QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | o | Smaller reporting company | ||||
Emerging growth company | ||||||
Page No. | ||
Part I - Financial Information | ||
Item 1. | Unaudited Financial Statements | |
Consolidated Statements of Operations | ||
Consolidated Statements of Comprehensive Income (Loss) | ||
Consolidated Balance Sheets | ||
Consolidated Statements of Equity | ||
Consolidated Statements of Cash Flows | ||
Notes to Unaudited Consolidated Financial Statements | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. | Controls and Procedures | |
Part II - Other Information | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 6. | Exhibits | |
Signature | ||
A&L | A&L Windows Pty. Ltd. |
ABL Facility | Our $400 million asset-based loan revolving credit facility, dated as of October 15, 2014 and as amended from time to time, with JWI (as hereinafter defined) and JELD-WEN of Canada, Ltd., as borrowers, the guarantors party thereto, a syndicate of lenders, and Wells Fargo Bank, N.A., as administrative agent |
ABS | American Building Supply, Inc. |
Adjusted EBITDA | A supplemental non-GAAP financial measure of operating performance not based on any standardized methodology prescribed by GAAP that we define as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; other items; and costs related to debt restructuring and debt refinancing. |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
AUD | Australian Dollar |
Australia Senior Secured Credit Facility | Our senior secured credit facility, dated as of October 6, 2015 and as amended from time to time, with certain of our Australian subsidiaries, as borrowers, and Australia and New Zealand Banking Group Limited, as lender |
BBSY | Bank Bill Swap Bid Rate |
Bylaws | Amended and Restated Bylaws of JELD-WEN Holding, Inc. |
CAP | Cleanup Action Plan |
Charter | Restated Certificate of Incorporation of JELD-WEN Holding, Inc. |
Class B-1 Common Stock | Shares of our Class B-1 common stock, par value $0.01 per share, all of which were converted into shares of our Common Stock on February 1, 2017 |
CMI | CraftMaster Manufacturing, Inc. |
COA | Consent Order and Agreement |
CODM | Chief Operating Decision Maker |
Common Stock | The 900,000,000 shares of common stock, par value $0.01 per share, authorized under our Charter |
Corporate Credit Facilities | Collectively, our ABL Facility and our Term Loan Facility |
Credit Facilities | Collectively, our Corporate Credit Facilities and our Australia Senior Secured Credit Facility as well as other acquired term loans and revolving credit facilities |
D&K | D&K Home Security Pty. Ltd. |
DKK | Danish Krone |
Domoferm | The Domoferm Group of companies |
ERP | Enterprise Resource Planning |
Exchange Act | Securities Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2018 |
GAAP | Generally Accepted Accounting Principles in the United States |
GILTI | Global Intangible Low-Taxed Income |
IBOR | Interbank Offered Rate |
JELD-WEN | JELD-WEN Holding, Inc., together with its consolidated subsidiaries where the context requires |
JEM | JELD-WEN Excellence Model |
JWA | JELD-WEN of Australia Pty. Ltd. |
JWI | JELD-WEN, Inc., a Delaware corporation |
Kolder | Kolder Group |
LIBOR | London Interbank Offered Rate |
M&A | Mergers and acquisitions |
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
NYSE | New York Stock Exchange |
Onex | Onex Partners III LP and certain affiliates |
PaDEP | Pennsylvania Department of Environmental Protection |
Preferred Stock | 90,000,000 shares of Preferred Stock, par value $0.01 per share, authorized under our Charter |
PSU | Performance stock unit |
R&R | Repair and remodel |
RSU | Restricted stock unit |
Sarbanes-Oxley | Sarbanes-Oxley Act of 2002, as amended |
SEC | Securities and Exchange Commission |
Securities Act | Securities Act of 1933, as amended |
Senior Notes | $800.0 million of unsecured notes issued in December 2017 in a private placement in two tranches: $400.0 million bearing interest at 4.625% and maturing in December 2025 and $400.0 million bearing interest at 4.875% and maturing in December 2027 |
Series A Convertible Preferred Stock | Our Series A-1 Convertible Preferred Stock, par value $0.01 per share, Series A-2 Convertible Preferred Stock, par value $0.01 per share, Series A-3 Convertible Preferred Stock, par value $0.01 per share, and Series A-4 Convertible Preferred Stock, par value $0.01 per share, all of which were converted into shares of our common stock on February 1, 2017 |
SG&A | Selling, general, and administrative expenses |
Tax Act | Tax Cuts and Jobs Act |
Term Loan Facility | Our term loan facility, dated as of October 15, 2014, as amended from time to time with JWI, as borrower, the guarantors party thereto, a syndicate of lenders, and Bank of America, N.A., as administrative agent |
U.S. | United States of America |
VPI | VPI Quality Windows, Inc. |
WADOE | Washington State Department of Ecology |
Three Months Ended | Nine Months Ended | |||||||||||||||
(amounts in thousands, except share and per share data) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | ||||||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||
Cost of sales | ||||||||||||||||
Gross margin | ||||||||||||||||
Selling, general and administrative | ||||||||||||||||
Impairment and restructuring charges | ||||||||||||||||
Operating income | ||||||||||||||||
Interest expense, net | ||||||||||||||||
Other (income) expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income (loss) before taxes and equity earnings | ( | ) | ||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | ||||||||||||
Income from continuing operations, net of tax | ||||||||||||||||
Equity earnings of non-consolidated entities | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Net income per share | ||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments, net of tax of $0 | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Interest rate hedge adjustments, net of tax benefit of ($4,604), ($51), ($4,831), and ($402), respectively | |||||||||||||||
Defined benefit pension plans, net of tax expense of $851, $822, $2,420, and $2,841, respectively | |||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive income (loss) | $ | ( | ) | $ | $ | $ | |||||||||
(amounts in thousands, except share and per share data) | September 28, 2019 | December 31, 2018 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Accounts receivable, net | ||||||||
Inventories | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property and equipment, net | ||||||||
Deferred tax assets | ||||||||
Goodwill | ||||||||
Intangible assets, net | ||||||||
Operating lease assets, net | — | |||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | $ | ||||||
Accrued payroll and benefits | ||||||||
Accrued expenses and other current liabilities | ||||||||
Current maturities of long-term debt | ||||||||
Total current liabilities | ||||||||
Long-term debt | ||||||||
Unfunded pension liability | ||||||||
Operating lease liability | — | |||||||
Deferred credits and other liabilities | ||||||||
Deferred tax liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 23) | ||||||||
Shareholders’ equity | ||||||||
Preferred Stock, par value $0.01 per share, 90,000,000 shares authorized; no shares issued and outstanding | ||||||||
Common Stock: 900,000,000 shares authorized, par value $0.01 per share, 100,588,973 shares outstanding as of September 28, 2019; 900,000,000 shares authorized, par value $0.01 per share, 101,310,862 shares outstanding as of December 31, 2018 | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total shareholders’ equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||
Three Months Ended | ||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||
(amounts in thousands, except share and per share amounts) | Shares | Amount | Shares | Amount | ||||||||
Preferred stock, $0.01 par value per share | $ | $ | ||||||||||
Common stock, $0.01 par value per share | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Shares issued for exercise/vesting of share-based compensation awards | ||||||||||||
Shares repurchased | ( | ( | ) | |||||||||
Shares surrendered for tax obligations for employee share-based transactions | ( | ( | ( | ) | ||||||||
Balance at period end | $ | $ | ||||||||||
Additional paid-in capital | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Shares issued for exercise/vesting of share-based compensation awards | ||||||||||||
Shares surrendered for tax obligations for employee share-based transactions | ( | ) | ( | ) | ||||||||
Amortization of share-based compensation | ||||||||||||
Balance at period end | ||||||||||||
Employee stock notes | ||||||||||||
Balance at beginning of period | ( | ) | ( | ) | ||||||||
Net issuances, payments and accrued interest on notes | ( | ) | ( | ) | ||||||||
Balance at period end | ( | ) | ( | ) | ||||||||
Balance at period end | $ | $ | ||||||||||
Retained earnings | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Share repurchased | ( | ) | ||||||||||
Net income | ||||||||||||
Balance at period end | $ | $ | ||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | ||||||
Foreign currency adjustments | ( | ) | ( | ) | ||||||||
Unrealized gain on interest rate hedges | ||||||||||||
Net actuarial pension gain | ||||||||||||
Balance at period end | $ | ( | ) | $ | ( | ) | ||||||
Total shareholders’ equity at period end | $ | $ | ||||||||||
Nine Months Ended | ||||||||||||
September 28, 2019 | September 29, 2018 | |||||||||||
(amounts in thousands, except share and per share amounts) | Shares | Amount | Shares | Amount | ||||||||
Preferred stock, $0.01 par value per share | $ | $ | ||||||||||
Common stock, $0.01 par value per share | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Shares issued for exercise/vesting of share-based compensation awards | ||||||||||||
Shares repurchased | ( | ( | ) | ( | ( | ) | ||||||
Shares surrendered for tax obligations for employee share-based transactions | ( | ( | ) | ( | ( | ) | ||||||
Balance at period end | $ | $ | ||||||||||
Additional paid-in capital | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Shares issued for exercise/vesting of share-based compensation awards | ||||||||||||
Shares surrendered for tax obligations for employee share-based transactions | ( | ) | ( | ) | ||||||||
Amortization of share-based compensation | ||||||||||||
Balance at period end | ||||||||||||
Employee stock notes | ||||||||||||
Balance at beginning of period | ( | ) | ( | ) | ||||||||
Net issuances, payments and accrued interest on notes | ( | ) | ||||||||||
Balance at period end | ( | ) | ( | ) | ||||||||
Balance at period end | $ | $ | ||||||||||
Retained earnings | ||||||||||||
Balance at beginning of period | $ | $ | ||||||||||
Share repurchased | ( | ) | ( | ) | ||||||||
Adoption of new accounting standard ASU No. 2016-02 | — | |||||||||||
Net income | ||||||||||||
Balance at period end | $ | $ | ||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | ||||||
Foreign currency adjustments | ( | ) | ( | ) | ||||||||
Unrealized gain on interest rate hedges | ||||||||||||
Net actuarial pension gain | ||||||||||||
Balance at period end | $ | ( | ) | $ | ( | ) | ||||||
Total shareholders’ equity at period end | $ | $ | ||||||||||
Nine Months Ended | ||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to cash used in operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred income taxes | ( | ) | ||||||
(Gain) loss on sale of business units, property and equipment | ( | ) | ||||||
Adjustment to carrying value of assets | ||||||||
Equity earnings in non-consolidated entities | ( | ) | ||||||
Amortization of deferred financing costs | ||||||||
Non-cash gain on previously held shares of an equity investment | ( | ) | ||||||
Stock-based compensation | ||||||||
Contributions to U.S. pension plan | ( | ) | ( | ) | ||||
Amortization of U.S. pension expense | ||||||||
Other items, net | ||||||||
Net change in operating assets and liabilities, net of effect of acquisitions: | ||||||||
Accounts receivable | ( | ) | ( | ) | ||||
Inventories | ( | ) | ( | ) | ||||
Other assets | ( | ) | ( | ) | ||||
Accounts payable and accrued expenses | ||||||||
Change in short term and long-term tax liabilities | ( | ) | ||||||
Net cash provided by operating activities | ||||||||
INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | ( | ) | ( | ) | ||||
Proceeds from sale of business units, property and equipment | ||||||||
Purchase of intangible assets | ( | ) | ( | ) | ||||
Purchases of businesses, net of cash acquired | ( | ) | ( | ) | ||||
Cash received for notes receivable | ||||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
FINANCING ACTIVITIES | ||||||||
Change in long-term debt | ||||||||
Employee note repayments | ||||||||
Contingent consideration for acquisitions | ( | ) | ||||||
Common stock issued for exercise of options | ||||||||
Common stock repurchased | ( | ) | ( | ) | ||||
Payments to tax authorities for employee share-based compensation | ( | ) | ( | ) | ||||
Net cash provided by financing activities | ||||||||
Effect of foreign currency exchange rates on cash | ( | ) | ( | ) | ||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ||||||
Cash, cash equivalents and restricted cash, beginning | ||||||||
Cash, cash equivalents and restricted cash, ending | $ | $ | ||||||
For further information see Note 25 - Supplemental Cash Flow. | ||||||||
(amounts in thousands) | Preliminary Allocation | Measurement Period Adjustment | Revised Preliminary Allocation | ||||||||
Fair value of identifiable assets and liabilities: | |||||||||||
Accounts receivable | $ | $ | ( | ) | $ | ||||||
Inventories | ( | ) | |||||||||
Other current assets | |||||||||||
Property and equipment | |||||||||||
Identifiable intangible assets | |||||||||||
Operating lease assets, net | — | ||||||||||
Goodwill | ( | ) | |||||||||
Other assets | — | ||||||||||
Total assets | $ | $ | ( | ) | $ | ||||||
Accounts payable | — | ||||||||||
Other current liabilities | — | ||||||||||
Operating lease liability | — | ||||||||||
Total liabilities | $ | $ | — | $ | |||||||
Purchase price: | |||||||||||
Cash consideration, net of cash acquired | $ | $ | ( | ) | $ | ||||||
(amounts in thousands) | Preliminary Allocation | Measurement Period Adjustment | Revised Preliminary Allocation | ||||||||
Fair value of identifiable assets and liabilities: | |||||||||||
Accounts receivable | $ | $ | ( | ) | $ | ||||||
Inventories | ( | ) | |||||||||
Other current assets | ( | ) | |||||||||
Property and equipment | |||||||||||
Identifiable intangible assets | ( | ) | |||||||||
Goodwill | ( | ) | |||||||||
Other assets | ( | ) | |||||||||
Total assets | $ | $ | $ | ||||||||
Accounts payable | ( | ) | |||||||||
Current maturities of long-term debt | |||||||||||
Other current liabilities | |||||||||||
Long-term debt | |||||||||||
Other liabilities | ( | ) | |||||||||
Total liabilities | $ | $ | $ | ||||||||
Purchase price: | — | ||||||||||
Cash consideration, net of cash acquired | $ | $ | ( | ) | $ | ||||||
Contingent consideration | — | ||||||||||
Gain on previously held shares | — | ||||||||||
Existing investment in acquired entity | — | ||||||||||
Non-cash consideration related to acquired intercompany balances | ( | ) | — | ( | ) | ||||||
Total consideration, net of cash acquired | $ | $ | ( | ) | $ | ||||||
(amounts in thousands) | September 28, 2019 | December 31, 2018 | |||||
Raw materials | $ | $ | |||||
Work in process | |||||||
Finished goods | |||||||
Total inventories | $ | $ | |||||
(amounts in thousands) | September 28, 2019 | December 31, 2018 | |||||
Property and equipment | $ | $ | |||||
Accumulated depreciation | ( | ) | ( | ) | |||
Total property and equipment, net | $ | $ | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Cost of sales | $ | $ | $ | $ | |||||||||||
Selling, general and administrative | |||||||||||||||
Total depreciation expense | $ | $ | $ | $ | |||||||||||
(amounts in thousands) | North America | Europe | Australasia | Total Reportable Segments | |||||||||||
Balance as of January 1 | $ | $ | $ | $ | |||||||||||
Acquisitions - preliminary allocation | — | — | |||||||||||||
Acquisition remeasurements | ( | ) | — | ( | ) | ( | ) | ||||||||
Sale of business unit | ( | ) | — | — | ( | ) | |||||||||
Currency translation | ( | ) | ( | ) | ( | ) | |||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||
September 28, 2019 | |||||||||||
(amounts in thousands) | Cost | Accumulated Amortization | Net Book Value | ||||||||
Customer relationships and agreements | $ | $ | ( | ) | $ | ||||||
Software | ( | ) | |||||||||
Trademarks and trade names | ( | ) | |||||||||
Patents, licenses and rights | ( | ) | |||||||||
Total amortizable intangibles | $ | $ | ( | ) | $ | ||||||
December 31, 2018 | |||||||||||
