Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 29, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PGTI | ' |
Entity Registrant Name | 'PGT, Inc. | ' |
Entity Central Index Key | '0001354327 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 47,620,473 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $77,320 | $64,858 | $221,666 | $177,268 |
Cost of sales | 54,137 | 43,938 | 152,565 | 117,759 |
Gross margin | 23,183 | 20,920 | 69,101 | 59,509 |
Selling, general and administrative expenses | 14,289 | 13,507 | 40,619 | 40,817 |
Gain on sale of assets held for sale | ' | ' | ' | -2,195 |
Income from operations | 8,894 | 7,413 | 28,482 | 20,887 |
Interest expense, net | 1,020 | 1,055 | 2,809 | 2,564 |
Debt extinguishment costs | 2,829 | ' | 2,829 | 333 |
Other expense, net | 1,019 | 64 | 918 | 408 |
Income before income taxes | 4,026 | 6,294 | 21,926 | 17,582 |
Income tax expense (benefit) | 1,694 | 5 | 8,442 | -3,893 |
Net income | 2,332 | 6,289 | 13,484 | 21,475 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.05 | $0.14 | $0.29 | $0.43 |
Diluted | $0.05 | $0.13 | $0.27 | $0.40 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 47,399 | 46,238 | 47,271 | 49,567 |
Diluted | 49,792 | 49,257 | 49,728 | 53,097 |
Comprehensive income | $3,082 | $5,985 | $13,992 | $20,788 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $43,672 | $30,204 |
Accounts receivable, net | 30,266 | 20,821 |
Inventories | 20,089 | 12,908 |
Prepaid expenses | 1,419 | 1,538 |
Other current assets | 4,271 | 3,166 |
Deferred income taxes | 1,244 | 2,763 |
Total current assets | 100,961 | 71,400 |
Property, plant and equipment, net | 58,205 | 44,123 |
Intangible assets, net | 83,701 | 38,869 |
Goodwill | 66,658 | ' |
Deferred financing costs | 2,074 | 1,938 |
Other assets, net | 146 | 302 |
Total assets | 311,745 | 156,632 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 23,895 | 15,522 |
Current portion long-term debt | 1,962 | 4,890 |
Total current liabilities | 25,857 | 20,412 |
Long-term debt | 192,343 | 72,365 |
Deferred income taxes | 19,880 | 13,380 |
Other liabilities | 1,906 | 1,400 |
Total liabilities | 239,986 | 107,557 |
Shareholders' equity: | ' | ' |
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding | 0 | 0 |
Common stock; par value $.01 per share; 200,000 shares authorized; 49,706 and 48,868 shares issued and 47,616 and 46,871 shares outstanding at September 27, 2014, and December 28, 2013, respectively | 497 | 489 |
Additional paid-in-capital | 238,978 | 229,269 |
Accumulated other comprehensive loss | -1,715 | -2,223 |
Accumulated deficit | -154,930 | -168,414 |
Subtotal shareholders' equity | 82,830 | 59,121 |
Less Treasury stock, at cost | -11,071 | -10,046 |
Total shareholders' equity | 71,759 | 49,075 |
Total liabilities and shareholders' equity | $311,745 | $156,632 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, Shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, Shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 49,706,000 | 48,868,000 |
Common stock, shares outstanding | 47,616,000 | 46,871,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $13,484 | $21,475 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 3,116 | 3,509 |
Amortization | 468 | 4,877 |
Provision for allowances of doubtful accounts | -484 | -107 |
Amortization and write off of deferred financing costs | 3,490 | 1,427 |
Stock-based compensation | 888 | 752 |
Derivative financial instruments | 174 | 111 |
Tax benefit for stock options exercised | -7,322 | ' |
Deferred income tax | 1,096 | -3,898 |
Gain on disposal of assets | ' | -2,185 |
Change in operating assets and liabilities (net of the effect of the acquisition): | ' | ' |
Accounts receivable | -5,416 | -8,624 |
Inventories | -3,954 | -3,737 |
Prepaid and other assets | -687 | -861 |
Accounts payable, accrued and other liabilities | 12,025 | 3,580 |
Net cash provided by operating activities | 16,878 | 16,319 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -14,486 | -5,100 |
Business acquisition | -110,438 | ' |
Proceeds from sales of assets | ' | 7,478 |
Net cash (used in) provided by investing activities | -124,924 | 2,378 |
Cash flows from financing activities: | ' | ' |
Payments of long-term debt | -79,000 | -37,500 |
Proceeds from issuance of long-term debt | 198,000 | 80,000 |
Purchase of treasury stock | -1,025 | -56,091 |
Payments of financing costs | -5,291 | -3,591 |
Proceeds from exercise of stock options | 1,508 | 3,487 |
Excess tax benefit from stock-based compensation plans | 7,322 | ' |
Net cash provided by (used in) financing activities | 121,514 | -13,695 |
Net increase in cash and cash equivalents | 13,468 | 5,002 |
Cash and cash equivalents at beginning of period | 30,204 | 18,743 |
Cash and cash equivalents at end of period | 43,672 | 23,745 |
Non-Cash Transaction: | ' | ' |
Property and equipment additions in accounts payable | $1,007 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
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., and its wholly-owned subsidiary CGI Window and Holdings, Inc. for the period from September 23, 2014, through September 27, 2014, and as of September 27, 2014 (“CGI”) (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 27, 2014, and September 28, 2013, consisted of 13 weeks. | |
The Condensed Consolidated Balance Sheet as of December 28, 2013, 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 28, 2013, and the unaudited condensed consolidated financial statements as of and for the period ended September 27, 2014, should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 28, 2013, 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 July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11, “Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward Exists,” which requires tax benefits to be presented in the financial statement as a reduction to deferred tax asset for a net operating loss carryforward or a tax credit carryforward. We adopted this standard in the first quarter of 2014, and it did not impact the condensed consolidated financial statements. |
Warranty
Warranty | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
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; however, the warranty period for a limited number of specifically identified components in certain applications is a lifetime. 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 three months and nine months ended September 27, 2014, we recorded warranty expense at a rate of 2.00% and 1.74% of sales, respectively. These rates are higher than the 1.32% of sales accrued in the first nine months 2013, due to an increase in the number of service claims. This increase in claims is a result of quality related issues driven by a large number of new hires. 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 following table summarizes: current period charges, adjustments 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 27, 2014, and September 28, 2013. The reserve is determined through specific identification and assessing Company history. 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: | |||||||||||||||||||||
Accrued Warranty | Beginning | Charged to | Adjustments | Settlements | End of | ||||||||||||||||
of Period | Expense | Period | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended September 27, 2014 | $ | 2,736 | $ | 1,535 | $ | 271 | $ | (1,337 | ) | $ | 3,205 | ||||||||||
Three months ended September 28, 2013 | $ | 3,128 | $ | 811 | $ | (71 | ) | $ | (917 | ) | $ | 2,951 | |||||||||
Nine months ended September 27, 2014 | $ | 2,666 | $ | 3,861 | $ | 555 | $ | (3,877 | ) | $ | 3,205 | ||||||||||
Nine months ended September 28, 2013 | $ | 3,858 | $ | 2,341 | $ | (530 | ) | $ | (2,718 | ) | $ | 2,951 | |||||||||
Adjustments above include the acquired warranty liability of CGI in the amount of $239 thousand for the three and nine months ended September 27, 2014. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
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 27, | December 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 16,851 | $ | 11,305 | |||||
Work in progress | 483 | 329 | |||||||
Finished goods | 2,755 | 1,274 | |||||||
Total inventory | $ | 20,089 | $ | 12,908 | |||||
Raw materials above include the acquired raw materials of CGI in the amount of $3.4 million as of September 27, 2104. |
Stock_Compensation_Expense
Stock Compensation Expense | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||
Stock Compensation Expense | ' | |||
NOTE 4. STOCK COMPENSATION EXPENSE | ||||
