Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PGT, Inc. | ' |
Entity Central Index Key | '0001354327 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 46,815,697 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $64,858 | $44,743 | $177,268 | $129,329 |
Cost of sales | 43,938 | 29,501 | 117,759 | 85,670 |
Gross margin | 20,920 | 15,242 | 59,509 | 43,659 |
Selling, general and administrative expenses | 13,507 | 11,592 | 40,817 | 35,206 |
Gain on sale of assets held for sale | ' | ' | -2,195 | ' |
Income from operations | 7,413 | 3,650 | 20,887 | 8,453 |
Interest expense, net | 1,055 | 878 | 2,564 | 2,675 |
Other expense (Income), net | 64 | -10 | 741 | -110 |
Income before income taxes | 6,294 | 2,782 | 17,582 | 5,888 |
Income tax expense (benefit) | 5 | 60 | -3,893 | 128 |
Net income | 6,289 | 2,722 | 21,475 | 5,760 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.14 | $0.05 | $0.43 | $0.11 |
Diluted | $0.13 | $0.05 | $0.40 | $0.11 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 46,238 | 53,686 | 49,567 | 53,674 |
Diluted | 49,257 | 56,054 | 53,097 | 54,475 |
Comprehensive income | $5,985 | $3,203 | $20,788 | $6,140 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,745 | $18,743 |
Accounts receivable, net | 21,671 | 13,997 |
Inventories | 15,266 | 11,529 |
Deferred income taxes | 1,547 | ' |
Prepaid expenses | 1,122 | 916 |
Assets held for sale | ' | 5,259 |
Other current assets | 3,072 | 2,886 |
Total current assets | 66,423 | 53,330 |
Property, plant and equipment, net | 42,786 | 41,220 |
Intangible assets, net | 40,450 | 45,327 |
Other assets, net | 2,428 | 1,440 |
Total assets | 152,087 | 141,317 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 17,038 | 13,279 |
Deferred income taxes | 46 | 46 |
Current portion long-term debt | 3,907 | ' |
Total current liabilities | 20,991 | 13,325 |
Long-term debt | 74,236 | 37,500 |
Deferred income taxes | 12,076 | 14,858 |
Other liabilities | 1,638 | 1,424 |
Total liabilities | 108,941 | 67,107 |
Commitments and contingencies (Note 9) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding | ' | ' |
Common stock; par value $.01 per share; 200,000 shares authorized; 48,812 and 53,737 shares issued and 46,816 and 52,814 shares outstanding at September 28, 2013, and December 29, 2012, respectively | 488 | 537 |
Additional paid-in-capital | 228,563 | 274,275 |
Accumulated other comprehensive loss | -2,101 | -1,414 |
Accumulated deficit | -173,758 | -195,233 |
Subtotal shareholders' equity | 53,192 | 78,165 |
Less Treasury stock at cost; 1,996,772 and 922,694 shares | -10,046 | -3,955 |
Total shareholders' equity | 43,146 | 74,210 |
Total liabilities and shareholders' equity | $152,087 | $141,317 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, Shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, Shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 48,812 | 53,737 |
Common stock, shares outstanding | 46,816 | 52,814 |
Treasury stock, shares | 1,996,772 | 922,694 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $21,475 | $5,760 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 3,509 | 4,384 |
Amortization | 4,877 | 4,877 |
Provision for allowances of doubtful accounts | -107 | 29 |
Amortization and write off of deferred financing costs | 1,427 | 623 |
Stock-based compensation | 752 | 1,046 |
Derivative financial instruments | 111 | 42 |
Deferred income tax | -3,898 | ' |
Gain on disposal of assets | -2,185 | -291 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -8,624 | -2,995 |
Inventories | -3,737 | -84 |
Prepaid and other assets | -861 | -40 |
Accounts payable, accrued and other liabilities | 3,580 | 3,080 |
Net cash provided by operating activities | 16,319 | 16,431 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -5,100 | -3,145 |
Proceeds from sales of assets | 7,478 | 454 |
Net cash provided by (used in) investing activities | 2,378 | -2,691 |
Cash flows from financing activities: | ' | ' |
Payments of long-term debt | -37,500 | -5,000 |
Proceeds from issuance of long-term debt | 80,000 | ' |
Purchase of treasury stock | -56,091 | ' |
Payments of financing costs | -3,591 | ' |
Proceeds from exercise of stock options | 3,487 | 42 |
Payments of capital leases | ' | -50 |
Net cash used in financing activities | -13,695 | -5,008 |
Net increase in cash and cash equivalents | 5,002 | 8,732 |
Cash and cash equivalents at beginning of period | 18,743 | 10,940 |
Cash and cash equivalents at end of period | $23,745 | $19,672 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||
Sep. 28, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
NOTE 1. | BASIS OF PRESENTATION | ||
The accompanying unaudited condensed consolidated financial statements include the accounts of PGT, Inc. and its wholly-owned subsidiary, PGT Industries, Inc. (collectively the “Company”) after elimination of intercompany accounts and transactions. These statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the remainder of the current year or for any future periods. Each of our Company’s fiscal quarters ended September 28, 2013, and September 29, 2012, consisted of 13 weeks. | |||
The Condensed Consolidated Balance Sheet as of December 29, 2012, is derived from the audited consolidated financial statements but does not include all disclosures required by GAAP. The Condensed Consolidated Balance Sheets as of December 29, 2012, and the unaudited condensed consolidated financial statements as of and for the period ended September 28, 2013, should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 29, 2012, included in the Company’s most recent Form 10-K annual report. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in the Company’s Form 10-K. | |||
Recently Issued Accounting Pronouncements | |||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-11 Disclosures about Offsetting Assets and Liabilities. Subsequently, in February 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates amended the guidance related to disclosures about offsetting assets and liabilities, including recognized financial instruments and derivatives. The provisions of the amended guidance became effective for us beginning in the first quarter of 2013. We adopted this standard in the first quarter of 2013 and additional disclosures have been made to comply with the standard. | |||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The guidance amends the requirements of ASC 220, Comprehensive Income. The goal behind the amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. It does not change current requirements for reporting net income or other comprehensive income in the financial statements. The provisions of the amended guidance became effective for us beginning in the first quarter of 2013. We adopted this standard in the first quarter of 2013 and additional disclosures have been made to comply with the standard. |
Warranty
Warranty | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
Warranty | ' | ||||||||||||||||||||
NOTE 2. | WARRANTY | ||||||||||||||||||||
Most of our manufactured products are sold with warranties. Warranty periods, which vary by product components, generally range from 1 to 10 years, although the warranty period for a limited number of specifically identified components in certain applications is a lifetime. However, the majority of the products sold have warranties on components which range from 1 to 3 years. The reserve for warranties is based on management’s assessment of the cost per service call and the number of service calls expected to be incurred to satisfy warranty obligations on the current net sales. | |||||||||||||||||||||
During the quarter and nine months ended, we recorded warranty expense at a rate of 1.25% and 1.32% of sales, respectively. This rate is lower than the 2.00% of sales accrued in the third quarter of 2012 due to improved quality and lower costs to service claims experienced in the past several quarters. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the previous amounts recorded, if necessary, to reflect a change in estimate of the future costs of claims yet to be serviced. | |||||||||||||||||||||
The table set forth below summarizes current period charges, any adjustment to previous estimates if necessary, as well as settlements, which represent actual costs incurred during the period, for the three and nine months ended September 28, 2013, and September 29, 2012. The reserve is determined after assessing Company history and through specific identification. Expected future obligations are discounted to a current value using a risk-free rate for obligations with similar maturities. | |||||||||||||||||||||
The following provides information with respect to our warranty accrual: | |||||||||||||||||||||
Beginning | Charged to | End of | |||||||||||||||||||
Accrued Warranty | of Period | Expense | Adjustments | Settlements | Period | ||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended September 28, 2013 | $ | 3,128 | $ | 811 | $ | (71 | ) | $ | (917 | ) | $ | 2,951 | |||||||||
Three months ended September 29, 2012 | $ | 4,313 | $ | 783 | $ | (235 | ) | $ | (786 | ) | $ | 4,075 | |||||||||
Nine months ended September 28, 2013 | $ | 3,858 | $ | 2,341 | $ | (530 | ) | $ | (2,718 | ) | $ | 2,951 | |||||||||
Nine months ended September 29, 2012 | $ | 4,406 | $ | 2,476 | $ | (319 | ) | $ | (2,488 | ) | $ | 4,075 |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
NOTE 3. | INVENTORIES | ||||||||
Inventories consist principally of raw materials purchased for the manufacture of our products. We have limited finished goods inventory since all products are custom, made-to-order and usually ship upon completion. Finished goods inventory costs include direct materials, direct labor, and overhead. All inventories are stated at the lower of cost (first-in, first-out method) or market value. Inventories consisted of the following: | |||||||||
