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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
Form 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended October 1, 2023

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-33994
INTERFACE INC
(Exact name of registrant as specified in its charter)
Georgia58-1451243
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1280 West Peachtree StreetAtlantaGeorgia30309
(Address of principal executive offices)(zip code)
Registrant’s telephone number, including area code:           (770) 437-6800          
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.10 Par Value Per ShareTILENasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer¨Non-accelerated filer¨Smaller reporting company☐Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐   No þ
Number of shares outstanding of each of the registrant’s classes of common stock, as of November 2, 2023:
ClassNumber of Shares
Common Stock, $0.10 par value per share58,106,975


TABLE OF CONTENTS
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INTERFACE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except par values)
OCTOBER 1, 2023JANUARY 1, 2023
(UNAUDITED)
ASSETS
Current assets
Cash and cash equivalents$119,633 $97,564 
Accounts receivable, net143,884 182,807 
Inventories, net289,320 306,327 
Prepaid expenses and other current assets33,003 30,339 
Total current assets585,840 617,037 
Property, plant and equipment, net282,401 297,976 
Operating lease right-of-use assets75,604 81,644 
Deferred tax asset16,263 17,767 
Goodwill and intangibles, net156,487 162,195 
Other assets85,046 89,884 
 
Total assets$1,201,641 $1,266,503 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$75,602 $78,264 
Accrued expenses115,266 120,138 
Current portion of operating lease liabilities10,829 11,857 
Current portion of long-term debt8,492 10,211 
Total current liabilities210,189 220,470 
Long-term debt435,899 510,003 
Operating lease liabilities67,554 72,305 
Deferred income taxes37,052 38,662 
Other long-term liabilities63,383 63,526 
 
Total liabilities814,077 904,966 
 
Commitments and contingencies
 
Shareholders’ equity
Preferred stock, par value $1.00 per share; 5,000 shares authorized; none issued or outstanding at October 1, 2023 and January 1, 2023
— — 
Common stock, par value $0.10 per share; 120,000 shares authorized; 58,107 and 58,106 shares issued and outstanding at October 1, 2023 and January 1, 2023, respectively
5,811 5,811 
Additional paid-in capital249,979 244,159 
Retained earnings301,859 278,639 
Accumulated other comprehensive loss – foreign currency translation(141,660)(138,775)
Accumulated other comprehensive loss – cash flow hedge— (749)
Accumulated other comprehensive loss – pension liability(28,425)(27,548)
 
Total shareholders’ equity387,564 361,537 
 
Total liabilities and shareholders’ equity$1,201,641 $1,266,503 
See accompanying notes to consolidated condensed financial statements.
3
INTERFACE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
THREE MONTHS ENDEDNINE MONTHS ENDED
OCTOBER 1, 2023OCTOBER 2, 2022OCTOBER 1, 2023OCTOBER 2, 2022
Net sales$311,006 $327,757 $936,380 $962,364 
Cost of sales200,748 218,972 618,463 630,074 
Gross profit110,258 108,785 317,917 332,290 
 
Selling, general and administrative expenses79,273 80,848 251,049 240,711 
Restructuring, asset impairment, other (gains) and charges
— (105)(2,502)1,592 
Operating income30,985 28,042 69,370 89,987 
 
Interest expense8,163 7,747 24,986 21,787 
Other expense, net
6,702 124 7,674 1,688 
 
Income before income tax expense16,120 20,171 36,710 66,512 
Income tax expense6,241 6,106 11,748 22,336 
 
Net income$9,879 $14,065 $24,962 $44,176 
 
Earnings per share – basic$0.17 $0.24 $0.43 $0.75 
Earnings per share – diluted$0.17 $0.24 $0.43 $0.75 
 
Common shares outstanding – basic58,107 58,681 58,087 59,099 
Common shares outstanding – diluted58,342 58,681 58,233 59,099 
See accompanying notes to consolidated condensed financial statements.
4
INTERFACE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(in thousands)
THREE MONTHS ENDEDNINE MONTHS ENDED
OCTOBER 1, 2023OCTOBER 2, 2022OCTOBER 1, 2023OCTOBER 2, 2022
Net income$9,879 $14,065 $24,962 $44,176 
Other comprehensive loss, after tax:
Foreign currency translation adjustment(9,176)(36,800)(2,885)(86,654)
Reclassification from accumulated other comprehensive loss – discontinued cash flow hedge150 492 749 1,673 
Pension liability adjustment202 3,393 (877)8,774 
Other comprehensive loss
(8,824)(32,915)(3,013)(76,207)
 
Comprehensive income (loss)$1,055 $(18,850)$21,949 $(32,031)
See accompanying notes to consolidated condensed financial statements.
5
INTERFACE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
NINE MONTHS ENDED
OCTOBER 1, 2023OCTOBER 2, 2022
OPERATING ACTIVITIES:
Net income$24,962 $44,176 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization30,591 30,661 
Share-based compensation expense7,334 6,679 
Gain on disposal of property, plant and equipment, net(2,531)— 
Loss on foreign subsidiary liquidation
6,221 — 
Deferred income taxes and other(671)13,616 
Amortization of acquired intangible assets3,886 3,817 
Working capital changes:
Accounts receivable37,396 (8,860)
Inventories14,135 (71,487)
Prepaid expenses and other current assets(2,842)2,321 
Accounts payable and accrued expenses(4,264)(6,040)
 
Cash provided by operating activities
114,217 14,883 
 
INVESTING ACTIVITIES:
Capital expenditures(17,238)(13,314)
Proceeds from sale of property, plant and equipment6,593 — 
 
Cash used in investing activities(10,645)(13,314)
 
FINANCING ACTIVITIES:
Repayments of long-term debt(149,738)(151,662)
Borrowing of long-term debt74,000 159,363 
Tax withholding payments for share-based compensation(1,514)(398)
Repurchase of common stock— (14,451)
Dividends paid(1,742)(1,773)
Finance lease payments(1,853)(1,535)
 
Cash used in financing activities
(80,847)(10,456)
 
Net cash provided by (used in) operating, investing and financing activities
22,725 (8,887)
Effect of exchange rate changes on cash(656)(8,916)
 
CASH AND CASH EQUIVALENTS:
Net increase (decrease)
22,069 (17,803)
Balance, beginning of period97,564 97,252 
 
Balance, end of period$119,633 $79,449 
See accompanying notes to consolidated condensed financial statements.
6
INTERFACE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
References in this Quarterly Report on Form 10-Q to “Interface,” “the Company,” “we,” “our,” “ours” and “us” refer to Interface, Inc. and its subsidiaries or any of them, unless the context requires otherwise.
As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 1, 2023, as filed with the Commission.
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature unless otherwise disclosed. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 1, 2023, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”).
The nine-month periods ended October 1, 2023 and October 2, 2022, both include 39 weeks. The three-month periods ended October 1, 2023 and October 2, 2022, both include 13 weeks.
Risks and Uncertainties
Global economic challenges, including the impacts of the Russia-Ukraine and Israel-Hamas wars, inflation and supply chain disruptions could cause economic uncertainty and volatility. The Company considered these impacts and subsequent general uncertainties and volatility in the global economy on the assumptions and estimates used herein. In connection with the Cyber Event discussed below, 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. These uncertainties could result in a future material adverse effect to the amounts reported within the Company’s consolidated condensed financial statements if actual results differ from these estimates.
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 substantially completed early in the third quarter of 2023.
Recently Adopted Accounting Pronouncements
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 is effective upon issuance. The adoption of this ASU is not expected to 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 is 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.
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NOTE 2 – 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 the three and nine months ended October 1, 2023 and October 2, 2022 is as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Revenue from the sale of flooring material
98 %96 %98 %97 %
Revenue from installation of flooring material
2 %4 %2 %3 %

Disaggregation of Revenue
For the three and nine months ended October 1, 2023 and October 2, 2022, revenue from the Company’s customers is broken down by geography as follows:
Three Months EndedNine Months Ended
GeographyOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
Americas57.3 %59.4 %58.6 %57.9 %
Europe30.3 %28.2 %30.0 %29.3 %
Asia-Pacific12.4 %12.4 %11.4 %12.8 %
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 11 entitled “Segment Information” for additional information.
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NOTE 3 – INVENTORIES
Inventories are summarized as follows:
October 1, 2023January 1, 2023
(in thousands)
Finished goods$207,885 $209,478 
Work-in-process19,103 15,463 
Raw materials62,332 81,386 
Inventories, net$289,320 $306,327 

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NOTE 4 – 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:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands, except per share data)
Numerator:
Net income$9,879 $14,065 $24,962 $44,176 
Less: distributed and undistributed earnings available to participating securities(117)(246)(327)(716)
Distributed and undistributed earnings available to common shareholders$9,762 $13,819 $24,635 $43,460 
 
Denominator:
Weighted average shares outstanding57,420 57,656 57,326 58,139 
Participating securities687 1,025 761 960 
Shares for basic EPS58,107 58,681 58,087 59,099 
Dilutive effect of non-participating securities235 — 146 — 
Shares for diluted EPS58,342 58,681 58,233 59,099 
 
Basic EPS$0.17 $0.24 $0.43 $0.75 
Diluted EPS$0.17 $0.24 $0.43 $0.75 
For both the three and nine months ended October 1, 2023, 855,785 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 periods.
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NOTE 5 – LONG-TERM DEBT
Long-term debt consisted of the following:
October 1, 2023January 1, 2023
Outstanding Principal
Interest Rate(1)
Outstanding Principal
Interest Rate(1)
(in thousands)(in thousands)
Syndicated Credit Facility:
Revolving loan borrowings$5,895 7.33 %$24,250 5.29 %
Term loan borrowings143,361 6.63 %202,082 5.84 %
Total borrowings under Syndicated Credit Facility149,256 6.66 %226,332 5.78 %
5.50% Senior Notes due 2028300,000 5.50 %300,000 5.50 %
 
Total debt449,256 526,332 
Less: Unamortized debt issuance costs(4,865)(6,118)
 
Total debt, net444,391 520,214 
Less: Current portion of long-term debt(8,492)(10,211)
 
Total long-term debt, net$435,899 $510,003 
(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 Syndicated Credit Facility (the “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. Interest on base rate loans is charged at varying rates computed by applying a margin 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 and fees for letters of credit are charged at varying rates computed by applying a margin 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 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.
As of both October 1, 2023 and January 1, 2023, the Company had $1.6 million in letters of credit outstanding under the Facility.
As of both October 1, 2023 and January 1, 2023, the carrying value of the Company’s borrowings under the Facility approximated its fair value as the Facility bears interest rates that are similar to existing market rates. The fair value of borrowings under the Facility is estimated using observable market rates and is considered Level 2 within the fair value hierarchy.
Under the Facility, the Company is required to make quarterly amortization payments of the term loan borrowings, which 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
The 5.50% Senior Notes due 2028 (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.
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As of October 1, 2023, the estimated fair value of the Senior Notes was $258.8 million, compared with a carrying value recorded in the Company’s consolidated condensed balance sheet of $296.3 million ($300.0 million excluding $3.7 million of unamortized debt issuance costs). The fair value of the Senior Notes is derived using quoted prices for similar instruments and is considered Level 2 within the fair value hierarchy.
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.
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. As these fees are expensed over the life of the outstanding borrowing, the debt balance will increase by the same amount as the fees that are expensed. As of October 1, 2023 and January 1, 2023, the unamortized debt issuance costs recorded as a reduction of long-term debt were $4.9 million and $6.1 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 $1.5 million and $1.8 million as of October 1, 2023 and January 1, 2023, respectively. These amounts are included in other assets in the Company’s consolidated condensed balance sheets. The Company amortizes these costs over the life of the related debt.
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NOTE 6 – 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 condensed 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 14 entitled “Items Reclassified From Accumulated Other Comprehensive Loss” for additional information.
As of October 1, 2023, all amounts related to the terminated interest rate swaps have been recognized in the consolidated condensed 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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NOTE 7 – SHAREHOLDERS’ EQUITY
The following tables depict the activity in the accounts which make up shareholders’ equity for the nine months ended October 1, 2023 and October 2, 2022:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 1, 202358,106 $5,811 $244,159 $278,639 $(27,548)$(138,775)$(749)
Net loss— — — (714)— — — 
Issuances of stock related to performance shares79 8 (8)— — — — 
Cash dividends declared, $0.01 per common share
— — — (580)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(132)(14)1,850 — — — — 
Pension liability adjustment— — — — (279)— — 
Foreign currency translation adjustment— — — — — 4,930 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 299 
Balance, at April 2, 202358,053 $5,805 $246,001 $277,345 $(27,827)$(133,845)$(450)
Net income— — — 15,797 — — — 
Issuances of stock related to restricted share units and performance shares5 1 (1)— — — — 
Restricted stock issuances102 10 697 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (708)— — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(48)(5)1,808 — — — — 
Pension liability adjustment— — — — (800)— — 
Foreign currency translation adjustment— — — — — 1,361 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 300 
Balance, at July 2, 202358,112 $5,811 $247,797 $292,561 $(28,627)$(132,484)$(150)
Net income— — — 9,879 — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(5)— 2,182 — — — — 
Pension liability adjustment— — — — 202 — — 
Foreign currency translation adjustment— — — — — (9,176)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 150 
Balance, at October 1, 202358,107 $5,811 $249,979 $301,859 $(28,425)$(141,660)$— 
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SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 2, 202259,055 $5,905 $253,110 $261,434 $(53,888)$(100,441)$(2,722)
Net income— — — 13,293 — — — 
Restricted stock issuances303 30 3,966 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (3,996)— — — — 
Cash dividends declared, $0.01 per common share
— — — (592)— — — 
Compensation expense related to share-based plans, net of shares received for tax withholdings(30)(2)1,787 — — — — 
Pension liability adjustment— — — — 1,539 — — 
Foreign currency translation adjustment— — — — — (13,184)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 641 
Balance, at April 3, 202259,328 $5,933 $254,867 $274,135 $(52,349)$(113,625)$(2,081)
Net income— — — 16,818 — — — 
Restricted stock issuances198 20 2,533 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (2,553)— — — — 
Cash dividends declared, $0.01 per common share
— — — (595)— — — 
Compensation expense related to share-based plans, net of forfeitures(14)(1)2,145 — — — — 
Share repurchases(415)(42)(5,540)— — — — 
Pension liability adjustment— — — — 3,842 — — 
Foreign currency translation adjustment— — — — — (36,670)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 540 
Balance, at July 3, 202259,097 $5,910 $251,452 $290,358 $(48,507)$(150,295)$(1,541)
Net income— — — 14,065 — — — 
Cash dividends declared, $0.01 per common share
— — — (586)— — — 
Compensation expense related to share-based plans, net of forfeitures(16)(2)2,353 — — — — 
Share repurchases(711)(71)(8,798)— — — — 
Pension liability adjustment— — — — 3,393 — — 
Foreign currency translation adjustment— — — — — (36,800)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 492 
Balance, at October 2, 202258,370 $5,837 $245,007 $303,837 $(45,114)$(187,095)$(1,049)

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Repurchase of Common Stock
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 during the nine months ended October 1, 2023. During the nine months ended October 2, 2022, the Company repurchased 1,126,176 shares of common stock at a weighted average price of $12.83 per share pursuant to this program.
Restricted Stock Awards
During the nine months ended October 1, 2023, the Company granted restricted stock awards for 102,300 shares of common stock. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a one to three-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. For certain restricted stock 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.
Compensation expense related to restricted stock grants was $3.4 million and $4.0 million for the nine months ended October 1, 2023 and October 2, 2022, respectively. The Company has reduced its expense for any restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 20231,006,400 $13.91 
Granted102,300 6.92 
Vested(405,100)14.43 
Forfeited or canceled(16,800)13.60 
Outstanding at October 1, 2023686,800 $12.56 
As of October 1, 2023, the unrecognized total compensation cost related to unvested restricted stock was $2.8 million. That cost is expected to be recognized by the first quarter of 2025.
Restricted Share Unit Awards
During the nine months ended October 1, 2023, the Company granted awards for 596,200 restricted share units to certain employees pursuant to the Company’s 2020 Omnibus Stock Incentive Plan. 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 two to three-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.
The Company recognizes expense related to restricted share unit grants based on the grant date fair value of the units awarded, as determined by the market price of the Company’s common stock at date of grant. The expense is captured in selling, general and administrative expenses in the consolidated condensed statements of operations, which is consistent with the classification of expense for other share-based awards. The Company has elected to recognize compensation expense on a straight-line basis over the requisite service period for the entire award for awards with a graded vesting schedule.
Compensation expense related to the restricted share units was $1.5 million for the nine months ended October 1, 2023. The Company reduces its expense for any restricted share units forfeited during the period. Grants of restricted share units are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized.