On March 28, 2014, the Board of Directors adopted, and on May 7, 2014, our stockholders approved, the PGT, Inc. 2014 Omnibus Equity Incentive Plan. The Board of Directors determined that grants of restricted shares and other share-based awards to our officers, employees, directors, independent contractors and consultants are an important part of our long-term incentive compensation program, which we use in order to strengthen the commitment of such individuals to the Company, motivate them to faithfully and diligently perform their responsibilities, and attract and retain competent and dedicated individuals, whose efforts will result in the long-term growth and profitability of the Company. | ||||
2014 Omnibus Equity Incentive Plan | ||||
The 2014 Omnibus Equity Incentive Plan, among other things: | ||||
• | provides 1,500,000 common shares available for grants of equity awards, | |||
• | sets forth the types of awards eligible under the plan, including issuances of options, share appreciation rights, restricted shares, restricted share units, share bonuses, other share-based awards and cash awards, | |||
• | identifies those eligible to receive the equity awards, including company officers, employees, directors, and certain independent contractors and consultants, and | |||
• | confirms that the governance and administration of such equity plan is the responsibility of the Board of Directors, or Compensation Committee at the direction of the Board. | |||
Exercises | ||||
In the third quarter of 2014, there were 317,708 options exercised at a weighted average exercise price of $2.22 per share. For the nine months ended September 27, 2014, there were 815,776 options exercised at a weighted average exercise price of $1.84 per share. | ||||
Issuance | ||||
For the nine months ended September 27, 2014, we granted 20,000 options and 178,777 restricted stock awards to certain directors, executive and non-executive employees of the Company. The options vest over a five-year period from March 4, 2014, and have an exercise price of $11.81 per share equal to the NASDAQ market price of the underlying common stock on the close of business on the last trading day before the options were granted. The restricted stock awards granted in the first quarter were issued as two separate grants, the first being both performance and service based awards with a weighted average fair value on date of grant of $11.81 per share equal to the NASDAQ market price of the common stock on the close of business on the day the awards were granted, and vest over a three-year period. The second awards were service based only, with a weighted average fair value on date of grant of $11.81 per share based on the NASDAQ market price of the common stock on the close of business on the day the awards were granted, and vest over various periods up to three years. | ||||
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 $0.3 million for the third quarter of 2014 and $0.2 million for the third quarter of 2013. We recorded compensation expense for stock based awards of $0.9 million for the first nine months of 2014 and $0.8 million for the first nine months of 2013. As of September 27, 2014, and September 28, 2013, there was $1.4 million and $0.7 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 1.5 years. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
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 27, 2014, and September 28, 2013, excludes underlying options and restricted stock awards of 92,463 and 22,510 respectively, because their effects were anti-dilutive. Our weighted average shares outstanding for the nine months ended September 27, 2014, and September 28, 2013, excludes underlying options and restricted stock awards of 70,195 and 15,007, 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 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income | $ | 2,332 | $ | 6,289 | $ | 13,484 | $ | 21,475 | |||||||||
Weighted-average common shares—Basic | 47,399 | 46,238 | 47,271 | 49,567 | |||||||||||||
Add: Dilutive effect of stock compensation plans | 2,393 | 3,019 | 2,457 | 3,530 | |||||||||||||
Weighted-average common shares—Diluted | 49,792 | 49,257 | 49,728 | 53,097 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.14 | $ | 0.29 | $ | 0.43 | |||||||||
Diluted | $ | 0.05 | $ | 0.13 | $ | 0.27 | $ | 0.4 | |||||||||
Acquisition
Acquisition | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisition | ' | ||||||||||||||||
NOTE 6. ACQUISITION | |||||||||||||||||
On September 22, 2014 (the Closing Date), we completed the acquisition of CGI which became a wholly-owned subsidiary of PGT, Inc. The transaction, valued at approximately $110.4 million, is consistent with our plan to grow strategically while contributing to earnings growth through targeted acquisitions of complementary specialty products. This acquisition was financed with a new credit facility totaling $235 million, of which $200.0 million is term debt and $35.0 million is undrawn revolver. Proceeds of the term loan were used to consummate the acquisition, repay existing indebtedness, and pay fees and expenses. The estimated fair value of assets acquired and liabilities assumed as of the Closing Date are as follows: | |||||||||||||||||
Fair | |||||||||||||||||
Values | |||||||||||||||||
(in thousands) | |||||||||||||||||
Accounts receivable, net | $ | 4,156 | |||||||||||||||
Inventories | 3,229 | ||||||||||||||||
Prepaid expenses | 303 | ||||||||||||||||
Property, plant and equipment, net | 1,709 | ||||||||||||||||
Intangible assets, net | 45,300 | ||||||||||||||||
Other assets, net | 70 | ||||||||||||||||
Deferred income taxes | (6,500 | ) | |||||||||||||||
Accounts payable and accrued liabilities | (4,136 | ) | |||||||||||||||
Other liabilities | (351 | ) | |||||||||||||||
Net Assets Acquired | 43,780 | ||||||||||||||||
Purchase Price | 110,438 | ||||||||||||||||
Goodwill | $ | 66,658 | |||||||||||||||
The purchase price paid was preliminarily allocated to the net assets acquired based on their fair value on September 22, 2014, in accordance with ASC 805 “Business Combinations”. We are in the process of finalizing the valuation of assets acquired and liabilities assumed, including the valuation of intangible assets. The fair value of working capital related items, such as accounts receivable, inventories, prepaids, and accounts payable and accrued liabilities, were assumed to equal book value at the date of acquisition. The intangible assets (see note 7) were estimated using income and royalty relief approaches based on projections provided by management, which we consider to be Level 3 inputs. Once our final valuation of identified intangibles is complete, we will adjust our preliminary estimates accordingly. Acquisition costs totaling $1.5 million are included in selling, general, and administrative expenses on the condensed consolidated statements of comprehensive income for the three and nine months ended September 27, 2014, and relate to legal expenses, diligence, and accounting services. | |||||||||||||||||
Net sales and net income included in the consolidated condensed statement of comprehensive income for the three and nine months ended September 27, 2014, from CGI for the period from September 23, 2014, to September 27, 2014, are $552 thousand and $8 thousand, respectively. | |||||||||||||||||
Preliminary valuation of identified intangible assets | |||||||||||||||||
We are in the process of finalizing the valuation of the identifiable intangible assets acquired in the CGI acquisition. The preliminary values and our estimate of their respective useful lives are as follows: | |||||||||||||||||
Original | |||||||||||||||||
Asset | Useful Life | ||||||||||||||||
Amount | (in years) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Identifiable Intangible Asset Description: | |||||||||||||||||
Trade names | $ | 19,000 | indefinite | ||||||||||||||
Customer relationships | 24,000 | 8 | |||||||||||||||
Developed technology | 1,700 | 5 | |||||||||||||||
Non-compete agreements | 600 | 2 | |||||||||||||||
Total identified intangible assets | $ | 45,300 | |||||||||||||||
Once our final valuation of the identified intangible assets is complete, we will adjust our preliminary estimates accordingly. We use the straight-line method of amortization for the finite lived intangible assets, and recorded an immaterial amount of amortization expense within selling, general, and administrative expenses in the condensed consolidated statements of comprehensive income for the three and nine months ended September 27, 2014. | |||||||||||||||||
Preliminary estimate of goodwill | |||||||||||||||||
The remaining consideration, after adjusting for the preliminary estimate of the identified intangible assets, and the net assets and liabilities recorded at fair value, was preliminarily determined to be $66.7 million, of which $9.3 million is expected to be deductible for tax purposes. Goodwill represents the increased value of the combined entity through additional sales channel opportunities as well as operational efficiencies. To the extent that our preliminary value of identified intangible assets changes, there will be an equal and offsetting change to the recorded goodwill. | |||||||||||||||||
