Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 29, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | 57,940,088 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 199,084 | $ 126,876 | $ 508,606 | $ 376,981 |
Cost of sales | 126,086 | 87,128 | 330,888 | 260,941 |
Gross profit | 72,998 | 39,748 | 177,718 | 116,040 |
Selling, general and administrative expenses | 44,055 | 24,950 | 105,293 | 72,385 |
Gains on transfers of assets | (2,551) | |||
Income from operations | 28,943 | 14,798 | 74,976 | 43,655 |
Interest expense, net | 11,741 | 5,514 | 19,393 | 14,992 |
Debt extinguishment costs | 296 | 3,375 | ||
Income before income taxes | 16,906 | 9,284 | 52,208 | 28,663 |
Income tax expense | 3,335 | 2,992 | 8,749 | 9,117 |
Net income | $ 13,571 | $ 6,292 | $ 43,459 | $ 19,546 |
Net income per common share: | ||||
Basic | $ 0.26 | $ 0.13 | $ 0.86 | $ 0.40 |
Diluted | $ 0.26 | $ 0.12 | $ 0.83 | $ 0.38 |
Weighted average shares outstanding: | ||||
Basic | 51,682 | 49,629 | 50,619 | 49,455 |
Diluted | 53,068 | 51,809 | 52,378 | 51,670 |
Comprehensive income | $ 13,131 | $ 6,292 | $ 42,635 | $ 19,546 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 32,159 | $ 34,029 |
Accounts receivable, net | 92,537 | 60,308 |
Inventories | 46,477 | 37,816 |
Contract assets, net | 14,026 | |
Prepaid expenses | 3,578 | 2,490 |
Other current assets | 9,112 | 9,873 |
Total current assets | 197,889 | 144,516 |
Property, plant and equipment, net | 113,076 | 84,133 |
Trade name and other intangible assets, net | 275,917 | 115,043 |
Goodwill | 272,439 | 108,060 |
Other assets, net | 1,217 | 1,367 |
Total assets | 860,538 | 453,119 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 69,943 | 41,085 |
Current portion of long-term debt | 238 | 294 |
Total current liabilities | 70,181 | 41,379 |
Long-term debt, less current portion | 373,910 | 212,679 |
Deferred income taxes | 23,136 | 22,772 |
Other liabilities | 16,963 | 964 |
Total liabilities | 484,190 | 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; 60,570 and 52,486 shares issued and 57,915 and 49,805 shares outstanding at September 29, 2018 and December 30, 2017, respectively | 605 | 525 |
Additional paid-in-capital | 408,700 | 252,275 |
Accumulated other comprehensive loss | (824) | |
Accumulated deficit | (19,374) | (64,716) |
Shareholders' equity | 389,107 | 188,084 |
Less: Treasury stock at cost | (12,759) | (12,759) |
Total shareholders' equity | 376,348 | 175,325 |
Total liabilities and shareholders' equity | $ 860,538 | $ 453,119 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 29, 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 | 60,570,000 | 52,486,000 |
Common stock, shares outstanding | 57,915,000 | 49,805,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 43,459 | $ 19,546 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 9,724 | 9,502 |
Amortization | 6,126 | 4,818 |
Provision for allowance for doubtful accounts | 1,017 | 249 |
Stock-based compensation | 2,543 | 1,568 |
Amortization and write-offs of deferred financing costs and debt discount | 7,086 | 3,065 |
Debt extinguishment costs | 3,375 | |
Gains on transfers and disposals of assets | (2,611) | (59) |
Change in operating assets and liabilities (net of effects of acuqisitions): | ||
Accounts receivable | (27,598) | (15,644) |
Inventories | (1,723) | (8,620) |
Contract assets, net, prepaid expenses, other current and other assets | (4,448) | (261) |
Accounts payable, accrued and other liabilities | 27,602 | 20,506 |
Net cash provided by operating activities | 64,552 | 34,670 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (21,740) | (9,650) |
Business acquisition | (355,213) | |
Proceeds from transfers and disposals of assets | 5,866 | 59 |
Net cash used in investing activities | (371,087) | (9,591) |
Cash flows from financing activities: | ||
Proceeds from issuance of senior notes | 315,000 | |
Proceeds from issuance of common stock | 152,653 | |
Payments of long-term debt | (152,220) | (20,062) |
Payments of financing costs | (12,066) | |
Taxes paid relating to shares withheld on employee equity awards | (637) | (181) |
Proceeds from exercise of stock options | 1,928 | 681 |
Other | (11) | (23) |
Net cash provided by (used in) financing activities | 304,665 | (19,562) |
Net (decrease) increase in cash and cash equivalents | (1,870) | 5,517 |
Cash and cash equivalents at beginning of period | 34,029 | 39,210 |
Cash and cash equivalents at end of period | 32,159 | 44,727 |
Employees Stock Purchase Plan [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | $ 18 | $ 23 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 29, 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 direct and indirect wholly-owned subsidiaries, including, PGT Industries, Inc., CGI Window and Door Holdings, Inc. (“CGI”), CGI Commercial, Inc. (“CGIC”), WinDoor, Incorporated, Coyote Acquisition Co. and WWS Acquisition LLC (formerly known as GEF WW Parent LLC) (collectively, the “Company”), after elimination of intercompany accounts and transactions. On August 13, 2018, PGT Innovations, Inc. completed the acquisition (the “WWS acquisition”) of GEF WW Parent LLC (now known as WWS Acquisition LLC) (“Western Window Systems” or “WWS”) and its subsidiaries pursuant to that certain purchase agreement (“PA”), dated as of July 24, 2018, by and among the Company, Coyote Acquisition Co., WWS, WWS Blocker LLC, various entities that collectively owned all the equity interests of WWS and a seller representative. Headquartered in Phoenix, Arizona, Western Window Systems designs and manufactures award winning contemporary door and window systems that unify indoor/outdoor living for the residential, commercial and multi-family markets. As a result of the PA, WWS became a wholly-owned subsidiary of PGT Innovations, Inc. and its accounts are reflected in these financial statements as of and from August 13, 2018. The purchase price paid to the sellers at the closing was $355.2 million, which has been preliminarily allocated to the net assets acquired and liabilities assumed as of the acquisition date, in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations”. For a more detailed discussion of this WWS acquisition, see Note 6 herein. As a result of the WWS acquisition and the expansion of our geographical footprint, we are in the process of analyzing the impact of this acquisition, if any, on the determination of our reportable segments under ASC 280, “Segment Reporting.” These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q 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 September 29, 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. Form 10-K. Recently Adopted Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, 2017-12 2017-12 2017-12. In February 2017, the FASB issued ASU 2017-05, 2017-05 610-20, 610-20, 2014-09, non-customers. In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01 In August 2016, the FASB issued ASU 2016-15, 2016-15 Adoption of ASU 2014-09, 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) is as follows (in thousands): Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the three and nine months ended September 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying condensed consolidated statement