Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Audit Information [Abstract] | |
| Auditor Name | BDO USA, P.C. |
| Auditor Location | Atlanta, Georgia |
| Auditor Firm ID | 243 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Income Statement [Abstract] | |||
| Net sales | $ 1,261,498 | $ 1,297,919 | $ 1,200,398 |
| Cost of sales | 820,429 | 860,186 | 767,665 |
| Gross profit | 441,069 | 437,733 | 432,733 |
| Selling, general and administrative expenses | 339,049 | 324,190 | 324,315 |
| Restructuring, asset impairment, other (gains) and charges | (2,502) | 1,965 | 3,621 |
| Goodwill and intangible asset impairment charge | 0 | 36,180 | 0 |
| Operating income | 104,522 | 75,398 | 104,797 |
| Interest expense | 31,787 | 29,929 | 29,681 |
| Other expense, net | 9,081 | 3,552 | 2,483 |
| Income before income tax expense | 63,654 | 41,917 | 72,633 |
| Income tax expense | 19,137 | 22,357 | 17,399 |
| Net income | $ 44,517 | $ 19,560 | $ 55,234 |
| Earnings per share – basic (in dollars per share) | $ 0.77 | $ 0.33 | $ 0.94 |
| Earnings per share – diluted (in dollars per share) | $ 0.76 | $ 0.33 | $ 0.94 |
| Common shares outstanding – basic (in shares) | 58,092 | 58,865 | 58,971 |
| Common shares outstanding – diluted (in shares) | 58,335 | 58,865 | 58,971 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 44,517 | $ 19,560 | $ 55,234 |
| Other comprehensive income (loss), after tax: | |||
| Foreign currency translation adjustment | 19,185 | (38,334) | (40,110) |
| Reclassification from accumulated other comprehensive loss – discontinued cash flow hedge | 749 | 1,973 | 3,468 |
| Pension liability adjustment | (6,468) | 26,340 | 15,400 |
| Other comprehensive income (loss) | 13,466 | (10,021) | (21,242) |
| Comprehensive income | $ 57,983 | $ 9,539 | $ 33,992 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
| Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
| Common stock, shares issued (in shares) | 58,112,000 | 58,106,000 |
| Common stock, shares outstanding (in shares) | 58,112,000 | 58,106,000 |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Interface is a global flooring company specializing in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (“LVT”), and nora® rubber flooring. The Company manufactures modular carpet focusing on the high quality, designer-oriented sector of the market, sources resilient flooring including LVT from third parties and focuses on the same sector of the market, and provides specialized carpet replacement, installation and maintenance services. The Company also manufactures and sells resilient rubber flooring. The Company has determined that it has two operating and reportable segments – namely Americas (“AMS”) which includes the United States, Canada and Latin America geographic areas, and Europe, Africa, Asia and Australia (collectively “EAAA”). See Note 20 entitled “Segment Information” for additional information. Cybersecurity Event On November 20, 2022, we discovered a cybersecurity attack, perpetrated by unauthorized third parties, affecting our IT systems (the “Cyber Event”). In response to this Cyber Event, we notified law enforcement and took steps to supplement existing security monitoring, including scanning and protective measures. The investigation of the Cyber Event was completed during 2023. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All of our subsidiaries are wholly-owned, and we are not a party to any joint venture, partnership or other variable interest entity that would potentially qualify for consolidation. All material intercompany accounts and transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Examples include provisions for returns, bad debts, product claims reserves, inventory obsolescence and the length of product life cycles, accruals associated with restructuring activities, income tax exposures and valuation allowances, and the carrying value of goodwill, intangible assets and property, plant and equipment. Actual results could vary from these estimates. Risks and Uncertainties Global economic challenges, including the impacts of the Russia-Ukraine and Israel-Hamas wars, inflation, supply chain disruptions, and the slow post COVID-19 recovery in China could cause economic uncertainty and volatility. In connection with the Cyber Event discussed above, security breaches may expose us to fines and other liabilities to the extent sensitive data stored in our IT systems, including data related to customers, suppliers or employees, are misappropriated. Any potential fine or other liability is not probable nor estimable at this time. The Company considered these impacts and subsequent general uncertainties and volatility in the global economy on the assumptions and estimates used herein, including the goodwill and intangible asset assessments and impairments discussed in Note 12 entitled “Goodwill and Other Intangible Assets.” These uncertainties could result in a future material adverse effect to the Company’s financial statements if actual results differ from these estimates. Revenue Recognition Revenue from contracts with customers is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, the guidance provides that an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Revenue Recognized from Contracts with Customers Contracts with customers typically take the form of invoices for purchase of materials from the Company. Customer payment terms vary by region and are typically less than 60 days. The performance obligation is the delivery of these materials to the customer’s control. Revenue from the sale of modular carpet, resilient flooring, rubber flooring, and related products (TacTiles installation materials, etc.) was approximately 98% of the Company’s total revenue in 2023, approximately 97% of the Company’s total revenue in 2022, and approximately 98% of the Company’s total revenue in 2021. The revenue from sales of these products is recognized upon shipment, or in certain cases, upon delivery to the customer. The transaction price for these sales is readily identifiable. The remaining revenue of approximately 2% for 2023, approximately 3% for 2022, and approximately 2% for 2021 was generated from the installation of carpet and other flooring-related material. For installation projects underway, the Company recognized installation revenue over time based on a project cost input method as the customer simultaneously received and consumed the benefit of the services. The installation of the carpet and related products is a separate performance obligation from the sale of carpet. The majority of these projects are completed within five days of the start of installation. The transaction price for these sale and installation contracts is readily determinable between flooring material and installation services and typically is specifically identified in the contract with the customer. The Company has utilized the portfolio approach to its contracts with customers, as its contracts with customers have similar characteristics, and it is reasonable to expect that the effects from applying this approach are not materially different from applying the accounting standard to individual contracts. The Company does not have any other significant revenue streams outside of these sales of flooring material, and the sale and installation of flooring material, as described above. The Company does not record taxes collected from customers and remitted to governmental authorities within revenues. The Company records such taxes collected as a liability on our consolidated balance sheets. Performance Obligations As noted above, the Company primarily generates revenue through the sale of flooring material to end users either upon shipment or upon arrival of the product at its destination. In these instances, there typically is no other obligation to the customers other than the delivery of flooring material, with the exception of warranty. The Company does offer a warranty to its customers which guarantees certain on-floor performance characteristics and warrants against manufacturing defects. The warranty is not a service warranty, and there is no ability to separate the warranty obligation from the sale of the flooring or purchase it separately. The Company’s incidence of warranty claims is extremely low, with less than 0.5% of revenue in claims on an annual basis for the last three fiscal years. Given the nature of the warranty as well as the financial impact, the Company has determined that there is no need to identify this warranty as a separate performance obligation, and the Company accounts for warranty on an accrual basis. For the Company’s installation business, the sales of carpet and other flooring materials and installation services are separate deliverables which under the revenue recognition requirements should be characterized as separate performance obligations. The nature of the installation projects is such that the vast majority – an amount in excess of 85% of these installation projects – are completed in less than five days. The Company’s largest installation customers are retail, education and corporate customers, and these are on a project-by-project basis and are short-term installations. The Company has evaluated these projects at the end of each reporting period and recorded revenue in accordance with the accounting standards for projects which were underway as of the end of 2023, 2022 and 2021. Costs to Obtain Contracts The Company pays sales commissions to many of its sales personnel based upon their selling activity. These are direct costs associated with obtaining the contracts and are expensed as the revenue is earned. As these commissions become payable upon shipment (or in certain cases delivery) of product, the commission is earned as the revenue is recognized. There are no other material costs the Company incurs as part of obtaining the sales contract. Shipping and Handling Shipping and handling fees billed to customers are classified in net sales in the consolidated statements of operations. Shipping and handling costs incurred are classified in cost of sales in the consolidated statements of operations. Advertising and Promotion The Company’s advertising and promotional activities primarily consist of product samples, printed materials, digital marketing, trade shows, and customer events. Advertising and promotional costs are expensed when the advertising / promotional activity first takes place. Advertising and promotional expenses were $34.6 million, $31.3 million and $28.4 million for the years 2023, 2022 and 2021, respectively, and were recorded in selling, general and administrative (“SG&A”) expenses in the consolidated statements of operations. Research and Development Research and development costs are expensed as incurred and are included in SG&A expenses and cost of sales in the consolidated statements of operations. Research and development expense includes costs associated with the development of new products as well as the improvement and enhancement of existing products. Research and development expense was $17.0 million, $19.1 million, and $19.3 million for the years 2023, 2022 and 2021, respectively. Cash, Cash Equivalents and Short-Term Investments Highly liquid investments with original maturities of three months or less are classified as cash and cash equivalents. Investments with maturities greater than three months and less than one year are classified as short-term investments. Significant concentrations of credit risk may arise from the Company’s cash maintained at various banks, as from time to time cash balances may exceed the FDIC limits. The Company did not hold any significant amounts of cash equivalents and short-term investments at December 31, 2023 and January 1, 2023. Supplemental Cash Flow Information Cash payments for interest amounted to approximately $28.8 million, $25.1 million, and $22.9 million for the years 2023, 2022 and 2021, respectively. Income tax payments amounted to approximately $25.8 million, $31.4 million and $23.1 million for the years 2023, 2022 and 2021, respectively. During the years 2023, 2022 and 2021, the Company received income tax refunds of $2.5 million, $12.4 million and $5.4 million, respectively. Allowances for Expected Credit Losses The Company maintains allowances for expected credit losses for estimated losses resulting from the inability of customers to make required payments. Estimating the amount of future expected losses requires the Company to consider historical losses from our customers, as well as current market conditions and future forecasts of our customers’ ability to make payments for goods and services. By its nature, such an estimate is highly subjective, and it is possible that the amount of accounts receivable that the Company is unable to collect may be different than the amount initially estimated. Inventories Inventories are carried at the lower of cost (standards approximating the first-in, first-out method) or net realizable value. Costs included in inventories are based on invoiced costs and/or production costs, as applicable. Included in production costs are material, direct labor and allocated overhead. The Company writes down inventories for the difference between the carrying value of the inventories and their estimated net realizable value. If actual market conditions are less favorable than those projected by management, additional write-downs may be required. Management estimates its reserves for inventory obsolescence by continuously examining its inventories to determine if there are indicators that carrying values exceed net realizable values. Experience has shown that significant indicators that could require the need for additional inventory write-downs are the age of the inventory, the length of its product life cycles, anticipated demand for the Company’s products, and current economic conditions. While management believes that adequate write-downs for inventory obsolescence have been made in the consolidated financial statements, consumer tastes and preferences may continue to change, and the Company could experience additional inventory write-downs in the future. Leases The Company records a right-of-use asset and lease liability for operating and finance leases once a contract that contains a lease is executed and the Company has the right to control the use of the leased asset. The right-of-use asset is measured as the present value of the lease obligation. The discount rate used to calculate the present value of the lease liability is the Company’s incremental borrowing rate, which is based on the estimated rate for a fully collateralized borrowing that fully amortizes over a similar lease term at the commencement date and for the applicable geographical region. The Company made an accounting policy election to exclude leases with an initial term of 12 months or less from the calculation of the right-of-use asset and lease liability recorded on the consolidated balance sheets. These leases primarily represent month-to-month operating leases for equipment where we were reasonably certain that we would not elect an option to extend the lease. The Company also made an accounting policy election not to separate lease and non-lease components for all asset classes and accounts for the lease payments as a single component. Property, Plant and Equipment and Long-Lived Assets Property, plant and equipment are carried at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements – to forty years; equipment, furniture and fixtures – to twelve years; and computer software – to six years. Certain manufacturing equipment in our Weinheim manufacturing facility have estimated useful lives up to twenty-five years. Leasehold improvements are depreciated over the shorter of the asset life or lease term, generally between to twelve years. Interest costs for the construction/development of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. Total depreciation expense amounted to approximately $35.9 million, $36.3 million, and $41.9 million for the years 2023, 2022 and 2021, respectively. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset. Repair and maintenance costs are charged to operating expense as incurred. Goodwill and Other Intangible Assets In accordance with applicable accounting standards, the Company tests goodwill for impairment annually and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. During the fourth quarters of 2023, 2022 and 2021, the Company performed the annual goodwill impairment test. The Company tests goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In performing the impairment testing, the Company prepared valuations of reporting units on both a market comparable methodology and an income methodology, and those valuations were compared with the respective carrying values of the reporting units to determine whether any goodwill impairment existed. In preparing the valuations, past, present and future expectations of performance were considered. See Note 12 entitled “Goodwill and Other Intangible Assets” for additional information. Trademark and trade name intangible assets acquired in connection with the nora acquisition are not subject to amortization, but are tested for impairment annually and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the intangible asset below its carrying amount. For the annual tests performed in 2023, 2022, and 2021, the Company prepared valuations of the intangible assets using the present value of cash flows under the relief from royalty method, which were compared to the carrying value of intangible assets to determine whether any impairment existed. See Note 12 entitled “Goodwill and Other Intangible Assets” for additional information. The Company’s other intangible assets primarily consist of developed technology that is amortized on a straight-line basis over the estimated useful life of 7 years. Product Warranties The Company typically provides limited warranties with respect to certain attributes of its carpet products (for example, warranties regarding excessive surface wear, edge ravel and static electricity) for periods ranging from to twenty years, depending on the particular carpet product and the environment in which it is to be installed. Similar limited warranties are provided on certain attributes of its rubber and LVT products, typically for a period of 5 to 15 years. The Company typically warrants that services performed will be free from defects in workmanship for a period of one year following completion. In the event of a breach of warranty, the remedy typically is limited to repair of the problem or replacement of the affected product. The Company records a provision related to warranty costs based on historical experience and future expectations and periodically adjusts these provisions to reflect changes in actual experience. Warranty and sales allowance reserves amounted to $4.3 million and $2.1 million as of December 31, 2023 and January 1, 2023, respectively, and are included in accrued expenses in the accompanying consolidated balance sheets. Income Taxes The Company accounts for income taxes under 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 Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. The Company has elected to account for tax effects of the global intangible low-taxed income (“GILTI”) in the period when incurred, and therefore has not provided any deferred tax impacts for these provisions in its consolidated financial statements. The Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will expire before realization of the benefit or that future deductibility is not probable. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future. This requires us to use estimates and make assumptions regarding significant future events such as the taxability of entities operating in the various taxing jurisdictions. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. For further information, see Note 17 entitled “Income Taxes.” Fair Values of Financial Instruments Fair values of cash and cash equivalents and short-term debt approximate cost due to the short period of time to maturity. Fair values of debt are based on quoted market prices or pricing models using current market rates and classified as level 2 within the fair value hierarchy. See Note 5 entitled “Fair Value of Financial Instruments” for further information. Translation of Foreign Currencies The financial position and results of operations of most of the Company’s foreign subsidiaries are measured using local currencies as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each year-end. Income and expense items are translated each month at average monthly exchange rates throughout the year. The resulting translation adjustments are recorded in the foreign currency translation adjustment account. In the event of a divestiture or substantial liquidation of a foreign subsidiary, the related foreign currency translation results are reclassified from equity to income. Foreign exchange translation gains (losses) were $19.2 million, $(38.3) million, and $(40.1) million for the years 2023, 2022 and 2021, respectively. Earnings per Share Basic earnings per share is computed based on the average number of common shares outstanding, including participating securities. Diluted earnings per share reflects the potential increase in average common shares outstanding that would result from share-based awards or the assumed exercise of outstanding stock options, calculated using the treasury stock method. See Note 15 entitled “Earnings Per Share” for additional information. Share-Based Compensation The Company has share-based employee compensation plans, which are described more fully in Note 14 entitled “Shareholders' Equity.” The Company recognizes expense related to its restricted stock, restricted share unit and performance share grants based on the grant date fair value of the shares awarded, as determined by its market price at date of grant. Pension Benefits Net pension expense recorded is based on, among other things, assumptions about the discount rate, estimated return on plan assets and salary increases. While the Company believes these assumptions are reasonable, changes in these and other factors and differences between actual and assumed changes in the present value of liabilities or assets of the Company’s plans above certain thresholds could cause net annual expense to increase or decrease materially from year to year. The actuarial assumptions used in the Company’s salary continuation plan and foreign defined benefit plans reporting are reviewed periodically and compared with external benchmarks to ensure that they appropriately account for our future pension benefit obligation. The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers. Reclassifications Prior period amounts for goodwill and intangible assets, net, in the consolidated balance sheets have been reclassified to conform with the current period presentation. Additionally, prior period amounts for the major classes of assets representing property, plant and equipment, as disclosed in Note 7 entitled “Property, Plant and Equipment,” have been reclassified to conform with the current presentation. These reclassifications had no effect on total assets as previously reported. Fiscal Year The Company’s fiscal year is the 52 or 53 week period ending on the Sunday nearest December 31. All references herein to “2023,” “2022,” and “2021,” mean the fiscal years ended December 31, 2023, January 1, 2023, and January 2, 2022, respectively. Fiscal years 2023, 2022 and 2021 were each comprised of 52 weeks.