Selected Unaudited Pro Forma financial information | |||||||||||||||||
The following unaudited pro forma financial information assumes the acquisition had occurred at the beginning of the earliest period presented. Pro forma results have been prepared by adjusting our historical results to include the results of CGI adjusted for the following: amortization expense related to the estimated intangible assets arising from the acquisition and interest expense to reflect the new Credit Agreement entered into in connection with the acquisition. | |||||||||||||||||
The unaudited pro forma results do not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable periods presented, nor does it indicate the results of operations in future periods. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. | |||||||||||||||||
Pro Forma Results (Unaudited): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
(in thousands except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 89,634 | $ | 75,137 | $ | 253,199 | $ | 201,299 | |||||||||
Net income | $ | 2,399 | $ | 6,179 | $ | 12,040 | $ | 18,971 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.13 | $ | 0.25 | $ | 0.38 | |||||||||
Diluted | $ | 0.05 | $ | 0.13 | $ | 0.24 | $ | 0.36 | |||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||
Goodwill and other intangible assets, net are as follows: | |||||||||||
Original | |||||||||||
September 27, | December 28, | Useful Life | |||||||||
2014 | 2013 | (in years) | |||||||||
(in thousands) | |||||||||||
Goodwill | $ | 66,658 | $ | — | indefinite | ||||||
Other intangible assets: | |||||||||||
Trade names | $ | 57,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 79,700 | 55,700 | 9.4 | ||||||||
Less: Accumulated amortization | (55,733 | ) | (55,272 | ) | |||||||
Subtotal | 23,967 | 428 | |||||||||
Developed technology | 1,700 | — | 5 | ||||||||
Non-compete agreements | 600 | — | 2 | ||||||||
Less: Accumulated amortization | (7 | ) | — | ||||||||
Subtotal | 2,293 | — | |||||||||
Other intangible assets, net | $ | 83,701 | $ | 38,869 | |||||||
Indefinite Lived Intangible Asset | |||||||||||
As a result of the acquisition of CGI, we added a trade name with a fair value of $19.0 million. 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. | |||||||||||
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 annual test of trade names that existed prior to our acquisition of CGI, performed as of December 28, 2013, utilized a weighted average royalty rate of 4.0% and a discount rate of 16.1%. As of December 28, 2013, the estimated fair value of the trade names exceeded book value by approximately 79%, or $30.3 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 previously set forth. 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 during the nine months ended September 27, 2014, because no impairment indicators were identified. | |||||||||||
Amortizable Intangible Assets | |||||||||||
We perform an impairment test on our amortizable intangible assets any time that impairment indicators exist. Such assets include customer relationships, intellectual property, and non-compete agreements and were acquired through the acquisition of CGI on September 27, 2014. Going forward, we will monitor and evaluate potential impairment indicators which could result in impairment. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||
Sep. 27, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long-Term Debt | ' | ||||
NOTE 8. LONG-TERM DEBT | |||||
On September 22, 2014, we entered into a Credit Agreement (the “Credit Agreement”), among us, the lending institutions identified in the Credit Agreement, and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent. The Credit Agreement establishes new senior secured credit facilities in an aggregate amount of $235.0 million, consisting of a $200.0 million Term B term loan facility maturing in seven years that will amortize on a basis of 1% annually during the seven-year term, and a $35.0 million revolving credit facility maturing in five years that includes a swing line facility and a letter of credit facility. Our obligations under the Credit Agreement are secured by substantially all of our assets as well as our direct and indirect subsidiaries’ assets. As of September 27, 2014, there were $0.6 million of letters of credit outstanding and $34.4 million available on the revolver. | |||||
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, LIBOR (with a floor of 100 basis points in respect of the term loan), or a base rate (with a floor of 200 basis points in respect of the term loan) plus an applicable margin. The applicable margin is 425 basis points in the case of LIBOR and 325 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 50 basis points per annum as well as a quarterly letter of credit fee at 425 basis points per annum on the face amount of any outstanding letters of credit. | |||||
The Credit Agreement contains a springing financial covenant, if we draw in excess of twenty percent (20%) of the revolving facility, which requires us to maintain a maximum total net leverage ratio (based on the ratio of total debt for borrowed money to trailing EBITDA, each as defined in the Credit Agreement), and 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 27, 2014, no such test is required as we have not exceeded 20% of our revolving capacity. | |||||
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. Upon the occurrence of an event of default, the amounts outstanding under the Credit Agreement may be accelerated and may become immediately due and payable. | |||||
In connection with entering into the Credit Agreement, on September 22, 2014, we terminated our prior credit agreement, dated as of May 28, 2013, among PGT Industries, Inc., as the borrower, the Company, as guarantor, the lenders from time to time party thereto and SunTrust Bank, as administrative agent and collateral agent (the “2013 Credit Agreement”). Proceeds from the term loan facility under the Credit Agreement were used to repay amounts outstanding under the 2013 Credit Agreement and the acquisition of CGI, and certain fees and expenses. | |||||
When entering into the 2013 Credit Agreement, we terminated our prior 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 “2011 Credit Agreement”). Proceeds from the term loan facility under the 2013 Credit Agreement were used to repay amounts outstanding under the 2011 Credit Agreement, repurchase shares of our common stock having an aggregate value of approximately $50 million, and pay certain fees and expenses. | |||||
On September 16, 2013, we entered into two interest rate caps and an interest rate swap to hedge a portion of the 2013 Credit Agreement against volatility in future interest rates. As of September 27, 2014, we have one cap and the swap outstanding. As a result of the termination of the 2013 Credit Agreement, the underlying transaction is no longer probable of occurring and both instruments have been de-designated and will be marked to market in this and future reporting periods (See Note 12). | |||||
The face value of the debt as of September 27, 2014, was $200.0 million. Related debt issuance costs and the debt discount are being amortized to interest expense, net on the Condensed Consolidated Statements of Comprehensive Income over the term of the debt. | |||||
As a result of the refinancing, we recorded $2.8 million in debt extinguishment costs related to the write-off of deferred financing costs on the previous facility, as well as unamortized debt discount, on the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 27, 2014. | |||||
The contractual future maturities of long-term debt outstanding as of September 27, 2014, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2014 | $ | 500 | |||
2015 | 2,000 | ||||
2016 | 2,000 | ||||
2017 | 1,500 | ||||
2018 | 2,000 | ||||
Thereafter | 192,000 | ||||
Total | $ | 200,000 | |||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
NOTE 9. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 27, 2014, and September 28, 2013: | |||||||||||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(in thousands) | |||||||||||||
Balance at June 28, 2014 | $ | (1,676 | ) | $ | (789 | ) | $ | (2,465 | ) | ||||
Other comprehensive income (loss) before reclassification | — | — | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 63 | 1,188 | 1,251 | ||||||||||
Tax effect | (102 | ) | (399 | ) | (501 | ) | |||||||
Net current-period other comprehensive income (loss) | (39 | ) | 789 | 750 | |||||||||