of comprehensive income, and the condensed consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Three Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 199,084 $ (1,956 ) $ 197,128 Cost of sales 126,086 (664 ) 125,422 Gross profit 72,998 (1,292 ) 71,706 Selling, general and administrative expenses 44,055 (208 ) 43,847 Income from operations 28,943 (1,084 ) 27,859 Interest expense, net 11,741 — 11,741 Debt extinguishment costs 296 — 296 Income before income taxes 16,906 (1,084 ) 15,822 Income tax expense 3,335 (283 ) 3,052 Net income $ 13,571 $ (801 ) $ 12,770 Basic $ 0.26 $ 0.25 Diluted $ 0.26 $ 0.24 Comprehensive income $ 13,131 $ (801 ) $ 12,330 Nine Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 508,606 $ (4,908 ) $ 503,698 Cost of sales 330,888 (2,550 ) 328,338 Gross profit 177,718 (2,358 ) 175,360 Selling, general and administrative expenses 105,293 (393 ) 104,900 Gains on transfers of assets (2,551 ) — (2,551 ) Income from operations 74,976 (1,965 ) 73,011 Interest expense, net 19,393 — 19,393 Debt extinguishment costs 3,375 — 3,375 Income before income taxes 52,208 (1,965 ) 50,243 Income tax expense 8,749 (508 ) 8,241 Net income $ 43,459 $ (1,457 ) $ 42,002 Basic $ 0.86 $ 0.83 Diluted $ 0.83 $ 0.80 Comprehensive income $ 42,635 $ (1,457 ) $ 41,178 At September 29, 2018 As Impact of ASU 2014-09 Previous Cash and cash equivalents $ 32,159 $ — $ 32,159 Accounts receivable, net 92,537 — 92,537 Inventories 46,477 8,611 55,088 Contract assets, net 14,026 (14,026 ) — Prepaid expenses 3,578 — 3,578 Other current assets 9,112 508 9,620 Total current assets 197,889 (4,907 ) 192,982 Property, plant and equipment, net 113,076 — 113,076 Trade name and other intangible assets, net 275,917 — 275,917 Goodwill 272,439 533 272,972 Other assets, net 1,217 — 1,217 Total assets $ 860,538 $ (4,374 ) $ 856,164 Accounts payable and accrued liabilities $ 69,943 $ (387 ) $ 69,556 Current portion of long-term debt 238 — 238 Total current liabilities 70,181 (387 ) 69,794 Long-term debt, less current portion 373,910 — 373,910 Deferred income taxes 23,136 (647 ) 22,489 Other liabilities 16,963 — 16,963 Total liabilities 484,190 (1,034 ) 483,156 Total shareholders’ equity 376,348 (3,340 ) 373,008 Total liabilities and shareholders’ equity $ 860,538 $ (4,374 ) $ 856,164 Amounts in the tables above presented under “Previous Standard” represent balances as-if 2014-09 Recently Issued Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, on-balance 2016-02 2018-01, 2018-10, 2018-11, right-of-use The new standard is effective for us on December 30, 2018 (the first day of our 2019 fiscal year), with early adoption permitted. We expect to adopt the new standard on its effective date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date, or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We expect to adopt the new standard on December 30, 2018 and use the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods prior to December 30, 2018. The new standard provides a number of optional practical expedients in transition. We expect to elect some or all of the new standard’s available transition practical expedients, which we are continuing to evaluate. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases that qualify, primarily our vehicle and office equipment leases. This means, for those leases that qualify, we will not recognize right-of-use right-of-use non-lease We expect that this standard will have a material effect on our financial position. While we continue to assess all of the effects of adoption, we currently believe the most significant effects relate to the recognition of new right-of-use right-of-use Intangibles In August 2018, the FASB issued ASU 2018-15, Other-Internal-Use 350-40)”. internal-use Fair Value Measurement Disclosures In August 2018, the FASB issued ASU 2018-13, |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 9 Months Ended |
Sep. 29, 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 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. Due to the customized build-to-order pre-cut Revenue recognized over time on products during the manufacturing process is based on the per-unit per-unit 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 September 29, 2018 Sales % of sales Product category: Impact-resistant windows and door products $ 158.3 79.5 % Non-Impact 40.8 20.5 % Total net sales $ 199.1 100.0 % Nine Months Ended September 29, 2018 Sales % of sales Product category: Impact-resistant window and door products $ 425.6 83.7 % Non-impact 83.0 16.3 % Total net sales $ 508.6 100.0 % 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 for which revenue is recognized over time as noted above. Contract liabilities as reflected in the table below are customer deposits on orders related to contract assets. The following table provides information about contract asset and liability balances as of and for the three and nine months ended September 29, 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 Contract Contract Contract Assets, Three months ended September 29, 2018: Assets Liabilities Net At September 29, 2018 $ 14,670 $ (644 ) $ 14,026 Less: Acquired with WWS on August 13, 2018 1,058 (168 ) 890 Less: At June 30, 2018 11,656 (644 ) 11,012 Net increase $ 1,956 $ 168 $ 2,124 Contract Contract Contract Assets, Nine months ended September 29, 2018: Assets Liabilities Net At September 29, 2018 $ 14,670 $ (644 ) $ 14,026 Less: Acquired with WWS on August 13, 2018 1,058 (168 ) 890 Less: At December 31, 2017 8,704 (528 ) 8,176 Net increase $ 4,908 $ 52 $ 4,960 Because we used the modified-retrospective method of adopting ASU 2014-09, 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. Our unsatisfied performance obligations as of September 29, 2018, total $104 million, and is composed of confirmed, non-cancellable |
Warranty
Warranty | 9 Months Ended |
Sep. 29, 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 September 29, 2018, we recorded warranty expense at a rate of approximately 1.7% of sales, which decreased from the rate in the third quarter of 2017 of 2.0% of sales. During the nine months ended September 29, 2018, we recorded warranty expense at a rate of approximately 1.7% of sales, which decreased from the rate in the first nine months of 2017 of 2.3% of sales. 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 The following table summarizes: current period charges, adjustments to previous estimates, if necessary, as well as settlements, which represent actual costs incurred during the period for the three and nine months ended September 29, 2018, and September 30, 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 Acquired to Expense Adjustments Settlements Period (in thousands) Three months ended September 29, 2018 $ 5,368 $ 509 $ 3,307 $ (21 ) $ (3,129 ) $ 6,034 Three months ended September 30, 2017 $ 5,679 $ — $ 2,593 $ 46 $ (2,412 ) $ 5,906 Nine months ended September 29, 2018 $ 5,386 $ 509 $ 8,524 $ (229 ) $ (8,156 ) $ 6,034 Nine months ended September 30, 2017 $ 5,569 $ — $ 8,681 $ (18 ) $ (8,326 ) $ 5,906 |
Inventories
Inventories | 9 Months Ended |
