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Note 14 - Restructuring Charges | 12 Months Ended
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Dec. 30, 2018
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 4 – RESTRUCTURING CHARGE S On December 29, 2018, the Company committed to a new restructuring plan in its continuing efforts to improve efficiencies and decrease costs across its worldwide operations, and more closely align its operating structure with its business strategy. The plan involves (i) a restructuring of its sales and administrative operations in the United Kingdom, (ii) a reduction of approximately 200 employees, primarily in the Europe and Asia-Pacific geographic regions, and (iii) the write-down of certain underutilized and impaired assets that include information technology assets and obsolete manufacturing equipment. As a result of this plan, the Company recorded a pre-tax restructuring and asset impairment charge in the fourth quarter of 2018 of approximately $20.5 million. The charge is comprised of severance expenses (approximately $10.8 million), impairment of assets (approximately $8.6 million) and other items (approximately $1.1 million). The charge is expected to result in future cash expenditures of $12.0 million, primarily for severance payments (approximately $10.8 million). The restructuring plan is expected to be substantially completed in the first half of 2019, and is expected to yield gross annual savings of approximately $12 million beginning in fiscal 2019. The Company expects to redeploy in 2019 essentially all of the anticipated savings toward the funding of sales and strategic growth initiatives, yielding negligible net savings on the Company’s income statement. A summary of these 2018 restructuring activities is presented below:
|  | Total Restructuring Charge |  |  | Costs Incurred in 2018 |  |  | Balance at Dec. 30, 2018 |
|  | (in thousands) |
Workforce Reduction |  | $ | 10,816 |  |  | $ | 53 |  |  | $ | 10,763 |
Asset Impairment |  |  | 8,569 |  |  |  | 8,569 |  |  |  | 0 |
Other Exit Costs |  |  | 1,144 |  |  |  | 0 |  |  |  | 1,144 |
In the fourth quarter of 2016, the Company committed to a separate restructuring plan. The plan involved (i) a substantial restructuring of the FLOR business model that included closure of its headquarters office and most retail FLOR stores, (ii) a reduction of approximately 70 FLOR employees and a number of employees in the commercial carpet tile business, primarily in the Americas and Europe regions, and (iii) the write-down of certain underutilized and impaired assets that included information technology assets, intellectual property assets, and obsolete manufacturing, office and retail store equipment. As a result of this plan, the Company incurred pre-tax restructuring and asset impairment charges of $19.8 million in the fourth quarter of 2016 and $7.3 million in the first quarter of 2017. A summary of these 2016 and 2017 restructuring activities is presented below:
|  | Total Restructuring Charge |  |  | Costs Incurred in 2016 |  |  | Costs Incurred in 2017 |  |  | Costs Incurred in 2018 |  |  | Balance at Dec. 30, 2018 |
|  | (in thousands) |
Workforce Reduction |  | $ | 10,652 |  |  | $ | 1,451 |  |  | $ | 6,633 |  |  | $ | 2,568 |  |  | $ | 0 |
Asset Impairment |  |  | 11,319 |  |  |  | 8,019 |  |  |  | 3,300 |  |  |  | 0 |  |  |  | 0 |
Lease Exit Costs |  |  | 5,116 |  |  |  | 27 |  |  |  | 5,089 |  |  |  | 0 |  |  |  | 0 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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