exercisable | ' | ||||||||||||
Information about stock options vested or expected to vest and are exercisable at December 28, 2013, is as follows: | |||||||||||||
Weighted-Average | Aggregate | ||||||||||||
Weighted-Average | Remaining Life in | Intrinsic | |||||||||||
Number | Exercise Price | Years | Value | ||||||||||
Options | ($000s) | ||||||||||||
Vested or expected to vest | 3,536,230 | $ | 29.94 | 6.1 | $ | 33,382 | |||||||
Exercisable | 1,114,969 | $ | 34.85 | 2.8 | 5,051 | ||||||||
Schedule of Share-based Compensation Arrangement Other Information | ' | ||||||||||||
Other information for the last three years is as follows: | |||||||||||||
(In thousands) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||||||||
Total fair value of shares vested | $ | 1,127 | $ | 3,005 | $ | 2,150 | |||||||
Total intrinsic value of options exercised | 6,445 | 388 | 178 | ||||||||||
Cash received from exercise of stock options | 5,862 | 3,845 | 232 | ||||||||||
Tax benefit realized from exercise of stock options | 2,291 | 138 | 63 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Activity | ' | ||||||||||||
The following table summarizes the changes in outstanding RSUs since the beginning of fiscal 2011: | |||||||||||||
Number of | Weighted-Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Outstanding at January 1, 2011 | 802,797 | $ | 10.37 | ||||||||||
Granted | 14,000 | 24.37 | |||||||||||
Vested | (16,048 | ) | 7.84 | ||||||||||
Forfeited | (13,944 | ) | 13.94 | ||||||||||
Outstanding at December 31, 2011 | 786,805 | $ | 10.61 | ||||||||||
Granted | 10,526 | 21.19 | |||||||||||
Vested | (631,759 | ) | 7.87 | ||||||||||
Forfeited | (8,352 | ) | 22.02 | ||||||||||
Outstanding at December 29, 2012 | 157,220 | $ | 21.71 | ||||||||||
Granted | — | — | |||||||||||
Vested | (132,693 | ) | 21.47 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at December 28, 2013 | 24,527 | $ | 23.01 | ||||||||||
Postretirement_Health_Care_Tab
Postretirement Health Care (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Components of Net Periodic Postretirement Benefit Cost | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 18,547 | $ | 16,872 | $ | 15,411 | ||||||
Service cost | 525 | 450 | 364 | |||||||||
Interest cost | 668 | 721 | 804 | |||||||||
Benefits paid | (1,263 | ) | (1,131 | ) | (909 | ) | ||||||
Actuarial (gain)/loss | (2,029 | ) | 1,635 | 1,202 | ||||||||
Benefit obligation at end of year | $ | 16,448 | $ | 18,547 | $ | 16,872 | ||||||
Change in plan assets | ||||||||||||
Fair value at beginning of year | $ | — | $ | — | $ | — | ||||||
Actual return on assets | — | — | — | |||||||||
Employer contribution | 1,263 | 1,131 | 909 | |||||||||
Transferred out | — | — | — | |||||||||
Benefits paid | (1,263 | ) | (1,131 | ) | (909 | ) | ||||||
Fair value at end of year | $ | — | $ | — | $ | — | ||||||
Funded Status of Plan | $ | (16,448 | ) | $ | (18,547 | ) | $ | (16,872 | ) | |||
Amounts recognized in the Statement of Financial Position consist of: | ||||||||||||
Current liabilities | $ | 924 | $ | 994 | $ | 988 | ||||||
Noncurrent liabilities | $ | 15,524 | $ | 17,554 | $ | 15,884 | ||||||
Amounts recognized in Accumulated Other Comprehensive Income (before tax) consist of: | ||||||||||||
Actuarial (gain)/loss | $ | (900 | ) | $ | 1,129 | $ | (506 | ) | ||||
Transition (asset)/obligation | — | 117 | 624 | |||||||||
Prior service cost | — | — | — | |||||||||
$ | (900 | ) | $ | 1,246 | $ | 118 | ||||||
Change in Accumulated Other Comprehensive Income (before tax): | ||||||||||||
Amount disclosed at beginning of year | $ | 1,246 | $ | 118 | $ | (593 | ) | |||||
Actuarial (gain)/loss | (2,029 | ) | 1,635 | 1,202 | ||||||||
Amortization of actuarial gain or loss | — | — | 17 | |||||||||
Amortization of transition amount | (117 | ) | (507 | ) | (508 | ) | ||||||
Amortization of prior service cost | — | — | — | |||||||||
Amount disclosed at end of year | $ | (900 | ) | $ | 1,246 | $ | 118 | |||||
Schedule of Expected Benefit Payments | ' | |||||||||||
Estimated Future Benefit Payments (In thousands) | ||||||||||||
Fiscal 2014 | 924 | |||||||||||
Fiscal 2015 | 928 | |||||||||||
Fiscal 2016 | 943 | |||||||||||
Fiscal 2017 | 971 | |||||||||||
Fiscal 2018 | 995 | |||||||||||
Fiscal 2019 – 2023 | 5,773 | |||||||||||
Expected Contributions During Fiscal 2014 | ||||||||||||
Total | $ | 924 | ||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||
Components of Net Periodic Postretirement Benefit Cost (in thousands) | 2014 | |||||||||||
Service cost | $ | 504 | ||||||||||
Interest cost | 735 | |||||||||||
Amortization of net (gain)/loss | — | |||||||||||
Amortization of unrecognized transition (asset)/obligation | — | |||||||||||
Net periodic postretirement benefit cost/(income) | $ | 1,239 | ||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Capitalized and Operating Leases | ' | |||||||||||
The Corporation leases certain warehouse and plant facilities and equipment. Commitments for minimum rentals under non-cancelable leases at the end of 2013 are as follows: | ||||||||||||
(In thousands) | Capitalized | Operating | ||||||||||
Leases | Leases | |||||||||||
2014 | $ | 129 | $ | 28,754 | ||||||||
2015 | 108 | 24,457 | ||||||||||
2016 | — | 20,394 | ||||||||||
2017 | — | 8,725 | ||||||||||
2018 | — | 5,662 | ||||||||||
Thereafter | — | 14,067 | ||||||||||
Total minimum lease payments | 237 | $ | 102,059 | |||||||||
Less: amount representing interest | 11 | |||||||||||
Present value of net minimum lease payments, including current maturities of $ | $ | 226 | ||||||||||
Schedule of Capital Leased Asssets | ' | |||||||||||
Property, plant and equipment at year-end include the following amounts for capitalized leases: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Office equipment | $ | 570 | $ | 570 | $ | 570 | ||||||
Less: allowances for depreciation | 346 | 232 | 118 | |||||||||
$ | 224 | $ | 338 | $ | 452 | |||||||
Reportable_Segment_Information1
Reportable Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segment Information | ' | |||||||||||
Reportable segment data reconciled to the consolidated financial statements for the years ended 2013, 2012, and 2011, is as follows for continuing operations: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net sales: | ||||||||||||
Office furniture | $ | 1,685,205 | $ | 1,687,302 | $ | 1,528,050 | ||||||
Hearth products | 374,759 | 316,701 | 305,400 | |||||||||
$ | 2,059,964 | $ | 2,004,003 | $ | 1,833,450 | |||||||
Operating profit: | ||||||||||||
Office furniture (a) | $ | 97,339 | $ | 91,849 | $ | 99,626 | ||||||
Hearth products (b) | 46,662 | 26,477 | 14,752 | |||||||||
Total operating profit | 144,001 | 118,326 | 114,378 | |||||||||
Unallocated corporate expenses | (47,294 | ) | (40,722 | ) | (44,219 | ) | ||||||
Income (loss) before income taxes | $ | 96,707 | $ | 77,604 | $ | 70,159 | ||||||
Depreciation and amortization expense: | ||||||||||||
Office furniture | $ | 36,992 | $ | 34,491 | $ | 36,109 | ||||||
Hearth products | 5,288 | 5,958 | 7,574 | |||||||||
General corporate | 4,341 | 2,911 | 2,604 | |||||||||
$ | 46,621 | $ | 43,360 | $ | 46,287 | |||||||
Capital expenditures (including capitalized software): | ||||||||||||
Office furniture | $ | 51,954 | $ | 36,080 | $ | 24,061 | ||||||
Hearth products | 4,220 | 2,008 | 2,179 | |||||||||
General corporate | 22,721 | 22,182 | 4,903 | |||||||||
$ | 78,895 | $ | 60,270 | $ | 31,143 | |||||||
Identifiable assets: | ||||||||||||
Office furniture | $ | 722,697 | $ | 700,665 | $ | 671,334 | ||||||
Hearth products | 255,978 | 254,835 | 259,142 | |||||||||
General corporate | 156,030 | 121,566 | 121,246 | |||||||||
$ | 1,134,705 | $ | 1,077,066 | $ | 1,051,722 | |||||||
(a) | Included in operating profit for the office furniture segment are pretax charges of $0.3 million, $1.9 million and $2.8 million, for closing of facilities and impairment charges in 2013, 2012 and 2011, respectively. | |||||||||||
(b) | Included in operating profit for the hearth products segment are pretax charges of $0.4 million for closing facilities in 2011. | |||||||||||
Net Sales by Product Category | ' | |||||||||||
The Corporation's net sales by product category were as follows for the years ended 2013, 2012 and 2011: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Systems and storage | 1,132,885 | 1,126,272 | 1,072,629 | |||||||||