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| Risks and Uncertainties | Risks and Uncertainties Global economic challenges, including the impacts of the Russia-Ukraine and Israel-Hamas wars, inflation, supply chain disruptions, and the slow post COVID-19 recovery in China could cause economic uncertainty and volatility. In connection with the Cyber Event discussed above, security breaches may expose us to fines and other liabilities to the extent sensitive data stored in our IT systems, including data related to customers, suppliers or employees, are misappropriated. Any potential fine or other liability is not probable nor estimable at this time. The Company considered these impacts and subsequent general uncertainties and volatility in the global economy on the assumptions and estimates used herein, including the goodwill and intangible asset assessments and impairments discussed in Note 12 entitled “Goodwill and Other Intangible Assets.” These uncertainties could result in a future material adverse effect to the Company’s financial statements if actual results differ from these estimates.
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| Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements – Adopted In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement — Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), Compensation — Stock Compensation (Topic 718).” This ASU amends various paragraphs in the accounting codification pursuant to the issuance of Commission Staff Accounting Bulletin (“SAB”) number 120. The ASU provides clarifying guidance related to employee and non-employee share-based payment accounting, including guidance related to spring-loaded awards. ASU 2023-03 was effective upon issuance. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security is not considered in measuring fair value. The ASU also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption was permitted. The Company adopted this standard on April 2, 2023. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements – Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires public entities on an annual basis to disclose a rate reconciliation with explicit categories, as outlined in the ASU, and requires additional disclosures for reconciling items that meet certain quantitative thresholds. Other disclosures include disaggregation of income taxes paid, pre-tax income, and income tax expense. The new guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its income tax disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires additional disclosures in annual and interim periods for significant segment expenses included in the measure of segment profit provided to the chief operating decision maker (“CODM”). Disclosure of other segment items by reportable segment as well as a description of its composition is also required. The new guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its segment disclosures.
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| Reclassifications | Reclassifications Prior period amounts for goodwill and intangible assets, net, in the consolidated balance sheets have been reclassified to conform with the current period presentation. Additionally, prior period amounts for the major classes of assets representing property, plant and equipment, as disclosed in Note 7 entitled “Property, Plant and Equipment,” have been reclassified to conform with the current presentation. These reclassifications had no effect on total assets as previously reported.
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Recent Accounting Pronouncements |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements – Adopted In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement — Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), Compensation — Stock Compensation (Topic 718).” This ASU amends various paragraphs in the accounting codification pursuant to the issuance of Commission Staff Accounting Bulletin (“SAB”) number 120. The ASU provides clarifying guidance related to employee and non-employee share-based payment accounting, including guidance related to spring-loaded awards. ASU 2023-03 was effective upon issuance. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security is not considered in measuring fair value. The ASU also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption was permitted. The Company adopted this standard on April 2, 2023. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements – Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires public entities on an annual basis to disclose a rate reconciliation with explicit categories, as outlined in the ASU, and requires additional disclosures for reconciling items that meet certain quantitative thresholds. Other disclosures include disaggregation of income taxes paid, pre-tax income, and income tax expense. The new guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its income tax disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires additional disclosures in annual and interim periods for significant segment expenses included in the measure of segment profit provided to the chief operating decision maker (“CODM”). Disclosure of other segment items by reportable segment as well as a description of its composition is also required. The new guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its segment disclosures.
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Revenue Recognition |
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| Revenue Recognition | REVENUE RECOGNITION The Company generates revenue from sales of modular carpet, resilient flooring, rubber flooring, and other flooring-related material, and from the installation of carpet and other flooring-related material. A summary of these revenue streams, as a percentage of net sales, for fiscal years 2023, 2022 and 2021 is a follows:
Disaggregation of Revenue For fiscal years 2023, 2022 and 2021, revenue from the Company’s customers is broken down by geography as follows:
Revenue from the Company’s customers in the Americas corresponds to the AMS reportable segment, and the EAAA reportable segment includes revenue from the Europe and Asia-Pacific geographies. See Note 20 entitled “Segment Information” for additional information.
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Receivables |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Receivables [Abstract] | |
| Receivables | RECEIVABLES The Company has adopted credit policies and standards intended to reduce the inherent risk associated with potential increases in its concentration of credit risk due to increasing trade receivables. Management believes that credit risks are further moderated by the diversity of its end customers and geographic sales areas. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral as deemed necessary. The Company maintains allowances for expected credit losses resulting from the inability of customers to make required payments. If the financial condition of its customers were to deteriorate, resulting in a change in their ability to make payments, additional allowances may be required. As of December 31, 2023, and January 1, 2023, the allowance for expected credit losses amounted to $3.0 million and $4.0 million, respectively, for all accounts receivable of the Company.
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure estimated fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under applicable accounting standards are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs to the valuation methodology include: •quoted prices for similar assets in active markets; •quoted prices for identical or similar assets in inactive markets; •inputs other than quoted prices that are observable for the asset; and •inputs that are derived principally or corroborated by observable data by correlation or other. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table presents the carrying values and estimated fair values, including the level within the fair value hierarchy, of certain financial instruments:
(1) Carrying values are presented gross, excluding the impact of unamortized debt issuance costs and including amounts presented as current liabilities on the consolidated balance sheets. (2) Unamortized debt issuance costs associated with term loan borrowings under the Syndicated Credit Facility, recorded as a reduction of long-term debt in the consolidated balance sheets, were $1.0 million and $1.9 million as of December 31, 2023 and January 1, 2023, respectively. (3) Unamortized debt issuance costs associated with the Senior Notes, recorded as a reduction of long-term debt in the consolidated balance sheets, were $3.4 million and $4.2 million as of December 31, 2023 and January 1, 2023, respectively. Company-Owned Life Insurance The fair value of Company-owned life insurance is measured on a readily determinable cash surrender value on a recurring basis. Company-owned life insurance is recorded at fair value within other assets in the consolidated balance sheets. Changes in the fair value of Company-owned life insurance are recognized in SG&A expenses in the consolidated statements of operations. Deferred Compensation Investments Assets associated with the Company’s nonqualified savings plans are held in a rabbi trust and consist of investments in mutual funds and insurance contracts. The fair value of the mutual funds is derived from quoted prices in active markets. The fair value of the insurance contracts is based on observable inputs related to the performance measurement funds that shadow the deferral investment allocations made by participants in the nonqualified savings plans. These investments are recorded at fair value within other assets in the consolidated balance sheets. Changes in the fair value of the investments associated with the nonqualified savings plans are recognized in SG&A expenses in the consolidated statements of operations. See Note 19 entitled “Employee Benefit Plans” for additional information on the Company’s nonqualified savings plans. Syndicated Credit Facility and Senior Notes The Company’s liabilities for borrowings under the Syndicated Credit Facility (the “Facility”) and 5.50% Senior Notes due 2028 (the “Senior Notes”) are not recorded at fair value in the consolidated balance sheets. The carrying value of borrowings under the Facility approximates fair value as the Facility bears variable interest rates that are similar to existing market rates. The fair value of the Senior Notes is derived using quoted prices for similar instruments. Other Assets and Liabilities Due to the short maturity of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, their carrying values approximate fair value. See Note 19 entitled “Employee Benefit Plans” for additional information on defined benefit plan assets.
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Inventories |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | INVENTORIES Inventories are summarized as follows:
Reserves for inventory obsolescence amounted to $34.0 million and $28.5 million as of December 31, 2023 and January 1, 2023, respectively, and have been netted against amounts presented above.
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Property, Plant and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following:
(1) Includes $11.9 million and $9.9 million of leased equipment for 2023 and 2022, respectively. (2) Construction-in-progress costs are presented as a separate asset category. Amounts for 2022, that were previously allocated to each asset class, have been reclassified to conform to the current presentation. (3) Includes $4.7 million and $4.1 million of accumulated amortization on leased equipment for 2023 and 2022, respectively. Assets Disposed On September 8, 2021, the Company announced a restructuring plan that involved the closure of its manufacturing facility in Thailand and committed to a plan to sell the Thailand facility in connection with this restructuring plan. See Note 16 entitled “Restructuring and Other” for additional information. During the second quarter of 2023, the Company completed the sale of the Thailand facility for a selling price of $6.6 million and recognized a gain of $2.7 million, which is recorded in restructuring, asset impairment, other (gains) and charges in the consolidated statements of operations and is attributable to the EAAA reportable segment. The Company determined that the Thailand facility sale did not meet the criteria for classification as discontinued operations.
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Accrued Expenses |
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| Accrued Expenses | ACCRUED EXPENSES Accrued expenses are summarized as follows:
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Long-Term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following:
(1) Represents the weighted average rate of interest for borrowings under the Syndicated Credit Facility and the stated rate of interest for the 5.50% Senior Notes due 2028, without the effect of debt issuance costs. Syndicated Credit Facility The Company’s Facility provides to the Company U.S. denominated and multicurrency term loans and provides to the Company and certain of its subsidiaries a multicurrency revolving credit facility. At December 31, 2023, the Facility provided to the Company and certain of its subsidiaries a multicurrency revolving loan facility up to $300.0 million, as well as other U.S. denominated and multicurrency term loans. At December 31, 2023, the Company had available borrowing capacity of $298.4 million under the revolving loan facility. Significant Facility Amendments On December 9, 2021, the Company entered into a fourth amendment to its Facility. The fourth amendment provided for, among other changes, the following amendments to the Facility, which became effective on December 16, 2021: •amendments to replace the LIBOR interest rate benchmark applicable to loans and other extensions of credit under the Facility denominated in British Pounds sterling and Euros with specified successor benchmark rates; •the amendment of certain provisions related to the implementation, use and administration of successor benchmark rates and to set forth certain borrowing requirements; and •amendments to provide for the case where any interest rate benchmark in the future ceases to be available. On October 14, 2022, the Company entered into a fifth amendment to its Facility. The fifth amendment provided for, among other changes, the following amendments to the Facility: •the amendment of the maturity date of the Facility to October 2027; and •amendments to replace the LIBOR benchmark interest rates applicable to all loans denominated in U.S. dollars with the SOFR benchmark interest rates. In connection with the fifth amendment, the Company recognized a loss on extinguishment of debt of $0.1 million within interest expense in the consolidated statement of operations and recorded approximately $1.0 million of debt issuance costs. Of this amount, approximately $0.4 million of debt issuance costs associated with term loan borrowings was recorded as a reduction of long-term debt, and approximately $0.7 million of debt issuance costs associated with revolving loan borrowings was recorded in other assets in the consolidated balance sheets. Interest Rates and Fees Interest on base rate loans is charged at varying rates computed by applying a margin ranging from 0.25% to 2.00%, depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. Interest on SOFR-based and alternative currency loans are charged at varying rates computed by applying a margin ranging from 1.25% to 3.00% over the applicable SOFR rate or alternative currency rate, depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. In addition, the Company pays a commitment fee ranging from 0.20% to 0.40% per annum (depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter) on the unused portion of the Facility. Fees for commercial letters of credit are computed as 1.00% per annum of the amount available to be drawn under such letters of credit. Fees for standby letters of credit are charged at varying rates computed by applying a margin ranging from 1.25% to 3.00% per annum of the amount available to be drawn under such standby letters of credit, depending on the Company’s consolidated net leverage ratio as of the most recently completed fiscal quarter. Covenants The Facility contains standard and customary covenants for agreements of this type, including various reporting, affirmative and negative covenants. Among other things, these covenants limit the Company’s and its subsidiaries’ ability to: •create or incur liens on assets; •make acquisitions of or investments in businesses (in excess of certain specified amounts); •engage in any material line of business substantially different from the Company’s current lines of business; •incur indebtedness or contingent obligations; •sell or dispose of assets (in excess of certain specified amounts); •pay dividends or repurchase the Company’s stock (in excess of certain specified amounts); •repay other indebtedness prior to maturity unless the Company meets certain conditions; and •enter into sale and leaseback transactions. The Facility also requires the Company to remain in compliance with the following financial covenants as of the end of each fiscal quarter, based on the Company’s consolidated results for the year then ended: •Consolidated Secured Net Leverage Ratio: Must be no greater than 3.00:1.00. •Consolidated Interest Coverage Ratio: Must be no less than 2.25:1.00. Events of Default If the Company breaches or fails to perform any of the affirmative or negative covenants under the Facility, or if other specified events occur (such as a bankruptcy or similar event or a change of control of Interface, Inc. or certain subsidiaries, or if the Company breaches or fails to perform any covenant or agreement contained in any instrument relating to any of the Company’s other indebtedness exceeding $20 million), after giving effect to any applicable notice and right to cure provisions, an event of default will exist. If an event of default exists and is continuing, the lenders’ Administrative Agent may, and upon the written request of a specified percentage of the lender group shall: •declare all commitments of the lenders under the facility terminated; •declare all amounts outstanding or accrued thereunder immediately due and payable; and •exercise other rights and remedies available to them under the agreement and applicable law. Collateral Pursuant to a Second Amended and Restated Security and Pledge Agreement, the Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries (subject to exceptions for certain immaterial subsidiaries), including all of the stock of the Company’s domestic subsidiaries and up to 65% of the stock of its first-tier material foreign subsidiaries. If an event of default occurs under the Facility, the lenders’ Administrative Agent may, upon the request of a specified percentage of lenders, exercise remedies with respect to the collateral, including, in some instances, foreclosing mortgages on real estate assets, taking possession of or selling personal property assets, collecting accounts receivable, or exercising proxies to take control of the pledged stock of domestic and first-tier material foreign subsidiaries. As of both December 31, 2023 and January 1, 2023, the Company had $1.6 million in letters of credit outstanding under the Facility. Under the Facility, the Company is required to make quarterly amortization payments of the term loan borrowings. The amortization payments are due on the last day of the calendar quarter. The Company is in compliance with all covenants under the Facility and anticipates that it will remain in compliance with the covenants for the foreseeable future. Senior Notes due 2028 As of December 31, 2023, the Company had $300.0 million of Senior Notes outstanding. The Senior Notes bear an interest rate at 5.50% per annum and mature on December 1, 2028. Interest is paid semi-annually on June 1 and December 1 of each year. The Senior Notes are unsecured and are guaranteed, jointly and severally, by each of the Company’s material domestic subsidiaries, all of which also guarantee the obligations of the Company under its Facility. Redemption On or after December 1, 2023, the Company may redeem the Senior Notes, in whole or in part, at any time at the redemption prices listed below, plus accrued and unpaid interest, if any, to (but excluding) the redemption date, if redeemed during the 12-month period commencing on December 1 of the years set forth below:
In addition, the Company had the option to redeem up to 35% of the aggregate principal amount of the Senior Notes before December 1, 2023 with the proceeds of certain equity offerings at a redemption price of 105.50%, plus accrued and unpaid interest, if any, to (but excluding) the redemption date. The Company also had the option to redeem all or a part of the Senior Notes before December 1, 2023, at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to (but excluding) the redemption date, plus a make-whole premium. The Company did not elect to redeem the Senior Notes, in whole or in part, before December 1, 2023. If the Company experiences a change of control, the Company will be required to offer to purchase the Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to (but excluding) the date of repurchase. Covenants The indenture governing the Senior Notes contains standard and customary covenants for agreements of this type, including various reporting, affirmative and negative covenants. Among other things, these covenants limit the Company’s and its subsidiaries’ ability to: •incur additional indebtedness; •declare or pay dividends, redeem stock or make other distributions to shareholders; •make investments; •create liens on their assets or use their assets as security in other transactions; •enter into mergers, consolidations or sales, transfers, leases or other dispositions of all or substantially all of the Company’s assets; •enter into certain transactions with affiliates; and •sell or transfer certain assets. The Company is in compliance with all covenants under the indenture governing the Senior Notes and anticipates that it will remain in compliance with the covenants for the foreseeable future. Events of Default If the Company breaches or fails to perform any of the affirmative or negative covenants under the indenture governing the Senior Notes, or if other specified events occur (such as a bankruptcy or similar event), after giving effect to any applicable notice and right to cure provisions, an event of default will exist. If an event of default exists and is continuing, the terms of the indenture permit the trustee or the holders of at least 25% in principal amount of outstanding Senior Notes to declare the principal, premium, if any, and accrued but unpaid interest on all the Senior Notes to be due and payable. Debt Issuance Costs Debt issuance costs associated with the Company’s Senior Notes and term loans under the Facility are reflected as a reduction of long-term debt in accordance with applicable accounting standards. These fees are amortized straight-line, which approximates the effective interest method, and over the life of the outstanding borrowing, the debt balance will increase by the same amount as the fees that are amortized. As of December 31, 2023 and January 1, 2023, the unamortized debt issuance costs recorded as a reduction of long-term debt were $4.4 million and $6.1 million, respectively. Expenses related to such costs for the years 2023, 2022 and 2021 amounted to $1.7 million, $1.2 million, and $1.6 million, respectively. Debt issuance costs related to the issuance of revolving debt, which include underwriting, legal and other direct costs, net of accumulated amortization, were $1.4 million and $1.8 million, as of December 31, 2023 and January 1, 2023, respectively. These amounts are included in other assets in the Company’s consolidated balance sheets. The Company amortizes these costs over the life of the related debt. Expenses related to such costs amounted to $0.4 million for each of the years 2023, 2022 and 2021. Future Maturities The aggregate maturities of borrowings for each of the five fiscal years subsequent to 2023 are as follows:
Total long-term debt in the consolidated balance sheets includes a reduction for unamortized debt issuance costs of $4.4 million which are excluded from the maturities table above.