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The following table summarizes restricted share units outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted Share UnitsWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023— $— 
Granted596,200 10.36 
Vested(2,100)10.80 
Forfeited or canceled(10,700)10.80 
Outstanding at October 1, 2023583,400 $10.35 
As of October 1, 2023, the unrecognized total compensation cost related to unvested restricted share units was $4.6 million. That cost is expected to be recognized by the end of 2026.
Performance Share Awards
During the nine months ended October 1, 2023, 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 one 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 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 October 1, 2023, as well as the activity during the nine months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023923,600 $13.91 
Granted467,500 10.79 
Vested(82,300)15.11 
Forfeited or canceled(193,800)14.79 
Outstanding at October 1, 20231,115,000 $12.36 
Compensation expense related to the performance shares was $2.4 million and $2.7 million for the nine months ended October 1, 2023 and October 2, 2022, 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 $7.3 million as of October 1, 2023. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the first quarter of 2026.
The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was approximately $0.7 million for the nine months ended October 1, 2023.
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NOTE 8 – 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.
The Company records a right-of-use asset and lease liability for leases extending beyond one year for operating and finance leases once a contract that contains a lease is executed and we have 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 was the Company’s incremental borrowing rate for the applicable geographical region.
As of October 1, 2023, there were no significant leases that had not commenced.
The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 1, 2023 and January 1, 2023:
October 1, 2023January 1, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$75,604 $81,644 
 
Current portion of operating lease liabilities$10,829 $11,857 
Operating lease liabilities67,554 72,305 
Total operating lease liabilities$78,383 $84,162 
 
Property, plant and equipment, net$6,406 $5,845 
 
Accrued expenses$2,256 $2,101 
Other long-term liabilities4,534 4,138 
Total finance lease liabilities$6,790 $6,239 
Lease Costs
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$696 $581 $2,056 $1,636 
Interest on lease liabilities79 45 224 115 
Operating lease cost4,740 4,743 14,141 14,310 
Short-term lease cost187 204 934 642 
Variable lease cost583 614 1,924 2,012 
Total lease cost$6,285 $6,187 $19,279 $18,715 

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Other Supplemental Information
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$60 $35 $167 $88 
Operating cash flows from operating leases4,130 4,406 12,771 13,854 
Financing cash flows from finance leases545 525 1,853 1,535 
Right-of-use assets obtained in exchange for new finance lease liabilities1,414 182 2,450 2,525 
Right-of-use assets obtained (adjusted) in exchange for new (remeasured) operating lease liabilities
236 (734)4,199 6,089 
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 October 1, 2023 and January 1, 2023:
 October 1, 2023January 1, 2023
Weighted-average remaining lease term – finance leases (in years)3.763.82
Weighted-average remaining lease term – operating leases (in years)8.779.29
Weighted-average discount rate – finance leases5.16 %3.79 %
Weighted-average discount rate – operating leases5.99 %5.89 %
Maturity Analysis
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2023 (excluding the nine months ended October 1, 2023)
$2,733 $569 
202414,999 2,518 
202513,069 1,733 
202612,767 1,202 
202710,246 868 
Thereafter48,882 662 
Total future minimum lease payments (undiscounted)102,696 7,552 
Less: Present value discount(24,313)(762)
Total lease liability$78,383 $6,790 

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NOTE 9 – EMPLOYEE BENEFIT PLANS
During the three and nine months ended October 1, 2023, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.7 million and $2.0 million, respectively. During the three and nine months ended October 2, 2022, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.5 million and $1.8 million, respectively.
The following tables provide the components of net periodic benefit cost for the three and nine months ended October 1, 2023 and October 2, 2022:
Three Months EndedNine Months Ended
Defined Benefit Retirement Plans (Europe)
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$1,791 $801 $5,304 $2,574 
Expected return on plan assets(2,030)(924)(6,009)(2,973)
Amortization of prior service cost30 27 89 89 
Amortization of net actuarial losses229 240 680 771 
Net periodic benefit cost$20 $144 $64 $461 
Three Months EndedNine Months Ended
Salary Continuation PlanOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$284 $193 $851 $579 
Amortization of net actuarial losses49 139 146 418 
Net periodic benefit cost$333 $332 $997 $997 
Three Months EndedNine Months Ended
nora Defined Benefit Plan
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Service cost$116 $200 $345 $636 
Interest cost275 98 822 313 
Amortization of net actuarial (gains) losses(110)44 (330)142 
Net periodic benefit cost$281 $342 $837 $1,091 
In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within operating income in the consolidated condensed statements of operations, while all other components of net periodic benefit costs are presented within other expense, net, in the consolidated condensed statements of operations.
20
NOTE 10 – GOODWILL AND INTANGIBLE ASSETS
The ending balance and the change in the carrying amount of goodwill for the nine months ended October 1, 2023, are as follows:
Goodwill(1)
(in thousands)
Balance, at January 1, 2023$102,417 
Foreign currency translation(2)
(1,193)
Balance, at October 1, 2023$101,224 
(1) The goodwill balance is allocated entirely to the AMS reportable segment. All goodwill allocated to the EAAA reportable segment was previously written off as a result of impairment charges.
(2) A portion of the goodwill balance is comprised of goodwill denominated in foreign currency attributable to the nora acquisition.
The net carrying value of intangible assets other than goodwill was $55.3 million and $59.8 million at October 1, 2023 and January 1, 2023, respectively.
21
NOTE 11 – 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, and restructuring, asset impairment, severance, and other, net. Intersegment revenues for the three and nine months ended October 1, 2023, were $25.0 million and $72.3 million, respectively, and intersegment revenues for the three and nine months ended October 2, 2022, were $19.7 million and $56.4 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 the three and nine months ended October 1, 2023 and October 2, 2022, is presented in the following table:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Net sales
AMS$178,194 $194,449 $548,716 $557,768 
EAAA132,812 133,308 387,664 404,596 
Total net sales$311,006 $327,757 $936,380 $962,364 
 
Segment AOI
AMS$23,318 $24,975 $58,621 $74,502 
EAAA 9,049 6,273 16,805 25,908 
 
Depreciation and amortization
AMS$4,640 $4,344 $13,457 $12,585 
EAAA5,805 5,481 17,134 18,076 
Total depreciation and amortization$10,445 $9,825 $30,591 $30,661 
22
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
October 1, 2023January 1, 2023
(in thousands)
Assets
AMS$587,424 $588,110 
EAAA637,825 652,921 
Total segment assets1,225,249 1,241,031 
Corporate assets101,224 110,495 
Eliminations(124,832)(85,023)
Total reported assets$1,201,641 $1,266,503 
Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
AMS operating income$23,530 $24,955 $56,997 $74,618 
EAAA operating income7,455 3,087 12,373 15,369 
Consolidated operating income30,985 28,042 69,370 89,987 
Interest expense8,163 7,747 24,986 21,787 
Other expense, net
6,702 124 7,674 1,688 
Income before income tax expense$16,120 $20,171 $36,710 $66,512 
Three Months Ended October 1, 2023Three Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$23,530 $7,455 $24,955 $3,087 
Purchase accounting amortization— 1,302 — 1,204 
Thailand plant closure inventory write-down— — — 477 
Cyber Event impact62 42 — — 
Restructuring, asset impairment, severance, and other, net
(274)250 20 1,505 
AOI$23,318 $9,049 $24,975 $6,273 
Nine Months Ended October 1, 2023Nine Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$56,997 $12,373 $74,618 $15,369 
Purchase accounting amortization— 3,886 — 3,817 
Thailand plant closure inventory write-down— — — 2,530 
Cyber Event impact554 415 — — 
Restructuring, asset impairment, severance, and other, net
1,070 131 (116)4,192 
AOI$58,621 $16,805 $74,502 $25,908 
23
NOTE 12 – SUPPLEMENTAL CASH FLOW INFORMATION
Cash payments for interest amounted to $17.6 million and $13.7 million for the nine months ended October 1, 2023 and October 2, 2022, respectively. Income tax payments, net of refunds, amounted to $17.6 million and $11.5 million for the nine months ended October 1, 2023 and October 2, 2022, respectively.
See Note 8 entitled “Leases” for supplemental disclosures related to finance and operating leases.
24
NOTE 13 – INCOME TAXES
The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate (“AETR”) and records any changes affecting the estimated AETR in the interim period in which the change occurs, including discrete tax items.
During the nine months ended October 1, 2023, the Company recorded a total income tax provision of $11.7 million on pre-tax income of $36.7 million resulting in an effective tax rate of 32.0%, as compared to a total income tax provision of $22.3 million on pre-tax income of $66.5 million resulting in an effective tax rate of 33.6% during the nine months ended October 2, 2022. The decrease in the effective tax rate for the period ended October 1, 2023, as compared to the period ended October 2, 2022, was primarily due to favorable changes related to the cash surrender value of Company-owned life insurance, non-recurring non-deductible charges related to the closure of the Company’s manufacturing facility in Thailand incurred in the first nine months of 2022, and favorable changes related to foreign exchange movements. This decrease was partially offset by a non-recurring favorable change to unrecognized tax benefits in the period ended October 2, 2022, non-deductible charges related to the substantial liquidation of subsidiaries in Brazil and Russia in the period ended October 1, 2023, and an increase in the valuation allowance on interest carryforwards.
In the first nine months of 2023, the Company decreased its liability for unrecognized tax benefits by $0.3 million. As of October 1, 2023, the Company had accrued approximately $5.4 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of October 1, 2023, reflects a reduction for $2.8 million of these unrecognized tax benefits.
Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including the progress of tax audits and the closing of statutes of limitations. Based on information currently available, it is reasonably possible that approximately $0.5 million of unrecognized tax benefits may be recognized within the next 12 months, of which $0.5 million would result in a favorable impact to the effective tax rate.
25
NOTE 14 – ITEMS RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE LOSS
Amounts reclassified out of accumulated other comprehensive loss (“AOCI”), before tax, to the consolidated condensed statements of operations during the three and nine months ended October 1, 2023 and October 2, 2022, are reflected in the tables below:
Three Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(196)(645)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(198)(450)
Total loss reclassified from AOCI$(6,615)$(1,095)
Nine Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(982)(2,416)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(585)(1,420)
Total loss reclassified from AOCI$(7,788)$(3,836)
(1) The Company’s foreign subsidiaries in Russia and Brazil were substantially liquidated during the three months ended October 1, 2023, and the cumulative foreign currency translation losses associated with these entities were recognized in the consolidated condensed statements of operations. The tax impact of the cumulative foreign currency translation reclassification is approximately $1.1 million.

26
NOTE 15 – RESTRUCTURING AND OTHER
Restructuring, asset impairment, other (gains) and charges were as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Restructuring, asset impairment, other (gains) and charges(1)
$— $(105)$(2,502)$1,592 
(1) Restructuring, asset impairment, other (gains) and charges are attributable to the EAAA reportable segment.
2021 Restructuring Plan
On September 8, 2021, the Company committed to a new 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:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Estimated expected charges(1)
$2,281 $474 $3,295 $6,050 
Cumulative charges incurred to date(1)
2,281 474 3,295 6,050 
(1) Charges are attributable to the EAAA reportable segment.
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated condensed balance sheets, for the 2021 restructuring plan is presented below:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Balance, at January 1, 2023$277 $179 $— $456 
Charged to expenses23 (19)174 178 
Deductions(300)(160)— (460)
Charged to other accounts— — (174)(174)
Balance, at October 1, 2023$— $— $— $— 
The Company recognized a gain of $2.7 million on the sale of the Thailand facility during the second quarter of 2023. See Note 16 entitled “Assets Disposed” for additional information.
In addition, during the nine months ended October 2, 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 condensed statements of operations.
The Company completed the 2021 restructuring plan in the second quarter of 2023, following the sale of the Thailand manufacturing facility, as described in Note 16 entitled “Assets Disposed,” and expects the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings was realized on the consolidated condensed statements of operations in fiscal year 2022, with the remaining portion of the annualized savings expected to be realized in fiscal year 2023.
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NOTE 16 – 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 15 entitled “Restructuring and Other” for additional information.
During the second quarter of 2023, the Company completed the sale of the Thailand manufacturing 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 condensed 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.

28
NOTE 17 – COMMITMENTS AND CONTINGENCIES
From time to time, we are a party to legal proceedings, whether arising in the ordinary course of business or otherwise. See disclosure under the headings “Lawsuit by Former CEO in Connection with Termination” and “Putative Class Action Lawsuit” set forth in Note 18 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended January 1, 2023.
In the lawsuit by the former CEO, 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. The Company believes Mr. Gould’s lawsuit and the appeal therefrom is without merit and intends to defend vigorously against it.
In the putative class action, the Court preliminarily approved a settlement of the lawsuit for $7.5 million, and the Company’s insurers funded the settlement amount into escrow. As a result, in the second quarter of 2023, the Company reversed the $7.5 million asset and liability that were previously recorded in the first quarter of 2023. Putative class member proofs of claims were due by September 13, 2023, and in a hearing on October 19, 2023, the Court approved the final settlement of the action.
29
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our discussions below in this Item 2 are based upon the more detailed discussions about our business, operations and financial condition included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2023, under Part II, Item 7 of that Form 10-K. Our discussions here focus on our results during the quarter and nine months ended October 1, 2023, or as of, October 1, 2023, and the comparable periods of 2022, and to the extent applicable, any material changes from the information discussed in that Form 10-K or other important intervening developments or information since that time. These discussions should be read in conjunction with that Form 10-K for more detailed and background information. The nine-month periods ended October 1, 2023 and October 2, 2022, both include 39 weeks. The three-month periods ended October 1, 2023 and October 2, 2022, both include 13 weeks.
Forward-Looking Statements
This report contains statements which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties associated with the economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading “Risk Factors” included in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
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Executive Overview
During the quarter ended October 1, 2023, we had consolidated net sales of $311.0 million, down 5.1% compared to $327.8 million in the third quarter last year, primarily due to decreased customer demand. Lower sales were primarily in the retail, public buildings and corporate office market segments. Consolidated operating income was $31.0 million for the third quarter of 2023 compared to $28.0 million in the third quarter last year, primarily due to higher gross profit margin as a result of higher pricing and lower freight costs coupled with lower selling, general and administrative costs. Consolidated net income for the quarter ended October 1, 2023, was $9.9 million or $0.17 per share, compared to $14.1 million or $0.24 per share in the third quarter last year.
During the first nine months of 2023, we had consolidated net sales of $936.4 million, down 2.7% compared to $962.4 million in the first nine months of last year, primarily due to decreased customer demand. Lower sales were primarily in the retail and corporate office market segments, partially offset by increases in the education market segment. Consolidated operating income was $69.4 million for the first nine months of 2023, compared to $90.0 million in the same period last year. This decline was due to lower sales, inflationary pressures on raw materials, and lower manufacturing fixed cost absorption, partially offset by higher pricing, resulting in lower gross profit margin in the current year period coupled with higher selling, general and administrative costs. Consolidated net income for the nine months ended October 1, 2023, was $25.0 million or $0.43 per share, compared to $44.2 million or $0.75 per share in the same period last year.
Cybersecurity Event
As previously disclosed in our current report on Form 8-K filed with the Commission on November 23, 2022, we discovered a cybersecurity attack, perpetrated by unauthorized third parties, affecting our IT systems on November 20, 2022. During the first nine months of 2023, we incurred approximately $1.0 million of additional expenses related to the investigation of the Cyber Event. These costs were primarily included in selling, general and administrative expenses in the consolidated condensed statement of operations. The investigation of the Cyber Event was substantially completed early in the third quarter of 2023. We have cyber risk insurance and anticipate that a portion of our costs and expenses related to the Cyber Event will ultimately be recovered by insurance. We expect to incur ongoing costs for enhanced data security against unauthorized access to, or manipulation of, our systems and data.
Impact of Macroeconomic Trends
The continued disruption in economic markets due to high inflation, increases in interest rates, the Russia-Ukraine war and the Israel-Hamas war, a fairly stabilized but still challenging supply chain environment, a slow post COVID recovery in China and slow market conditions in the rest of Asia, and significant financial pressures in the commercial office market globally, all pose challenges which may adversely affect our future performance. These impacts have increased our costs and adversely affected our gross profit margin. To mitigate these impacts, we plan to continue evaluating our cost structure and global manufacturing footprint to identify and activate opportunities to decrease costs and optimize our global cost structure.