(amounts in thousands) | Cost | Accumulated Amortization | Net Book Value | ||||||||
Customer relationships and agreements | $ | $ | ( | ) | $ | ||||||
Software | ( | ) | |||||||||
Trademarks and trade names | ( | ) | |||||||||
Patents, licenses and rights | ( | ) | |||||||||
Total amortizable intangibles | $ | $ | ( | ) | $ | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Amortization expense | $ | $ | $ | $ | |||||||||||
(amounts in thousands) | Balance Sheet Location | September 28, 2019 | |||
Assets: | |||||
Operating | Operating lease assets, net | $ | |||
Finance | Property and equipment, net (1) | ||||
Total lease assets | $ | ||||
Liabilities: | |||||
Current: | |||||
Operating | Accrued expense and other current liabilities | $ | |||
Finance | Current maturities of long-term debt | ||||
Noncurrent: | |||||
Operating | Operating lease liability | ||||
Finance | Long-term debt | ||||
Total lease liability | $ | ||||
(amounts in thousands) | Three Months Ended | Nine Months Ended | |||||
Operating | $ | $ | |||||
Short term | |||||||
Variable | |||||||
Low value | |||||||
Finance | |||||||
Total lease costs | $ | $ | |||||
September 28, 2019 | |
Weighted average remaining lease terms (years): | |
Operating | |
Finance | |
Weighted average discount rate: | |
Operating | |
Finance | |
September 28, 2019 | |||||||||||
(amounts in thousands) | Operating Leases (1) | Finance Leases | Total | ||||||||
2019 (remaining three months) | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less: Interest | |||||||||||
Present value of lease liability | $ | $ | $ | ||||||||
December 31, 2018 | |||||||||||
(amounts in thousands) | Operating Leases | Capital Leases (1) | Total | ||||||||
2019 | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
Thereafter | |||||||||||
Total future minimum lease payment obligations | $ | $ | $ | ||||||||
(amounts in thousands) | September 28, 2019 | December 31, 2018 | |||||
Customer displays | $ | $ | |||||
Deposits | |||||||
Long-term notes receivable | |||||||
Cloud computing arrangements | |||||||
Other prepaid expenses | |||||||
Overfunded pension benefit obligation | |||||||
Debt issuance costs on unused portion of revolver facility | |||||||
Long-term taxes receivable | |||||||
Other long-term accounts receivable | |||||||
Other long-term assets | |||||||
Total other assets | $ | $ | |||||
(amounts in thousands) | September 28, 2019 | December 31, 2018 | |||||
Current portion of legal claims provision | $ | $ | |||||
Accrued sales and advertising rebates | |||||||
Current portion of operating lease liability (Note 8) | — | ||||||
Accrued expenses | |||||||
Non-income related taxes | |||||||
Current portion of warranty liability (Note 11) | |||||||
Accrued interest payable | |||||||
Current portion of accrued claim costs relating to self-insurance programs | |||||||
Current portion of accrued income taxes payable | |||||||
Current portion of deferred revenue (Note 16) | |||||||
Current portion of restructuring accrual (Note 19) | |||||||
Current portion of derivative liability (Note 21) | |||||||
Total accrued expenses and other current liabilities | $ | $ | |||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | |||||
Balance as of January 1 | $ | $ | |||||
Current period expense | |||||||
Liabilities assumed due to acquisition | |||||||
Experience adjustments | |||||||
Payments | ( | ) | ( | ) | |||
Currency translation | ( | ) | ( | ) | |||
Balance at period end | |||||||
Current portion | ( | ) | ( | ) | |||
Long-term portion | $ | $ | |||||
September 28, 2019 | September 28, 2019 | December 31, 2018 | |||||||
(amounts in thousands) | Interest Rate | ||||||||
Senior notes | 4.63% - 4.88% | $ | $ | ||||||
Term loans | 1.30% - 4.33% | ||||||||
Finance leases and other financing arrangements | 1.90% - 6.38% | ||||||||
Mortgage notes | |||||||||
Revolving credit facilities | |||||||||
Installment notes for stock | |||||||||
Unamortized debt issuance costs and original issue discount | ( | ) | ( | ) | |||||
Current maturities of long-term debt | ( | ) | ( | ) | |||||
Long-term debt | $ | $ | |||||||
(amounts in thousands) | North America | Europe | Australasia | Total Operating Segments | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||
Three Months Ended September 28, 2019 | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Intersegment net revenues | ( | ) | ( | ) | ( | ) | ( | ) | — | ( | ) | ||||||||||||
Net revenues from external customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Impairment and restructuring charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Three Months Ended September 29, 2018 | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Intersegment net revenues | ( | ) | ( | ) | ( | ) | ( | ) | — | ( | ) | ||||||||||||
Net revenues from external customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Impairment and restructuring charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
(amounts in thousands) | North America | Europe | Australasia | Total Operating Segments | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||
Nine Months Ended September 28, 2019 | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Intersegment net revenues | ( | ) | ( | ) | ( | ) | ( | ) | — | ( | ) | ||||||||||||
Net revenues from external customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Impairment and restructuring charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Nine Months Ended September 29, 2018 | |||||||||||||||||||||||
Total net revenues | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Intersegment net revenues | ( | ) | ( | ) | ( | ) | ( | ) | — | ( | ) | ||||||||||||
Net revenues from external customers | $ | $ | $ | $ | $ | — | $ | ||||||||||||||||
Impairment and restructuring charges | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Equity earnings of non-consolidated entities | ( | ) | |||||||||||||
Income tax expense | ( | ) | ( | ) | |||||||||||
Depreciation and amortization | |||||||||||||||
Interest expense, net | |||||||||||||||
Impairment and restructuring charges | |||||||||||||||
Gain on previously held shares of equity investment | ( | ) | |||||||||||||
Loss (gain) on sale of property and equipment | ( | ) | |||||||||||||
Share-based compensation expense | |||||||||||||||
Non-cash foreign exchange transaction/translation (income) loss | ( | ) | ( | ) | |||||||||||
Other items (1) | |||||||||||||||
Other non-cash items (2) | |||||||||||||||
Costs relating to debt restructuring and debt refinancing | |||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | |||||||||||
(1) | Other non-recurring items not core to ongoing business activity include: (i) in the three months ended September 28, 2019 (1) $ |
(2) | Other non-cash items include: (i) in the nine months ended September 28, 2019, $ |
(amounts in thousands) | September 28, 2019 | September 29, 2018 | |||||
Balance as of January 1 | $ | $ | |||||
Increases due to cash received | |||||||
Revenue recognized during the period | ( | ) | ( | ) | |||
Liabilities assumed due to acquisition | |||||||
Currency translation | ( | ) | ( | ) | |||
Balance at period end | $ | $ | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands, except share and per share amounts) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Earnings per share basic: | |||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||
Equity earnings of non-consolidated entities | |||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||
Weighted average outstanding shares of common stock basic | |||||||||||||||
Net income per share - basic | $ | $ | $ | $ | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands, except share and per share amounts) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Earnings per share diluted: | |||||||||||||||
Net income - basic and diluted | $ | $ | $ | $ | |||||||||||
Weighted average outstanding shares of common stock basic | |||||||||||||||
Restricted stock units, performance share units and options to purchase common stock | |||||||||||||||
Weighted average outstanding shares of common stock diluted | |||||||||||||||
Net income per share - diluted | $ | $ | $ | $ | |||||||||||
Three Months Ended | Nine Months Ended | ||||||
September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | ||||
Common stock options | |||||||
Restricted stock units | |||||||
Performance share units | |||||||
Three Months Ended | |||||||||||
September 28, 2019 | September 29, 2018 | ||||||||||
Shares | Weighted Average Exercise Price Per Share | Shares | Weighted Average Exercise Price Per Share | ||||||||
Options granted | $ | $ | |||||||||
Options canceled | $ | $ | |||||||||
Options exercised | $ | $ | |||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||
RSUs granted | $ | $ | |||||||||
PSUs granted | $ | $ | |||||||||
Nine Months Ended | |||||||||||
September 28, 2019 | September 29, 2018 | ||||||||||
Shares | Weighted Average Exercise Price Per Share | Shares | Weighted Average Exercise Price Per Share | ||||||||
Options granted | $ | $ | |||||||||
Options canceled | $ | $ | |||||||||
Options exercised | $ | $ | |||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||
RSUs granted | $ | $ | |||||||||
PSUs granted | $ | $ | |||||||||
(amounts in thousands) | North America | Europe | Australasia | Corporate and Unallocated Costs | Total Consolidated | ||||||||||||||
Three Months Ended September 28, 2019 | |||||||||||||||||||
Severance costs | $ | $ | $ | $ | $ | ||||||||||||||
Other exit costs | ( | ) | |||||||||||||||||
Total restructuring costs | |||||||||||||||||||
Impairments | |||||||||||||||||||
Total impairment and restructuring charges | $ | $ | $ | $ | $ | ||||||||||||||
Three Months Ended September 29, 2018 | |||||||||||||||||||
Severance costs | $ | $ | $ | $ | $ | ||||||||||||||
Other exit costs | ( | ) | |||||||||||||||||
Total restructuring costs | |||||||||||||||||||
Impairments | |||||||||||||||||||
Total impairment and restructuring charges | $ | $ | $ | $ | $ | ||||||||||||||
(amounts in thousands) | North America | Europe | Australasia | Corporate and Unallocated Costs | Total Consolidated | ||||||||||||||
Nine Months Ended September 28, 2019 | |||||||||||||||||||
Severance costs | $ | $ | $ | $ | $ | ||||||||||||||
Other exit costs | ( | ) | |||||||||||||||||
Total restructuring costs | |||||||||||||||||||
Impairments | |||||||||||||||||||
Total impairment and restructuring charges | $ | $ | $ | $ | $ | ||||||||||||||
Nine Months Ended September 29, 2018 | |||||||||||||||||||
Severance costs | $ | $ | $ | $ | $ | ||||||||||||||
Other exit costs | ( | ) | ( | ) | |||||||||||||||
Total restructuring costs | ( | ) | |||||||||||||||||
Impairments | |||||||||||||||||||
Total impairment and restructuring charges | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
(amounts in thousands) | Beginning Accrual Balance | Additions Charged to Expense | Payments or Utilization | Ending Accrual Balance | |||||||||||
September 28, 2019 | |||||||||||||||
Severance costs | $ | $ | $ | ( | ) | $ | |||||||||
Other exit costs | ( | ) | |||||||||||||
Total | $ | $ | $ | ( | ) | $ | |||||||||
September 29, 2018 | |||||||||||||||
Severance costs | $ | $ | $ | ( | ) | $ | |||||||||
Other exit costs | ( | ) | |||||||||||||
Total | $ | $ | $ | ( | ) | $ | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Foreign currency gains | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Pension benefit expense | |||||||||||||||
Legal settlement income | ( | ) | ( | ) | ( | ) | |||||||||
Gain on sale of business | ( | ) | |||||||||||||
Gain on previously held shares of an equity investment | ( | ) | |||||||||||||
Other items | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total other income | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Derivative assets | |||||||||
(amounts in thousands) | Balance Sheet Location | September 28, 2019 | December 31, 2018 | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency forward contracts | Other current assets | $ | $ | ||||||
Interest rate cap contracts | Other assets | ||||||||
Derivatives liabilities | |||||||||
(amounts in thousands) | Balance Sheet Location | September 28, 2019 | December 31, 2018 | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency forward contracts | Accrued expenses and other current liabilities | $ | $ | ||||||
September 28, 2019 | |||||||||||||||||||
(amounts in thousands) | Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||||
Derivative assets, recorded in other current assets | $ | $ | $ | $ | $ | ||||||||||||||
Derivative assets, recorded in other assets | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Senior notes | $ | $ | $ | $ | $ | ||||||||||||||
Term loans | |||||||||||||||||||
Derivative liabilities, recorded in accrued expenses and deferred credits | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
(amounts in thousands) | Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Derivative assets, recorded in other current assets | |||||||||||||||||||
Derivative assets, recorded in other assets | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Senior notes, recorded in long-term debt | $ | $ | $ | $ | $ | ||||||||||||||
Term loans, recorded in long-term debt and current maturities of long-term debt | |||||||||||||||||||
Derivative liabilities, recorded in accrued expenses and deferred credits | |||||||||||||||||||
September 28, 2019 | |||||||||||||||||||||||
(amounts in thousands) | Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
Closed operations | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||
(amounts in thousands) | Carrying Value | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||||
Continuing operations | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||
(amounts in thousands) | September 28, 2019 | December 31, 2018 | |||||
Self-insurance workers’ compensation | $ | $ | |||||
Legal | |||||||
Liability and other insurance | |||||||
Environmental | |||||||
Other | |||||||
Total outstanding performance bonds and stand-by letters of credit | $ | $ | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | September 28, 2019 | September 29, 2018 | |||||||||||
Components of pension benefit expense - U.S. benefit plan: | |||||||||||||||
Administrative cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Amortization of net actuarial pension loss | |||||||||||||||
Pension benefit expense | $ | $ | $ | $ | |||||||||||
Nine Months Ended | |||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | |||||
Cash Operating Activities: | |||||||
Operating leases | $ | $ | — | ||||
Finance leases | — | ||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | — | ||||
Non-cash Investing Activities: | |||||||
Property, equipment and intangibles purchased in accounts payable | $ | $ | |||||
Property, equipment and intangibles purchased for debt | |||||||
Customer accounts receivable converted to notes receivable | |||||||
Cash Financing Activities: | |||||||
Proceeds from issuance of new debt, net of discount | $ | $ | |||||
Borrowings on long-term debt | |||||||
Payments of long-term debt | ( | ) | ( | ) | |||
Payments of debt issuance and extinguishment costs, including underwriting fees | ( | ) | ( | ) | |||
Change in long-term debt | $ | $ | |||||
Cash paid for amounts included in the measurement of finance lease liabilities | $ | $ | — | ||||
Non-cash Financing Activities: | |||||||
Prepaid insurance funded through short-term debt borrowings | $ | $ | |||||
Prepaid ERP costs funded through short-term debt borrowings | |||||||
Shares surrendered for tax obligations for employee share-based transactions in accrued liabilities | |||||||
Shares repurchased and cash not yet distributed to shareholders | |||||||
Accounts payable converted to installment notes | |||||||
Other Supplemental Cash Flow Information: | |||||||
Cash taxes paid, net of refunds | $ | $ | |||||
Cash interest paid | |||||||
September 29, 2018 | |||||||||||
(amounts in thousands) | As Reported | Correction | As Revised | ||||||||
Consolidated Balance Sheet: | |||||||||||
Accounts receivable, net | $ | $ | ( | ) | $ | ||||||
Inventories | $ | $ | ( | ) | $ | ||||||
Other current assets | $ | $ | $ | ||||||||
Total current assets | $ | $ | ( | ) | $ | ||||||
Deferred tax assets | $ | $ | $ | ||||||||
Other assets | $ | $ | ( | ) | $ | ||||||
Total assets | $ | $ | ( | ) | $ | ||||||
Accounts payable | $ | $ | $ | ||||||||
Accrued payroll and benefits | $ | $ | $ | ||||||||
Accrued expenses and other current liabilities | $ | $ | $ | ||||||||
Total current liabilities | $ | $ | $ | ||||||||
Deferred credits and other liabilities (1) | $ | $ | $ | ||||||||
Deferred tax liabilities | $ | $ | ( | ) | $ | ||||||
Total liabilities | $ | $ | $ | ||||||||
Retained earnings | $ | $ | ( | ) | $ | ||||||
Accumulated other comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Total shareholders' equity attributable to common shareholders | $ | $ | ( | ) | $ | ||||||
