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Shareholders' Equity | 9 Months Ended
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Sep. 29, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | SHAREHOLDERS’ EQUITY The following tables depict the activity in the accounts which make up shareholders’ equity for the nine months ended September 29, 2024 and October 1, 2023:
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | PENSION LIABILITY |  | TOTAL
| (in thousands, except per share data)
Balance, at December 31, 2023 | 58,112 |  |  | $ | 5,811 |  |  | $ | 252,909 |  |  | $ | 320,833 |  |  | $ | (119,590) |  |  | $ | (34,016) |  |  | $ | 425,947 |
Net income | — |  |  | — |  |  | — |  |  | 14,179 |  |  | — |  |  | — |  |  | 14,179 |
Issuances of stock related to restricted share units and performance shares | 472 |  |  | 47 |  |  | (47) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (589) |  |  | — |  |  | — |  |  | (589) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (311) |  |  | (31) |  |  | (324) |  |  | — |  |  | — |  |  | — |  |  | (355) |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (11,092) |  |  | — |  |  | (11,092) |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 458 |  |  | 458 |
Balance, at March 31, 2024 | 58,273 |  |  | $ | 5,827 |  |  | $ | 252,538 |  |  | $ | 334,423 |  |  | $ | (130,682) |  |  | $ | (33,558) |  |  | $ | 428,548 |
Net income | — |  |  | — |  |  | — |  |  | 22,558 |  |  | — |  |  | — |  |  | 22,558 |
Issuances of stock related to restricted share units and performance shares | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted stock issuances | 58 |  |  | 6 |  |  | 941 |  |  | — |  |  | — |  |  | — |  |  | 947 |
Unrecognized compensation expense related to restricted stock awards | — |  |  | — |  |  | (946) |  |  | — |  |  | — |  |  | — |  |  | (946) |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (584) |  |  | — |  |  | — |  |  | (584) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (32) |  |  | (3) |  |  | 2,133 |  |  | — |  |  | — |  |  | — |  |  | 2,130 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (2,022) |  |  | — |  |  | (2,022) |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 534 |  |  | 534 |
Balance, at June 30, 2024 | 58,303 |  |  | $ | 5,830 |  |  | $ | 254,666 |  |  | $ | 356,397 |  |  | $ | (132,704) |  |  | $ | (33,024) |  |  | $ | 451,165 |
Net income | — |  |  | — |  |  | — |  |  | 28,443 |  |  | — |  |  | — |  |  | 28,443 |
Issuances of stock related to restricted share units | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (582) |  |  | — |  |  | — |  |  | (582) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (2) |  |  | — |  |  | 2,616 |  |  | — |  |  | — |  |  | — |  |  | 2,616 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 21,131 |  |  | — |  |  | 21,131 |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,210) |  |  | (1,210) |
Balance, at September 29, 2024 | 58,304 |  |  | $ | 5,830 |  |  | $ | 257,282 |  |  | $ | 384,258 |  |  | $ | (111,573) |  |  | $ | (34,234) |  |  | $ | 501,563 |
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | PENSION LIABILITY |  | CASH FLOW HEDGE |  | TOTAL
| (in thousands, except per share data)
Balance, at January 1, 2023 | 58,106 |  |  | $ | 5,811 |  |  | $ | 244,159 |  |  | $ | 278,639 |  |  | $ | (138,775) |  |  | $ | (27,548) |  |  | $ | (749) |  |  | $ | 361,537 |
Net loss | — |  |  | — |  |  | — |  |  | (714) |  |  | — |  |  | — |  |  | — |  |  | (714) |
Issuances of stock related to performance shares | 79 |  |  | 8 |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (580) |  |  | — |  |  | — |  |  | — |  |  | (580) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (132) |  |  | (14) |  |  | 1,850 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,836 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 4,930 |  |  | — |  |  | — |  |  | 4,930 |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (279) |  |  | — |  |  | (279) |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 299 |  |  | 299 |
Balance, at April 2, 2023 | 58,053 |  |  | $ | 5,805 |  |  | $ | 246,001 |  |  | $ | 277,345 |  |  | $ | (133,845) |  |  | $ | (27,827) |  |  | $ | (450) |  |  | $ | 367,029 |
Net income | — |  |  | — |  |  | — |  |  | 15,797 |  |  | — |  |  | — |  |  | — |  |  | 15,797 |
Issuances of stock related to restricted share units and performance shares | 5 |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted stock issuances | 102 |  |  | 10 |  |  | 697 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 707 |
Unrecognized compensation expense related to restricted stock awards | — |  |  | — |  |  | (708) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (708) |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (581) |  |  | — |  |  | — |  |  | — |  |  | (581) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (48) |  |  | (5) |  |  | 1,808 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,803 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,361 |  |  | — |  |  | — |  |  | 1,361 |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (800) |  |  | — |  |  | (800) |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | 300 |