31
Analysis of Results of Operations
Consolidated Results
The following table presents, as a percentage of net sales, certain items included in our consolidated condensed statements of operations for the three-month and nine-month periods ended October 1, 2023 and October 2, 2022:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Net sales100.0 %100.0 %100.0 %100.0 %
Cost of sales64.5 66.8 66.0 65.5 
Gross profit35.5 33.2 34.0 34.5 
Selling, general and administrative expenses25.5 24.7 26.8 25.0 
Restructuring, asset impairment, other (gains) and charges
— 0.0 (0.3)0.2 
Operating income10.0 8.5 7.5 9.3 
Interest/Other expense, net4.8 2.4 3.5 2.4 
Income before income tax expense5.2 6.1 4.0 6.9 
Income tax expense2.0 1.9 1.3 2.3 
Net income3.2 %4.2 %2.7 %4.6 %
Consolidated Net Sales
Below is information regarding our consolidated net sales, and analysis of those results, for the three-month and nine-month periods ended October 1, 2023, and October 2, 2022:
Three Months EndedPercentage
Change		Nine Months EndedPercentage
Change
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)(in thousands)
Consolidated net sales$311,006 $327,757 (5.1)%$936,380 $962,364 (2.7)%
For the quarter ended October 1, 2023, consolidated net sales decreased $16.8 million (5.1%) versus the comparable period in 2022, primarily due to lower sales volume (approximately 12%) partially offset by higher prices (approximately 7%). Currency fluctuations had a positive impact on consolidated net sales of approximately $4.9 million (1.5%) for the third quarter of 2023, due primarily to the strengthening of the Euro and British Pound sterling against the U.S. dollar, partially offset by the weakening of the Australian dollar and Chinese Renminbi against the U.S. dollar. On a market segment basis, the sales decrease was primarily in the retail, public buildings, and corporate office market segments partially offset by increases in the healthcare market segment.
For the nine months ended October 1, 2023, consolidated net sales decreased $26.0 million (2.7%) versus the comparable period in 2022, primarily due to lower sales volume (approximately 8%) partially offset by higher prices (approximately 5%). Currency fluctuations had a negative impact on consolidated net sales of approximately $3.1 million (0.3%) for the first nine months of 2023, due primarily to the weakening of the Australian dollar, Chinese Renminbi and Canadian dollar against the U.S. dollar, partially offset by the strengthening of the Euro against the U.S. dollar. On a market segment basis, the sales decrease was primarily in the retail and corporate office market segments partially offset by increases in the education market segment.

32
Consolidated Cost and Expenses
The following table presents our consolidated cost of sales and selling, general and administrative expenses for the three-month and nine-month periods ended October 1, 2023, and October 2, 2022:
Three Months EndedPercentage
Change		Nine Months EndedPercentage
Change
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)(in thousands)
Consolidated cost of sales$200,748 $218,972 (8.3)%$618,463 $630,074 (1.8)%
Consolidated selling, general and administrative expenses79,273 80,848 (1.9)%251,049 240,711 4.3 %
Consolidated Cost of Sales
For the quarter ended October 1, 2023, consolidated cost of sales decreased $18.2 million (8.3%) compared to the third quarter of 2022, primarily due to lower sales as discussed above and the favorable impact of inflation on raw material and freight costs (approximately 2%) due to stabilizing supply chain conditions. Currency translation had a negative impact on consolidated cost of sales in the third quarter of 2023 and partially increased our costs by approximately $3.2 million (1.5%) compared to the same period last year. As a percentage of net sales, our cost of sales decreased to 64.5% for the third quarter of 2023 versus 66.8% for the third quarter of 2022.
For the nine months ended October 1, 2023, consolidated cost of sales decreased $11.6 million (1.8%) versus the comparable period in 2022, primarily due to lower sales as discussed above. Currency translation had a positive impact on consolidated cost of sales for the first nine months of 2023 and partially reduced our costs by approximately $2.5 million (0.4%) compared to the same period last year. As a percentage of net sales, our cost of sales increased to 66.0% for the first nine months of 2023 versus 65.5% for the first nine months of 2022.
Consolidated Gross Profit
For the quarter ended October 1, 2023, consolidated gross profit, as a percentage of net sales, was 35.5% compared with 33.2% in the same period last year. The increase in gross profit margin was primarily due to (i) higher pricing (approximately 4%), (ii) the favorable impact of inflation on raw material and freight costs (approximately 1%), partially offset by (iii) lower manufacturing fixed cost absorption and product mix (approximately 3%).
For the nine months ended October 1, 2023, consolidated gross profit, as a percentage of net sales, was 34.0% compared with 34.5% in the same period last year. The decrease in gross profit percentage was primarily due to (i) lower manufacturing fixed cost absorption and product mix (approximately 3%) and (ii) the unfavorable impact of inflation on raw material and freight costs (approximately 2%), partially offset by (iii) higher pricing (approximately 4%).
Consolidated Selling, General and Administrative (“SG&A”) Expenses
For the quarter ended October 1, 2023, consolidated SG&A expenses decreased $1.6 million (1.9%) versus the comparable period in 2022. Currency fluctuations had a negative impact on consolidated SG&A expenses in the third quarter of 2023 of approximately $1.3 million (1.7%) compared to the same period last year. SG&A expenses were lower for the third quarter of 2023 primarily due to lower plant closure and severance costs of approximately $1.3 million related to the closure of our Thailand and Russia operations. As a percentage of net sales, SG&A expenses increased to 25.5% for the third quarter of 2023 versus 24.7% for the third quarter of 2022. 
For the nine months ended October 1, 2023, consolidated SG&A expenses increased $10.3 million (4.3%) versus the comparable period in 2022. Currency translation had no material impact on consolidated SG&A expenses for the first nine months of 2023 compared to the same period last year. SG&A expenses in the first nine months of 2023 compared to the same period last year included (i) $7.7 million of higher selling expenses due to sales and marketing initiatives, (ii) higher severance costs of approximately $2.6 million driven by employee reductions and cost saving initiatives, and (iii) Cyber Event costs of $1.0 million. These increases were partially offset by lower plant closure costs of approximately $1.2 million as discussed above. As a percentage of net sales, SG&A expenses increased to 26.8% for the first nine months of 2023 versus 25.0% for the first nine months of 2022.

33
Restructuring Activities
On September 8, 2021, the Company committed to a new restructuring plan that continued to focus on efforts to improve efficiencies and decrease costs across its worldwide operations, involving the closure of the Company’s manufacturing facility in Thailand. During the second quarter of 2023, the Company completed the sale of the Thailand manufacturing facility and recognized a gain of $2.7 million.
See Note 15 entitled “Restructuring and Other” and Note 16 entitled “Assets Disposed” of Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
Interest Expense
During the quarter ended October 1, 2023, interest expense was $8.2 million, an increase of $0.4 million from the comparable period in 2022, primarily due to higher interest rates on outstanding term loan borrowings under the Facility. For the nine months ended October 1, 2023, interest expense was $25.0 million, an increase of $3.2 million from the comparable period in 2022, primarily due to higher interest rates as discussed above.
Other Expense
During the quarter ended October 1, 2023, other expense, net, was $6.7 million, an increase of $6.6 million compared to the same period last year, driven by the substantial liquidation of our foreign subsidiaries in Brazil and Russia and the recognition of $6.2 million of cumulative translation adjustments reclassified from accumulated other comprehensive loss.
Segment Operating Results
AMS Segment – Net Sales and Adjusted Operating Income (“AOI”)
The following table presents AMS segment net sales and AOI for the three-month and nine-month periods ended October 1, 2023, and October 2, 2022:
Three Months EndedPercentage ChangeNine Months EndedPercentage Change
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)(in thousands)
AMS segment net sales$178,194 $194,449 (8.4)%$548,716 $557,768 (1.6)%
AMS segment AOI(1)
23,318 24,975 (6.6)%58,621 74,502 (21.3)%
(1) Includes allocation of corporate SG&A expenses. Excludes Cyber Event costs, and restructuring, asset impairment, severance, and other, net. See Note 11 entitled “Segment Information” of Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
During the third quarter of 2023, net sales in AMS decreased 8.4% versus the comparable period in 2022, primarily due to lower sales volume partially offset by higher prices. The sales decrease was primarily in the retail, public buildings, and corporate office market segments partially offset by increases in the healthcare and residential living market segments.
During the first nine months of 2023, net sales in AMS decreased 1.6% versus the comparable period in 2022, primarily due to lower sales volume partially offset by higher prices. The sales decrease was primarily in the retail and public buildings market segments partially offset by increases in the education, corporate office, healthcare, and residential living market segments.
AOI in AMS decreased 6.6% during the third quarter of 2023 compared to the prior year period, primarily due to lower sales partially offset by lower freight costs. As a percentage of net sales, AOI increased to 13.1% during the third quarter of 2023 compared to 12.8% in the same period last year.
AOI in AMS decreased 21.3% during the first nine months of 2023 compared to the prior year period, primarily due to higher raw material costs as a result of inflation, lower manufacturing fixed cost absorption in the current period, and lower sales. AMS SG&A expenses as a percentage of net sales for the first nine months of 2023 increased approximately 1.3%, which contributed to the decrease in AOI for the first nine months of 2023. As a percentage of net sales, AOI decreased to 10.7% during the first nine months of 2023 compared to 13.4% in the same period last year.
34
EAAA Segment – Net Sales and AOI
The following table presents EAAA segment net sales and AOI for the three-month and nine-month periods ended October 1, 2023, and October 2, 2022:
Three Months EndedPercentage ChangeNine Months EndedPercentage Change
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)(in thousands)
EAAA segment net sales$132,812 $133,308 (0.4)%$387,664 $404,596 (4.2)%
EAAA segment AOI(1)
9,049 6,273 44.3 %16,805 25,908 (35.1)%
(1) Includes allocation of corporate SG&A expenses. Excludes purchase accounting amortization, Cyber Event costs, Thailand plant closure inventory write-down, and restructuring, asset impairment, severance, and other, net. See Note 11 entitled “Segment Information” of Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
During the third quarter of 2023, net sales in EAAA decreased 0.4% versus the comparable period in 2022, primarily due to lower sales volume mostly offset by higher prices. Slower economic recovery and decreased customer demand in Asia resulted in approximately 15% lower net sales in Asia during the current quarter compared to the same period last year. Currency fluctuations had a positive impact on EAAA sales of approximately $5.3 million (3.9%) for the third quarter of 2023 compared to the same period last year due to the strengthening of the Euro and British Pound sterling against the U.S. dollar, partially offset by the weakening of the Australian dollar and Chinese Renminbi against the U.S. dollar. On a market segment basis, the EAAA sales decrease was primarily in the retail, public buildings, and corporate office market segments.
During the first nine months of 2023, net sales in EAAA decreased 4.2% versus the comparable period in 2022, primarily due to lower sales in Asia, as discussed above. Higher prices partially offset lower EAAA sales volume. Currency fluctuations had a negative impact on EAAA sales of approximately $1.1 million (0.3%) for the first nine months of 2023 compared to the same period last year due to the weakening of the Australian dollar and Chinese Renminbi against the U.S. dollar, partially offset by the strengthening of the Euro against the U.S. dollar. On a market segment basis, the EAAA sales decrease was primarily in the corporate office, healthcare and retail market segments partially offset by increases in the education market segment.
AOI in EAAA increased 44.3% during the third quarter of 2023 versus the comparable period in 2022 primarily due to higher pricing and the impact of lower raw material costs compared to the same period last year. Currency fluctuations had no material impact to EAAA AOI for the third quarter of 2023 compared to the same period last year. As a percentage of net sales, AOI increased to 6.8% during the third quarter of 2023 compared to 4.7% in the same period last year.
AOI in EAAA decreased 35.1% during the first nine months of 2023 versus the comparable period in 2022, primarily due to the impact of lower sales, inflationary pressures on raw material costs, and lower manufacturing fixed cost absorption on lower manufacturing production volumes partially offset by higher pricing. Currency fluctuations had no material impact to EAAA AOI for the first nine months of 2023 compared to the same period in 2022. As a percentage of net sales, AOI decreased to 4.3% during the first nine months of 2023 compared to 6.4% in the same period last year.
35
Financial Condition, Liquidity and Capital Resources
General
At October 1, 2023, the Company had $119.6 million in cash. At that date, the Company had $143.4 million in term loan borrowings, $5.9 million in revolving loan borrowings, and $1.6 million in letters of credit outstanding under our Facility, and we had $300.0 million of Senior Notes outstanding. As of October 1, 2023, we had additional borrowing capacity of $292.5 million under the Facility. We anticipate that our liquidity is sufficient to meet our obligations for the next 12 months, and we expect to generate sufficient cash to meet our long-term obligations.
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. The Company’s foreign subsidiaries and certain non-material domestic subsidiaries are considered non-guarantors. Net sales for the non-guarantor subsidiaries were approximately $148 million and $431 million for the three-month and nine-month periods ended October 1, 2023, respectively, and net sales for the non-guarantor subsidiaries were approximately $147 million and $443 million for the three-month and nine-month periods ended October 2, 2022, respectively. Total indebtedness of the non-guarantor subsidiaries was approximately $131 million as of October 1, 2023. Included in this $131 million is $99 million of indebtedness from the non-guarantor subsidiaries to guarantor subsidiaries, resulting from the dividend of an asset — a note receivable — by a non-guarantor subsidiary to a guarantor subsidiary. Total indebtedness of non-guarantor subsidiaries was approximately $43 million as of January 1, 2023. There was no indebtedness from non-guarantor subsidiaries to guarantor subsidiaries as of January 1, 2023.
Balance Sheet
Accounts receivable, net, were $143.9 million at October 1, 2023, compared to $182.8 million at January 1, 2023. The decrease of $38.9 million was primarily due to customer collections in the first nine months of 2023, including the impact of delays in customer billings from the Cyber Event, in which the due dates for those delayed billings were pushed from the fourth quarter of 2022 to the first quarter of 2023.
Inventories, net, were $289.3 million at October 1, 2023, compared to $306.3 million at January 1, 2023. The decrease of $17.0 million was primarily due to lower manufacturing volume and inventory build due to reduced customer demand and improvements in working capital management.
Analysis of Cash Flows
The following table presents a summary of cash flows for the nine-month periods ended October 1, 2023 and October 2, 2022, respectively:
Nine Months Ended
October 1, 2023October 2, 2022
(in thousands)
Net cash provided by (used in):
Operating activities$114,217 $14,883 
Investing activities(10,645)(13,314)
Financing activities(80,847)(10,456)
Effect of exchange rate changes on cash(656)(8,916)
Net change in cash and cash equivalents22,069 (17,803)
Cash and cash equivalents at beginning of period97,564 97,252 
Cash and cash equivalents at end of period$119,633 $79,449 
Cash provided by operating activities was $114.2 million for the nine months ended October 1, 2023, which represents an increase of $99.3 million from the prior year period. The increase in operating cash flows was primarily due to a greater source of cash from working capital during the first nine months of 2023. Specifically, customer collections in the first nine months of 2023 contributed to a decrease in accounts receivable, primarily attributable to delays in customer billings from the Cyber Event, in which the due dates for those delayed billings were pushed from the fourth quarter of 2022 to the first quarter of 2023. The 2022 nine-month period also included a greater use of cash for working capital attributable to an increase in inventories compared with the nine months ended October 1, 2023.
36
Cash used in investing activities was $10.6 million for the nine months ended October 1, 2023, which represents a decrease of $2.7 million from the prior year period. The decreased use of cash from the comparable prior year period was primarily attributable to proceeds of approximately $6.6 million from the sale of the Company’s Thailand manufacturing facility in the second quarter of 2023, partially offset by higher capital expenditures due to increased capital investment.
Cash used in financing activities was $80.8 million for the nine months ended October 1, 2023, which represents an increase of $70.4 million from the prior year period. The increased use of cash from the comparable period was primarily due to higher repayments of term loan and revolving loan borrowings in 2023 as a result of cash generated from operating activities as described above. The prior year comparable period also includes repurchases of the Company’s common stock that did not occur in 2023, which partially offset the increased use of cash for financing activities in 2023 compared with the prior year period.
Outlook
We anticipate that net sales will be down for fiscal year 2023 compared with fiscal year 2022. We are also anticipating decreases in the cost of raw materials and freight offset by continued lower manufacturing fixed cost absorption versus the comparable prior year period. We are also anticipating higher selling, general, and administrative costs for fiscal year 2023 versus the comparable prior year period primarily due to inflation.
Cash flows from operations, cash and cash equivalents, and other sources of liquidity are expected to be available and sufficient to meet foreseeable cash requirements. However, the Company’s cash flows from operations can be affected by numerous factors — including raw material availability and cost, demand for our products, and the timing of accounts receivable collections and the timing of payments for accounts payable and accrued liabilities.
Backlog
As of October 22, 2023, the consolidated backlog of unshipped orders was approximately $210.3 million. As disclosed in our Annual Report on Form 10-K for the fiscal year ended January 1, 2023, backlog was approximately $197.4 million as of February 5, 2023. The increase in the backlog is due to the impact of delays and timing of construction projects and flooring installations.
37
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The discussion below in this Item 3 is based upon the more detailed discussions of our market risk and related matters included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2023, under Part II, Item 7A of that Form 10-K. The discussion here focuses on the nine months ended October 1, 2023, and any material changes from (or other important intervening developments since the time of) the information discussed in that Form 10-K. This discussion should be read in conjunction with that Form 10-K for more detailed and background information.
Sensitivity Analysis
For purposes of specific risk analysis, we use sensitivity analysis to measure the impact that market risk may have on the fair values of our market sensitive instruments. To perform sensitivity analysis, we assess the risk of loss in fair values associated with the impact of hypothetical changes in interest rates and foreign currency exchange rates on market sensitive instruments.
Because the debt outstanding under our Facility has variable interest rates based on an underlying prime lending rate or other benchmark rate, we do not believe changes in interest rates would have any significant impact on the fair value of that debt instrument. Changes in the underlying prime lending rate or other benchmark rate would, however, impact the amount of our interest expense. For a discussion of these hypothetical impacts on our interest expense, please see the discussion in Part II, Item 7A of our Annual Report on Form 10-K for the year ended January 1, 2023.
As of October 1, 2023, based on a hypothetical immediate 100 basis point increase in interest rates, with all other variables held constant, the fair value of our fixed rate long-term debt would be impacted by a net decrease of $10.9 million. Conversely, a 100 basis point decrease in interest rates would result in a net increase in the fair value of our fixed rate long-term debt of $11.5 million.
As of October 1, 2023, a 10% decrease or increase in the levels of foreign currency exchange rates against the U.S. dollar, with all other variables held constant, would result in a decrease in the fair value of our financial instruments of $12.0 million or an increase in the fair value of our financial instruments of $14.6 million, respectively. As the impact of offsetting changes in the fair market value of our net foreign investments is not included in the sensitivity model, these results are not indicative of our actual exposure to foreign currency exchange risk.