Total shareholders' equity (1) | $ | $ | ( | ) | $ | ||||||
Total liabilities and shareholders’ equity | $ | $ | ( | ) | $ | ||||||
Nine months ended | |||||||||||
September 29, 2018 | |||||||||||
(amounts in thousands, except per share data) | As Reported | Correction | As Revised | ||||||||
Consolidated Statement of Operations: | |||||||||||
Net revenues | $ | $ | ( | ) | $ | ||||||
Cost of sales | $ | $ | $ | ||||||||
Gross margin | $ | $ | ( | ) | $ | ||||||
Selling, general and administrative | $ | $ | $ | ||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ||||||
Other (income) expense(1) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Income before taxes and equity earnings | $ | $ | ( | ) | $ | ||||||
Income tax expense (benefit) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Income from continuing operations, net of tax | $ | $ | ( | ) | $ | ||||||
Net income | $ | $ | ( | ) | $ | ||||||
Net income (loss) attributable to common shareholders(1) | $ | $ | ( | ) | $ | ||||||
Three months ended | |||||||||||
September 29, 2018 | |||||||||||
(amounts in thousands, except per share data) | As Reported | Correction | As Revised | ||||||||
Consolidated Statement of Operations: | |||||||||||
Net revenues | $ | $ | ( | ) | $ | ||||||
Cost of sales | $ | $ | ( | ) | $ | ||||||
Gross margin | $ | $ | ( | ) | $ | ||||||
Selling, general and administrative | $ | $ | $ | ||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ||||||
Other (income) expense(1) | $ | ( | ) | $ | $ | ( | ) | ||||
Income before taxes and equity earnings | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Income tax expense (benefit) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Income from continuing operations, net of tax | $ | $ | ( | ) | $ | ||||||
Net income | $ | $ | ( | ) | $ | ||||||
Net income (loss) attributable to common shareholders(1) | $ | $ | ( | ) | $ | ||||||
Weighted Average Common Shares: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Income (loss) per share from continuing operations: | |||||||||||
Basic | $ | $ | ( | ) | $ | ||||||
Diluted | $ | $ | $ | ||||||||
Net income (loss) per share: | |||||||||||
Basic | $ | $ | ( | ) | $ | ||||||
Diluted | $ | $ | $ | ||||||||
December 31, 2018 | |||||||||||
(amounts in thousands) | As Reported | Correction | As Revised | ||||||||
Consolidated Balance Sheet: | |||||||||||
Accounts receivable, net | $ | $ | $ | ||||||||
Inventories | $ | $ | ( | ) | $ | ||||||
Other current assets | $ | $ | ( | ) | $ | ||||||
Total current assets | $ | $ | ( | ) | $ | ||||||
Deferred tax assets | $ | $ | $ | ||||||||
Other assets | $ | $ | ( | ) | $ | ||||||
Total assets | $ | $ | ( | ) | $ | ||||||
Accounts payable | $ | $ | ( | ) | $ | ||||||
Accrued payroll and benefits | $ | $ | $ | ||||||||
Accrued expenses and other current liabilities | $ | $ | $ | ||||||||
Total current liabilities | $ | $ | $ | ||||||||
Deferred credits and other liabilities(1) | $ | $ | $ | ||||||||
Deferred tax liabilities | $ | $ | $ | ||||||||
Total liabilities | $ | $ | $ | ||||||||
Retained earnings | $ | $ | ( | ) | $ | ||||||
Accumulated other comprehensive loss | $ | ( | ) | $ | $ | ( | ) | ||||
Total shareholders' equity attributable to common shareholders | $ | $ | ( | ) | $ | ||||||
Total shareholders' equity(1) | $ | $ | ( | ) | $ | ||||||
Total liabilities and shareholders’ equity | $ | $ | ( | ) | $ | ||||||
Nine months ended | |||||||||||
September 29, 2018 | |||||||||||
(amounts in thousands) | As Reported | Correction | As Revised | ||||||||
Net income | $ | $ | ( | ) | $ | ||||||
Income tax (benefit) expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Non-cash foreign exchange transaction/translation (income) loss | $ | $ | ( | ) | $ | ( | ) | ||||
Other items | $ | $ | $ | ||||||||
Adjusted EBITDA | $ | $ | ( | ) | $ | ||||||
Three months ended | |||||||||||
September 29, 2018 | |||||||||||
(amounts in thousands) | As Reported | Correction | As Revised | ||||||||
Net income | $ | $ | ( | ) | $ | ||||||
Income tax (benefit) expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Non-cash foreign exchange transaction/translation (income) loss | $ | $ | $ | ||||||||
Adjusted EBITDA | $ | $ | ( | ) | $ | ||||||
Nine months ended | |||||||||||||||||||||||
September 29, 2018 | |||||||||||||||||||||||
(amounts in thousands) | North America | Europe | Australasia | Total Operating Segments | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||
As Reported | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Correction | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
As Revised | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Three months ended | |||||||||||||||||||||||
September 29, 2018 | |||||||||||||||||||||||
(amounts in thousands) | North America | Europe | Australasia | Total Operating Segments | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||
As Reported | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Correction | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
As Revised | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
• | negative trends in overall business, financial market and economic conditions, and/or activity levels in our end markets; |
• | increases in interest rates and reduced availability of financing for the purchase of new homes and home construction and improvements; |
• | changes in building codes that could increase the cost of our products or lower the demand for our windows and doors; |
• | lack of transparency, threat of fraud, public sector corruption, and other forms of criminal activity involving government officials; |
• | other risks and uncertainties, including those listed under Item 1A- Risk Factors in our 10-K. |
• | Overview and Background. This section provides a general description of our Company and reportable segments, business and industry trends, our key business strategies and background information on other matters discussed in this MD&A. |
• | Consolidated Results of Operations and Operating Results by Business Segment. This section provides our analysis and outlook for the significant line items on our unaudited consolidated statements of operations, as well as other information that we deem meaningful to an understanding of our results of operations on both a consolidated basis and a business segment basis. |
• | Liquidity and Capital Resources. This section contains an overview of our financing arrangements and provides an analysis of trends and uncertainties affecting liquidity, cash requirements for our business and sources and uses of our cash. |
• | Critical Accounting Policies and Estimates. This section discusses the accounting policies that we consider important to the evaluation and reporting of our financial condition and results of operations, and whose application requires significant judgments or a complex estimation process. |
Three Months Ended | |||||||||||||
September 28, 2019 | September 29, 2018 | ||||||||||||
(amounts in thousands) | % of Net Revenues | % of Net Revenues | |||||||||||
Net revenues | $ | 1,091,953 | 100.0 | % | $ | 1,136,478 | 100.0 | % | |||||
Cost of sales | 868,168 | 79.5 | % | 895,003 | 78.8 | % | |||||||
Gross margin | 223,785 | 20.5 | % | 241,475 | 21.2 | % | |||||||
Selling, general and administrative | 161,424 | 14.8 | % | 230,291 | 20.3 | % | |||||||
Impairment and restructuring charges | 7,935 | 0.7 | % | 3,891 | 0.3 | % | |||||||
Operating income | 54,426 | 5.0 | % | 7,293 | 0.6 | % | |||||||
Interest expense, net | 17,571 | 1.6 | % | 18,341 | 1.6 | % | |||||||
Other (income) expense | (2,687 | ) | (0.2 | )% | (7,999 | ) | (0.7 | )% | |||||
Income (loss) before taxes, equity earnings and discontinued operations | 39,542 | 3.6 | % | (3,049 | ) | (0.3 | )% | ||||||
Income tax expense (benefit) | 22,500 | 2.1 | % | (31,686 | ) | (2.8 | )% | ||||||
Income from continuing operations, net of tax | 17,042 | 1.6 | % | 28,637 | 2.5 | % | |||||||
Equity earnings of non-consolidated entities | — | — | % | — | — | % | |||||||
Net income | $ | 17,042 | 1.6 | % | $ | 28,637 | 2.5 | % | |||||
Nine Months Ended | |||||||||||||
September 28, 2019 | September 29, 2018 | ||||||||||||
(amounts in thousands) | % of Net Revenues | % of Net Revenues | |||||||||||
Net revenues | $ | 3,221,200 | 100.0 | % | $ | 3,255,108 | 100.0 | % | |||||
Cost of sales | 2,549,067 | 79.1 | % | 2,560,945 | 78.7 | % | |||||||
Gross margin | 672,133 | 20.9 | % | 694,163 | 21.3 | % | |||||||
Selling, general and administrative | 502,109 | 15.6 | % | 570,498 | 17.5 | % | |||||||
Impairment and restructuring charges | 17,388 | 0.5 | % | 9,378 | 0.3 | % | |||||||
Operating income | 152,636 | 4.7 | % | 114,287 | 3.5 | % | |||||||
Interest expense, net | 53,719 | 1.7 | % | 51,832 | 1.6 | % | |||||||
Other (income) expense | (1,288 | ) | — | % | (27,483 | ) | (0.8 | )% | |||||
Income before taxes, equity earnings and discontinued operations | 100,205 | 3.1 | % | 89,938 | 2.8 | % | |||||||
Income tax expense (benefit) | 45,030 | 1.4 | % | (13,141 | ) | (0.4 | )% | ||||||
Income from continuing operations, net of tax | 55,175 | 1.7 | % | 103,079 | 3.2 | % | |||||||
Equity earnings of non-consolidated entities | — | — | % | 738 | — | % | |||||||
Net income | $ | 55,175 | 1.7 | % | $ | 103,817 | 3.2 | % | |||||
Three Months Ended | |||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | |||||||||
Net revenues from external customers | % Variance | ||||||||||
North America | $ | 658,437 | $ | 667,709 | (1.4 | )% | |||||
Europe | 287,690 | 292,909 | (1.8 | )% | |||||||
Australasia | 145,826 | 175,860 | (17.1 | )% | |||||||
Total Consolidated | $ | 1,091,953 | $ | 1,136,478 | (3.9 | )% | |||||
Percentage of total consolidated net revenues | |||||||||||
North America | 60.3 | % | 58.7 | % | |||||||
Europe | 26.3 | % | 25.8 | % | |||||||
Australasia | 13.4 | % | 15.5 | % | |||||||
Total Consolidated | 100.0 | % | 100.0 | % | |||||||
Adjusted EBITDA(1) | |||||||||||
North America | $ | 66,671 | $ | 84,286 | (20.9 | )% | |||||
Europe | 30,184 | 27,713 | 8.9 | % | |||||||
Australasia | 20,343 | 26,192 | (22.3 | )% | |||||||
Corporate and unallocated costs | (8,250 | ) | (5,562 | ) | 48.3 | % | |||||
Total Consolidated | $ | 108,948 | $ | 132,629 | (17.9 | )% | |||||
Adjusted EBITDA as a percentage of segment net revenues | |||||||||||
North America | 10.1 | % | 12.6 | % | |||||||
Europe | 10.5 | % | 9.5 | % | |||||||
Australasia | 14.0 | % | 14.9 | % | |||||||
Total Consolidated | 10.0 | % | 11.7 | % | |||||||
(1) | Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see Note 14 - Segment Information. |
Nine Months Ended | |||||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | |||||||||
Net revenues from external customers | % Variance | ||||||||||
North America | $ | 1,891,915 | $ | 1,838,825 | 2.9 | % | |||||
Europe | 888,041 | 913,292 | (2.8) | % | |||||||
Australasia | 441,244 | 502,991 | (12.3) | % | |||||||
Total Consolidated | $ | 3,221,200 | $ | 3,255,108 | (1.0) | % | |||||
Percentage of total consolidated net revenues | |||||||||||
North America | 58.7 | % | 56.5 | % | |||||||
Europe | 27.6 | % | 28.1 | % | |||||||
Australasia | 13.7 | % | 15.4 | % | |||||||
Total Consolidated | 100.0 | % | 100.0 | % | |||||||
Adjusted EBITDA(1) | |||||||||||
North America | $ | 206,985 | $ | 210,958 | (1.9) | % | |||||
Europe | 86,810 | 97,340 | (10.8) | % | |||||||
Australasia | 57,981 | 66,978 | (13.4) | % | |||||||
Corporate and unallocated costs | (25,968 | ) | (22,123 | ) | 17.4 | % | |||||
Total Consolidated | $ | 325,808 | $ | 353,153 | (7.7) | % | |||||
Adjusted EBITDA as a percentage of segment net revenues | |||||||||||
North America | 10.9 | % | 11.5 | % | |||||||
Europe | 9.8 | % | 10.7 | % | |||||||
Australasia | 13.1 | % | 13.3 | % | |||||||
Total Consolidated | 10.1 | % | 10.8 | % | |||||||
(1) | Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA, see Note 14 - Segment Information in our unaudited consolidated financial statements. |
Nine Months Ended | ||||||||
(amounts in thousands) | September 28, 2019 | September 29, 2018 | ||||||
Cash provided by (used in): | ||||||||
Operating activities | $ | 164,892 | $ | 87,969 | ||||
Investing activities | (153,940 | ) | (245,351 | ) | ||||
Financing activities | 6,064 | 56,661 | ||||||
Effect of changes in exchange rates on cash and cash equivalents | (2,981 | ) | (3,637 | ) | ||||
Net change in cash and cash equivalents | $ | 14,035 | $ | (104,358 | ) | |||
• | Enhance and supplement the finance team in Europe by increasing the number of roles, reassigning responsibilities, and adding additional resources with an appropriate level of knowledge and experience in internal control over financial reporting commensurate with the financial reporting complexities of the organization; |
• | Enhance the tone, communication and overall awareness of the importance of internal control over financial reporting from executive management; |
• | Evaluate corporate and segment monitoring controls to ensure they are designed and operating at the appropriate level of precision required to support risk mitigation; |
• | Implement enhancements to the design of our customer pricing controls in Europe; |
• | Implement enhancements to the design of our journal entry controls in Europe; |
• | Implement enhancements to the design of our controls related to the reconciliation of subsidiary ledger financial information used in the consolidated financial statements; |
• | Strengthen procedures and set guidelines for documentation of controls throughout our domestic and international locations for consistency of application; |
• | Institute additional training programs that will continue on a regular basis related to internal control over financial reporting for our world-wide finance and accounting personnel. |
Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | ||
10.1 | 8-K | 001-38000 | 10.1 | September 20, 2019 | |||
31.1* | |||||||
31.2* | |||||||
32.1* | |||||||
101.INS* | XBRL Instance Document-the instance document does not appear in this Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | ||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||||
104* | Cover page Interactive Data file (formatted as Inline XBRL and contained in Exhibit 101) | ||||||
* | Filed herewith | ||||||
JELD-WEN HOLDING, INC. | |
(Registrant) | |
By: | /s/ John Linker |
John Linker | |
Chief Financial Officer | |
1. | I have reviewed this Quarterly Report on Form 10-Q for the fiscal period ended September 28, 2019 of JELD-WEN Holding, 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. |
1. | I have reviewed this Quarterly Report on Form 10-Q for the fiscal period ended September 28, 2019 of JELD-WEN Holding, 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; and |
(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. |
Commitment and Contingencies - Indemnification (Details) |
9 Months Ended |
|---|---|
Sep. 28, 2019 | |
| Minimum | |
| Loss Contingencies | |
| Indemnification, term | 1 year |
| Maximum | |
| Loss Contingencies | |
| Indemnification, term | 3 years |
Capital Stock |
9 Months Ended |
|---|---|
Sep. 28, 2019 | |
| Equity [Abstract] | |
| Capital Stock | Capital Stock Preferred Stock – Our Board of Directors is authorized to issue Preferred Stock from time to time in one or more series and with such rights, privileges and preferences as the Board may from time to time determine. We have not issued any shares of preferred stock. Common Stock – Includes the basis of shares outstanding plus amounts recorded as additional paid-in capital. Shares outstanding at both September 28, 2019 and December 31, 2018 exclude the 193,941 shares issued to the Employee Benefit Trust that are considered similar to treasury shares. These shares had a total original issuance value of $12.4 million. In April 2018, our Board of Directors authorized the repurchase of up to $250 million of our Common Stock through December 31, 2019. Purchases are made in accordance with all applicable securities laws and regulations and may be funded from available liquidity including available cash or borrowings under existing or future credit facilities. The timing and amount of any repurchases of Common Stock is based on JELD-WEN’s liquidity, general business and market conditions and other factors, including alternative investment opportunities. During the nine months ended September 28, 2019, we repurchased 1,192,419 shares of our Common Stock at an average purchase price of $16.77 per share. No shares were purchased in the three months ended September 28, 2019. As of September 28, 2019, $105.0 million was remaining under the repurchase authorization. On November 4, 2019, the Board of Directors authorized an increase to the remaining authorization under the share repurchase program to a total of $175.0 million with no expiration date.