Balance, at July 2, 2023 | 58,112 |  |  | $ | 5,811 |  |  | $ | 247,797 |  |  | $ | 292,561 |  |  | $ | (132,484) |  |  | $ | (28,627) |  |  | $ | (150) |  |  | $ | 384,908 |
Net income | — |  |  | — |  |  | — |  |  | 9,879 |  |  | — |  |  | — |  |  | — |  |  | 9,879 |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (581) |  |  | — |  |  | — |  |  | — |  |  | (581) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (5) |  |  | — |  |  | 2,182 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,182 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (9,176) |  |  | — |  |  | — |  |  | (9,176) |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 202 |  |  | — |  |  | 202 |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150 |  |  | 150 |
Balance, at October 1, 2023 | 58,107 |  |  | $ | 5,811 |  |  | $ | 249,979 |  |  | $ | 301,859 |  |  | $ | (141,660) |  |  | $ | (28,425) |  |  | $ | — |  |  | $ | 387,564 |
Stock Incentive Plan The Company has share-based employee compensation plans, which are described more fully in Note 14 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In May 2024, the shareholders of the Company approved the adoption of an amendment and restatement of the Interface, Inc. 2020 Omnibus Stock Incentive Plan (the “Amended and Restated Plan”). The aggregate number of shares of common stock that may be issued or transferred under the Amended and Restated Plan on or after the effective date of the plan is the sum of 3,200,000 shares not previously authorized for issuance under any plan, plus the number of shares remaining available for issuance under the original Interface, Inc. 2020 Omnibus Stock Incentive Plan (the “Original Plan”) but not subject to outstanding awards under the Original Plan immediately prior to the effective date of the Amended and Restated Plan, plus the number of shares remaining available for issuance pursuant to the outstanding awards under the Original Plan immediately prior to the effective date of the Amended and Restated Plan, including any shares that become available due to the forfeiture, termination or cancellation of such awards. No award may be granted after the tenth anniversary of the effective date of the Amended and Restated Plan. Restricted Stock Awards Compensation expense related to restricted stock grants was $1.9 million and $3.4 million for the nine months ended September 29, 2024 and October 1, 2023, respectively. The Company has reduced its expense for any restricted stock forfeited during the period. The following table summarizes restricted stock outstanding as of September 29, 2024, as well as activity during the nine months then ended:
| Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 691,600 |  |  | $ | 12.55 |
Granted | 58,400 |  |  | 16.22 |
Vested | (504,800) |  |  | 12.31 |
Forfeited or canceled | (2,900) |  |  | 13.19 |
Outstanding at September 29, 2024 | 242,300 |  |  | $ | 13.92 |
As of September 29, 2024, the unrecognized total compensation cost related to unvested restricted stock was $0.8 million. That cost is expected to be recognized by the second quarter of 2025. Restricted Share Unit Awards Compensation expense related to the restricted share units was $2.6 million and $1.5 million for the nine months ended September 29, 2024 and October 1, 2023, respectively. The Company has reduced its expense for any restricted share units forfeited during the period. The following table summarizes restricted share units outstanding as of September 29, 2024, as well as activity during the nine months then ended:
| Restricted Share Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 583,400 |  |  | $ | 10.35 |
Granted | 402,800 |  |  | 13.24 |
Vested | (157,200) |  |  | 10.77 |
Forfeited or canceled | (10,200) |  |  | 11.41 |
Outstanding at September 29, 2024 | 818,800 |  |  | $ | 11.68 |
As of September 29, 2024, the unrecognized total compensation cost related to unvested restricted share units was $6.7 million. That cost is expected to be recognized by the first quarter of 2027. Performance Share Awards The following table summarizes the performance shares outstanding as of September 29, 2024, as well as the activity during the nine months then ended:
| Performance Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 1,115,000 |  |  | $ | 12.36 |
Granted | 402,800 |  |  | 13.24 |
Vested | (322,300) |  |  | 13.90 |
Forfeited or canceled | (23,900) |  |  | 12.53 |
Outstanding at September 29, 2024 | 1,171,600 |  |  | $ | 12.23 |
Compensation expense related to the performance shares was $4.7 million and $2.4 million for the nine months ended September 29, 2024 and October 1, 2023, 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 $6.3 million as of September 29, 2024. 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 by the first quarter of 2027. The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was approximately $1.4 million for the nine months ended September 29, 2024.

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