Balance at September 27, 2014 | $ | (1,715 | ) | $ | — | $ | (1,715 | ) | |||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(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 income (loss) | 143 | (447 | ) | (304 | ) | ||||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(in thousands) | |||||||||||||
Balance at December 28, 2013 | $ | (1,837 | ) | $ | (386 | ) | $ | (2,223 | ) | ||||
Other comprehensive income (loss) before reclassification | 346 | (557 | ) | (211 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (66 | ) | 1,188 | 1,122 | |||||||||
Tax effect | (158 | ) | (245 | ) | (403 | ) | |||||||
Net current-period other comprehensive income | 122 | 386 | 508 | ||||||||||
Balance at September 27, 2014 | $ | (1,715 | ) | $ | — | $ | (1,715 | ) | |||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(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 | ) | ||||
Reclassification out of accumulated other comprehensive loss for the three and nine months ended September 27, 2014, and September 28, 2013: | |||||||||||||
Amount reclassified from Accumulated | Affected line item in | ||||||||||||
statement where Net | |||||||||||||
Other Comprehensive Loss | Income is presented | ||||||||||||
Three months ended | |||||||||||||
September 27, | September 28, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 101 | $ | 36 | Cost of Sales | ||||||||
Ineffective portion of aluminum forward contracts | (38 | ) | — | Other expense, net | |||||||||
Interest Rate Swap | |||||||||||||
Designation of interest rate swap | 1,188 | — | Other expense, net | ||||||||||
Tax effect | (501 | ) | (14 | ) | Tax expense | ||||||||
$ | 750 | $ | 22 | Net of Tax | |||||||||
Nine months ended | |||||||||||||
September 27, | September 28, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 64 | $ | 69 | Cost of Sales | ||||||||
Ineffective portion of aluminum forward contracts | (38 | ) | — | Other expense, net | |||||||||
Interest Rate Swap | |||||||||||||
Designation of interest rate swap | 1,188 | — | Other expense, net | ||||||||||
Tax effect | (588 | ) | (27 | ) | Tax expense | ||||||||
$ | 626 | $ | 42 | Net of Tax | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 10. 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. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
NOTE 11. INCOME TAXES | |
We recognized income taxes at a rate of 42.1%, which is higher than the statutory rate of 38.8% for the three months ended September 27, 2014. The rate is higher due mainly to increasing our estimated annual rate to 38.5% from our previously estimated rate of 37.7% as a result of the reduction in our expected Section 199 manufacturing deduction. The reduction is a result of increased taxable stock compensation and the estimated use of acquired net operating losses in 2014. | |
We recognized income taxes at a rate of 38.5%, which is slightly lower than the statutory rate of 38.8% for the nine months ended September 27, 2014. The rate, however, is higher than the previously estimated annual rate of 37.7% as a result of the reduction in our expected Section 199 manufacturing deduction. The reduction is a result of increased taxable stock compensation and the estimated use of acquired net operating losses in 2014. | |
We recorded an income tax benefit of $3.9 million for the nine months ended September 28, 2013. The income tax benefit in the prior year was due to a reversal of a portion of our deferred tax asset valuation allowance in the second quarter. As of the year ended 2013 and the nine months ended September 27, 2014, we have no valuation allowance on our deferred tax assets. | |
In connection with the acquisition of CGI, we recorded a net deferred tax liability of $6.5 million, consisting of $13.6 million in deferred tax liabilities relating to the non-deductible intangible assets acquired, $0.2 million in other net deferred tax liabilities, offset by deferred tax assets relating to $7.3 million of tax affected net operating losses. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||||
NOTE 12. DERIVATIVES | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 both our credit risk for contracts in a liability position, as well as our counter-party’s credit risk for contracts in an asset position, when 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 27, 2014, the fair value of our aluminum forward contracts was in a net liability position of approximately $30 thousand. We had 32 outstanding forward contracts for the purchase of 10.4 million pounds of aluminum, approximately 34% of our anticipated needs through December 2015, at an average price of $0.90 per pound with maturity dates of between less than one month and fifteen 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 27, 2014. | |||||||||||||||||||||||||
Although it is our intent to have our aluminum hedges qualify as highly effective for reporting purposes, for the three months ended September 27, 2014, all 32 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, net on the Condensed Consolidated Statements of Comprehensive Income. The amount of losses recognized in the “accumulated other comprehensive loss” line item in the accompanying Condensed Consolidated Balance Sheets (unaudited) as of September 27, 2014, that will be reclassified to earnings within the next three months, will be immaterial. | |||||||||||||||||||||||||
As of December 28, 2013, the fair value of our aluminum forward contracts was in a net asset position of approximately $479 thousand. We had 33 outstanding forward contracts for the purchase of 9.5 million pounds of aluminum at an average price of $0.89 per pound with maturity dates of between less than one month and 18 months through June 2015. 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 28, 2013. | |||||||||||||||||||||||||
As of December 28, 2013, our aluminum hedges did not qualify as effective for reporting purposes. 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 Comprehensive Income. | |||||||||||||||||||||||||
Derivative Financial Instruments – Interest Rate Contract | |||||||||||||||||||||||||
On September 16, 2013, we entered into two interest rate caps and an interest rate swap to hedge a portion of the 2013 Credit Agreement against volatility in future interest rates. The first interest rate cap expired during the three months ended September 27, 2014. The second interest rate cap is a two-year agreement with a notional amount of $20.0 million; it 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 interest rate swap is a forward-starting, three-year, six-month agreement with a notional amount of $40.0 million that effectively converts a portion of the floating rate debt to a fixed rate of 2.15%. It started September 28, 2014, and has a termination date of May 18, 2018. | |||||||||||||||||||||||||
As of September 27, 2014, we have one cap and the swap outstanding. As a result of the termination of the 2013 Credit Agreement, both instruments have been de-designated and will be marked to market in this and future reporting periods. | |||||||||||||||||||||||||
The impact of the offsetting derivative instruments are depicted below: | |||||||||||||||||||||||||
As of September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest Rate Caps | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||
As of September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum Forward Contract | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | $ | 30 | |||||||||||||
Interest Rate Swap | $ | 1,073 | $ | — | $ | 1,073 | $ | — | $ | — | $ | 1,073 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest Rate Caps | $ | 34 | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum Forward Contract | $ | 479 | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||||
Interest Rate Swap | $ | 630 | $ | — | $ | 630 | $ | — | $ | — | $ | 630 | |||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
September 27, | December 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Interest rate cap | Other Current Assets | $ | 6 | $ | 21 | ||||||||||||||||||||
Interest rate cap | Other Assets | $ | — | $ | 13 | ||||||||||||||||||||
Interest rate swap | Other Liabilities | $ | (1,073 | ) | $ | (630 | ) | ||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | (30 | ) | $ | (441 | ) | ||||||||||||||||||
Aluminum forward contracts | Other Liabilities | $ | — | $ | (38 | ) | |||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three and nine months ended September 27, 2014, and September 28, 2013, 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 | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | from Accumulated OCI into | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Income (Effective Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 27, | September 28, | September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | $ | — | $ | 196 | Cost of sales | $ | (63 | ) | $ | (36 | ) | ||||||||||||||
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) | |||||||||||||||||||||||||
27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | 16 | $ | 18 | ||||||||||||||||||||
Interest rate swap | Other Expense, net | $ | (1,188 | ) | $ | — | |||||||||||||||||||
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 | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 27, | September 28, | 27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | $ | 346 | $ | (460 | ) | Cost of sales | $ | 66 | $ | (69 | ) | ||||||||||||||
Interest rate swap | $ | (557 | ) | $ | (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) | |||||||||||||||||||||||||
27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | 144 | $ | (350 | ) | |||||||||||||||||||
Interest rate swap | Other Expense, net | $ | (1,188 | ) | $ | — |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
NOTE 13. 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 27, 2014 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (30 | ) | $ | — | $ | (30 | ) | $ | — | |||||||
Interest rate caps | 6 | — | 6 | — | |||||||||||||
Interest rate swap | (1,073 | ) | — | (1,073 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,097 | ) | $ | — | $ | (1,097 | ) | $ | — | |||||||
Description | 28-Dec-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (479 | ) | $ | — | $ | (479 | ) | $ | — | |||||||
Interest rate caps | 34 | — | 34 | — | |||||||||||||
Interest rate swap | (630 | ) | — | (630 | ) | — | |||||||||||
Derivative financial instruments, net asset | $ | (1,075 | ) | $ | — | $ | (1,075 | ) | $ | — | |||||||
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 27, 2014, and December 28, 2013, respectively: | |||||||||||||||||
September 27, 2014 | December 28, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 43,672 | $ | 43,672 | $ | 30,204 | $ | 30,204 | |||||||||
Accounts receivable, net | $ | 30,266 | $ | 30,266 | $ | 20,821 | $ | 20,821 | |||||||||
Accounts payable and accrued liabilities | $ | 23,895 | $ | 23,895 | $ | 15,522 | $ | 15,522 | |||||||||
Long-term debt | $ | 192,343 | $ | 192,343 | $ | 77,255 | $ | 77,255 | |||||||||
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. |
Assets_Held_for_Sale
Assets Held for Sale | 9 Months Ended |
Sep. 27, 2014 | |
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. |
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||
Information Regarding Warranty Accrual | ' | ||||||||||||||||||||
The following provides information with respect to our warranty accrual: | |||||||||||||||||||||
Accrued Warranty | Beginning | Charged to | Adjustments | Settlements | End of | ||||||||||||||||
of Period | Expense | Period | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended September 27, 2014 | $ | 2,736 | $ | 1,535 | $ | 271 | $ | (1,337 | ) | $ | 3,205 | ||||||||||
Three months ended September 28, 2013 | $ | 3,128 | $ | 811 | $ | (71 | ) | $ | (917 | ) | $ | 2,951 | |||||||||
Nine months ended September 27, 2014 | $ | 2,666 | $ | 3,861 | $ | 555 | $ | (3,877 | ) | $ | 3,205 | ||||||||||
Nine months ended September 28, 2013 | $ | 3,858 | $ | 2,341 | $ | (530 | ) | $ | (2,718 | ) | $ | 2,951 | |||||||||
Adjustments above include the acquired warranty liability of CGI in the amount of $239 thousand for the three and nine months ended September 27, 2014. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
September 27, | December 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 16,851 | $ | 11,305 | |||||
Work in progress | 483 | 329 | |||||||
Finished goods | 2,755 | 1,274 | |||||||
Total inventory | $ | 20,089 | $ | 12,908 |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
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 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Net income | $ | 2,332 | $ | 6,289 | $ | 13,484 | $ | 21,475 | |||||||||
Weighted-average common shares—Basic | 47,399 | 46,238 | 47,271 | 49,567 | |||||||||||||
Add: Dilutive effect of stock compensation plans | 2,393 | 3,019 | 2,457 | 3,530 | |||||||||||||
Weighted-average common shares—Diluted | 49,792 | 49,257 | 49,728 | 53,097 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.14 | $ | 0.29 | $ | 0.43 | |||||||||
Diluted | $ | 0.05 | $ | 0.13 | $ | 0.27 | $ | 0.4 | |||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of Estimated Fair Value of Assets and Liabilities Assumed | ' | ||||||||||||||||
The estimated fair value of assets acquired and liabilities assumed as of the Closing Date are as follows: | |||||||||||||||||
Fair | |||||||||||||||||
Values | |||||||||||||||||
(in thousands) | |||||||||||||||||
Accounts receivable, net | $ | 4,156 | |||||||||||||||
Inventories | 3,229 | ||||||||||||||||
Prepaid expenses | 303 | ||||||||||||||||
Property, plant and equipment, net | 1,709 | ||||||||||||||||
Intangible assets, net | 45,300 | ||||||||||||||||
Other assets, net | 70 | ||||||||||||||||
Deferred income taxes | (6,500 | ) | |||||||||||||||
Accounts payable and accrued liabilities | (4,136 | ) | |||||||||||||||
Other liabilities | (351 | ) | |||||||||||||||
Net Assets Acquired | 43,780 | ||||||||||||||||
Purchase Price | 110,438 | ||||||||||||||||
Goodwill | $ | 66,658 | |||||||||||||||
Summary of Primary Values and Estimate of Useful lives | ' | ||||||||||||||||
The preliminary values and our estimate of their respective useful lives are as follows: | |||||||||||||||||
Original | |||||||||||||||||
Asset | Useful Life | ||||||||||||||||
Amount | (in years) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Identifiable Intangible Asset Description: | |||||||||||||||||
Trade names | $ | 19,000 | indefinite | ||||||||||||||
Customer relationships | 24,000 | 8 | |||||||||||||||
Developed technology | 1,700 | 5 | |||||||||||||||
Non-compete agreements | 600 | 2 | |||||||||||||||
Total identified intangible assets | $ | 45,300 | |||||||||||||||
Summary of Unaudited Proforma Results | ' | ||||||||||||||||
The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. | |||||||||||||||||
Pro Forma Results (Unaudited): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
(in thousands except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 89,634 | $ | 75,137 | $ | 253,199 | $ | 201,299 | |||||||||
Net income | $ | 2,399 | $ | 6,179 | $ | 12,040 | $ | 18,971 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.13 | $ | 0.25 | $ | 0.38 | |||||||||
Diluted | $ | 0.05 | $ | 0.13 | $ | 0.24 | $ | 0.36 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||
Sep. 27, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of Goodwill and Other Intangible Assets Net | ' | ||||||||||
Goodwill and other intangible assets, net are as follows: | |||||||||||
Original | |||||||||||
September 27, | December 28, | Useful Life | |||||||||
2014 | 2013 | (in years) | |||||||||
(in thousands) | |||||||||||
Goodwill | $ | 66,658 | $ | — | indefinite | ||||||
Other intangible assets: | |||||||||||
Trade names | $ | 57,441 | $ | 38,441 | indefinite | ||||||
Customer relationships | 79,700 | 55,700 | 9.4 | ||||||||
Less: Accumulated amortization | (55,733 | ) | (55,272 | ) | |||||||
Subtotal | 23,967 | 428 | |||||||||
Developed technology | 1,700 | — | 5 | ||||||||
Non-compete agreements | 600 | — | 2 | ||||||||
Less: Accumulated amortization | (7 | ) | — | ||||||||
Subtotal | 2,293 | — | |||||||||
Other intangible assets, net | $ | 83,701 | $ | 38,869 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||
Sep. 27, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Contractual Future Maturities of Long-term Debt | ' | ||||
The contractual future maturities of long-term debt outstanding as of September 27, 2014, are as follows (excluding unamortized debt discount and issuance costs): | |||||
(in thousands) | |||||
2014 | $ | 500 | |||
2015 | 2,000 | ||||
2016 | 2,000 | ||||
2017 | 1,500 | ||||
2018 | 2,000 | ||||
Thereafter | 192,000 | ||||
Total | $ | 200,000 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
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 27, 2014, and September 28, 2013: | |||||||||||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(in thousands) | |||||||||||||
Balance at June 28, 2014 | $ | (1,676 | ) | $ | (789 | ) | $ | (2,465 | ) | ||||
Other comprehensive income (loss) before reclassification | — | — | — | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 63 | 1,188 | 1,251 | ||||||||||
Tax effect | (102 | ) | (399 | ) | (501 | ) | |||||||
Net current-period other comprehensive income (loss) | (39 | ) | 789 | 750 | |||||||||
Balance at September 27, 2014 | $ | (1,715 | ) | $ | — | $ | (1,715 | ) | |||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(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 income (loss) | 143 | (447 | ) | (304 | ) | ||||||||
Balance at September 28, 2013 | $ | (1,654 | ) | $ | (447 | ) | $ | (2,101 | ) | ||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(in thousands) | |||||||||||||