38
ITEM 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was performed under the supervision and with the participation of our management, including our President and Chief Executive Officer and our Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Act”), pursuant to Rule 13a-14(c) under the Act.
No system of controls, no matter how well designed and operated, can provide absolute assurance that the objectives of the system of controls are met, and no evaluation of controls can provide absolute assurance that the system of controls has operated effectively in all cases. Our disclosure controls and procedures however are designed to provide reasonable assurance that the objectives of disclosure controls and procedures are met.
Based on the evaluation, our President and Chief Executive Officer and our Vice President and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report to provide reasonable assurance that the objectives of disclosure controls and procedures are met.
There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
39
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we are a party to legal proceedings, whether arising in the ordinary course of business or otherwise. See Note 17 of Part I, Item 1 of this Quarterly Report on Form 10-Q and Note 18 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended January 1, 2023.

ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended January 1, 2023.
40
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table contains information with respect to purchases made by or on behalf of the Company, or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of our common stock during our third quarter ended October 1, 2023:
Period(1)
Total
Number of
Shares
Purchased		Average
Price
Paid
Per Share
Total Number
of Shares Purchased
as Part of Publicly Announced Plans or Programs(2)
Approximate Dollar Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs(2)
July 3 – July 30, 2023(3)
3,033 $8.79 — $82,828,595 
July 31 – August 27, 2023
— — — 82,828,595 
August 28 – October 1, 2023
— — — 82,828,595 
Total3,033 $8.79 — 
(1) The monthly periods identified above correspond to the Company’s fiscal third quarter of 2023, which commenced July 3, 2023 and ended October 1, 2023.
(2) On May 17, 2022, the Company announced a share repurchase program authorizing the repurchase of up to $100 million of common stock. The program has no specific expiration date. There were no shares repurchased pursuant to this program during the Company’s fiscal third quarter of 2023.
(3) Comprised of shares acquired by the Company from employees to satisfy income tax withholding obligations in connection with the vesting of previous equity awards.
41
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None

ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5. OTHER INFORMATION
During the three months ended October 1, 2023, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.


42
ITEM 6. EXHIBITS
The following exhibits are filed or furnished with this report:
Exhibit NumberDescription of Exhibit
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document – The Instance Document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.
101.LABXBRL Taxonomy Extension Label Linkbase Document.
101.PREXBRL Taxonomy Presentation Linkbase Document.
101.DEFXBRL Taxonomy Definition Linkbase Document.
104
The cover page from this Quarterly Report on Form 10-Q for the quarter ended October 1, 2023, formatted in Inline XBRL

43
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INTERFACE, INC.
Date: November 7, 2023By:/s/  Bruce A. Hausmann
Bruce A. Hausmann
Chief Financial Officer
(Principal Financial Officer)
44

Exhibit 31.1 
CERTIFICATION 
I, Laurel M. Hurd, certify that: 
1.I have reviewed this quarterly report on Form 10-Q of Interface, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2023
/s/ Laurel M. Hurd
Laurel M. Hurd
Chief Executive Officer


Exhibit 31.2
CERTIFICATION
I, Bruce A. Hausmann, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Interface, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
  
Date: November 7, 2023 
 /s/ Bruce A. Hausmann
 Bruce A. Hausmann
 Chief Financial Officer



Exhibit 32.1
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
 
I, Laurel M. Hurd, Chief Executive Officer of Interface, Inc. (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended October 1, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
  
Date: November 7, 2023 
 /s/ Laurel M. Hurd
 Laurel M. Hurd
 Chief Executive Officer



Exhibit 32.2
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
 
I, Bruce A. Hausmann, Chief Financial Officer of Interface, Inc. (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended October 1, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
  
Date: November 7, 2023 
 /s/ Bruce A. Hausmann
 Bruce A. Hausmann
 Chief Financial Officer


v3.23.3
Document and Entity Information - shares
 9 Months Ended
Oct. 01, 2023
Nov. 02, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 01, 2023  
Document Transition Report false  
Entity File Number 001-33994  
Entity Registrant Name INTERFACE INC  
Entity Incorporation, State or Country Code GA  
Entity Tax Identification Number 58-1451243  
Entity Address, Address Line One 1280 West Peachtree Street  
Entity Address, City or Town Atlanta  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30309  
City Area Code 770  
Local Phone Number 437-6800  
Title of 12(b) Security Common Stock, $0.10 Par Value Per Share  
Trading Symbol TILE  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   58,106,975
Entity Central Index Key 0000715787  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2023  
v3.23.3
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Current assets    
Cash and cash equivalents $ 119,633 $ 97,564
Accounts receivable, net 143,884 182,807
Inventories, net 289,320 306,327
Prepaid expenses and other current assets 33,003 30,339
Total current assets 585,840 617,037
Property, plant and equipment, net 282,401 297,976
Operating lease right-of-use assets 75,604 81,644
Deferred tax asset 16,263 17,767
Goodwill and intangibles, net 156,487 162,195
Other assets 85,046 89,884
Total assets 1,201,641 1,266,503
Current liabilities    
Accounts payable 75,602 78,264
Accrued expenses 115,266 120,138
Current portion of operating lease liabilities 10,829 11,857
Current portion of long-term debt 8,492 10,211
Total current liabilities 210,189 220,470
Long-term debt 435,899 510,003
Operating lease liabilities 67,554 72,305
Deferred income taxes 37,052 38,662
Other long-term liabilities 63,383 63,526
Total liabilities 814,077 904,966
Commitments and contingencies
Shareholders’ equity    
Preferred stock, par value $1.00 per share; 5,000 shares authorized; none issued or outstanding at October 1, 2023 and January 1, 2023 0 0
Common stock, par value $0.10 per share; 120,000 shares authorized; 58,107 and 58,106 shares issued and outstanding at October 1, 2023 and January 1, 2023, respectively 5,811 5,811
Additional paid-in capital 249,979 244,159
Retained earnings 301,859 278,639
Accumulated other comprehensive loss – foreign currency translation (141,660) (138,775)
Accumulated other comprehensive loss – cash flow hedge 0 (749)
Accumulated other comprehensive loss – pension liability (28,425) (27,548)
Total shareholders’ equity 387,564 361,537
Total liabilities and shareholders’ equity $ 1,201,641 $ 1,266,503
v3.23.3
Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Income Statement [Abstract]        
Net sales $ 311,006 $ 327,757 $ 936,380 $ 962,364
Cost of sales 200,748 218,972 618,463 630,074
Gross profit 110,258 108,785 317,917 332,290
Selling, general and administrative expenses 79,273 80,848 251,049 240,711
Restructuring, asset impairment, other (gains) and charges 0 (105) (2,502) 1,592
Operating income 30,985 28,042 69,370 89,987
Interest expense 8,163 7,747 24,986 21,787
Other expense, net 6,702 124 7,674 1,688
Income before income tax expense 16,120 20,171 36,710 66,512
Income tax expense 6,241 6,106 11,748 22,336
Net income $ 9,879 $ 14,065 $ 24,962 $ 44,176
Earnings per share – basic (in dollars per share) $ 0.17 $ 0.24 $ 0.43 $ 0.75
Earnings per share – diluted (in dollars per share) $ 0.17 $ 0.24 $ 0.43 $ 0.75
Common shares outstanding – basic (in shares) 58,107 58,681 58,087 59,099
Common shares outstanding – diluted (in shares) 58,342 58,681 58,233 59,099
v3.23.3
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 9,879 $ 14,065 $ 24,962 $ 44,176
Other comprehensive loss, after tax:        
Foreign currency translation adjustment (9,176) (36,800) (2,885) (86,654)
Reclassification from accumulated other comprehensive loss – discontinued cash flow hedge 150 492 749 1,673
Pension liability adjustment 202 3,393 (877) 8,774
Other comprehensive loss (8,824) (32,915) (3,013) (76,207)
Comprehensive income (loss) $ 1,055 $ (18,850) $ 21,949 $ (32,031)
v3.23.3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
OPERATING ACTIVITIES:    
Net income $ 24,962 $ 44,176
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 30,591 30,661
Share-based compensation expense 7,334 6,679
Gain on disposal of property, plant and equipment, net (2,531) 0
Loss on foreign subsidiary liquidation 6,221 0
Deferred income taxes and other (671) 13,616
Amortization of acquired intangible assets 3,886 3,817
Working capital changes:    
Accounts receivable 37,396 (8,860)
Inventories 14,135 (71,487)
Prepaid expenses and other current assets (2,842) 2,321
Accounts payable and accrued expenses (4,264) (6,040)
Cash provided by operating activities 114,217 14,883
INVESTING ACTIVITIES:    
Capital expenditures (17,238) (13,314)
Proceeds from sale of property, plant and equipment 6,593 0
Cash used in investing activities (10,645) (13,314)
FINANCING ACTIVITIES:    
Repayments of long-term debt (149,738) (151,662)
Borrowing of long-term debt 74,000 159,363
Tax withholding payments for share-based compensation (1,514) (398)
Repurchase of common stock 0 (14,451)
Dividends paid (1,742) (1,773)
Finance lease payments (1,853) (1,535)
Cash used in financing activities (80,847) (10,456)
Net cash provided by (used in) operating, investing and financing activities 22,725 (8,887)
Effect of exchange rate changes on cash (656) (8,916)
CASH AND CASH EQUIVALENTS:    
Net increase (decrease) 22,069 (17,803)
Balance, beginning of period 97,564 97,252
Balance, end of period $ 119,633 $ 79,449
v3.23.3
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares
Oct. 01, 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) 58,107,000 58,106,000
Common stock, shares outstanding (in shares) 58,107,000 58,106,000
v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Oct. 01, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
References in this Quarterly Report on Form 10-Q to “Interface,” “the Company,” “we,” “our,” “ours” and “us” refer to Interface, Inc. and its subsidiaries or any of them, unless the context requires otherwise.
As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 1, 2023, as filed with the Commission.
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature unless otherwise disclosed. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 1, 2023, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”).
The nine-month periods ended October 1, 2023 and October 2, 2022, both include 39 weeks. The three-month periods ended October 1, 2023 and October 2, 2022, both include 13 weeks.
Risks and Uncertainties
Global economic challenges, including the impacts of the Russia-Ukraine and Israel-Hamas wars, inflation and supply chain disruptions could cause economic uncertainty and volatility. The Company considered these impacts and subsequent general uncertainties and volatility in the global economy on the assumptions and estimates used herein. In connection with the Cyber Event discussed below, 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. These uncertainties could result in a future material adverse effect to the amounts reported within the Company’s consolidated condensed financial statements if actual results differ from these estimates.
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 substantially completed early in the third quarter of 2023.
Recently Adopted Accounting Pronouncements
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 is effective upon issuance. The adoption of this ASU is not expected to 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 is 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.
Risks and Uncertainties Risks and UncertaintiesGlobal economic challenges, including the impacts of the Russia-Ukraine and Israel-Hamas wars, inflation and supply chain disruptions could cause economic uncertainty and volatility. The Company considered these impacts and subsequent general uncertainties and volatility in the global economy on the assumptions and estimates used herein. In connection with the Cyber Event discussed below, 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. These uncertainties could result in a future material adverse effect to the amounts reported within the Company’s consolidated condensed financial statements if actual results differ from these estimates.
v3.23.3
Revenue Recognition
 9 Months Ended
Oct. 01, 2023
Revenues [Abstract]  
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 the three and nine months ended October 1, 2023 and October 2, 2022 is as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Revenue from the sale of flooring material
98 %96 %98 %97 %
Revenue from installation of flooring material
2 %4 %2 %3 %

Disaggregation of Revenue
For the three and nine months ended October 1, 2023 and October 2, 2022, revenue from the Company’s customers is broken down by geography as follows:
Three Months EndedNine Months Ended
GeographyOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
Americas57.3 %59.4 %58.6 %57.9 %
Europe30.3 %28.2 %30.0 %29.3 %
Asia-Pacific12.4 %12.4 %11.4 %12.8 %
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 11 entitled “Segment Information” for additional information.
v3.23.3
Inventories
 9 Months Ended
Oct. 01, 2023
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are summarized as follows:
October 1, 2023January 1, 2023
(in thousands)
Finished goods$207,885 $209,478 
Work-in-process19,103 15,463 
Raw materials62,332 81,386 
Inventories, net$289,320 $306,327 
v3.23.3
Earnings Per Share
 9 Months Ended
Oct. 01, 2023
Earnings Per Share [Abstract]  
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:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands, except per share data)
Numerator:
Net income$9,879 $14,065 $24,962 $44,176 
Less: distributed and undistributed earnings available to participating securities(117)(246)(327)(716)
Distributed and undistributed earnings available to common shareholders$9,762 $13,819 $24,635 $43,460 
 