Seating | 469,220 | 452,923 | 399,264 | |||||||||
Other | 83,100 | 108,107 | 56,157 | |||||||||
Hearth products | 374,759 | 316,701 | 305,400 | |||||||||
2,059,964 | 2,004,003 | 1,833,450 | ||||||||||
Summary_of_Quarterly_Results_o1
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Year-End 2013: (In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 442,297 | $ | 510,698 | $ | 565,706 | $ | 541,263 | ||||||||
Cost of products sold | 294,515 | 336,040 | 365,835 | 348,282 | ||||||||||||
Gross profit | 147,782 | 174,658 | 199,871 | 192,981 | ||||||||||||
Selling and administrative expenses | 144,556 | 154,538 | 154,641 | 155,237 | ||||||||||||
Restructuring related charges (income) | 156 | (35 | ) | 115 | 97 | |||||||||||
Operating income (loss) | 3,070 | 20,155 | 45,115 | 37,647 | ||||||||||||
Interest income (expense) – net | (2,516 | ) | (2,567 | ) | (2,668 | ) | (1,529 | ) | ||||||||
Income (loss) before income taxes | 554 | 17,588 | 42,447 | 36,118 | ||||||||||||
Income taxes | (625 | ) | 6,189 | 14,398 | 13,376 | |||||||||||
Net income (loss) | 1,179 | 11,399 | 28,049 | 22,742 | ||||||||||||
Less: net income attributable to the noncontrolling interest | (229 | ) | (22 | ) | (45 | ) | (18 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | 1,408 | $ | 11,421 | $ | 28,094 | $ | 22,760 | ||||||||
Net income (loss) attributable to HNI Corporation per common share – basic | $ | 0.03 | $ | 0.25 | $ | 0.62 | $ | 0.5 | ||||||||
Weighted-average common shares outstanding – basic | 45,154,764 | 45,412,668 | 45,317,912 | 45,117,315 | ||||||||||||
Net income (loss) attributable to HNI Corporation per common share – diluted | $ | 0.03 | $ | 0.25 | $ | 0.61 | $ | 0.5 | ||||||||
Weighted-average common shares outstanding – diluted | 45,719,878 | 46,109,563 | 46,089,580 | 45,964,128 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 33.4 | 34.2 | 35.3 | 35.7 | ||||||||||||
Selling and administrative expenses | 32.7 | 30.3 | 27.3 | 28.7 | ||||||||||||
Restructuring related charges | — | — | — | — | ||||||||||||
Operating income (loss) | 0.7 | 3.9 | 8 | 7 | ||||||||||||
Income taxes | (0.1 | ) | 1.2 | 2.5 | 2.5 | |||||||||||
Net income (loss) attributable to HNI Corporation | 0.3 | 2.2 | 5 | 4.2 | ||||||||||||
Year-End 2012: | First | Second | Third | Fourth | ||||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Net sales | $ | 445,212 | $ | 480,400 | $ | 550,855 | $ | 527,536 | ||||||||
Cost of products sold | 298,385 | 315,287 | 359,519 | 341,585 | ||||||||||||
Gross profit | 146,827 | 165,113 | 191,336 | 185,951 | ||||||||||||
Selling and administrative expenses | 143,734 | 151,455 | 149,421 | 155,046 | ||||||||||||
Restructuring related charges | 897 | 292 | 172 | 583 | ||||||||||||
Operating income (loss) | 2,196 | 13,366 | 41,743 | 30,322 | ||||||||||||
Interest income (expense) – net | (2,435 | ) | (2,633 | ) | (2,503 | ) | (2,452 | ) | ||||||||
Income (loss) before income taxes | (239 | ) | 10,733 | 39,240 | 27,870 | |||||||||||
Income taxes | (86 | ) | 3,835 | 15,036 | 10,493 | |||||||||||
Net income (loss) | (153 | ) | 6,898 | 24,204 | 17,377 | |||||||||||
Less: net income attributable to the noncontrolling interest | (12 | ) | (127 | ) | (286 | ) | (216 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | (141 | ) | $ | 7,025 | $ | 24,490 | $ | 17,593 | |||||||
Net income (loss) per common share – basic | $ | — | $ | 0.15 | $ | 0.54 | $ | 0.39 | ||||||||
Weighted-average common shares outstanding – basic | 45,152 | 45,420 | 45,224 | 45,050 | ||||||||||||
Net income (loss) per common share – diluted | $ | — | $ | 0.15 | $ | 0.53 | $ | 0.39 | ||||||||
Weighted-average common shares outstanding – diluted | 45,152 | 45,945 | 45,820 | 45,692 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 33 | 34.4 | 34.7 | 35.2 | ||||||||||||
Selling and administrative expenses | 32.3 | 31.5 | 27.1 | 29.4 | ||||||||||||
Restructuring related charges | 0.2 | 0.1 | — | 0.1 | ||||||||||||
Operating income (loss) | 0.5 | 2.8 | 7.6 | 5.7 | ||||||||||||
Income taxes | — | 0.8 | 2.7 | 2 | ||||||||||||
Net income (loss) attributable to HNI Corporation | — | 1.5 | 4.4 | 3.3 | ||||||||||||
Year-End 2011: (In thousands, except per share data) | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 396,151 | $ | 432,810 | $ | 504,220 | $ | 500,269 | ||||||||
Cost of products sold | 261,427 | 285,880 | 324,825 | 322,255 | ||||||||||||
Gross profit | 134,724 | 146,930 | 179,395 | 178,014 | ||||||||||||
Selling and administrative expenses | 132,413 | 136,197 | 138,671 | 147,034 | ||||||||||||
Restructuring related charges | 1,390 | 463 | 277 | 1,131 | ||||||||||||
Operating income (loss) | 921 | 10,270 | 40,447 | 29,849 | ||||||||||||
Interest income (expense) – net | (3,456 | ) | (2,923 | ) | (2,345 | ) | (2,604 | ) | ||||||||
Income (loss) before income taxes | (2,535 | ) | 7,347 | 38,102 | 27,245 | |||||||||||
Income taxes | (738 | ) | 2,744 | 13,186 | 9,219 | |||||||||||
Net income (loss) | (1,797 | ) | 4,603 | 24,916 | 18,026 | |||||||||||
Less: Net income attributable to the noncontrolling interest | (42 | ) | (54 | ) | (31 | ) | (111 | ) | ||||||||
Net income (loss) attributable to HNI Corporation | $ | (1,755 | ) | $ | 4,657 | $ | 24,947 | $ | 18,137 | |||||||
Net income (loss) attributable to HNI Corporation per common share – basic | $ | (0.04 | ) | $ | 0.1 | $ | 0.56 | $ | 0.4 | |||||||
Weighted-average common shares outstanding – basic | 44,853 | 44,745 | 44,787 | 44,828 | ||||||||||||
Net income (loss) attributable to HNI Corporation per common share – diluted | $ | (0.04 | ) | $ | 0.1 | $ | 0.55 | $ | 0.4 | |||||||
Weighted-average common shares outstanding – diluted | 44,853 | 45,667 | 45,637 | 45,759 | ||||||||||||
As a Percentage of Net Sales | ||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross profit | 34 | 33.9 | 35.6 | 35.6 | ||||||||||||
Selling and administrative expenses | 33.4 | 31.5 | 27.5 | 29.4 | ||||||||||||
Restructuring related charges | 0.4 | 0.1 | 0.1 | 0.2 | ||||||||||||
Operating income (loss) | 0.2 | 2.4 | 8 | 6 | ||||||||||||
Income taxes | (0.2 | ) | 0.6 | 2.6 | 1.8 | |||||||||||
Net income (loss) attributable to HNI Corporation | (0.4 | ) | 1.1 | 4.9 | 3.6 | |||||||||||
Investor_Information_Tables
Investor Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Investor Information [Abstract] | ' | |||||||||||||
Schedule of Common Stock Market Price and Dividends | ' | |||||||||||||
2013 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 35.74 | $ | 28.28 | 0.24 | |||||||||
2nd | 38.53 | 31.45 | 0.24 | |||||||||||
3rd | 40.73 | 32.38 | 0.24 | |||||||||||
4th | 40.1 | 32.83 | 0.24 | |||||||||||
Total Dividends Paid | 0.96 | |||||||||||||
2012 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 32.01 | $ | 24.97 | 0.23 | |||||||||
2nd | 27.95 | 21.57 | 0.24 | |||||||||||
3rd | 32.02 | 25.39 | 0.24 | |||||||||||
4th | 30.24 | 25.08 | 0.24 | |||||||||||
Total Dividends Paid | 0.95 | |||||||||||||
2011 by | High | Low | Dividends | |||||||||||
Quarter | per Share | |||||||||||||
1st | $ | 36.48 | $ | 28.42 | 0.23 | |||||||||
2nd | 32.78 | 22.04 | 0.23 | |||||||||||
3rd | 26.4 | 15.78 | 0.23 | |||||||||||
4th | 27.75 | 17.14 | 0.23 | |||||||||||
Total Dividends Paid | 0.92 | |||||||||||||
Schedule of Common Stock Market Price and Price/Earnings Ratio | ' | |||||||||||||
Market Price | Diluted | Price/Earnings Ratio | ||||||||||||
Earnings | ||||||||||||||
per | ||||||||||||||
Year | High | Low | Share | High | Low | |||||||||
2013 | $ | 40.73 | $ | 28.28 | $ | 1.39 | 29 | 20 | ||||||
2012 | 32.02 | 21.57 | 1.07 | 30 | 20 | |||||||||
2011 | 36.48 | 15.78 | 1.01 | 36 | 16 | |||||||||
2010 | 35.29 | 22.8 | 0.59 | 60 | 39 | |||||||||
2009 | 29.4 | 7.7 | (0.14 | ) | (210 | ) | (55 | ) | ||||||
Five-Year Average | (11 | ) | 8 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
General Accounting Policies [Line Items] | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $16,000,000 | $20,000,000 | $19,400,000 |
Available-for-sale Securities, Gross Unrealized Gain | 200,000 | 300,000 | 200,000 |
Available-for-sale Securities, Gross Unrealized Loss | -100,000 | 0 | 0 |