September 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 12,564 | $ | 10,477 | |||||
Work in progress | 578 | 256 | |||||||
Finished goods | 2,124 | 796 | |||||||
Total inventories | $ | 15,266 | $ | 11,529 |
Stock_Compensation_Expense
Stock Compensation Expense | 9 Months Ended | ||
Sep. 28, 2013 | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||
Stock Compensation Expense | ' | ||
NOTE 4. | STOCK COMPENSATION EXPENSE | ||
We record stock compensation expense over an award’s vesting period based on the award’s fair value at the date of grant. We recorded compensation expense for stock based awards of $0.2 million for the third quarter of 2013 and $0.3 million for the third quarter of 2012. We recorded compensation expense for stock based awards of $0.8 million for the first nine months of 2013 and $1.0 million for the first nine months of 2012. As of September 28, 2013, and September 29, 2012, there was $0.7 million and $1.6 million, respectively, of total unrecognized compensation cost related to non-vested stock option agreements and restricted share awards. These costs are expected to be recognized in earnings on a straight-line basis over the weighted average remaining vesting period of 1.3 years. | |||
Exercises | |||
In the third quarter of 2013, there were 1,082,478 options exercised at a weighted average exercise price of $2.09 per share. For the nine months ended September 28, 2013, there were 1,866,667 options exercised at a weighted average exercise price of $1.87 per share. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
NOTE 5. | NET INCOME PER COMMON SHARE | ||||||||||||||||
Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effect of potential common shares from securities such as stock options. | |||||||||||||||||
Our weighted average shares outstanding for the three months ended September 29, 2012, excludes underlying options of 437,455 because their effects were anti-dilutive. Our weighted average shares outstanding for the nine months ended September 28, 2013, and September 29, 2012, excludes underlying options of 15,007 and 396,529, respectively, because their effects were anti-dilutive. | |||||||||||||||||
The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for our Company: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income | $ | 6,289 | $ | 2,722 | $ | 21,475 | $ | 5,760 | |||||||||
Weighted-average common shares - Basic | 46,238 | 53,686 | 49,567 | 53,674 | |||||||||||||
Add: Dilutive effect of stock compensation plans | 3,019 | 2,368 | 3,530 | 801 | |||||||||||||
Weighted-average common shares - Diluted | 49,257 | 56,054 | 53,097 | 54,475 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.05 | $ | 0.43 | $ | 0.11 | |||||||||
Diluted | $ | 0.13 | $ | 0.05 | $ | 0.4 | $ | 0.11 | |||||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Intangible Assets | ' | ||||||||||
NOTE 6. | INTANGIBLE ASSETS | ||||||||||
Intangible assets are as follows: | |||||||||||
September 28, | December 29, | Original | |||||||||
2013 | 2012 | Useful Life | |||||||||
(in years) | |||||||||||
(in thousands) | |||||||||||
Intangible assets: | |||||||||||
Trade names | $ | 38,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 55,700 | 55,700 | 10 | ||||||||
Less: Accumulated amortization | (53,879 | ) | (49,701 | ) | |||||||
Subtotal | 1,821 | 5,999 | |||||||||
Hurricane intellectual assets | 2,797 | 2,797 | 3 | ||||||||
Less: Accumulated amortization | (2,609 | ) | (1,910 | ) | |||||||
Subtotal | 188 | 887 | |||||||||
Intangible assets, net | $ | 40,450 | $ | 45,327 | |||||||
Indefinite Lived Intangible Asset | |||||||||||
The impairment evaluation of the carrying amount of intangible assets with indefinite lives is conducted annually, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The evaluation is performed by comparing the carrying amounts of these assets to their estimated fair values. If the estimated fair value is less than the carrying amount of the intangible assets, an impairment charge is recorded to reduce the asset to its estimated fair value. The estimated fair value is determined using the relief from royalty method that is based upon the discounted projected cost savings (value) attributable to ownership of our trade names, our only indefinite lived intangible assets. | |||||||||||
In estimating fair value, the method we use requires us to make assumptions, the most material of which are net sales projections attributable to products sold with these trade names, the anticipated royalty rate we would pay if the trade names were not owned (as a percent of net sales), and a weighted average discount rate. These assumptions are subject to change based on changes in the markets in which these products are sold, which impact our projections of future net sales and the assumed royalty rate. Factors affecting the weighted average discount rate include assumed debt to equity ratios, risk-free interest rates, and equity returns, each for market participants in our industry. | |||||||||||
Our year-end test of trade names, performed as of December 29, 2012, utilized a weighted average royalty rate of 4.0% and a discount rate of 14.3%. Net sales used in the analysis were based on historical experience and a modest growth rate over the next six years. As of December 29, 2012, the estimated fair value of the trade names exceeded book value by approximately 47%, or $18.0 million. We believe our projected sales are reasonable based on available information regarding our industry and the core markets that we serve. We also believe the royalty rate is appropriate and could improve over time based on market trends and information, including that which is set forth above. The discount rate was based on current financial market trends and will remain dependent on such trends in the future. | |||||||||||
No impairment test was conducted as of September 28, 2013, because no impairment indicators were identified that require us to perform this test prior to our annual test at December 28, 2013. We will continue to monitor and evaluate potential impairment indicators. | |||||||||||
Amortizable Intangible Assets | |||||||||||
We perform an impairment test on our amortizable intangible assets any time that impairment indicators exist. Such assets include our customer relationships asset and the intellectual property assets acquired upon exercise of the option to purchase the Hurricane Window and Door Technology assets in December 2010, which underlie our PremierVue product line. No such impairment indicators were identified as of September 28, 2013. We will continue to monitor and evaluate potential impairment indicators. | |||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long-Term Debt | ' | ||||
NOTE 7. | LONG-TERM DEBT | ||||
On May 28, 2013, we entered into a Credit Agreement (the “Credit Agreement”) with the various financial institutions and other persons from time to time parties thereto as lenders (the “Lenders”), SunTrust Bank, as administrative agent (in such capacity, the “Administrative Agent”), as collateral agent, as swing line lender and as a letter of credit issuer, and the other agents and parties thereto. The Credit Agreement establishes new senior secured credit facilities in an aggregate amount of $105.0 million, consisting of an $80.0 million Tranche A term loan facility maturing in five years that will amortize on a basis of 5% annually during the five-year term, and a $25.0 million revolving credit facility maturing in five years that includes a $5.0 million swing line facility and a $10.0 million letter of credit facility. | |||||
Interest on all loans under the Credit Agreement is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. Borrowings under the term loans and the revolving credit facility accrue interest at a rate equal to, at our option, a base rate or LIBOR plus an applicable margin. The applicable margin is based on our leverage ratio, ranging from 300 to 350 basis points in the case of LIBOR and 200 to 250 basis points in the case of the base rate. We will pay quarterly fees on the unused portion of the revolving credit facility equal to 0.50% as well as a quarterly letter of credit fee at a rate per annum equal to the applicable margin for LIBOR loans on the face amount of any outstanding letters of credit. In connection with this refinancing, we wrote-off $0.3 million of deferred financing costs from the Old Credit Agreement, which are classified within other expense (income), net in the Condensed Consolidated Statements of Income and Comprehensive Income for the nine months ended September 28, 2013. | |||||
On September 16, 2013, we entered into two interest rate caps and an interest rate swap to hedge a portion of our debt against volatility in future interest rates (See Note 12). | |||||
The Credit Agreement will require us to maintain a maximum leverage ratio (based on the ratio of total funded debt to consolidated EBITDA, each as defined in the Credit Agreement) and a minimum fixed charge coverage ratio (based on the ratio of consolidated EBITDA minus net cash taxes minus capital expenditures to cash interest expense plus scheduled principal payments of term loans, each as defined in the Credit Agreement), which will be tested quarterly based on the last four fiscal quarters and is set at levels as described in the Credit Agreement. As of September 28, 2013, we were in compliance with all debt covenants. | |||||