Denominator:
Weighted average shares outstanding57,420 57,656 57,326 58,139 
Participating securities687 1,025 761 960 
Shares for basic EPS58,107 58,681 58,087 59,099 
Dilutive effect of non-participating securities235 — 146 — 
Shares for diluted EPS58,342 58,681 58,233 59,099 
 
Basic EPS$0.17 $0.24 $0.43 $0.75 
Diluted EPS$0.17 $0.24 $0.43 $0.75 
For both the three and nine months ended October 1, 2023, 855,785 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 periods.
v3.23.3
Long-Term Debt
 9 Months Ended
Oct. 01, 2023
Debt Disclosure [Abstract]  
Long-Term Debt LONG-TERM DEBT
Long-term debt consisted of the following:
October 1, 2023January 1, 2023
Outstanding Principal
Interest Rate(1)
Outstanding Principal
Interest Rate(1)
(in thousands)(in thousands)
Syndicated Credit Facility:
Revolving loan borrowings$5,895 7.33 %$24,250 5.29 %
Term loan borrowings143,361 6.63 %202,082 5.84 %
Total borrowings under Syndicated Credit Facility149,256 6.66 %226,332 5.78 %
5.50% Senior Notes due 2028300,000 5.50 %300,000 5.50 %
 
Total debt449,256 526,332 
Less: Unamortized debt issuance costs(4,865)(6,118)
 
Total debt, net444,391 520,214 
Less: Current portion of long-term debt(8,492)(10,211)
 
Total long-term debt, net$435,899 $510,003 
(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 Syndicated Credit Facility (the “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. Interest on base rate loans is charged at varying rates computed by applying a margin 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 and fees for letters of credit are charged at varying rates computed by applying a margin 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 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.
As of both October 1, 2023 and January 1, 2023, the Company had $1.6 million in letters of credit outstanding under the Facility.
As of both October 1, 2023 and January 1, 2023, the carrying value of the Company’s borrowings under the Facility approximated its fair value as the Facility bears interest rates that are similar to existing market rates. The fair value of borrowings under the Facility is estimated using observable market rates and is considered Level 2 within the fair value hierarchy.
Under the Facility, the Company is required to make quarterly amortization payments of the term loan borrowings, which 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
The 5.50% Senior Notes due 2028 (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.
As of October 1, 2023, the estimated fair value of the Senior Notes was $258.8 million, compared with a carrying value recorded in the Company’s consolidated condensed balance sheet of $296.3 million ($300.0 million excluding $3.7 million of unamortized debt issuance costs). The fair value of the Senior Notes is derived using quoted prices for similar instruments and is considered Level 2 within the fair value hierarchy.
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.
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. As these fees are expensed over the life of the outstanding borrowing, the debt balance will increase by the same amount as the fees that are expensed. As of October 1, 2023 and January 1, 2023, the unamortized debt issuance costs recorded as a reduction of long-term debt were $4.9 million and $6.1 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 $1.5 million and $1.8 million as of October 1, 2023 and January 1, 2023, respectively. These amounts are included in other assets in the Company’s consolidated condensed balance sheets. The Company amortizes these costs over the life of the related debt.
v3.23.3
Derivative Instruments
 9 Months Ended
Oct. 01, 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 condensed 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 14 entitled “Items Reclassified From Accumulated Other Comprehensive Loss” for additional information.
As of October 1, 2023, all amounts related to the terminated interest rate swaps have been recognized in the consolidated condensed 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.
v3.23.3
Shareholders' Equity
 9 Months Ended
Oct. 01, 2023
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 October 1, 2023 and October 2, 2022:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 1, 202358,106 $5,811 $244,159 $278,639 $(27,548)$(138,775)$(749)
Net loss— — — (714)— — — 
Issuances of stock related to performance shares79 8 (8)— — — — 
Cash dividends declared, $0.01 per common share
— — — (580)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(132)(14)1,850 — — — — 
Pension liability adjustment— — — — (279)— — 
Foreign currency translation adjustment— — — — — 4,930 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 299 
Balance, at April 2, 202358,053 $5,805 $246,001 $277,345 $(27,827)$(133,845)$(450)
Net income— — — 15,797 — — — 
Issuances of stock related to restricted share units and performance shares5 1 (1)— — — — 
Restricted stock issuances102 10 697 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (708)— — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(48)(5)1,808 — — — — 
Pension liability adjustment— — — — (800)— — 
Foreign currency translation adjustment— — — — — 1,361 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 300 
Balance, at July 2, 202358,112 $5,811 $247,797 $292,561 $(28,627)$(132,484)$(150)
Net income— — — 9,879 — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(5)— 2,182 — — — — 
Pension liability adjustment— — — — 202 — — 
Foreign currency translation adjustment— — — — — (9,176)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 150 
Balance, at October 1, 202358,107 $5,811 $249,979 $301,859 $(28,425)$(141,660)$— 
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 2, 202259,055 $5,905 $253,110 $261,434 $(53,888)$(100,441)$(2,722)
Net income— — — 13,293 — — — 
Restricted stock issuances303 30 3,966 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (3,996)— — — — 
Cash dividends declared, $0.01 per common share
— — — (592)— — — 
Compensation expense related to share-based plans, net of shares received for tax withholdings(30)(2)1,787 — — — — 
Pension liability adjustment— — — — 1,539 — — 
Foreign currency translation adjustment— — — — — (13,184)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 641 
Balance, at April 3, 202259,328 $5,933 $254,867 $274,135 $(52,349)$(113,625)$(2,081)
Net income— — — 16,818 — — — 
Restricted stock issuances198 20 2,533 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (2,553)— — — — 
Cash dividends declared, $0.01 per common share
— — — (595)— — — 
Compensation expense related to share-based plans, net of forfeitures(14)(1)2,145 — — — — 
Share repurchases(415)(42)(5,540)— — — — 
Pension liability adjustment— — — — 3,842 — — 
Foreign currency translation adjustment— — — — — (36,670)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 540 
Balance, at July 3, 202259,097 $5,910 $251,452 $290,358 $(48,507)$(150,295)$(1,541)
Net income— — — 14,065 — — — 
Cash dividends declared, $0.01 per common share
— — — (586)— — — 
Compensation expense related to share-based plans, net of forfeitures(16)(2)2,353 — — — — 
Share repurchases(711)(71)(8,798)— — — — 
Pension liability adjustment— — — — 3,393 — — 
Foreign currency translation adjustment— — — — — (36,800)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 492 
Balance, at October 2, 202258,370 $5,837 $245,007 $303,837 $(45,114)$(187,095)$(1,049)
Repurchase of Common Stock
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 during the nine months ended October 1, 2023. During the nine months ended October 2, 2022, the Company repurchased 1,126,176 shares of common stock at a weighted average price of $12.83 per share pursuant to this program.
Restricted Stock Awards
During the nine months ended October 1, 2023, the Company granted restricted stock awards for 102,300 shares of common stock. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a one to three-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. For certain restricted stock 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.
Compensation expense related to restricted stock grants was $3.4 million and $4.0 million for the nine months ended October 1, 2023 and October 2, 2022, respectively. The Company has reduced its expense for any restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 20231,006,400 $13.91 
Granted102,300 6.92 
Vested(405,100)14.43 
Forfeited or canceled(16,800)13.60 
Outstanding at October 1, 2023686,800 $12.56 
As of October 1, 2023, the unrecognized total compensation cost related to unvested restricted stock was $2.8 million. That cost is expected to be recognized by the first quarter of 2025.
Restricted Share Unit Awards
During the nine months ended October 1, 2023, the Company granted awards for 596,200 restricted share units to certain employees pursuant to the Company’s 2020 Omnibus Stock Incentive Plan. 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 two to three-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.
The Company recognizes expense related to restricted share unit grants based on the grant date fair value of the units awarded, as determined by the market price of the Company’s common stock at date of grant. The expense is captured in selling, general and administrative expenses in the consolidated condensed statements of operations, which is consistent with the classification of expense for other share-based awards. The Company has elected to recognize compensation expense on a straight-line basis over the requisite service period for the entire award for awards with a graded vesting schedule.
Compensation expense related to the restricted share units was $1.5 million for the nine months ended October 1, 2023. The Company reduces its expense for any restricted share units forfeited during the period. Grants of restricted share units are made primarily to executive-level personnel at the Company and, as a result, no compensation costs have been capitalized.
The following table summarizes restricted share units outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted Share UnitsWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023— $— 
Granted596,200 10.36 
Vested(2,100)10.80 
Forfeited or canceled(10,700)10.80 
Outstanding at October 1, 2023583,400 $10.35 
As of October 1, 2023, the unrecognized total compensation cost related to unvested restricted share units was $4.6 million. That cost is expected to be recognized by the end of 2026.
Performance Share Awards
During the nine months ended October 1, 2023, 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 one 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 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 October 1, 2023, as well as the activity during the nine months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023923,600 $13.91 
Granted467,500 10.79 
Vested(82,300)15.11 
Forfeited or canceled(193,800)14.79 
Outstanding at October 1, 20231,115,000 $12.36 
Compensation expense related to the performance shares was $2.4 million and $2.7 million for the nine months ended October 1, 2023 and October 2, 2022, 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 $7.3 million as of October 1, 2023. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the first quarter of 2026.
The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was approximately $0.7 million for the nine months ended October 1, 2023.
v3.23.3
Leases
 9 Months Ended
Oct. 01, 2023
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.
The Company records a right-of-use asset and lease liability for leases extending beyond one year for operating and finance leases once a contract that contains a lease is executed and we have 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 was the Company’s incremental borrowing rate for the applicable geographical region.
As of October 1, 2023, there were no significant leases that had not commenced.
The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 1, 2023 and January 1, 2023:
October 1, 2023January 1, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$75,604 $81,644 
 
Current portion of operating lease liabilities$10,829 $11,857 
Operating lease liabilities67,554 72,305 
Total operating lease liabilities$78,383 $84,162 
 
Property, plant and equipment, net$6,406 $5,845 
 
Accrued expenses$2,256 $2,101 
Other long-term liabilities4,534 4,138 
Total finance lease liabilities$6,790 $6,239 
Lease Costs
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$696 $581 $2,056 $1,636 
Interest on lease liabilities79 45 224 115 
Operating lease cost4,740 4,743 14,141 14,310 
Short-term lease cost187 204 934 642 
Variable lease cost583 614 1,924 2,012 
Total lease cost$6,285 $6,187 $19,279 $18,715 
Other Supplemental Information
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$60 $35 $167 $88 
Operating cash flows from operating leases4,130 4,406 12,771 13,854 
Financing cash flows from finance leases545 525 1,853 1,535 
Right-of-use assets obtained in exchange for new finance lease liabilities1,414 182 2,450 2,525 
Right-of-use assets obtained (adjusted) in exchange for new (remeasured) operating lease liabilities
236 (734)4,199 6,089 
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 October 1, 2023 and January 1, 2023:
 October 1, 2023January 1, 2023
Weighted-average remaining lease term – finance leases (in years)3.763.82
Weighted-average remaining lease term – operating leases (in years)8.779.29
Weighted-average discount rate – finance leases5.16 %3.79 %
Weighted-average discount rate – operating leases5.99 %5.89 %
Maturity Analysis
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2023 (excluding the nine months ended October 1, 2023)
$2,733 $569 
202414,999 2,518 
202513,069 1,733 
202612,767 1,202 
202710,246 868 
Thereafter48,882 662 
Total future minimum lease payments (undiscounted)102,696 7,552 
Less: Present value discount(24,313)(762)
Total lease liability$78,383 $6,790 
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.
The Company records a right-of-use asset and lease liability for leases extending beyond one year for operating and finance leases once a contract that contains a lease is executed and we have 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 was the Company’s incremental borrowing rate for the applicable geographical region.
As of October 1, 2023, there were no significant leases that had not commenced.
The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 1, 2023 and January 1, 2023:
October 1, 2023January 1, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$75,604 $81,644 
 
Current portion of operating lease liabilities$10,829 $11,857 
Operating lease liabilities67,554 72,305 
Total operating lease liabilities$78,383 $84,162 
 
Property, plant and equipment, net$6,406 $5,845 
 
Accrued expenses$2,256 $2,101 
Other long-term liabilities4,534 4,138 
Total finance lease liabilities$6,790 $6,239 
Lease Costs
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$696 $581 $2,056 $1,636 
Interest on lease liabilities79 45 224 115 
Operating lease cost4,740 4,743 14,141 14,310 
Short-term lease cost187 204 934 642 
Variable lease cost583 614 1,924 2,012 
Total lease cost$6,285 $6,187 $19,279 $18,715 
Other Supplemental Information
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$60 $35 $167 $88 
Operating cash flows from operating leases4,130 4,406 12,771 13,854 
Financing cash flows from finance leases545 525 1,853 1,535 
Right-of-use assets obtained in exchange for new finance lease liabilities1,414 182 2,450 2,525 
Right-of-use assets obtained (adjusted) in exchange for new (remeasured) operating lease liabilities
236 (734)4,199 6,089 
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 October 1, 2023 and January 1, 2023:
 October 1, 2023January 1, 2023
Weighted-average remaining lease term – finance leases (in years)3.763.82
Weighted-average remaining lease term – operating leases (in years)8.779.29
Weighted-average discount rate – finance leases5.16 %3.79 %
Weighted-average discount rate – operating leases5.99 %5.89 %
Maturity Analysis
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2023 (excluding the nine months ended October 1, 2023)
$2,733 $569 
202414,999 2,518 
202513,069 1,733 
202612,767 1,202 
202710,246 868 
Thereafter48,882 662 
Total future minimum lease payments (undiscounted)102,696 7,552 
Less: Present value discount(24,313)(762)
Total lease liability$78,383 $6,790 
v3.23.3
Employee Benefit Plans
 9 Months Ended
Oct. 01, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
During the three and nine months ended October 1, 2023, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.7 million and $2.0 million, respectively. During the three and nine months ended October 2, 2022, the Company recorded multi-employer pension expense related to multi-employer contributions of $0.5 million and $1.8 million, respectively.
The following tables provide the components of net periodic benefit cost for the three and nine months ended October 1, 2023 and October 2, 2022:
Three Months EndedNine Months Ended
Defined Benefit Retirement Plans (Europe)
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$1,791 $801 $5,304 $2,574 
Expected return on plan assets(2,030)(924)(6,009)(2,973)
Amortization of prior service cost30 27 89 89 
Amortization of net actuarial losses229 240 680 771 
Net periodic benefit cost$20 $144 $64 $461 
Three Months EndedNine Months Ended
Salary Continuation PlanOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$284 $193 $851 $579 
Amortization of net actuarial losses49 139 146 418 
Net periodic benefit cost$333 $332 $997 $997 
Three Months EndedNine Months Ended
nora Defined Benefit Plan
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Service cost$116 $200 $345 $636 
Interest cost275 98 822 313 
Amortization of net actuarial (gains) losses(110)44 (330)142 
Net periodic benefit cost$281 $342 $837 $1,091 
In accordance with applicable accounting standards, the service cost component of net periodic benefit costs is presented within operating income in the consolidated condensed statements of operations, while all other components of net periodic benefit costs are presented within other expense, net, in the consolidated condensed statements of operations.
v3.23.3
Goodwill and Intangible Assets
 9 Months Ended
Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
The ending balance and the change in the carrying amount of goodwill for the nine months ended October 1, 2023, are as follows:
Goodwill(1)
(in thousands)
Balance, at January 1, 2023$102,417 
Foreign currency translation(2)
(1,193)
Balance, at October 1, 2023$101,224 
(1) The goodwill balance is allocated entirely to the AMS reportable segment. All goodwill allocated to the EAAA reportable segment was previously written off as a result of impairment charges.
(2) A portion of the goodwill balance is comprised of goodwill denominated in foreign currency attributable to the nora acquisition.
The net carrying value of intangible assets other than goodwill was $55.3 million and $59.8 million at October 1, 2023 and January 1, 2023, respectively.
v3.23.3
Segment Information
 9 Months Ended
Oct. 01, 2023
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, and restructuring, asset impairment, severance, and other, net. Intersegment revenues for the three and nine months ended October 1, 2023, were $25.0 million and $72.3 million, respectively, and intersegment revenues for the three and nine months ended October 2, 2022, were $19.7 million and $56.4 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 the three and nine months ended October 1, 2023 and October 2, 2022, is presented in the following table:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Net sales
AMS$178,194 $194,449 $548,716 $557,768 
EAAA132,812 133,308 387,664 404,596 
Total net sales$311,006 $327,757 $936,380 $962,364 
 