Sep. 29, 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 the substantial majority of our products are custom, made-to-order work-in-progress (first-in, first-out September 29, December 30, 2018 2017 (in thousands) Raw materials $ 42,924 $ 30,139 Work-in-progress 3,348 2,506 Finished goods 205 5,171 $ 46,477 $ 37,816 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE 5. STOCK BASED-COMPENSATION Exercises For the three months ended September 29, 2018, there were 183,808 options exercised at a weighted average exercise price of $2.00 per share. For the nine months ended September 29, 2018, there were 964,780 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 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. On May 17, 2018, we granted 30,456 restricted stock awards to the eight non-management Stock Compensation Expense On July 2, 2018, we granted 24,590 shares of the Company’s common stock to employees of the Company who do not participate in the Company’s other incentive compensation programs. The intent of the grant was to foster a sense of ownership in the Company by employees other than those who participate in the Company’s long-term equity incentive program. Each employee that participated in this grant received ten shares of the Company’s common stock, with full rights of ownership, including dispositive rights. The award had a fair value on the grant date of was $20.85 per share based on the closing New York Stock Exchange market price of the common stock on the business day prior to the day the award was granted. The resulting total fair value of the grant of $0.5 million was recognized as stock-based compensation expense classified as selling, general and administrative expense in the accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 29, 2018, as well as common stock at par value and additional paid-in We record stock compensation expense over an equity award’s vesting period based on the award’s fair value at the date of grant. In addition to the employee stock grant in 2018 discussed above, we recorded compensation expense for stock-based awards of $0.8 million for the three months ended September 29, 2018, and $0.5 million for the three month ended September 30, 2017. In addition to the employee stock grant in 2018 discussed above, we recorded compensation expense for stock-based awards of $2.0 million for the nine months ended September 29, 2018, and $1.6 million for the nine months ended September 30, 2017. As of September 29, 2018, there was $3.3 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 1.6 years at September 29, 2018. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 6. ACQUISITION WESTERN WINDOW SYSTEMS Preliminary purchase price allocation On August 13, 2018 (the “closing date”), we completed the acquisition of Western Window Systems (“WWS”), which became a wholly-owned subsidiary of PGT Innovations, Inc. The fair value of consideration transferred in the acquisition was $355.2 million. The acquisition was financed with proceeds of $315.0 million from the issuance of the 2018 Senior Notes, and with $40.2 million in cash on hand. See Note 10 for a discussion of the 2018 Senor Notes. The preliminary estimated fair value of assets acquired, and liabilities assumed as of the closing date, are as follows: Preliminary Accounts and notes receivable $ 7,555 Inventories 12,580 Contract assets, net 890 Prepaid expenses and other assets 1,190 Property and equipment 16,416 Intangible assets 167,000 Goodwill 164,379 Accounts payable (5,622 ) Accrued and other liabilities (9,175 ) Purchase price $ 355,213 Consideration: Cash $ 355,213 Total fair value of consideration $ 355,213 The fair value of certain working capital related items, including accounts receivable, prepaid expenses, and accounts payable and accrued liabilities, approximated their book values at the date of acquisition. The fair value of inventory was estimated by major category, at net realizable value. The substantial majority of inventories at the acquisition date was composed of raw materials. The fair value of property and equipment and remaining useful lives were estimated by management, with the assistance of a third-party valuation firm, using the cost approach. Valuations of the intangible assets (See Note 9) were done using income and royalty relief approaches based on projections provided by management, which we consider to be Level 3 inputs. Acquisition costs totaling $2.8 million and $3.8 million are included in selling, general, and administrative expenses on the condensed consolidated statement of operations for the three and nine months ended September 29, 2018, respectively, and relate to legal expenses, representations and warranties insurance, diligence, accounting and printing services. The remaining consideration, after identified intangible assets and the net assets and liabilities recorded at fair value, has been preliminarily determined to be $164.4 million, a significant portion of which is expected to be deductible for tax purposes. Goodwill represents the increased value of the combined entity through additional sales channel opportunities as well as penetration of a new geographic market with enhanced opportunities for cross-selling of our multiple brands in all markets. If our preliminary value of assets and liabilities changes, there will be an equal and offsetting change to the recorded goodwill. The PA has a post-closing working capital calculation whereby we are required to prepare, and deliver to the sellers, a final statement of purchase price, including our calculation of the amount we find net working capital actually to have been as of the closing date. We are currently preparing our calculation of closing date net working capital, as defined in the PA. Net sales and net income included in the consolidated condensed statements of comprehensive income for the three and nine months ended September 29, 2018, from WWS from the August 13, 2018 acquisition date was $18.7 million and $2.3 million, respectively. Preliminary valuation of identified intangible assets We are in the process of finalizing the valuation of the identifiable intangible assets acquired in the WWS acquisition. The preliminary values and our estimate of their respective useful lives are as follows: Preliminary Initial (in thousands) Trade names $ 73,000 indefinite Customer relationships 94,000 10 Other intangible assets, net $ 167,000 Pro forma financial information The following unaudited pro forma financial information assumes the acquisition had occurred at the beginning of the earliest period presented that does not include WWS’s actual results for the entire period. Pro forma results have been prepared by adjusting our historical results to include the results of WWS adjusted for the following: amortization expense related to the amortizable intangible assets arising from the acquisition, interest expense to reflect the 2018 Senior Notes issued in connection with the acquisition. The unaudited pro forma results below do not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the earliest periods presented, nor does it indicate the results of operations in future periods. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 (unaudited) (unaudited) Net sales $ 213,039 $ 150,853 $ 585,586 $ 451,445 Net income $ 12,222 $ 3,097 $ 39,933 $ 11,397 Net income per common share: Basic $ 0.24 $ 0.06 $ 0.79 $ 0.23 Diluted $ 0.23 $ 0.06 $ 0.76 $ 0.22 |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 29, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NOTE 7. 