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Impairment and Restructuring Charges |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment and Restructuring Charges | Impairment and Restructuring Charges During 2018 and 2019, we engaged in restructuring activity intended to improve productivity, operating margins, and working capital levels. Restructuring costs primarily relate to workforce reductions, repositioning of management structure and costs associated with plant consolidations and closures. Asset impairment charges were recorded in addition to our restructuring costs. In 2019, the asset impairment charges were primarily related to ROU assets held by operations impacted by restructuring. The following table summarizes the restructuring charges for the periods indicated:
Short-term restructuring accruals are recorded in accrued expenses and totaled $6.1 million and $6.6 million as of September 28, 2019 and December 31, 2018, respectively. Long-term restructuring accruals are recorded in deferred credits and other liabilities and totaled $1.2 million and $2.0 million as of September 28, 2019 and December 31, 2018, respectively. The following is a summary of the restructuring accruals recorded and charges incurred:
The prior period information has been reclassified to conform to current period presentation.
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Long-Term Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Our long-term debt, net of original issue discount and unamortized debt issuance costs, consisted of the following:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Balance Sheet Location | Lease ROU assets and liabilities at September 28, 2019 were as follows:
(1) Finance lease assets are recorded net of accumulated depreciation of $1.2 million as of September 28, 2019.
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| Lease, Cost | The components of lease expense for the periods ended September 28, 2019 were as follows:
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| Finance Lease, Liability, Maturity | Future minimum lease payment obligations under operating and capital leases are as follows:
(1) Operating lease payments include $2.3 million related to options to extend lease terms that are reasonably certain of being exercised. |
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| Operating Lease, Liability, Maturity | Future minimum lease payment obligations under operating and capital leases are as follows:
(1) Operating lease payments include $2.3 million related to options to extend lease terms that are reasonably certain of being exercised. |
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| Operating Lease Future Minimum Lease Payments Before Adoption | Future minimum lease payment obligations under operating and capital leases are as follows:
(1) As of December 31, 2018, capital leases included maturities of approximately $24.5 million related to a build-to-suit lease that transitioned to operating lease under the new leasing standard.
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| Capital Lease Future Minimum Lease Payments Before Adoption | Future minimum lease payment obligations under operating and capital leases are as follows:
(1) As of December 31, 2018, capital leases included maturities of approximately $24.5 million related to a build-to-suit lease that transitioned to operating lease under the new leasing standard.
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Description of Company and Summary of Significant Accounting Policies |
9 Months Ended |
|---|---|
Sep. 28, 2019 | |
| Accounting Policies [Abstract] | |
| Description of Company and Summary of Significant Accounting Policies | Description of Company and Summary of Significant Accounting Policies Nature of Business – JELD-WEN Holding, Inc., along with its subsidiaries, is a vertically integrated global manufacturer and distributor of windows and doors that derives substantially all of its revenues from the sale of its door and window products. Unless otherwise specified or the context otherwise requires, all references in these notes to “JELD-WEN,” “we,” “us,” “our,” or the “Company” are to JELD-WEN Holding, Inc. and its subsidiaries. We have facilities located in the U.S., Canada, Europe, Australia, Asia, Mexico, and South America. Our products are marketed primarily under the JELD-WEN brand name in the U.S. and Canada and under JELD-WEN and a variety of acquired brand names in Europe, Australia and Asia. Our revenues are affected by the level of new housing starts and remodeling activity in each of our markets. Our sales typically follow seasonal new construction and repair and remodeling industry patterns. The peak season for home construction and remodeling in many of our markets generally corresponds with the second and third calendar quarters, and therefore, sales volume is typically higher during those quarters. Our first and fourth quarter sales volumes are generally lower due to reduced repair and remodeling activity and reduced activity in the building and construction industry as a result of colder and more inclement weather in certain of our geographic end markets. Basis of Presentation – The accompanying unaudited consolidated financial statements as of September 28, 2019 and for the three and nine months ended September 28, 2019 and September 29, 2018, respectively, have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the periods presented. The results for the three and nine months ended September 28, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019, or any other period. The accompanying consolidated balance sheet as of December 31, 2018 was derived from audited financial statements included in the Company’s Form 10-K. The accompanying consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated balance sheets, statements of operations and statements of cash flows have been revised to reflect the correction of certain errors and other accumulated misstatements as described in Note 27 - Revision of Prior Period Financial Statements. We do not believe the errors corrected were material to our previously issued financial statements. All U.S. dollar and other currency amounts, except per share amounts, are presented in thousands unless otherwise noted. Fiscal Year – We operate on a fiscal calendar year, and each interim quarter is comprised of two 4-week periods and one 5-week period, with each week ending on a Saturday. Our fiscal year always begins on January 1 and ends on December 31. As a result, our first and fourth quarters may have more or fewer days included than a traditional 91-day fiscal quarter. Use of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the unaudited consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets including goodwill and other intangible assets, employee benefit obligations, income tax uncertainties, contingent assets and liabilities, provisions for bad debt, inventory, warranty liabilities, legal claims, valuation of derivatives, environmental remediation and claims relating to self-insurance. Actual results could differ due to the uncertainty inherent in the nature of these estimates. Factoring Arrangements – Our ABS subsidiary, acquired in March 2018, has entered into factoring agreements with a U.S.-based financial institution under which it can elect to sell certain of its accounts receivable under non-recourse agreements. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreements transfer effective control over and risk of non-collection to the factor. Thus, cash proceeds from these arrangements are reflected as operating activities, including the change of accounts receivable on our statement of cash flows each period. We do not service any factored accounts after the factoring has occurred and do not have any servicing assets or liabilities. We utilize factoring arrangements as part of our financing to manage working capital. The aggregate gross amount factored under these arrangements was $57.4 million and $36.6 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The cost of factoring is reflected in the accompanying consolidated statements of operations as interest expense with other financing costs was $0.1 million and $0.4 million for the three and nine months ended September 28, 2019, respectively, and $0.1 million and $0.2 million in each of the corresponding periods ended September 29, 2018. Recently Adopted Accounting Standards – In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which clarifies the accounting treatment for implementation costs for cloud computing arrangements (hosting arrangements) that are service contracts with the requirement for capitalizing implementation costs incurred to develop or acquire internal-use-software. We early adopted this standard in the first quarter of 2019 on a prospective basis. The adoption did not have a material impact to the unaudited consolidated financial statements or related disclosures. In June 2018, the FASB issued ASU No. 2018-07 - Compensation - Stock Compensation (Topic 718) Improvements to Non-employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under ASU No. 2018-07, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. We adopted this standard in the first quarter of 2019, and the adoption did not have an impact on our unaudited consolidated financial statements or related disclosures. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act. We have chosen not to make any reclassifications under this standard. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The targeted amendments help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. In October 2018, the FASB issued ASU No. 2018-16, ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which adds the overnight index swap rate (OIS) based on the secured overnight financing rate as a fifth U.S. benchmark interest rate. We adopted this standard in the first quarter of 2019, and it did not have an impact on our unaudited consolidated financial statements or related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Section A - Leases: Amendments to the FASB Accounting Standards Codification. The standard requires lessees to recognize the assets and liabilities arising from leases on the balance sheet and retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. We adopted this standard in the first quarter of 2019 including the practical expedients outlined in ASU No. 2018-01, Leases (Topic 842) Land Easement Practical Expedient for transition to ASC 842, the additional transition method and election to combine lease and nonlease components for real estate leases outlined in ASU No. 2018-11, Leases (Topic 842) Targeted Improvements, and the accounting policy election outlined in ASU No. 2018-20, Leases (Topic 842) Narrow-scope Improvements for Lessors. The adoption of the standard has had a significant impact on our unaudited consolidated balance sheet due to the recognition of approximately $200 million of lease liabilities with corresponding right-of-use assets for operating leases. Additionally, we recognized a $0.8 million cumulative effect adjustment credit, net of tax, to retained earnings. The adjustment to retained earnings was driven by a build-to-suit capital lease that transitioned to an operating lease under the new standard. The deferred tax impact on adoption was immaterial. Recent Accounting Standards Not Yet Adopted – In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which adds, modifies and clarifies several disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. This guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. We are currently assessing the effect that this ASU will have on our disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the measurement of goodwill impairments, this ASU eliminates Step 2 from the goodwill impairment test, which required the calculation of the implied fair value of goodwill. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The guidance will be effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact on our unaudited consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and adds an impairment model that is based on expected losses rather than incurred losses. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to (Topic 326), Financial Instruments-Credit Losses, (Topic 815), Derivatives and Hedging, and (Topic 825), Financial Instruments, to clarify and address certain items related to the amendments of ASU No. 2016-13. This guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We are currently extracting and analyzing historical credit and collections data for our customers to assess the impact of this ASU on our internal processes and our disclosures, which will primarily impact our allowance for doubtful accounts.
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Intangible Assets, Net - Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Sep. 29, 2018 |
|---|---|---|
| Finite-Lived Intangible Assets | ||
| Cost | $ 343,767 | $ 302,463 |
| Accumulated amortization | (95,180) | (76,910) |
| Total intangibles, net | 248,587 | 225,553 |
| Customer relationships and agreements | ||
| Finite-Lived Intangible Assets | ||
| Cost | 152,965 | 134,999 |
| Accumulated amortization | (56,618) | (45,418) |
| Total intangibles, net | 96,347 | 89,581 |
| Software | ||
| Finite-Lived Intangible Assets | ||
| Cost | 86,782 | 62,147 |
| Accumulated amortization | (16,022) | (14,053) |
| Total intangibles, net | 70,760 | 48,094 |
| Trademarks and trade names | ||
| Finite-Lived Intangible Assets | ||
| Cost | 57,278 | 57,513 |
| Accumulated amortization | (6,682) | (5,050) |
| Total intangibles, net | 50,596 | 52,463 |
| Patents, licenses and rights | ||
| Finite-Lived Intangible Assets | ||
| Cost | 46,742 | 47,804 |
| Accumulated amortization | (15,858) | (12,389) |
| Total intangibles, net | $ 30,884 | $ 35,415 |
Impairment and Restructuring Charges - Restructuring Accrual (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Restructuring Reserve | ||||
| Beginning Accrual Balance | $ 8,640 | $ 11,039 | ||
| Additions Charged to Expense | $ 4,851 | $ 3,589 | 11,719 | 8,360 |
| Payments or Utilization | (13,076) | (13,144) | ||
| Ending Accrual Balance | 7,283 | 6,255 | 7,283 | 6,255 |
| Severance costs | ||||
| Restructuring Reserve | ||||
| Beginning Accrual Balance | 5,353 | 7,232 | ||
| Additions Charged to Expense | 10,126 | 6,638 | ||
| Payments or Utilization | (11,067) | (10,378) | ||
| Ending Accrual Balance | 4,412 | 3,492 | 4,412 | 3,492 |
| Other exit costs | ||||
| Restructuring Reserve | ||||
| Beginning Accrual Balance | 3,287 | 3,807 | ||
| Additions Charged to Expense | 1,593 | 1,722 | ||
| Payments or Utilization | (2,009) | (2,766) | ||
| Ending Accrual Balance | $ 2,871 | $ 2,763 | $ 2,871 | $ 2,763 |
Acquisitions - Narratives (Details) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2018
USD ($)
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Sep. 28, 2019
USD ($)
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Sep. 29, 2018
USD ($)
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Sep. 28, 2019
USD ($)
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Sep. 28, 2019
USD ($)
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Sep. 29, 2018
USD ($)
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Dec. 31, 2018
USD ($)
acquisition
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Mar. 30, 2019
USD ($)
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| Business Acquisition | ||||||||
| Goodwill | $ 589,983,000 | $ 589,983,000 | $ 589,983,000 | $ 585,942,000 | ||||
| Acquisition-related costs | 1,435,000 | $ 1,790,000 | 13,432,000 | $ 5,954,000 | ||||
| VPI | ||||||||
| Business Acquisition | ||||||||
| Goodwill | 20,605,000 | 20,605,000 | $ 20,605,000 | $ 26,553,000 | ||||
| Intangible assets useful life | 8 years | |||||||
| Revenue from acquired entity | 30,200,000 | |||||||
| Net income from acquired entity | $ (1,500,000) | |||||||
| Acquisition-related costs | $ 0 | $ 400,000 | ||||||
| Additional acquisition costs | $ 7,100,000 | |||||||
| 2018 Acquisitions | ||||||||
| Business Acquisition | ||||||||
| Goodwill | $ 64,950,000 | $ 60,620,000 | ||||||
| Intangible assets useful life | 16 years | |||||||
| Acquisition-related costs | $ 1,600,000 | $ 5,300,000 | ||||||
| Number of business acquired | acquisition | 4 | |||||||
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Change in Contract with Customer, Liability | ||
| Balance as of January 1 | $ 9,896 | $ 9,970 |
| Increases due to cash received | 61,844 | 61,069 |
| Revenue recognized during the period | (62,607) | (60,078) |
| Liabilities assumed due to acquisition | 0 | 747 |
| Currency translation | (339) | (738) |
| Balance at period end | $ 8,794 | $ 10,970 |
Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Property, Plant and Equipment, Net | ||
| Property and equipment | $ 2,006,687 | $ 1,982,301 |
| Accumulated depreciation | (1,164,467) | (1,138,898) |
| Total property and equipment, net | $ 842,220 | $ 843,403 |
Derivative Financial Instruments (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair values of derivative instruments held are as follows:
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Supplemental Cash Flow Information (Tables) |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow, Supplemental Disclosures |
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Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 28, 2019 |
Sep. 28, 2019 |
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| Leases [Abstract] | ||
| Operating | $ 13,454 | $ 40,928 |
| Short term | 3,198 | 8,607 |
| Variable | 963 | 2,800 |
| Low value | 475 | 1,317 |
| Finance | 24 | 71 |
| Total lease costs | $ 18,114 | $ 53,723 |
Warranty Liability - Narratives (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 28, 2019 |
Dec. 31, 2018 |
Sep. 29, 2018 |
Dec. 31, 2017 |
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| Product Warranty Liability | ||||
| Accrued warranty liability | $ 46,812 | $ 46,468 | $ 47,114 | $ 46,256 |
| North America | ||||
| Product Warranty Liability | ||||
| Accrued warranty liability | 41,800 | |||
| Product warranty, discount adjustment | $ 3,000 | |||
| Minimum | ||||
| Product Warranty Liability | ||||
| Product warranty, term | 1 year | |||
| Minimum | North America | ||||
| Product Warranty Liability | ||||
| Product warranty discount rate (percentage) | 0.76% | |||
| Maximum | ||||
| Product Warranty Liability | ||||
| Product warranty, term | 10 years | |||
| Maximum | North America | ||||
| Product Warranty Liability | ||||
| Product warranty discount rate (percentage) | 4.75% |
Intangible Assets, Net - Narratives (Details) $ in Millions |
9 Months Ended |
|---|---|
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Sep. 28, 2019
USD ($)
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| Finite-Lived Intangible Assets | |
| Capitalized implementation costs | $ 53.2 |
| Software | |
| Finite-Lived Intangible Assets | |
| Increase in intangible assets | $ 24.8 |
| Finite-lived intangible assets, term | 15 years |
Other Assets (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
Sep. 29, 2018 |
|---|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
| Customer displays | $ 13,337 | $ 15,069 | |
| Deposits | 6,465 | 6,627 | |
| Long-term notes receivable | 4,724 | 4,902 | |
| Cloud computing arrangements | 4,290 | 0 | |
| Other prepaid expenses | 2,571 | 5,331 | |
| Overfunded pension benefit obligation | 1,590 | 1,517 | |
| Debt issuance costs on unused portion of revolver facility | 1,588 | 1,552 | |
| Long-term taxes receivable | 800 | 800 | |
| Other long-term accounts receivable | 835 | 762 | |
| Other long-term assets | 370 | 366 | |
| Total other assets | $ 36,570 | $ 36,926 | $ 32,951 |
Warranty Liability |
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| Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warranty Liability | Warranty Liability Warranty terms vary from one year to lifetime on certain window and door components. Warranties are normally limited to servicing or replacing defective components for the original customer. Product defects arising within six months of sale are classified as manufacturing defects and are not included in the current period expense below. Some warranties are transferable to subsequent owners and are either limited to 10 years from the date of manufacture or require pro-rata payments from the customer. A provision for estimated warranty costs is recorded at the time of sale based on historical experience and is periodically adjusted to reflect actual experience. An analysis of our warranty liability is as follows:
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Accounts Receivable |
9 Months Ended |
|---|---|
Sep. 28, 2019 | |
| Receivables [Abstract] | |
| Accounts Receivable | Accounts Receivable We sell our manufactured products to a large number of customers, primarily in the residential housing construction and remodel sectors, broadly dispersed across many domestic and foreign geographic regions. We perform ongoing credit evaluations of our customers to minimize credit risk. We do not usually require collateral for accounts receivable but will require advance payment, guarantees, a security interest in the products sold to a customer, and/or letters of credit in certain situations. Customer accounts receivable converted to notes receivable are primarily collateralized by inventory or other collateral. At September 28, 2019 and December 31, 2018, we had an allowance for doubtful accounts of $5.9 million and $6.2 million, respectively. The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Intangible Assets, Net |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net | Intangible Assets, Net The cost and accumulated amortization values of our intangible assets were as follows:
We have capitalized a total of $53.2 million related to the application development stage of our global ERP system implementation, including $24.8 million during the nine months ended September 28, 2019. During the second quarter of 2019, we began amortizing the cost of our global ERP system over its estimated useful life of 15 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Intangible assets that become fully amortized are removed from the accounts in the period that they become fully amortized. Amortization expense was recorded as follows:
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Description of Company and Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 28, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation – The accompanying unaudited consolidated financial statements as of September 28, 2019 and for the three and nine months ended September 28, 2019 and September 29, 2018, respectively, have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the periods presented. The results for the three and nine months ended September 28, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019, or any other period. The accompanying consolidated balance sheet as of December 31, 2018 was derived from audited financial statements included in the Company’s Form 10-K. The accompanying consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated balance sheets, statements of operations and statements of cash flows have been revised to reflect the correction of certain errors and other accumulated misstatements as described in Note 27 - Revision of Prior Period Financial Statements. We do not believe the errors corrected were material to our previously issued financial statements. |
| Fiscal Year | Fiscal Year – We operate on a fiscal calendar year, and each interim quarter is comprised of two 4-week periods and one 5-week period, with each week ending on a Saturday. Our fiscal year always begins on January 1 and ends on December 31. As a result, our first and fourth quarters may have more or fewer days included than a traditional 91-day fiscal quarter.
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| Use of Estimates | Use of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the unaudited consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets including goodwill and other intangible assets, employee benefit obligations, income tax uncertainties, contingent assets and liabilities, provisions for bad debt, inventory, warranty liabilities, legal claims, valuation of derivatives, environmental remediation and claims relating to self-insurance. Actual results could differ due to the uncertainty inherent in the nature of these estimates.
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| Factoring Arrangements | These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreements transfer effective control over and risk of non-collection to the factor. Thus, cash proceeds from these arrangements are reflected as operating activities, including the change of accounts receivable on our statement of cash flows each period. We do not service any factored accounts after the factoring has occurred and do not have any servicing assets or liabilities. We utilize factoring arrangements as part of our financing to manage working capital. |
| Recently Adopted Accounting Standards and Recent Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards – In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which clarifies the accounting treatment for implementation costs for cloud computing arrangements (hosting arrangements) that are service contracts with the requirement for capitalizing implementation costs incurred to develop or acquire internal-use-software. We early adopted this standard in the first quarter of 2019 on a prospective basis. The adoption did not have a material impact to the unaudited consolidated financial statements or related disclosures. In June 2018, the FASB issued ASU No. 2018-07 - Compensation - Stock Compensation (Topic 718) Improvements to Non-employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under ASU No. 2018-07, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. We adopted this standard in the first quarter of 2019, and the adoption did not have an impact on our unaudited consolidated financial statements or related disclosures. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act. We have chosen not to make any reclassifications under this standard. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The targeted amendments help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. In October 2018, the FASB issued ASU No. 2018-16, ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which adds the overnight index swap rate (OIS) based on the secured overnight financing rate as a fifth U.S. benchmark interest rate. We adopted this standard in the first quarter of 2019, and it did not have an impact on our unaudited consolidated financial statements or related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Section A - Leases: Amendments to the FASB Accounting Standards Codification. The standard requires lessees to recognize the assets and liabilities arising from leases on the balance sheet and retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. We adopted this standard in the first quarter of 2019 including the practical expedients outlined in ASU No. 2018-01, Leases (Topic 842) Land Easement Practical Expedient for transition to ASC 842, the additional transition method and election to combine lease and nonlease components for real estate leases outlined in ASU No. 2018-11, Leases (Topic 842) Targeted Improvements, and the accounting policy election outlined in ASU No. 2018-20, Leases (Topic 842) Narrow-scope Improvements for Lessors. The adoption of the standard has had a significant impact on our unaudited consolidated balance sheet due to the recognition of approximately $200 million of lease liabilities with corresponding right-of-use assets for operating leases. Additionally, we recognized a $0.8 million cumulative effect adjustment credit, net of tax, to retained earnings. The adjustment to retained earnings was driven by a build-to-suit capital lease that transitioned to an operating lease under the new standard. The deferred tax impact on adoption was immaterial. Recent Accounting Standards Not Yet Adopted – In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which adds, modifies and clarifies several disclosure requirements for employers that sponsor defined benefit pension or other post retirement plans. This guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. We are currently assessing the effect that this ASU will have on our disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the measurement of goodwill impairments, this ASU eliminates Step 2 from the goodwill impairment test, which required the calculation of the implied fair value of goodwill. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The guidance will be effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact on our unaudited consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and adds an impairment model that is based on expected losses rather than incurred losses. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to (Topic 326), Financial Instruments-Credit Losses, (Topic 815), Derivatives and Hedging, and (Topic 825), Financial Instruments, to clarify and address certain items related to the amendments of ASU No. 2016-13. This guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We are currently extracting and analyzing historical credit and collections data for our customers to assess the impact of this ASU on our internal processes and our disclosures, which will primarily impact our allowance for doubtful accounts.
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Employee Retirement and Pension Benefits |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Retirement and Pension Benefits | Employee Retirement and Pension Benefits U.S. Defined Benefit Pension Plan – Certain U.S. hourly employees participate in our defined benefit pension plan. The plan is not open to new employees. Pension expense, as recorded in the accompanying unaudited consolidated statements of operations, is determined by using spot rate assumptions made on January 1 of each year as summarized below:
During the three and nine months ended September 28, 2019, we made required contributions to our U.S. defined benefit pension plan or (“the Plan”) of $3.1 million and $6.1 million, respectively. During the three and nine months ended September 29, 2018, we made required contributions to the Plan of $1.4 million and $2.7 million, respectively. During the three and nine months ended September 28, 2019, we made voluntary contributions of $0.1 million. We did not make any voluntary contributions during the three and nine months ended September 29, 2018. During fiscal year 2019, we expect to make additional cash contributions to the Plan of approximately $1.6 million.
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Other (Income) Expense (Tables) |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Income | The table below summarizes the amounts included in other (income) expense in the accompanying unaudited consolidated statements of operations:
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Employee Retirement and Pension Benefits (Tables) |
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| Schedule of Net Benefit Costs | Pension expense, as recorded in the accompanying unaudited consolidated statements of operations, is determined by using spot rate assumptions made on January 1 of each year as summarized below:
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Segment Information - Reconciliation of Net Income to EBITDA (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Segment Reporting, Other Significant Reconciling Item, Consolidated | ||||
| Net income | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,817 |
| Equity earnings in non-consolidated entities | 0 | 0 | 0 | (738) |
| Income tax expense (benefit) | 22,500 | (31,686) | 45,030 | (13,141) |
| Depreciation and amortization | 34,921 | 31,248 | 99,749 | 90,279 |
| Interest expense, net | 17,571 | 18,341 | 53,719 | 51,832 |
| Impairment and restructuring charges | 7,935 | 3,891 | 17,388 | 9,378 |
| Gain on previously held shares of an equity investment | 0 | 0 | 0 | (20,767) |
| Loss (gain) on sale of property and equipment | 1 | (119) | 1,081 | 154 |
| Stock-based compensation | 4,108 | 4,133 | 10,585 | 12,374 |
| Non-cash foreign exchange transaction/translation (income) loss | (182) | 2,840 | 3,615 | (359) |
| Other items | 5,052 | 75,154 | 38,732 | 107,868 |
| Other non-cash items | 0 | 0 | 734 | 12,191 |
| Costs relating to debt restructuring and debt refinancing | 0 | 190 | 0 | 265 |
| Adjusted EBITDA | $ 108,948 | $ 132,629 | $ 325,808 | $ 353,153 |
Leases - Other Lease Disclosures (Details) |
Sep. 28, 2019 |
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| Leases [Abstract] | |
| Operating lease, weighted average lease term | 6 years 7 months 6 days |
| Finance lease, weighted average lease term | 3 years 9 months 18 days |
| Operating lease weighted average discount rate (percent) | 4.70% |
| Finance lease weighted average discount rate (percent) | 4.60% |
Warranty Liability - Rollforward (Details) - USD ($) $ in Thousands |
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Sep. 29, 2018 |
Dec. 31, 2018 |
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| Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) | |||
| Balance as of January 1 | $ 46,468 | $ 46,256 | |
| Current period expense | 15,180 | 19,493 | |
| Liabilities assumed due to acquisition | 79 | 1,541 | |
| Experience adjustments | 1,090 | 500 | |
| Payments | (15,937) | (20,128) | |
| Currency translation | (68) | (548) | |
| Balance at period end | 46,812 | 47,114 | |
| Current portion | (20,035) | (20,954) | $ (20,529) |
| Long-term portion | $ 26,777 | $ 26,160 | |
Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Amortization expense | $ 8,764 | $ 5,120 | $ 23,557 | $ 14,987 |
Acquisitions |
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| Acquisitions | Acquisitions In March 2019, we acquired VPI Quality Windows, Inc. VPI is a leading manufacturer of vinyl windows, specializing in customized solutions for mid-rise multi-family, industrial, hospitality and commercial projects, primarily in the western U.S. VPI is located in Spokane, Washington. VPI is now part of our North America segment. The preliminary fair values of the assets and liabilities acquired of this acquisition are summarized below:
The revised preliminary goodwill of $20.6 million, calculated as the excess of the purchase price over the fair value of net assets, represents operational efficiencies and sales synergies, and the full amount is expected to be tax-deductible. The intangible assets include customer relationships and tradenames and will be amortized over a preliminary estimated weighted average amortization period of 8 years. Total 2019 net revenues and net loss, excluding retention bonuses disclosed below, relating to VPI since the date of acquisition were $30.2 million and $(1.5) million, respectively. Acquisition-related costs are expensed as incurred and are included in selling, general and administrative expense in our accompanying unaudited consolidated statements of operations. We incurred no acquisition-related costs during the three months ended September 28, 2019 and $0.4 million during the nine months ended September 28, 2019. Prior to our purchase of VPI, certain employees held employment agreements including retention bonuses with service requirements extending into the post-acquisition period. As agreed with the former owners, the retention bonuses were prepaid at the acquisition date and any repayments of the retention bonuses under the terms of the employment agreements will accrue to the benefit of the former owners. The cash used to pay the retention bonuses was excluded from our determination of preliminary purchase price. In the second quarter of 2019, we expensed the post-acquisition value of these retention bonuses as acquisition-related cost totaling $7.1 million, which are included in selling, general and administrative expense in our accompanying unaudited consolidated statements of operations for the nine months ended September 28, 2019. During 2018 we completed four acquisitions. The fair values of the assets and liabilities acquired of the completed acquisitions are summarized below:
Goodwill of $60.6 million, calculated as the excess of the purchase price over the fair value of net assets, represents operational efficiencies and sales synergies, and no amount is expected to be tax-deductible. The intangible assets include customer relationships, tradenames, patents and software and will be amortized over a weighted average amortization period of 16 years. Acquisition-related costs of $1.6 million and $5.3 million were expensed as incurred and are included in SG&A expense in our accompanying unaudited consolidated statements of operations for the three and nine months ended September 29, 2018, respectively. The purchase price allocation was considered complete for the Domoferm, A&L, ABS and D&K acquisitions as of March 30, 2019. We evaluated these acquisitions quantitatively and qualitatively and determined them to be insignificant both individually and in the aggregate. Therefore, certain pro forma disclosures under ASC 805-10-50 have been omitted. The results of the acquisitions are included in our unaudited consolidated financial statements from the date of their acquisition.
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| Goodwill | Goodwill The following table summarizes the changes in goodwill by reportable segment:
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Related Party Transactions - Narratives (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|---|
|
May 31, 2019
USD ($)
|
Sep. 28, 2019
USD ($)
lease
|
Sep. 29, 2018
USD ($)
|
Sep. 28, 2019
USD ($)
lease
|
Sep. 29, 2018
USD ($)
|
Mar. 30, 2019
USD ($)
|
|
| Related Party Transaction | ||||||
| Gain on sale of business | $ 0 | $ 0 | $ 2,814 | $ 0 | ||
| VPI | ||||||
| Related Party Transaction | ||||||
| Operating lease assets, net | 3,739 | 3,739 | $ 3,739 | |||
| Affiliated Entity | Board Of Directors Member | ||||||
| Related Party Transaction | ||||||
| Gain on sale of business | $ 2,200 | |||||
| Sales Of Subsidiary | Affiliated Entity | Board Of Directors Member | ||||||
| Related Party Transaction | ||||||
| Proceeds from the divestiture of business | $ 6,500 | |||||
| Gain on sale of business | $ 2,800 | |||||
| Acquired Lease | Affiliated Entity | VPI | ||||||
| Related Party Transaction | ||||||
| Number of operating leases | lease | 2 | 2 | ||||
| Operating lease assets, net | $ 4,000 | $ 4,000 | $ 3,600 | |||
Accrued Expenses and Other Current Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities
The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements. In the table above, the legal claims provision balances relate primarily to the $76.5 million litigation contingency associated with the ongoing antitrust litigation with Steves & Sons, Inc. For further information regarding this litigation, see Note 23 - Commitments and Contingencies. The accrued sales and advertising rebates, accrued interest payable, and non-income related taxes can fluctuate significantly period over period due to timing of payments.
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Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Assets and Liabilities Acquired | The preliminary fair values of the assets and liabilities acquired of this acquisition are summarized below:
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Supplemental Cash Flow Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Derivative Financial Instruments - Fair Value (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Foreign currency forward contracts | Other current assets | ||
| Derivative Asset, Fair Value, Amount Not Offset Against Collateral | ||
| Foreign currency forward contracts | $ 5,733 | $ 8,234 |
| Foreign currency forward contracts | Accrued expenses and other current liabilities | ||
| Derivative Asset, Fair Value, Amount Not Offset Against Collateral | ||
| Fair value, gross liability | 1,379 | 1,161 |
| Interest rate cap contracts | Other assets | ||
| Derivative Asset, Fair Value, Amount Not Offset Against Collateral | ||
| Foreign currency forward contracts | $ 12 | $ 0 |
Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding allocation of resources in accordance with ASC 280-10- Segment Reporting. We determined that we have three reportable segments, organized and managed principally by geographic region. Our reportable segments are North America, Europe and Australasia. We report all other business activities in Corporate and unallocated costs. Factors considered in determining the three reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information available and the information regularly reviewed by the CODM. Management reviews net revenues and Adjusted EBITDA to evaluate segment performance and allocate resources. We define Adjusted EBITDA as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; other items; and costs related to debt restructuring and debt refinancing. The following tables set forth certain information relating to our segments’ operations:
Reconciliations of net income to Adjusted EBITDA are as follows:
The prior period information has been revised and reclassified to conform with current period presentation. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Stock Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Compensation | Stock Compensation The activity under our incentive plans for the periods presented are reflected in the following tables:
Stock-based compensation expense was $4.2 million and $10.6 million for the three and nine months ended September 28, 2019, respectively, and $4.2 million and $12.4 million in the corresponding periods ended September 29, 2018, respectively. As of September 28, 2019, we had $32.7 million of total unrecognized compensation expense related to non-vested share-based compensation arrangements. This cost is expected to be recognized over the remaining weighted-average vesting period of 2.22 years.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reportable Segments, by Segment | The following tables set forth certain information relating to our segments’ operations:
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| Reconciliation of Net Income to Adjusted EBITDA | Reconciliations of net income to Adjusted EBITDA are as follows:
(2) Other non-cash items include: (i) in the nine months ended September 28, 2019, $734 for inventory adjustments; (ii) in the nine months ended September 29, 2018, $12,191 for initial inventory adjustments related to the ABS acquisition.