Segment AOI
AMS$23,318 $24,975 $58,621 $74,502 
EAAA 9,049 6,273 16,805 25,908 
 
Depreciation and amortization
AMS$4,640 $4,344 $13,457 $12,585 
EAAA5,805 5,481 17,134 18,076 
Total depreciation and amortization$10,445 $9,825 $30,591 $30,661 
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
October 1, 2023January 1, 2023
(in thousands)
Assets
AMS$587,424 $588,110 
EAAA637,825 652,921 
Total segment assets1,225,249 1,241,031 
Corporate assets101,224 110,495 
Eliminations(124,832)(85,023)
Total reported assets$1,201,641 $1,266,503 
Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
AMS operating income$23,530 $24,955 $56,997 $74,618 
EAAA operating income7,455 3,087 12,373 15,369 
Consolidated operating income30,985 28,042 69,370 89,987 
Interest expense8,163 7,747 24,986 21,787 
Other expense, net
6,702 124 7,674 1,688 
Income before income tax expense$16,120 $20,171 $36,710 $66,512 
Three Months Ended October 1, 2023Three Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$23,530 $7,455 $24,955 $3,087 
Purchase accounting amortization— 1,302 — 1,204 
Thailand plant closure inventory write-down— — — 477 
Cyber Event impact62 42 — — 
Restructuring, asset impairment, severance, and other, net
(274)250 20 1,505 
AOI$23,318 $9,049 $24,975 $6,273 
Nine Months Ended October 1, 2023Nine Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$56,997 $12,373 $74,618 $15,369 
Purchase accounting amortization— 3,886 — 3,817 
Thailand plant closure inventory write-down— — — 2,530 
Cyber Event impact554 415 — — 
Restructuring, asset impairment, severance, and other, net
1,070 131 (116)4,192 
AOI$58,621 $16,805 $74,502 $25,908 
v3.23.3
Supplemental Cash Flow Information
 9 Months Ended
Oct. 01, 2023
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information SUPPLEMENTAL CASH FLOW INFORMATION
Cash payments for interest amounted to $17.6 million and $13.7 million for the nine months ended October 1, 2023 and October 2, 2022, respectively. Income tax payments, net of refunds, amounted to $17.6 million and $11.5 million for the nine months ended October 1, 2023 and October 2, 2022, respectively.
See Note 8 entitled “Leases” for supplemental disclosures related to finance and operating leases.
v3.23.3
Income Taxes
 9 Months Ended
Oct. 01, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company determines its provision for income taxes for interim periods using an estimate of its annual effective tax rate (“AETR”) and records any changes affecting the estimated AETR in the interim period in which the change occurs, including discrete tax items.
During the nine months ended October 1, 2023, the Company recorded a total income tax provision of $11.7 million on pre-tax income of $36.7 million resulting in an effective tax rate of 32.0%, as compared to a total income tax provision of $22.3 million on pre-tax income of $66.5 million resulting in an effective tax rate of 33.6% during the nine months ended October 2, 2022. The decrease in the effective tax rate for the period ended October 1, 2023, as compared to the period ended October 2, 2022, was primarily due to favorable changes related to the cash surrender value of Company-owned life insurance, non-recurring non-deductible charges related to the closure of the Company’s manufacturing facility in Thailand incurred in the first nine months of 2022, and favorable changes related to foreign exchange movements. This decrease was partially offset by a non-recurring favorable change to unrecognized tax benefits in the period ended October 2, 2022, non-deductible charges related to the substantial liquidation of subsidiaries in Brazil and Russia in the period ended October 1, 2023, and an increase in the valuation allowance on interest carryforwards.
In the first nine months of 2023, the Company decreased its liability for unrecognized tax benefits by $0.3 million. As of October 1, 2023, the Company had accrued approximately $5.4 million for unrecognized tax benefits. In accordance with applicable accounting standards, the Company’s deferred tax asset as of October 1, 2023, reflects a reduction for $2.8 million of these unrecognized tax benefits.
Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including the progress of tax audits and the closing of statutes of limitations. Based on information currently available, it is reasonably possible that approximately $0.5 million of unrecognized tax benefits may be recognized within the next 12 months, of which $0.5 million would result in a favorable impact to the effective tax rate.
v3.23.3
Items Reclassified from Accumulated Other Comprehensive Loss
 9 Months Ended
Oct. 01, 2023
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 condensed statements of operations during the three and nine months ended October 1, 2023 and October 2, 2022, are reflected in the tables below:
Three Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(196)(645)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(198)(450)
Total loss reclassified from AOCI$(6,615)$(1,095)
Nine Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(982)(2,416)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(585)(1,420)
Total loss reclassified from AOCI$(7,788)$(3,836)
(1) The Company’s foreign subsidiaries in Russia and Brazil were substantially liquidated during the three months ended October 1, 2023, and the cumulative foreign currency translation losses associated with these entities were recognized in the consolidated condensed statements of operations. The tax impact of the cumulative foreign currency translation reclassification is approximately $1.1 million.
v3.23.3
Restructuring and Other
 9 Months Ended
Oct. 01, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Other RESTRUCTURING AND OTHER
Restructuring, asset impairment, other (gains) and charges were as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Restructuring, asset impairment, other (gains) and charges(1)
$— $(105)$(2,502)$1,592 
(1) Restructuring, asset impairment, other (gains) and charges are attributable to the EAAA reportable segment.
2021 Restructuring Plan
On September 8, 2021, the Company committed to a new 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:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Estimated expected charges(1)
$2,281 $474 $3,295 $6,050 
Cumulative charges incurred to date(1)
2,281 474 3,295 6,050 
(1) Charges are attributable to the EAAA reportable segment.
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated condensed balance sheets, for the 2021 restructuring plan is presented below:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Balance, at January 1, 2023$277 $179 $— $456 
Charged to expenses23 (19)174 178 
Deductions(300)(160)— (460)
Charged to other accounts— — (174)(174)
Balance, at October 1, 2023$— $— $— $— 
The Company recognized a gain of $2.7 million on the sale of the Thailand facility during the second quarter of 2023. See Note 16 entitled “Assets Disposed” for additional information.
In addition, during the nine months ended October 2, 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 condensed statements of operations.
The Company completed the 2021 restructuring plan in the second quarter of 2023, following the sale of the Thailand manufacturing facility, as described in Note 16 entitled “Assets Disposed,” and expects the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings was realized on the consolidated condensed statements of operations in fiscal year 2022, with the remaining portion of the annualized savings expected to be realized in fiscal year 2023.
v3.23.3
Assets Disposed
 9 Months Ended
Oct. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Assets Disposed 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 15 entitled “Restructuring and Other” for additional information.
During the second quarter of 2023, the Company completed the sale of the Thailand manufacturing 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 condensed 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.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Oct. 01, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
From time to time, we are a party to legal proceedings, whether arising in the ordinary course of business or otherwise. See disclosure under the headings “Lawsuit by Former CEO in Connection with Termination” and “Putative Class Action Lawsuit” set forth in Note 18 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended January 1, 2023.
In the lawsuit by the former CEO, 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. The Company believes Mr. Gould’s lawsuit and the appeal therefrom is without merit and intends to defend vigorously against it.
In the putative class action, the Court preliminarily approved a settlement of the lawsuit for $7.5 million, and the Company’s insurers funded the settlement amount into escrow. As a result, in the second quarter of 2023, the Company reversed the $7.5 million asset and liability that were previously recorded in the first quarter of 2023. Putative class member proofs of claims were due by September 13, 2023, and in a hearing on October 19, 2023, the Court approved the final settlement of the action.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Pay vs Performance Disclosure        
Net income $ 9,879 $ 14,065 $ 24,962 $ 44,176
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Oct. 01, 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
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Oct. 01, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
References in this Quarterly Report on Form 10-Q to “Interface,” “the Company,” “we,” “our,” “ours” and “us” refer to Interface, Inc. and its subsidiaries or any of them, unless the context requires otherwise.
As contemplated by the Securities and Exchange Commission (the “Commission”) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended January 1, 2023, as filed with the Commission.
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the financial information included in this report contains all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature unless otherwise disclosed. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The January 1, 2023, consolidated condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”).
The nine-month periods ended October 1, 2023 and October 2, 2022, both include 39 weeks. The three-month periods ended October 1, 2023 and October 2, 2022, both include 13 weeks.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
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 is effective upon issuance. The adoption of this ASU is not expected to 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 is 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.
v3.23.3
Revenue Recognition (Tables)
 9 Months Ended
Oct. 01, 2023
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 the three and nine months ended October 1, 2023 and October 2, 2022 is as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Revenue from the sale of flooring material
98 %96 %98 %97 %
Revenue from installation of flooring material
2 %4 %2 %3 %
Disaggregation of Revenue
For the three and nine months ended October 1, 2023 and October 2, 2022, revenue from the Company’s customers is broken down by geography as follows:
Three Months EndedNine Months Ended
GeographyOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
Americas57.3 %59.4 %58.6 %57.9 %
Europe30.3 %28.2 %30.0 %29.3 %
Asia-Pacific12.4 %12.4 %11.4 %12.8 %
v3.23.3
Inventories (Tables)
 9 Months Ended
Oct. 01, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are summarized as follows:
October 1, 2023January 1, 2023
(in thousands)
Finished goods$207,885 $209,478 
Work-in-process19,103 15,463 
Raw materials62,332 81,386 
Inventories, net$289,320 $306,327 
v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Oct. 01, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following table shows the computation of basic and diluted EPS:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands, except per share data)
Numerator:
Net income$9,879 $14,065 $24,962 $44,176 
Less: distributed and undistributed earnings available to participating securities(117)(246)(327)(716)
Distributed and undistributed earnings available to common shareholders$9,762 $13,819 $24,635 $43,460 
 
Denominator:
Weighted average shares outstanding57,420 57,656 57,326 58,139 
Participating securities687 1,025 761 960 
Shares for basic EPS58,107 58,681 58,087 59,099 
Dilutive effect of non-participating securities235 — 146 — 
Shares for diluted EPS58,342 58,681 58,233 59,099 
 
Basic EPS$0.17 $0.24 $0.43 $0.75 
Diluted EPS$0.17 $0.24 $0.43 $0.75 
v3.23.3
Long-Term Debt (Tables)
 9 Months Ended
Oct. 01, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt consisted of the following:
October 1, 2023January 1, 2023
Outstanding Principal
Interest Rate(1)
Outstanding Principal
Interest Rate(1)
(in thousands)(in thousands)
Syndicated Credit Facility:
Revolving loan borrowings$5,895 7.33 %$24,250 5.29 %
Term loan borrowings143,361 6.63 %202,082 5.84 %
Total borrowings under Syndicated Credit Facility149,256 6.66 %226,332 5.78 %
5.50% Senior Notes due 2028300,000 5.50 %300,000 5.50 %
 
Total debt449,256 526,332 
Less: Unamortized debt issuance costs(4,865)(6,118)
 
Total debt, net444,391 520,214 
Less: Current portion of long-term debt(8,492)(10,211)
 
Total long-term debt, net$435,899 $510,003 
(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.
v3.23.3
Shareholders' Equity (Tables)
 9 Months Ended
Oct. 01, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Shareholders' Equity
The following tables depict the activity in the accounts which make up shareholders’ equity for the nine months ended October 1, 2023 and October 2, 2022:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 1, 202358,106 $5,811 $244,159 $278,639 $(27,548)$(138,775)$(749)
Net loss— — — (714)— — — 
Issuances of stock related to performance shares79 8 (8)— — — — 
Cash dividends declared, $0.01 per common share
— — — (580)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(132)(14)1,850 — — — — 
Pension liability adjustment— — — — (279)— — 
Foreign currency translation adjustment— — — — — 4,930 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 299 
Balance, at April 2, 202358,053 $5,805 $246,001 $277,345 $(27,827)$(133,845)$(450)
Net income— — — 15,797 — — — 
Issuances of stock related to restricted share units and performance shares5 1 (1)— — — — 
Restricted stock issuances102 10 697 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (708)— — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(48)(5)1,808 — — — — 
Pension liability adjustment— — — — (800)— — 
Foreign currency translation adjustment— — — — — 1,361 — 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 300 
Balance, at July 2, 202358,112 $5,811 $247,797 $292,561 $(28,627)$(132,484)$(150)
Net income— — — 9,879 — — — 
Cash dividends declared, $0.01 per common share
— — — (581)— — — 
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings(5)— 2,182 — — — — 
Pension liability adjustment— — — — 202 — — 
Foreign currency translation adjustment— — — — — (9,176)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 150 
Balance, at October 1, 202358,107 $5,811 $249,979 $301,859 $(28,425)$(141,660)$— 
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
(in thousands, except per share data)
Balance, at January 2, 202259,055 $5,905 $253,110 $261,434 $(53,888)$(100,441)$(2,722)
Net income— — — 13,293 — — — 
Restricted stock issuances303 30 3,966 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (3,996)— — — — 
Cash dividends declared, $0.01 per common share
— — — (592)— — — 
Compensation expense related to share-based plans, net of shares received for tax withholdings(30)(2)1,787 — — — — 
Pension liability adjustment— — — — 1,539 — — 
Foreign currency translation adjustment— — — — — (13,184)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 641 
Balance, at April 3, 202259,328 $5,933 $254,867 $274,135 $(52,349)$(113,625)$(2,081)
Net income— — — 16,818 — — — 
Restricted stock issuances198 20 2,533 — — — — 
Unrecognized compensation expense related to restricted stock awards— — (2,553)— — — — 
Cash dividends declared, $0.01 per common share
— — — (595)— — — 
Compensation expense related to share-based plans, net of forfeitures(14)(1)2,145 — — — — 
Share repurchases(415)(42)(5,540)— — — — 
Pension liability adjustment— — — — 3,842 — — 
Foreign currency translation adjustment— — — — — (36,670)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 540 
Balance, at July 3, 202259,097 $5,910 $251,452 $290,358 $(48,507)$(150,295)$(1,541)
Net income— — — 14,065 — — — 
Cash dividends declared, $0.01 per common share
— — — (586)— — — 
Compensation expense related to share-based plans, net of forfeitures(16)(2)2,353 — — — — 
Share repurchases(711)(71)(8,798)— — — — 
Pension liability adjustment— — — — 3,393 — — 
Foreign currency translation adjustment— — — — — (36,800)— 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 492 
Balance, at October 2, 202258,370 $5,837 $245,007 $303,837 $(45,114)$(187,095)$(1,049)
Schedule of Restricted Stock Outstanding and Activity
The following table summarizes restricted stock outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 20231,006,400 $13.91 
Granted102,300 6.92 
Vested(405,100)14.43 
Forfeited or canceled(16,800)13.60 
Outstanding at October 1, 2023686,800 $12.56 
Schedule of Restricted Share Units Outstanding and Activity
The following table summarizes restricted share units outstanding as of October 1, 2023, as well as activity during the nine months then ended:
Restricted Share UnitsWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023— $— 
Granted596,200 10.36 
Vested(2,100)10.80 
Forfeited or canceled(10,700)10.80 
Outstanding at October 1, 2023583,400 $10.35 
Schedule of Performance Shares Outstanding and Activity
The following table summarizes the performance shares outstanding as of October 1, 2023, as well as the activity during the nine months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023923,600 $13.91 
Granted467,500 10.79 
Vested(82,300)15.11 
Forfeited or canceled(193,800)14.79 
Outstanding at October 1, 20231,115,000 $12.36 
v3.23.3
Leases (Tables)
 9 Months Ended
Oct. 01, 2023
Leases [Abstract]  
Balance Sheet Information, Lessee
The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 1, 2023 and January 1, 2023:
October 1, 2023January 1, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$75,604 $81,644 
 
Current portion of operating lease liabilities$10,829 $11,857 
Operating lease liabilities67,554 72,305 
Total operating lease liabilities$78,383 $84,162 
 