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. There were no anti-dilutive securities excluded from the calculation of weighted average shares outstanding for the three and nine months ended September 29, 2018, and for the three months ended September 30, 2017. The nine months ended September 30, 2017, excludes 20 thousand underlying securities because their effects were anti-dilutive. The table below presents the calculation of EPS and a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for our Company: Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 (in thousands, except per share amounts) Net income $ 13,571 $ 6,292 $ 43,459 $ 19,546 Weighted-average common shares - Basic 51,682 49,629 50,619 49,455 Add: Dilutive effect of stock compensation plans 1,386 2,180 1,759 2,215 Weighted-average common shares - Diluted 53,068 51,809 52,378 51,670 Net income per common share: Basic $ 0.26 $ 0.13 $ 0.86 $ 0.40 Diluted $ 0.26 $ 0.12 $ 0.83 $ 0.38 |
Sale of Assets
Sale of Assets | 9 Months Ended |
Sep. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Assets | NOTE 8. 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 PGT-branded 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 PGT-branded 7-year 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, $10.0 million in cash on January 16, 2018, and $14.8 million on June 8, 2018, pursuant to the APA. The total proceeds received of $27.8 million was $0.2 million less than the $28.0 million as specified in the APA as we retained certain assets that were initially identified for transfer. 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 for the difference. Substantially all of the remaining machinery and equipment was transferred to Cardinal during the second quarter of 2018, which had a net book value of $3.2 million and fair value of $5.8 million. We recognized gains on disposals for the difference totaling $2.6 million during the nine months ended September 29, 2018, classified as a separate line item in the accompanying condensed consolidated statements of comprehensive income for the nine months ended September 29, 2018. 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 |
Goodwill, Trade Names, and Othe
Goodwill, Trade Names, and Other Intangible Assets | 9 Months Ended |
Sep. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Trade Names, and Other Intangible Assets | NOTE 9. GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS Goodwill, trade names, and other intangible assets, net, are as follows: Initial September 29, December 30, Useful Life 2018 2017 (in years) (in thousands) Goodwill $ 272,439 $ 108,060 indefinite Trade names and other intangible assets: Trade names $ 148,841 $ 75,841 indefinite Customer relationships 200,647 106,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (78,829 ) (72,703 ) Subtotal 127,076 39,202 Other intangible assets, net $ 275,917 $ 115,043 Goodwill at December 30, 2017 $ 108,060 Increase in goodwill from allocation of WWS purchase price 164,379 Goodwill at September 29, 2018 $ 272,439 Tradenames at December 30, 2017 $ 75,841 Increase in tradenames from the acquisition of WWS 73,000 Tradenames at September 29, 2018 $ 148,841 Estimated amortization of our amortizable intangible assets for future years is as follows: (in thousands) Total Remainder of 2018 $ 4,073 2019 15,830 2020 15,859 2021 15,374 2022 14,515 Thereafter 61,425 Total $ 127,076 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 10. LONG-TERM DEBT September 29, December 30, 2018 2017 (in thousands) 2018 Senior Notes due 2026 $ 315,000 $ — Term loan payable under the 2016 Credit Agreement 71,975 223,975 Other debt 238 458 Fees, costs and original issue discount (13,065 ) (11,460 ) Long-term debt 374,148 212,973 Less current portion of long-term debt (238 ) (294 ) Long-term debt, less current portion $ 373,910 $ 212,679 2018 Senior Notes On August 10, 2018, through a special-purpose wholly-owned finance subsidiary (the “Escrow Issuer”), we completed the issuance of $315.0 million aggregate principal amount of 6.75% senior notes (“2018 Senior Notes”), issued at 100% of their principal amount. The 2018 Senior Notes were issued to finance, together with cash on hand, the WWS acquisition. See Note 6 for further discussion. The Escrow Issuer merged with and into the Company on the closing date of the acquisition, and PGT Innovations, Inc. became the primary obligor under the 2018 Senior Notes. The 2018 Senior Notes are jointly and severally and fully and unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future restricted subsidiaries, other than any restricted subsidiary of the Company that does not guarantee the existing senior secured credit facilities or any permitted refinancing thereof. The 2018 Senior Notes are senior unsecured obligations of the Company and the guarantors, respectively, and rank pari passu in right of payment with all existing and future senior debt and senior to all existing and future subordinated debt of the Company and the guarantors. The 2018 Senior Notes were offered under Rule 144A of the Securities Act, and in transactions outside the United States under Regulation S of the Securities Act, and have not been, and will not be, registered under the Securities Act. The 2018 Senior Notes mature on August 10, 2026. Interest on the 2018 Senior Notes is payable semi-annually, in arrears, beginning on February 1, 2019, with interest accruing at a rate of 6.75% per annum from August 10, 2018. We incurred financing costs relating to bank fees and professional services costs relating to the offering and issuance of the 2018 Senior Notes totaling $10.4 million, which is being amortized under the effective interest method. See “Deferred Financing Costs” below. As of September 29, 2018, the face value of debt outstanding under the 2018 Senior notes was $315.0 million, and accrued interest totaled $3.0 million. The indenture for the 2018 Senior Notes give us the ability to optionally redeem some or all of the 2018 Senior Notes at the redemption prices and on the terms specified in the indenture governing the 2018 Senior Notes. The indenture governing the 2018 Senior Notes does not require us to make any mandatory redemptions or sinking fund payments. However, upon the occurrence of a change of control, as defined in the indenture, the Company is required to offer to repurchase the notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. The indenture for the 2018 Senior Notes includes certain covenants limiting the ability of the Company and any guarantors to, (i) incur additional indebtedness; (ii) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments; (iii) enter into agreements that restrict distributions from restricted subsidiaries; (iv) sell or otherwise dispose of assets; (v) enter into transactions with affiliates; (vi) create or incur liens; merge, consolidate or sell all or substantially all of the Company’s assets; (vii) place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company; and (viii) designate the Company’s subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. 