The Credit Agreement also contains a number of affirmative and restrictive covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of our capital stock, prepayments of certain debt and transactions with affiliates. The Credit Agreement also contains customary events of default. | |||||
In connection with entering into the Credit Agreement, on May 28, 2013, we terminated the Credit Agreement, dated as of June 23, 2011, among PGT Industries, Inc., as the borrower, the Company, as guarantor, the lenders from time to time party thereto and General Electric Capital Corporation, as administrative agent and collateral agent (the “Old Credit Agreement”). Proceeds from the term loan facility under the Credit Agreement were used to repay amounts outstanding under the Old Credit Agreement, repurchase shares of our common stock having an aggregate value of approximately $50 million, and pay certain fees and expenses. | |||||
On August 5, 2013, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement dated May 28, 2013. The Amendment permits us to make capital expenditures (as defined in the Credit Agreement) in an amount up to but not exceeding $14.0 million in connection with the expansion and operation of our glass processing business and activities without reducing the amount of capital expenditures otherwise permitted. | |||||
The face value of the debt as of September 28, 2013, was $80.0 million. The Company incurred issuance costs of $3.6 million, of which $2.0 million of the costs were classified as a discount and presented in the current and long-term portion of debt on the Condensed Consolidated Balance Sheets. Approximately $1.2 million was reported as debt issuance costs in current assets and other assets on the Condensed Consolidated Balance Sheets, while the remaining $0.3 million was expensed in selling, general and administrative expense on the Condensed Consolidated Statements of Income and Comprehensive Income. The debt issuance costs and discount are being amortized to interest expense, net on the Condensed Consolidated Statements of Income and Comprehensive Income over the term of the debt. | |||||
In connection with the cash proceeds from the sale of our Salisbury facility on January 23, 2013, we voluntarily prepaid $7.5 million of debt on January 31, 2013. | |||||
The contractual future maturities of long-term debt outstanding as of September 28, 2013, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2013 | $ | 1,000 | |||
2014 | 5,000 | ||||
2015 | 4,000 | ||||
2016 | 4,000 | ||||
2017 | 3,000 | ||||
2018 | 63,000 | ||||
Total | $ | 80,000 | |||
The Old Credit Agreement provided for a $15.0 million revolving credit facility, a $48.0 million term loan facility and an uncommitted incremental facility in an amount of up to $25.0 million. The revolving credit facility commitment and the term loans under the Old Credit Agreement would have matured June 2016. | |||||
All borrowings under the Old Credit Agreement bore interest, at our option, at either: (a) a “base rate” equal to the highest of: (i) 0.50% per year above the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, (ii) the annual rate of interest in effect for that day as publicly announced as the “prime rate” and (iii) the one-month “eurodollar rate” (not to be less than 1.25%) or (b) a “eurodollar base rate” equal to the higher of (i) 1.25% and (ii) (adjusted for reserve requirements, deposit insurance assessment rates and other regulatory costs for eurodollar liabilities) the rate at which eurodollar deposits in dollars for the relevant interest period (which will be one, two, three or six months or, subject to availability, nine or twelve months, as selected by us) are offered in the interbank eurodollar market plus, in each case, a rate dependent on the ratio of our funded debt as compared to our adjusted consolidated EBITDA, ranging from 3.5% to 2.0% per year for borrowings bearing interest at the “base rate” and from 4.5% to 3.0% per year for borrowings bearing interest at the “eurodollar rate” (such rate added to the “eurodollar rate,” the “Eurodollar Margin”). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
NOTE 8. | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||
The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 28, 2013, and September 29, 2012: | |||||||||||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at June 29, 2013 | $ | (1,797 | ) | $ | — | $ | (1,797 | ) | |||||
Other comprehensive income (loss) before reclassification | 196 | (727 | ) | (531 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 36 | — | 36 | ||||||||||
Tax effect | (89 | ) | 280 | 191 | |||||||||
Net current-period other comprehensive loss | 143 | (447 | ) | (304 | ) | ||||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at June 30, 2012 | $ | (1,899 | ) | $ | — | $ | (1,899 | ) | |||||
Other comprehensive income before reclassification | 346 | — | 346 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 135 | — | 135 | ||||||||||
Tax effect | — | — | — | ||||||||||
Net current-period other comprehensive loss | 481 | — | 481 | ||||||||||
Balance at September 29, 2012 | $ | (1,418 | ) | $ | — | $ | (1,418 | ) | |||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at December 29, 2012 | $ | (1,414 | ) | $ | — | $ | (1,414 | ) | |||||
Other comprehensive loss before reclassification | (460 | ) | (727 | ) | (1,187 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 69 | — | 69 | ||||||||||
Tax effect | 151 | 280 | 431 | ||||||||||
Net current-period other comprehensive loss | (240 | ) | (447 | ) | (687 | ) | |||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at December 31, 2011 | $ | (1,798 | ) | $ | — | $ | (1,798 | ) | |||||
Other comprehensive income before reclassification | 183 | — | 183 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 197 | — | 197 | ||||||||||
Tax effect | — | — | — | ||||||||||
Net current-period other comprehensive loss | 380 | — | 380 | ||||||||||
Balance at September 29, 2012 | $ | (1,418 | ) | $ | — | $ | (1,418 | ) | |||||
Reclassification out of accumulated other comprehensive loss for the three and nine months ended September 28, 2013, and September 29, 2012: | |||||||||||||
Amount reclassifed from | |||||||||||||
Accumulated | |||||||||||||
Other Comprehensive Loss | |||||||||||||
Three months ended | Affected line item in | ||||||||||||
Detail about accumulated other comprehensive loss components | September 28, | September 29, | statement where Net | ||||||||||
2013 | 2012 | Income is presented | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 36 | $ | 135 | Cost of Sales | ||||||||
Tax effect | (14 | ) | (52 | ) | Tax expense | ||||||||
Interest Swap | |||||||||||||
Effective portion of interest hedge contracts | — | — | Interest | ||||||||||
Tax effect | — | — | Tax expense | ||||||||||
$ | 22 | $ | 83 | Net of Tax | |||||||||
Nine months ended | |||||||||||||
Detail about accumulated other comprehensive loss components | September 28, | September 29, | |||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 69 | $ | 197 | Cost of Sales | ||||||||
Tax effect | (27 | ) | (76 | ) | Tax expense | ||||||||
Interest Swap | |||||||||||||
Effective portion of interest hedge contracts | — | — | Interest | ||||||||||
Tax effect | — | — | Tax expense | ||||||||||
$ | 42 | $ | 121 | Net of Tax |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||
Sep. 28, 2013 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
NOTE 9. | COMMITMENTS AND CONTINGENCIES | ||
Litigation | |||
Our Company is a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of those proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or in the aggregate, will not have a materially adverse effect on our operations, financial position or cash flows. | |||
Income_Taxes
Income Taxes | 9 Months Ended | ||
Sep. 28, 2013 | |||
Income Tax Disclosure [Abstract] | ' | ||
Income Taxes | ' | ||
NOTE 10. | INCOME TAXES | ||
At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and use that rate to provide for income taxes for the current year-to-date reporting period. We recorded a minimal income tax expense and a $3.9 million benefit for the three and nine months ended September 28, 2013, respectively, compared to an expense of $0.1 million and $0.1 million for the same respective periods in 2012. The income tax benefit in the nine months ended September 28, 2013 is due primarily to a $3.9 million reversal of a portion of our deferred tax asset valuation allowance during the second quarter, while the expense in the prior year was due primarily to a release of a portion of our deferred tax asset valuation allowance to partially offset our regular tax expense and our expected alternative minimum tax obligation. Due to the effect of the deferred tax asset valuation allowance release, our effective tax rates in 2013 and 2012 do not directly correlate to the amount of pretax income or loss. In the absence of such releases, our tax rate would have been 39.1% and 39.5%, for the three months ended September 28, 2013, and September 29, 2012, respectively. | |||
Deferred income taxes reflect the net tax effects of temporary differences between (1) the carrying amounts of the assets and liabilities for financial reporting purposes and (2) the amounts used for income tax purposes. A valuation allowance is recorded against a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not (a likelihood of more than 50%) that some portion, or all, of the deferred tax asset will not be realized. At December 29, 2012, we had a valuation allowance totaling $12.9 million recorded against our net deferred tax asset. During the quarter ended June 29, 2013, we concluded that it was more likely than not that we would be able to realize all of our deferred tax assets and as such, we reversed our deferred tax asset valuation allowance. The reversal was based upon consideration of a number of factors, recent earnings history and forecasts of future earnings that enabled us to conclude it is more likely than not that the deferred tax assets will be realized. The $3.9 million tax benefit recorded for the nine months ended September 28, 2013, reflects the estimated remaining valuation allowance in excess of what is being used to offset the 2013 income tax expense in the estimated annual effective tax rate. |