Property, plant and equipment, net$6,406 $5,845 
 
Accrued expenses$2,256 $2,101 
Other long-term liabilities4,534 4,138 
Total finance lease liabilities$6,790 $6,239 
Schedule of Lease Costs
Lease Costs
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$696 $581 $2,056 $1,636 
Interest on lease liabilities79 45 224 115 
Operating lease cost4,740 4,743 14,141 14,310 
Short-term lease cost187 204 934 642 
Variable lease cost583 614 1,924 2,012 
Total lease cost$6,285 $6,187 $19,279 $18,715 
Other Supplemental Information, Lessee
Other Supplemental Information
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$60 $35 $167 $88 
Operating cash flows from operating leases4,130 4,406 12,771 13,854 
Financing cash flows from finance leases545 525 1,853 1,535 
Right-of-use assets obtained in exchange for new finance lease liabilities1,414 182 2,450 2,525 
Right-of-use assets obtained (adjusted) in exchange for new (remeasured) operating lease liabilities
236 (734)4,199 6,089 
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 October 1, 2023 and January 1, 2023:
 October 1, 2023January 1, 2023
Weighted-average remaining lease term – finance leases (in years)3.763.82
Weighted-average remaining lease term – operating leases (in years)8.779.29
Weighted-average discount rate – finance leases5.16 %3.79 %
Weighted-average discount rate – operating leases5.99 %5.89 %
Lease Liability Maturity Schedule
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2023 (excluding the nine months ended October 1, 2023)
$2,733 $569 
202414,999 2,518 
202513,069 1,733 
202612,767 1,202 
202710,246 868 
Thereafter48,882 662 
Total future minimum lease payments (undiscounted)102,696 7,552 
Less: Present value discount(24,313)(762)
Total lease liability$78,383 $6,790 
Lease Liability Maturity Schedule
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2023 (excluding the nine months ended October 1, 2023)
$2,733 $569 
202414,999 2,518 
202513,069 1,733 
202612,767 1,202 
202710,246 868 
Thereafter48,882 662 
Total future minimum lease payments (undiscounted)102,696 7,552 
Less: Present value discount(24,313)(762)
Total lease liability$78,383 $6,790 
v3.23.3
Employee Benefit Plans (Tables)
 9 Months Ended
Oct. 01, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The following tables provide the components of net periodic benefit cost for the three and nine months ended October 1, 2023 and October 2, 2022:
Three Months EndedNine Months Ended
Defined Benefit Retirement Plans (Europe)
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$1,791 $801 $5,304 $2,574 
Expected return on plan assets(2,030)(924)(6,009)(2,973)
Amortization of prior service cost30 27 89 89 
Amortization of net actuarial losses229 240 680 771 
Net periodic benefit cost$20 $144 $64 $461 
Three Months EndedNine Months Ended
Salary Continuation PlanOctober 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Interest cost$284 $193 $851 $579 
Amortization of net actuarial losses49 139 146 418 
Net periodic benefit cost$333 $332 $997 $997 
Three Months EndedNine Months Ended
nora Defined Benefit Plan
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Service cost$116 $200 $345 $636 
Interest cost275 98 822 313 
Amortization of net actuarial (gains) losses(110)44 (330)142 
Net periodic benefit cost$281 $342 $837 $1,091 
v3.23.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The ending balance and the change in the carrying amount of goodwill for the nine months ended October 1, 2023, are as follows:
Goodwill(1)
(in thousands)
Balance, at January 1, 2023$102,417 
Foreign currency translation(2)
(1,193)
Balance, at October 1, 2023$101,224 
(1) The goodwill balance is allocated entirely to the AMS reportable segment. All goodwill allocated to the EAAA reportable segment was previously written off as a result of impairment charges.
(2) A portion of the goodwill balance is comprised of goodwill denominated in foreign currency attributable to the nora acquisition.
v3.23.3
Segment Information (Tables)
 9 Months Ended
Oct. 01, 2023
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Segment information for the three and nine months ended October 1, 2023 and October 2, 2022, is presented in the following table:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Net sales
AMS$178,194 $194,449 $548,716 $557,768 
EAAA132,812 133,308 387,664 404,596 
Total net sales$311,006 $327,757 $936,380 $962,364 
 