Allowance for doubtful accounts receivable, current | 6,200,000 | 5,200,000 | 4,800,000 |
Percentage of LIFO inventory | 74.00% | 70.00% | 67.00% |
Effect of LIFO inventory, decrease in cost of goods sold | 200,000 | 800,000 | ' |
Inventory, LIFO Reserve | 27,722,000 | 25,472,000 | 25,901,000 |
Net intangible assets | 94,635,000 | 86,874,000 | 64,027,000 |
Standard Product Warranty Accrual, Current | 6,700,000 | 6,300,000 | 6,300,000 |
Standard Product Warranty Accrual, Noncurrent | 7,100,000 | 6,700,000 | 6,600,000 |
Product development costs | 27,300,000 | 26,900,000 | 23,100,000 |
Freight expense | 123,800,000 | 122,100,000 | 112,300,000 |
Undistributed Earnings of Foreign Subsidiaries | 26,200,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 7,900,000 | ' | ' |
Antidilutive securities excluding from computation of earnings per share | 769,394 | 1,760,220 | 1,969,085 |
Insurance liabilities | $28,200,000 | ' | ' |
Land Improvements [Member] | Minimum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '10 years | ' | ' |
Land Improvements [Member] | Maximum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '20 years | ' | ' |
Buildings [Member] | Minimum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '10 years | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '40 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
General Accounting Policies [Line Items] | ' | ' | ' |
Useful life, minimum | '12 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Cash, Cash Equivalents and Investments) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $65,030 | $41,782 | $72,812 | $99,096 |
Short-term Investments | 7,251 | 7,250 | 9,157 | ' |
Long-term Investments | 9,113 | 13,356 | 10,714 | ' |
Certificates of Deposit [Member] | ' | ' | ' | ' |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' |
Short-term Investments | 251 | 250 | 257 | ' |
Long-term Investments | 0 | 0 | 0 | ' |
Debt Securities [Member] | ' | ' | ' | ' |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' |
Short-term Investments | 7,000 | 7,000 | 8,900 | ' |
Long-term Investments | 9,113 | 13,356 | 10,714 | ' |
Cash and Money Markets Accounts [Member] | ' | ' | ' | ' |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 65,030 | 41,782 | 72,812 | ' |
Short-term Investments | 0 | 0 | 0 | ' |
Long-term Investments | $0 | $0 | $0 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Product Warranties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Balance at the beginning of the period | $13,055 | $12,910 | $12,930 |
Accrual assumed from acquisition | 0 | 301 | 222 |
Accruals for warranties issued during the period | 21,878 | 18,370 | 15,581 |
Accrual related to pre-existing warranties | 106 | 432 | -100 |
Settlements made during the period | -21,199 | -18,958 | -15,723 |
Balance at the end of the period | $13,840 | $13,055 | $12,910 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 03, 2009 |
Numerators: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerators for both basic and diluted EPS net income attributable to parent company | $22,760 | $28,094 | $11,421 | $1,408 | $17,593 | $24,490 | $7,025 | ($141) | $18,137 | $24,947 | $4,657 | ($1,755) | $63,683 | $48,967 | $45,986 | ' | ' |
Denominators: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS weighted- average common shares outstanding | 45,117,315,000 | 45,317,912,000 | 45,412,668,000 | 45,154,764,000 | 45,050,000 | 45,224,000 | 45,420,000 | 45,152,000 | 44,828,000 | 44,787,000 | 44,745,000 | 44,853,000 | 45,250,665 | 45,211,385 | 44,803,248 | ' | ' |
Potentially dilutive shares from stock-based compensation plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 706,000 | 609,000 | 891,000 | ' | ' |
Denominator for diluted EPS | 45,964,128,000 | 46,089,580,000 | 46,109,563,000 | 45,719,878,000 | 45,692,000 | 45,820,000 | 45,945,000 | 45,152,000 | 45,759,000 | 45,637,000 | 45,667,000 | 44,853,000 | 45,956,280 | 45,819,979 | 45,694,278 | ' | ' |
Earnings per share - basic | $0.50 | $0.62 | $0.25 | $0.03 | $0.39 | $0.54 | $0.15 | $0 | $0.40 | $0.56 | $0.10 | ($0.04) | $1.41 | $1.08 | $1.03 | ' | ' |
Earnings per share - diluted | $0.50 | $0.61 | $0.25 | $0.03 | $0.39 | $0.53 | $0.15 | $0 | $0.40 | $0.55 | $0.10 | ($0.04) | $1.39 | $1.07 | $1.01 | $0.59 | ($0.14) |
Restructuring_Related_and_Impa2
Restructuring Related and Impairment Charges (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $333,000 | $1,791,000 | $3,261,000 |
Facility Exit Costs [Member] | Office Furniture [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 300,000 | 400,000 | 500,000 |
Facility Exit Costs [Member] | Salisbury Facility [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | ' | 600,000 |
Severance and Facility Exit Costs [Member] | Lithia Facility [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | 1,500,000 | 1,800,000 |
Severance and Facility Exit Costs [Member] | Hearth Products [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | 400,000 | ' |
Leasehold Improvements [Member] | Lithia Facility [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Impairment of real estate, non-cash transaction | ' | 200,000 | ' |
Cost of Sales [Member] | Machinery and Equipment [Member] | Facility Exit Costs [Member] | Lithia Facility [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accelerated depreciation | ' | $300,000 | $200,000 |
Restructuring_Related_and_Impa3
Restructuring Related and Impairment Charges (Schedule of Restructuring Reserve by Type of Cost) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve at beginning of period | $210,000 | $1,099,000 | $2,632,000 |
Restructuring charges | 333,000 | 1,791,000 | 3,261,000 |
Cash payments | -488,000 | -2,680,000 | -4,794,000 |
Restructuring reserve at end of period | 55,000 | 210,000 | 1,099,000 |
Severance Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve at beginning of period | 192,000 | 1,068,000 | 2,389,000 |
Restructuring charges | -8,000 | -316,000 | 636,000 |
Cash payments | -135,000 | -560,000 | -1,957,000 |
Restructuring reserve at end of period | 49,000 | 192,000 | 1,068,000 |
Facility Termination & Other Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve at beginning of period | 18,000 | 31,000 | 243,000 |
Restructuring charges | 341,000 | 2,107,000 | 2,625,000 |
Cash payments | -353,000 | -2,120,000 | -2,837,000 |
Restructuring reserve at end of period | 6,000 | 18,000 | 31,000 |
Leasehold Improvements [Member] | Lithia Facility [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Impairment of real estate, non-cash transaction | ' | $200,000 | ' |
Business_Combinations_Details
Business Combinations (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Aug. 13, 2012 | Dec. 28, 2013 | Aug. 13, 2012 | Aug. 29, 2012 | Nov. 14, 2011 | Nov. 14, 2011 | Nov. 14, 2011 |
BP Ergo Limited [Member] | BP Ergo Limited [Member] | BP Ergo Limited [Member] | Dansons, Inc. [Member] | Sagus International, Inc [Member] | Sagus International, Inc [Member] | Sagus International, Inc [Member] | |||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of common stock, percentage | ' | ' | ' | ' | 97.80% | 99.30% | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | $25,500,000 | ' | ' | $1,500,000 | $56,100,000 | ' | ' |
Assumption of short-term debt | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' |
Purchase price allocation on intangible assets, other than goodwill | ' | ' | ' | ' | 9,800,000 | ' | ' | 1,400,000 | 14,900,000 | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | '10 years | '8 years | ' | '8 years | '10 years |
Purchase price allocation on goodwill | $286,655,000 | $288,348,000 | $270,761,000 | $260,634,000 | $15,900,000 | ' | ' | ' | $11,800,000 | ' | ' |
Percent of consolidated net sales in the condensed financial statement since the date of acquisition | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 30, 2013 | Jun. 29, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' | ' | ' | ' |
Non-cash transaction, accrued purchases of property and equipment | ' | ' | ' | $3,800,000 | ' | ' |
Non-cash transaction, capitalized software | ' | ' | ' | 1,100,000 | ' | ' |
Decrease in accounts payable and accrued liabilities | -1,300,000 | -5,700,000 | -4,500,000 | 25,863,000 | 27,531,000 | 39,866,000 |