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Other Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets |
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Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
| Interest rate hedge adjustments, tax (benefit) | (4,604) | (51) | (4,831) | (402) |
| Defined benefit pension plans, tax | $ 851 | $ 822 | $ 2,420 | $ 2,841 |
Description of Company and Summary of Significant Accounting Policies - Lease (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Operating lease liability | $ 184,145 | ||
| Right of use asset | $ 176,515 | ||
| ASU 2016-02 | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Operating lease liability | $ 200,000 | ||
| Right of use asset | 195,000 | ||
| ASU 2016-02 | Retained earnings (accumulated deficit) | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Adoption of new accounting standard ASU No. 2016-02 | $ 800 | $ 761 |
Capital Stock - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 28, 2019 |
Nov. 04, 2019 |
Dec. 31, 2018 |
Apr. 30, 2018 |
|
| Class of Stock | ||||
| Shares held in employee trust (shares) | 193,941 | 193,941 | ||
| Shares held in employee trust | $ 12.4 | $ 12.4 | ||
| Common shares repurchased (shares) | 1,192,419 | |||
| Shares repurchased (usd per share) | $ 16.77 | |||
| Common stock | ||||
| Class of Stock | ||||
| Share authorized for repurchase (shares) | 250,000,000 | |||
| Shares remaining for repurchase | $ 105.0 | |||
| Subsequent events | Common stock | ||||
| Class of Stock | ||||
| Shares remaining for repurchase | $ 175.0 |
Earnings Per Share - Potentially Dilutive Securities (Details) - shares |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Stock options | Common stock | ||||
| Incremental Weighted Average Shares Attributable to Dilutive Effect | ||||
| Antidilutive securities excluded from computation of diluted earnings per share | 1,678,874 | 1,130,020 | 1,711,275 | 806,309 |
| RSUs | ||||
| Incremental Weighted Average Shares Attributable to Dilutive Effect | ||||
| Antidilutive securities excluded from computation of diluted earnings per share | 40,707 | 187,144 | 201,254 | 30,953 |
| Performance share units | ||||
| Incremental Weighted Average Shares Attributable to Dilutive Effect | ||||
| Antidilutive securities excluded from computation of diluted earnings per share | 11,525 | 108,667 | 299,856 | 0 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
Sep. 29, 2018 |
|---|---|---|---|
| Inventory Disclosure [Abstract] | |||
| Raw materials | $ 374,724 | $ 370,124 | |
| Work in process | 36,785 | 39,127 | |
| Finished goods | 97,935 | 99,248 | |
| Total inventories | $ 509,444 | $ 508,499 | $ 515,641 |
Goodwill - Rollforward (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 28, 2019
USD ($)
| |
| Goodwill | |
| Beginning balance | $ 585,942 |
| Acquisitions - preliminary allocation | 26,553 |
| Acquisition remeasurements | (5,678) |
| Sale of business unit | (1,343) |
| Currency translation | (15,491) |
| Ending balance | 589,983 |
| North America | |
| Goodwill | |
| Beginning balance | 223,562 |
| Acquisitions - preliminary allocation | 26,553 |
| Acquisition remeasurements | (4,430) |
| Sale of business unit | (1,343) |
| Currency translation | 169 |
| Ending balance | 244,511 |
| Europe | |
| Goodwill | |
| Beginning balance | 279,688 |
| Currency translation | (12,585) |
| Ending balance | 267,103 |
| Australasia | |
| Goodwill | |
| Beginning balance | 82,692 |
| Acquisition remeasurements | (1,248) |
| Currency translation | (3,075) |
| Ending balance | $ 78,369 |
Leases - Maturity of Lease Prior to Adoption (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Operating Leases | |
| 2019 | $ 49,128 |
| 2020 | 43,794 |
| 2021 | 30,885 |
| 2022 | 24,020 |
| 2023 | 19,352 |
| Thereafter | 33,943 |
| Total future minimum lease payment obligations | 201,122 |
| Capital Leases | |
| 2019 | 862 |
| 2020 | 826 |
| 2021 | 561 |
| 2022 | 237 |
| 2023 | 225 |
| Thereafter | 23,968 |
| Total future minimum lease payment obligations | 26,679 |
| Total | |
| 2019 | 49,990 |
| 2020 | 44,620 |
| 2021 | 31,446 |
| 2022 | 24,257 |
| 2023 | 19,577 |
| Thereafter | 57,911 |
| Total future minimum lease payment obligations | $ 227,801 |
Segment Information - Narratives (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2019
USD ($)
|
Sep. 29, 2018
USD ($)
|
Sep. 28, 2019
USD ($)
segment
|
Sep. 29, 2018
USD ($)
|
|
| Segment Reporting [Abstract] | ||||
| Number of reportable segments | segment | 3 | |||
| Legal fees | $ 3,599 | $ 9,922 | $ 25,372 | |
| Realized gain on hedges | 3,021 | $ 3,700 | 3,700 | |
| Consolidation and reorganization cost | 2,839 | 16,877 | ||
| Business acquisition, transaction costs | $ 1,435 | 1,790 | 13,432 | 5,954 |
| Legal settlement accrual | 76,500 | 76,500 | ||
| Employee retention cost related to business acquisition | 7,077 | |||
| Unrealized gain on hedges | 3,053 | |||
| Other miscellaneous cost | 842 | |||
| Executive compensation expense | 625 | 2,776 | ||
| Payroll fees | $ 445 | |||
| Inventory write-down | $ 12,191 | $ 734 | ||
Long-Term Debt - Senior Notes (Details) |
Dec. 31, 2017
USD ($)
tranch
|
|---|---|
| Debt Instrument | |
| Debt instrument face amount | $ 800,000,000.0 |
| Number of tranches (tranche) | tranch | 2 |
| Senior Note Maturing December 2025 | |
| Debt Instrument | |
| Debt instrument face amount | $ 400,000,000.0 |
| Debt instrument stated interest rate (percent) | 4.63% |
| Senior Note Maturing December 2027 | |
| Debt Instrument | |
| Debt instrument face amount | $ 400,000,000.0 |
| Senior notes | Senior Note Maturing December 2027 | |
| Debt Instrument | |
| Debt instrument stated interest rate (percent) | 4.88% |
Leases - Balance Sheet Location (Details) $ in Thousands |
Sep. 28, 2019
USD ($)
|
|---|---|
| Leases [Abstract] | |
| Right of use asset | $ 176,515 |
| Finance lease asset | 3,577 |
| Total lease assets | 180,092 |
| Operating lease liability, current | 43,245 |
| Finance lease liability, current | 1,163 |
| Operating lease liability | 140,900 |
| Finance lease liability, noncurrent | 2,472 |
| Total lease liability | $ 187,780 |
Revision of Prior Period Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Error Corrections and Prior Period Adjustments |
(1)Non-controlling interest of $217 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation.
(1)Non-controlling interest of $(6) and $47 for the three and nine months ended September 29, 2018, respectively, has been reclassified to Other (income) expense to conform to the current year’s presentation.
(1)Non-controlling interest of $17 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation. Consolidated Statement of Cash Flow The errors did not impact the subtotals for cash flows from operating activities, investing activities or financing activities for any of the periods affected. Reconciliation of pre-tax net income (loss) to Note 14 - Segment Information, Adjusted EBITDA
Segment Information: Adjusted EBITDA
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Stock Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Option Activity Rollforward | The activity under our incentive plans for the periods presented are reflected in the following tables:
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| RSU and PSU Activity Rollforward | The activity under our incentive plans for the periods presented are reflected in the following tables:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The recorded carrying amounts and fair values of these instruments were as follows:
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| Fair Value Measurements, Nonrecurring | The non-financial assets that are measured at fair value on a non-recurring basis are presented below:
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Revision of Prior Period Financial Statements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revision of Prior Period Financial Statements | Revision of Prior Period Financial Statements During the quarter ended June 29, 2019, we identified errors relating to accounting for fulfillment costs associated with our installation contracts at one of our European business units. This resulted in errors in accounts receivable, net, other current assets, and accrued expenses and other current liabilities. The effect of these errors was to overstate accounts receivable, net, other current assets and understate accrued expenses and other current liabilities, cost of sales and SG&A expense for the years ended December 31, 2016, 2017 and 2018, including the related quarterly periods contained therein, and the three-months ended March 30, 2019. Using the guidance in ASC Topic 250, Accounting Changes and Error Corrections, ASC Topic 270 Interim Financial Reporting, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated whether our previously issued consolidated financial statements were materially misstated due to these errors and other accumulated misstatements. Based upon our evaluation of both quantitative and qualitative factors, we believe that the effects of these errors and other accumulated misstatements were not material individually or in the aggregate to any previously reported quarterly or annual period. In addition, we evaluated the relevant internal control deficiencies that led to this error and determined they are a result of our existing material weaknesses. We have revised the prior period financial statements included in this filing to reflect the correction of these errors and other accumulated misstatements.
(1)Non-controlling interest of $217 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation.
(1)Non-controlling interest of $(6) and $47 for the three and nine months ended September 29, 2018, respectively, has been reclassified to Other (income) expense to conform to the current year’s presentation.
(1)Non-controlling interest of $17 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation. Consolidated Statement of Cash Flow The errors did not impact the subtotals for cash flows from operating activities, investing activities or financing activities for any of the periods affected. Reconciliation of pre-tax net income (loss) to Note 14 - Segment Information, Adjusted EBITDA
Segment Information: Adjusted EBITDA
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Commitment and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Litigation – We are involved in various legal proceedings, claims, and government audits arising in the ordinary course of business. We record our best estimate of a loss when the loss is considered probable and the amount of such loss can be reasonably estimated. Legal judgments and estimated settlements have been included in accrued expenses in the accompanying unaudited consolidated balance sheets. When a loss is probable and there is a range of estimated loss with no best estimate within the range, we record the minimum estimated liability related to the lawsuit or claim. As additional information becomes available, we assess the potential liability related to pending litigation and claims and revise our accruals if necessary. Because of uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ materially from our estimates. In the opinion of management and based on the liability accruals provided, other than as described below, as of September 28, 2019, there are no current proceedings or litigation matters involving the Company or its property that we believe would have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our operating results for a particular reporting period. Steves & Sons, Inc. vs JELD-WEN – We sell molded door skins to certain customers pursuant to long-term contracts, and these customers in turn use the molded door skins to manufacture interior doors and compete directly against us in the marketplace. We have given notice of termination of one of these contracts and, on June 29, 2016, the counterparty to the agreement, Steves and Sons, Inc. (“Steves”) filed a claim against JWI in the U.S. District Court for the Eastern District of Virginia, Richmond Division (“Eastern District of Virginia”), alleging that our acquisition of CMI, a competitor in the molded door skins market, together with subsequent price increases and other alleged acts and omissions, violated antitrust laws and constituted a breach of contract and breach of warranty. Specifically, the complaint alleged that our acquisition of CMI substantially lessened competition in the molded door skins market. The complaint seeks declaratory relief, ordinary and treble damages, and injunctive relief, including divestiture of certain assets acquired in the CMI acquisition. In February 2018, a jury in the Eastern District of Virginia returned a verdict that was unfavorable to JWI with respect to Steves’ claims that our acquisition of CMI violated Section 7 of the Clayton Act and found that JWI breached the supply agreement between the parties. The verdict awarded Steves $12.2 million for past damages under both the Clayton Act and breach of contract claims and $46.5 million in future lost profits under the Clayton Act claim. On March 13, 2019, the presiding judge entered an Amended Final Judgment Order awarding $36.5 million in past damages under the Clayton Act (representing a trebling of the jury’s verdict) and granting divestiture of CMI, subject to appeal. The judgment also conditionally awarded damages in the event the judgment is overturned on appeal. Specifically, the court awarded $139.4 million as future antitrust damages in the event the divestiture order is overturned on appeal and $9.9 million as past contract damages in the event both the divestiture and antitrust claims are overturned on appeal. On April 12, 2019, the plaintiffs filed a petition requesting an award of their fees and a bill of costs seeking $28.4 million in attorneys’ fees and $1.7 million in costs. That petition remains pending and subject to further appeal. On April 12, 2019, JELD-WEN filed a supersedeas bond and notice of appeal of the judgment to the Fourth Circuit Court of Appeals. We continue to believe that Steves’ claims lack merit, Steves’ damages calculations are speculative and excessive, and Steves is not entitled in any event to the extraordinary remedy of divestiture. We believe that multiple pretrial and trial rulings were erroneous and improperly limited the Company’s defenses, and that the judgment in accordance with the verdict was improper for several reasons under applicable law. However, based upon the recent rulings described above, the Company has recorded a charge of $76.5 million associated with this loss contingency. The judgment, if ultimately upheld after exhaustion of our appellate remedies, could have a material adverse effect on our financial position, operating results, or cash flows, particularly for the reporting period in which a loss is recorded. Because the operations acquired from CMI have been fully integrated into the Company’s other operations, divestiture of those operations would be difficult if not impossible and, therefore, it is not possible to estimate the cost of any final divestiture order or the extent to which such an order would have a material adverse effect on our financial position, operating results or cash flows. During the course of the proceedings in the Eastern District of Virginia, we discovered certain facts that led us to conclude that Steves, its principals and certain former employees of the Company had misappropriated Company trade secrets, violated the terms of various agreements between the Company and those parties and violated other laws. On May 11, 2018, a jury in the Eastern District of Virginia returned a verdict on our trade secrets claims against Steves and awarded damages in the amount of $1.2 million. The presiding judge entered a judgment in our favor for those damages and the entire amount has been paid by Steves. On August 16, 2019, the presiding judge granted Steves’ request for an injunction, prohibiting us from pursuing certain claims against individual defendants pending in Bexar County, Texas. These claims have been stayed pending appeal. In Re: Interior Molded Doors Antitrust Litigation – On October 19, 2018, Grubb Lumber Company, on behalf of itself and others similarly situated, filed a putative class action lawsuit against us and one of our competitors in the doors market, Masonite Corporation (“Masonite”), in the Eastern District of Virginia. We subsequently received additional complaints from and on behalf of direct and indirect purchasers of interior molded doors. The suits have been consolidated into two separate actions, a Direct Purchaser Action and an Indirect Purchaser Action. The suits allege that Masonite and we violated Section 1 of the Sherman Act, and in the Indirect Purchaser Action, related state law antitrust and consumer protection laws, by engaging in a scheme to artificially raise, fix, maintain or stabilize the prices of interior molded doors in the United States. The complaints seek unquantified ordinary and treble damages, declaratory relief, interest, costs and attorneys’ fees. The Company believes the claims lack merit and intends to vigorously defend against the actions. On September 18, 2019, the court denied the defendants’ motions to dismiss the lawsuits in their entirety and granted the defendants’ motions to dismiss various state law claims and to limit all claims to a four-year statute of limitations. As a result, the plaintiffs’ damages period is limited to the four-year period between 2014 and 2018. At this early stage of the proceedings, we are unable to conclude that a loss is probable or to estimate the potential magnitude of any loss in the matters, although a loss could have a material adverse effect on our operating results, consolidated financial position or cash flows. Self-Insured Risk – We self-insure substantially all of our domestic business liability risks including general liability, product liability, warranty, personal injury, auto liability, workers’ compensation and employee medical benefits. Excess insurance policies from independent insurance companies generally cover exposures between $3.0 million and $250.0 million for domestic product liability risk and exposures between $0.5 million and $250.0 million for auto, general liability, personal injury and workers’ compensation. We have no stop-gap coverage on claims covered by our self-insured domestic employee medical plan and are responsible for all claims thereunder. We estimate our provision for self-insured losses based upon an evaluation of current claim exposure and historical loss experience. Actual self-insurance losses may vary significantly from these estimates. At September 28, 2019 and December 31, 2018, our accrued liability for self-insured risks was $73.5 million and $73.8 million, respectively. Indemnifications – At September 28, 2019, we had commitments related to certain representations made in contracts for the purchase or sale of businesses or property. These representations primarily relate to past actions such as responsibility for transfer taxes if they should be claimed, and the adequacy of recorded liabilities, warranty matters, employment benefit plans, income tax matters or environmental exposures. These guarantees or indemnification responsibilities typically expire within one to three years. We are not aware of any material amounts claimed or expected to be claimed under these indemnities. From time to time and in limited geographic areas, we have entered into agreements for the sale of our products to certain customers that provide additional indemnifications for liabilities arising from construction or product defects. We cannot estimate the potential magnitude of such exposures, but to the extent specific liabilities have been identified related to product sales, liabilities have been provided in the warranty accrual in the accompanying unaudited consolidated balance sheets. Performance Bonds and Letters of Credit – At times, we are required to provide letters of credit, surety bonds or guarantees to customers, vendors and others. Stand-by letters of credit are provided to certain customers and counterparties in the ordinary course of business as credit support for contractual performance guarantees, advanced payments received from customers and future funding commitments. In the second quarter of 2019 we filed a $40.0 million bond related to the Steve’s and Sons legal issue. The outstanding performance bonds and stand-by letters of credit were as follows:
Prior period balances in the table above have been reclassified to conform to current period presentation. Environmental Contingencies – We periodically incur environmental liabilities associated with remediating our current and former manufacturing sites as well as penalties for not complying with environmental rules and regulations. We record a liability for remediation costs when it is probable that we will be responsible for such costs and the costs can be reasonably estimated. These environmental liabilities are estimated based on current available facts and current laws and regulations. Accordingly, it is likely that adjustments to the estimated liabilities will be necessary as additional information becomes available. Short-term environmental liabilities and settlements are recorded in accrued expenses in the accompanying unaudited consolidated balance sheets and totaled $0.8 million and $0.5 million as of September 28, 2019 and December 31, 2018, respectively. Long-term environmental liabilities are recorded in deferred credits and other liabilities in the accompanying unaudited consolidated balance sheets. No long-term environmental liabilities were recorded at either September 28, 2019 or December 31, 2018. Everett, Washington WADOE Action – In 2008, we entered into an Agreed Order with the WADOE to assess historic environmental contamination and remediation feasibility at our former manufacturing site in Everett, Washington. As part of this agreement, we also agreed to develop a CAP, arising from the feasibility assessment. We are currently working with WADOE to finalize our RI/FS (Remedial Investigation and Feasibility Study), and, once final, we will develop the CAP. We estimate the remaining cost to complete our RI/FS and develop the CAP at $0.5 million, which we have fully accrued. However, because we cannot at this time reasonably estimate the cost associated with any remedial actions we would be required to undertake, we have not provided accruals for any remedial action in our accompanying unaudited consolidated financial statements. Towanda, Pennsylvania Consent Order – In 2015, we entered into a COA with the PaDEP to remove a pile of wood fiber waste from our site in Towanda, Pennsylvania, which we acquired in connection with our acquisition of CMI in 2013, by using it as fuel for a boiler at that site. The COA replaced a 1995 Consent Decree between CMI’s predecessor Masonite, Inc. and PaDEP. Under the COA, we are required to achieve certain periodic removal objectives and ultimately remove the entire pile by August 31, 2022. There are currently $2.3 million in bonds posted in connection with these obligations. If we are unable to remove this pile by August 31, 2022, then the bonds will be forfeited and we may be subject to penalties by PaDEP. We currently anticipate meeting all applicable removal deadlines; however, if our operations at this site decrease and we burn less fuel than currently anticipated, we may not be able to meet such deadlines.