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Derivative Instruments |
12 Months Ended |
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Dec. 31, 2023 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Instruments | DERIVATIVE INSTRUMENTS Interest Rate Risk Management From time to time, the Company enters into interest rate swap transactions to fix the variable interest rate on a portion of its term loan borrowing in order to manage a portion of its exposure to interest rate fluctuations. The Company’s objective and strategy with respect to these interest rate swaps is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability to cash flows relating to interest payments on a portion of its outstanding debt. Cash Flow Interest Rate Swaps In the fourth quarter of 2020, the Company terminated its designated interest rate swap transactions with a total notional value of $250 million. Hedge accounting was also discontinued at that time. Losses recorded in accumulated other comprehensive loss for these terminated interest rate swaps are reclassified and recorded in the consolidated statements of operations to the extent it is probable that a portion of the original forecasted transactions related to the portion of the hedged debt repaid will not occur by the end of the originally specified time period. See Note 21 entitled “Items Reclassified From Accumulated Other Comprehensive Loss” for additional information. As of December 31, 2023, all amounts related to the terminated interest rate swaps have been recognized in the consolidated statements of operations, and there was no remaining balance in accumulated other comprehensive loss associated with the terminated interest rate swaps. As of January 1, 2023, the remaining accumulated other comprehensive loss associated with the terminated interest rate swaps to be amortized to earnings over the remaining term of the interest rate swaps prior to termination, before tax, was $1.0 million.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. As of December 31, 2023, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 31, 2023 and January 1, 2023:
Lease Costs
Other Supplemental Information
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 31, 2023 and January 1, 2023:
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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| Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. As of December 31, 2023, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 31, 2023 and January 1, 2023:
Lease Costs
Other Supplemental Information
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 31, 2023 and January 1, 2023:
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The Company has two operating and reportable segments – namely AMS and EAAA. See Note 20 entitled “Segment Information” for additional information. The Company tests goodwill for impairment at least annually at the reporting unit level. The Company’s reporting units consist of (1) the Americas, (2) Europe, Middle East and Africa (“EMEA”), and (3) Asia-Pacific. The Americas reporting unit is the same as the AMS reportable segment, and the EMEA and Asia-Pacific reporting units are one level below the EAAA reportable segment. During the fourth quarter of 2023, we performed our annual quantitative goodwill impairment testing. We focused our testing on the Americas reporting unit since it is the only reporting unit with an allocated goodwill balance. The allocated goodwill balances for our EMEA and Asia-Pacific reporting units were written off in prior years as a result of goodwill impairment charges. The Company performed limited procedures for our EMEA and Asia-Pacific reporting units during the 2023 goodwill testing to facilitate a reconciliation of market capitalization. The annual quantitative goodwill impairment testing performed in 2023 for our Americas reporting unit was consistent with our prior year methodology. The Company prepared valuations for the Americas reporting unit on both a market comparable methodology and an income methodology, utilizing a combination of the present value of expected future cash flows and the guideline public company method to determine the estimated fair value of the reporting unit. In preparing the valuation, past, present and future expectations of performance were considered, including our expectations for the short-term and long-term impacts of macroeconomic conditions, including inflation, and our expected financial performance, including planned revenue and operating income for the Americas reporting unit. The present value model requires management to estimate future cash flows, the timing of these cash flows, and a discount rate based on a weighted average cost of capital. The discount rate used for the Americas reporting unit was 11.5% in 2023 compared to 13.5% in 2022, which fluctuated based on a risk premium assigned to estimates of expected future performance. There is inherent uncertainty associated with key assumptions and estimates used in our impairment testing, including the impact of macroeconomic conditions. As a result of our 2023 annual goodwill impairment testing, we determined that the fair value of our Americas reporting unit exceeded its carrying value by 71% at the 2023 measurement date, and therefore no impairment was indicated. The goodwill balance of $105.4 million at December 31, 2023 is allocated to our Americas reporting unit. During the fourth quarter of 2022, the Company performed the annual goodwill impairment test, consistent with prior years. The Company performed this test at the reporting unit level, which is an operating segment or one level below the operating segment level. In performing the impairment testing for each reporting unit, the Company prepared valuations of reporting units on both a market comparable methodology and an income methodology, and those valuations were compared with the respective carrying values of the reporting units to determine whether any goodwill impairment existed. In preparing the valuations, past, present and future expectations of performance were considered, including the ongoing impact of the COVID-19 pandemic in 2022. As a result of our 2022 testing, we determined that the carrying value of our EMEA reporting unit exceeded its fair value and that the associated goodwill was impaired at the measurement date. We recorded a goodwill impairment charge of $29.4 million in 2022 to write off all the goodwill allocated to our EMEA reporting unit, as the excess of carrying value over fair value exceeded the recorded amount of goodwill for the EMEA reporting unit. Macroeconomic factors, including inflation, foreign currency exchange rates, and the expected impact to planned revenue and operating income contributed to the lower estimated fair value of our EMEA reporting unit. Higher discount rates also contributed to the lower fair value of our reporting units. We determined that the fair value of our Americas reporting unit exceeded its carrying value by 71% at the 2022 measurement date, and therefore no impairment was indicated. The remaining goodwill balance of $102.4 million at January 1, 2023, was allocated to our Americas reporting unit. The goodwill balance allocated to our Asia-Pacific reporting unit was previously written off in connection with the 2020 goodwill impairment. During the fourth quarter of 2021, we performed the annual goodwill impairment test consistent with prior years and the methodology described above, and all reporting units that had a goodwill balance were noted to have a fair value that exceeded their carrying value. The ending balances and the changes in the carrying amounts of goodwill allocated to each reportable segment for the years ended December 31, 2023 and January 1, 2023 are as follows(1):
(1) Goodwill balances are presented net of cumulative impairment losses of $358.5 million as of both December 31, 2023 and January 1, 2023, and $329.1 million as of January 2, 2022. The cumulative impairment losses include impairment charges recognized prior to 2020 related to discontinued operations that were allocated to the current reportable segments on a proportionate basis. (2) A portion of the goodwill balance allocated to the AMS reportable segment is comprised of goodwill denominated in foreign currency attributable to the nora acquisition. Other Intangible Assets During the fourth quarter of 2023, the Company performed its annual impairment testing of the trademark and trade name intangible assets and determined that no impairment existed at the 2023 measurement date. In the fourth quarter of 2022, we determined that the trademark and trade name intangible assets related to the acquired nora business were impaired and recognized an impairment loss of $6.3 million. The impairment loss consisted of charges of $3.6 million and $2.7 million attributable to the AMS and EAAA reportable segments, respectively. The Company’s intangible assets other than goodwill consisted of the following as of December 31, 2023 and January 1, 2023:
(1) Certain intangible asset balances are subject to changes attributable to foreign currency translation. Amortization expense related to intangible assets during the years 2023, 2022 and 2021 was $5.2 million, $5.0 million and $5.6 million, respectively, and is recorded in cost of sales in the consolidated statements of operations. Amortization expense related to intangible assets is expected to be approximately $5 million for fiscal year 2024 and approximately $3 million for fiscal year 2025. The developed technology intangible asset is amortized over its estimated useful life, which ends in fiscal year 2025.
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12 Months Ended |
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Dec. 31, 2023 | |
| Equity [Abstract] | |
| Preferred Stock | PREFERRED STOCK The Company is authorized to designate and issue up to 5,000,000 shares of $1.00 par value preferred stock in one or more series and to determine the rights and preferences of each series, to the extent permitted by the Articles of Incorporation, and to fix the terms of such preferred stock without any vote or action by the shareholders. The issuance of any series of preferred stock may have an adverse effect on the rights of holders of common stock and could decrease the amount of earnings and assets available for distribution to holders of common stock. In addition, any issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company. As of December 31, 2023, and January 1, 2023, there were no shares of preferred stock issued.
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Shareholders' Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | SHAREHOLDERS’ EQUITY The Company is authorized to issue 120 million shares of $0.10 par value Common Stock. The Company’s Common Stock is traded on the Nasdaq Global Select Market under the symbol TILE. The Company paid cash dividends totaling $0.04 per share, including participating securities in each of years 2023, 2022 and 2021. The future declaration and payment of dividends is at the discretion of the Company’s Board, and depends upon, among other things, the Company’s investment policy and opportunities, results of operations, financial condition, cash requirements, future prospects, and other factors that may be considered relevant at the time of the Board’s determination. Such other factors include limitations contained in the agreement for its Syndicated Credit Facility and the indenture governing its 5.50% Senior Notes due 2028, which specify conditions as to when any dividend payments may be made. As such, the Company may discontinue its dividend payments in the future if its Board determines that a cessation of dividend payments is appropriate in light of the factors indicated above. In the second quarter of 2022, the Company adopted a new share repurchase program in which the Company is authorized to repurchase up to $100 million of its outstanding shares of common stock. The program has no specific expiration date. No shares of common stock were repurchased pursuant to this program during 2023. During 2022, the Company repurchased and retired an aggregate of 1,383,682 shares, at a weighted average price of $12.41 per share, pursuant to this program. All treasury stock is accounted for using the cost method. The following tables depict the activity in the accounts which make up shareholders’ equity for fiscal years 2023, 2022 and 2021:
Stock Incentive Plan The Company has a stock incentive plan under which a committee of independent directors is authorized to grant directors and key employees, including officers, restricted stock, incentive stock options, nonqualified stock options, stock appreciation rights, restricted share units and performance shares. In May 2020, the shareholders approved the adoption of the 2020 Omnibus Stock Incentive Plan (“2020 Omnibus Plan”). The aggregate number of shares of common stock that may be issued or transferred under the 2020 Omnibus Plan on or after the effective date of the plan is 3,700,000. No award may be granted after the tenth anniversary of the effective date of the 2020 Omnibus Plan. Accounting standards require that the Company measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair market value of the award. That expense will be recognized over the period that the employee is required to provide the services – the requisite service period (usually the vesting period) – in exchange for the award. For certain restricted stock and restricted share unit awards with a graded vesting schedule, the Company has elected to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted Stock Awards During fiscal years 2023, 2022 and 2021, the Company granted restricted stock awards totaling 107,100, 500,800, and 428,400 shares, respectively, of Common Stock. The weighted average grant date fair value of restricted stock awards granted during 2023, 2022 and 2021 was $7.10, $13.08, and $14.26, respectively. These awards (or a portion thereof) vest with respect to each recipient over a to -year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company or upon involuntary termination without cause. Compensation expense related to awards of restricted stock was $4.5 million, $5.3 million and $3.8 million for 2023, 2022 and 2021, respectively. These grants are made primarily to executive-level personnel at the Company, and as a result, no compensation costs have been capitalized. The Company has reduced its expense for any restricted stock forfeited during the period. The expense related to awards of restricted stock is captured in SG&A expenses in the consolidated statements of operations. The following table summarizes restricted stock outstanding as of December 31, 2023, as well as activity during the year:
As of December 31, 2023, the unrecognized total compensation cost related to unvested restricted stock was $1.8 million. That cost is expected to be recognized over a weighted-average remaining vesting period of 0.7 years. Restricted Share Unit Awards During fiscal year 2023, the Company granted awards for 596,200 restricted share units to certain employees pursuant to the Company’s 2020 Omnibus Plan. There were no restricted share unit awards granted during 2022 or 2021. The weighted average grant date fair value of the restricted share units granted during 2023 was $10.36. Each restricted share unit represents one share of the Company’s common stock to be issued to the award recipient once the vesting criteria have been satisfied. Awards of restricted share units have a graded vesting schedule over a to -year period from the date of grant, provided the individual remains in the employment or service of the Company as of each vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company, upon involuntary termination without cause, or upon retirement provided certain eligibility criteria are met. Compensation expense related to the restricted share units was $1.9 million for 2023. There was no compensation expense related to restricted share unit awards during 2022 or 2021. These grants are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized. The Company has reduced its expense for any restricted share units forfeited during the period. The expense related to awards of restricted share units is captured in SG&A expenses in the consolidated statements of operations. The following table summarizes restricted share units outstanding as of December 31, 2023, as well as activity during the year:
As of December 31, 2023, the unrecognized total compensation cost related to unvested restricted share units was $4.1 million. That cost is expected to be recognized over a weighted-average remaining vesting period of 2.1 years. Performance Share Awards In each of the years 2023, 2022 and 2021, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of to three years, subject to (among other things) the employee’s continued employment through the last date of the performance period and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The expense related to these performance shares is captured in SG&A expenses in the consolidated statements of operations. The Company evaluates the probability of achieving the performance-based goals as of the end of each reporting period and adjusts compensation expense based on this assessment. The following table summarizes the performance shares outstanding as of December 31, 2023, as well as the activity during the year:
Compensation expense related to the performance shares for 2023, 2022 and 2021 was $3.9 million, $3.2 million and $1.7 million, respectively. The Company has reduced its expense for any performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $5.9 million as of December 31, 2023. The amount and timing of future compensation expense will depend on the performance of the Company. The compensation expense related to these outstanding performance shares is expected to be recognized over a weighted-average remaining vesting period of 1.7 years. The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was $0.9 million, $0.8 million, and $0.7 million in 2023, 2022 and 2021, respectively.