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 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. On 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. Additionally, at the time of the issuance of the 2018 Senior Notes, certain existing lenders reduced their positions in the revolving credit portion of the 2016 Credit Agreement, which resulted in the write-offs of the deferred financing costs allocated to these lenders. As such, write-offs totaling $3.4 million is classified as debt extinguishment costs in the accompanying condensed consolidated statement of comprehensive income for the nine months ended September 29, 2018, including $296 thousand during the three months ended September 29, 2018. Regarding the first amendment as described above, 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 nine months ended September 30, 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 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 September 29, 2018, there were $1.2 million of letters of credit outstanding and $38.8 million available under the revolver. 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 is tested quarterly based on the last four fiscal quarters and is set at levels as described in the 2016 Credit Agreement. As of September 29, 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 third 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 September 29, 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. On September 18, 2018, contemporaneously with the 2018 Equity Issuance, we prepaid $152.0 million of borrowings outstanding under the term loan portion of the 2016 Credit Agreement. See Note 16 for a discussion of the 2018 Equity Issuance. As of September 29, 2018, the principal amount of debt outstanding under the 2016 Credit Agreement was $72.0 million, and accrued interest was $0.6 million. Interest expense, net, in the condensed consolidated statements of comprehensive income in the three and nine months ended September 29, 2018 includes $5.3 million of accelerated amortization of lenders fees and discount relating to the prepayment of $152.0 million of borrowings under the term loan portion of the 2016 Credit Agreement we made on September 18, 2018. Deferred Financing Costs The activity relating to third-party fees and costs, lender fees and discount for the nine months ended September 29, 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 Less: Amortization expense relating to 2016 Credit Agreement (1,666 ) Add: Second amendment of 2016 Credit Agreement refinancing costs 1,687 Less: Debt extinguishment costs relating to second amendment and revolver repositionings (3,375 ) Add: 2018 Senior Notes deferred financing costs 10,379 Less: Amortization expense relating to 2018 Senior Notes (123 ) Less: Accelerated amortization relating to prepayment under the 2016 Credit Agreement (5,297 ) At end of period $ 13,065 Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated as of September 29, 2018, is as follows: (in thousands) Total Remainder of 2018 $ 446 2019 1,828 2020 1,996 2021 1,980 2022 1,365 Thereafter 5,450 Total $ 13,065 As a result of prepayments of the 2016 Credit Agreement, 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 September 29, 2018, are as follows (at face value): (in thousands) Remainder of 2018 $ 75 2019 163 2020 — 2021 — 2022 71,975 Thereafter 315,000 Total $ 387,213 Other Debt In July 2017, we entered into a two-year |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11. COMMITMENTS AND CONTINGENCIES Litigation Our Company is a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of those proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or in the aggregate, will not have a materially adverse effect on our operations, financial position or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12. INCOME TAXES Income tax expense was $3.3 million for the three months ended September 29, 2018, compared with $3.0 million for the three months ended September 30, 2017. Our effective tax rate for the three months ended September 29, 2018, was 19.7%, and was 32.2% for the three months ended September 30, 2017. Income tax expense was $8.7 million for the nine months ended September 29, 2018, compared with $9.1 million for the nine months ended September 30, 2017. Our effective tax rate for the nine months ended September 29, 2018, was 16.8%, and was 31.8% for the nine months ended September 30, 2017. Income tax expense in the three months ended September 29, 2018, and September 30, 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 $1.0 million and $347 thousand, respectively. Income tax expense in the nine months ended September 29, 2018, and September 30, 2017, includes excess tax benefits totaling $4.6 million and $1.1 million, respectively. The three and nine month periods ended September 29, 2018 include other discrete items of income tax relating to various income tax credits taken on our recently filed Federal and state income tax returns totaling $97 thousand. Excluding these discrete items, the effective tax rates for the three months ended September 29, 2018, and September 30, 2017, would have been 26.1% and 36.0%, respectively. Excluding these discrete items, the effective tax rates for the nine months ended September 29, 2018, and September 30, 2017, would have been 25.8% and 35.8%, respectively. As a result of the Tax Cuts and Jobs Act, enacted effective on December 22, 2017, our Federal corporate income tax rate has been reduced from 35%, to 21%. This reduction in rate has lowered our overall effective tax rate. Additionally, the section 199 domestic manufacturing deduction was repealed. As such, our effective tax rate, excluding the discrete items discussed above, approximates our current combined statutory federal and state rate of 25.6%. 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. 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 totaling $9.0 million relating to the 2017 tax year. We made additional estimated Federal income tax payments totaling $6.0 million, and estimated income tax payments to Florida totaling $2.2 million, for our 2018 tax year during the second and third quarters of 2018. During the nine months ended September 30, 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 | 9 Months Ended |