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| Property, Plant and Equipment | Depreciation expense was recorded as follows:
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs.
The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Leases |
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| Leases | Leases We lease certain warehouses, distribution centers, office space, land, vehicles and equipment. We determine if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Amounts associated with operating leases are included in operating lease assets (“ROU assets”), net, accrued expense and other current liabilities and noncurrent operating lease liability in our consolidated balance sheet. Amounts associated with finance leases are included in property and equipment, net, current maturities of long-term debt and long-term debt in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. If the leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate for operating leases that commenced in the period is determined by using the prior quarter end’s incremental borrowing rates. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine lease and nonlease components. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more, and the exercise of lease renewal options under these leases is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease ROU assets and liabilities at September 28, 2019 were as follows:
(1) Finance lease assets are recorded net of accumulated depreciation of $1.2 million as of September 28, 2019. During the nine months ended September 28, 2019, we obtained $15.2 million in right-of-use assets in exchange for operating lease liabilities. The components of lease expense for the periods ended September 28, 2019 were as follows:
Future minimum lease payment obligations under operating and capital leases are as follows:
(1) Operating lease payments include $2.3 million related to options to extend lease terms that are reasonably certain of being exercised. Disclosures related to period prior to adoption of the Standard Operating lease rent expense was $16.8 million and $47.6 million in the three and nine months ended September 29, 2018, respectively. Future minimum lease payment obligations under operating and capital leases are as follows:
(1) As of December 31, 2018, capital leases included maturities of approximately $24.5 million related to a build-to-suit lease that transitioned to operating lease under the new leasing standard.
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| Leases | Leases We lease certain warehouses, distribution centers, office space, land, vehicles and equipment. We determine if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Amounts associated with operating leases are included in operating lease assets (“ROU assets”), net, accrued expense and other current liabilities and noncurrent operating lease liability in our consolidated balance sheet. Amounts associated with finance leases are included in property and equipment, net, current maturities of long-term debt and long-term debt in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. If the leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate for operating leases that commenced in the period is determined by using the prior quarter end’s incremental borrowing rates. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine lease and nonlease components. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more, and the exercise of lease renewal options under these leases is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease ROU assets and liabilities at September 28, 2019 were as follows:
(1) Finance lease assets are recorded net of accumulated depreciation of $1.2 million as of September 28, 2019. During the nine months ended September 28, 2019, we obtained $15.2 million in right-of-use assets in exchange for operating lease liabilities. The components of lease expense for the periods ended September 28, 2019 were as follows:
Future minimum lease payment obligations under operating and capital leases are as follows:
(1) Operating lease payments include $2.3 million related to options to extend lease terms that are reasonably certain of being exercised. Disclosures related to period prior to adoption of the Standard Operating lease rent expense was $16.8 million and $47.6 million in the three and nine months ended September 29, 2018, respectively. Future minimum lease payment obligations under operating and capital leases are as follows:
(1) As of December 31, 2018, capital leases included maturities of approximately $24.5 million related to a build-to-suit lease that transitioned to operating lease under the new leasing standard.
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Employee Retirement and Pension Benefits - Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Retirement Benefits [Abstract] | ||||
| Company contribution | $ 3.1 | $ 1.4 | $ 6.1 | $ 2.7 |
| Additional contributions by company | $ 0.1 | $ 0.1 | ||
| Anticipated contribution during the period | $ 1.6 | $ 1.6 | ||
Other (Income) Expense |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (Income) Expense | Other (Income) Expense The table below summarizes the amounts included in other (income) expense in the accompanying unaudited consolidated statements of operations:
The gain on previously held shares of an equity investment relates to an equity method investment that was remeasured on the date we acquired the company in 2018. The prior period information has been revised and reclassified to conform to current period presentation. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Long-Term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Long-Term Debt Our long-term debt, net of original issue discount and unamortized debt issuance costs, consisted of the following:
Summaries of our significant changes to outstanding debt agreements as of September 28, 2019 are as follows: Senior Notes In December 2017, we issued $800.0 million of unsecured Senior Notes in two tranches: $400.0 million bearing interest at 4.63% and maturing in December 2025, and $400.0 million bearing interest at 4.88% and maturing in December 2027. Term Loans U.S. Facility - In September 2019, we amended the Term Loan Facility to provide for an incremental aggregate principal amount of $125.0 million and used the proceeds to repay $115.0 million of outstanding borrowings under the ABL Facility. The proceeds were net of the original issue discount of 0.5%, or $0.6 million, as well as $0.6 million in fees and expenses associated with the debt issuance. There were no other changes to key terms and the facility maintains its original maturity date in December 2024. At September 28, 2019, the outstanding principal balance, net of original issue discount, was $557.8 million. Australia Facility - In June 2019, we reallocated AUD 5.0 million from the term loan commitment to the interchangeable commitment of the Australia Senior Secured Credit Facility. The amended AUD 50.0 million floating rate term loan facility bears interest at a base rate of BBSY plus a margin ranging from 1.00% to 1.10% and matures in February 2023. In addition, we pay a line fee of 1.25% on the facility, which is secured by guarantees of JWA and had an outstanding principal balance of $33.8 million as of September 28, 2019. Revolving Credit Facilities ABL Facility - In December 2018, we amended the $300 million ABL Facility, providing for a $100 million increase in the U.S. revolving credit commitments. The amended $400 million facility matures in December 2022. Extensions of credit are limited by a borrowing base calculated based on specified percentages of the value of eligible accounts receivable and inventory, subject to certain reserves and other adjustments. We pay a fee of 0.25% on the unused portion of the commitments. As of September 28, 2019, we had $3.0 million in borrowings, $36.0 million in letters of credit and $307.1 million available under the ABL Facility. Australia Senior Secured Credit Facility - In June 2019, we amended the Australia Senior Secured Credit Facility to provide for an AUD 35.0 million interchangeable facility to be used for loans of 12 months or less bearing interest at BBSY plus a margin of 1.10%, as well as guarantees and asset financing. The non-term loan portion of the Australia Senior Secured Credit Facility no longer has a set maturity date but is instead subject to an annual review. As of September 28, 2019, we had AUD 22.0 million ($14.9 million) available under this facility. Euro Revolving Facility - In January 2019, we allowed our €39 million Euro Revolving Facility to expire due to operating cash generation in Europe as well as expenses and restrictions associated with the facility. At September 28, 2019, we had combined borrowing availability of $322.0 million under our revolving credit facilities. Mortgage Notes – In December 2007, we entered into thirty-year mortgage notes secured by land and buildings with principal payments which began in 2018. At September 28, 2019, we had DKK 190.4 million (or $27.9 million) outstanding under these notes. Finance leases and other financing arrangements – In addition to finance leases, we include insurance premium financing arrangements and loans secured by equipment in this category. At September 28, 2019, we had $101.6 million outstanding in this category, with maturities ranging from 2019 to 2026. At December 31, 2018, this category included a $24.5 million build-to-suit capital lease that was reclassified as an operating lease under the recently updated leasing standards and is no longer reflected in long-term debt as of January 1, 2019 (Note 8 - Leases). Increases in this category during 2019 were primarily due to additional equipment financing. As of September 28, 2019, we were in compliance with the terms of all of our credit facilities.