Balance at December 28, 2013 | $ | (1,837 | ) | $ | (386 | ) | $ | (2,223 | ) | ||||
Other comprehensive income (loss) before reclassification | 346 | (557 | ) | (211 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (66 | ) | 1,188 | 1,122 | |||||||||
Tax effect | (158 | ) | (245 | ) | (403 | ) | |||||||
Net current-period other comprehensive income | 122 | 386 | 508 | ||||||||||
Balance at September 27, 2014 | $ | (1,715 | ) | $ | — | $ | (1,715 | ) | |||||
Aluminum | |||||||||||||
Forward | Interest | ||||||||||||
Contracts | Swap | Total | |||||||||||
(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 | ) | ||||
Reclassification Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||
Reclassification out of accumulated other comprehensive loss for the three and nine months ended September 27, 2014, and September 28, 2013: | |||||||||||||
Amount reclassified from Accumulated | Affected line item in | ||||||||||||
statement where Net | |||||||||||||
Other Comprehensive Loss | Income is presented | ||||||||||||
Three months ended | |||||||||||||
September 27, | September 28, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 101 | $ | 36 | Cost of Sales | ||||||||
Ineffective portion of aluminum forward contracts | (38 | ) | — | Other expense, net | |||||||||
Interest Rate Swap | |||||||||||||
Designation of interest rate swap | 1,188 | — | Other expense, net | ||||||||||
Tax effect | (501 | ) | (14 | ) | Tax expense | ||||||||
$ | 750 | $ | 22 | Net of Tax | |||||||||
Nine months ended | |||||||||||||
September 27, | September 28, | ||||||||||||
Detail about accumulated other comprehensive loss components | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Aluminum Forward Contracts | |||||||||||||
Effective portion of aluminum forward contracts | $ | 64 | $ | 69 | Cost of Sales | ||||||||
Ineffective portion of aluminum forward contracts | (38 | ) | — | Other expense, net | |||||||||
Interest Rate Swap | |||||||||||||
Designation of interest rate swap | 1,188 | — | Other expense, net | ||||||||||
Tax effect | (588 | ) | (27 | ) | Tax expense | ||||||||
$ | 626 | $ | 42 | Net of Tax | |||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
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 27, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest Rate Caps | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||
As of September 27, 2014 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum Forward Contract | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | $ | 30 | |||||||||||||
Interest Rate Swap | $ | 1,073 | $ | — | $ | 1,073 | $ | — | $ | — | $ | 1,073 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized Assets | in Balance Sheet | Assets Presented in | Instruments | Received | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Interest Rate Caps | $ | 34 | $ | — | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts not offset in Balance Sheet | |||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts offset | Net amounts of | Financial | Cash Collateral | Net Amount | |||||||||||||||||||
Recognized | in Balance Sheet | Liabilities | Instruments | Pledged | |||||||||||||||||||||
Liabilities | Presented in | ||||||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||
Aluminum Forward Contract | $ | 479 | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||||
Interest Rate Swap | $ | 630 | $ | — | $ | 630 | $ | — | $ | — | $ | 630 | |||||||||||||
Fair Value of Hedges and Interest Rate Cap | ' | ||||||||||||||||||||||||
The fair value of our derivatives are classified in the accompanying Condensed Consolidated Balance Sheets as follows: | |||||||||||||||||||||||||
September 27, | December 28, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives in a net asset (liability) position | Balance Sheet Location | ||||||||||||||||||||||||
Interest rate cap | Other Current Assets | $ | 6 | $ | 21 | ||||||||||||||||||||
Interest rate cap | Other Assets | $ | — | $ | 13 | ||||||||||||||||||||
Interest rate swap | Other Liabilities | $ | (1,073 | ) | $ | (630 | ) | ||||||||||||||||||
Aluminum forward contracts | Accrued Liabilities | $ | (30 | ) | $ | (441 | ) | ||||||||||||||||||
Aluminum forward contracts | Other Liabilities | $ | — | $ | (38 | ) | |||||||||||||||||||
Gains (Losses) on Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following represents the gains (losses) on derivative financial instruments for the three and nine months ended September 27, 2014, and September 28, 2013, 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 | Amount of Gain or (Loss) | |||||||||||||||||||||||
Recognized in OCI on Derivatives | from Accumulated OCI into | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | Income (Effective Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 27, | September 28, | September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | $ | — | $ | 196 | Cost of sales | $ | (63 | ) | $ | (36 | ) | ||||||||||||||
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) | |||||||||||||||||||||||||
27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | 16 | $ | 18 | ||||||||||||||||||||
Interest rate swap | Other Expense, net | $ | (1,188 | ) | $ | — | |||||||||||||||||||
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 | Reclassified from Accumulated OCI | |||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | into Income (Effective Portion) | |||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||
September 27, | September 28, | 27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Aluminum contracts | $ | 346 | $ | (460 | ) | Cost of sales | $ | 66 | $ | (69 | ) | ||||||||||||||
Interest rate swap | $ | (557 | ) | $ | (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) | |||||||||||||||||||||||||
27-Sep-14 | 28-Sep-13 | ||||||||||||||||||||||||
Aluminum contracts | Other Expense, net | $ | 144 | $ | (350 | ) | |||||||||||||||||||
Interest rate swap | Other Expense, net | $ | (1,188 | ) | $ | — |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
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 27, 2014 | Quoted Prices | Significant Other | Significant | |||||||||||||
in Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (30 | ) | $ | — | $ | (30 | ) | $ | — | |||||||
Interest rate caps | 6 | — | 6 | — | |||||||||||||
Interest rate swap | (1,073 | ) | — | (1,073 | ) | — | |||||||||||
Derivative financial instruments, net liability | $ | (1,097 | ) | $ | — | $ | (1,097 | ) | $ | — | |||||||
Description | 28-Dec-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Aluminum forward contracts | $ | (479 | ) | $ | — | $ | (479 | ) | $ | — | |||||||
Interest rate caps | 34 | — | 34 | — | |||||||||||||
Interest rate swap | (630 | ) | — | (630 | ) | — | |||||||||||
Derivative financial instruments, net asset | $ | (1,075 | ) | $ | — | $ | (1,075 | ) | $ | — | |||||||
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 27, 2014, and December 28, 2013, respectively: | |||||||||||||||||
September 27, 2014 | December 28, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets and liabilities | |||||||||||||||||
Cash and cash equivalents | $ | 43,672 | $ | 43,672 | $ | 30,204 | $ | 30,204 | |||||||||
Accounts receivable, net | $ | 30,266 | $ | 30,266 | $ | 20,821 | $ | 20,821 | |||||||||
Accounts payable and accrued liabilities | $ | 23,895 | $ | 23,895 | $ | 15,522 | $ | 15,522 | |||||||||
Long-term debt | $ | 192,343 | $ | 192,343 | $ | 77,255 | $ | 77,255 |
Warranty_Additional_Informatio
Warranty - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 |
Standard Product Warranty [Line Items] | ' | ' | ' |
Warranty expense rates | 2.00% | 1.74% | 1.32% |
CGI [Member] | ' | ' | ' |
Standard Product Warranty [Line Items] | ' | ' | ' |
Accrued warranty, additions from business acquisition | 239 | 239 | ' |
Maximum [Member] | ' | ' | ' |
Standard Product Warranty [Line Items] | ' | ' | ' |
Warranty period range in general | ' | '10 years | ' |
Range of the warranty of majority of the product sold | ' | '3 years | ' |
Minimum [Member] | ' | ' | ' |
Standard Product Warranty [Line Items] | ' | ' | ' |
Warranty period range in general | ' | '1 year | ' |
Range of the warranty of majority of the product 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. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Guarantees [Abstract] | ' | ' | ' | ' |
Accrued Warranty, Beginning of Period | $2,736 | $3,128 | $2,666 | $3,858 |
Accrued Warranty, Charged to Expense | 1,535 | 811 | 3,861 | 2,341 |
Accrued Warranty, Adjustments | 271 | -71 | 555 | -530 |
Accrued Warranty, Settlements | -1,337 | -917 | -3,877 | -2,718 |
Accrued Warranty, End of Period | $3,205 | $2,951 | $3,205 | $2,951 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $16,851 | $11,305 |
Work in progress | 483 | 329 |
Finished goods | 2,755 | 1,274 |
Total inventory | $20,089 | $12,908 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $16,851 | $11,305 |
CGI [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw materials | $3,400 | ' |
Stock_Compensation_Expense_Add
Stock Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock options exercised | 317,708 | ' | 815,776 | ' |
Weighted average exercise price of options exercised | $2.22 | ' | $1.84 | ' |
Compensation expense for stock based awards | $300,000 | $200,000 | $888,000 | $752,000 |
Total unrecognized compensation cost related to non-vested stock option and restricted stock awards | $1,400,000 | $700,000 | $1,400,000 | $700,000 |
Weighted average remaining vesting period | ' | ' | '1 year 6 months | ' |
Restricted Stock Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options vesting period | ' | ' | '3 years | ' |
Weighted average fair value of common stock | ' | ' | $11.81 | ' |
Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options vesting period | ' | ' | '5 years | ' |
Exercise price, granted | ' | ' | $11.81 | ' |
Service Based Restricted Share Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average fair value of common stock | ' | ' | $11.81 | ' |
Service Based Restricted Share Awards [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options vesting period | ' | ' | '3 years | ' |
2014 Omnibus Equity Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common shares available for grant | 1,500,000 | ' | 1,500,000 | ' |
Directors, Executives And Non-executive Employees [Member] | Restricted Stock Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awards | ' | ' | 178,777 | ' |
Directors, Executives And Non-executive Employees [Member] | Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of options granted | ' | ' | 20,000 | ' |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive options excluded from weighted average shares outstanding | 92,463 | 22,510 | 70,195 | 15,007 |
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. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $2,332 | $6,289 | $13,484 | $21,475 |
Weighted-average common shares - Basic | 47,399 | 46,238 | 47,271 | 49,567 |
Add: Dilutive effect of stock compensation plans | 2,393 | 3,019 | 2,457 | 3,530 |
Weighted-average common shares - Diluted | 49,792 | 49,257 | 49,728 | 53,097 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.05 | $0.14 | $0.29 | $0.43 |
Diluted | $0.05 | $0.13 | $0.27 | $0.40 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 22, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 22, 2014 | Sep. 22, 2014 | |
Revolving Credit Facility [Member] | CGI [Member] | CGI [Member] | CGI [Member] | CGI [Member] | CGI [Member] | |||||
Revolving Credit Facility [Member] | ||||||||||
Loans At Acquisition Date [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | $110,400,000 | ' |
Credit facility, Maximum borrowing capacity | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | 235,000,000 |
Term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 |
Undrawn revolver | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' | ' |
Net sales | 77,320,000 | 64,858,000 | 221,666,000 | 177,268,000 | ' | 552,000 | ' | ' | ' | ' |
Net income | 2,332,000 | 6,289,000 | 13,484,000 | 21,475,000 | ' | 8,000 | ' | ' | ' | ' |
Goodwill | 66,658,000 | ' | 66,658,000 | ' | ' | 66,658,000 | 66,658,000 | 66,658,000 | ' | ' |
Amount deductible for tax purpose | ' | ' | ' | ' | ' | $9,300,000 | $9,300,000 | $9,300,000 | ' | ' |
Acquisition_Schedule_of_Estima
Acquisition - Schedule of Estimated Fair Value of Assets and Liabilities Assumed (Detail) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Loans At Acquisition Date [Line Items] | ' |
Goodwill | $66,658 |
CGI [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Accounts receivable, net | 4,156 |
Inventories | 3,229 |
Prepaid expenses | 303 |
Property, plant and equipment, net | 1,709 |
Intangible assets, net | 45,300 |
Other assets, net | 70 |
Deferred income taxes | -6,500 |
Accounts payable and accrued liabilities | -4,136 |
Other liabilities | -351 |
Net Assets Acquired | 43,780 |
Purchase Price | 110,438 |
Goodwill | $66,658 |
Acquisition_Summary_of_Primary
Acquisition - Summary of Primary Values and Estimate of Useful lives (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Developed Technology [Member] | Noncompete Agreements [Member] | CGI [Member] | CGI [Member] | CGI [Member] | CGI [Member] | CGI [Member] | ||
Trade Names [Member] | Customer Relationships [Member] | Developed Technology [Member] | Noncompete Agreements [Member] | |||||||
Loans At Acquisition Date [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total identified intangible assets | $83,701 | $38,869 | ' | ' | ' | $45,300 | $19,000 | $24,000 | $1,700 | $600 |
Indefinite lived intangible asset useful life | ' | ' | ' | ' | ' | 'indefinite | ' | ' | ' | ' |
Identifiable intangible asset, Useful life | ' | ' | '9 years 4 months 24 days | '5 years | '2 years | ' | ' | '8 years | '5 years | '2 years |
Acquisition_Summary_of_Unaudit
Acquisition - Summary of Unaudited Proforma Results (Detail) (CGI [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
CGI [Member] | ' | ' | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' | ' | ' |
Net sales | $89,634 | $75,137 | $253,199 | $201,299 |
Net income | $2,399 | $6,179 | $12,040 | $18,971 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.05 | $0.13 | $0.25 | $0.38 |
Diluted | $0.05 | $0.13 | $0.24 | $0.36 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets Net (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Dec. 28, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $66,658 | ' |
Less: Accumulated amortization | -7 | ' |
Subtotal | 2,293 | ' |
Other intangible assets, net | 83,701 | 38,869 |
Trade Names [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Trade names | 57,441 | 38,441 |
Customer Relationships [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 79,700 | 55,700 |
Less: Accumulated amortization | -55,733 | -55,272 |
Subtotal | 23,967 | 428 |
Original Useful Life (in years) | '9 years 4 months 24 days | ' |
Developed Technology [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 1,700 | ' |
Original Useful Life (in years) | '5 years | ' |
Noncompete Agreements [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $600 | ' |
Original Useful Life (in years) | '2 years | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 27, 2014 |
Indicator | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Added trade name fair value | ' | $19 |
Weighted average royalty rate | 4.00% | ' |
Weighted average discount rate | 16.10% | ' |
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 | 79.00% | ' |
Excess of estimated fair value of trade names over book values | 30.3 | ' |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 22, 2014 | Sep. 22, 2014 | Sep. 22, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 22, 2014 | Sep. 27, 2014 | Sep. 22, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
LIBOR [Member] | Base Rate [Member] | Senior Secured Credit Facilities [Member] | Term loan facility [Member] | Term loan facility [Member] | Term loan facility [Member] | Term loan facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter Of Credit Facility [Member] | May 28, 2013 Credit Agreement [Member] | September 22, 2014 Credit Agreement [Member] | ||||
LIBOR [Member] | Base Rate [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | ' | ' | ' | ' | ' | $235,000,000 | ' | $200,000,000 | ' | ' | ' | ' | $35,000,000 | ' | ' | ' |
Maturity term of credit agreement | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Credit facility amortization percentage | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 0.50% | ' | 4.25% | ' | ' |
Letters of credit outstanding | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit available on revolver/Term loan facility outstanding | 34,400,000 | 34,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest margin on LIBOR/Base Rate | ' | ' | ' | 4.25% | 3.25% | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility Percentage Margin Over Base Rate | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-May-13 | 22-Sep-14 |
Credit agreement termination date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Jun-11 | 28-May-13 |
Stock repurchase aggregate amount | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment costs | $2,829,000 | $2,829,000 | $333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Contractual_Fut
Long Term Debt - Contractual Future Maturities of Long-Term Debt (Detail) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $500 |
2015 | 2,000 |
2016 | 2,000 |
2017 | 1,500 |
2018 | 2,000 |
Thereafter | 192,000 |
Total | $200,000 |
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. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($2,465) | ($1,797) | ($2,223) | ($1,414) |
Other comprehensive income (loss) before reclassification | 0 | -531 | -211 | -1,187 |
Amounts reclassified from accumulated other comprehensive loss | 1,251 | 36 | 1,122 | 69 |
Tax effect | -501 | 191 | -403 | 431 |
Net current-period other comprehensive income (loss) | 750 | -304 | 508 | -687 |
Ending Balance | -1,715 | -2,101 | -1,715 | -2,101 |
Aluminum Forward Contracts [Member] | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -1,676 | -1,797 | -1,837 | -1,414 |
Other comprehensive income (loss) before reclassification | 0 | 196 | 346 | -460 |
Amounts reclassified from accumulated other comprehensive loss | 63 | 36 | -66 | 69 |
Tax effect | -102 | -89 | -158 | 151 |
Net current-period other comprehensive income (loss) | -39 | 143 | 122 | -240 |
Ending Balance | -1,715 | -1,654 | -1,715 | -1,654 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -789 | 0 | -386 | 0 |
Other comprehensive income (loss) before reclassification | 0 | -727 | -557 | -727 |
Amounts reclassified from accumulated other comprehensive loss | 1,188 | 0 | 1,188 | 0 |
Tax effect | -399 | 280 | -245 | 280 |
Net current-period other comprehensive income (loss) | 789 | -447 | 386 | -447 |
Ending Balance | $0 | ($447) | $0 | ($447) |
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. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax expense | ($1,694) | ($5) | ($8,442) | $3,893 |
Cost of sales | -54,137 | -43,938 | -152,565 | -117,759 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax expense | -501 | -14 | -588 | -27 |
Net of Tax | 750 | 22 | 626 | 42 |
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 | 101 | 36 | 64 | 69 |
Other expense, net | -38 | 0 | -38 | 0 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other expense, net | $1,188 | $0 | $1,188 | $0 |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Effective tax rates | 42.10% | ' | 38.50% | ' | ' |
Statutory rate | 38.80% | ' | 38.80% | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 38.50% | ' | 37.70% | ' | ' |
Income tax (benefit) expense | $1,694,000 | $5,000 | $8,442,000 | ($3,893,000) | ' |
Valuation allowance related to deferred tax asset | 0 | ' | 0 | ' | 0 |
Deferred Tax Liabilities, Net | 6,500,000 | ' | 6,500,000 | ' | ' |
Deferred Tax Liabilities, operating losses | 7,300,000 | ' | 7,300,000 | ' | ' |
Deferred Tax Liabilities, intangible assets acquired | ' | ' | 13,600,000 | ' | ' |
Other net deferred Tax Liabilities | $200,000 | ' | $200,000 | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 37.70% | ' | ' | ' | ' |
Derivative_Additional_Informat
Derivative - Additional Information (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 16, 2013 | Sep. 16, 2013 | Sep. 27, 2014 | Dec. 28, 2013 |
Interest Rate Caps [Member] | Interest Rate Caps [Member] | Interest Rate Caps [Member] | Interest Rate Swap [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 | lb | |||||||
lb | Contract | |||||||||
Derivative [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 | ' | ' | ' | ' | 1,073,000 | 630,000 | ' | ' | 30,000 | 479,000 |
Number of outstanding forward contracts, Liability | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 33 |
Purchase of aluminum commodity contracts | ' | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | 9,500,000 |
Anticipated aluminum commodity contracts, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' |
Aluminum commodity contracts, average price per pound | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.89 |
Aluminum commodity contracts, lower maturity date | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | '1 month |
Aluminum commodity contracts, upper maturity date | ' | ' | ' | ' | ' | ' | ' | ' | '15 months | '18 months |
Derivative financial instruments, fair value of net assets | 6,000 | 34,000 | ' | ' | ' | ' | ' | ' | ' | 479,000 |
Number of interest rate agreements | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' |
Expiry date of interest rate cap | ' | ' | ' | 18-May-18 | ' | ' | 27-Sep-14 | ' | ' | ' |
Term of interest rate cap agreement | ' | ' | ' | '3 years 6 months 0 days | ' | ' | ' | '2 years | ' | ' |
Notional amount of interest rate cap agreement | ' | ' | ' | $40,000,000 | ' | ' | ' | $20,000,000 | ' | ' |
Derivative instrument LIBOR rate exemption, interest rate cap agreement | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' |
Portion of the variable rate debt from an increase in the floating rate | ' | ' | ' | 2.15% | ' | ' | ' | ' | ' | ' |
Derivative_Schedule_of_Offsett
Derivative - Schedule of Offsetting Derivative Instrument (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Caps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $6 | $34 |
Gross Amounts offset in Balance Sheet - Assets | 0 | 0 |
Net amounts of Assets Presented in Balance Sheet | 6 | 34 |
Financial Instruments - Assets | 0 | 0 |
Cash Collateral Received - Assets | 0 | 0 |
Net Amount | 6 | 34 |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 1,073 | 630 |
Gross Amounts offset in Balance Sheet - Liabilities | 0 | 0 |
Net amounts of Liabilities Presented in Balance Sheet | 1,073 | 630 |
Financial Instruments - Liabilities | 0 | 0 |
Cash Collateral Pledged - Liabilities | 0 | 0 |
Net Amount | 1,073 | 630 |
Aluminum Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amounts of Assets Presented in Balance Sheet | ' | 479 |
Gross Amounts of Recognized Liabilities | 30 | 479 |
Gross Amounts offset in Balance Sheet - Liabilities | 0 | 0 |
Net amounts of Liabilities Presented in Balance Sheet | 30 | 479 |
Financial Instruments - Liabilities | 0 | 0 |
Cash Collateral Pledged - Liabilities | 0 | 0 |
Net Amount | $30 | $479 |
Derivative_Fair_Value_of_Hedge
Derivative - Fair Value of Hedges and Interest Rate Cap (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Caps [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | $6 | $21 |
Interest Rate Caps [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | 0 | 13 |
Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | -1,073 | -630 |
Aluminum Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net asset position | ' | 479 |
Derivatives in a net liability position | 30 | 479 |
Aluminum Forward Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | 0 | -38 |
Aluminum Forward Contracts [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives in a net liability position | ($30) | ($441) |
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. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($63) | ($36) | $66 | ($69) |
Interest expense, net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | 0 | 0 |
Aluminum Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | 196 | 346 | -460 |
Aluminum Contracts [Member] | Other Expense, net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 16 | 18 | 144 | -350 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | -727 | -557 | -727 |
Interest Rate Swap [Member] | Other Expense, net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ($1,188) | $0 | ($1,188) | $0 |
Fair_Value_Items_Measured_at_F
Fair Value - Items Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
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 | ($1,097) | ($1,075) |
Aluminum Forward Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -30 | -479 |
Interest Rate Caps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 6 | 34 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | -1,073 | -630 |
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 | -1,097 | -1,075 |
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 | -30 | -479 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments, net liability and assets | 6 | 34 |
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 | ($1,073) | ($630) |
Fair_Value_Fair_Value_of_Finan
Fair Value - Fair Value of Financial Instruments (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $43,672 | $30,204 | $23,745 | $18,743 |
Accounts receivable, net | 30,266 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 23,895 | 15,522 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 43,672 | 30,204 | ' | ' |
Accounts receivable, net | 30,266 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 23,895 | 15,522 | ' | ' |
Long-term debt | 192,343 | 77,255 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 43,672 | 30,204 | ' | ' |
Accounts receivable, net | 30,266 | 20,821 | ' | ' |
Accounts payable and accrued liabilities | 23,895 | 15,522 | ' | ' |
Long-term debt | $192,343 | $77,255 | ' | ' |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
Statement of Cash Flows [Abstract] | ' |
Proceeds from divestiture of businesses | $8 |
Net proceeds from divestiture of businesses | 7.5 |
Gain from divestiture of business | $2.20 |