Payments to Acquire Property, Plant, and Equipment | 1,600,000 | 4,400,000 | 4,000,000 | ' | ' | ' |
Capitalized software | ($300,000) | $1,300,000 | $500,000 | $17,918,000 | $20,797,000 | $3,348,000 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Cash Payments for Interest and Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid (net of capitalized interest) | $9,909 | $10,865 | $11,968 |
Income taxes paid | $9,576 | $13,404 | $14,099 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Finished products | $51,991 | $47,042 | $65,136 |
Materials and work in process | 65,247 | 71,945 | 62,638 |
LIFO reserve | -27,722 | -25,472 | -25,901 |
Inventories, net | $89,516 | $93,515 | $101,873 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $36,300,000 | $34,100,000 | $38,600,000 |
Property, plant and equipment, gross | 806,906,000 | 777,569,000 | 768,115,000 |
Less: accumulated depreciation | 539,505,000 | 537,079,000 | 538,388,000 |
Property, plant and equipment | 267,401,000 | 240,490,000 | 229,727,000 |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 27,465,000 | 26,681,000 | 23,197,000 |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 284,484,000 | 268,003,000 | 264,081,000 |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 470,748,000 | 465,014,000 | 468,926,000 |
Construction and Equipment Installation in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $24,209,000 | $17,871,000 | $11,911,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Goodwill [Line Items] | ' | ' | ' | ' |
Capitalized software, amortization | $2,900,000 | $1,900,000 | $1,700,000 | ' |
Amortization expense for definite-lived intangibles | 7,400,000 | 7,000,000 | 5,900,000 | ' |
Goodwill | 286,655,000 | 288,348,000 | 270,761,000 | 260,634,000 |
Trade Names [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Trade names, net value | 41,000,000 | 41,000,000 | 41,000,000 | ' |
One Trade Name [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Discount rate utilized for each reporting unit with rates range | 12.00% | ' | ' | ' |
Terminal growth | 3.00% | ' | ' | ' |
Fair value exceeds carrying value, percent | 5.00% | ' | ' | ' |
Trade names, net value | 7,600,000 | ' | ' | ' |
Royalty rate | 2.50% | ' | ' | ' |
Reporting Unit One [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Discount rate utilized for each reporting unit with rates range | 10.50% | ' | ' | ' |
Terminal growth | 3.00% | ' | ' | ' |
Fair value exceeds carrying value, percent | 7.00% | ' | ' | ' |
Goodwill | 12,000,000 | ' | ' | ' |
Decrease in fair value for every 100 basis point increase in discount rate | 7,000,000 | ' | ' | ' |
Decrease in fair value for every 100 basis point decrease in long-term growth rate | 4,000,000 | ' | ' | ' |
Reporting Unit Two [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Discount rate utilized for each reporting unit with rates range | 13.00% | ' | ' | ' |
Terminal growth | 5.00% | ' | ' | ' |
Fair value exceeds carrying value, percent | 6.00% | ' | ' | ' |
Goodwill | 14,000,000 | ' | ' | ' |
Decrease in fair value for every 100 basis point increase in discount rate | 5,000,000 | ' | ' | ' |
Decrease in fair value for every 100 basis point decrease in long-term growth rate | 2,000,000 | ' | ' | ' |
Office Furniture [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | $120,610,000 | $122,303,000 | $104,716,000 | $94,589,000 |
Minimum [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Discount rate utilized for each reporting unit with rates range | 10.00% | ' | ' | ' |
Near term growth | -15.40% | ' | ' | ' |
Terminal growth | 3.00% | ' | ' | ' |
Minimum [Member] | Reporting Unit One [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Near term growth | 0.80% | ' | ' | ' |
Minimum [Member] | Reporting Unit Two [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Near term growth | -15.40% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Discount rate utilized for each reporting unit with rates range | 13.00% | ' | ' | ' |
Near term growth | 17.50% | ' | ' | ' |
Terminal growth | 5.00% | ' | ' | ' |
Maximum [Member] | Reporting Unit One [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Near term growth | 10.40% | ' | ' | ' |
Maximum [Member] | Reporting Unit Two [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Near term growth | 17.50% | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Net intangible assets | $94,635,000 | $86,874,000 | $64,027,000 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' |
2014 | 9,600,000 | ' | ' |
2015 | 11,200,000 | ' | ' |
2016 | 10,500,000 | ' | ' |
2017 | 9,900,000 | ' | ' |
2018 | 9,800,000 | ' | ' |
Patents [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Finite-lived intangible assets, gross | 18,905,000 | 18,905,000 | 18,905,000 |
Less: accumulated amortization | 18,685,000 | 18,609,000 | 18,526,000 |
Net intangible assets | 220,000 | 296,000 | 379,000 |
Software [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Finite-lived intangible assets, gross | 52,778,000 | 36,126,000 | 15,525,000 |
Less: accumulated amortization | 14,380,000 | 13,839,000 | 12,014,000 |
Net intangible assets | 38,398,000 | 22,287,000 | 3,511,000 |
Customer Lists and Other [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Finite-lived intangible assets, gross | 110,609,000 | 113,811,000 | 102,825,000 |
Less: accumulated amortization | 54,592,000 | 49,520,000 | 42,688,000 |
Net intangible assets | $56,017,000 | $64,291,000 | $60,137,000 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, beginning balance | $317,850 | $300,263 | $290,136 |
Accumulated impairment losses, beginning balance | -29,502 | -29,502 | -29,502 |
Goodwill, beginning balance | 288,348 | 270,761 | 260,634 |
Goodwill acquired during the year | 0 | 15,867 | 10,127 |
Impairment losses | 0 | 0 | 0 |
Goodwill related to the sale of business units | 0 | 0 | 0 |
Final purchase price allocations/contingent payments from prior year acquisitions | 0 | 1,720 | 0 |
Foreign currency translation adjustment | -1,693 | ' | ' |
Goodwill, ending balance | 316,157 | 317,850 | 300,263 |
Accumulated impairment losses, ending balance | -29,502 | -29,502 | -29,502 |
Goodwill, ending balance | 286,655 | 288,348 | 270,761 |
Office Furniture [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, beginning balance | 151,662 | 134,075 | 123,948 |
Accumulated impairment losses, beginning balance | -29,359 | -29,359 | -29,359 |
Goodwill, beginning balance | 122,303 | 104,716 | 94,589 |
Goodwill acquired during the year | 0 | 15,867 | 10,127 |
Impairment losses | 0 | 0 | 0 |
Goodwill related to the sale of business units | 0 | 0 | 0 |
Final purchase price allocations/contingent payments from prior year acquisitions | 0 | 1,720 | 0 |
Foreign currency translation adjustment | -1,693 | ' | ' |
Goodwill, ending balance | 149,969 | 151,662 | 134,075 |
Accumulated impairment losses, ending balance | -29,359 | -29,359 | -29,359 |
Goodwill, ending balance | 120,610 | 122,303 | 104,716 |
Hearth Products [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, beginning balance | 166,188 | 166,188 | 166,188 |
Accumulated impairment losses, beginning balance | -143 | -143 | -143 |
Goodwill, beginning balance | 166,045 | 166,045 | 166,045 |
Goodwill acquired during the year | 0 | 0 | 0 |
Impairment losses | 0 | 0 | 0 |
Goodwill related to the sale of business units | 0 | 0 | 0 |
Final purchase price allocations/contingent payments from prior year acquisitions | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | ' | ' |
Goodwill, ending balance | 166,188 | 166,188 | 166,188 |
Accumulated impairment losses, ending balance | -143 | -143 | -143 |
Goodwill, ending balance | $166,045 | $166,045 | $166,045 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Payables and Accruals [Abstract] | ' | ' | ' |
Trade accounts payable | $199,889 | $189,391 | $159,292 |
Compensation | 40,072 | 36,671 | 36,067 |
Profit sharing and retirement expense | 23,686 | 20,821 | 19,284 |
Marketing expenses | 37,292 | 32,979 | 30,653 |
Freight | 15,682 | 12,826 | 13,816 |
Other accrued expenses | 91,178 | 91,556 | 92,538 |
Accounts payable and accrued expenses | $407,799 | $384,244 | $351,650 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Apr. 06, 2006 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Apr. 06, 2006 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 |
Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Senior Notes Due In 2016 [Member] | Senior Notes Due In 2016 [Member] | Senior Notes Due In 2016 [Member] | Senior Notes Due In 2016 [Member] | Other Notes and Amounts [Member] | Other Notes and Amounts [Member] | Other Notes and Amounts [Member] | Loan Term, September 28, 2011 [Member] | |||||
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $150,455,000 | $154,586,000 | $180,437,000 | ' | $0 | $0 | $30,000,000 | $150,000,000 | $150,000,000 | $150,000,000 | ' | $455,000 | $4,586,000 | $437,000 | ' |
Less: current portion | -364,000 | -4,440,000 | -30,237,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 150,091,000 | 150,146,000 | 150,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable, interest rate | ' | ' | ' | ' | 0.00% | 0.00% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, interest rate | ' | ' | ' | ' | ' | ' | ' | 5.54% | 5.54% | 5.54% | 5.54% | ' | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 150,036,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Option to increase, additional borrowings capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Amount outstanding | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | $159,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $2,700,000 | $2,900,000 | $3,000,000 |
Penalties and interest recognized | 51,964 | ' | ' |
Penalties and interest accrued | 200,000 | 300,000 | 300,000 |
Undistributed Earnings of Foreign Subsidiaries | 26,200,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 7,900,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 22,200,000 | ' | ' |
Tax credit carryforward, amount | $3,300,000 | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $12,077 | $19,132 | $8,931 |
State | 1,036 | 2,460 | 1,929 |
Foreign | 2,153 | 1,175 | 1,719 |
Current provision | 15,266 | 22,767 | 12,579 |
Deferred: | ' | ' | ' |
Federal | 16,614 | 6,692 | 10,829 |
State | 2,558 | 603 | 1,307 |
Foreign | -1,100 | -784 | -304 |
Deferred provision | 18,072 | 6,511 | 11,832 |
Total income tax expense | $33,338 | $29,278 | $24,411 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax expense | $33,957 | $27,386 | $24,639 |
State taxes, net of federal tax effect | 2,469 | 2,164 | 2,096 |
Credit for increasing research activities | -1,338 | 0 | -942 |
Deduction related to domestic production activities | -1,396 | -1,192 | -1,005 |
Foreign income tax | -26 | -899 | -629 |
Executive compensation limitation | 320 | 1,672 | 40 |
Valuation allowance | 0 | 0 | 2 |
Uncertain tax positions | 773 | 611 | 654 |
Other tax credits | -256 | 0 | -203 |
Other - net | -1,165 | -464 | -241 |
Total income tax expense | $33,338 | $29,278 | $24,411 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Net long-term deferred tax liabilities: | ' | ' | ' |
Compensation | $5,304 | $5,399 | $4,367 |
Stock-based compensation | 8,911 | 7,069 | 5,582 |
Accrued post-retirement benefit obligations | 5,972 | 5,918 | 5,749 |
OCI tax effected items | 1,230 | 2,585 | 2,159 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 2,723 | 2,565 | 2,536 |
Other - net | 2,349 | 3,362 | 3,501 |
Total long-term deferred tax assets | 26,489 | 26,898 | 23,894 |
Goodwill | -74,436 | -66,127 | -56,878 |
Tax over book depreciation | -20,081 | -12,720 | -6,300 |
Total long-term deferred tax liabilities | -94,517 | -78,847 | -63,178 |
Valuation allowance | -936 | -919 | -950 |
Total net long-term deferred tax liabilities | 68,964 | 52,868 | 40,234 |
Net current deferred tax assets: | ' | ' | ' |
Allowance for doubtful accounts | 1,859 | 1,233 | 1,691 |
Vacation accrual | 3,706 | 3,920 | 3,078 |
Inventory differences | 3,695 | 3,660 | 3,676 |
Marketing accrual | 1,317 | 1,348 | 1,323 |
Warranty accrual | 2,412 | 2,022 | 2,212 |
Compensation | 7,821 | 5,609 | 5,532 |
Other - net | 7,371 | 7,042 | 4,300 |
Total current deferred tax assets | 28,181 | 24,834 | 21,812 |
Deferred income | -4,148 | -3,949 | -3,933 |
Prepaids | -7,339 | -812 | -952 |
Total current deferred tax liabilities | -11,487 | -4,761 | -4,885 |
Valuation allowance | -643 | -661 | -666 |
Total net current deferred tax assets | 16,051 | 19,412 | 16,261 |
Net deferred tax (liabilities) assets | ($52,913) | ($33,456) | ($23,973) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, beginning of period | $2,927 | $3,098 | $3,193 |
Increases (decreases) in positions taken in a prior period | 156 | 14 | 492 |
Decreases in positions taken in a prior period | -135 | -8 | -16 |
Increases in positions taken in a current period | 791 | 626 | 670 |
Decrease due to settlements | 0 | 0 | 0 |
Decrease due to lapse of statute of limitations | -930 | -803 | -1,241 |
Unrecognized tax benefits, end of period | $2,809 | $2,927 | $3,098 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Balance Sheet Location) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 |
Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Diesel Fuel Swap [Member] | Cash Flow Hedging [Member] | ||||
Accounts Payable and Accrued Expenses [Member] | Accounts Payable and Accrued Expenses [Member] | Accounts Payable and Accrued Expenses [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | |||||
Notional Amount of Derivatives [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agregated notional principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR |
Diesel Fuel Risk [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected hedging percentage of diesel fuel requirements for next twelve months | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Price Risk Cash Flow Hedges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred net loss, net of tax | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments | $176,000 | ($119,000) | ($91,000) | ' | $0 | ($242,000) | ($256,000) | $176,000 | $123,000 | $165,000 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Effect of Derivatives on Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $538 | $213 | $757 |
Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | 243 | 243 | 214 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | -2 | 0 | 0 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | ' | 10 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ' | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | ' | ' | -898 |
Diesel Fuel Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Before-tax Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 538 | 213 | 747 |
Diesel Fuel Swap [Member] | Selling and Administrative Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Before-Tax Gain (Loss) Reclassified from AOCI Into Income (Effective Portion) | 243 | 243 | 1,112 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ($2) | $0 | $0 |
Fair_Value_Measurements_of_Fin2
Fair Value Measurements of Financial Instruments (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Derivative financial instruments | $176 | ($119) | ($91) |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Derivative financial instruments | 176 | -119 | -91 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Government Securities [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 11,254 | 15,295 | 15,863 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Bonds [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 4,859 | 5,061 | 3,751 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Derivative financial instruments | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Securities [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Derivative financial instruments | 176 | -119 | -91 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Government Securities [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 11,254 | 15,295 | 15,863 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 4,859 | 5,061 | 3,751 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Derivative financial instruments | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government Securities [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Assets Fair Value Disclosure [Abstract] | ' | ' | ' |