Sep. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 13. FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is used to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The accounting guidance concerning fair value allows us to elect to measure financial instruments at fair value and report the changes in fair value through 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 During the three months ended September 29, 2018, or September 30, 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, accrued liabilities and other debt, whose carrying amounts approximate their fair values due to their short-term nature. Our financial instruments also include borrowings under our 2016 Credit Agreement, as well as the 2018 Senior Notes, both classified as long-term debt. The fair value of borrowings under the 2016 Credit Agreement is based on debt with similar terms and characteristics and was approximately $72.3 million as of September 29, 2018, compared to a principal outstanding value of $72.0 million, and $227.3 million as of December 30, 2017, compared to a principal outstanding value of $224.0 million. The fair value of the recently issued 2018 Senior Notes is also based on debt with similar terms and characteristics and was approximately $327.6 million as of September 29, 2018, compared to a principal outstanding value of $315.0 million. The 2018 Senior Notes were not outstanding at the end of our 2017 fiscal year. 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 (in thousands): Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable September 29, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts, net $ (1,107 ) $ — $ (1,107 ) $ — $ (1,107 ) $ — $ (1,107 ) $ — 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 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | NOTE 14. 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 825 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 non-performance At September 29, 2018, the fair value of our aluminum forward contracts was in a net liability position of $1.1 million. We had 36 outstanding forward contracts for the purchase of 34.0 million pounds of aluminum through December 2019, at an average price of $0.98 per pound, which excludes the Midwest premium, with maturity dates of between one month and fifteen months. We assessed the risk of non-performance 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, net, recognized in the “accumulated other comprehensive loss” line item in the accompanying condensed consolidated balance sheet as of September 29, 2018, that we expect will be reclassified to earnings within the next twelve months, will be approximately $0.9 million. The fair value of our aluminum hedges are classified in the accompanying consolidated balance sheets as follows (in thousands): Derivative Assets Derivative Liabilities September 29, 2018 September 29, 2018 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ 50 Accrued liabilities $ (902 ) Aluminum forward contracts Other assets 20 Other liabilities (275 ) Total derivative instruments Total derivative assets $ 70 Total derivative liabilities $ (1,177 ) The ending accumulated balance for the aluminum forward contracts included in accumulated other comprehensive losses, net of tax, was $824 thousand as of September 29, 2018. We had no outstanding derivative contracts as of December 30, 2017. 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) Recognized in OCI Location of Gain Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended Three Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 Aluminum contracts $ (649 ) $ — Cost of sales $ (58 ) $ — Location of Gain Amount of Gain (Loss) Three Months Ended September 29, September 30, 2018 2017 Aluminum contracts $ — $ — Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Income (Effective Portion) Nine Months Ended Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 Aluminum contracts $ (1,122 ) $ — Cost of sales $ (15 ) $ — Location of Gain Amount of Gain (Loss) Recognized in Income Nine Months Ended September 29, September 30, 2018 2017 Aluminum contracts $ — $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 29, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 15. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 29, 2018: Aluminum Three months ended September 29, 2018 Forward (in thousands) Contracts Balance at June 30, 2018 $ (384 ) Other comprehensive loss before reclassification (649 ) Amounts reclassified from other comprehensive loss 58 Tax effect 151 Net current-period other comprehensive loss (440 ) Balance at September 29, 2018 $ (824 ) Aluminum Nine months ended September 29, 2018 Forward (in thousands) Contracts Balance at December 30, 2017 $ — Other comprehensive loss before reclassification (1,122 ) Amounts reclassified from other comprehensive loss 15 Tax effect 283 Net current-period other comprehensive loss (824 ) Balance at September 29, 2018 $ (824 ) |
Equity Issuance
Equity Issuance | 9 Months Ended |
Sep. 29, 2018 | |
Federal Home Loan Banks [Abstract] | |
Equity Issuance | NOTE 16. EQUITY ISSUANCE On September 18, 2018, we completed an underwritten, public offering of 7,000,000 shares of our common stock, at a public offering price of $23.00 per share. Pursuant to the offering, we granted the underwriters an option for a 30-day 30-day The offering resulted in gross proceeds to the Company of $161.0 million. Net of an underwriting fee of $1.15 per share, net cash proceeds to the Company approximated $153.0 million. We used $152.0 million of these proceeds to prepay borrowings outstanding under the term loan portion of the 2016 Credit Agreement. The remainder of the proceeds were used for working capital or general corporate purposes, including payment of offering expenses of approximately $0.3 million, classified as a reduction of additional paid-in |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, 2017-12 2017-12 2017-12. In February 2017, the FASB issued ASU 2017-05, 2017-05 610-20, 610-20, 2014-09, non-customers. In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01 In August 2016, the FASB issued ASU 2016-15, 2016-15 Adoption of ASU 2014-09, 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) is as follows (in thousands): Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the three and nine months ended September 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying condensed consolidated statement of comprehensive income, and the condensed consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Three Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 199,084 $ (1,956 ) $ 197,128 Cost of sales 126,086 (664 ) 125,422 Gross profit 72,998 (1,292 ) 71,706 Selling, general and administrative expenses 44,055 (208 ) 43,847 Income from operations 28,943 (1,084 ) 27,859 Interest expense, net 11,741 — 11,741 Debt extinguishment costs 296 — 296 Income before income taxes 16,906 (1,084 ) 15,822 Income tax expense 3,335 (283 ) 3,052 Net income $ 13,571 $ (801 ) $ 12,770 Basic $ 0.26 $ 0.25 Diluted $ 0.26 $ 0.24 Comprehensive income $ 13,131 $ (801 ) $ 12,330 Nine Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 508,606 $ (4,908 ) $ 503,698 Cost of sales 330,888 (2,550 ) 328,338 Gross profit 177,718 (2,358 ) 175,360 Selling, general and administrative expenses 105,293 (393 ) 104,900 Gains on transfers of assets (2,551 ) — (2,551 ) Income from operations 74,976 (1,965 ) 73,011 Interest expense, net 19,393 — 19,393 Debt extinguishment costs 3,375 — 3,375 Income before income taxes 52,208 (1,965 ) 50,243 Income tax expense 8,749 (508 ) 8,241 Net income $ 43,459 $ (1,457 ) $ 42,002 Basic $ 0.86 $ 0.83 Diluted $ 0.83 $ 0.80 Comprehensive income $ 42,635 $ (1,457 ) $ 41,178 At September 29, 2018 As Impact of ASU 2014-09 Previous Cash and cash equivalents $ 32,159 $ — $ 32,159 Accounts receivable, net 92,537 — 92,537 Inventories 46,477 8,611 55,088 Contract assets, net 14,026 (14,026 ) — Prepaid expenses 3,578 — 3,578 Other current assets 9,112 508 9,620 Total current assets 197,889 (4,907 ) 192,982 Property, plant and equipment, net 113,076 — 113,076 Trade name and other intangible assets, net 275,917 — 275,917 Goodwill 272,439 533 