Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PGTI | |
Entity Registrant Name | PGT Innovations, Inc. | |
Entity Central Index Key | 1,354,327 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,976,644 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 140,253 | $ 112,721 |
Cost of sales | 95,480 | 80,982 |
Gross profit | 44,773 | 31,739 |
Selling, general and administrative expenses | 28,657 | 22,785 |
Income from operations | 16,116 | 8,954 |
Interest expense, net | 4,043 | 4,910 |
Debt extinguishment costs | 3,079 | |
Income before income taxes | 8,994 | 4,044 |
Income tax expense | 1,654 | 1,045 |
Net income | $ 7,340 | $ 2,999 |
Net income per common share: | ||
Basic | $ 0.15 | $ 0.06 |
Diluted | $ 0.14 | $ 0.06 |
Weighted average shares outstanding: | ||
Basic | 49,858 | 49,263 |
Diluted | 51,998 | 51,628 |
Comprehensive income | $ 7,278 | $ 2,999 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 34,048 | $ 34,029 | |
Accounts receivable, net | 66,434 | 60,308 | |
Inventories | 35,506 | 37,816 | |
Contract assets, net | 9,210 | ||
Prepaid expenses | 3,551 | 2,490 | |
Other current assets | 11,025 | 9,873 | [1] |
Total current assets | 159,774 | 144,516 | |
Property, plant and equipment, net | 88,193 | 84,133 | |
Trade name and other intangible assets, net | 113,384 | 115,043 | |
Goodwill | 108,060 | 108,060 | |
Other assets, net | 1,363 | 1,367 | |
Total assets | 470,774 | 453,119 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 39,610 | 41,085 | [1] |
Current portion of long-term debt | 299 | 294 | |
Total current liabilities | 39,909 | 41,379 | |
Long-term debt, less current portion | 214,609 | 212,679 | |
Deferred income taxes | 23,398 | 22,772 | |
Other liabilities | 8,317 | 964 | |
Total liabilities | 286,233 | 277,794 | |
Shareholders' equity: | |||
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding | |||
Common stock; par value $.01 per share; 200,000 shares authorized; 52,639 and 52,486 shares issued and 49,976 and 49,805 shares outstanding at March 31, 2018 and December 30, 2017, respectively | 526 | 525 | |
Additional paid-in-capital | 252,329 | 252,275 | |
Accumulated other comprehensive loss | (62) | ||
Accumulated deficit | (55,493) | (64,716) | |
Shareholders' equity | 197,300 | 188,084 | |
Less: Treasury stock at cost | (12,759) | (12,759) | |
Total shareholders' equity | 184,541 | 175,325 | |
Total liabilities and shareholders' equity | $ 470,774 | $ 453,119 | |
[1] | Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 30, 2017 |
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 | 52,639,000 | 52,486,000 |
Common stock, shares outstanding | 49,976,000 | 49,805,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 7,340 | $ 2,999 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,961 | 3,024 |
Amortization | 1,659 | 1,573 |
Provision for allowance for doubtful accounts | 416 | 18 |
Stock-based compensation | 514 | 458 |
Amortization of deferred financing costs and debt discount | 615 | 691 |
Debt extinguishment costs | 3,079 | |
Gain on disposal of assets | (10) | (8) |
Change in operating assets and liabilities: | ||
Accounts receivable | (7,921) | (6,194) |
Inventories | (3,332) | (3,356) |
Contract assets, net, prepaid expenses, other current and other assets | (1,034) | (179) |
Accounts payable, accrued and other liabilities | 4,591 | 3,688 |
Net cash provided by operating activities | 8,878 | 2,714 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (6,644) | (3,117) |
Proceeds from disposals of assets | 10 | 8 |
Net cash used in investing activities | (6,634) | (3,109) |
Cash flows from financing activities: | ||
Payments of long-term debt | (72) | |
Payments of financing costs | (1,687) | |
Taxes paid relating to shares withheld on employee equity awards | (637) | (181) |
Proceeds from exercise of stock options | 173 | 284 |
Proceeds from issuance of common stock under employee stock purchase plan | 5 | 9 |
Other | (7) | (8) |
Net cash (used in) provided by financing activities | (2,225) | 104 |
Net increase (decrease) in cash and cash equivalents | 19 | (291) |
Cash and cash equivalents at beginning of period | 34,029 | 39,210 |
Cash and cash equivalents at end of period | $ 34,048 | $ 38,919 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements include the accounts of PGT Innovations, Inc. and its wholly-owned subsidiary, PGT Industries, Inc., and its wholly-owned subsidiaries CGI Window and Holdings, Inc. (“CGI”), which includes its wholly-owned subsidiary, CGI Commercial, Inc. (“CGIC”), and WinDoor, Incorporated (collectively, the “Company”), after elimination of intercompany accounts and transactions. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all 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 is not necessarily indicative of the results that may be expected for the remainder of the current year or for any future periods. Each of the Company’s fiscal quarters ended March 31, 2018, and April 1, 2017, consisted of 13 weeks. The condensed consolidated balance sheet as of December 30, 2017, is derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP. The condensed consolidated balance sheet as of December 30, 2017, and the unaudited condensed consolidated financial statements as of and for the period ended March 31, 2018, should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 30, 2017, included in the Company’s most recent Annual Report on Form 10-K. Except for the adoption of the guidance relating to revenue from contracts with customers discussed below, the 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 Annual Report on Form 10-K. Recently Adopted Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments under ASU 2017-12 refine and expand hedge accounting requirements for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 was effective for us in the first quarter of 2019, but we elected to early-adopt this guidance effective on December 31, 2017, the first day of our 2018 fiscal year. During the three months ended March 31, 2018, we entered into several aluminum forwards contracts which we have designated as cash flow hedges and are accounting for as derivative financial instruments to which we are applying the provisions of ASU 2017-12. For additional information, see Note 12. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gain and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 clarifies the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU 2014-09, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) – Clarifying the Definition of a Business.” ASU 2017-01 affects all companies and other reporting organizations that must determine whether they have acquired or sold a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 provides a more robust framework to use in determining when a set of assets and activities is a business. It also provides more consistency in applying the guidance, reduces the costs of application, and makes the definition of a business more operable. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our statement of cash flows. Recently Issued Accounting Pronouncements In addition to the following discussion of the status of our adoption of ASU 2016-02, “Leases (Topic 842), see Note 3 to the consolidated financial statements included in our most recent Annual Report on Form 10-K for the year ended December 30, 2017, as filed with the Securities and Exchange Commission on March 14, 2018. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)”. This guidance supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. Adoption of ASU 2014-09, “Revenue from Contracts with Customers” We adopted the new revenue recognition standard on December 31, 2017 (the first day of our 2018 fiscal year) using the modified retrospective adoption methodology, whereby the cumulative impact of all prior periods is recorded in retained earnings or other impacted balance sheet line items upon adoption. Under the modified retrospective adoption method, we elected to retroactively adjust, inclusive of all previous modifications, only those contracts that were considered open at the date of initial application. Refer to Note 2, “Revenue Recognition and Contracts with Customers” for further information along with our new accounting policies. Upon adoption, we recognized a net decrease to the fiscal year 2018 opening balance of accumulated deficit of $1.9 million related to sales in excess of billings of $8.7 million, that would have been recognized as earned over time in our prior year ended December 30, 2017. The details of the adjustment to accumulated deficit upon adoption on December 31, 2017 (the first day or our 2018 fiscal year), as well as the effects on the consolidated balance sheet as of December 30, 2017, as if ASU 2014-09 had been adopted in our 2017 fiscal year are as follows: Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Cost of contract asset sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income As Reported New Adjusted December 30, Revenue December 31, 2017 Standard 2017 Description of Effects on Line Item Inventories $ 37,816 $ (5,642 ) $ 32,174 Inventory classified as cost of sales Other current assets (1) 9,873 8,176 18,049 Contract asset on additional sales Accounts payable and accrued liabilities (1) 41,085 4 41,089 Accruals for selling costs Deferred income taxes 22,772 647 23,419 Estimated income tax effects Accumulated deficit (64,716 ) 1,883 (62,833 ) Additional net income (1) - Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. The following tables reconcile the balances as presented as of and for the three months ended March 31, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period: Three Months Ended March 31, 2018 As Impact of Previous Presented ASU 2014-09 Standard (unaudited) Net sales $ 140,253 $ (965 ) $ 139,288 Cost of sales 95,480 (427 ) 95,053 Gross profit 44,773 (538 ) 44,235 Selling, general and administrative expenses 28,657 (85 ) 28,572 Income from operations 16,116 (453 ) 15,663 Interest expense, net 4,043 — 4,043 Debt extinguishment costs 3,079 — 3,079 Income before income taxes 8,994 (453 ) 8,541 Income tax expense 1,654 (117 ) 1,537 Net income $ 7,340 $ (336 ) $ 7,004 Basic $ 0.15 $ (0.01 ) $ 0.14 Diluted $ 0.14 $ (0.01 ) $ 0.13 Comprehensive income $ 7,278 $ (336 ) $ 6,942 Three Months Ended March 31, 2018 As Impact of ASU 2014-09 Previous (unaudited) Cash and cash equivalents $ 34,048 $ — $ 34,048 Accounts receivable, net 66,434 — 66,434 Inventories 35,506 6,069 41,575 Contract assets, net 9,210 (9,210 ) — Prepaid expenses 3,551 — 3,551 Other current assets 11,025 117 11,142 Total current assets 159,774 (3,024 ) 156,750 Property, plant and equipment, net 88,193 — 88,193 Trade name and other intangible assets, net 113,384 — 113,384 Goodwill 108,060 — 108,060 Other assets, net 1,363 — 1,363 Total assets $ 470,774 $ (3,024 ) $ 467,750 Accounts payable and accrued liabilities $ 39,610 $ (158 ) $ 39,452 Current portion of long-term debt 299 — 299 Total current liabilities 39,909 (158 ) 39,751 Long-term debt, less current portion 214,609 — 214,609 Deferred income taxes 23,398 (647 ) 22,751 Other liabilities 8,317 — 8,317 Total liabilities 286,233 (805 ) 285,428 Total shareholders' equity 184,541 (2,219 ) 182,322 Total liabilities and shareholders' equity $ 470,774 $ (3,024 ) $ 467,750 Amounts in the tables above presented under “Previous Standard” represent balances as-if ASU 2014-09 was not adopted, which primarily reflects that we would have finished goods and certain unused glass components classified in inventory, and no net contract assets on the condensed consolidated balance sheet as of March 31, 2018. |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Contracts with Customers | NOTE 2. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS New Revenue Recognition Accounting Policy The Company is a manufacturer of fully-customized windows and doors, and manufactures products based on design specifications, measurements, colors, finishes, framing materials, glass-types, and other options selected by the customer at the point in time an order is received from the customer. The Company’s assessment is that all its finished goods and certain unused glass components have no alternative use, and that control of these products and components passes to the customer upon completion of the manufacturing of each or all of the products in an order, and upon our receipt of certain glass components from our supplier, but before delivery of the products to the customer or input of certain glass components to the manufacturing process. Additionally, the Company has an enforceable right to payment at the time an order is received and accepted at the agreed-upon sales prices contained in our agreements with our customers for all manufacturing efforts expended by the Company on behalf of its customers. Based on these factors, the Company recognizes revenue upon completion of the manufacturing process, and for certain unused glass components on hand, at the end of a reporting period. Revenue on products for which the manufacturing process has been completed is based on the per-unit agreed-upon sales prices contained in our agreements with our customers, applied to each completed unit of unshipped finished product on hand at the end of the reporting period. Revenue on unused glass components on hand at the end of a reporting period is based on an allocation of the agreed-upon per-unit sales price contained in our agreements to which each glass component on hand relates, based on an estimate of the percentage of which the cost of the glass component is of the estimated total cost of the finished product. Disaggregation of Revenue from Contracts with Customers The following table provides information about our revenue differentiated based on product category (dollars in millions): Three Months Ended March 31, 2018 Sales % of sales Product category: Impact-resistant windows and door products $ 120.5 85.9 % Non-Impact window and door products 19.8 14.1 % Total net sales $ 140.3 100.0 % Contract Balances Contract assets represent sales recognized in excess of billings related to finished goods not yet shipped and certain unused glass components not yet placed into the production process, control of which is deemed to have passed to the customer and which are deemed to have no alternative use, but for which the Company has an enforceable right to payment. Contract liabilities are customer deposits on orders related to contract assets. The following table provides information about contract asset and liability balances as of March 31, 2018, and as of December 31, 2017, the first day of our 2018 fiscal year and the date of our adoption of ASU 2014-09 (in thousands): Contract Contract Contract Assets, Assets Liabilities Net At March 31, 2018 $ 9,669 $ (459 ) $ 9,210 At December 31, 2017 8,704 (528 ) 8,176 Net increase $ 965 $ 69 $ 1,034 Contract assets, net, of 9.2 million is classified within other current assets in the accompanying condensed consolidated balance sheet as of March 31, 2018. Because we used the modified-retrospective method of adopting ASU 2014-09, the accompanying condensed consolidated balance sheet as of December 30, 2017 was not revised. Policies Regarding Shipping and Handling Costs and Commissions on Contract Assets The Company has made a policy election to continue to recognize shipping and handling costs as a fulfillment activity. Treating shipping and handling as a fulfillment activity requires estimated shipping and handling costs for undelivered products and certain glass components on which we have recognized revenue and created a contract asset, to be accrued to match this cost with the recognized revenue. This policy is unchanged from the Company’s policy for recognizing shipping and handling costs prior to the adoption of the new revenue guidance. The newly adopted revenue guidance provides for a practical expedient which permits expensing of costs to obtain a contract when the expected amortization period is one year or less, which typically results in expensing commissions paid to employees. We continue to expense sales commissions paid to employees as sales are recognized, including sales from the creation of contract assets, as the expected amortization period is less than one year. |
Warranty
Warranty | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees and Product Warranties [Abstract] | |
Warranty | NOTE 3. 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 ended March 31, 2018, we recorded warranty expense at a rate of approximately 1.69% of sales, which decreased from the rate in the first quarter of 2017 of 2.70%. We believe the decrease in warranty expense as a percentage of sales was the result of our workforce becoming more seasoned through experience and training, as well as a change in our warranty profile on PGT-branded door glass components produced by Cardinal as part of the SA on which they provide the warranty coverage. 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 months ended March 31, 2018, and April 1, 2017. 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. Beginning Charged End of Accrued Warranty of Period to Expense Adjustments Settlements Period (in thousands) Three months ended March 31, 2018 $ 5,386 $ 2,366 $ (110 ) $ (2,319 ) $ 5,323 Three months ended April 1, 2017 $ 5,569 $ 3,043 $ 89 $ (3,087 ) $ 5,614 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4. 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, prior to the adoption of ASU 2014-09, and work-in-progress costs include direct materials, direct labor, and overhead. All inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Inventories consisted of the following: March 31, December 30, 2018 2017 (in thousands) Raw materials $ 32,808 $ 30,139 Work-in-progress 2,698 2,506 Finished goods — 5,171 $ 35,506 $ 37,816 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE 5. STOCK BASED-COMPENSATION Exercises For the three months ended March 31, 2018, there were 86,549 options exercised at a weighted average exercise price of $2.00 per share. Issuance On March 2, 2018, we granted 139,182 restricted stock awards to certain executives and non-executive employees of the Company. The restrictions on these stock awards lapse over time based solely on continued service. However, the quantity of restricted shares granted on half of these shares, or 69,591 shares, is fixed, whereas the quantity granted on the remaining half, or 69,591 shares, is subject to Company-specific performance criteria. The restricted stock awards have a fair value on date of grant of $18.40 per share based on the closing New York Stock Exchange market price of the common stock on the day prior to the day the awards were granted. Those restricted shares whose quantity is fixed vest in equal amounts over a three-year period on the first, second and third anniversary dates of the grant. Those restricted shares whose quantity is subject to Company performance criteria vest in equal amounts on the second and third anniversary dates of the grant. The performance criteria, as defined in the share awards, provides for a graded awarding of shares based on the percentage by which the Company meets earnings before interest and taxes, as defined, in our 2018 business plan. The performance percentages, ranging from less than 80% to greater than 120%, provide for the awarding of shares ranging from no shares to 150% of the original number of shares. Stock Compensation Expense We record stock compensation expense over an award’s vesting period based on the award’s fair value at the date of grant. We recorded compensation expense for stock-based awards of $0.5 million for the three months ended March 31, 2018, and $0.5 million for the three months ended April 1, 2017. As of March 31, 2018, there was $3.7 million of total unrecognized compensation cost related primarily to restricted share awards. These costs are expected to be recognized in earnings on an accelerated basis over the weighted average remaining vesting period of 1.9 years at March 31, 2018. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NOTE 6. NET INCOME PER COMMON SHARE Basic earnings per share (“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. Weighted average shares outstanding for the three months ended March 31, 2018, and for the three months ended April 1, 2017, excludes underlying options of 136 thousand and 20 thousand, 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 March 31, April 1, 2018 2017 (in thousands, except per Net income $ 7,340 $ 2,999 Weighted-average common shares - Basic 49,858 49,263 Add: Dilutive effect of stock compensation plans 2,140 2,365 Weighted-average common shares - Diluted 51,998 51,628 Net income per common share: Basic $ 0.15 $ 0.06 Diluted $ 0.14 $ 0.06 |
Sale of Assets
Sale of Assets | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Sale of Assets | NOTE 7. SALE OF ASSETS Sale of Door Glass Processing Assets On September 22, 2017, we entered into an Asset Purchase Agreement (APA) with Cardinal LG Company (Cardinal) for the sale to Cardinal of certain manufacturing equipment we used in processing glass components for PGT-branded doors for a cash purchase price of $28 million. Contemporaneously with entering into the APA, we entered into a seven-year supply agreement (SA) with Cardinal for Cardinal to supply us with glass components for PGT-branded doors. The Company determined to sell these assets and enter the SA to allow us to heighten our focus in our core areas of window and door manufacturing and, at the same time, strengthen our supply chain for high-quality door glass from a supplier with whom we have been doing business for many years. The Company has determined that, although the APA and SA are separate agreements, they were negotiated contemporaneously. Therefore, the Company has concluded that the $28 million of proceeds under the APA should be bifurcated between the sale of the door glass manufacturing assets, and as payment received from a vendor for the Company’s agreement to buy glass components for PGT-branded doors from Cardinal under the SA. The bifurcation of the proceeds in excess of the stand-alone selling price of the assets acquired would be allocated to the SA and recognized as a reduction of cost of sales as glass components are purchased by PGTI. Based on the established stand-alone selling price of the assets sold, as determined by an independent appraisal, approximately $7.7 million was allocated to the sale of the assets, with the remaining $20.3 million representing consideration received from Cardinal related to the agreement to buy door glass components for PGT-branded doors from Cardinal. This consideration is being amortized over the 7-year term of the SA. At the time we ceased using these assets in production, at which time they became available for immediate sale, their net book value was $4.7 million, and they were reclassified from property, plant and equipment, to assets held for sale within other current assets. The APA provided for the transfer of the assets from the Company to Cardinal in two phases, with the first date in 2017, and the second date in 2018, on dates which the Company and Cardinal agree to use. Under the APA, the cash purchase price of $28 million was to be paid by Cardinal to the Company in three separate payments of $3 million on or about the time of the first transfer of the assets to Cardinal, $10 million on or about January 15, 2018, and $15 million at or about the time of the second transfer of assets to Cardinal. Cardinal paid us $3.0 million in cash on November 1, 2017, and paid us $10.0 million in cash on January 16, 2018, pursuant to the APA. On December 15, 2017, machinery and equipment classified as assets held for sale with net book value of $1.5 million, and fair value of $1.9 million was transferred to Cardinal and their equipment rigger, and we recognized a gain on disposal for the difference. The remaining machinery and equipment to be transferred to Cardinal in 2018, which has a net book value of $3.2 million and fair value of $5.8 million, is classified within other current assets in the accompanying condensed consolidated balance sheets at March 31, 2018, and December 30, 2017. The SA provides that the Company will purchase, and Cardinal will supply, all the Company’s requirements for certain glass components used in PGT-branded doors through the end of 2024. The terms of the manufacture by Cardinal and purchase by the Company of such glass components as to purchase orders, forecasts of purchases, pricing, invoicing, delivery and payment terms and other terms, are all as described in the SA. Early in the fourth quarter of 2017, we began purchasing and receiving glass components from Cardinal under the SA. At that time, we began amortizing the advance consideration received from Cardinal initially allocated to the SA and continued to amortize such advance consideration during the three months ended March 31, 2018, recognizing $701 thousand of such gain amortization, classified as a reduction to cost of sales in the accompanying condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. |
Goodwill, Trade Names, and Othe
Goodwill, Trade Names, and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Trade Names, and Other Intangible Assets | NOTE 8. GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS Goodwill, trade names, and other intangible assets, net, are as follows: Initial March 31, December 30, Useful Life 2018 2017 (in years) (in thousands) Goodwill $ 108,060 $ 108,060 indefinite Trade names and other intangible assets: Trade names $ 75,841 $ 75,841 indefinite Customer relationships 106,647 106,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete agreement 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (74,362 ) (72,703 ) Subtotal 37,543 39,202 Other intangible assets, net $ 113,384 $ 115,043 Estimated amortization of our amortizable intangible assets for future years is as follows: (in thousands) Total Remainder of 2018 $ 4,976 2019 6,430 2020 6,278 2021 5,974 2022 5,116 Thereafter 8,769 Total $ 37,543 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 9. LONG-TERM DEBT March 31, December 30, 2018 2017 (in thousands) Term loan payable under the 2016 Credit Agreement $ 223,975 $ 223,975 Other debt 386 458 Fees, costs and original issue discount (9,453 ) (11,460 ) Long-term debt 214,908 212,973 Less current portion of long-term debt (299 ) (294 ) Long-term debt, less current portion $ 214,609 $ 212,679 2016 Credit Agreement On February 16, 2016, we entered into a Credit Agreement (“2016 Credit Agreement”), among us, the lending institutions identified in the 2016 Credit Agreement, and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent. The 2016 Credit Agreement establishes senior secured credit facilities in an aggregate amount of $310.0 million, consisting of a $270.0 million Term B term loan facility maturing in February 2022 that amortizes on a basis of 1% annually during its six-year term, and a $40.0 million revolving credit facility maturing in February 2021 that includes a swing line facility and a letter of credit facility. Our obligations under the 2016 Credit Agreement are secured by substantially all of our assets as well as our direct and indirect subsidiaries’ assets. On March 16, 2018, we entered into an amendment to our 2016 Credit Agreement (“Second Amendment”). The Second Amendment, among other things, decreases the applicable interest rate margins for the Initial Term Loans (as defined in the Credit Agreement) from (i) 3.75% to 2.50%, in the case of the Base Rate Loans (as defined in the Credit Agreement), and (ii) 4.75% to 3.50%, in the case of the Eurodollar Loans (as defined in the Credit Agreement). In addition to these changes, in the Second Amendment, SunTrust Bank replaced Deutsche Bank AG New York Branch as Administrative Agent and Collateral Agent of the 2016 Credit Agreement. In February 17, 2017, we entered into the first amendment to our 2016 Credit Agreement, which also resulted in decreases in the applicable margins, but which did not include any changes in lender positions. In connection with the Second Amendment, certain existing lenders modified their positions in or exited the 2016 Credit Agreement, which resulted in the write-offs of portions of the deferred financing costs and original issue discount allocated to these lenders, which totaled $3.1 million classified as debt extinguishment costs in the accompanying condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. Effective on February 17, 2017, we repriced and amended our 2016 Credit Agreement for the first time. As there were no changes in lender positions, this action did not result in any modifications or extinguishments of debt. Therefore, there was no charge for debt extinguishment costs in the three months ended April 1, 2017. Interest on all loans under the 2016 Credit Agreement is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. Prior to amending the 2016 Credit Agreement on March 16, 2018, as described above, borrowings under the term loans and the revolving credit facility accrued 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 was 475 basis points in the case of LIBOR and 375 basis points in the case of the base rate. The weighted average all-in interest rate for borrowings under the term-loan portion of the 2016 Credit agreement was 5.41% as of March 31, 2018, and was 5.75% at December 30, 2017. We also 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 575 basis points per annum plus a 12.5 basis point facing fee per annum on the face amount of any outstanding letters of credit. As of March 31, 2018, there were $2.5 million of letters of credit outstanding and $37.5 million available under the revolver. The letters of credit outstanding at March 31, 2018, include a total of $1.4 million of letters of credit issued by Deutsche Bank, or issued to Deutsche Bank by SunTrust Bank as a back-stop, that are expected to be released once all outstanding letters of credit issued by Deutsche Bank during its time as lead-lender have been returned. The 2016 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 2016 Credit Agreement). That covenant will be tested quarterly based on the last four fiscal quarters and is set at levels as described in the 2016 Credit Agreement. As of March 31, 2018, no such test is required as we have not exceeded 20% of our revolving capacity. We believe that our total net leverage ratio during the first quarter of 2018 was in compliance with the 2016 Credit Agreement, and that we are in compliance with all covenants. The 2016 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 2016 Credit Agreement also contains customary events of default. Upon the occurrence of an event of default, the amounts outstanding under the 2016 Credit Agreement may be accelerated and may become immediately due and payable. As of March 31, 2018, we were in compliance with all affirmative and restrictive covenants. In connection with entering into the 2016 Credit Agreement, on February 16, 2016, we terminated our prior credit agreement, dated as of September 22, 2014, among PGT Industries, Inc., as the borrower, the Company, as guarantor, the lenders from time to time party thereto and Deutsche Bank, as administrative agent and collateral agent (“2014 Credit Agreement”). Along with cash on hand, proceeds from the term loan facility under the 2016 Credit