Available-for-sale securities, fair value disclosure | $0 | $0 | $0 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 126 Months Ended | ||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | 31-May-07 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Jun. 12, 2009 | Jan. 01, 2007 | |
Director Plan [Member] | Director Plan [Member] | Director Plan [Member] | Director Plan [Member] | Purchase Plan [Member] | Purchase Plan [Member] | Purchase Plan [Member] | Purchase Plan [Member] | Purchase Plan [Member] | Purchase Plan [Member] | ||||
hours | |||||||||||||
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares acquired | 740,000 | 800,000 | 323,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future issuance | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 1,000,000 | 800,000 |
Corporation common stock, issiued | ' | ' | ' | 26,520 | 42,620 | 32,487 | ' | ' | ' | ' | ' | ' | ' |
Rights to purchase stock, minimum working hours per week | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' |
Rights to purchase stock, minimum working months per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 months | ' | ' |
Price of repurchased stock as percent of closing price on the exercise date | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' |
Maximum amount fair value for purchase of common stock | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' |
Shares of common stock issued | ' | ' | ' | ' | ' | ' | ' | 86,291 | 106,592 | 104,379 | ' | ' | ' |
Common stock issued at average price | ' | ' | ' | ' | ' | ' | ' | $25.63 | $18.86 | $17.39 | $18.86 | ' | ' |
Shares available for future issuance | ' | ' | ' | ' | ' | ' | ' | 531,207 | ' | ' | ' | ' | ' |
Shareholders_Equity_Common_and
Shareholders' Equity (Common and Preferred Stocks) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Common stock, par value | $1 | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 44,981,865 | 44,950,703 | 44,855,207 |
Common stock, shares outstanding | 44,981,865 | 44,950,703 | 44,855,207 |
Preferred stock, par value | $1 | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Shareholders_Equity_Accumulate
Shareholders' Equity (Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Ending Balance | $965 | $1,313 | $1,715 |
Foreign Currency Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | 5,475 | 5,211 | 4,415 |
Changes during the year | -2,562 | 264 | 796 |
Less: Taxes | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | ' | ' |
Ending Balance | 2,913 | 5,475 | 5,211 |
Unrealized Gains (Losses) on Marketable Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | 205 | 143 | -48 |
Changes during the year | -191 | 95 | 294 |
Less: Taxes | -67 | 33 | 103 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | ' | ' |
Ending Balance | 81 | 205 | 143 |
Pension Postretirement Liability [Member] | ' | ' | ' |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | -4,291 | -3,583 | -2,313 |
Changes during the year | 3,389 | -1,132 | -2,035 |
Less: Taxes | 1,312 | -424 | -765 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 74 | ' | ' |
Ending Balance | -2,140 | -4,291 | -3,583 |
Derivative Financial Instruments [Member] | ' | ' | ' |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | -76 | -56 | -395 |
Changes during the year | 538 | -30 | 543 |
Less: Taxes | 197 | -10 | 204 |
Amounts reclassified from accumulated other comprehensive income, net of tax | -154 | ' | ' |
Ending Balance | 111 | -76 | -56 |
Accumulated Other Comprehensive Loss [Member] | ' | ' | ' |
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward] | ' | ' | ' |
Beginning Balance | 1,313 | 1,715 | 1,659 |
Changes during the year | 1,174 | -803 | -402 |
Less: Taxes | 1,442 | -401 | -458 |
Amounts reclassified from accumulated other comprehensive income, net of tax | -80 | ' | ' |
Ending Balance | $965 | $1,313 | $1,715 |
Shareholders_Equity_Reclassifi
Shareholders' Equity (Reclassifications from Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling and administrative expenses | ($155,237) | ($154,641) | ($154,538) | ($144,556) | ($155,046) | ($149,421) | ($151,455) | ($143,734) | ($147,034) | ($138,671) | ($136,197) | ($132,413) | ($608,972) | ($599,656) | ($554,315) |
Tax (expense) or benefit | -13,376 | -14,398 | -6,189 | 625 | -10,493 | -15,036 | -3,835 | 86 | -9,219 | -13,186 | -2,744 | 738 | -33,338 | -29,278 | -24,411 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' |
Pension Postretirement Liability [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -117 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74 | ' | ' |
Derivative Financial Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -89 | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $154 | ' | ' |
Shareholders_Equity_Dividends_
Shareholders' Equity (Dividends Declared and Paid per Share) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Common shares | $0.96 | $0.95 | $0.92 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $7.50 | $6.40 | $7.20 |
Income tax benefit recognized | 2.6 | 2.3 | 2.5 |
Weighted-average grant-date fair value of option granted | $10.85 | $8.32 | $11.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 2.8 | 5 | 0.1 |
The Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for future issuance | 4,600,000 | ' | ' |
Exercised period | '10 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | 7.5 | ' | ' |
Nonvested stock, weighted average period, in years | '1 year 1 month 6 days | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | $0.20 | ' | ' |
Nonvested stock, weighted average period, in years | '8 months 12 days | ' | ' |
Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for future issuance | 531,207 | ' | ' |
Price of repurchased stock as percent of closing price on the exercise date | 85.00% | ' | ' |
Shares of common stock issued | 86,291 | 106,592 | 104,379 |
Common stock issued at average price | $25.63 | $18.86 | $17.39 |
Cliff Vesting [Member] | The Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
StockBased_Compensation_Valuat
Stock-Based Compensation (Valuation Assumptions) (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term | '5 years | '6 years | '6 years |
Expected volatility: | ' | ' | ' |
Range used, minimum | ' | 48.25% | ' |
Range used, maximum | ' | 48.34% | ' |
Range used | 50.39% | ' | 45.22% |
Weighted-average | 50.39% | 48.25% | 45.22% |
Expected dividends yield: | ' | ' | ' |
Range used | 3.02% | ' | ' |
Weighted-average | 3.02% | 3.60% | 2.90% |
Risk-Free Interest Rate [Abstract] | ' | ' | ' |
Range used, minimum | ' | 0.90% | 1.99% |
Range used, maximum | ' | 1.17% | 3.70% |
Range used | 0.93% | ' | ' |
Minimum [Member] | ' | ' | ' |
Expected dividends yield: | ' | ' | ' |
Range used | ' | 2.90% | 2.88% |
Maximum [Member] | ' | ' | ' |
Expected dividends yield: | ' | ' | ' |
Range used | ' | 3.61% | 3.42% |
StockBased_Compensation_Outsta
Stock-Based Compensation (Outstanding Stock Option and RSUs Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, Beginning Balance, Number of Shares | 3,456,514 | 2,996,751 | 2,564,799 |
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $27.96 | $28.33 | $27.65 |
Granted, Number of Shares | 611,599 | 727,381 | 499,735 |
Granted, Weighted-Average Exercise Price | $31.79 | $25.51 | $31.82 |
Exercised, Number of Shares | -394,476 | -149,000 | -34,000 |
Exercised, Weighted-Average Exercise Price | $14.86 | $25.80 | $26.45 |
Forfeited or Expired, Number of Shares | -43,070 | -118,618 | -33,783 |
Forfeited or Expired, Weighted-Average Exercise Price | $35.05 | $24.99 | $30.84 |
Outstanding, Ending Balance, Number of Shares | 3,630,567 | 3,456,514 | 2,996,751 |
Outstanding, Weighted-Average Exercise Price, Ending Balance | $29.94 | $27.96 | $28.33 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding, Beginning Balance, Shares | 157,220 | 786,805 | 802,797 |
Outstanding, Beginning Balance, Weighted-Average Exercise Price | $21.71 | $10.61 | $10.37 |
Granted, Shares | 0 | 10,526 | 14,000 |
Granted, Weighted-Average Exercise Price | $0 | $21.19 | $24.37 |
Vested, Shares | -132,693 | -631,759 | -16,048 |
Vested, Weighted-Average Grant-Date Fair Value | $21.47 | $7.87 | $7.84 |
Forfeited, Shares | 0 | -8,352 | -13,944 |
Forfeited, Weighted-Average Grant-Date Fair Value | $0 | $22.02 | $13.94 |
Outstanding, Ending Balance, Shares | 24,527 | 157,220 | 786,805 |
Outstanding, Ending Balance, Weighted-Average Exercise Price | $23.01 | $21.71 | $10.61 |
StockBased_Compensation_Nonves
Stock-Based Compensation (Nonvested Shares Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Outstanding, Beginning Balance, Shares | 2,372,450 |
Outstanding, Beginning Balance, Weighted-Average Exercise Price | $7.75 |
Granted, Shares | 611,599 |
Granted, Weighted-Average Grant-Date Fair Value | $10.85 |
Vested, Shares | -445,398 |
Vested, Weighted-Average Grant-Date Fair Value | $7.47 |
Forfeited, Shares | -23,053 |
Forfeited, Weighted-Average Grant-Date Fair Value | $10.52 |
Outstanding, Ending Balance, Shares | 2,515,598 |
Outstanding, Ending Balance, Weighted-Average Exercise Price | $8.53 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Vested or Expected to Vest and are Exercisable) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested or expected to vest, Number | 3,536,230 |
Vested or expected to vest, Weighted-Average Exercise Price | $29.94 |
Vested or expected to vest, Weighted-Average Remaining Life inYears | '6 years 1 month 6 days |
Vested or expected to vest, Aggregate Intrinsic Value | $33,382 |
Exercisable, Number | 1,114,969 |
Exercisable, Weighted-Average Exercise Price | $34.85 |
Exercisable, Weighted-Average Remaining Life inYears | '2 years 9 months 18 days |
Exercisable, Aggregate Intrinsic Value | $5,051 |
StockBased_Compensation_Other_
Stock-Based Compensation (Other Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $1,127,000 | $3,005,000 | $2,150,000 |
Total fair value of shares vested | 2,800,000 | 5,000,000 | 100,000 |
Total intrinsic value of options exercised | 6,445,000 | 388,000 | 178,000 |
Cash received from exercise of stock options | 5,862,000 | 3,845,000 | 232,000 |
Tax benefit realized from exercise of stock options | $2,291,000 | $138,000 | $63,000 |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Anual contributions by employer | $23,300,000 | $20,800,000 | $19,600,000 |
Stock contributions by employer | 6,100,000 | 5,400,000 | 4,900,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension expense | $185,000 | $281,000 | $196,000 |
Postretirement_Health_Care_Nar
Postretirement Health Care (Narrative) (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member]) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rates at fiscal year-end | 4.60% | 3.70% | 4.40% |
Discount rate, used to determine net periodic benefit cost | 4.60% | ' | ' |
Postretirement_Health_Care_Sch
Postretirement Health Care (Schedule of Cost of Retirement Plans) (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $18,547 | $16,872 | $15,411 |
Service cost | 525 | 450 | 364 |
Interest cost | 668 | 721 | 804 |
Benefits paid | -1,263 | -1,131 | -909 |
Actuarial (gains)/loss | -2,029 | 1,635 | 1,202 |
Benefit obligation at end of year | 16,448 | 18,547 | 16,872 |
Change in plan assets | ' | ' | ' |
Fair value at beginning of year | 0 | 0 | 0 |
Actual return on assets | 0 | 0 | 0 |
Employer contribution | 1,263 | 1,131 | 909 |
Transferred out | 0 | 0 | 0 |
Fair value at end of year | 0 | 0 | 0 |
Funded Status of Plan | -16,448 | -18,547 | -16,872 |
Amounts recognized in the Statement of Financial Position consist of: | ' | ' | ' |
Current liabilities | 924 | 994 | 988 |
Noncurrent liabilities | 15,524 | 17,554 | 15,884 |
Amounts recognized in Accumulated Other Comprehensive Income (before tax) consist of: | ' | ' | ' |
Actuarial (gain)/loss | -900 | 1,129 | -506 |
Transition (asset)/obligation | 0 | 117 | 624 |
Prior service cost | 0 | 0 | 0 |
Change in Accumulated Other Comprehensive Income (before tax): | ' | ' | ' |
Change in accumulated other comprehensive income (before tax), beginning of period | 1,246 | 118 | -593 |
Actuarial (gain)/loss | -2,029 | 1,635 | 1,202 |
Amortization of actuarial gain or loss | 0 | 0 | 17 |
Amortization of transition amount | -117 | -507 | -508 |
Amortization of prior service cost | 0 | 0 | 0 |
Change in accumulated other comprehensive income (before tax), end of period | ($900) | $1,246 | $118 |
Postretirement_Health_Care_Est
Postretirement Health Care (Estimated Future Benefit Payments) (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Fiscal 2013 | $924 |
Fiscal 2014 | 928 |
Fiscal 2015 | 943 |
Fiscal 2016 | 971 |
Fiscal 2017 | 995 |
Fiscal 2018 - 2022 | 5,773 |
Expected Contributions During Fiscal 2013, Total | $924 |
Postretirement_Health_Care_Com
Postretirement Health Care (Components of Net Periodic Postretirement Benefit Cost for 2013) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Service cost | $504 |
Interest cost | 735 |
Amortization of net (gain)/loss | 0 |
Amortization of unrecognized transition (asset)/obligation | 0 |
Net periodic postretirement benefit cost/(income) | $1,239 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Capitalized Leases | ' | ' | ' |
Capital leases, 2013 | $129,000 | ' | ' |
Capital leases, 2014 | 108,000 | ' | ' |
Capital leases, 2015 | 0 | ' | ' |
Capital leases, 2016 | 0 | ' | ' |
Capital leases, 2017 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total minimum lease payments | 237,000 | ' | ' |
Less: amount representing interest | 11,000 | ' | ' |
Present value of net minimum lease payments, including current maturities of $109 | 226,000 | ' | ' |
Current maturities | 0 | ' | ' |
Operating Leases | ' | ' | ' |
Operating leases, 2013 | 28,754,000 | ' | ' |
Operating leases, 2014 | 24,457,000 | ' | ' |
Operating leases, 2015 | 20,394,000 | ' | ' |
Operating leases, 2016 | 8,725,000 | ' | ' |
Operating leases, 2017 | 5,662,000 | ' | ' |
Thereafter | 14,067,000 | ' | ' |
Total minimum lease payments | 102,059,000 | ' | ' |
Capitalized Leases, Assets | ' | ' | ' |
Office equipment | 570,000 | 570,000 | 570,000 |
Less: allowances for depreciation | 346,000 | 232,000 | 118,000 |
Capital leased assets, net | 224,000 | 338,000 | 452,000 |
Rent expense | $41,500,000 | $37,600,000 | $29,100,000 |
Guarantees_Commitments_and_Con1
Guarantees, Commitments and Contingencies (Details) (Standby Letters of Credit [Member], USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Standby Letters of Credit [Member] | ' |
Loss Contingencies [Line Items] | ' |
Letters of credit used to back insurance policies and other obligations | $11 |
Reportable_Segment_Information2
Reportable Segment Information (Business Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||
Segment | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of business segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||
Net sales | $541,263,000 | $565,706,000 | $510,698,000 | $442,297,000 | $527,536,000 | $550,855,000 | $480,400,000 | $445,212,000 | $500,269,000 | $504,220,000 | $432,810,000 | $396,151,000 | $2,059,964,000 | $2,004,003,000 | $1,833,450,000 | |||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,001,000 | 118,326,000 | 114,378,000 | |||
Income before income taxes | 36,118,000 | 42,447,000 | 17,588,000 | 554,000 | 27,870,000 | 39,240,000 | 10,733,000 | -239,000 | 27,245,000 | 38,102,000 | 7,347,000 | -2,535,000 | 96,707,000 | 77,604,000 | 70,159,000 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,621,000 | 43,360,000 | 46,287,000 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,895,000 | 60,270,000 | 31,143,000 | |||
Identifiable assets | 1,134,705,000 | ' | ' | ' | 1,077,066,000 | ' | ' | ' | 1,051,722,000 | ' | ' | ' | 1,134,705,000 | 1,077,066,000 | 1,051,722,000 | |||
Office Furniture [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,685,205,000 | 1,687,302,000 | 1,528,050,000 | |||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,339,000 | [1] | 91,849,000 | [1] | 99,626,000 | [1] |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,992,000 | 34,491,000 | 36,109,000 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,954,000 | 36,080,000 | 24,061,000 | |||
Identifiable assets | 722,697,000 | ' | ' | ' | 700,665,000 | ' | ' | ' | 671,334,000 | ' | ' | ' | 722,697,000 | 700,665,000 | 671,334,000 | |||
Segment reporting information restructuring and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,900,000 | 2,800,000 | |||
Hearth Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,759,000 | 316,701,000 | 305,400,000 | |||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,662,000 | [2] | 26,477,000 | [2] | 14,752,000 | [2] |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,288,000 | 5,958,000 | 7,574,000 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,220,000 | 2,008,000 | 2,179,000 | |||
Identifiable assets | 255,978,000 | ' | ' | ' | 254,835,000 | ' | ' | ' | 259,142,000 | ' | ' | ' | 255,978,000 | 254,835,000 | 259,142,000 | |||
Segment reporting information restructuring and impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | |||
Unallocated Amount to Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Unallocated corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,294,000 | -40,722,000 | -44,219,000 | |||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,341,000 | 2,911,000 | 2,604,000 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,721,000 | 22,182,000 | 4,903,000 | |||
Identifiable assets | $156,030,000 | ' | ' | ' | $121,566,000 | ' | ' | ' | $121,246,000 | ' | ' | ' | $156,030,000 | $121,566,000 | $121,246,000 | |||
[1] | Included in operating profit for the office furniture segment are pretax charges of $0.3 million, $1.9 million and $2.8 million, for closing of facilities and impairment charges in 2013, 2012 and 2011, respectively. | |||||||||||||||||
[2] | Included in operating profit for the hearth products segment are pretax charges of $0.4 million for closing facilities in 2011 |
Reportable_Segment_Information3
Reportable Segment Information (Net Sales By Product Category) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $541,263 | $565,706 | $510,698 | $442,297 | $527,536 | $550,855 | $480,400 | $445,212 | $500,269 | $504,220 | $432,810 | $396,151 | $2,059,964 | $2,004,003 | $1,833,450 |
Systems and Storage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,132,885 | 1,126,272 | 1,072,629 |
Seating [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 469,220 | 452,923 | 399,264 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,100 | 108,107 | 56,157 |
Hearth Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $374,759 | $316,701 | $305,400 |
Summary_of_Quarterly_Results_o2
Summary of Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 03, 2009 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $541,263 | $565,706 | $510,698 | $442,297 | $527,536 | $550,855 | $480,400 | $445,212 | $500,269 | $504,220 | $432,810 | $396,151 | $2,059,964 | $2,004,003 | $1,833,450 | ' | ' |
Cost of products sold | 348,282 | 365,835 | 336,040 | 294,515 | 341,585 | 359,519 | 315,287 | 298,385 | 322,255 | 324,825 | 285,880 | 261,427 | 1,344,672 | 1,314,776 | 1,194,387 | ' | ' |
Gross profit | 192,981 | 199,871 | 174,658 | 147,782 | 185,951 | 191,336 | 165,113 | 146,827 | 178,014 | 179,395 | 146,930 | 134,724 | 715,292 | 689,227 | 639,063 | ' | ' |
Selling and administrative expenses | 155,237 | 154,641 | 154,538 | 144,556 | 155,046 | 149,421 | 151,455 | 143,734 | 147,034 | 138,671 | 136,197 | 132,413 | 608,972 | 599,656 | 554,315 | ' | ' |
Restructuring related charges (income) | 97 | 115 | -35 | 156 | 583 | 172 | 292 | 897 | 1,131 | 277 | 463 | 1,390 | 333 | 1,944 | 3,261 | ' | ' |
Operating income | 37,647 | 45,115 | 20,155 | 3,070 | 30,322 | 41,743 | 13,366 | 2,196 | 29,849 | 40,447 | 10,270 | 921 | 105,987 | 87,627 | 81,487 | ' | ' |
Interest income (expense) - net | -1,529 | -2,668 | -2,567 | -2,516 | -2,452 | -2,503 | -2,633 | -2,435 | -2,604 | -2,345 | -2,923 | -3,456 | ' | ' | ' | ' | ' |
Income (loss) before income taxes | 36,118 | 42,447 | 17,588 | 554 | 27,870 | 39,240 | 10,733 | -239 | 27,245 | 38,102 | 7,347 | -2,535 | 96,707 | 77,604 | 70,159 | ' | ' |
Income taxes | 13,376 | 14,398 | 6,189 | -625 | 10,493 | 15,036 | 3,835 | -86 | 9,219 | 13,186 | 2,744 | -738 | 33,338 | 29,278 | 24,411 | ' | ' |
Net income (loss) | 22,742 | 28,049 | 11,399 | 1,179 | 17,377 | 24,204 | 6,898 | -153 | 18,026 | 24,916 | 4,603 | -1,797 | 63,369 | 48,326 | 45,748 | ' | ' |
Less: net income attributable to the noncontrolling interest | -18 | -45 | -22 | -229 | -216 | -286 | -127 | -12 | -111 | -31 | -54 | -42 | -314 | -641 | -238 | ' | ' |
Net income attributable to HNI Corporation | $22,760 | $28,094 | $11,421 | $1,408 | $17,593 | $24,490 | $7,025 | ($141) | $18,137 | $24,947 | $4,657 | ($1,755) | $63,683 | $48,967 | $45,986 | ' | ' |
Net income (loss) attributable to HNI Corporation per common share - basic | $0.50 | $0.62 | $0.25 | $0.03 | $0.39 | $0.54 | $0.15 | $0 | $0.40 | $0.56 | $0.10 | ($0.04) | $1.41 | $1.08 | $1.03 | ' | ' |
Weighted-average common shares outstanding - basic | 45,117,315,000 | 45,317,912,000 | 45,412,668,000 | 45,154,764,000 | 45,050,000 | 45,224,000 | 45,420,000 | 45,152,000 | 44,828,000 | 44,787,000 | 44,745,000 | 44,853,000 | 45,250,665 | 45,211,385 | 44,803,248 | ' | ' |
Net income attributable to HNI Corporation per common share - diluted | $0.50 | $0.61 | $0.25 | $0.03 | $0.39 | $0.53 | $0.15 | $0 | $0.40 | $0.55 | $0.10 | ($0.04) | $1.39 | $1.07 | $1.01 | $0.59 | ($0.14) |
Weighted-average common shares outstanding b diluted | 45,964,128,000 | 46,089,580,000 | 46,109,563,000 | 45,719,878,000 | 45,692,000 | 45,820,000 | 45,945,000 | 45,152,000 | 45,759,000 | 45,637,000 | 45,667,000 | 44,853,000 | 45,956,280 | 45,819,979 | 45,694,278 | ' | ' |
As a Percentage of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Gross profit | 35.70% | 35.30% | 34.20% | 33.40% | 35.20% | 34.70% | 34.40% | 33.00% | 35.60% | 35.60% | 33.90% | 34.00% | ' | ' | ' | ' | ' |
Selling and administrative expenses | 28.70% | 27.30% | 30.30% | 32.70% | 29.40% | 27.10% | 31.50% | 32.30% | 29.40% | 27.50% | 31.50% | 33.40% | ' | ' | ' | ' | ' |
Restructuring related charges | 0.00% | 0.00% | 0.00% | 0.00% | 0.10% | 0.00% | 0.10% | 0.20% | 0.20% | 0.10% | 0.10% | 0.40% | ' | ' | ' | ' | ' |
Operating income (loss) | 7.00% | 8.00% | 3.90% | 0.70% | 5.70% | 7.60% | 2.80% | 0.50% | 6.00% | 8.00% | 2.40% | 0.20% | ' | ' | ' | ' | ' |
Income taxes | 2.50% | 2.50% | 1.20% | -0.10% | 2.00% | 2.70% | 0.80% | 0.00% | 1.80% | 2.60% | 0.60% | -0.20% | ' | ' | ' | ' | ' |
Net income (loss) attributable to HNI Corporation | 4.20% | 5.00% | 2.20% | 0.30% | 3.30% | 4.40% | 1.50% | 0.00% | 3.60% | 4.90% | 1.10% | -0.40% | ' | ' | ' | ' | ' |
Investor_Information_Details
Investor Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Oct. 01, 2011 | Jul. 02, 2011 | Apr. 02, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 03, 2009 | |
Investor Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Price, High | $40.10 | $40.73 | $38.53 | $35.74 | $30.24 | $32.02 | $27.95 | $32.01 | $27.75 | $26.40 | $32.78 | $36.48 | $40.73 | $32.02 | $36.48 | $35.29 | $29.40 |
Market Price, Low | $32.83 | $32.38 | $31.45 | $28.28 | $25.08 | $25.39 | $21.57 | $24.97 | $17.14 | $15.78 | $22.04 | $28.42 | $28.28 | $21.57 | $15.78 | $22.80 | $7.70 |
Common Stock, Dividends per Share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 | $0.96 | $0.95 | $0.92 | ' | ' |
Diluted Earnings per Share | $0.50 | $0.61 | $0.25 | $0.03 | $0.39 | $0.53 | $0.15 | $0 | $0.40 | $0.55 | $0.10 | ($0.04) | $1.39 | $1.07 | $1.01 | $0.59 | ($0.14) |
Price/Earnings Ratio, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 30 | 36 | 60 | -210 |
Price/Earnings Ratio, Low | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 20 | 16 | 39 | -55 |
Price/Earnings Ratio, High, Five-Years Average | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | ' | ' | ' | ' |
Price/Earnings Ratio, Low, Five-Years Average | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
BALANCE AT BEGINNING OF PERIOD | $5,151 | $4,838 | $5,479 | |||
CHARGED TO COSTS AND EXPENSES | 2,590 | 870 | 1,889 | |||
CHARGED TO OTHER ACCOUNTS (DESCRIBE) | 0 | 0 | 0 | |||
DEDUCTIONS (DESCRIBE) | 1,533 | [1] | 557 | [1] | 2,530 | [1] |
BALANCE AT END OF PERIOD | 6,208 | 5,151 | 4,838 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
BALANCE AT BEGINNING OF PERIOD | 1,580 | 1,616 | 1,630 | |||
CHARGED TO COSTS AND EXPENSES | 0 | 0 | 2 | |||
CHARGED TO OTHER ACCOUNTS (DESCRIBE) | 0 | 0 | 0 | |||
DEDUCTIONS (DESCRIBE) | 1 | [1] | 36 | [1] | 16 | |
BALANCE AT END OF PERIOD | $1,579 | $1,580 | $1,616 | |||
[1] | Represents amounts written off, net of recoveries and other adjustments. |