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Revenue Recognition |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition We disaggregate revenues based on geographical location. See Note 14 - Segment Information for further information on disaggregated revenue. Deferred Revenue – We record deferred revenue when we collect pre-payments from customers for performance obligations we expect to fulfill through future performance of a service or delivery of a product. We classify our deferred revenue based on our estimate as to when we expect to satisfy the related performance obligations. Current deferred revenues are included in accrued expenses and other current liabilities in the accompanying unaudited consolidated balance sheets. Significant changes in the deferred revenue balances during the period are as follows:
The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Fair Value of Financial Instruments - Non-Financial Assets and Liabilities (Details) - Nonrecurring - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | $ 988 | |
| Continuing operations | $ 48 | |
| Total | 988 | 48 |
| Changes Measurement | ||
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | 1,586 | |
| Continuing operations | 175 | |
| Total | 1,586 | 175 |
| Carrying Amount | ||
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | 988 | |
| Continuing operations | 48 | |
| Total | 988 | 48 |
| Level 1 | ||
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | 0 | |
| Continuing operations | 0 | |
| Total | 0 | 0 |
| Level 2 | ||
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | 0 | |
| Continuing operations | 0 | |
| Total | 0 | 0 |
| Level 3 | ||
| Fair Value, Assets Measured on Nonrecurring Basis | ||
| Closed operations | 988 | |
| Continuing operations | 48 | |
| Total | $ 988 | $ 48 |
Other (Income) Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Other Income and Expenses [Abstract] | ||||
| Foreign currency gains | $ (5,374) | $ (2,809) | $ (5,195) | $ (6,437) |
| Pension benefit expense | 2,726 | 2,103 | 8,126 | 8,333 |
| Legal settlement income | 0 | (7,258) | (1,247) | (7,340) |
| Gain on sale of business | 0 | 0 | (2,814) | 0 |
| Other items | 0 | 0 | 0 | (20,767) |
| Other items | (39) | (35) | (158) | (1,272) |
| Total other income | $ (2,687) | $ (7,999) | $ (1,288) | $ (27,483) |
Commitment and Contingencies - Performance Bond and Letter of Credit (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Jun. 29, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Loss Contingencies | |||
| Self-insurance workers’ compensation | $ 24,108 | $ 22,312 | |
| Legal | 40,861 | 861 | |
| Liability and other insurance | 16,678 | 18,988 | |
| Environmental | 8,682 | 14,552 | |
| Other | 5,298 | 10,009 | |
| Total outstanding performance bonds and stand-by letters of credit | $ 95,627 | $ 66,722 | |
| Steve and Sons | |||
| Loss Contingencies | |||
| Total outstanding performance bonds and stand-by letters of credit | $ 40,000 |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (shares) | 90,000,000 | 90,000,000 |
| Preferred stock, shares issued (shares) | 0 | 0 |
| Preferred stock, shares outstanding (shares) | 0 | 0 |
| Common stock, shares authorized (shares) | 900,000,000 | 900,000,000 |
| Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Common stock, shares outstanding (shares) | 100,588,973 | 101,310,862 |
Earnings Per Share - Basic Loss Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Income from continuing operations | ||||
| Income from continuing operations | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,079 |
| Equity earnings of non-consolidated entities | 0 | 0 | 0 | 738 |
| Net Income | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,817 |
| Weighted average outstanding shares of common stock basic (shares) | 100,572,016 | 104,169,833 | 100,615,006 | 105,309,185 |
| Net income per share - basic (usd per share) | $ 0.17 | $ 0.27 | $ 0.55 | $ 0.99 |
Stock Compensation - Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
| Stock-based compensation | $ 4.2 | $ 4.2 | $ 10.6 | $ 12.4 |
| Stock compensation not yet recognized | $ 32.7 | $ 32.7 | ||
| Recognition period for stock compensation not yet recognized (years) | 2 years 2 months 19 days | |||
Consolidated Statement of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Income Statement [Abstract] | ||||
| Net revenues | $ 1,091,953 | $ 1,136,478 | $ 3,221,200 | $ 3,255,108 |
| Cost of sales | 868,168 | 895,003 | 2,549,067 | 2,560,945 |
| Gross margin | 223,785 | 241,475 | 672,133 | 694,163 |
| Selling, general and administrative | 161,424 | 230,291 | 502,109 | 570,498 |
| Impairment and restructuring charges | 7,935 | 3,891 | 17,388 | 9,378 |
| Operating income | 54,426 | 7,293 | 152,636 | 114,287 |
| Interest expense, net | 17,571 | 18,341 | 53,719 | 51,832 |
| Other (income) expense | (2,687) | (7,999) | (1,288) | (27,483) |
| Income (loss) before taxes and equity earnings | 39,542 | (3,049) | 100,205 | 89,938 |
| Income tax expense (benefit) | 22,500 | (31,686) | 45,030 | (13,141) |
| Income from continuing operations, net of tax | 17,042 | 28,637 | 55,175 | 103,079 |
| Equity earnings of non-consolidated entities | 0 | 0 | 0 | 738 |
| Net income | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,817 |
| Weighted average common shares outstanding: | ||||
| Basic (shares) | 100,572,016 | 104,169,833 | 100,615,006 | 105,309,185 |
| Diluted (shares) | 101,381,976 | 105,937,429 | 101,419,770 | 107,477,049 |
| Net income per share | ||||
| Basic (usd per share) | $ 0.17 | $ 0.27 | $ 0.55 | $ 0.99 |
| Diluted (usd per share) | $ 0.17 | $ 0.27 | $ 0.54 | $ 0.97 |
Property and Equipment, Net - Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
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| Property, Plant and Equipment | ||||
| Property, Plant and Equipment | ||||
| Impairment of assets | $ 1.4 | $ 0.3 | $ 2.8 | $ 0.9 |
Warranty Liability (Tables) |
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| Analysis of Warranty Liability | An analysis of our warranty liability is as follows:
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Intangible Assets, Net (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | The cost and accumulated amortization values of our intangible assets were as follows:
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| Finite-lived Intangible Assets Amortization Expense | Intangible assets that become fully amortized are removed from the accounts in the period that they become fully amortized. Amortization expense was recorded as follows:
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Earnings Per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Earnings Per Share | The basic and diluted income per share calculations are presented below:
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive:
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Income Taxes |
9 Months Ended |
|---|---|
Sep. 28, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company completed its accounting for the income tax effects of the Tax Act as of December 31, 2018. Although the measurement period has effectively ended, additional guidance and regulations continue to be released or finalized as of September 28, 2019. We have considered these ongoing developments and determined that they have no impact on our tax accounts for the three and nine months ended September 28, 2019. Final guidance, once issued, may materially affect our conclusions regarding the net related effects of the Tax Act on our unaudited consolidated financial statements. Until then, management will continue to monitor and work with its tax advisors to interpret any guidance issued. The effective income tax rate for continuing operations was 56.9% and 44.9% for the three and nine months ended September 28, 2019, respectively, compared to (1,039.2)% and (14.6)% for the three and nine months ended September 29, 2018, respectively. In accordance with ASC 740-270, we recorded tax expense of $22.5 million and $45.0 million from continuing operations for the three and nine months ended September 28, 2019, respectively, compared to tax benefit of $31.7 million and $13.1 million for the three and nine months ended September 29, 2018, respectively, by applying an estimated annual effective tax rate to our year-to-date income for includable entities during the respective periods. Our estimated annual effective tax rate for both years includes the impact of the new tax on GILTI. The application of the estimated annual effective tax rate in interim periods may result in a significant variation in the customary relationship between income tax expense and pretax accounting income due to the seasonality of our global business. Entities that are currently generating losses and for which there is a full valuation allowance are excluded from the worldwide effective tax rate calculation and are calculated separately. The impact of significant discrete items is separately recognized in the quarter in which they occur. The tax expense related to discrete items included in the tax provision for continuing operations for the three months ended September 28, 2019 was $6.2 million, compared to a tax benefit of $59.8 million for the three months ended September 29, 2018. The discrete tax expense for the three months ended September 28, 2019 was comprised primarily of $4.5 million related to the reclassification of stranded tax effect attributable to termination of hedge accounting for the maturity of interest rate swaps within OCI to income tax expense, $0.6 million related to return-to-provision adjustments for various entities for tax filings in the period, $0.4 million attributable to current period interest expense on uncertain tax positions and $0.4 million related to French tax rate changes. The discrete tax benefit for the three months ended September 29, 2018 was comprised primarily of $40.2 million for adjustments to our SAB 118 provisional estimates related to tax reform and $19.6 million for the accrual recorded in connection with the Steves litigation. The tax expense related to discrete items included in the tax provision for continuing operations for the nine months ended September 28, 2019 was $9.1 million, compared to a benefit of $65.1 million for the nine months ended September 29, 2018. The discrete amounts for the nine months ended September 28, 2019 were comprised primarily of the tax expense of $4.5 million related to the reclassification of the stranded tax effect within OCI, a tax expense of $1.2 million related to a shortfall recognized from exercises and forfeitures from share-based compensation awards, $1.0 million related to the establishment of valuation allowance for a Chilean subsidiary, $1.1 million related to return-to-provision adjustments for various entities for tax filings in the period, $0.9 million attributable to current period interest expense on uncertain tax positions, and $0.4 million related to French tax rate changes. The discrete amounts for the nine months ended September 29, 2018 were comprised primarily of $40.2 million for adjustments to our SAB 118 provisional estimates related to tax reform, $19.6 million for the accrual recorded in connection with the Steves litigation, $7.1 million attributable to the write-off of the outside basis difference of an investment formerly held as an equity method investment, and $1.8 million attributable to stock compensation exercises and expirations, offset by tax expense of $2.7 million for a net increase to uncertain tax positions arising from certain tax examinations, including interest, and $0.9 million attributable to interest expense on uncertain tax positions. Under ASC 740-10, we provide for uncertain tax positions and the related interest expense by adjusting unrecognized tax benefits and accrued interest accordingly. We recognize potential interest and penalties related to unrecognized tax benefits in income tax expense. We had unrecognized tax benefits of $15.4 million and $16.6 million as of September 28, 2019 and December 31, 2018, respectively. The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net earnings by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net earnings per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury-stock method. Common stock options, unvested Common Restricted Stock Units and unvested Common Performance Share Units are considered to be common stock equivalents included in the calculation of diluted net income per share. The basic and diluted income per share calculations are presented below:
The following table provides the securities that could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive:
The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Derivative Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments All derivatives are recorded as assets or liabilities in the consolidated balance sheets at their respective fair values. For derivatives that qualify for hedge accounting, changes in the fair value related to the effective portion of the hedge are recognized in earnings at the same time as either the change in fair value of the underlying hedged item or the effect of the hedged item’s exposure to the variability of cash flows. Changes in fair value related to the ineffective portion of the hedge are recognized immediately in earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting, or fail to meet the criteria thereafter, are also recognized in the consolidated statements of operations. See Note 22 - Fair Value of Financial Instruments for additional information on the fair value of our derivative assets and liabilities. Foreign currency derivatives – We are exposed to the impact of foreign currency fluctuations in certain countries in which we operate. In most of these countries, the exposure to foreign currency movements is limited because the operating revenues and expenses of our business units are substantially denominated in the local currency. To the extent borrowings, sales, purchases or other transactions are not executed in the local currency of the operating unit, we are exposed to foreign currency risk. To mitigate the exposure, we enter into a variety of foreign currency derivative contracts, such as forward contracts, option collars, and cross-currency hedges. We use foreign currency derivative contracts, with a total notional amount of $117.5 million, to manage the effect of exchange fluctuations on forecasted sales, purchases, acquisitions, inventory and capital expenditures and certain intercompany transactions that are denominated in foreign currencies. We use foreign currency derivative contracts, with a total notional amount of $52.3 million, to hedge the effects of translation gains and losses on intercompany loans and interest. We also use foreign currency derivative contracts, with a total notional amount of $138.3 million, to mitigate the impact to the consolidated earnings of the Company from the effect of the translation of certain subsidiaries’ local currency results into U.S. dollars. We do not use derivative financial instruments for trading or speculative purposes. We have not elected hedge accounting for any foreign currency derivative contracts. We record mark-to-market changes in the values of these derivatives in other (income) expense. We recorded mark-to-market gains of $0.1 million and losses of $2.7 million in the three and nine month periods ended September 28, 2019, respectively, and losses of $3.7 million and gains of $4.0 million in the corresponding periods ended September 29, 2018, respectively. Interest rate derivatives – We are exposed to interest rate risk in connection with our variable rate long-term debt and partially mitigate this risk through interest rate derivatives such as swaps and caps. In conjunction with the December 2017 refinancing of the Term Loan Facility (see Note 12 - Long-Term Debt), we terminated all of the interest rate swaps which had outstanding notional amounts aggregating to $914.3 million and recorded a loss on termination of $3.6 million in consolidated other comprehensive income (loss), which is being amortized as interest expense over the pre-termination life of the interest rate swaps. As of September 28, 2019, the loss on termination has been fully amortized. The unamortized, pre-tax balance of this loss recorded in consolidated other comprehensive income (loss) was $1.3 million at December 31, 2018. We recorded interest expense deriving from the amortization of the loss on termination of interest rate swaps of $0.4 million and $1.3 million in the three and nine month periods ended September 28, 2019, respectively, and $0.5 million and $1.5 million in the corresponding periods ended September 29, 2018, respectively. During the first quarter of 2019, we entered into two interest rate cap contracts against three-month U.S.-dollar LIBOR, each with a cap rate of 3.00%. These caps have a combined notional amount of $150.0 million, were effective as of March 2019, and terminate in December 2021. We have not elected hedge accounting and have recorded insignificant mark-to-market adjustments in the three and nine month periods ended September 28, 2019. The fair values of derivative instruments held are as follows:
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Commitment and Contingencies - Environmental Contingencies (Details) - USD ($) |
Sep. 28, 2019 |
Dec. 31, 2018 |
Dec. 31, 2008 |
|---|---|---|---|
| Site Contingency | |||
| Environmental loss contingencies, current | $ 800,000 | $ 500,000 | |
| Environmental loss contingencies, non-current | 0 | $ 0 | |
| WADOE | |||
| Site Contingency | |||
| Environmental loss contingencies | $ 500,000 | ||
| PaDEP | |||
| Site Contingency | |||
| Collateralized bond | $ 2,300,000 |
Commitment and Contingencies - Litigation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Apr. 12, 2019 |
Mar. 13, 2019 |
May 11, 2018 |
Feb. 15, 2018 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Loss Contingencies | |||||||
| Legal settlement accrual | $ 76,500 | $ 76,500 | |||||
| Steve and Sons | |||||||
| Loss Contingencies | |||||||
| Damages awarded to plaintiff | $ 36,500 | ||||||
| Legal settlement accrual | $ 76,500 | ||||||
| Settlement proceeds awarded | $ 1,200 | ||||||
| Steve and Sons | Attorney fees | |||||||
| Loss Contingencies | |||||||
| Damages sought | $ 28,400 | ||||||
| Steve and Sons | Legal cost | |||||||
| Loss Contingencies | |||||||
| Damages sought | $ 1,700 | ||||||
| Steve and Sons | Past damages | |||||||
| Loss Contingencies | |||||||
| Damages awarded to plaintiff | 9,900 | $ 12,200 | |||||
| Steve and Sons | Future damages | |||||||
| Loss Contingencies | |||||||
| Damages awarded to plaintiff | $ 139,400 | $ 46,500 | |||||
Accounts Receivable - Narratives (Details) - USD ($) $ in Millions |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Receivables [Abstract] | ||
| Allowance for doubtful accounts | $ 5.9 | $ 6.2 |
Earnings Per Share - Diluted Loss Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Net income - basic and diluted | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,817 |
| Weighted average outstanding shares of common stock basic (shares) | 100,572,016 | 104,169,833 | 100,615,006 | 105,309,185 |
| Restricted stock units and options to purchase common stock (shares) | 809,960 | 1,767,596 | 804,764 | 2,167,864 |
| Weighted average outstanding shares of common stock diluted (shares) | 101,381,976 | 105,937,429 | 101,419,770 | 107,477,049 |
| Net income per share - diluted (usd per share) | $ 0.17 | $ 0.27 | $ 0.54 | $ 0.97 |
Impairment and Restructuring Charges - Narratives (Details) - USD ($) $ in Thousands |
Sep. 28, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Restructuring and Related Activities [Abstract] | ||
| Restructuring reserve, current | $ 6,093 | $ 6,635 |
| Restructuring accrual | $ 1,200 | $ 2,000 |
Property and Equipment, Net - Depreciation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Depreciation | ||||
| Total depreciation expense | $ 23,790 | $ 23,066 | $ 70,140 | $ 68,553 |
| Cost of sales | ||||
| Depreciation | ||||
| Total depreciation expense | 21,382 | 20,658 | 62,798 | 61,655 |
| Selling, general and administrative | ||||
| Depreciation | ||||
| Total depreciation expense | $ 2,408 | $ 2,408 | $ 7,342 | $ 6,898 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 28, 2019 |
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 17,042 | $ 28,637 | $ 55,175 | $ 103,817 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments, net of tax of $0 | (36,633) | (10,277) | (38,600) | (47,779) |
| Interest rate hedge adjustments, net of tax benefit of ($4,604), ($51), ($4,831), and ($402), respectively | 5,050 | 574 | 6,163 | 1,966 |
| Defined benefit pension plans, net of tax expense of $851, $822, $2,420, and $2,841, respectively | 1,373 | 1,503 | 4,255 | 5,484 |
| Total other comprehensive income (loss), net of tax | (30,210) | (8,200) | (28,182) | (40,329) |
| Comprehensive income (loss) | $ (13,168) | $ 20,437 | $ 26,993 | $ 63,488 |
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue | Significant changes in the deferred revenue balances during the period are as follows:
The prior period information has been revised. Please refer to Note 27-Revision of Prior Period Financial Statements.
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Accrued Expenses and Other Current Liabilities (Tables) |
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Expenses and Other Current Liabilities |
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Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following table summarizes the changes in goodwill by reportable segment:
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Leases - Lease Maturities (Details) $ in Thousands |
Sep. 28, 2019
USD ($)
|
|---|---|
| Operating Leases | |
| Operating lease, 2019 | $ 13,306 |
| Operating lease, 2020 | 49,834 |
| Operating lease, 2021 | 37,128 |
| Operating lease, 2022 | 28,984 |
| Operating lease, 2023 | 23,426 |
| Thereafter | 65,025 |
| Total lease payments | 217,703 |
| Less: Interest | 33,558 |
| Present value of lease liability | 184,145 |
| Finance Lease Liabilities, Payments, Due | |
| Finance lease, 2019 | 330 |
| Finance lease, 2020 | 1,249 |
| Finance lease, 2021 | 949 |
| Finance lease, 2022 | 599 |
| Finance lease, 2023 | 521 |
| Thereafter | 293 |
| Total lease payments | 3,941 |
| Less: Interest | 306 |
| Present value of lease liability | 3,635 |
| Lease Liabilities, Payments, Due | |
| 2019 | 13,636 |
| 2020 | 51,083 |
| 2021 | 38,077 |
| 2022 | 29,583 |
| 2023 | 23,947 |
| Thereafter | 65,318 |
| Total lease payments | 221,644 |
| Lease, Liability, Undiscounted Excess Amount | 33,864 |
| Total lease liability | 187,780 |
| Lease options | |
| Operating Leases | |
| Total lease payments | $ 2,300 |
Leases - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 29, 2018 |
Sep. 28, 2019 |
Sep. 29, 2018 |
Dec. 31, 2018 |
|
| Lessee | ||||
| Accumulated amortization | $ 1,200 | |||
| Right-of-use assets in exchange for operating lease liabilities | 15,200 | |||
| Rent expense | $ 16,800 | $ 47,600 | ||
| Term Loan | Finance leases and other financing arrangements | ||||
| Lessee | ||||
| Long-term debt, gross | $ 101,649 | $ 98,914 | ||
| Term Loan | Finance leases and other financing arrangements | ASU 2016-02 | ||||
| Lessee | ||||
| Long-term debt, gross | $ 24,500 | |||
| Minimum | ||||
| Lessee | ||||
| Lessee renewal term | 1 year | |||
| Or more | ||||
| Lessee | ||||
| Lessee renewal term | 20 years | |||
Impairment and Restructuring Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment and Restructuring Costs | The following table summarizes the restructuring charges for the periods indicated:
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| Schedule of Restructuring Reserve by Type of Cost | The following is a summary of the restructuring accruals recorded and charges incurred:
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