Agreement were used to repay amounts outstanding under the 2014 Credit Agreement, acquire WinDoor, and pay certain fees and expenses. As of March 31, 2018, the face value of debt outstanding under the 2016 Credit Agreement was $224.0 million, and accrued interest was $0.1 million. The activity relating to third-party fees and costs, lender fees and discount for the three months ended March 31, 2018, are as follows. All debt-related fees, costs and original issue discount are classified as a reduction of the carrying value of long-term debt: (in thousands) Total At beginning of year $ 11,460 Amortization expense through March 16, 2018 (520 ) At time of refinancing 10,940 Add: Second amendment refinancing costs 1,687 Less: Debt extinguishment costs (3,079 ) Less: Amortization expense after refinancing (95 ) At end of period $ 9,453 Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated as of March 31, 2018, is as follows: (in thousands) Total Remainder of 2018 $ 1,698 2019 2,382 2020 2,579 2021 2,480 2022 314 Total $ 9,453 As a result of voluntary prepayments totaling $44.0 million we made since the inception of the 2016 Credit Agreement on February 16, 2016, we have no future scheduled repayments until the maturity of the facility on February 21, 2022. The contractual future maturities of long-term debt outstanding, including the financing arrangement described as other debt, as of March 31, 2018, are as follows (at face value): (in thousands) Remainder of 2018 $ 222 2019 164 2020 — 2021 — 2022 223,975 Total $ 224,361 Other Debt In July 2017, we entered into a two-year financing arrangement for the purchase of an enterprise-wide software license relating to office productivity software. This financing arrangement requires 24 monthly payments of $26 thousand each. We estimated the value of this financing arrangement to be $590 thousand, using an imputed annual interest rate of 6.00%, which approximates our borrowing rate under the 2016 Credit Agreement, a Level 3 input. At March 31, 2018, there was $386 thousand outstanding under this financing arrangement. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11. INCOME TAXES Income tax expense was $1.7 million for the three months ended March 31, 2018, compared with $1.0 million for the three months ended April 1, 2017. Our effective tax rate for the three months ended March 31, 2018, was 18.4%, and was 25.8% for the three months ended April 1, 2017. Income tax expense in the three months ended March 31, 2018, and April 1, 2017, includes excess tax benefits relating to exercises of stock options and lapses of restrictions on stock awards, treated as a discrete item of income tax, totaling $613 thousand and $388 thousand, respectively. Excluding this discrete item of income tax expense, the effective tax rates for the three months ended March 31, 2018, and April 1, 2017, would have been 25.2% and 35.4%, respectively. In 2017, the effective tax rate, excluding the effect of the discrete item discussed above, was lower than our then combined statutory federal and state tax rate of 38.8% primarily as the result of the estimated impact of the section 199 domestic manufacturing deduction. As a result of the Tax Cuts and Jobs Act, enacted effective on December 22, 2017, the section 199 domestic manufacturing deduction was repealed. As such, our effective tax rate approximates our current combined statutory federal and state rate of 25.6%. At March 31, 2018, a federal income tax receivable of $1.5 million was classified within other current assets, and an accrued state income tax payable of $0.6 million was classified within accrued liabilities in the accompanying condensed consolidated balance sheet. At December 30, 2017, accrued federal and state income taxes payable of $6.5 million was classified within accrued liabilities in the accompanying condensed consolidated balance sheet. The Internal Revenue Service provided tax relief relating to taxpayers in certain designated areas of Florida impacted by Hurricane Irma, which included all counties in Florida in which we operate. As a result, the deadline for remitting our required 2017 third quarter estimated payment for corporate income taxes, as well as the deadline for filing our 2016 fiscal year corporate income tax return, was extended to January 31, 2018. Therefore, in January 2018, we made an estimated Federal income tax payment of $9.0 million relating to the extended fourth quarter of 2017 estimated payment. During the three months ended April 1, 2017, we did not make any payments of estimated federal or state income taxes, nor did we receive any refunds of federal or state income taxes. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 12. FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is used to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The accounting guidance concerning fair value allows us to elect to measure financial instruments at fair value and report the changes in fair value through earnings. 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 we make the election on an instrument-by-instrument basis as they are acquired or incurred. During the three months ended March 31, 2018, or April 1, 2017, we did not make any transfers between Level 2 and Level 3 financial assets. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. Fair Value of Financial Instruments Our financial instruments include cash, accounts and notes receivable, and accounts payable, and accrued liabilities whose carrying amounts approximate their fair values due to their short-term nature. Our financial instruments also include long-term debt. The fair value of our long-term debt is based on debt with similar terms and characteristics and was approximately $226.8 million as of March 31, 2018, compared to a principal outstanding value of $224.0 million, and $227.3 million as of December 30, 2017, compared to a principal outstanding value of $224.0 million. Fair values were determined based on observed trading prices of our debt between domestic financial institutions. Items Measured at Fair Value on a Recurring Basis The following are measured in the consolidated financial statements 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 Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable March 31, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts $ (83 ) $ — $ (83 ) $ — $ (83 ) $ — $ (83 ) $ — The following is a description of the methods and assumptions used to estimate the fair values of the Company’s 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. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 13. DERIVATIVES Aluminum Contracts 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. Guidance under the Financial Instruments topic of the Codification requires us to record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position, in determining fair value. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. We assess our risk of non-performance when measuring the fair value of our financial instruments in a liability position by evaluating our credit ratings, our current liquidity including cash on hand and availability under our revolving credit facility as compared to the maturities of the financial liabilities. At March 31, 2018, the fair value of our aluminum forward contracts was in a net liability position of $83 thousand. We had three outstanding forward contracts for the purchase of 4.5 million pounds of aluminum through February 2019, at an average price of $0.94 per pound, which excludes the Midwest premium, with maturity dates of between three months and eleven 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 March 31, 2018. We assess the effectiveness of our aluminum forward contracts 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. The amount of losses recognized in the “accumulated other comprehensive loss” line item in the accompanying condensed consolidated balance sheet as of March 31, 2018, that we expect will be reclassified to earnings within the next twelve months, will be immaterial. The fair value of our aluminum hedges are classified in the accompanying consolidated balance sheets as follows (in thousands): Fair Value Derivatives in an asset (liability) position March 31, designated as hedges under Subtopic 815-20: Balance Sheet Location 2018 Derivative instruments: Aluminum forward contracts Other liabilities $ (83 ) Total derivative instruments $ (83 ) The ending accumulated balance for the aluminum forward contracts included in accumulated other comprehensive losses, net of tax, was $83 thousand as of March 31, 2018. We had no outstanding derivative contracts as of December 30, 2017. The impact of the offsetting derivative instruments is depicted below (in thousands): Gross Amounts not Offset Gross Net Amounts of Gross Amounts of Cash Recognized Amounts Recognized Financial Collateral Net (Liabilities) Offset (Liabilities) Instruments Pledged Amount As of March 31, 2018: Aluminum forward contracts $ (83 ) $ — $ (83 ) $ — $ — $ (83 ) The following represents the gains (losses) on derivative financial instruments, and their classifications within the accompanying condensed consolidated financial statements (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Location of Gain from Accumulated Amount of Gain (Loss) Three Months Ended Three Months Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Aluminum contracts $ (83 ) $ — Cost of sales $ — $ — Location of Gain Amount of Gain (Loss) Three Months Ended March 31, April 1, 2018 2017 Aluminum contracts Cost of sales $ — $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table shows the components of accumulated other comprehensive loss for the three months ended March 31, 2018: Aluminum Three months ended March 31, 2018 Forward (in thousands) Contracts Balance at December 30, 2017 $ — Other comprehensive loss (83 ) Tax effect 21 Net current-period other comprehensive loss (62 ) Balance at March 31, 2018 $ (62 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments under ASU 2017-12 refine and expand hedge accounting requirements for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. ASU 2017-12 was effective for us in the first quarter of 2019, but we elected to early-adopt this guidance effective on December 31, 2017, the first day of our 2018 fiscal year. During the three months ended March 31, 2018, we entered into several aluminum forwards contracts which we have designated as cash flow hedges and are accounting for as derivative financial instruments to which we are applying the provisions of ASU 2017-12. For additional information, see Note 12. In February 2017, the FASB issued ASU 2017-05, “Other Income - Gain and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 clarifies the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of ASU 2014-09, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) – Clarifying the Definition of a Business.” ASU 2017-01 affects all companies and other reporting organizations that must determine whether they have acquired or sold a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 provides a more robust framework to use in determining when a set of assets and activities is a business. It also provides more consistency in applying the guidance, reduces the costs of application, and makes the definition of a business more operable. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. We adopted this update effective on December 31, 2017, the first day of our 2018 fiscal year. The adoption of this guidance had no impact on our statement of cash flows. Recently Issued Accounting Pronouncements In addition to the following discussion of the status of our adoption of ASU 2016-02, “Leases (Topic 842), see Note 3 to the consolidated financial statements included in our most recent Annual Report on Form 10-K for the year ended December 30, 2017, as filed with the Securities and Exchange Commission on March 14, 2018. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)”. This guidance supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. Adoption of ASU 2014-09, “Revenue from Contracts with Customers” We adopted the new revenue recognition standard on December 31, 2017 (the first day of our 2018 fiscal year) using the modified retrospective adoption methodology, whereby the cumulative impact of all prior periods is recorded in retained earnings or other impacted balance sheet line items upon adoption. Under the modified retrospective adoption method, we elected to retroactively adjust, inclusive of all previous modifications, only those contracts that were considered open at the date of initial application. Refer to Note 2, “Revenue Recognition and Contracts with Customers” for further information along with our new accounting policies. Upon adoption, we recognized a net decrease to the fiscal year 2018 opening balance of accumulated deficit of $1.9 million related to sales in excess of billings of $8.7 million, that would have been recognized as earned over time in our prior year ended December 30, 2017. The details of the adjustment to accumulated deficit upon adoption on December 31, 2017 (the first day or our 2018 fiscal year), as well as the effects on the consolidated balance sheet as of December 30, 2017, as if ASU 2014-09 had been adopted in our 2017 fiscal year are as follows: Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Cost of contract asset sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income As Reported New Adjusted December 30, Revenue December 31, 2017 Standard 2017 Description of Effects on Line Item Inventories $ 37,816 $ (5,642 ) $ 32,174 Inventory classified as cost of sales Other current assets (1) 9,873 8,176 18,049 Contract asset on additional sales Accounts payable and accrued liabilities (1) 41,085 4 41,089 Accruals for selling costs Deferred income taxes 22,772 647 23,419 Estimated income tax effects Accumulated deficit (64,716 ) 1,883 (62,833 ) Additional net income (1) - Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. The following tables reconcile the balances as presented as of and for the three months ended March 31, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period: Three Months Ended March 31, 2018 As Impact of Previous Presented ASU 2014-09 Standard (unaudited) Net sales $ 140,253 $ (965 ) $ 139,288 Cost of sales 95,480 (427 ) 95,053 Gross profit 44,773 (538 ) 44,235 Selling, general and administrative expenses 28,657 (85 ) 28,572 Income from operations 16,116 (453 ) 15,663 Interest expense, net 4,043 — 4,043 Debt extinguishment costs 3,079 — 3,079 Income before income taxes 8,994 (453 ) 8,541 Income tax expense 1,654 (117 ) 1,537 Net income $ 7,340 $ (336 ) $ 7,004 Basic $ 0.15 $ (0.01 ) $ 0.14 Diluted $ 0.14 $ (0.01 ) $ 0.13 Comprehensive income $ 7,278 $ (336 ) $ 6,942 Three Months Ended March 31, 2018 As Impact of ASU 2014-09 Previous (unaudited) Cash and cash equivalents $ 34,048 $ — $ 34,048 Accounts receivable, net 66,434 — 66,434 Inventories 35,506 6,069 41,575 Contract assets, net 9,210 (9,210 ) — Prepaid expenses 3,551 — 3,551 Other current assets 11,025 117 11,142 Total current assets 159,774 (3,024 ) 156,750 Property, plant and equipment, net 88,193 — 88,193 Trade name and other intangible assets, net 113,384 — 113,384 Goodwill 108,060 — 108,060 Other assets, net 1,363 — 1,363 Total assets $ 470,774 $ (3,024 ) $ 467,750 Accounts payable and accrued liabilities $ 39,610 $ (158 ) $ 39,452 Current portion of long-term debt 299 — 299 Total current liabilities 39,909 (158 ) 39,751 Long-term debt, less current portion 214,609 — 214,609 Deferred income taxes 23,398 (647 ) 22,751 Other liabilities 8,317 — 8,317 Total liabilities 286,233 (805 ) 285,428 Total shareholders' equity 184,541 (2,219 ) 182,322 Total liabilities and shareholders' equity $ 470,774 $ (3,024 ) $ 467,750 Amounts in the tables above presented under “Previous Standard” represent balances as-if ASU 2014-09 was not adopted, which primarily reflects that we would have finished goods and certain unused glass components classified in inventory, and no net contract assets on the condensed consolidated balance sheet as of March 31, 2018. |
New Revenue Recognition Accounting Policy | New Revenue Recognition Accounting Policy The Company is a manufacturer of fully-customized windows and doors, and manufactures products based on design specifications, measurements, colors, finishes, framing materials, glass-types, and other options selected by the customer at the point in time an order is received from the customer. The Company’s assessment is that all its finished goods and certain unused glass components have no alternative use, and that control of these products and components passes to the customer upon completion of the manufacturing of each or all of the products in an order, and upon our receipt of certain glass components from our supplier, but before delivery of the products to the customer or input of certain glass components to the manufacturing process. Additionally, the Company has an enforceable right to payment at the time an order is received and accepted at the agreed-upon sales prices contained in our agreements with our customers for all manufacturing efforts expended by the Company on behalf of its customers. Based on these factors, the Company recognizes revenue upon completion of the manufacturing process, and for certain unused glass components on hand, at the end of a reporting period. Revenue on products for which the manufacturing process has been completed is based on the per-unit agreed-upon sales prices contained in our agreements with our customers, applied to each completed unit of unshipped finished product on hand at the end of the reporting period. Revenue on unused glass components on hand at the end of a reporting period is based on an allocation of the agreed-upon per-unit sales price contained in our agreements to which each glass component on hand relates, based on an estimate of the percentage of which the cost of the glass component is of the estimated total cost of the finished product. |
Policies Regarding Shipping and Handling Costs and Commissions on Contract Assets | Policies Regarding Shipping and Handling Costs and Commissions on Contract Assets The Company has made a policy election to continue to recognize shipping and handling costs as a fulfillment activity. Treating shipping and handling as a fulfillment activity requires estimated shipping and handling costs for undelivered products and certain glass components on which we have recognized revenue and created a contract asset, to be accrued to match this cost with the recognized revenue. This policy is unchanged from the Company’s policy for recognizing shipping and handling costs prior to the adoption of the new revenue guidance. The newly adopted revenue guidance provides for a practical expedient which permits expensing of costs to obtain a contract when the expected amortization period is one year or less, which typically results in expensing commissions paid to employees. We continue to expense sales commissions paid to employees as sales are recognized, including sales from the creation of contract assets, as the expected amortization period is less than one year. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition | The details of the adjustment to accumulated deficit upon adoption on December 31, 2017 (the first day or our 2018 fiscal year), as well as the effects on the consolidated balance sheet as of December 30, 2017, as if ASU 2014-09 had been adopted in our 2017 fiscal year are as follows: Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Cost of contract asset sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income As Reported New Adjusted December 30, Revenue December 31, 2017 Standard 2017 Description of Effects on Line Item Inventories $ 37,816 $ (5,642 ) $ 32,174 Inventory classified as cost of sales Other current assets (1) 9,873 8,176 18,049 Contract asset on additional sales Accounts payable and accrued liabilities (1) 41,085 4 41,089 Accruals for selling costs Deferred income taxes 22,772 647 23,419 Estimated income tax effects Accumulated deficit (64,716 ) 1,883 (62,833 ) Additional net income (1) - Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. The following tables reconcile the balances as presented as of and for the three months ended March 31, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period: Three Months Ended March 31, 2018 As Impact of Previous Presented ASU 2014-09 Standard (unaudited) Net sales $ 140,253 $ (965 ) $ 139,288 Cost of sales 95,480 (427 ) 95,053 Gross profit 44,773 (538 ) 44,235 Selling, general and administrative expenses 28,657 (85 ) 28,572 Income from operations 16,116 (453 ) 15,663 Interest expense, net 4,043 — 4,043 Debt extinguishment costs 3,079 — 3,079 Income before income taxes 8,994 (453 ) 8,541 Income tax expense 1,654 (117 ) 1,537 Net income $ 7,340 $ (336 ) $ 7,004 Basic $ 0.15 $ (0.01 ) $ 0.14 Diluted $ 0.14 $ (0.01 ) $ 0.13 Comprehensive income $ 7,278 $ (336 ) $ 6,942 Three Months Ended March 31, 2018 As Impact of ASU 2014-09 Previous (unaudited) Cash and cash equivalents $ 34,048 $ — $ 34,048 Accounts receivable, net 66,434 — 66,434 Inventories 35,506 6,069 41,575 Contract assets, net 9,210 (9,210 ) — Prepaid expenses 3,551 — 3,551 Other current assets 11,025 117 11,142 Total current assets 159,774 (3,024 ) 156,750 Property, plant and equipment, net 88,193 — 88,193 Trade name and other intangible assets, net 113,384 — 113,384 Goodwill 108,060 — 108,060 Other assets, net 1,363 — 1,363 Total assets $ 470,774 $ (3,024 ) $ 467,750 Accounts payable and accrued liabilities $ 39,610 $ (158 ) $ 39,452 Current portion of long-term debt 299 — 299 Total current liabilities 39,909 (158 ) 39,751 Long-term debt, less current portion 214,609 — 214,609 Deferred income taxes 23,398 (647 ) 22,751 Other liabilities 8,317 — 8,317 Total liabilities 286,233 (805 ) 285,428 Total shareholders' equity 184,541 (2,219 ) 182,322 Total liabilities and shareholders' equity $ 470,774 $ (3,024 ) $ 467,750 |
