Equity Interest Investments

3 Months Ended

Mar. 19, 2016

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Note D – Equity Interest Investments

The Company has a 50% interest in a joint venture, Stiga Sports AB (Stiga). The joint venture is accounted for under the equity method of accounting. Stiga, located in Sweden, is a global sporting goods company producing table tennis equipment, snow sleds, and game products. Financial information for Stiga reflected in the table below has been translated from local currency to U.S. dollars using exchange rates in effect at the respective period-end for balance sheet amounts, and using average exchange rates for statement of operations amounts. Certain differences exist between U.S. GAAP and local GAAP in Sweden, and the impact of these differences is not reflected in the summarized information reflected in the table below. The most significant difference relates to the accounting for goodwill for Stiga which is amortized over eight years in Sweden but is not amortized for U.S. GAAP reporting purposes. The goodwill for Stiga was fully amortized as of December 27, 2014. The effect on Stiga’s net assets resulting from the cumulative amortization of goodwill for the periods ended March 19, 2016 and March 21, 2015 are addbacks to Stiga’s consolidated financial information of $10.8 million and $10.3 million, respectively. These net differences are comprised of cumulative goodwill adjustments of $15.1 million offset by the related cumulative tax effect of $4.3 million as of March 19, 2016 and cumulative goodwill adjustments of $14.4 million offset by the related cumulative tax effect of $4.1 million as of March 21, 2015. The Company’s 50% portion of the statement of operations impact of other individually insignificant U.S. GAAP adjustments for the periods ended March 19, 2016, and March 21, 2015 are to increase Stiga’s net income by approximately zero and $0.4 million, respectively. The Company’s 50% portion of net income for Stiga for the periods ended March 19, 2016 and March 21, 2015 was $49 thousand and $667 thousand, respectively, and is included in equity in earnings of affiliates on the Company’s statements of operations.

Summarized financial information for Stiga Sports AB balance sheets as of March 19, 2016, December 26, 2015, and March 21, 2015 and statements of operations for the three months ended March 19, 2016 and March 21, 2015 is as follows:

	March 19,		December 26,		March 21,
In thousands	2016		2015		2015
Current assets	$	29,018	$	29,300	$	25,295
Non-current assets		10,244		9,908		7,869
Total assets		39,262		39,208		33,164
Current liabilities		3,857		5,096		4,334
Non-current liabilities		6,042		5,835		4,167
Total liabilities		9,899		10,931		8,501
Net assets	$	29,363	$	28,277	$	24,663

	Three Months Ended
	March 19,		March 21,
	2016		2015
Net sales	$	5,399	$	5,599
Gross profit		2,558		2,871
Net income		97		518