Segment AOI
AMS$23,318 $24,975 $58,621 $74,502 
EAAA 9,049 6,273 16,805 25,908 
 
Depreciation and amortization
AMS$4,640 $4,344 $13,457 $12,585 
EAAA5,805 5,481 17,134 18,076 
Total depreciation and amortization$10,445 $9,825 $30,591 $30,661 
Reconciliation of Assets from Segment to Consolidated
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
October 1, 2023January 1, 2023
(in thousands)
Assets
AMS$587,424 $588,110 
EAAA637,825 652,921 
Total segment assets1,225,249 1,241,031 
Corporate assets101,224 110,495 
Eliminations(124,832)(85,023)
Total reported assets$1,201,641 $1,266,503 
Reconciliation of Operating Income to Income Before Income Tax Expense and Segment AOI
Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
AMS operating income$23,530 $24,955 $56,997 $74,618 
EAAA operating income7,455 3,087 12,373 15,369 
Consolidated operating income30,985 28,042 69,370 89,987 
Interest expense8,163 7,747 24,986 21,787 
Other expense, net
6,702 124 7,674 1,688 
Income before income tax expense$16,120 $20,171 $36,710 $66,512 
Three Months Ended October 1, 2023Three Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$23,530 $7,455 $24,955 $3,087 
Purchase accounting amortization— 1,302 — 1,204 
Thailand plant closure inventory write-down— — — 477 
Cyber Event impact62 42 — — 
Restructuring, asset impairment, severance, and other, net
(274)250 20 1,505 
AOI$23,318 $9,049 $24,975 $6,273 
Nine Months Ended October 1, 2023Nine Months Ended October 2, 2022
AMSEAAAAMSEAAA
(in thousands)
Operating income$56,997 $12,373 $74,618 $15,369 
Purchase accounting amortization— 3,886 — 3,817 
Thailand plant closure inventory write-down— — — 2,530 
Cyber Event impact554 415 — — 
Restructuring, asset impairment, severance, and other, net
1,070 131 (116)4,192 
AOI$58,621 $16,805 $74,502 $25,908 
v3.23.3
Items Reclassified from Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Oct. 01, 2023
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 condensed statements of operations during the three and nine months ended October 1, 2023 and October 2, 2022, are reflected in the tables below:
Three Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(196)(645)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(198)(450)
Total loss reclassified from AOCI$(6,615)$(1,095)
Nine Months Ended
Statement of Operations LocationOctober 1, 2023October 2, 2022
(in thousands)
Loss on foreign subsidiary liquidation(1)
Other expense, net
$(6,221)$— 
Interest rate swap contracts lossInterest expense(982)(2,416)
Amortization of benefit plan net actuarial losses and prior service cost
Other expense, net
(585)(1,420)
Total loss reclassified from AOCI$(7,788)$(3,836)
(1) The Company’s foreign subsidiaries in Russia and Brazil were substantially liquidated during the three months ended October 1, 2023, and the cumulative foreign currency translation losses associated with these entities were recognized in the consolidated condensed statements of operations. The tax impact of the cumulative foreign currency translation reclassification is approximately $1.1 million.
v3.23.3
Restructuring and Other (Tables)
 9 Months Ended
Oct. 01, 2023
Restructuring and Related Activities [Abstract]  
Summary of Restructuring, Asset Impairment, Other Gains and Charges
Restructuring, asset impairment, other (gains) and charges were as follows:
Three Months EndedNine Months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
(in thousands)
Restructuring, asset impairment, other (gains) and charges(1)
$— $(105)$(2,502)$1,592 
(1) Restructuring, asset impairment, other (gains) and charges are attributable to the EAAA reportable segment.
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:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Estimated expected charges(1)
$2,281 $474 $3,295 $6,050 
Cumulative charges incurred to date(1)
2,281 474 3,295 6,050 
(1) Charges are attributable to the EAAA reportable segment.
Schedule of Restructuring Reserve by Type of Cost
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated condensed balance sheets, for the 2021 restructuring plan is presented below:
Workforce ReductionRetention BonusesAsset Impairment and Other Related ChargesTotal
(in thousands)
Balance, at January 1, 2023$277 $179 $— $456 
Charged to expenses23 (19)174 178 
Deductions(300)(160)— (460)
Charged to other accounts— — (174)(174)
Balance, at October 1, 2023$— $— $— $— 
v3.23.3
Revenue Recognition - Revenue by Products and Services (Details)
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Revenue from the sale of flooring material        
Revenue from External Customer [Line Items]        
Percent of revenue due to contracts with customers (percentage) 98.00% 96.00% 98.00% 97.00%
Revenue from installation of flooring material        
Revenue from External Customer [Line Items]        
Percent of revenue due to contracts with customers (percentage) 2.00% 4.00% 2.00% 3.00%
v3.23.3
Revenue Recognition - Disaggregation of Revenue (Details)
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Americas        
Disaggregation of Revenue [Line Items]        
Percentage of net sales 57.30% 59.40% 58.60% 57.90%
Europe        
Disaggregation of Revenue [Line Items]        
Percentage of net sales 30.30% 28.20% 30.00% 29.30%
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Percentage of net sales 12.40% 12.40% 11.40% 12.80%
v3.23.3
Inventories - Summary of Inventories (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Inventory Disclosure [Abstract]    
Finished goods $ 207,885 $ 209,478
Work-in-process 19,103 15,463
Raw materials 62,332 81,386
Inventories, net $ 289,320 $ 306,327
v3.23.3
Earnings Per Share - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Numerator:        
Net income $ 9,879 $ 14,065 $ 24,962 $ 44,176
Distributed and undistributed earnings available to participating securities, basic (117) (246) (327) (716)
Distributed and undistributed earnings available to participating securities, diluted (117) (246) (327) (716)
Distributed and undistributed earnings available to common shareholders, basic 9,762 13,819 24,635 43,460
Distributed and undistributed earnings available to common shareholders, diluted $ 9,762 $ 13,819 $ 24,635 $ 43,460
Denominator:        
Weighted average shares outstanding (in shares) 57,420 57,656 57,326 58,139
Participating securities (in shares) 687 1,025 761 960
Shares for basic earnings per share (in shares) 58,107 58,681 58,087 59,099
Dilutive effect of non-participating securities (in shares) 235 0 146 0
Shares for diluted earnings per share (in shares) 58,342 58,681 58,233 59,099
Earnings per share – basic (in dollars per share) $ 0.17 $ 0.24 $ 0.43 $ 0.75
Earnings per share – diluted (in dollars per share) $ 0.17 $ 0.24 $ 0.43 $ 0.75
v3.23.3
Earnings Per Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 01, 2023
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of EPS (in shares) 855,785 855,785
v3.23.3
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Debt Instrument [Line Items]    
Long-term debt, gross $ 449,256 $ 526,332
Less: Unamortized debt issuance costs (4,865) (6,118)
Total debt, net 444,391 520,214
Less: Current portion of long-term debt (8,492) (10,211)
Long-term debt, net 435,899 510,003
Syndicated Facility Agreement    
Debt Instrument [Line Items]    
Long-term debt, gross $ 149,256 $ 226,332
Weighted average interest rate on borrowings outstanding (percentage) 6.66% 5.78%
Syndicated Facility Agreement | Revolving Loan Facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 5,895 $ 24,250
Weighted average interest rate on borrowings outstanding (percentage) 7.33% 5.29%
Syndicated Facility Agreement | Term Loan    
Debt Instrument [Line Items]    
Long-term debt, gross $ 143,361 $ 202,082
Weighted average interest rate on borrowings outstanding (percentage) 6.63% 5.84%
Senior Notes    
Debt Instrument [Line Items]    
Long-term debt, gross $ 300,000 $ 300,000
Less: Unamortized debt issuance costs (3,700)  
Long-term debt, net $ 296,300  
Stated interest rate (percentage) 5.50% 5.50%
v3.23.3
Long-Term Debt - Narrative (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Debt Instrument [Line Items]    
Long-term debt, net $ 435,899 $ 510,003
Long-term debt, gross 449,256 526,332
Unamortized debt issuance costs, recorded as reduction of long-term debt, net 4,865 6,118
Syndicated Facility Agreement    
Debt Instrument [Line Items]    
Letters of credit outstanding 1,600 1,600
Long-term debt, gross 149,256 226,332
Unamortized debt issuance costs, revolving loan facility, net 1,500 1,800
Syndicated Facility Agreement | Term Loan    
Debt Instrument [Line Items]    
Long-term debt, gross 143,361 202,082
Term Loan and Senior Notes    
Debt Instrument [Line Items]    
Unamortized debt issuance costs, recorded as reduction of long-term debt, net $ 4,900 $ 6,100
Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (percentage) 5.50% 5.50%
Long-term debt, fair value $ 258,800  
Long-term debt, net 296,300  
Long-term debt, gross 300,000 $ 300,000
Unamortized debt issuance costs, recorded as reduction of long-term debt, net $ 3,700  
v3.23.3
Derivative Instruments - Narrative (Details) - Interest Rate Swap - USD ($)
$ in Millions
Oct. 01, 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)  
v3.23.3
Shareholders' Equity - Activity in Shareholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Jul. 02, 2023
Apr. 02, 2023
Oct. 02, 2022
Jul. 03, 2022
Apr. 03, 2022
Oct. 01, 2023
Oct. 02, 2022
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period     $ 361,537       $ 361,537  
Net income (loss) $ 9,879     $ 14,065     $ 24,962 $ 44,176
Share repurchases (in shares)             0 (1,126,176)
Pension liability adjustment 202     3,393     $ (877) $ 8,774
Foreign currency translation adjustment (9,176)     (36,800)     (2,885) (86,654)
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge 150     $ 492     749 $ 1,673
Balance at end of period $ 387,564           $ 387,564  
Cash dividends declared, per common share (in dollars per share) $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01    
COMMON STOCK                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period (in shares) 58,112,000 58,053,000 58,106,000 59,097,000 59,328,000 59,055,000 58,106,000 59,055,000
Balance at beginning of period $ 5,811 $ 5,805 $ 5,811 $ 5,910 $ 5,933 $ 5,905 $ 5,811 $ 5,905
Issuances of stock related to restricted share units and performance shares (in shares)   5,000 79,000          
Issuances of stock related to restricted share units and performance shares   $ 1 $ 8          
Restricted stock issuances (in shares)   102,000     198,000 303,000    
Restricted stock issuances   $ 10     $ 20 $ 30    
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings (in shares) (5,000) (48,000) (132,000) (16,000) (14,000) (30,000)    
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings $ 0 $ (5) $ (14) $ (2) $ (1) $ (2)    
Share repurchases (in shares)       (711,000) (415,000)      
Share repurchases       $ (71) $ (42)      
Balance at end of period (in shares) 58,107,000 58,112,000 58,053,000 58,370,000 59,097,000 59,328,000 58,107,000 58,370,000
Balance at end of period $ 5,811 $ 5,811 $ 5,805 $ 5,837 $ 5,910 $ 5,933 $ 5,811 $ 5,837
ADDITIONAL PAID-IN CAPITAL                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period 247,797 246,001 244,159 251,452 254,867 253,110 244,159 253,110
Issuances of stock related to restricted share units and performance shares   (1) (8)          
Restricted stock issuances   697     2,533 3,966    
Unrecognized compensation expense related to restricted stock awards   (708)     (2,553) (3,996)    
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings 2,182 1,808 1,850 2,353 2,145 1,787    
Share repurchases       (8,798) (5,540)      
Balance at end of period 249,979 247,797 246,001 245,007 251,452 254,867 249,979 245,007
RETAINED EARNINGS                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period 292,561 277,345 278,639 290,358 274,135 261,434 278,639 261,434
Net income (loss) 9,879 15,797 (714) 14,065 16,818 13,293    
Cash dividends declared (581) (581) (580) (586) (595) (592)    
Balance at end of period 301,859 292,561 277,345 303,837 290,358 274,135 301,859 303,837
PENSION LIABILITY                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period (28,627) (27,827) (27,548) (48,507) (52,349) (53,888) (27,548) (53,888)
Pension liability adjustment 202 (800) (279) 3,393 3,842 1,539    
Balance at end of period (28,425) (28,627) (27,827) (45,114) (48,507) (52,349) (28,425) (45,114)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period (132,484) (133,845) (138,775) (150,295) (113,625) (100,441) (138,775) (100,441)
Foreign currency translation adjustment (9,176) 1,361 4,930 (36,800) (36,670) (13,184)    
Balance at end of period (141,660) (132,484) (133,845) (187,095) (150,295) (113,625) (141,660) (187,095)
CASH FLOW HEDGE                
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Balance at beginning of period (150) (450) (749) (1,541) (2,081) (2,722) (749) (2,722)
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge 150 300 299 492 540 641    
Balance at end of period $ 0 $ (150) $ (450) $ (1,049) $ (1,541) $ (2,081) $ 0 $ (1,049)
v3.23.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
May 17, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share repurchase program, authorized amount     $ 100,000
Share repurchases (in shares) 0 1,126,176  
Share repurchases, weighted average price (in dollars per share)   $ 12.83  
Share-based compensation expense $ 7,334 $ 6,679  
Share-based compensation expense, tax benefit $ 700    
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based awards granted (in shares) 102,300    
Share-based compensation expense $ 3,400 4,000  
Unrecognized compensation expense related to unvested share-based awards $ 2,800    
Restricted Stock | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 1 year    
Restricted Stock | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
Restricted Share Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based awards granted (in shares) 596,200    
Share-based compensation expense $ 1,500    
Unrecognized compensation expense related to unvested share-based awards $ 4,600    
Number of shares of common stock to be issued for each restricted share unit vested (in shares) 1    
Restricted Share Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 2 years    
Restricted Share Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based awards granted (in shares) 467,500    
Share-based compensation expense $ 2,400 $ 2,700  
Unrecognized compensation expense related to unvested share-based awards $ 7,300    
Number of shares that may be issued in settlement of the performance shares to the award recipient, upper limit (percentage) 200.00%    
Performance Shares | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 1 year    
Performance Shares | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
v3.23.3
Shareholders' Equity - Restricted Stock Outstanding (Details) - Restricted Stock
 9 Months Ended
Oct. 01, 2023
$ / shares
shares
Shares  
Outstanding at beginning of period (in shares) | shares 1,006,400
Granted (in shares) | shares 102,300
Vested (in shares) | shares (405,100)
Forfeited or canceled (in shares) | shares (16,800)
Outstanding at end of period (in shares) | shares 686,800
Weighted Average Grant Date Fair Value  
Outstanding at beginning of period, 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 6.92
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 14.43
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares 13.60
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 12.56
v3.23.3
Shareholders' Equity - Restricted Share Units Outstanding (Details) - Restricted Share Units
 9 Months Ended
Oct. 01, 2023
$ / shares
shares
Shares  
Outstanding at beginning of period (in shares) | shares 0
Granted (in shares) | shares 596,200
Vested (in shares) | shares (2,100)
Forfeited or canceled (in shares) | shares (10,700)
Outstanding at end of period (in shares) | shares 583,400
Weighted Average Grant Date Fair Value  
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 0
Granted, weighted average grant date fair value (in dollars per share) | $ / shares 10.36
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 10.80
Forfeited or canceled, weighted average grant date fair value (in dollars per share) | $ / shares 10.80
Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 10.35
v3.23.3
Shareholders' Equity - Performance Shares Outstanding (Details) - Performance Shares
 9 Months Ended
Oct. 01, 2023
$ / shares
shares
Shares  
Outstanding at beginning of period (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 period (in shares) | shares 1,115,000
Weighted Average Grant Date Fair Value  
Outstanding at beginning of period, 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 period, weighted average grant date fair value (in dollars per share) | $ / shares $ 12.36
v3.23.3
Leases - Narrative (Details)
 9 Months Ended
Oct. 01, 2023
Lessee, Lease, Description [Line Items]  
Lease renewal term 5 years
Minimum  
Lessee, Lease, Description [Line Items]  
Lease contract term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease contract term 20 years
v3.23.3
Leases - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 75,604 $ 81,644
Current portion of operating lease liabilities 10,829 11,857
Operating lease liabilities 67,554 72,305
Total operating lease liabilities 78,383 84,162
Finance lease right-of-use assets, net $ 6,406 $ 5,845
Finance lease right-of-use asset, consolidated condensed balance sheet location Property, plant and equipment, net Property, plant and equipment, net
Current portion of finance lease liabilities $ 2,256 $ 2,101
Finance lease liability, current, consolidated condensed balance sheet location Accrued expenses Accrued expenses
Finance lease liabilities $ 4,534 $ 4,138
Finance lease liability, noncurrent, consolidated condensed balance sheet location Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 6,790 $ 6,239
v3.23.3
Leases - Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Leases [Abstract]        
Finance lease cost: Amortization of right-of-use assets $ 696 $ 581 $ 2,056 $ 1,636
Finance lease cost: Interest on lease liabilities 79 45 224 115
Operating lease cost 4,740 4,743 14,141 14,310
Short-term lease cost 187 204 934 642
Variable lease cost 583 614 1,924 2,012
Total lease cost $ 6,285 $ 6,187 $ 19,279 $ 18,715
v3.23.3
Leases - Other Supplemental Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Leases [Abstract]        
Operating cash flows from finance leases $ 60 $ 35 $ 167 $ 88
Operating cash flows from operating leases 4,130 4,406 12,771 13,854
Financing cash flows from finance leases 545 525 1,853 1,535
Right-of-use assets obtained in exchange for new finance lease liabilities 1,414 182 2,450 2,525
Right-of-use assets obtained in exchange for new operating lease liabilities $ 236   $ 4,199 $ 6,089
Right-of-use assets adjusted in exchange for remeasured operating lease liabilities   $ (734)    
v3.23.3
Leases - Lease Term and Discount Rate (Details)
Oct. 01, 2023
Jan. 01, 2023
Leases [Abstract]    
Weighted-average remaining lease term – finance leases (in years) 3 years 9 months 3 days 3 years 9 months 25 days
Weighted-average remaining lease term – operating leases (in years) 8 years 9 months 7 days 9 years 3 months 14 days
Weighted-average discount rate – finance leases (percentage) 5.16% 3.79%
Weighted-average discount rate – operating leases (percentage) 5.99% 5.89%
v3.23.3
Leases - Maturity of Lease Payments (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2023 (excluding the nine months ended October 1, 2023) $ 2,733  
2024 14,999  
2025 13,069  
2026 12,767  
2027 10,246  
Thereafter 48,882  
Total future minimum lease payments (undiscounted) 102,696  
Less: Present value discount (24,313)  
Total lease liability 78,383 $ 84,162
Lessee, Finance Lease, Liability, Payment, Due [Abstract]    
2023 (excluding the nine months ended October 1, 2023) 569  
2024 2,518  
2025 1,733  
2026 1,202  
2027 868  
Thereafter 662  
Total future minimum lease payments (undiscounted) 7,552  
Less: Present value discount (762)  
Total lease liability $ 6,790 $ 6,239
v3.23.3
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Retirement Benefits [Abstract]        
Multiemployer plan, employer contribution $ 0.7 $ 0.5 $ 2.0 $ 1.8
v3.23.3
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Europe        
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]        
Interest cost $ 1,791 $ 801 $ 5,304 $ 2,574
Expected return on plan assets (2,030) (924) (6,009) (2,973)
Amortization of prior service cost 30 27 89 89
Amortization of net actuarial (gains) losses 229 240 680 771
Net periodic benefit cost 20 144 64 461
Salary Continuation Plan | United States        
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]        
Interest cost 284 193 851 579
Amortization of net actuarial (gains) losses 49 139 146 418
Net periodic benefit cost 333 332 997 997
nora Defined Benefit Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]        
Service cost 116 200 345 636
Interest cost 275 98 822 313
Amortization of net actuarial (gains) losses (110) 44 (330) 142
Net periodic benefit cost $ 281 $ 342 $ 837 $ 1,091
v3.23.3
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - Operating Segments - AMS
$ in Thousands
 9 Months Ended
Oct. 01, 2023
USD ($)
Goodwill [Roll Forward]  
Balance at beginning of period $ 102,417
Foreign currency translation (1,193)
Balance at end of period $ 101,224
v3.23.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
Oct. 01, 2023
Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Carrying value of intangible assets, excluding goodwill, net $ 55.3 $ 59.8
v3.23.3
Segment Information - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 01, 2023
USD ($)
Oct. 02, 2022
USD ($)
Oct. 01, 2023
USD ($)
Oct. 02, 2022
USD ($)
Segment Reporting [Abstract]        
Number of operating segments     2  
Number of reportable segments     2  
Intersegment revenues $ 25.0 $ 19.7 $ 72.3 $ 56.4
v3.23.3
Segment Information - Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Segment Reporting Information [Line Items]        
Net sales $ 311,006 $ 327,757 $ 936,380 $ 962,364
Depreciation and amortization 10,445 9,825 30,591 30,661
Operating Segments | AMS        
Segment Reporting Information [Line Items]        
Net sales 178,194 194,449 548,716 557,768
AOI 23,318 24,975 58,621 74,502
Depreciation and amortization 4,640 4,344 13,457 12,585
Operating Segments | EAAA        
Segment Reporting Information [Line Items]        
Net sales 132,812 133,308 387,664 404,596
AOI 9,049 6,273 16,805 25,908
Depreciation and amortization $ 5,805 $ 5,481 $ 17,134 $ 18,076
v3.23.3
Segment Information - Reconciliation of Segment Assets (Details) - USD ($)
$ in Thousands
Oct. 01, 2023
Jan. 01, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 1,201,641 $ 1,266,503
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 1,225,249 1,241,031
Operating Segments | AMS    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 587,424 588,110
Operating Segments | EAAA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 637,825 652,921
Corporate, Non-Segment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 101,224 110,495
Eliminations    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ (124,832) $ (85,023)
v3.23.3
Segment Information - Reconciliation of Segment AOI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Segment Reporting, Reconciling Item for Operating Income from Segment to Consolidated [Line Items]        
Operating income $ 30,985 $ 28,042 $ 69,370 $ 89,987
Interest expense 8,163 7,747 24,986 21,787
Other expense, net 6,702 124 7,674 1,688
Income before income tax expense 16,120 20,171 36,710 66,512
Purchase accounting amortization     3,886 3,817
Operating Segments | AMS        
Segment Reporting, Reconciling Item for Operating Income from Segment to Consolidated [Line Items]        
Operating income 23,530 24,955 56,997 74,618
Purchase accounting amortization 0 0 0 0
Thailand plant closure inventory write-down 0 0 0 0
Cyber Event impact 62 0 554 0
Restructuring, asset impairment, severance, and other, net (274) 20 1,070 (116)
AOI 23,318 24,975 58,621 74,502
Operating Segments | EAAA        
Segment Reporting, Reconciling Item for Operating Income from Segment to Consolidated [Line Items]        
Operating income 7,455 3,087 12,373 15,369
Purchase accounting amortization 1,302 1,204 3,886 3,817
Thailand plant closure inventory write-down 0 477 0 2,530
Cyber Event impact 42 0 415 0
Restructuring, asset impairment, severance, and other, net 250 1,505 131 4,192
AOI $ 9,049 $ 6,273 $ 16,805 $ 25,908
v3.23.3
Supplemental Cash Flow Information - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Supplemental Cash Flow Information [Abstract]    
Cash payments for interest $ 17.6 $ 13.7
Income tax payments, net of refunds $ 17.6 $ 11.5
v3.23.3
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Income Tax Disclosure [Abstract]        
Income tax expense $ 6,241 $ 6,106 $ 11,748 $ 22,336
Income before income tax expense 16,120 $ 20,171 $ 36,710 $ 66,512
Effective income tax rate (percentage)     32.00% 33.60%
Unrecognized tax benefits, period increase (decrease)     $ (300)  
Unrecognized tax benefits 5,400   5,400  
Reduction of deferred tax asset for unrecognized tax benefits 2,800   2,800  
Amount of unrecognized tax benefit reasonably possible to be recognized in next twelve months 500   500  
Unrecognized tax benefits that would impact effective tax rate $ 500   $ 500  
v3.23.3
Items Reclassified from Accumulated Other Comprehensive Loss - Schedule of Items Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Equity [Abstract]        
Loss on foreign subsidiary liquidation $ (6,221) $ 0 $ (6,221) $ 0
Interest rate swap contracts loss $ (196) $ (645) $ (982) $ (2,416)
Discontinued cash flow hedge, reclassification out of accumulated other comprehensive loss, consolidated condensed statement of operations location Interest expense Interest expense Interest expense Interest expense
Amortization of benefit plan net actuarial losses and prior service cost $ (198) $ (450) $ (585) $ (1,420)
Total loss reclassified from accumulated other comprehensive loss (6,615) $ (1,095) (7,788) $ (3,836)
Loss on foreign subsidiary liquidation, tax $ (1,100)   $ (1,100)  
v3.23.3
Restructuring and Other - Restructuring, Asset Impairment, Other Gains and Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Restructuring Activities [Line Items]        
Restructuring, asset impairment, other (gains) and charges $ 0 $ (105) $ (2,502) $ 1,592
Operating Segments | EAAA        
Restructuring Activities [Line Items]        
Restructuring, asset impairment, other (gains) and charges $ 0 $ (105) $ (2,502) $ 1,592
v3.23.3
Restructuring and Other - Expected and Cumulative Charges (Details) - 2021 Restructuring Plan - Operating Segments - EAAA
$ in Thousands
Oct. 01, 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
v3.23.3
Restructuring and Other - Summary of Restructuring Reserve (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Restructuring Reserve [Roll Forward]        
Charged to expenses $ 0 $ (105) $ (2,502) $ 1,592
2021 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Balance at beginning of period     456  
Charged to expenses     178  
Deductions     (460)  
Charged to other accounts     (174)  
Balance at end of period 0   0  
2021 Restructuring Plan | Workforce Reduction        
Restructuring Reserve [Roll Forward]        
Balance at beginning of period     277  
Charged to expenses     23  
Deductions     (300)  
Balance at end of period 0   0  
2021 Restructuring Plan | Retention Bonuses        
Restructuring Reserve [Roll Forward]        
Balance at beginning of period     179  
Charged to expenses     (19)  
Deductions     (160)  
Balance at end of period $ 0   0  
2021 Restructuring Plan | Asset Impairment and Other Related Charges        
Restructuring Reserve [Roll Forward]        
Charged to expenses     174  
Charged to other accounts     $ (174)  
v3.23.3
Restructuring and Other - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 08, 2021
Oct. 01, 2023
USD ($)
Jul. 02, 2023
USD ($)
Oct. 02, 2022
USD ($)
Oct. 01, 2023
USD ($)
Oct. 02, 2022
USD ($)
Restructuring Activities [Line Items]            
Gain on disposal of property, plant and equipment         $ 2,531 $ 0
Operating Segments | EAAA            
Restructuring Activities [Line Items]            
Thailand plant closure inventory write-down   $ 0   $ 477 0 2,530
2021 Restructuring Plan            
Restructuring Activities [Line Items]            
Number of employees eliminated 188          
Expected annualized savings from restructuring   $ 1,700     $ 1,700  
2021 Restructuring Plan | Operating Segments | EAAA            
Restructuring Activities [Line Items]            
Gain on disposal of property, plant and equipment     $ 2,700      
2021 Restructuring Plan | Operating Segments | EAAA | Cost of Sales            
Restructuring Activities [Line Items]            
Thailand plant closure inventory write-down           $ 2,500
v3.23.3
Assets Disposed - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 02, 2023
Oct. 01, 2023
Oct. 02, 2022
Assets Disposed [Line Items]      
Proceeds from sale of property, plant and equipment   $ 6,593 $ 0
Gain on disposal of property, plant and equipment   $ 2,531 $ 0
2021 Restructuring Plan | Operating Segments | EAAA      
Assets Disposed [Line Items]      
Proceeds from sale of property, plant and equipment $ 6,600    
Gain on disposal of property, plant and equipment $ 2,700    
v3.23.3
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jul. 02, 2023
Apr. 02, 2023
Commitments and Contingencies Disclosure [Abstract]    
Putative class action lawsuit settlment $ 7.5  
Putative class action lawsuit insurance recovery   $ 7.5
Putative class action lawsuit loss contingency   $ 7.5
Interface (NASDAQ:TILE)
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Interface (NASDAQ:TILE)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024 Interface 차트를 더 보려면 여기를 클릭.