Revenue Recognition and Contr22
Revenue Recognition and Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Based on Product Category | The following table provides information about our revenue differentiated based on product category (dollars in millions): Three Months Ended March 31, 2018 Sales % of sales Product category: Impact-resistant windows and door products $ 120.5 85.9 % Non-Impact window and door products 19.8 14.1 % Total net sales $ 140.3 100.0 % |
Contract Asset and Liability Balances | The following table provides information about contract asset and liability balances as of March 31, 2018, and as of December 31, 2017, the first day of our 2018 fiscal year and the date of our adoption of ASU 2014-09 (in thousands): Contract Contract Contract Assets, Assets Liabilities Net At March 31, 2018 $ 9,669 $ (459 ) $ 9,210 At December 31, 2017 8,704 (528 ) 8,176 Net increase $ 965 $ 69 $ 1,034 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Guarantees and Product Warranties [Abstract] | |
Summary of Current Period Charges, Adjustments to Previous Estimates, Settlements representing Actual Costs Incurred with regard to Accrued Warranty | 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 months ended March 31, 2018, and April 1, 2017. 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. Beginning Charged End of Accrued Warranty of Period to Expense Adjustments Settlements Period (in thousands) Three months ended March 31, 2018 $ 5,386 $ 2,366 $ (110 ) $ (2,319 ) $ 5,323 Three months ended April 1, 2017 $ 5,569 $ 3,043 $ 89 $ (3,087 ) $ 5,614 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: March 31, December 30, 2018 2017 (in thousands) Raw materials $ 32,808 $ 30,139 Work-in-progress 2,698 2,506 Finished goods — 5,171 $ 35,506 $ 37,816 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, April 1, 2018 2017 (in thousands, except per Net income $ 7,340 $ 2,999 Weighted-average common shares - Basic 49,858 49,263 Add: Dilutive effect of stock compensation plans 2,140 2,365 Weighted-average common shares - Diluted 51,998 51,628 Net income per common share: Basic $ 0.15 $ 0.06 Diluted $ 0.14 $ 0.06 |
Goodwill, Trade Names, and Ot26
Goodwill, Trade Names, and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill, Trade Names and Other Intangible Assets Net | Goodwill, trade names, and other intangible assets, net, are as follows: Initial March 31, December 30, Useful Life 2018 2017 (in years) (in thousands) Goodwill $ 108,060 $ 108,060 indefinite Trade names and other intangible assets: Trade names $ 75,841 $ 75,841 indefinite Customer relationships 106,647 106,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete agreement 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (74,362 ) (72,703 ) Subtotal 37,543 39,202 Other intangible assets, net $ 113,384 $ 115,043 |
Estimated Amortization for Future Fiscal Year | Estimated amortization of our amortizable intangible assets for future years is as follows: (in thousands) Total Remainder of 2018 $ 4,976 2019 6,430 2020 6,278 2021 5,974 2022 5,116 Thereafter 8,769 Total $ 37,543 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | March 31, December 30, 2018 2017 (in thousands) Term loan payable under the 2016 Credit Agreement $ 223,975 $ 223,975 Other debt 386 458 Fees, costs and original issue discount (9,453 ) (11,460 ) Long-term debt 214,908 212,973 Less current portion of long-term debt (299 ) (294 ) Long-term debt, less current portion $ 214,609 $ 212,679 |
Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount | The activity relating to third-party fees and costs, lender fees and discount for the three months ended March 31, 2018, are as follows. All debt-related fees, costs and original issue discount are classified as a reduction of the carrying value of long-term debt: (in thousands) Total At beginning of year $ 11,460 Amortization expense through March 16, 2018 (520 ) At time of refinancing 10,940 Add: Second amendment refinancing costs 1,687 Less: Debt extinguishment costs (3,079 ) Less: Amortization expense after refinancing (95 ) At end of period $ 9,453 |
Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount and Debt Issuance Costs | Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated as of March 31, 2018, is as follows: (in thousands) Total Remainder of 2018 $ 1,698 2019 2,382 2020 2,579 2021 2,480 2022 314 Total $ 9,453 |
Contractual Future Maturities of Long-Term Debt Outstanding, Including Other Debt Relating to Software License Financing Arrangement | The contractual future maturities of long-term debt outstanding, including the financing arrangement described as other debt, as of March 31, 2018, are as follows (at face value): (in thousands) Remainder of 2018 $ 222 2019 164 2020 — 2021 — 2022 223,975 Total $ 224,361 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following are measured in the consolidated financial statements 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 Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable March 31, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts $ (83 ) $ — $ (83 ) $ — $ (83 ) $ — $ (83 ) $ — |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Hedges | The fair value of our aluminum hedges are classified in the accompanying consolidated balance sheets as follows (in thousands): Fair Value Derivatives in an asset (liability) position March 31, designated as hedges under Subtopic 815-20: Balance Sheet Location 2018 Derivative instruments: Aluminum forward contracts Other liabilities $ (83 ) Total derivative instruments $ (83 ) |
Impact of Offsetting Derivative Instruments | The impact of the offsetting derivative instruments is depicted below (in thousands): Gross Amounts not Offset Gross Net Amounts of Gross Amounts of Cash Recognized Amounts Recognized Financial Collateral Net (Liabilities) Offset (Liabilities) Instruments Pledged Amount As of March 31, 2018: Aluminum forward contracts $ (83 ) $ — $ (83 ) $ — $ — $ (83 ) |
Gains (Losses) on Derivative Financial Instruments | The following represents the gains (losses) on derivative financial instruments, and their classifications within the accompanying condensed consolidated financial statements (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Location of Gain from Accumulated Amount of Gain (Loss) Three Months Ended Three Months Ended March 31, April 1, March 31, April 1, 2018 2017 2018 2017 Aluminum contracts $ (83 ) $ — Cost of sales $ — $ — Location of Gain Amount of Gain (Loss) Three Months Ended March 31, April 1, 2018 2017 Aluminum contracts Cost of sales $ — $ — |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following table shows the components of accumulated other comprehensive loss for the three months ended March 31, 2018: Aluminum Three months ended March 31, 2018 Forward (in thousands) Contracts Balance at December 30, 2017 $ — Other comprehensive loss (83 ) Tax effect 21 Net current-period other comprehensive loss (62 ) Balance at March 31, 2018 $ (62 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Sales related in excess of billing | $ 140,253 | $ 112,721 |
Adoption of Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net decrease in accumulated deficit | (1,900) | |
Sales related in excess of billing | $ 8,700 |
Basis of Presentation - Adjustm
Basis of Presentation - Adjustment to Accumulated Deficit (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2018 | Dec. 30, 2017 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Inventories | $ 35,506 | $ 37,816 | ||||
Other current assets | 11,025 | 9,873 | [1] | |||
Accounts payable and accrued liabilities | 39,610 | 41,085 | [1] | |||
Deferred income taxes | 23,398 | 22,772 | ||||
Accumulated deficit | (55,493) | $ (64,716) | ||||
Adoption of Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Inventories | $ 32,174 | |||||
Other current assets | [1] | 18,049 | ||||
Accounts payable and accrued liabilities | [1] | 41,089 | ||||
Deferred income taxes | 23,419 | |||||
Accumulated deficit | (62,833) | |||||
Adoption of Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of a change in accounting principle on net income | 1,883 | |||||
Inventories | (5,642) | 6,069 | ||||
Other current assets | 8,176 | [1] | 117 | |||
Accounts payable and accrued liabilities | 4 | [1] | (158) | |||
Deferred income taxes | 647 | $ 647 | ||||
Accumulated deficit | 1,883 | |||||
Adoption of Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Net Sales [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of a change in accounting principle on net income | 8,704 | |||||
Adoption of Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Cost of Sales [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of a change in accounting principle on net income | (5,642) | |||||
Adoption of Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Selling, General and Administrative Expenses [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of a change in accounting principle on net income | (532) | |||||
Adoption of Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Income Tax Expense [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effect of a change in accounting principle on net income | $ (647) | |||||
[1] | Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. |
Basis of Presentation - Adjus33
Basis of Presentation - Adjustment to Accumulated Deficit (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Adoption of Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net of related contract liability | $ (459) | $ (528) |