Derivative
Derivative | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative | ' | ||||||||||||||||||||||||
NOTE 11. | DERIVATIVE | ||||||||||||||||||||||||
We enter into aluminum forward contracts to hedge the fluctuations in the purchase price of aluminum extrusion we use in production. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted purchases of aluminum. | |||||||||||||||||||||||||
In addition, we entered into LIBOR rate hedges on September 16, 2013, to offset the changes in cash flows of the debt interest rate payments that are attributable to the fluctuations of LIBOR rates. With the exception of the time value portion of our caps, these contracts are designated as cash flow hedges since they are highly effective in offsetting the changes in the monthly interest payments attributable to the changes in interest rates during the term of the agreement. | |||||||||||||||||||||||||
We net cash collateral from payments of margin calls on deposit with our brokers against the liability position of open contracts for the purchase of hedge instruments on a first-in, first-out basis. For statement of cash flows presentation, we present net cash receipts from and payments to the margin account as investing activities. | |||||||||||||||||||||||||
Derivative Financial Instruments — Aluminum Contracts | |||||||||||||||||||||||||
Guidance under the Financial Instruments topic of the Codification requires us to record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position, in determining fair value. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. We assess our risk of non-performance when measuring the fair value of our financial instruments in a liability position by evaluating our credit ratings, our current liquidity including cash on hand and availability under our revolving credit facility as compared to the maturities of the financial liabilities. In addition, we entered into a master netting arrangement (MNA) with our commodities broker that provides for, among other things, the close-out netting of exchange-traded transactions in the event of the insolvency of either party to the MNA. | |||||||||||||||||||||||||
We maintain a $2.0 million line of credit with our commodities broker to cover the liability position of open contracts for the purchase of aluminum in the event that the price of aluminum falls. Should the price of aluminum fall to a level which causes our liability for open aluminum contracts to exceed $2.0 million, we are required to fund daily margin calls to cover the excess. | |||||||||||||||||||||||||
At September 28, 2013, the fair value of our aluminum forward contracts was in a net liability position of $0.4 million. We had 42 outstanding forward contracts for the purchase of 11.4 million pounds of aluminum, approximately 41% of our anticipated needs through June 2015, at an average price of $0.90 per pound with maturity dates of between less than one month and twenty-one months. We assessed the risk of non-performance of the Company to these contracts and recorded a de minimis adjustment to fair value as of September 28, 2013. | |||||||||||||||||||||||||
As of December 29, 2012, the fair value of our aluminum forward contracts was in a net asset position of approximately $20 thousand. We had 24 outstanding forward contracts for the purchase of 3.9 million pounds of aluminum at an average price of $0.94 per pound with maturity dates of between less than one month and 12 months through December 2013. We assessed the risk of non-performance of the counterparty on these contracts and recorded a de minimis adjustment to fair value as of December 29, 2012. | |||||||||||||||||||||||||
Although it is our intent to have our aluminum hedges qualify as highly effective for reporting purposes, for the three months ended September 28, 2013, 6 of our 42 outstanding contracts did not qualify as effective. Effectiveness of aluminum forward contracts is determined by comparing the change in the fair value of the forward contract to the change in the expected cash to be paid for the hedged item. The effective portion of the gain or loss on our aluminum forward contracts is reported as a component of Accumulated other comprehensive loss and is reclassified into earnings in the same line item in the income statement as the hedged item in the same period or periods during which the transaction affects earnings. When a cashflow hedge becomes ineffective, and if the forecasted hedged transaction is still probable of occurrence, amounts previously recorded in Accumulated other comprehensive loss remain in Accumulated other comprehensive loss and are recognized in earnings in the period in which the hedged transaction affects earnings. The change in value of the aluminum forward contracts occurring after ineffectiveness is recognized in Other expense (income), net on the Condensed Consolidated Statements of Income and Comprehensive Income. We do not expect the gains or losses recognized in the “Accumulated other comprehensive loss” line item in the accompanying Condensed Consolidated Balance Sheets (unaudited) as of September 28, 2013, that will be reclassified to earnings within the next three months to be material. | |||||||||||||||||||||||||
As of December 29, 2012, our aluminum hedges did not qualify as effective for reporting purposes and amounts previously recorded in Accumulated other comprehensive loss remain in Accumulated other comprehensive loss and are recognized in earnings in the period in which the hedged transaction affects earnings. The change in value of the aluminum forward contracts occurring after ineffectiveness is recognized in Other expense, net on the Condensed Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||||||||||
Derivative Financial Instruments — Interest Rate Contract | |||||||||||||||||||||||||
On September 16, 2013, we entered into two interest rate caps and one interest rate swap. The first is a one year interest rate cap agreement with a notional amount of $40.0 million that was designated as a cash flow hedge that protects the variable rate debt from an increase in the floating one month LIBOR rate of greater than 0.50%. The second is a two year interest rate cap agreement with a notional amount of $20.0 million that was designated as a cash flow hedge that protects the variable rate debt from an increase in the floating one month LIBOR rate of greater than 0.50%. Effectiveness for the interest rate caps will be measured by comparing the changes in the intrinsic value of the cap with the change in the fair value of the forecasted interest payments due to changes in the LIBOR interest rate when LIBOR is greater than 0.5%. The intrinsic value portion of the interest rate caps are expected to be highly effective due to the critical terms of the cap exactly matching those of the hedge debt. The time value portion of the caps are deemed ineffective and will be marked to market in the reporting period. | |||||||||||||||||||||||||
The last is a forward starting three year six months interest rate swap agreement with a notional amount of $40.0 million that effectively converted a portion of the floating rate debt to a fixed rate of 2.15% that starts September 28, 2014, with a termination date of May 18, 2018. Since all of the critical terms of the swap and cap exactly matched those of the hedged debt, no ineffectiveness was identified in the hedging relationship. Consequently, all changes in fair value are recorded as a component of Accumulated other comprehensive income. Hedge effectiveness for the interest rate swap will be evaluated in accordance with ASC 815 on a quarterly basis by comparing changes in the cumulative gain or loss from the forward-starting interest rate swap with the cumulative changes in the discounted expected cash flows of future monthly interest related to changes of the swap rate. | |||||||||||||||||||||||||
The impact of the offsetting derivative instruments are depicted below: | |||||||||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Received | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 54 | $ | — | $ | 54 | $ | — | $ | — | $ | 54 | |||||||||||||
Interest Rate Caps | $ | 54 | $ | — | $ | 54 | $ | — | $ | — | $ | 54 | |||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Liabilities | in Balance Sheet | Liabilities Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Pledged | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 453 | $ | — | $ | 453 | $ | — | $ | — | $ | 453 | |||||||||||||
Interest Rate Swap | $ | 727 | $ | — | $ | 727 | $ | — | $ | — | $ | 727 | |||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Received | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 53 | $ | (33 | ) | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Liabilities | in Balance Sheet | Liabilities Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Pledged | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 33 | $ | (33 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
September 28, | December 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Interest rate cap | Other Current Assets | $ | 30 | $ | — | ||||||||||||||||||||
Interest rate cap | Other Assets | $ | 24 | $ | — | ||||||||||||||||||||