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| Earnings Per Share | EARNINGS PER SHARE The Company computes basic earnings per share (“EPS”) by dividing net income by the weighted average common shares outstanding, including participating securities outstanding, during the period as discussed below. Diluted EPS reflects the potential dilution beyond shares for basic EPS that could occur if securities or other contracts to issue common stock were exercised, converted into common stock or resulted in the issuance of common stock that would have shared in the Company’s earnings. The Company includes all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding for basic EPS as these awards are considered participating securities. Any unvested stock awards considered non-participating securities are included in diluted EPS calculations when the inclusion of these shares would be dilutive. Unvested share-based awards of restricted stock are paid dividends equally with all other shares of common stock. As a result, the Company includes all outstanding restricted stock awards in the calculation of basic and diluted EPS. Distributed earnings include common stock dividends and dividends earned on unvested share-based payment awards. Undistributed earnings represent earnings that were available for distribution but were not distributed. The following table shows the computation of basic and diluted EPS:
For 2023, 657,391 non-participating securities that could potentially dilute basic EPS in the future, consisting of restricted share units and performance shares, were excluded from the computation of diluted EPS as these securities would have been antidilutive for the respective period.
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other | RESTRUCTURING AND OTHER Restructuring, asset impairment, other (gains) and charges by reportable segment are presented as follows:
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated balance sheets, for the restructuring plans is presented below:
Below is a discussion of the restructuring plan activities under the restructuring plans. 2021 Restructuring Plan On September 8, 2021, the Company committed to a restructuring plan that continued to focus on efforts to improve efficiencies and decrease costs across its worldwide operations. The plan involved a reduction of approximately 188 employees and the closure of the Company’s manufacturing facility in Thailand at the end of the first quarter of 2022. Expected charges and cumulative charges incurred to date under the 2021 restructuring plan are as follows:
(1) Charges are attributable to the EAAA reportable segment. The Company recognized a gain of $2.7 million on the sale of the Thailand facility during 2023. See Note 7 entitled “Property, Plant and Equipment” for additional information. During 2022, in conjunction with the closure of its Thailand facility, the Company recorded a write-down of inventory of $2.5 million within cost of sales in the consolidated statements of operations. The Company completed the 2021 restructuring plan in the second quarter of 2023, following the sale of the Thailand facility, as described in Note 7 entitled “Property, Plant and Equipment,” and expected the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings was realized in the consolidated statements of operations in 2022, with the remaining portion of the annualized savings realized in 2023. 2019 Restructuring Plan On December 23, 2019, the Company committed to a restructuring plan that continued to focus on efforts to improve efficiencies and decrease costs across its worldwide operations, and more closely align its operating structure with its business strategy. The plan involved a reduction of approximately 105 employees and early termination of two office leases. As a result of this plan, the Company recorded a pre-tax restructuring charge in the fourth quarter of 2019 of approximately $9.0 million (comprised of $1.1 million attributable to the AMS reportable segment and $7.9 million attributable to the EAAA reportable segment). The charge was comprised of severance expenses ($8.8 million) and lease exit costs ($0.2 million). The plan was expected to result in future cash expenditures of approximately $9.0 million for the payment of employee severance and lease exit costs. In 2021 and 2020, the Company recorded reductions of $0.3 million and $3.7 million, respectively, of the previously recognized charges due to changes in expected cash payments for employee severance. The 2019 restructuring plan was completed as of the end of the first quarter of 2022. Cumulative charges under the 2019 restructuring plan, net of reductions of previously recognized charges, were $0.8 million within the AMS reportable segment and $4.2 million within the EAAA reportable segment. The Company expected the plan to yield annualized savings of approximately $6.0 million. A portion of the annualized savings was realized in the consolidated statements of operations in 2020, with the remaining portion of the annualized savings realized in 2021.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | INCOME TAXES Income before income taxes consisted of the following:
Provisions for federal, foreign and state income taxes in the consolidated statements of operations consisted of the following components:
The Company’s effective tax rate was 30.1%, 53.3% and 24.0% for fiscal years 2023, 2022 and 2021, respectively. The following summary reconciles income taxes at the U.S. federal statutory rate of 21% applicable for all periods presented to the Company’s actual income tax expense:
On August 16, 2022, the Inflation Reduction Act of 2022 (“Inflation Reduction Act”) was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax on global adjusted financial statement income (“AFSI”) for corporations with average AFSI exceeding $1 billion over a three-year period, a 1% excise tax on share repurchases and various climate and clean energy tax incentives. The Inflation Reduction Act did not have a material impact on the Company’s financial statements for the year ended December 31, 2023. On December 20, 2021, the Organization for Economic Co-operation and Development (“OECD”) published Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Many non-U.S. tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 (including the European Union Member States) with the adoption of additional components in later years or announced their plans to enact legislation in future years. We are still closely monitoring developments and evaluating the potential impact on future periods. Deferred income taxes for the years ended December 31, 2023 and January 1, 2023, 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. The temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows:
Management believes, based on the Company’s history of taxable income and expectations for the future, that it is more likely than not that future taxable income will be sufficient to fully utilize the federal deferred tax assets at December 31, 2023. As of December 31, 2023, the Company has approximately $7.9 million of foreign tax credit carryforwards with expiration dates through 2033. A full valuation allowance has been provided as the Company does not expect to utilize these foreign tax credits before the expiration dates. As of December 31, 2023, the Company has approximately $192.1 million in state net operating loss carryforwards relating to continuing operations with expiration dates through 2043 and has provided a valuation allowance against $129.6 million of such losses, which the Company does not expect to utilize. In addition, as of December 31, 2023, the Company has approximately $15.6 million in state net operating loss carryforwards relating to discontinued operations against which a full valuation allowance has been provided. During fiscal year 2023, the Company had approximately $3.8 million in tax attributes with a full valuation allowance related to foreign tax credit carryforwards and foreign net operating loss carryforwards that expired. As a result, the expiration of these tax attributes did not have an impact on the Company’s effective tax rate for fiscal year 2023. As of December 31, 2023, and January 1, 2023, non-current deferred tax assets were reduced by approximately $2.8 million of unrecognized tax benefits. Historically, the Company has not provided for U.S. income taxes and foreign withholding taxes on the undistributed accumulated earnings of its foreign subsidiaries, with the exception of its Canada subsidiaries and a specific portion of the undistributed earnings of foreign subsidiaries outside of Canada, because such earnings were deemed to be permanently reinvested. In September of 2021, as part of an overall restructuring plan, the Company made the decision to close its manufacturing facility in Thailand. As a result, the Company is no longer asserting that the undistributed earnings in its Thailand subsidiaries are permanently reinvested. The Company provided for U.S. income taxes and foreign withholding taxes on these earnings at December 31, 2023 and January 1, 2023. Although the Tax Act created a dividends received deduction that generally eliminates additional U.S. federal income taxes on dividends from our foreign subsidiaries, the Company continues to assert that all of its undistributed earnings in its non-U.S. subsidiaries, excluding undistributed earnings for which U.S. income taxes and foreign withholding taxes have been provided, are indefinitely reinvested outside of the U.S. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. In the event the Company determines not to continue to assert that all or part of its undistributed earnings in its non-U.S. subsidiaries are permanently reinvested, an actual repatriation of earnings from its non-U.S. subsidiaries could still be subject to additional foreign withholding and U.S. state taxes, the determination of which is not practicable. The Company’s federal income tax returns are subject to examination for the years 2020 to the present. The Company files returns in numerous state and local jurisdictions and in general it is subject to examination by the state tax authorities for the years 2018 to the present. The Company files returns in numerous foreign jurisdictions and in general it is subject to examination by the foreign tax authorities for the years 2012 to the present. As a result of an audit of the Company’s U.K. subsidiaries, Her Majesty’s Revenue & Customs (“HMRC”) issued notices of amendment to the Company’s U.K. tax returns for the years 2012 through 2017. The adjustments result from the interest rate applied in the intra-group financing arrangement between a Company subsidiary in the U.K. and another in the Netherlands. In April of 2021, the Company filed requests with both the Competent Authority in the Netherlands and in the U.K. to initiate a mutual agreement procedure (“MAP”) related to the double taxation arising from the HMRC adjustments. In June of 2022, the Competent Authorities reached an agreement on the interest rate to be applied for the years 2012 through 2017. The Company recognized the adjustments from the 2012-2017 MAP in 2022. In March of 2023, the Company filed requests with both the Competent Authority in the Netherlands and in the U.K. to initiate a MAP for tax years 2018 through 2020 related to the double taxation arising from the application of the HMRC interest rate adjustments that were the subject of the 2012-2017 MAP. In September 2023, the Competent Authorities reached an agreement on the interest rate to be applied for the years 2018 through 2020. The Company recognized the adjustments from the 2018-2020 MAP in 2023. The recognition of the adjustments in both 2022 and 2023 did not have a material impact on the Company’s effective tax rate or its financial position. As of December 31, 2023, and January 1, 2023, the Company had $4.9 million and $5.7 million, respectively, of unrecognized tax benefits. For the years ended December 31, 2023 and January 1, 2023, the Company recognized as income tax benefits $0.1 million and $2.5 million, respectively, of previously unrecognized tax benefits. While it is reasonably possible that some of the unrecognized tax benefits will be recognized within the next 12 months, the Company does not expect the recognition of such amounts will have a material impact on the Company’s financial results. If any of the $4.9 million of unrecognized tax benefits as of December 31, 2023 are recognized, there would be a favorable impact on the Company’s effective tax rate of approximately $4.9 million in future periods. If the unrecognized tax benefits are not favorably settled, $2.1 million of the total amount of unrecognized tax benefits would require the use of cash in future periods. The Company recognizes accrued interest and income tax penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties were $0.4 million as of December 31, 2023 and were included in the total unrecognized tax benefit noted above. The timing of the ultimate resolution of the Company’s tax matters and the payment and receipt of related cash is dependent on a number of factors, many of which are outside the Company’s control. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, the Company is a party to legal proceedings, whether arising in the ordinary course of business or otherwise. Some of the proceedings the Company is involved in are summarized below. Lawsuit by Former CEO in Connection with Termination On January 19, 2020, the Company’s Board of Directors voted to terminate for cause the employment of Jay D. Gould, then President and Chief Executive Officer, effective immediately, for violations of the Company’s working environment policies. On February 14, 2020, Mr. Gould filed a lawsuit against the Company in the United States District Court of the Northern District of Georgia, Gould v. Interface, Inc., Case No. 1:20-cv-00695. In his lawsuit, Mr. Gould asserted several claims against the Company in connection with his termination, including that the termination was a wrongful retaliation against Mr. Gould and breached his employment contract with the Company, that public statements made by the Company in connection with his termination defamed Mr. Gould (two counts) and that the Company’s investigation into Mr. Gould’s conduct that preceded the termination was negligently performed. Among other unspecified relief, Mr. Gould sought in excess of $10 million in damages for the breach of contract claim and $100 million for each of the other claims, as well as attorneys’ fees. The Court granted judgment on the pleadings in favor of the Company on Mr. Gould’s putative claim of negligent investigation, and Mr. Gould’s defamation claims were dismissed with prejudice by stipulation of the parties. On March 31, 2022, the Court entered an order granting the Company’s motion for summary judgment on all of Mr. Gould’s remaining claims, leaving only the Company’s counterclaim against Mr. Gould for breach of fiduciary duty pending in the District Court. An attempted interlocutory appeal by Mr. Gould of the summary judgment order was remanded by the 11th Circuit Court of Appeals back to the District Court as premature. Mr. Gould filed a motion for reconsideration of the Court’s grant of summary judgment in favor of the Company on Mr. Gould’s breach of contract claim. On July 31, 2023, the Court denied that motion for reconsideration. Also on July 31, 2023, the Company filed a motion to dismiss without prejudice its counterclaim against Mr. Gould for breach of fiduciary duty. On August 2, 2023, the Court granted that motion to dismiss, resulting in a final judgment in the trial court. The Court’s award of summary judgment in favor of the Company on Mr. Gould’s breach of contract claim has been appealed by Mr. Gould to the U.S. Court of Appeals for the 11th Circuit, and that appeal remains pending. The Company believes Mr. Gould’s lawsuit and the appeal therefrom is without merit and intends to defend vigorously against it. Putative Class Action Lawsuit On November 12, 2020, the Company and certain former and current officers were named as defendants in a lawsuit filed in the United States District Court for the Eastern District of New York, Swanson v. Interface, Inc. et al. (case :120-cv-05518). The lawsuit was a federal securities law putative class action that alleged that the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. The specific allegations related to the subject matter of a previously disclosed and concluded SEC investigation. The complaint did not quantify the damages sought. In 2023, the parties settled the lawsuit for $7.5 million, and the Company’s insurers funded the settlement amount.