Basis of Presentation - Revenue
Basis of Presentation - Revenue Recognition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | $ 140,253 | $ 112,721 | ||||||
Cost of sales | 95,480 | 80,982 | ||||||
Gross profit | 44,773 | 31,739 | ||||||
Selling, general and administrative expenses | 28,657 | 22,785 | ||||||
Income from operations | 16,116 | 8,954 | ||||||
Interest expense, net | 4,043 | 4,910 | ||||||
Debt extinguishment costs | 3,079 | |||||||
Income before income taxes | 8,994 | 4,044 | ||||||
Income tax expense | 1,654 | 1,045 | ||||||
Net income | $ 7,340 | $ 2,999 | ||||||
Basic | $ 0.15 | $ 0.06 | ||||||
Diluted | $ 0.14 | $ 0.06 | ||||||
Comprehensive income | $ 7,278 | $ 2,999 | ||||||
Cash and cash equivalents | 34,048 | $ 38,919 | $ 34,029 | $ 39,210 | ||||
Accounts receivable, net | 66,434 | 60,308 | ||||||
Inventories | 35,506 | 37,816 | ||||||
Contract assets, net | 9,210 | |||||||
Prepaid expenses | 3,551 | 2,490 | ||||||
Other current assets | 11,025 | 9,873 | [1] | |||||
Total current assets | 159,774 | 144,516 | ||||||
Property, plant and equipment, net | 88,193 | 84,133 | ||||||
Trade name and other intangible assets, net | 113,384 | 115,043 | ||||||
Goodwill | 108,060 | 108,060 | ||||||
Other assets, net | 1,363 | 1,367 | ||||||
Total assets | 470,774 | 453,119 | ||||||
Accounts payable and accrued liabilities | 39,610 | 41,085 | [1] | |||||
Current portion of long-term debt | 299 | 294 | ||||||
Total current liabilities | 39,909 | 41,379 | ||||||
Long-term debt, less current portion | 214,609 | 212,679 | ||||||
Deferred income taxes | 23,398 | 22,772 | ||||||
Other liabilities | 8,317 | 964 | ||||||
Total liabilities | 286,233 | 277,794 | ||||||
Total shareholders' equity | 184,541 | 175,325 | ||||||
Total liabilities and shareholders' equity | 470,774 | $ 453,119 | ||||||
Adoption of Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | 8,700 | |||||||
Inventories | $ 32,174 | |||||||
Contract assets, net | 9,210 | 8,176 | ||||||
Other current assets | [1] | 18,049 | ||||||
Accounts payable and accrued liabilities | [1] | 41,089 | ||||||
Deferred income taxes | 23,419 | |||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Adoption of Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | (965) | |||||||
Cost of sales | (427) | |||||||
Gross profit | (538) | |||||||
Selling, general and administrative expenses | 85 | |||||||
Income from operations | (453) | |||||||
Income before income taxes | (453) | |||||||
Income tax expense | (117) | |||||||
Net income | $ (336) | |||||||
Basic | $ (0.01) | |||||||
Diluted | $ (0.01) | |||||||
Comprehensive income | $ (336) | |||||||
Inventories | 6,069 | (5,642) | ||||||
Contract assets, net | (9,210) | |||||||
Other current assets | 117 | 8,176 | [1] | |||||
Total current assets | (3,024) | |||||||
Total assets | (3,024) | |||||||
Accounts payable and accrued liabilities | (158) | 4 | [1] | |||||
Total current liabilities | (158) | |||||||
Deferred income taxes | 647 | $ 647 | ||||||
Total liabilities | (805) | |||||||
Total shareholders' equity | (2,219) | |||||||
Total liabilities and shareholders' equity | (3,024) | |||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Adoption of Accounting Standards Update 2014-09 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | 139,288 | |||||||
Cost of sales | 95,053 | |||||||
Gross profit | 44,235 | |||||||
Selling, general and administrative expenses | 28,572 | |||||||
Income from operations | 15,663 | |||||||
Interest expense, net | 4,043 | |||||||
Debt extinguishment costs | 3,079 | |||||||
Income before income taxes | 8,541 | |||||||
Income tax expense | 1,537 | |||||||
Net income | $ 7,004 | |||||||
Basic | $ 0.14 | |||||||
Diluted | $ 0.13 | |||||||
Comprehensive income | $ 6,942 | |||||||
Cash and cash equivalents | 34,048 | |||||||
Accounts receivable, net | 66,434 | |||||||
Inventories | 41,575 | |||||||
Prepaid expenses | 3,551 | |||||||
Other current assets | 11,142 | |||||||
Total current assets | 156,750 | |||||||
Property, plant and equipment, net | 88,193 | |||||||
Trade name and other intangible assets, net | 113,384 | |||||||
Goodwill | 108,060 | |||||||
Other assets, net | 1,363 | |||||||
Total assets | 467,750 | |||||||
Accounts payable and accrued liabilities | 39,452 | |||||||
Current portion of long-term debt | 299 | |||||||
Total current liabilities | 39,751 | |||||||
Long-term debt, less current portion | 214,609 | |||||||
Deferred income taxes | 22,751 | |||||||
Other liabilities | 8,317 | |||||||
Total liabilities | 285,428 | |||||||
Total shareholders' equity | 182,322 | |||||||
Total liabilities and shareholders' equity | $ 467,750 | |||||||
[1] | Adjustments to this line item are net of related contract liability of $528 thousand, previously classified as customer deposits. |
Revenue Recognition and Contr35
Revenue Recognition and Contracts with Customers - Revenue Based on Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Product Information [Line Items] | ||
Net sales | $ 140,253 | $ 112,721 |
Percentage of net sales | 100.00% | |
Impact-Resistant Windows and Door Products [Member] | ||
Product Information [Line Items] | ||
Net sales | $ 120,500 | |
Percentage of net sales | 85.90% | |
Non-Impact Window and Door Products [Member] | ||
Product Information [Line Items] | ||
Net sales | $ 19,800 | |
Percentage of net sales | 14.10% |
Revenue Recognition and Contr36
Revenue Recognition and Contracts with Customers - Contract Asset and Liability Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Contract with Customer, Asset and Liability [Line Items] | ||
Contract Assets Net, beginning balance | $ 9,210 | |
Adoption of Accounting Standards Update 2014-09 [Member] | ||
Contract with Customer, Asset and Liability [Line Items] | ||
Contract Assets, beginning balance | 9,669 | $ 8,704 |
Net increase | 965 | |
Contract Liabilities, beginning balance | (459) | (528) |
Net increase | 69 | |
Contract Assets Net, beginning balance | 9,210 | $ 8,176 |
Net increase | $ 1,034 |
Revenue Recognition and Contr37
Revenue Recognition and Contracts With Customers - Additional information (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Contract assets, net | $ 9,210 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Product Warranty Liability [Line Items] | ||
Warranty expense, average rate | 1.69% | 2.70% |
Minimum [Member] | ||
Product Warranty Liability [Line Items] | ||
Warranty periods | 1 year | |
Warranty period of the majority of products sold | 1 year | |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Warranty periods | 10 years | |
Warranty period of the majority of products sold | 3 years |
Warranty - Summary of Current P
Warranty - Summary of Current Period Charges, Adjustments to Previous Estimates, Settlements representing Actual Costs Incurred with regard to Accrued Warranty (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Guarantees and Product Warranties [Abstract] | ||
Accrued Warranty, Beginning of Period | $ 5,386 | $ 5,569 |
Accrued Warranty, Charged to Expense | 2,366 | 3,043 |
Accrued Warranty, Adjustments | (110) | 89 |
Accrued Warranty, Settlements | (2,319) | (3,087) |
Accrued Warranty, End of Period | $ 5,323 | $ 5,614 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,808 | $ 30,139 |
Work-in-progress | 2,698 | 2,506 |
Finished goods | 5,171 | |
Inventories | $ 35,506 | $ 37,816 |
Stock Based-Compensation - Addi
Stock Based-Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 02, 2018 | Mar. 31, 2018 | Apr. 01, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options exercised | 86,549 | ||
Weighted average exercise price of options exercised | $ 2 | ||
Compensation expense for stock based awards | $ 514 | $ 458 | |
Total unrecognized compensation cost related primarily to restricted share awards | $ 3,700 | ||
Weighted average remaining period of stock option | 1 year 10 months 25 days | ||
Restricted Stock Award [Member] | Executives and Non-Executive Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards | 139,182 | ||
Fair value of common stock | $ 18.40 | ||
Company Performance Criteria [Member] | Executives and Non-Executive Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards | 69,591 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance criteria defined in share awards | The performance percentages, ranging from less than 80% to greater than 120%, provide for the awarding of shares ranging from no shares to 150% of the original number of shares. | ||
Fixed Criteria [Member] | Executives and Non-Executive Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards | 69,591 | ||
Options vesting period | 3 years |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Options and Restricted Stock Awards [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Anti-dilutive securities | 136 | 20 |
Net Income Per Common Share - C
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 7,340 | $ 2,999 |
Weighted-average common shares - Basic | 49,858 | 49,263 |
Add: Dilutive effect of stock compensation plans | 2,140 | 2,365 |
Weighted-average common shares - Diluted | 51,998 | 51,628 |
Net income per common share: | ||
Basic | $ 0.15 | $ 0.06 |
Diluted | $ 0.14 | $ 0.06 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 01, 2018 | Jan. 16, 2018 | Jan. 15, 2018 | Nov. 01, 2017 | Sep. 22, 2017 | Mar. 31, 2018 | Apr. 01, 2017 | Dec. 30, 2017 | Dec. 15, 2017 |
Business Acquisition [Line Items] | |||||||||
Proceeds from sale of manufacturing equipment | $ 10 | $ 8 | |||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from sale of manufacturing equipment | $ 15,000 | $ 10,000 | $ 10,000 | $ 3,000 | $ 28,000 | ||||
Asset supply agreement term | 7 years | ||||||||
Property, plant and equipment, fair market value | $ 1,900 | ||||||||
Deferred income | $ 20,300 | ||||||||
Payment amortized under supply agreement term | 7 years | ||||||||
Net book value of assets held for sale | $ 1,500 | ||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Other Current Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment, fair market value | 5,800 | $ 5,800 | |||||||
Net book value of assets held for sale | 3,200 | $ 3,200 | |||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Other Current Assets [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment, fair market value | $ 7,700 | ||||||||
Net book value of assets held for sale | $ 4,700 | ||||||||
Cardinal [Member] | Supply Agreement [Member] | Cost of Sales [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Amortization of deferred gain | $ 701 |
Goodwill, Trade Names, and Ot45
Goodwill, Trade Names, and Other Intangible Assets - Schedule of Trade Names and Other Intangible Assets Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 30, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 108,060 | $ 108,060 |
Less: Accumulated amortization | (74,362) | (72,703) |
Subtotal | 37,543 | 39,202 |
Other intangible assets, net | 113,384 | 115,043 |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 106,647 | 106,647 |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 3 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 10 years | |
Developed Technology [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 3,000 | 3,000 |
Developed Technology [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 9 years | |
Developed Technology [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 10 years | |
Noncompete Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,668 | 1,668 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 2 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 5 years | |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 75,841 | 75,841 |
Software License [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 590 | $ 590 |
Initial Useful Life (in years) | 2 years |
Goodwill, Trade Names, and Ot46
Goodwill, Trade Names, and Other Intangible Assets - Estimated Amortization for Future Fiscal Year (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2018 | $ 4,976 | |
2,019 | 6,430 | |
2,020 | 6,278 | |
2,021 | 5,974 | |
2,022 | 5,116 | |
Thereafter | 8,769 | |
Subtotal | $ 37,543 | $ 39,202 |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 | Jul. 31, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 224,361 | $ 224,000 | |
Fees, costs and original issue discount | (9,453) | (11,460) | |
Long-term debt | 214,908 | 212,973 | |
Less current portion of long-term debt | (299) | (294) | |
Long-term debt, less current portion | 214,609 | 212,679 | |
Term Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 224,000 | ||
Term Notes Payable [Member] | 2016 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 223,975 | 223,975 | |
Financing Arrangement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 386 | $ 458 | $ 590 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Mar. 16, 2018 | Feb. 16, 2016USD ($) | Mar. 16, 2018 | Jul. 31, 2017USD ($)Installment | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||||
Debt extinguishment cost | $ 3,079,000 | |||||
Letters of credit outstanding | $ 2,500,000 | |||||
Minimum percentage of revolving credit facility as per financial covenant | 20.00% | |||||
Long term debt | $ 224,361,000 | $ 224,000,000 | ||||
Deutsche Bank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of credit outstanding | 1,400,000 | |||||
LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 4.75% | |||||
Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 3.75% | |||||
Financing Arrangement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Long term debt | $ 590,000 | 386,000 | $ 458,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Debt Instrument, Number of installments | Installment | 24 | |||||
Debt Instrument, Installment Amount | $ 26,000 | |||||
Term Notes Payable [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Long term debt | $ 224,000,000 | |||||
Senior Secured Credit Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | $ 310,000,000 | |||||
Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | $ 270,000,000 | |||||
Maturity term of credit agreement | 6 years | |||||
Credit facility amortization percentage | 1.00% | |||||
Weighted average interest rate | 5.41% | 5.75% | ||||
Term Loan Facility [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 1.00% | |||||
Term Loan Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 2.00% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | $ 40,000,000 | |||||
Maturity term of credit agreement | 5 years | |||||
Credit facility amortization percentage | 0.50% | |||||
Credit available on revolver | $ 37,500,000 | |||||
Letter Of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility amortization percentage | 5.75% | |||||
Facing fee per annum | 0.125% | |||||
2016 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate terms | The Second Amendment, among other things, decreases the applicable interest rate margins for the Initial Term Loans (as defined in the Credit Agreement) from (i) 3.75% to 2.50%, in the case of the Base Rate Loans (as defined in the Credit Agreement), and (ii) 4.75% to 3.50%, in the case of the Eurodollar Loans (as defined in the Credit Agreement). | |||||
Credit agreement date | Feb. 16, 2016 | |||||
Accrued interest | $ 100,000 | |||||
Voluntary prepayment of debt | $ 44,000,000 | |||||
2016 Credit Agreement [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 2.50% | 3.75% | ||||
2016 Credit Agreement [Member] | Eurodollar [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 3.50% | 4.75% | ||||
2016 Credit Agreement [Member] | Term Notes Payable [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Long term debt | $ 223,975,000 | $ 223,975,000 | ||||
2014 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit agreement date | Sep. 22, 2014 |
Long-Term Debt - Activity Relat
Long-Term Debt - Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | |
At beginning of year | $ 11,460 |
Amortization expense through March 16, 2018 | (520) |
Add: Second amendment refinancing costs | 1,687 |
Less: Debt extinguishment costs | (3,079) |
Less: Amortization expense after refinancing | (95) |
At end of period | $ 9,453 |
Long-Term Debt - Estimated Amor
Long-Term Debt - Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Remainder of 2018 | $ 1,698 | |
2,019 | 2,382 | |
2,020 | 2,579 | |
2,021 | 2,480 | |
2,022 | 314 | |
Total | $ 9,453 | $ 10,940 |
Long-Term Debt - Contractual Fu
Long-Term Debt - Contractual Future Maturities of Long-Term Debt Outstanding, Including Other Debt Relating to Software License Financing Arrangement (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 30, 2017 |
Debt Disclosure [Abstract] | ||
Remainder of 2018 | $ 222 | |
2,019 | 164 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 223,975 | |
Total | $ 224,361 | $ 224,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Dec. 22, 2017 | Mar. 31, 2018 | Apr. 01, 2017 | Dec. 30, 2017 |
Income Taxes [Line Items] | |||||
Income tax expense | $ 1,654,000 | $ 1,045,000 | |||
Effective tax rates | 25.60% | 18.40% | 25.80% | ||
Income tax expense, discrete item | $ 613,000 | $ 388,000 | |||
Effective tax rates, excluding discrete item of income tax expense | 25.20% | 35.40% | |||
Effective income tax rate reconciliation, change in enacted tax rate, percent | 38.80% | ||||
Payment of estimated federal income taxes | $ 9,000,000 | $ 0 | |||
Refund of federal income taxes | $ 0 | ||||
Other Current Liabilities [Member] | |||||
Income Taxes [Line Items] | |||||
Federal income taxes payable | $ 600,000 | ||||
Other Current Liabilities [Member] | Federal and State [Member] | |||||
Income Taxes [Line Items] | |||||
Federal income taxes payable | $ 6,500,000 | ||||
Other Current Assets [Member] | |||||
Income Taxes [Line Items] | |||||
Federal income tax receivable | $ 1,500,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 30, 2017 | |
Debt Instrument Fair Value Carrying Value [Abstract] | |||
Fair value of assets, level 2 to level 3 transfers | $ 0 | $ 0 | |
Fair value of current long-term debt | 226,800,000 | $ 227,300,000 | |
Principal outstanding value | $ 224,361,000 | $ 224,000,000 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | $ (83) |
Aluminum Forward Contracts [Member] | |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | (83) |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | (83) |
Significant Other Observable Inputs (Level 2) [Member] | Aluminum Forward Contracts [Member] | |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | $ (83) |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands, lb in Millions | Mar. 31, 2018USD ($)ForwardContractslb$ / Pounds | Dec. 30, 2017ForwardContracts |
Derivative [Line Items] | ||
Derivative liabilities, net | $ 83 | |
Aluminum Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities, net | $ 83 | |
Number of outstanding forward contracts | ForwardContracts | 3 | 0 |
Derivative, amount of hedged item | lb | 4.5 | |
Derivative average price | $ / Pounds | 0.94 | |
Maturity period of contract, minimum | 3 months | |
Maturity period of contract, maximum | 11 months | |
Accumulated other comprehensive income, net of tax | $ 83 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value of Hedges (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments | $ (83) |
Aluminum Forward Contracts [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments | (83) |
Aluminum Forward Contracts [Member] | Other Liabilities [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments | $ (83) |
Derivatives - Impact of Offsett
Derivatives - Impact of Offsetting Derivative Instruments (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Offsetting Derivative Assets And Liabilities [Line Items] | |
Net Amounts of Recognized (Liabilities) | $ (83) |
Aluminum Forward Contracts [Member] | |
Offsetting Derivative Assets And Liabilities [Line Items] | |
Gross Amounts of Recognized (Liabilities) | (83) |
Gross Amounts Offset | 0 |
Net Amounts of Recognized (Liabilities) | (83) |
Gross Amounts not Offset Financial Instruments | 0 |
Gross Amounts not Offset Cash Collateral Pledged | 0 |
Gross Amounts not Offset Net Amount | $ (83) |
Derivatives - Gains (Losses) on
Derivatives - Gains (Losses) on Derivative Financial Instruments (Detail) - Aluminum Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (83) | |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | $ 0 |
Other Expense, net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion) | $ 0 | $ 0 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 175,325 |
Ending Balance | 184,541 |
Aluminum Forward Contracts [Member] | |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Other comprehensive loss | (83) |
Tax effect | 21 |
Net current-period other comprehensive loss | (62) |
Aluminum Forward Contracts [Member] | Accumulated Other Comprehensive Loss [Member] | |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 0 |
Ending Balance | $ (62) |