Interest rate swap | Other Liabilities | $ | 727 | $ | — | ||||||||||||||||||||
Aluminum forward contracts | Other Assets | $ | 54 | $ | 20 | ||||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | 453 | $ | — | ||||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three and nine months ended September 28, 2013, and September 29, 2012, and their classifications within the accompanying Condensed Consolidated Financial Statements: | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | Accumulated OCI into Income (Effective | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Aluminum contracts | $ | 196 | $ | 346 | Cost of sales | $ | 36 | $ | 135 | ||||||||||||||||
Interest rate swap | $ | (727 | ) | $ | — | Interest Expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of Gain or (Loss) | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Recognized in Income on | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 28, | September 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense (income) net | $ | 18 | $ | 5 | ||||||||||||||||||||
Interest rate swap | Other Expense (income) net | $ | — | $ | — | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | Accumulated OCI into Income (Effective | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Aluminum contracts | $ | (460 | ) | $ | 183 | Cost of sales | $ | 69 | $ | 197 | |||||||||||||||
Interest rate swap | $ | (727 | ) | $ | — | Interest Expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of Gain or (Loss) | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Recognized in Income on Derivatives | ||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 28, | September 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense (income) net | $ | (350 | ) | $ | 54 | |||||||||||||||||||
Interest rate swap | Other Expense (income) net | $ | — | $ | — |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
NOTE 12. | FAIR VALUE | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is used to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: | |||||||||||||||||
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||
Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||
The accounting guidance concerning fair value allows us to elect to measure financial instruments at fair value and report the changes in fair value through the Condensed Consolidated Statements of Income and Comprehensive Income. This election can only be made at certain specified dates and is irrevocable once made. We do not have a policy regarding specific assets or liabilities to elect to measure at fair value, but rather make the election on an instrument-by-instrument basis as they are acquired or incurred. | |||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following assets and liabilities are measured in the Condensed Consolidated Balance Sheets at fair value on a recurring basis and are categorized in the table below based upon the lowest level of significant input to the valuation: | |||||||||||||||||
Fair Value Measurements at Reporting Date of | |||||||||||||||||
Net Asset (Liability) Using: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | September 28, | Quoted | Significant | Significant | |||||||||||||
2013 | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Aluminum forward contracts | $ | (399 | ) | $ | — | $ | (399 | ) | $ | — | |||||||
Interest rate cap | 54 | — | 54 | — | |||||||||||||
Interest rate swap | (727 | ) | — | (727 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,072 | ) | $ | — | $ | (1,072 | ) | $ | — | |||||||
Description | December 29, | Quoted | Significant | Significant | |||||||||||||
2012 | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Aluminum forward contracts | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||
Interest rate cap | — | — | — | — | |||||||||||||
Derivative financial instruments, net asset | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||
The following is a description of the methods and assumptions used to estimate the fair values of our assets and liabilities measured at fair value on a recurring basis, as well as the basis for classifying these assets and liabilities as Level 2. | |||||||||||||||||
Aluminum forward contracts identical to those held by us trade on the London Metal Exchange (“LME”). The LME provides a transparent forum and is the world’s largest center for the trading of futures contracts for non-ferrous metals. The prices are used by the metals industry worldwide as the basis for contracts for the movement of physical material throughout the production cycle. Based on this high degree of volume and liquidity in the LME, we believe the valuation price at any measurement date for contracts with identical terms as to prompt date, trade date and trade price as those we hold at any time represents a contract’s exit price to be used for purposes of determining fair value. | |||||||||||||||||
Interest rate cap and swap contracts identical to that held by us are sold by financial institutions. The valuation price at any measurement date for a contract with identical terms, exercise price, expiration date, settlement date, and notional quantities, as the one we hold, is used for determining the fair value. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The following table presents the carrying values and estimated fair values of financial assets and liabilities that are required to be recorded or disclosed at fair value at September 28, 2013, and December 29, 2012, respectively: | |||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 23,745 | $ | 23,745 | $ | 18,743 | $ | 18,743 | |||||||||
Accounts receivable, net | $ | 21,671 | $ | 21,671 | $ | 13,997 | $ | 13,997 | |||||||||
Accounts payable and accrued liabilities | $ | 17,038 | $ | 17,038 | $ | 13,279 | $ | 13,279 | |||||||||
Long-term debt | $ | 78,143 | $ | 80,000 | $ | 37,500 | $ | 37,500 | |||||||||
The following provides a description of the methods and significant assumptions used in estimating the fair value of our financial instruments that are not measured at fair value on a recurring basis. | |||||||||||||||||
Cash and cash equivalents — The estimated fair value of these financial instruments approximates their carrying amounts due to their highly liquid or short-term nature. | |||||||||||||||||
Accounts receivable, net — The estimated fair value of these financial instruments approximates their carrying amounts due to their short-term nature. | |||||||||||||||||
Accounts payable and accrued liabilities — The estimated fair value of these financial instruments approximate their carrying amounts due to their short-term nature. | |||||||||||||||||
Debt — The estimated fair value of this debt is based on Level 2 inputs of debt with similar terms and characteristics. |
Government_Incentive
Government Incentive | 9 Months Ended | ||
Sep. 28, 2013 | |||
Text Block [Abstract] | ' | ||
Government Incentive | ' | ||
NOTE 13. | GOVERNMENT INCENTIVE | ||
In February 2011, we received a government incentive of $0.6 million in cash from our local county authority to assist in the consolidation of operations into our Florida facilities. Under the terms of the agreement we were required to, among other things, move the majority of our equipment from North Carolina to Florida and lease at least one building in Sarasota County, both of which were accomplished by April 2, 2011. In addition, we must add 400 employees by December 1, 2015. If we have not hired or do not have open positions for 400 additional employees on December 1, 2015, we will be required to repay $1,500 for each employee under 400 that we have not hired or have an open position for at that date. The agreement also requires us to repay a pro-rata portion of the grant if we relocate operations outside of the county before December 1, 2015. | |||
We believe that, based on the number of employees hired to date and our plans for future hiring, as well as the completion of other terms noted above, we have reasonable assurance the grant will be retained on December 1, 2015. Due to the existence of the performance obligations extending over a 5-year period, we recognize the reasonably assured portion of the grant over the life of the agreement as an offset to the payroll of the employees hired, which is included in cost of goods sold. This amount is expected to result in an immaterial amount recognized each quarter through December 1, 2015. As of September 28, 2013, and December 29, 2012, the deferred portion of the $0.6 million grant has been classified as $0.1 million and $0.1 million in accounts payable and accrued liabilities, respectively, and $0.2 million and $0.3 million in other liabilities, respectively, within the accompanying Condensed Consolidated Balance Sheets. |
Assets_Held_for_Sale
Assets Held for Sale | 9 Months Ended | ||
Sep. 28, 2013 | |||
Property Plant And Equipment [Abstract] | ' | ||
Assets Held for Sale | ' | ||
NOTE 14. | ASSETS HELD FOR SALE | ||
During the first quarter of 2013 we sold the Salisbury, North Carolina facility for approximately $8.0 million in cash (approximately $7.5 million net of selling costs), resulting in a gain of $2.2 million. The facility’s carrying value was $5.3 million at December 29, 2012, and at the time of the sale was recorded in the Condensed Consolidated Balance Sheets as an Asset held for sale. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-11 Disclosures about Offsetting Assets and Liabilities. Subsequently, in February 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates amended the guidance related to disclosures about offsetting assets and liabilities, including recognized financial instruments and derivatives. The provisions of the amended guidance became effective for us beginning in the first quarter of 2013. We adopted this standard in the first quarter of 2013 and additional disclosures have been made to comply with the standard. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The guidance amends the requirements of ASC 220, Comprehensive Income. The goal behind the amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. It does not change current requirements for reporting net income or other comprehensive income in the financial statements. The provisions of the amended guidance became effective for us beginning in the first quarter of 2013. We adopted this standard in the first quarter of 2013 and additional disclosures have been made to comply with the standard. |