272,972 Other assets, net 1,217 — 1,217 Total assets $ 860,538 $ (4,374 ) $ 856,164 Accounts payable and accrued liabilities $ 69,943 $ (387 ) $ 69,556 Current portion of long-term debt 238 — 238 Total current liabilities 70,181 (387 ) 69,794 Long-term debt, less current portion 373,910 — 373,910 Deferred income taxes 23,136 (647 ) 22,489 Other liabilities 16,963 — 16,963 Total liabilities 484,190 (1,034 ) 483,156 Total shareholders’ equity 376,348 (3,340 ) 373,008 Total liabilities and shareholders’ equity $ 860,538 $ (4,374 ) $ 856,164 Amounts in the tables above presented under “Previous Standard” represent balances as-if 2014-09 Recently Issued Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, on-balance 2016-02 2018-01, 2018-10, 2018-11, right-of-use The new standard is effective for us on December 30, 2018 (the first day of our 2019 fiscal year), with early adoption permitted. We expect to adopt the new standard on its effective date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date, or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We expect to adopt the new standard on December 30, 2018 and use the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods prior to December 30, 2018. The new standard provides a number of optional practical expedients in transition. We expect to elect some or all of the new standard’s available transition practical expedients, which we are continuing to evaluate. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases that qualify, primarily our vehicle and office equipment leases. This means, for those leases that qualify, we will not recognize right-of-use right-of-use non-lease We expect that this standard will have a material effect on our financial position. While we continue to assess all of the effects of adoption, we currently believe the most significant effects relate to the recognition of new right-of-use right-of-use Intangibles In August 2018, the FASB issued ASU 2018-15, Other-Internal-Use 350-40)”. internal-use Fair Value Measurement Disclosures In August 2018, the FASB issued ASU 2018-13, |
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 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. Due to the customized build-to-order pre-cut Revenue recognized over time on products during the manufacturing process is based on the per-unit per-unit |
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. Our unsatisfied performance obligations as of September 29, 2018, total $104 million, and is composed of confirmed, non-cancellable |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 29, 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) is as follows (in thousands): Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the three and nine months ended September 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying condensed consolidated statement of comprehensive income, and the condensed consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Three Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 199,084 $ (1,956 ) $ 197,128 Cost of sales 126,086 (664 ) 125,422 Gross profit 72,998 (1,292 ) 71,706 Selling, general and administrative expenses 44,055 (208 ) 43,847 Income from operations 28,943 (1,084 ) 27,859 Interest expense, net 11,741 — 11,741 Debt extinguishment costs 296 — 296 Income before income taxes 16,906 (1,084 ) 15,822 Income tax expense 3,335 (283 ) 3,052 Net income $ 13,571 $ (801 ) $ 12,770 Basic $ 0.26 $ 0.25 Diluted $ 0.26 $ 0.24 Comprehensive income $ 13,131 $ (801 ) $ 12,330 Nine Months Ended September 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 508,606 $ (4,908 ) $ 503,698 Cost of sales 330,888 (2,550 ) 328,338 Gross profit 177,718 (2,358 ) 175,360 Selling, general and administrative expenses 105,293 (393 ) 104,900 Gains on transfers of assets (2,551 ) — (2,551 ) Income from operations 74,976 (1,965 ) 73,011 Interest expense, net 19,393 — 19,393 Debt extinguishment costs 3,375 — 3,375 Income before income taxes 52,208 (1,965 ) 50,243 Income tax expense 8,749 (508 ) 8,241 Net income $ 43,459 $ (1,457 ) $ 42,002 Basic $ 0.86 $ 0.83 Diluted $ 0.83 $ 0.80 Comprehensive income $ 42,635 $ (1,457 ) $ 41,178 At September 29, 2018 As Impact of ASU 2014-09 Previous Cash and cash equivalents $ 32,159 $ — $ 32,159 Accounts receivable, net 92,537 — 92,537 Inventories 46,477 8,611 55,088 Contract assets, net 14,026 (14,026 ) — Prepaid expenses 3,578 — 3,578 Other current assets 9,112 508 9,620 Total current assets 197,889 (4,907 ) 192,982 Property, plant and equipment, net 113,076 — 113,076 Trade name and other intangible assets, net 275,917 — 275,917 Goodwill 272,439 533 272,972 Other assets, net 1,217 — 1,217 Total assets $ 860,538 $ (4,374 ) $ 856,164 Accounts payable and accrued liabilities $ 69,943 $ (387 ) $ 69,556 Current portion of long-term debt 238 — 238 Total current liabilities 70,181 (387 ) 69,794 Long-term debt, less current portion 373,910 — 373,910 Deferred income taxes 23,136 (647 ) 22,489 Other liabilities 16,963 — 16,963 Total liabilities 484,190 (1,034 ) 483,156 Total shareholders’ equity 376,348 (3,340 ) 373,008 Total liabilities and shareholders’ equity $ 860,538 $ (4,374 ) $ 856,164 |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2018 Sales % of sales Product category: Impact-resistant windows and door products $ 158.3 79.5 % Non-Impact 40.8 20.5 % Total net sales $ 199.1 100.0 % Nine Months Ended September 29, 2018 Sales % of sales Product category: Impact-resistant window and door products $ 425.6 83.7 % Non-impact 83.0 16.3 % Total net sales $ 508.6 100.0 % |
Contract Asset and Liability Balances | The following table provides information about contract asset and liability balances as of and for the three and nine months ended September 29, 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 Contract Contract Contract Assets, Three months ended September 29, 2018: Assets Liabilities Net At September 29, 2018 $ 14,670 $ (644 ) $ 14,026 Less: Acquired with WWS on August 13, 2018 1,058 (168 ) 890 Less: At June 30, 2018 11,656 (644 ) 11,012 Net increase $ 1,956 $ 168 $ 2,124 Contract Contract Contract Assets, Nine months ended September 29, 2018: Assets Liabilities Net At September 29, 2018 $ 14,670 $ (644 ) $ 14,026 Less: Acquired with WWS on August 13, 2018 1,058 (168 ) 890 Less: At December 31, 2017 8,704 (528 ) 8,176 Net increase $ 4,908 $ 52 $ 4,960 |
Warranty (Tables)
Warranty (Tables) | 9 Months Ended |
Sep. 29, 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 and nine months ended September 29, 2018, and September 30, 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 Acquired to Expense Adjustments Settlements Period (in thousands) Three months ended September 29, 2018 $ 5,368 $ 509 $ 3,307 $ (21 ) $ (3,129 ) $ 6,034 Three months ended September 30, 2017 $ 5,679 $ — $ 2,593 $ 46 $ (2,412 ) $ 5,906 Nine months ended September 29, 2018 $ 5,386 $ 509 $ 8,524 $ (229 ) $ (8,156 ) $ 6,034 Nine months ended September 30, 2017 $ 5,569 $ — $ 8,681 $ (18 ) $ (8,326 ) $ 5,906 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: September 29, December 30, 2018 2017 (in thousands) Raw materials $ 42,924 $ 30,139 Work-in-progress 3,348 2,506 Finished goods 205 5,171 $ 46,477 $ 37,816 |
Acquisition (Tables)