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Contribution and Deferred Compensation Plans The Company has a 401(k) retirement investment plan (“401(k) Plan”), which is open to all eligible U.S. employees with at least six months of service. The 401(k) Plan provides Company matching contributions on a sliding scale based on the level of the employee’s contribution. The Company may, at its discretion, make additional contributions to the 401(k) Plan based on the attainment of certain performance targets by its subsidiaries. The Company’s matching contributions are funded bi-monthly and totaled approximately $3.4 million, $3.3 million, and $3.0 million for the years 2023, 2022 and 2021, respectively. No discretionary contributions were made in 2023, 2022 or 2021. Under the Company’s nonqualified savings plans (“NSPs”), the Company provides eligible employees the opportunity to enter into agreements for the deferral of a specified percentage of their compensation, as defined in the NSPs. The NSPs provide Company matching contributions on a sliding scale based on the level of the employee’s contribution. The obligations of the Company under such agreements to pay the deferred compensation in the future in accordance with the terms of the NSPs are unsecured general obligations of the Company. Participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company has established a rabbi trust to hold, invest and reinvest deferrals and contributions under the NSPs. If a change in control of the Company occurs, as defined in the NSPs, the Company will contribute an amount to the rabbi trust sufficient to pay the obligation owed to each participant. The deferred compensation liability in connection with the NSPs totaled $28.2 million and $27.5 million at December 31, 2023 and January 1, 2023, respectively. The Company invests the deferrals in insurance instruments with readily determinable cash surrender values and in exchange traded mutual funds. The value of the insurance instruments was $19.2 million and $16.6 million as of December 31, 2023 and January 1, 2023, respectively. The fair value of the mutual fund investments at December 31, 2023 and January 1, 2023 was $9.2 million and $11.0 million, respectively. Multiemployer Plan On December 31, 2019, a plan amendment was executed to eliminate future service accruals in our defined benefit pension plan in the Netherlands (the “Dutch Plan”), which resulted in a curtailment of the plan. The Dutch Plan remains in existence and continues to pay vested benefits. Active participants no longer accrue benefits after December 31, 2019, and instead participate in the Industry-Wide Pension Fund (the “IWPF”) multi-employer plan beginning in fiscal year 2020. During 2023, 2022 and 2021, the Company recorded multi-employer pension expense related to multiemployer contributions of $2.7 million, $2.4 million and $2.6 million, respectively. The Company’s contributions into the IWPF are less than 5% of total plan contributions. The IWPF is more than 85% funded at the end of 2022, which is the latest date plan information is available. The IWPF multi-employer plan is not considered to be significant based on the funded status of the plan and our contributions. Foreign Defined Benefit Plans The Company has trusteed defined benefit retirement plans which cover many of its European employees. The benefits under these defined benefit retirement plans are generally based on years of service and the employee’s average monthly compensation. In connection with the nora acquisition in 2018, the Company acquired an additional defined benefit plan, which covers certain employees in Germany (the “nora Plan”). The nora plan has no plan assets. The Company uses a year-end measurement date for the plans, which is the closest practical date to the Company’s fiscal year end. As described above, on December 31, 2019, a plan amendment was executed to eliminate future service accruals in the Dutch defined benefit plan. The Dutch Plan remains in existence and continues to pay vested benefits. The reduction in future benefit accruals resulted in a curtailment of the Dutch Plan. Participants in the Dutch Plan no longer accrue benefits under the plan after December 31, 2019, and participate in the IWPF beginning in fiscal year 2020. Although the Dutch Plan is frozen to new participants, vested benefits will continue to be accounted for in accordance with applicable accounting standards for defined benefit plans. The Dutch Plan is financed by assets held in an insurance contract. The guarantee provision included in the insurance contract, that existed to fund any shortfall between the fair value of plan investments and the benefit obligation, expired on December 31, 2019. The Company will fund the cost to guarantee vested benefits and this amount is recorded as an obligation on the Company’s consolidated balance sheets. As discussed above, the Company still has an obligation to pay vested benefits in the frozen Dutch Plan. As of December 31, 2023, the under-funded status of the Dutch Plan of $5.7 million is recorded on the consolidated balance sheet in other long-term liabilities. Pension expense for our three European defined benefit plans was $1.3 million, $2.0 million, and $2.5 million for the years 2023, 2022 and 2021, respectively. Plan assets are primarily invested in insurance contracts and fixed income securities. As of December 31, 2023, for the European plans, the Company had a net liability recorded of $15.1 million, an amount equal to their under-funded status, and had recorded in accumulated other comprehensive loss an amount equal to $29.9 million (net of taxes of approximately $8.1 million) related to the future amounts to be recorded in net periodic benefit costs. In the next fiscal year, approximately $1.3 million will be reclassified from accumulated other comprehensive loss into net periodic benefit cost. The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:
The above disclosure represents the aggregation of information related to the Company’s three defined benefit plans which cover many of its European employees. The increase in the projected benefit obligation of $19.0 million for 2023 compared to prior year was primarily due to a decrease in the weighted average discount rate used to measure the obligation and the impact of foreign currency translation due to the strengthening of the Euro and British Pound sterling against the U.S. dollar in 2023. As of December 31, 2023, one of these plans, which primarily covers certain employees in the United Kingdom (the “UK Plan”), had assets in excess of the accumulated benefit obligation. The accumulated benefit obligation of the Dutch Plan exceeded plan assets as of December 31, 2023. The nora Plan is an unfunded defined benefit plan and the accumulated benefit obligation exceeded plan assets as of December 31, 2023. The following table summarizes this information as of December 31, 2023 and January 1, 2023.
In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within operating income in the consolidated statements of operations, while all other components of net periodic benefit costs are presented within other expense, net, in the consolidated statements of operations. During 2023, other comprehensive loss was impacted by a total net loss of approximately $6.3 million (net of $2.1 million of tax), comprised of actuarial loss of approximately $6.6 million (net of $2.3 million of tax) and amortization of loss of $0.3 million (net of $0.2 million of tax).
The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers. The investment objectives of the foreign defined benefit plans are to maximize the return on the investments to ensure that the assets are sufficient to exceed minimum funding requirements, and to achieve a favorable return against performance expectations based on historical and projected rates of return over the short term. The goal is to optimize the long-term return on plan assets at a moderate level of risk, by balancing higher-returning assets, such as equity securities, with less volatile assets, such as fixed income securities. The assets are managed by professional investment firms and performance is evaluated periodically against specific benchmarks. The plans’ net assets did not include the Company’s own stock at December 31, 2023 or January 1, 2023. Dutch Plan Assets and Indexation Benefit As is common in Dutch pension plans, the Dutch Plan includes a provision for discretionary benefit increases termed “indexation.” The indexation benefit is meant to adjust pension benefits for cost-of-living increases, similar to U.S. consumer price index-based cost-of-living adjustments for U.S. retirement plans. The indexation benefit is not guaranteed, and is only provided for and paid out if sufficient assets are available due to favorable asset returns. Both the vested benefit amounts as well as amounts related to the discretionary indexation benefits under the Dutch Plan are paid pursuant to an insurance contract with a private insurer (the “Contract”). The Dutch Plan itself is financed by investment assets held within the Contract. Prior to December 31, 2019, the Contract guaranteed payment of vested benefits, regardless of whether Dutch Plan assets held through the Contract were ultimately sufficient to pay vested amounts, and also provided for payment of the indexation amount on a contingent basis if the actual return on Dutch Plan assets were sufficient to pay it. This type of insurance arrangement is common in The Netherlands, although not necessarily common in other jurisdictions. After the Dutch Plan curtailment on December 31, 2019, any shortfall in plan assets to pay vested benefits will be funded by the Company. The assets under the Dutch Plan, including any indexation benefit, are identified as level 3 assets under the fair value hierarchy. Under the express terms of the Contract, contract value is the greater of (i) the value of the discounted vested benefits of the Dutch Plan and (ii) the fair value of the underlying investment assets held by the insurance company under the Contract. As between those two values, the former was the greater for 2023 and 2022. Because the Company will fund the cost to guarantee vested benefits, the Company has recorded a provision, which reduces the Dutch Plan assets, that consists of the net present value of the expected future guarantee payments due to the insurance company pursuant to the Company’s guarantee. As explained above, the Contract also will pay the indexation benefit if sufficient assets are available, which the Company believes not to be probable as of the end of 2023 based on recent returns. The indexation benefit for 2023 and 2022 is not significant. The Company’s actual weighted average asset allocations for 2023 and 2022, and the targeted asset allocation for 2024, of the foreign defined benefit plans by asset category, are as follows:
The following table sets forth by level within the fair value hierarchy the foreign defined benefit plans’ assets at fair value, as of December 31, 2023 and January 1, 2023. The nora plan is currently unfunded. As required by accounting standards, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As noted above, the Dutch Plan assets as represented by the insurance contract are classified as a level 3 asset and included in the “Other” asset category.
The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:
(1) Short-term investments are generally invested in interest-bearing accounts. (2) Other investments are comprised of insurance contracts. Assets identified as level 2 above pertain to corporate bonds and other debt securities. The fair values of these assets are calculated based on quoted market prices for similar assets. With the exception of the Dutch Plan assets as discussed above, the assets identified as level 3 above in 2023 and 2022 relate to insured annuities and direct lending assets held by the UK Plan. The fair value of these assets was calculated using the present value of the future cash flows due under the insurance annuities, and for the direct lending assets the value is based on the asset value from the latest available valuation with adjustments for any drawdowns and distribution payments made between the valuation date and the reporting date. The range of discount rates used in the fair value calculation of level 3 assets held by the Dutch Plan and the UK Plan were 3.30% to 4.50% for 2023, and 3.70% to 4.75% for 2022. The weighted average discount rates were 3.32% and 3.72% for 2023 and 2022, respectively. These amounts are weighted based on the fair value of level 3 plan assets subject to fluctuations in the discount rate. Any changes in these variables will impact the fair value of level 3 assets. The table below indicates the change in value related to these level 3 assets during 2023 and 2022:
(1) Includes $2.7 million and $(22.2) million for 2023 and 2022, respectively, of unrealized gains / (losses) recognized during the period in other comprehensive income (loss) for assets held at year end. During 2024, the Company expects to contribute $2.7 million to the foreign defined benefit plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:
Domestic Defined Benefit Plan The Company maintains a domestic nonqualified salary continuation plan (“SCP”), which is designed to induce selected officers of the Company to remain in the employ of the Company by providing them with retirement, disability and death benefits in addition to those which they may receive under the Company’s other retirement plans and benefit programs. The SCP entitles participants to: (i) retirement benefits upon normal retirement at age 65 (or early retirement as early as age 55) after completing at least 15 years of service with the Company (unless otherwise provided in the SCP), payable for the remainder of their lives (or, if elected by a participant, a reduced benefit is payable for the remainder of the participant’s life and any surviving spouse’s life) and in no event less than 10 years under the death benefit feature; (ii) disability benefits payable for the period of any total disability; and (iii) death benefits payable to the designated beneficiary of the participant for a period of up to 10 years. Benefits are determined according to one of three formulas contained in the SCP, and the SCP is administered by the Compensation Committee of the Company’s Board of Directors, which has full discretion in choosing participants and the benefit formula applicable to each. The Company’s obligations under the SCP are currently unfunded (although the Company uses insurance instruments to hedge its exposure thereunder). The Company is required to contribute the present value of its obligations thereunder to an irrevocable grantor trust in the event of a change in control as defined in the SCP. The Company uses a year-end measurement date for the domestic SCP. The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component in the change in benefit obligation in 2023 and 2022 as there are no longer any participants accruing benefits in the plan.
The amounts recognized in the consolidated balance sheets are as follows:
The components of the amounts in accumulated other comprehensive loss, after tax, are as follows:
The accumulated benefit obligation related to the SCP was $22.7 million as of both December 31, 2023 and January 1, 2023. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.
In accordance with applicable accounting standards, all components of net periodic benefit cost associated with the SCP are presented within other expense, net, in the consolidated statements of operations. The change in other comprehensive loss during 2023 related to the SCP as a result of plan activity was a net loss of approximately $0.4 million (net of $0.1 million of tax), primarily comprised of a net loss during the period of $0.5 million (net of $0.2 million of tax) and amortization of loss of $0.1 million (net of $0.1 million of tax). During 2023, the Company contributed $1.9 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | SEGMENT INFORMATION The Company determines that an operating segment exists if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has operating results that are regularly reviewed by the chief operating decision maker (“CODM”) and (iii) has discrete financial information. Additionally, accounting standards require the utilization of a “management approach” to report the financial results of operating segments, which is based on information used by the CODM to assess performance and make operating and resource allocation decisions. The Company determined that it has two operating segments organized by geographical area – namely (a) Americas (“AMS”) and (b) Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment includes the United States, Canada and Latin America geographic areas. Pursuant to the management approach discussed above, the Company’s CODM, our chief executive officer, evaluates performance at the AMS and EAAA operating segment levels and makes operating and resource allocation decisions based on segment adjusted operating income (“AOI”), which includes allocations of corporate selling, general and administrative expenses. AOI excludes nora purchase accounting amortization; Thailand plant closure inventory write-down; Cyber Event impact; goodwill and intangible asset impairment charges; and restructuring, asset impairment, severance, and other, net. Intersegment revenues for 2023, 2022 and 2021 were $82.8 million, $75.5 million and $78.1 million, respectively. Intersegment revenues are eliminated from net sales presented below since these amounts are not included in the information provided to the CODM. The Company has determined that it has two reportable segments – AMS and EAAA, as each operating segment meets the quantitative thresholds defined in the accounting guidance. Segment information for 2023, 2022 and 2021 is presented in the table below:
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
Total assets in the table above include operating lease right-of-use assets for fiscal years 2023 and 2022. Below is a summary of the operating lease right-of-use assets by reportable segment and a reconciliation to the consolidated amounts:
Reconciliations of operating income (loss) to income before income tax expense and segment AOI are presented as follows:
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past three years. Sales to customers in foreign markets in 2023, 2022 and 2021 were approximately 46%, 47% and 50%, respectively, of total net sales. These sales were primarily to customers in Europe, Canada, Asia, Australia and Latin America. Net sales and long-lived assets for the United States and other significant countries (that individually represent 10% or greater of consolidated totals for each year presented) are as follows:
(1) Revenue attributed to geographic areas is based on the location of the customer. (2) Long-lived assets attributed to geographic areas are based on the physical location of the asset. 2023 includes $2.2 million and $5.0 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. 2022 includes $1.3 million and $4.5 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. (3) Long-lived assets in Australia did not exceed 10% of consolidated long-lived assets for 2023. Long-lived assets in Australia were $29.9 million in 2022, which exceeded 10% of consolidated long-lived assets as of the end of that fiscal year.
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Items Reclassified from Accumulated Other Comprehensive Loss |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Items Reclassified from Accumulated Other Comprehensive Loss | ITEMS RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE LOSS Amounts reclassified out of accumulated other comprehensive loss (“AOCI”), before tax, to the consolidated statements of operations for the fiscal years 2023, 2022 and 2021, are reflected in the table below:
(1) The Company’s foreign subsidiaries in Russia and Brazil were substantially liquidated in 2023, and the cumulative foreign currency translation losses associated with these entities were recognized in the consolidated statements of operations. The tax impact of the cumulative foreign currency translation reclassification for 2023 is approximately $1.1 million. (2) The tax impact of the interest rate swap reclassifications were $0.2 million, $0.8 million and $1.4 million for 2023, 2022 and 2021, respectively, related to the discontinued cash flow hedges. See Note 10 entitled “Derivative Instruments” for additional information. (3) See Note 19 entitled “Employee Benefit Plans” for the tax impact of reclassifications related to the Company’s defined benefit plans.
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Schedule II - Valuation and Qualifying Accounts and Reserves |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
(A)Includes changes in foreign currency exchange rates. (B)Write off of bad debt and recovery of previously provided for amounts.
(A)Includes changes in foreign currency exchange rates. (B)Represents credits and costs applied against reserve and adjustments to reflect actual exposure. (All other Schedules for which provision is made in the applicable accounting requirements of the Securities and Exchange Commission are omitted because they are either not applicable or the required information is shown in the Company’s consolidated financial statements or the notes thereto.)
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Pay vs Performance Disclosure | |||
| Net income | $ 44,517 | $ 19,560 | $ 55,234 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All of our subsidiaries are wholly-owned, and we are not a party to any joint venture, partnership or other variable interest entity that would potentially qualify for consolidation. All material intercompany accounts and transactions are eliminated.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Examples include provisions for returns, bad debts, product claims reserves, inventory obsolescence and the length of product life cycles, accruals associated with restructuring activities, income tax exposures and valuation allowances, and the carrying value of goodwill, intangible assets and property, plant and equipment. Actual results could vary from these estimates.
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| Revenue Recognition | Revenue Recognition Revenue from contracts with customers is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, the guidance provides that an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. Revenue Recognized from Contracts with Customers Contracts with customers typically take the form of invoices for purchase of materials from the Company. Customer payment terms vary by region and are typically less than 60 days. The performance obligation is the delivery of these materials to the customer’s control. Revenue from the sale of modular carpet, resilient flooring, rubber flooring, and related products (TacTiles installation materials, etc.) was approximately 98% of the Company’s total revenue in 2023, approximately 97% of the Company’s total revenue in 2022, and approximately 98% of the Company’s total revenue in 2021. The revenue from sales of these products is recognized upon shipment, or in certain cases, upon delivery to the customer. The transaction price for these sales is readily identifiable. The remaining revenue of approximately 2% for 2023, approximately 3% for 2022, and approximately 2% for 2021 was generated from the installation of carpet and other flooring-related material. For installation projects underway, the Company recognized installation revenue over time based on a project cost input method as the customer simultaneously received and consumed the benefit of the services. The installation of the carpet and related products is a separate performance obligation from the sale of carpet. The majority of these projects are completed within five days of the start of installation. The transaction price for these sale and installation contracts is readily determinable between flooring material and installation services and typically is specifically identified in the contract with the customer. The Company has utilized the portfolio approach to its contracts with customers, as its contracts with customers have similar characteristics, and it is reasonable to expect that the effects from applying this approach are not materially different from applying the accounting standard to individual contracts. The Company does not have any other significant revenue streams outside of these sales of flooring material, and the sale and installation of flooring material, as described above. The Company does not record taxes collected from customers and remitted to governmental authorities within revenues. The Company records such taxes collected as a liability on our consolidated balance sheets. Performance Obligations As noted above, the Company primarily generates revenue through the sale of flooring material to end users either upon shipment or upon arrival of the product at its destination. In these instances, there typically is no other obligation to the customers other than the delivery of flooring material, with the exception of warranty. The Company does offer a warranty to its customers which guarantees certain on-floor performance characteristics and warrants against manufacturing defects. The warranty is not a service warranty, and there is no ability to separate the warranty obligation from the sale of the flooring or purchase it separately. The Company’s incidence of warranty claims is extremely low, with less than 0.5% of revenue in claims on an annual basis for the last three fiscal years. Given the nature of the warranty as well as the financial impact, the Company has determined that there is no need to identify this warranty as a separate performance obligation, and the Company accounts for warranty on an accrual basis. For the Company’s installation business, the sales of carpet and other flooring materials and installation services are separate deliverables which under the revenue recognition requirements should be characterized as separate performance obligations. The nature of the installation projects is such that the vast majority – an amount in excess of 85% of these installation projects – are completed in less than five days. The Company’s largest installation customers are retail, education and corporate customers, and these are on a project-by-project basis and are short-term installations. The Company has evaluated these projects at the end of each reporting period and recorded revenue in accordance with the accounting standards for projects which were underway as of the end of 2023, 2022 and 2021. Costs to Obtain Contracts The Company pays sales commissions to many of its sales personnel based upon their selling activity. These are direct costs associated with obtaining the contracts and are expensed as the revenue is earned. As these commissions become payable upon shipment (or in certain cases delivery) of product, the commission is earned as the revenue is recognized. There are no other material costs the Company incurs as part of obtaining the sales contract. Shipping and Handling Shipping and handling fees billed to customers are classified in net sales in the consolidated statements of operations. Shipping and handling costs incurred are classified in cost of sales in the consolidated statements of operations.
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| Advertising and Promotion | Advertising and Promotion The Company’s advertising and promotional activities primarily consist of product samples, printed materials, digital marketing, trade shows, and customer events. Advertising and promotional costs are expensed when the advertising / promotional activity first takes place.
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| Research and Development | Research and Development |
| Cash, Cash Equivalents and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments |
| Allowances for Expected Credit Losses | Allowances for Expected Credit Losses The Company maintains allowances for expected credit losses for estimated losses resulting from the inability of customers to make required payments. Estimating the amount of future expected losses requires the Company to consider historical losses from our customers, as well as current market conditions and future forecasts of our customers’ ability to make payments for goods and services. By its nature, such an estimate is highly subjective, and it is possible that the amount of accounts receivable that the Company is unable to collect may be different than the amount initially estimated.
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| Inventories | Inventories Inventories are carried at the lower of cost (standards approximating the first-in, first-out method) or net realizable value. Costs included in inventories are based on invoiced costs and/or production costs, as applicable. Included in production costs are material, direct labor and allocated overhead. The Company writes down inventories for the difference between the carrying value of the inventories and their estimated net realizable value. If actual market conditions are less favorable than those projected by management, additional write-downs may be required. Management estimates its reserves for inventory obsolescence by continuously examining its inventories to determine if there are indicators that carrying values exceed net realizable values. Experience has shown that significant indicators that could require the need for additional inventory write-downs are the age of the inventory, the length of its product life cycles, anticipated demand for the Company’s products, and current economic conditions. While management believes that adequate write-downs for inventory obsolescence have been made in the consolidated financial statements, consumer tastes and preferences may continue to change, and the Company could experience additional inventory write-downs in the future.
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| Leases | Leases The Company records a right-of-use asset and lease liability for operating and finance leases once a contract that contains a lease is executed and the Company has the right to control the use of the leased asset. The right-of-use asset is measured as the present value of the lease obligation. The discount rate used to calculate the present value of the lease liability is the Company’s incremental borrowing rate, which is based on the estimated rate for a fully collateralized borrowing that fully amortizes over a similar lease term at the commencement date and for the applicable geographical region. The Company made an accounting policy election to exclude leases with an initial term of 12 months or less from the calculation of the right-of-use asset and lease liability recorded on the consolidated balance sheets. These leases primarily represent month-to-month operating leases for equipment where we were reasonably certain that we would not elect an option to extend the lease. The Company also made an accounting policy election not to separate lease and non-lease components for all asset classes and accounts for the lease payments as a single component.
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| Property, Plant and Equipment and Long-Lived Assets | Property, Plant and Equipment and Long-Lived Assets Property, plant and equipment are carried at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements – to forty years; equipment, furniture and fixtures – to twelve years; and computer software – to six years. Certain manufacturing equipment in our Weinheim manufacturing facility have estimated useful lives up to twenty-five years. Leasehold improvements are depreciated over the shorter of the asset life or lease term, generally between to twelve years. Interest costs for the construction/development of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. Total depreciation expense amounted to approximately $35.9 million, $36.3 million, and $41.9 million for the years 2023, 2022 and 2021, respectively. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying value of the asset. Repair and maintenance costs are charged to operating expense as incurred.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In accordance with applicable accounting standards, the Company tests goodwill for impairment annually and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. During the fourth quarters of 2023, 2022 and 2021, the Company performed the annual goodwill impairment test. The Company tests goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In performing the impairment testing, the Company prepared valuations of reporting units on both a market comparable methodology and an income methodology, and those valuations were compared with the respective carrying values of the reporting units to determine whether any goodwill impairment existed. In preparing the valuations, past, present and future expectations of performance were considered. See Note 12 entitled “Goodwill and Other Intangible Assets” for additional information. Trademark and trade name intangible assets acquired in connection with the nora acquisition are not subject to amortization, but are tested for impairment annually and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the intangible asset below its carrying amount. For the annual tests performed in 2023, 2022, and 2021, the Company prepared valuations of the intangible assets using the present value of cash flows under the relief from royalty method, which were compared to the carrying value of intangible assets to determine whether any impairment existed. See Note 12 entitled “Goodwill and Other Intangible Assets” for additional information. The Company’s other intangible assets primarily consist of developed technology that is amortized on a straight-line basis over the estimated useful life of 7 years.
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| Product Warranties | Product Warranties The Company typically provides limited warranties with respect to certain attributes of its carpet products (for example, warranties regarding excessive surface wear, edge ravel and static electricity) for periods ranging from to twenty years, depending on the particular carpet product and the environment in which it is to be installed. Similar limited warranties are provided on certain attributes of its rubber and LVT products, typically for a period of 5 to 15 years. The Company typically warrants that services performed will be free from defects in workmanship for a period of one year following completion. In the event of a breach of warranty, the remedy typically is limited to repair of the problem or replacement of the affected product. The Company records a provision related to warranty costs based on historical experience and future expectations and periodically adjusts these provisions to reflect changes in actual experience. Warranty and sales allowance reserves amounted to $4.3 million and $2.1 million as of December 31, 2023 and January 1, 2023, respectively, and are included in accrued expenses in the accompanying consolidated balance sheets.
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| Income Taxes | Income Taxes The Company accounts for income taxes under 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 Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. The Company has elected to account for tax effects of the global intangible low-taxed income (“GILTI”) in the period when incurred, and therefore has not provided any deferred tax impacts for these provisions in its consolidated financial statements. The Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will expire before realization of the benefit or that future deductibility is not probable. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future. This requires us to use estimates and make assumptions regarding significant future events such as the taxability of entities operating in the various taxing jurisdictions. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate as well as impact operating results. For further information, see Note 17 entitled “Income Taxes.”
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| Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair values of cash and cash equivalents and short-term debt approximate cost due to the short period of time to maturity. Fair values of debt are based on quoted market prices or pricing models using current market rates and classified as level 2 within the fair value hierarchy. See Note 5 entitled “Fair Value of Financial Instruments” for further information.
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| Translation of Foreign Currencies | Translation of Foreign Currencies |
| Earnings Per Share | Earnings per Share Basic earnings per share is computed based on the average number of common shares outstanding, including participating securities. Diluted earnings per share reflects the potential increase in average common shares outstanding that would result from share-based awards or the assumed exercise of outstanding stock options, calculated using the treasury stock method. See Note 15 entitled “Earnings Per Share” for additional information.
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| Share-Based Compensation | Share-Based Compensation The Company has share-based employee compensation plans, which are described more fully in Note 14 entitled “Shareholders' Equity.” The Company recognizes expense related to its restricted stock, restricted share unit and performance share grants based on the grant date fair value of the shares awarded, as determined by its market price at date of grant.
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| Pension Benefits | Pension Benefits Net pension expense recorded is based on, among other things, assumptions about the discount rate, estimated return on plan assets and salary increases. While the Company believes these assumptions are reasonable, changes in these and other factors and differences between actual and assumed changes in the present value of liabilities or assets of the Company’s plans above certain thresholds could cause net annual expense to increase or decrease materially from year to year. The actuarial assumptions used in the Company’s salary continuation plan and foreign defined benefit plans reporting are reviewed periodically and compared with external benchmarks to ensure that they appropriately account for our future pension benefit obligation. The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers.
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| Fiscal Year | Fiscal Year The Company’s fiscal year is the 52 or 53 week period ending on the Sunday nearest December 31. All references herein to “2023,” “2022,” and “2021,” mean the fiscal years ended December 31, 2023, January 1, 2023, and January 2, 2022, respectively. Fiscal years 2023, 2022 and 2021 were each comprised of 52 weeks.
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| Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements – Adopted In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement — Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), Compensation — Stock Compensation (Topic 718).” This ASU amends various paragraphs in the accounting codification pursuant to the issuance of Commission Staff Accounting Bulletin (“SAB”) number 120. The ASU provides clarifying guidance related to employee and non-employee share-based payment accounting, including guidance related to spring-loaded awards. ASU 2023-03 was effective upon issuance. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security is not considered in measuring fair value. The ASU also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption was permitted. The Company adopted this standard on April 2, 2023. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements – Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires public entities on an annual basis to disclose a rate reconciliation with explicit categories, as outlined in the ASU, and requires additional disclosures for reconciling items that meet certain quantitative thresholds. Other disclosures include disaggregation of income taxes paid, pre-tax income, and income tax expense. The new guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its income tax disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires additional disclosures in annual and interim periods for significant segment expenses included in the measure of segment profit provided to the chief operating decision maker (“CODM”). Disclosure of other segment items by reportable segment as well as a description of its composition is also required. The new guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU to its segment disclosures.
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Revenue Recognition (Tables) |
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| Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by Products and Services | The Company generates revenue from sales of modular carpet, resilient flooring, rubber flooring, and other flooring-related material, and from the installation of carpet and other flooring-related material. A summary of these revenue streams, as a percentage of net sales, for fiscal years 2023, 2022 and 2021 is a follows:
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| Disaggregation of Revenue | For fiscal years 2023, 2022 and 2021, revenue from the Company’s customers is broken down by geography as follows:
Revenue from the Company’s customers in the Americas corresponds to the AMS reportable segment, and the EAAA reportable segment includes revenue from the Europe and Asia-Pacific geographies. See Note 20 entitled “Segment Information” for additional information.
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Fair Value of Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Instruments | The following table presents the carrying values and estimated fair values, including the level within the fair value hierarchy, of certain financial instruments:
(1) Carrying values are presented gross, excluding the impact of unamortized debt issuance costs and including amounts presented as current liabilities on the consolidated balance sheets. (2) Unamortized debt issuance costs associated with term loan borrowings under the Syndicated Credit Facility, recorded as a reduction of long-term debt in the consolidated balance sheets, were $1.0 million and $1.9 million as of December 31, 2023 and January 1, 2023, respectively. (3) Unamortized debt issuance costs associated with the Senior Notes, recorded as a reduction of long-term debt in the consolidated balance sheets, were $3.4 million and $4.2 million as of December 31, 2023 and January 1, 2023, respectively.
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Inventories (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories are summarized as follows:
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Property, Plant and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following:
(1) Includes $11.9 million and $9.9 million of leased equipment for 2023 and 2022, respectively. (2) Construction-in-progress costs are presented as a separate asset category. Amounts for 2022, that were previously allocated to each asset class, have been reclassified to conform to the current presentation. (3) Includes $4.7 million and $4.1 million of accumulated amortization on leased equipment for 2023 and 2022, respectively.
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Accrued Expenses (Tables) |
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| Summary of Accrued Expenses | Accrued expenses are summarized as follows:
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Long-Term Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt Instruments | Long-term debt consisted of the following:
(1) Represents the weighted average rate of interest for borrowings under the Syndicated Credit Facility and the stated rate of interest for the 5.50% Senior Notes due 2028, without the effect of debt issuance costs.
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| Senior Notes Redemption | On or after December 1, 2023, the Company may redeem the Senior Notes, in whole or in part, at any time at the redemption prices listed below, plus accrued and unpaid interest, if any, to (but excluding) the redemption date, if redeemed during the 12-month period commencing on December 1 of the years set forth below:
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| Schedule of Future Maturities of Borrowings | The aggregate maturities of borrowings for each of the five fiscal years subsequent to 2023 are as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Information, Lessee | The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 31, 2023 and January 1, 2023:
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| Schedule of Lease Costs | Lease Costs
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| Other Supplemental Information, Lessee | Other Supplemental Information
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| Weighted Average Lease Term and Discount Rate, Lessee | The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 31, 2023 and January 1, 2023:
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| Lease Liability Maturity Schedule | A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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| Lease Liability Maturity Schedule | A maturity analysis of lease payments under non-cancellable leases is presented as follows:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The ending balances and the changes in the carrying amounts of goodwill allocated to each reportable segment for the years ended December 31, 2023 and January 1, 2023 are as follows(1):
(1) Goodwill balances are presented net of cumulative impairment losses of $358.5 million as of both December 31, 2023 and January 1, 2023, and $329.1 million as of January 2, 2022. The cumulative impairment losses include impairment charges recognized prior to 2020 related to discontinued operations that were allocated to the current reportable segments on a proportionate basis. (2) A portion of the goodwill balance allocated to the AMS reportable segment is comprised of goodwill denominated in foreign currency attributable to the nora acquisition.
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| Schedule of Other Intangible Assets | The Company’s intangible assets other than goodwill consisted of the following as of December 31, 2023 and January 1, 2023:
(1) Certain intangible asset balances are subject to changes attributable to foreign currency translation.
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Shareholders' Equity | The following tables depict the activity in the accounts which make up shareholders’ equity for fiscal years 2023, 2022 and 2021:
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| Schedule of Restricted Stock Outstanding and Activity | The following table summarizes restricted stock outstanding as of December 31, 2023, as well as activity during the year:
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| Schedule of Restricted Share Units Outstanding and Activity | The following table summarizes restricted share units outstanding as of December 31, 2023, as well as activity during the year:
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| Schedule of Performance Shares Outstanding and Activity | The following table summarizes the performance shares outstanding as of December 31, 2023, as well as the activity during the year:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table shows the computation of basic and diluted EPS:
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Restructuring and Other (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restructuring, Asset Impairment, Other Gains and Charges | Restructuring, asset impairment, other (gains) and charges by reportable segment are presented as follows:
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| Schedule of Restructuring Reserve by Plan and Type of Cost | A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated balance sheets, for the restructuring plans is presented below:
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| Schedule of Expected and Cumulative Restructuring, Asset Impairment and Other Charges | Expected charges and cumulative charges incurred to date under the 2021 restructuring plan are as follows:
(1) Charges are attributable to the EAAA reportable segment.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Before Income Taxes | Income before income taxes consisted of the following:
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| Schedule of Provisions for Federal, Foreign and State Income Taxes | Provisions for federal, foreign and state income taxes in the consolidated statements of operations consisted of the following components:
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| Schedule of Effective Income Tax Rate Reconciliation | The following summary reconciles income taxes at the U.S. federal statutory rate of 21% applicable for all periods presented to the Company’s actual income tax expense:
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| Schedule of Deferred Tax Assets and Liabilities | The temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows:
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| Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:
The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component in the change in benefit obligation in 2023 and 2022 as there are no longer any participants accruing benefits in the plan.
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| Schedule of Net Periodic Benefit Cost |
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| Schedule of Assumptions Used to Determine Net Periodic Benefit Cost |
The accumulated benefit obligation related to the SCP was $22.7 million as of both December 31, 2023 and January 1, 2023. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.
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| Schedule of Allocation of Plan Assets | The Company’s actual weighted average asset allocations for 2023 and 2022, and the targeted asset allocation for 2024, of the foreign defined benefit plans by asset category, are as follows:
The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:
(1) Short-term investments are generally invested in interest-bearing accounts. (2) Other investments are comprised of insurance contracts.
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| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below indicates the change in value related to these level 3 assets during 2023 and 2022:
(1) Includes $2.7 million and $(22.2) million for 2023 and 2022, respectively, of unrealized gains / (losses) recognized during the period in other comprehensive income (loss) for assets held at year end.
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| Schedule of Expected Future Benefit Payments | During 2024, the Company expects to contribute $2.7 million to the foreign defined benefit plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:
During 2023, the Company contributed $1.9 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:
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| Schedule of Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Loss | The amounts recognized in the consolidated balance sheets are as follows:
The components of the amounts in accumulated other comprehensive loss, after tax, are as follows:
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Segment Information (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Segment Information | Segment information for 2023, 2022 and 2021 is presented in the table below:
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| Reconciliation of Assets from Segment to Consolidated | A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
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| Balance Sheet Information by Operating Segment, Lessee | Total assets in the table above include operating lease right-of-use assets for fiscal years 2023 and 2022. Below is a summary of the operating lease right-of-use assets by reportable segment and a reconciliation to the consolidated amounts:
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| Reconciliation of Operating Income (Loss) to Income Before Income Tax Expense and Segment AOI | Reconciliations of operating income (loss) to income before income tax expense and segment AOI are presented as follows:
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| Schedule of Revenue and Long-Lived Assets | Net sales and long-lived assets for the United States and other significant countries (that individually represent 10% or greater of consolidated totals for each year presented) are as follows:
(1) Revenue attributed to geographic areas is based on the location of the customer. (2) Long-lived assets attributed to geographic areas are based on the physical location of the asset. 2023 includes $2.2 million and $5.0 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. 2022 includes $1.3 million and $4.5 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. (3) Long-lived assets in Australia did not exceed 10% of consolidated long-lived assets for 2023. Long-lived assets in Australia were $29.9 million in 2022, which exceeded 10% of consolidated long-lived assets as of the end of that fiscal year.
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Items Reclassified from Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss | Amounts reclassified out of accumulated other comprehensive loss (“AOCI”), before tax, to the consolidated statements of operations for the fiscal years 2023, 2022 and 2021, are reflected in the table below:
(1) The Company’s foreign subsidiaries in Russia and Brazil were substantially liquidated in 2023, and the cumulative foreign currency translation losses associated with these entities were recognized in the consolidated statements of operations. The tax impact of the cumulative foreign currency translation reclassification for 2023 is approximately $1.1 million. (2) The tax impact of the interest rate swap reclassifications were $0.2 million, $0.8 million and $1.4 million for 2023, 2022 and 2021, respectively, related to the discontinued cash flow hedges. See Note 10 entitled “Derivative Instruments” for additional information. (3) See Note 19 entitled “Employee Benefit Plans” for the tax impact of reclassifications related to the Company’s defined benefit plans.
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Revenue Recognition - Revenue by Products and Services (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Revenue from the sale of flooring material | |||
| Revenue from External Customer [Line Items] | |||
| Percent of revenue due to contracts with customers (percentage) | 98.00% | 97.00% | 98.00% |
| Revenue from installation of flooring material | |||
| Revenue from External Customer [Line Items] | |||
| Percent of revenue due to contracts with customers (percentage) | 2.00% | 3.00% | 2.00% |
Revenue Recognition - Disaggregation of Revenue (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Americas | |||
| Disaggregation of Revenue [Line Items] | |||
| Percentage of net sales | 58.40% | 58.00% | 54.30% |
| Europe | |||
| Disaggregation of Revenue [Line Items] | |||
| Percentage of net sales | 30.10% | 29.20% | 31.70% |
| Asia-Pacific | |||
| Disaggregation of Revenue [Line Items] | |||
| Percentage of net sales | 11.50% | 12.80% | 14.00% |
Receivables - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Receivables [Abstract] | ||
| Allowance for expected credit losses | $ 3.0 | $ 4.0 |
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Finished goods | $ 201,821 | $ 209,478 |
| Work-in-process | 20,892 | 15,463 |
| Raw materials | 56,366 | 81,386 |
| Inventories, net | $ 279,079 | $ 306,327 |
Inventories - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Inventory obsolescence reserves | $ 34.0 | $ 28.5 |
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jul. 02, 2023 |
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Assets Disposed [Line Items] | ||||
| Proceeds from sale of property, plant and equipment | $ 6,593 | $ 0 | $ 0 | |
| Gain (loss) on disposal of property, plant and equipment | $ 2,252 | $ (4,319) | $ (4,427) | |
| 2021 Restructuring Plan | Operating Segments | EAAA | ||||
| Assets Disposed [Line Items] | ||||
| Proceeds from sale of property, plant and equipment | $ 6,600 | |||
| Gain (loss) on disposal of property, plant and equipment | $ 2,700 | |||
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Compensation | $ 87,265 | $ 80,215 |
| Interest | 1,338 | 2,033 |
| Restructuring | 0 | 456 |
| Taxes | 18,300 | 17,092 |
| Accrued purchases | 5,141 | 4,609 |
| Warranty and sales allowances | 4,302 | 2,091 |
| Other | 14,544 | 13,642 |
| Accrued expenses | $ 130,890 | $ 120,138 |
Long-Term Debt - Senior Notes Redemption (Details) - Senior Notes |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| 2023 Debt Redemption Period | |
| Debt Instrument [Line Items] | |
| Debt instrument, redemption price (percentage) | 102.75% |
| 2024 Debt Redemption Period | |
| Debt Instrument [Line Items] | |
| Debt instrument, redemption price (percentage) | 101.375% |
| 2025 and Thereafter Debt Redemption Period | |
| Debt Instrument [Line Items] | |
| Debt instrument, redemption price (percentage) | 100.00% |
Long-Term Debt - Future Maturities of Borrowings (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2024 | $ 8,572 | |
| 2025 | 8,572 | |
| 2026 | 8,572 | |
| 2027 | 95,942 | |
| 2028 | 300,000 | |
| Total debt | $ 421,658 | $ 526,332 |
Derivative Instruments - Narrative (Details) - Interest Rate Swap - USD ($) $ in Millions |
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 02, 2020 |
|---|---|---|---|
| Derivative [Line Items] | |||
| Derivative, notional amount | $ 250.0 | ||
| Accumulated other comprehensive loss, loss of discontinued cash flow hedge, before tax | $ 0.0 | $ (1.0) |
Leases - Narrative (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Lessee, Lease, Description [Line Items] | |
| Lease renewal term (in years) | 5 years |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Lease contract term (in years) | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Lease contract term (in years) | 20 years |
Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease right-of-use assets | $ 87,519 | $ 81,644 |
| Current portion of operating lease liabilities | 12,347 | 11,857 |
| Operating lease liabilities | 78,269 | 72,305 |
| Total operating lease liabilities | 90,616 | 84,162 |
| Finance lease right-of-use assets, net | $ 7,236 | $ 5,845 |
| Finance lease right-of-use asset, consolidated balance sheet location | Property, plant and equipment, net | Property, plant and equipment, net |
| Current portion of finance lease liabilities | $ 2,587 | $ 2,101 |
| Finance lease liability, current, consolidated balance sheet location | Accrued expenses | Accrued expenses |
| Finance lease liabilities | $ 5,035 | $ 4,138 |
| Finance lease liability, noncurrent, consolidated balance sheet location | Other long-term liabilities | Other long-term liabilities |
| Total finance lease liabilities | $ 7,622 | $ 6,239 |
Leases - Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Leases [Abstract] | |||
| Finance lease cost: Amortization of right-of-use assets | $ 2,808 | $ 2,238 | $ 2,653 |
| Finance lease cost: Interest on lease liabilities | 319 | 164 | 140 |
| Operating lease cost | 18,850 | 18,916 | 21,581 |
| Short-term lease cost | 1,143 | 849 | 977 |
| Variable lease cost | 2,509 | 2,692 | 2,831 |
| Total lease cost | $ 25,629 | $ 24,859 | $ 28,182 |
Leases - Other Supplemental Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Leases [Abstract] | |||
| Operating cash flows from finance leases | $ 237 | $ 128 | $ 108 |
| Operating cash flows from operating leases | 15,552 | 18,080 | 22,210 |
| Financing cash flows from finance leases | 2,419 | 2,089 | 2,282 |
| Right-of-use assets obtained in exchange for new finance lease liabilities | 3,612 | 3,436 | 3,259 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15,561 | $ 9,307 | $ 13,330 |
Leases - Lease Term and Discount Rate (Details) |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term – finance leases (in years) | 3 years 8 months 12 days | 3 years 9 months 25 days |
| Weighted-average remaining lease term – operating leases (in years) | 8 years 3 months 14 days | 9 years 3 months 14 days |
| Weighted-average discount rate – finance leases (percentage) | 5.51% | 3.79% |
| Weighted-average discount rate – operating leases (percentage) | 6.25% | 5.89% |
Leases - Maturity of Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2024 | $ 16,955 | |
| 2025 | 16,287 | |
| 2026 | 16,196 | |
| 2027 | 13,417 | |
| 2028 | 10,930 | |
| Thereafter | 43,725 | |
| Total future minimum lease payments (undiscounted) | 117,510 | |
| Less: Present value discount | (26,894) | |
| Total lease liabilities | 90,616 | $ 84,162 |
| Lessee, Finance Lease, Liability, Payment, Due [Abstract] | ||
| 2024 | 2,921 | |
| 2025 | 2,111 | |
| 2026 | 1,545 | |
| 2027 | 1,105 | |
| 2028 | 570 | |
| Thereafter | 244 | |
| Total future minimum lease payments (undiscounted) | 8,496 | |
| Less: Present value discount | (874) | |
| Total lease liabilities | $ 7,622 | $ 6,239 |
Goodwill and Other Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Goodwill [Roll Forward] | |||
| Balance at beginning of year | $ 102,417 | $ 147,025 | |
| Impairment | (29,384) | ||
| Foreign currency translation | 3,031 | (15,224) | |
| Balance at end of year | 105,448 | 102,417 | |
| Accumulated impairment losses recognized | 358,500 | 358,500 | $ 329,100 |
| Operating Segments | AMS | |||
| Goodwill [Roll Forward] | |||
| Balance at beginning of year | 102,417 | 108,505 | |
| Impairment | 0 | ||
| Foreign currency translation | 3,031 | (6,088) | |
| Balance at end of year | 105,448 | 102,417 | |
| Operating Segments | EAAA | |||
| Goodwill [Roll Forward] | |||
| Balance at beginning of year | 0 | 38,520 | |
| Impairment | (29,384) | ||
| Foreign currency translation | 0 | (9,136) | |
| Balance at end of year | $ 0 | $ 0 | |
Preferred Stock - Narrative (Details) - $ / shares |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Equity [Abstract] | ||
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
| Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
Shareholders' Equity - Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Shares | |||
| Outstanding at beginning of year (in shares) | 1,006,400 | ||
| Granted (in shares) | 107,100 | 500,800 | 428,400 |
| Vested (in shares) | (405,100) | ||
| Forfeited or canceled (in shares) | (16,800) | ||
| Outstanding at end of year (in shares) | 691,600 | 1,006,400 | |
| Weighted Average Grant Date Fair Value | |||
| Outstanding at beginning of year, weighted average grant date fair value (in dollars per share) | $ 13.91 | ||
| Granted, weighted average grant date fair value (in dollars per share) | 7.10 | $ 13.08 | $ 14.26 |
| Vested, weighted average grant date fair value (in dollars per share) | 14.43 | ||
| Forfeited or canceled, weighted average grant date fair value (in dollars per share) | 13.60 | ||
| Outstanding at end of year, weighted average grant date fair value (in dollars per share) | $ 12.55 | $ 13.91 | |
Shareholders' Equity - Restricted Share Units Outstanding (Details) - Restricted Share Units - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Shares | |||
| Outstanding at beginning of year (in shares) | 0 | ||
| Granted (in shares) | 596,200 | 0 | 0 |
| Vested (in shares) | (2,100) | ||
| Forfeited or canceled (in shares) | (10,700) | ||
| Outstanding at end of year (in shares) | 583,400 | 0 | |
| Weighted Average Grant Date Fair Value | |||
| Outstanding at beginning of year, weighted average grant date fair value (in dollars per share) | $ 0 | ||
| Granted, weighted average grant date fair value (in dollars per share) | 10.36 | ||
| Vested, weighted average grant date fair value (in dollars per share) | 10.80 | ||
| Forfeited or canceled, weighted average grant date fair value (in dollars per share) | 10.80 | ||
| Outstanding at end of year, weighted average grant date fair value (in dollars per share) | $ 10.35 | $ 0 | |
Shareholders' Equity - Performance Shares Outstanding (Details) - Performance Shares |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
$ / shares
shares
| |
| Shares | |
| Outstanding at beginning of year (in shares) | shares | 923,600 |
| Granted (in shares) | shares | 467,500 |
| Vested (in shares) | shares | (82,300) |
| Forfeited or canceled (in shares) | shares | (193,800) |
| Outstanding at end of year (in shares) | shares | 1,115,000 |
| Weighted Average Grant Date Fair Value | |
| Outstanding at beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.91 |
| Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 10.79 |
| Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 15.11 |
| Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares | 14.79 |
| Outstanding at end of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.36 |
Earnings Per Share - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
shares
| |
| Earnings Per Share [Abstract] | |
| Antidilutive securities excluded from computation of EPS (in shares) | 657,391 |
Restructuring and Other - Restructuring, Asset Impairment, Other Gains and Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Restructuring Activities [Line Items] | |||
| Restructuring, asset impairment, other (gains) and charges | $ (2,502) | $ 1,965 | $ 3,621 |
| Operating Segments | AMS | |||
| Restructuring Activities [Line Items] | |||
| Restructuring, asset impairment, other (gains) and charges | 0 | 0 | (1) |
| Operating Segments | EAAA | |||
| Restructuring Activities [Line Items] | |||
| Restructuring, asset impairment, other (gains) and charges | $ (2,502) | $ 1,965 | $ 3,622 |
Restructuring and Other - Expected and Cumulative Charges (Details) - 2021 Restructuring Plan - Operating Segments - EAAA $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Restructuring Activities [Line Items] | |
| Estimated expected charges | $ 6,050 |
| Cumulative charges incurred to date | 6,050 |
| Workforce Reduction | |
| Restructuring Activities [Line Items] | |
| Estimated expected charges | 2,281 |
| Cumulative charges incurred to date | 2,281 |
| Retention Bonuses | |
| Restructuring Activities [Line Items] | |
| Estimated expected charges | 474 |
| Cumulative charges incurred to date | 474 |
| Asset Impairment and Other Related Charges | |
| Restructuring Activities [Line Items] | |
| Estimated expected charges | 3,295 |
| Cumulative charges incurred to date | $ 3,295 |
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. operations | $ 3,611 | $ 11,758 | $ 4,460 |
| Foreign operations | 60,043 | 30,159 | 68,173 |
| Income before income tax expense | $ 63,654 | $ 41,917 | $ 72,633 |
Income Taxes - Provisions for Federal, Foreign and State Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Current expense: | |||
| Federal | $ 5,523 | $ 1,624 | $ 1,987 |
| Foreign | 18,330 | 20,903 | 21,372 |
| State | 2,167 | 1,307 | 1,418 |
| Current expense | 26,020 | 23,834 | 24,777 |
| Deferred (benefit) expense: | |||
| Federal | (4,810) | 346 | (2,841) |
| Foreign | (1,212) | (2,053) | (3,846) |
| State | (861) | 230 | (691) |
| Deferred benefit | (6,883) | (1,477) | (7,378) |
| Total income tax expense | $ 19,137 | $ 22,357 | $ 17,399 |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Income taxes at U.S. federal statutory rate | $ 13,367 | $ 8,803 | $ 15,253 |
| State income taxes, net of federal tax effect | (432) | 817 | (87) |
| Non-deductible business expenses | 747 | 237 | 330 |
| Non-deductible employee compensation | 1,681 | 1,678 | 1,213 |
| Tax effects of Company-owned life insurance | (587) | 612 | (762) |
| Tax effects of undistributed earnings from foreign subsidiaries not deemed to be indefinitely reinvested | 779 | 1,123 | 1,219 |
| Foreign and U.S. tax effects attributable to foreign operations | 1,537 | 3,528 | 1,748 |
| Expiring tax attributes | 3,780 | 0 | 0 |
| Valuation allowance effect | (879) | 2,898 | 1,349 |
| Research and development tax credits | (820) | (917) | (793) |
| Goodwill impairment | 0 | 6,171 | 0 |
| Unrecognized tax benefits | (79) | (2,463) | (2,663) |
| Other | 43 | (130) | 592 |
| Total income tax expense | $ 19,137 | $ 22,357 | $ 17,399 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Deferred tax assets | ||
| Lease liability | $ 25,164 | $ 23,649 |
| Net operating loss and interest carryforwards | 9,587 | 7,616 |
| Federal tax credit carryforwards | 7,876 | 10,904 |
| Derivative instruments | 0 | 295 |
| Deferred compensation | 16,517 | 16,577 |
| Inventory | 3,041 | 3,521 |
| Prepaids, accruals and reserves | 8,147 | 6,947 |
| Capitalized costs | 9,442 | 7,467 |
| Other | 0 | 58 |
| Deferred tax asset, gross | 79,774 | 77,034 |
| Valuation allowance | (17,357) | (18,236) |
| Deferred tax asset, net | 62,417 | 58,798 |
| Deferred tax liabilities | ||
| Property and equipment | 24,662 | 25,319 |
| Intangible assets | 24,411 | 25,533 |
| Lease asset | 23,868 | 22,811 |
| Pensions | 5 | 4,284 |
| Foreign currency | 686 | 600 |
| Foreign withholding and U.S. state taxes on unremitted earnings | 725 | 1,146 |
| Other | 171 | 0 |
| Deferred tax liabilities | 74,528 | 79,693 |
| Net deferred tax liabilities | $ 12,111 | $ 20,895 |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Reconciliation of Unrecognized Tax Benefits | |||
| Balance at beginning of year | $ 5,743 | $ 8,220 | $ 10,799 |
| Increases related to tax positions taken during the current year | 320 | 342 | 265 |
| Increases related to tax positions taken during the prior years | 140 | 204 | 198 |
| Decreases related to tax positions taken during the prior years | (54) | (447) | 0 |
| Decreases related to lapse of applicable statute of limitations | (1,218) | (2,574) | (2,309) |
| Changes due to settlements | 0 | 0 | (836) |
| Changes due to foreign currency translation | (2) | ||
| Changes due to foreign currency translation | 17 | 103 | |
| Balance at end of year | $ 4,948 | $ 5,743 | $ 8,220 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Feb. 14, 2020 |
Dec. 31, 2023 |
|
| Loss Contingencies [Line Items] | ||
| Putative class action lawsuit settlement | $ 7.5 | |
| Lawsuit by Former CEO in Connection with Termination, Breach of Contract | ||
| Loss Contingencies [Line Items] | ||
| Damages sought | $ 10.0 | |
| Lawsuit by Former CEO in Connection with Termination, Other Claims | ||
| Loss Contingencies [Line Items] | ||
| Damages sought | $ 100.0 |
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - Foreign Plan - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Employee Benefit Plan Disclosure [Line Items] | |||
| Service cost | $ 458 | $ 840 | $ 1,087 |
| Interest cost | 8,169 | 3,793 | 2,687 |
| Expected return on plan assets | (7,933) | (3,957) | (3,312) |
| Amortization of prior service cost | 137 | 117 | 114 |
| Amortization of net actuarial losses | 468 | 1,201 | 1,968 |
| Net periodic benefit cost | $ 1,299 | $ 1,994 | $ 2,544 |
Employee Benefit Plans - Change in Values Related to Level 3 Assets (Details) - Foreign Plan - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
|
| Change in plan assets: | ||
| Plan assets, beginning of year | $ 187,485 | $ 285,600 |
| Actual return on plan assets | 11,596 | (66,759) |
| Currency translation adjustment | 8,602 | (25,467) |
| Plan assets, end of year | 199,348 | 187,485 |
| Level 3 | ||
| Change in plan assets: | ||
| Plan assets, beginning of year | 89,864 | 121,126 |
| Actual return on plan assets | 3,429 | (21,968) |
| Purchases, sales and settlements, net | (5,734) | 389 |
| Assets transferred from level 3 | 0 | (710) |
| Currency translation adjustment | 3,357 | (8,973) |
| Plan assets, end of year | 90,916 | 89,864 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) for level 3 plan assets held at year end | $ 2,700 | $ (22,200) |
Employee Benefit Plans - Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Foreign Plan | |
| Employee Benefit Plan Disclosure [Line Items] | |
| 2024 | $ 11,145 |
| 2025 | 11,214 |
| 2026 | 11,360 |
| 2027 | 11,484 |
| 2028 | 11,782 |
| 2029-2033 | 59,800 |
| United States | |
| Employee Benefit Plan Disclosure [Line Items] | |
| 2024 | 1,873 |
| 2025 | 1,873 |
| 2026 | 1,873 |
| 2027 | 1,873 |
| 2028 | 1,851 |
| 2029-2033 | $ 8,670 |
Employee Benefit Plans - Amounts Recognized In Consolidated Balance Sheets and Accumulated Other Comprehensive Loss (Details) - United States - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Employee Benefit Plan Disclosure [Line Items] | ||
| Current liabilities | $ 1,873 | $ 1,873 |
| Non-current liabilities | 20,786 | 20,858 |
| Total benefit obligation | 22,659 | 22,731 |
| Unrecognized actuarial loss | $ 4,098 | $ 3,811 |
Segment Information - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
customers
|
Jan. 01, 2023
USD ($)
customers
|
Jan. 02, 2022
USD ($)
customers
|
|
| Segment Reporting Information [Line Items] | |||
| Number of operating segments | 2 | ||
| Number of reportable segments | 2 | ||
| Intersegment revenues | $ | $ 82.8 | $ 75.5 | $ 78.1 |
| Customer Concentration Risk | Net Sales | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, number of unaffiliated customers above threshold | customers | 0 | 0 | 0 |
| Concentration risk, percentage threshold for disclosure | 10.00% | 10.00% | 10.00% |
| Geographic Concentration Risk | Net Sales | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage threshold for disclosure | 10.00% | 10.00% | 10.00% |
| Geographic Concentration Risk | Net Sales | Foreign Countries | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage of net sales | 46.00% | 47.00% | 50.00% |
Segment Information - Operating Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Net sales | $ 1,261,498 | $ 1,297,919 | $ 1,200,398 |
| Depreciation and amortization | 40,774 | 40,337 | 46,345 |
| Operating Segments | AMS | |||
| Segment Reporting Information [Line Items] | |||
| Net sales | 736,955 | 753,740 | 651,216 |
| AOI | 87,789 | 102,370 | 85,014 |
| Depreciation and amortization | 17,989 | 16,827 | 17,963 |
| Operating Segments | EAAA | |||
| Segment Reporting Information [Line Items] | |||
| Net sales | 524,543 | 544,179 | 549,182 |
| AOI | 28,608 | 30,058 | 37,268 |
| Depreciation and amortization | $ 22,785 | $ 23,510 | $ 28,382 |
Segment Information - Reconciliation of Segment Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | $ 1,230,095 | $ 1,266,503 |
| Operating Segments | ||
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | 1,258,721 | 1,241,031 |
| Operating Segments | AMS | ||
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | 627,782 | 588,110 |
| Operating Segments | EAAA | ||
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | 630,939 | 652,921 |
| Corporate, Non-Segment | ||
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | 108,673 | 110,495 |
| Eliminations | ||
| Segment Reporting, Asset Reconciling Item [Line Items] | ||
| Assets | $ (137,299) | $ (85,023) |
Segment Information - Operating Lease Right-of-Use Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Operating lease right-of-use assets | $ 87,519 | $ 81,644 |
| Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Operating lease right-of-use assets | 77,812 | 72,395 |
| Operating Segments | AMS | ||
| Segment Reporting Information [Line Items] | ||
| Operating lease right-of-use assets | 23,149 | 14,140 |
| Operating Segments | EAAA | ||
| Segment Reporting Information [Line Items] | ||
| Operating lease right-of-use assets | 54,663 | 58,255 |
| Corporate, Non-Segment | ||
| Segment Reporting Information [Line Items] | ||
| Operating lease right-of-use assets | $ 9,707 | $ 9,249 |
Items Reclassified from Accumulated Other Comprehensive Loss - Schedule of Items Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Equity [Abstract] | |||
| Loss on foreign subsidiary liquidation | $ (6,221) | $ 0 | $ 0 |
| Interest rate swap contracts loss | $ (982) | $ (2,809) | $ (4,861) |
| Discontinued cash flow hedge, reclassification out of accumulated other comprehensive loss, consolidated statement of operations location | Interest expense | Interest expense | Interest expense |
| Amortization of benefit plan net actuarial losses and prior service cost | $ (800) | $ (1,875) | $ (2,825) |
| Total loss reclassified from accumulated other comprehensive loss | (8,003) | (4,684) | (7,686) |
| Loss on foreign subsidiary liquidation, tax | (1,100) | ||
| Interest rate swap contracts loss, tax | $ (200) | $ (800) | $ (1,400) |
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Allowance for Expected Credit Losses | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of year | $ 3,952 | $ 4,960 | $ 6,643 |
| Charged to costs and expenses | (527) | (357) | (705) |
| Charged to other accounts | 0 | 0 | 0 |
| Deductions | 472 | 651 | 978 |
| Balance at end of year | 2,953 | 3,952 | 4,960 |
| Warranty and Sales Allowances Reserves | |||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of year | 2,091 | 2,702 | 3,248 |
| Charged to costs and expenses | 3,624 | (41) | 366 |
| Charged to other accounts | 0 | 0 | 0 |
| Deductions | 1,413 | 570 | 912 |
| Balance at end of year | $ 4,302 | $ 2,091 | $ 2,702 |