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
Information Regarding Warranty Accrual | ' | ||||||||||||||||||||
The following provides information with respect to our warranty accrual: | |||||||||||||||||||||
Beginning | Charged to | End of | |||||||||||||||||||
Accrued Warranty | of Period | Expense | Adjustments | Settlements | Period | ||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended September 28, 2013 | $ | 3,128 | $ | 811 | $ | (71 | ) | $ | (917 | ) | $ | 2,951 | |||||||||
Three months ended September 29, 2012 | $ | 4,313 | $ | 783 | $ | (235 | ) | $ | (786 | ) | $ | 4,075 | |||||||||
Nine months ended September 28, 2013 | $ | 3,858 | $ | 2,341 | $ | (530 | ) | $ | (2,718 | ) | $ | 2,951 | |||||||||
Nine months ended September 29, 2012 | $ | 4,406 | $ | 2,476 | $ | (319 | ) | $ | (2,488 | ) | $ | 4,075 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
September 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 12,564 | $ | 10,477 | |||||
Work in progress | 578 | 256 | |||||||
Finished goods | 2,124 | 796 | |||||||
Total inventories | $ | 15,266 | $ | 11,529 |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS | ' | ||||||||||||||||
The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for our Company: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income | $ | 6,289 | $ | 2,722 | $ | 21,475 | $ | 5,760 | |||||||||
Weighted-average common shares - Basic | 46,238 | 53,686 | 49,567 | 53,674 | |||||||||||||
Add: Dilutive effect of stock compensation plans | 3,019 | 2,368 | 3,530 | 801 | |||||||||||||
Weighted-average common shares - Diluted | 49,257 | 56,054 | 53,097 | 54,475 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.14 | $ | 0.05 | $ | 0.43 | $ | 0.11 | |||||||||
Diluted | $ | 0.13 | $ | 0.05 | $ | 0.4 | $ | 0.11 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Intangible Assets | ' | ||||||||||
Intangible assets are as follows: | |||||||||||
September 28, | December 29, | Original | |||||||||
2013 | 2012 | Useful Life | |||||||||
(in years) | |||||||||||
(in thousands) | |||||||||||
Intangible assets: | |||||||||||
Trade names | $ | 38,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 55,700 | 55,700 | 10 | ||||||||
Less: Accumulated amortization | (53,879 | ) | (49,701 | ) | |||||||
Subtotal | 1,821 | 5,999 | |||||||||
Hurricane intellectual assets | 2,797 | 2,797 | 3 | ||||||||
Less: Accumulated amortization | (2,609 | ) | (1,910 | ) | |||||||
Subtotal | 188 | 887 | |||||||||
Intangible assets, net | $ | 40,450 | $ | 45,327 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Contractual Future Maturities of Long-Term Debt | ' | ||||
The contractual future maturities of long-term debt outstanding as of September 28, 2013, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2013 | $ | 1,000 | |||
2014 | 5,000 | ||||
2015 | 4,000 | ||||
2016 | 4,000 | ||||
2017 | 3,000 | ||||
2018 | 63,000 | ||||
Total | $ | 80,000 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||
The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 28, 2013, and September 29, 2012: | |||||||||||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at June 29, 2013 | $ | (1,797 | ) | $ | — | $ | (1,797 | ) | |||||
Other comprehensive income (loss) before reclassification | 196 | (727 | ) | (531 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 36 | — | 36 | ||||||||||
Tax effect | (89 | ) | 280 | 191 | |||||||||
Net current-period other comprehensive loss | 143 | (447 | ) | (304 | ) | ||||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at June 30, 2012 | $ | (1,899 | ) | $ | — | $ | (1,899 | ) | |||||
Other comprehensive income before reclassification | 346 | — | 346 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 135 | — | 135 | ||||||||||
Tax effect | — | — | — | ||||||||||
Net current-period other comprehensive loss | 481 | — | 481 | ||||||||||
Balance at September 29, 2012 | $ | (1,418 | ) | $ | — | $ | (1,418 | ) | |||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at December 29, 2012 | $ | (1,414 | ) | $ | — | $ | (1,414 | ) | |||||
Other comprehensive loss before reclassification | (460 | ) | (727 | ) | (1,187 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 69 | — | 69 | ||||||||||
Tax effect | 151 | 280 | 431 | ||||||||||
Net current-period other comprehensive loss | (240 | ) | (447 | ) | (687 | ) | |||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | Interest | Total | |||||||||||
Forward | Swap | ||||||||||||
Contracts | |||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
Balance at December 31, 2011 | $ | (1,798 | ) | $ | — | $ | (1,798 | ) | |||||
Other comprehensive income before reclassification | 183 | — | 183 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 197 | — | 197 | ||||||||||
Tax effect | — | — | — | ||||||||||
Net current-period other comprehensive loss | 380 | — | 380 | ||||||||||
Balance at September 29, 2012 | $ | (1,418 | ) | $ | — | $ | (1,418 | ) | |||||
Reclassification Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||
Reclassification out of accumulated other comprehensive loss for the three and nine months ended September 28, 2013, and September 29, 2012: | |||||||||||||
Amount reclassifed from | |||||||||||||
Accumulated | |||||||||||||
Other Comprehensive Loss | |||||||||||||
Three months ended | Affected line item in | ||||||||||||
Detail about accumulated other comprehensive loss components | September 28, | September 29, | statement where Net | ||||||||||
2013 | 2012 | Income is presented | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 36 | $ | 135 | Cost of Sales | ||||||||
Tax effect | (14 | ) | (52 | ) | Tax expense | ||||||||
Interest Swap | |||||||||||||
Effective portion of interest hedge contracts | — | — | Interest | ||||||||||
Tax effect | — | — | Tax expense | ||||||||||
$ | 22 | $ | 83 | Net of Tax | |||||||||
Nine months ended | |||||||||||||
Detail about accumulated other comprehensive loss components | September 28, | September 29, | |||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 69 | $ | 197 | Cost of Sales | ||||||||
Tax effect | (27 | ) | (76 | ) | Tax expense | ||||||||
Interest Swap | |||||||||||||
Effective portion of interest hedge contracts | — | — | Interest | ||||||||||
Tax effect | — | — | Tax expense | ||||||||||
$ | 42 | $ | 121 | Net of Tax |
Derivative_Tables
Derivative (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Offsetting Derivative Instrument | ' | ||||||||||||||||||||||||
The impact of the offsetting derivative instruments are depicted below: | |||||||||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Received | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 54 | $ | — | $ | 54 | $ | — | $ | — | $ | 54 | |||||||||||||
Interest Rate Caps | $ | 54 | $ | — | $ | 54 | $ | — | $ | — | $ | 54 | |||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Liabilities | in Balance Sheet | Liabilities Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Pledged | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 453 | $ | — | $ | 453 | $ | — | $ | — | $ | 453 | |||||||||||||
Interest Rate Swap | $ | 727 | $ | — | $ | 727 | $ | — | $ | — | $ | 727 | |||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Received | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 53 | $ | (33 | ) | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in thousands) | Gross Amounts not offset | ||||||||||||||||||||||||
in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash | Net | |||||||||||||||||||
Recognized Liabilities | in Balance Sheet | Liabilities Presented in | Instruments | Collateral | Amount | ||||||||||||||||||||
Balance Sheet | Pledged | ||||||||||||||||||||||||
Aluminum Forward Contract | $ | 33 | $ | (33 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
September 28, | December 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Interest rate cap | Other Current Assets | $ | 30 | $ | — | ||||||||||||||||||||
Interest rate cap | Other Assets | $ | 24 | $ | — | ||||||||||||||||||||
Interest rate swap | Other Liabilities | $ | 727 | $ | — | ||||||||||||||||||||
Aluminum forward contracts | Other Assets | $ | 54 | $ | 20 | ||||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | 453 | $ | — | ||||||||||||||||||||
Gains (Losses) on Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three and nine months ended September 28, 2013, and September 29, 2012, and their classifications within the accompanying Condensed Consolidated Financial Statements: | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | Accumulated OCI into Income (Effective | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Aluminum contracts | $ | 196 | $ | 346 | Cost of sales | $ | 36 | $ | 135 | ||||||||||||||||
Interest rate swap | $ | (727 | ) | $ | — | Interest Expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of Gain or (Loss) | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Recognized in Income on | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 28, | September 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense (income) net | $ | 18 | $ | 5 | ||||||||||||||||||||
Interest rate swap | Other Expense (income) net | $ | — | $ | — | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | Accumulated OCI into Income (Effective | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Aluminum contracts | $ | (460 | ) | $ | 183 | Cost of sales | $ | 69 | $ | 197 | |||||||||||||||
Interest rate swap | $ | (727 | ) | $ | — | Interest Expense, net | $ | — | $ | — | |||||||||||||||
Location of Gain or (Loss) Recognized in | Amount of Gain or (Loss) | ||||||||||||||||||||||||
Income on Derivatives (Ineffective Portion) | Recognized in Income on Derivatives | ||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 28, | September 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense (income) net | $ | (350 | ) | $ | 54 | |||||||||||||||||||
Interest rate swap | Other Expense (income) net | $ | — | $ | — | ||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following assets and liabilities are measured in the Condensed Consolidated Balance Sheets at fair value on a recurring basis and are categorized in the table below based upon the lowest level of significant input to the valuation: | |||||||||||||||||
Fair Value Measurements at Reporting Date of | |||||||||||||||||
Net Asset (Liability) Using: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Description | September 28, | Quoted | Significant | Significant | |||||||||||||
2013 | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Aluminum forward contracts | $ | (399 | ) | $ | — | $ | (399 | ) | $ | — | |||||||
Interest rate cap | 54 | — | 54 | — | |||||||||||||
Interest rate swap | (727 | ) | — | (727 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,072 | ) | $ | — | $ | (1,072 | ) | $ | — | |||||||
Description | December 29, | Quoted | Significant | Significant | |||||||||||||
2012 | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Aluminum forward contracts | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||
Interest rate cap | — | — | — | — | |||||||||||||
Derivative financial instruments, net asset | $ | 20 | $ | — | $ | 20 | $ | — | |||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
The following table presents the carrying values and estimated fair values of financial assets and liabilities that are required to be recorded or disclosed at fair value at September 28, 2013, and December 29, 2012, respectively: | |||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 23,745 | $ | 23,745 | $ | 18,743 | $ | 18,743 | |||||||||
Accounts receivable, net | $ | 21,671 | $ | 21,671 | $ | 13,997 | $ | 13,997 | |||||||||
Accounts payable and accrued liabilities | $ | 17,038 | $ | 17,038 | $ | 13,279 | $ | 13,279 | |||||||||
Long-term debt | $ | 78,143 | $ | 80,000 | $ | 37,500 | $ | 37,500 |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2013 | Sep. 28, 2013 | |
Standard Product Warranty [Line Items] | ' | ' |
Warranty expense rate of sale amount | 1.25% | 1.32% |
Warranty expense rate during specified period | ' | 2.00% |
Maximum [Member] | ' | ' |
Standard Product Warranty [Line Items] | ' | ' |
Warranty periods, which vary by product component | ' | '10 years |
Warranty range of majority of products sold | ' | '3 years |
Minimum [Member] | ' | ' |
Standard Product Warranty [Line Items] | ' | ' |
Warranty periods, which vary by product component | ' | '1 year |
Warranty range of majority of products sold | ' | '1 year |
Warranty_Information_Regarding
Warranty - Information Regarding Warranty Accrual (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Guarantees [Abstract] | ' | ' | ' | ' |
Accrued Warranty, Beginning of Period | $3,128 | $4,313 | $3,858 | $4,406 |
Accrued Warranty, Charged to Expense | 811 | 783 | 2,341 | 2,476 |
Accrued Warranty, Adjustments | -71 | -235 | -530 | -319 |
Accrued Warranty, Settlements | -917 | -786 | -2,718 | -2,488 |
Accrued Warranty, End of Period | $2,951 | $4,075 | $2,951 | $4,075 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $12,564 | $10,477 |
Work in progress | 578 | 256 |
Finished goods | 2,124 | 796 |
Total inventories | $15,266 | $11,529 |
Stock_Compensation_Expense_Add
Stock Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Compensation expense for stock based awards | $200,000 | $300,000 | $752,000 | $1,046,000 |
Total unrecognized compensation cost related to non-vested stock | $700,000 | $1,600,000 | $700,000 | $1,600,000 |
Weighted average remaining vesting period | ' | ' | '1 year 3 months 18 days | ' |
Number of stock options exercised | 1,082,478 | ' | 1,866,667 | ' |
Weighted average exercise price of options exercised | $2.09 | ' | $1.87 | ' |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive options excluded from weighted average shares outstanding | 437,455 | 15,007 | 396,529 |
Net_Income_Per_Common_Share_Ca
Net Income Per Common Share - Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $6,289 | $2,722 | $21,475 | $5,760 |
Weighted-average common shares - Basic | 46,238 | 53,686 | 49,567 | 53,674 |
Add: Dilutive effect of stock compensation plans | 3,019 | 2,368 | 3,530 | 801 |
Weighted-average common shares - Diluted | 49,257 | 56,054 | 53,097 | 54,475 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.14 | $0.05 | $0.43 | $0.11 |
Diluted | $0.13 | $0.05 | $0.40 | $0.11 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, net | $40,450 | $45,327 |
Customer Relationships [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets | 55,700 | 55,700 |
Less: Accumulated amortization | -53,879 | -49,701 |
Subtotal | 1,821 | 5,999 |
Original Useful Life (in years) | '10 years | ' |
Hurricane Intellectual Assets [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets | 2,797 | 2,797 |
Less: Accumulated amortization | -2,609 | -1,910 |
Subtotal | 188 | 887 |
Original Useful Life (in years) | '3 years | ' |
Trade Names [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Trade names | $38,441 | $38,441 |
Indefinite lived intangible asset useful life | 'indefinite | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 29, 2012 | Sep. 28, 2013 |
Indicator | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Weighted average royalty rate | 4.00% | ' |
Weighted average discount rate | 14.30% | ' |
Impairment Indicators | ' | 0 |
Trade Names [Member] | Changes Measurement [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Excess of estimated fair value of trade names over book values in percentage | 47.00% | ' |
Excess of estimated fair value of trade names over book values | 18 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Aug. 05, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Senior Secured Credit Facilities [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Swing Line Loan Facility [Member] | Letter of Credit [Member] | Salisbury Facility [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Other Current Assets [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | Old Credit Agreement [Member] | |||
Agreement | Agreement | LIBOR [Member] | Base Rate [Member] | Capital Addition Purchase Commitments [Member] | LIBOR [Member] | Base Rate [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Uncommitted Incremental Facility [Member] | Base Rate [Member] | Eurodollar Rate [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||
Base Rate [Member] | Eurodollar Rate [Member] | Base Rate [Member] | Eurodollar Rate [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | ' | ' | $105,000,000 | $80,000,000 | $25,000,000 | $5,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,000,000 | $15,000,000 | $25,000,000 | ' | ' | ' | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amortization percentage | ' | ' | ' | 5.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest margin on LIBOR/Base Rate based on leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | 3.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization and write-offs of deferred financing costs | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate agreements | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement date | 28-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement termination date | 23-Jun-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase aggregate amount | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost record as discount | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs recorded in comprehensive income as selling general and administrative expense | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repaid in connection with the cash proceeds from the sale | $37,500,000 | $5,000,000 | ' | ' | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-16 | 30-Jun-16 | ' | ' | ' | ' | ' | ' | ' |
Average rate of interest payable / Borrowings bearing interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.25% | 2.00% | 3.00% | 3.50% | 4.50% |
Credit agreement interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The highest of: (i) 0.50% per year above the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, (ii) the annual rate of interest in effect for that day as publicly announced as the bprime rateb and (iii) the one-month beurodollar rateb (not to be less than 1.25%) | 'The higher of (i) 1.25% and (ii) (adjusted for reserve requirements, deposit insurance assessment rates and other regulatory costs for Eurodollar liabilities) the rate at which Eurodollar deposits in dollars for the relevant interest period | ' | ' | ' | ' |
LongTerm_Debt_Contractual_Futu
Long-Term Debt - Contractual Future Maturities of Long-Term Debt (Detail) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2013 | $1,000 |
2014 | 5,000 |
2015 | 4,000 |
2016 | 4,000 |
2017 | 3,000 |
2018 | 63,000 |
Total | $80,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance | ($1,797) | ($1,899) | ($1,414) | ($1,798) |
Other comprehensive income (loss) before reclassification | -531 | 346 | -1,187 | 183 |
Amounts reclassified from accumulated other comprehensive loss | 36 | 135 | 69 | 197 |
Tax effect | 191 | ' | 431 | ' |
Net current-period other comprehensive loss | -304 | 481 | -687 | 380 |
Balance | -2,101 | -1,418 | -2,101 | -1,418 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassification | -727 | ' | -727 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' |
Tax effect | 280 | ' | 280 | ' |
Net current-period other comprehensive loss | -447 | ' | -447 | ' |
Balance | -447 | ' | -447 | ' |
Aluminum Forward Contracts [Member] | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance | -1,797 | -1,899 | -1,414 | -1,798 |
Other comprehensive income (loss) before reclassification | 196 | 346 | -460 | 183 |
Amounts reclassified from accumulated other comprehensive loss | 36 | 135 | 69 | 197 |
Tax effect | -89 | ' | 151 | ' |
Net current-period other comprehensive loss | 143 | 481 | -240 | 380 |
Balance | ($1,654) | ($1,418) | ($1,654) | ($1,418) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | $43,938 | $29,501 | $117,759 | $85,670 |
Interest | -1,055 | -878 | -2,564 | -2,675 |
Tax expense | -5 | -60 | 3,893 | -128 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net of Tax | 22 | 83 | 42 | 121 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest | ' | ' | ' | ' |
Tax expense | ' | ' | ' | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Aluminum Forward Contracts [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | 36 | 135 | 69 | 197 |
Tax expense | ($14) | ($52) | ($27) | ($76) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax (benefit) expense | $5,000 | $60,000 | ($3,893,000) | $128,000 | ' |
Reversal portion of deferred tax assets valuation allowance | 3,900,000 | ' | ' | ' | ' |
Effective income tax rate without release of valuation allowance | 39.10% | 39.50% | ' | ' | ' |
Valuation allowance recorded against net deferred tax asset | ' | ' | ' | ' | $12,900,000 |
Derivative_Additional_Informat
Derivative - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | |||||
Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Sep. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | |
Contract | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap One [Member] | Interest Rate Cap Two [Member] | Aluminum Forward Contracts [Member] | Aluminum Forward Contracts [Member] | |||
Agreement | Agreement | Contract | Contract | ||||||||
lb | lb | ||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit to cover the liability position of open contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' |
Price of aluminum fall, maximum exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Derivative financial instruments, fair value of net liability | ' | ' | ' | ' | ' | ' | 727,000 | ' | ' | 453,000 | ' |
Number of outstanding forward contracts, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42 | ' |
Purchase of aluminum commodity contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | 3,900,000 |
Anticipated aluminum commodity contracts, percentage | ' | 41.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, average price per pound | 0.9 | 0.9 | 0.94 | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, lower maturity date | ' | '1 month | '1 month | ' | ' | ' | ' | ' | ' | ' | ' |
Aluminum commodity contracts, upper maturity date | ' | '21 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments, fair value of net asset | ' | ' | ' | 54,000 | ' | ' | ' | ' | ' | 54,000 | 20,000 |
Number of outstanding forward contracts, Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 |
Number of ineffective derivatives contract held | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate agreements | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' |
Term of interest rate cap agreement | ' | ' | ' | ' | ' | '3 years 6 months 0 days | ' | '1 year | '2 years | ' | ' |
Notional amount of interest rate cap agreement | ' | ' | ' | ' | ' | $40,000,000 | ' | $40,000,000 | $20,000,000 | ' | ' |
Derivative instrument LIBOR rate exemption, Interest rate cap agreement | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' |
Portion of the variable rate debt from an increase in the floating rate | ' | ' | ' | ' | ' | 2.15% | ' | ' | ' | ' | ' |
Termination date of interest rate derivative | ' | ' | ' | ' | ' | 18-May-18 | ' | ' | ' | ' | ' |
Derivative_Schedule_of_Offsett
Derivative - Schedule of Offsetting Derivative Instrument (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | $727 | ' |
Gross Amounts offset in Balance Sheet - Liabilities | ' | ' |
Net Amounts of liabilities presented in Balance Sheet | 727 | ' |
Financial Instruments - Liabilities | ' | ' |
Cash Collateral Pledged - Liabilities | ' | ' |
Interest Rate Cap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 54 | ' |
Gross Amounts offset in Balance Sheet - Assets | ' | ' |
Net Amounts of Assets presented in Balance Sheet | 54 | ' |
Financial Instruments - Assets | ' | ' |
Cash Collateral Pledged - Assets | ' | ' |
Aluminum Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 54 | 53 |
Gross Amounts offset in Balance Sheet - Assets | ' | -33 |
Net Amounts of Assets presented in Balance Sheet | 54 | 20 |
Financial Instruments - Assets | ' | ' |
Cash Collateral Pledged - Assets | ' | ' |
Gross Amounts of Recognized Liabilities | 453 | 33 |
Gross Amounts offset in Balance Sheet - Liabilities | ' | -33 |
Net Amounts of liabilities presented in Balance Sheet | 453 | ' |
Financial Instruments - Liabilities | ' | ' |
Cash Collateral Pledged - Liabilities | ' | ' |
Derivative_Fair_Value_of_Deriv
Derivative - Fair Value of Derivatives (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Cap [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | $30 | ' |
Interest Rate Cap [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 24 | ' |
Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | 727 | ' |
Aluminum Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 54 | 20 |
Derivatives in a net liability position | 453 | ' |
Aluminum Forward Contracts [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 54 | 20 |
Aluminum Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | $453 | ' |
Derivative_Gains_Losses_on_Der
Derivative - Gains (Losses) on Derivative Financial Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Cost of Sales [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income effective portion of aluminum forward contracts | $36 | $135 | $69 | $197 |
Interest Expense Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income effective portion of aluminum forward contracts | ' | ' | ' | ' |
Aluminum Contracts [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 196 | 346 | -460 | 183 |
Aluminum Contracts [Member] | Other Expense (Income), Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 18 | 5 | -350 | 54 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | -727 | ' | -727 | ' |
Interest Rate Swap [Member] | Other Expense (Income), Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' |
Fair_Value_Items_Measured_at_F
Fair Value - Items Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ($1,072) | $20 |
Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -399 | 20 |
Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 54 | ' |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -727 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -1,072 | 20 |
Significant Other Observable Inputs (Level 2) [Member] | Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -399 | 20 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 54 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -727 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Cap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | ' | ' |
Fair_Value_Fair_Value_of_Finan
Fair Value - Fair Value of Financial Instruments (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $23,745 | $18,743 | $19,672 | $10,940 |
Accounts receivable, net | 21,671 | 13,997 | ' | ' |
Accounts payable and accrued liabilities | 17,038 | 13,279 | ' | ' |
Long-term debt | 74,236 | 37,500 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 23,745 | 18,743 | ' | ' |
Accounts receivable, net | 21,671 | 13,997 | ' | ' |
Accounts payable and accrued liabilities | 17,038 | 13,279 | ' | ' |
Long-term debt | 78,143 | 37,500 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 23,745 | 18,743 | ' | ' |
Accounts receivable, net | 21,671 | 13,997 | ' | ' |
Accounts payable and accrued liabilities | 17,038 | 13,279 | ' | ' |
Long-term debt | $80,000 | $37,500 | ' | ' |
Government_Incentive_Additiona
Government Incentive - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2011 | Sep. 28, 2013 | Dec. 29, 2012 | |
Employees | |||
Revenue Recognition [Abstract] | ' | ' | ' |
Proceeds of government incentive | $600,000 | ' | ' |
Number of employees to be added | ' | 400 | ' |
Per employee repayment amount for non performance | ' | 1,500 | ' |
Performance obligation extending period | ' | '5-year | ' |
Deferred grants from government incentive | ' | 600,000 | 600,000 |
Deferred grants classified as other liabilities | ' | 200,000 | 300,000 |
Deferred grants classified in accounts payable and accrued liabilities | ' | $100,000 | $100,000 |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2013 | Dec. 29, 2012 |
Statement Of Cash Flows [Abstract] | ' | ' |
Proceeds from Divestiture of Businesses | $8 | ' |
Net Proceeds from Divestiture of Businesses | 7.5 | ' |
Carrying value of facility's | ' | 5.3 |
Gain from divestiture of business | $2.20 | ' |