Acquisition (Tables) - Western Window Systems [Member] | 9 Months Ended |
Sep. 29, 2018 | |
Schedule of Fair Value of Assets and Liabilities Assumed | The preliminary estimated fair value of assets acquired, and liabilities assumed as of the closing date, are as follows: Preliminary Accounts and notes receivable $ 7,555 Inventories 12,580 Contract assets, net 890 Prepaid expenses and other assets 1,190 Property and equipment 16,416 Intangible assets 167,000 Goodwill 164,379 Accounts payable (5,622 ) Accrued and other liabilities (9,175 ) Purchase price $ 355,213 Consideration: Cash $ 355,213 Total fair value of consideration $ 355,213 |
Summary of Preliminary Values and Estimated Useful Lives | The preliminary values and our estimate of their respective useful lives are as follows: Preliminary Initial (in thousands) Trade names $ 73,000 indefinite Customer relationships 94,000 10 Other intangible assets, net $ 167,000 |
Summary of Unaudited Proforma Results | The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Three Months Ended Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 (unaudited) (unaudited) Net sales $ 213,039 $ 150,853 $ 585,586 $ 451,445 Net income $ 12,222 $ 3,097 $ 39,933 $ 11,397 Net income per common share: Basic $ 0.24 $ 0.06 $ 0.79 $ 0.23 Diluted $ 0.23 $ 0.06 $ 0.76 $ 0.22 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 29, 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 Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 (in thousands, except per share amounts) Net income $ 13,571 $ 6,292 $ 43,459 $ 19,546 Weighted-average common shares - Basic 51,682 49,629 50,619 49,455 Add: Dilutive effect of stock compensation plans 1,386 2,180 1,759 2,215 Weighted-average common shares - Diluted 53,068 51,809 52,378 51,670 Net income per common share: Basic $ 0.26 $ 0.13 $ 0.86 $ 0.40 Diluted $ 0.26 $ 0.12 $ 0.83 $ 0.38 |
Goodwill, Trade Names, and Ot_2
Goodwill, Trade Names, and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, December 30, Useful Life 2018 2017 (in years) (in thousands) Goodwill $ 272,439 $ 108,060 indefinite Trade names and other intangible assets: Trade names $ 148,841 $ 75,841 indefinite Customer relationships 200,647 106,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (78,829 ) (72,703 ) Subtotal 127,076 39,202 Other intangible assets, net $ 275,917 $ 115,043 Goodwill at December 30, 2017 $ 108,060 Increase in goodwill from allocation of WWS purchase price 164,379 Goodwill at September 29, 2018 $ 272,439 Tradenames at December 30, 2017 $ 75,841 Increase in tradenames from the acquisition of WWS 73,000 Tradenames at September 29, 2018 $ 148,841 |
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 $ 4,073 2019 15,830 2020 15,859 2021 15,374 2022 14,515 Thereafter 61,425 Total $ 127,076 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | September 29, December 30, 2018 2017 (in thousands) 2018 Senior Notes due 2026 $ 315,000 $ — Term loan payable under the 2016 Credit Agreement 71,975 223,975 Other debt 238 458 Fees, costs and original issue discount (13,065 ) (11,460 ) Long-term debt 374,148 212,973 Less current portion of long-term debt (238 ) (294 ) Long-term debt, less current portion $ 373,910 $ 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 nine months ended September 29, 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 Less: Amortization expense relating to 2016 Credit Agreement (1,666 ) Add: Second amendment of 2016 Credit Agreement refinancing costs 1,687 Less: Debt extinguishment costs relating to second amendment and revolver repositionings (3,375 ) Add: 2018 Senior Notes deferred financing costs 10,379 Less: Amortization expense relating to 2018 Senior Notes (123 ) Less: Accelerated amortization relating to prepayment under the 2016 Credit Agreement (5,297 ) At end of period $ 13,065 |
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 September 29, 2018, is as follows: (in thousands) Total Remainder of 2018 $ 446 2019 1,828 2020 1,996 2021 1,980 2022 1,365 Thereafter 5,450 Total $ 13,065 |
Contractual Future Maturities of Long-Term Debt Outstanding, Including Other Debt Relating to Software License Financing Arrangement | As a result of prepayments of the 2016 Credit Agreement, 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 September 29, 2018, are as follows (at face value): (in thousands) Remainder of 2018 $ 75 2019 163 2020 — 2021 — 2022 71,975 Thereafter 315,000 Total $ 387,213 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 29, 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 (in thousands): Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable September 29, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts, net $ (1,107 ) $ — $ (1,107 ) $ — $ (1,107 ) $ — $ (1,107 ) $ — |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 29, 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): Derivative Assets Derivative Liabilities September 29, 2018 September 29, 2018 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ 50 Accrued liabilities $ (902 ) Aluminum forward contracts Other assets 20 Other liabilities (275 ) Total derivative instruments Total derivative assets $ 70 Total derivative liabilities $ (1,177 ) |
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) Recognized in OCI Location of Gain Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended Three Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 Aluminum contracts $ (649 ) $ — Cost of sales $ (58 ) $ — Location of Gain Amount of Gain (Loss) Three Months Ended September 29, September 30, 2018 2017 Aluminum contracts $ — $ — Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Income (Effective Portion) Nine Months Ended Nine Months Ended September 29, September 30, September 29, September 30, 2018 2017 2018 2017 Aluminum contracts $ (1,122 ) $ — Cost of sales $ (15 ) $ — Location of Gain Amount of Gain (Loss) Recognized in Income Nine Months Ended September 29, September 30, 2018 2017 Aluminum contracts $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 29, 2018: Aluminum Three months ended September 29, 2018 Forward (in thousands) Contracts Balance at June 30, 2018 $ (384 ) Other comprehensive loss before reclassification (649 ) Amounts reclassified from other comprehensive loss 58 Tax effect 151 Net current-period other comprehensive loss (440 ) Balance at September 29, 2018 $ (824 ) Aluminum Nine months ended September 29, 2018 Forward (in thousands) Contracts Balance at December 30, 2017 $ — Other comprehensive loss before reclassification (1,122 ) Amounts reclassified from other comprehensive loss 15 Tax effect 283 Net current-period other comprehensive loss (824 ) Balance at September 29, 2018 $ (824 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Business combination consideration transferred | $ 355,200 | |||
Sales related in excess of billing | $ 199,084 | $ 126,876 | 508,606 | $ 376,981 |
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) | (1,900) | ||
Sales related in excess of billing | $ 8,700 |
Basis of Presentation - Adjustm
Basis of Presentation - Adjustment to Accumulated Deficit (Detail) - Adoption of Accounting Standards Update 2014-09 [Member] - Difference between Revenue Guidance in Effect before and after Topic 606 [Member] $ in Thousands | