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Note 8 - Acquisition of Nora
 6 Months Ended
Jul. 01, 2018
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
NOTE
8
– ACQUISITION OF NORA
 
On
June 14, 2018,
the Company entered into a share purchase and transfer agreement to acquire the issued and outstanding shares of nora Holding GmbH (“nora”), nora’s outstanding
third
party debt, and receivables related to nora’s shareholder loans. Nora is the holding company for a Germany-based manufacturer and multinational marketer of resilient floor coverings, including rubber flooring. The
second
quarter of
2018
includes
$5.8
million of transaction related expenses related to the nora acquisition. Approximately
$3.0
million of these expenses are included in selling, general and administrative expenses in the consolidated condensed statement of operations.  The remainder is included in other expenses as described below. 
 
On
June 14, 2018,
in connection with the signing of the nora share purchase and transfer agreement, the Company entered into a derivative instrument to address the foreign currency risk associated with a portion of the nora purchase price. This option instrument does
not
qualify for hedge accounting, and the mark-to-market expense of
$2.8
million to record the instrument at fair value at the end of the
second
quarter of
2018
was recorded in other expense in our consolidated condensed statement of operations during the
second
quarter. The option instrument has a notional value of
€315
million (or approximately
$364
million as of
July 1, 2018)
and an initial maturity of
120
days.
 
As of
July 1, 2018,
the fair value of the option instrument was
$1.9
million and was recorded in other current assets.
 
On
August 7, 2018,
subsequent to the end of the
second
quarter, the Company completed the acquisition of nora. On this date the option instrument discussed above was terminated.  Please see Note
16
for additional information.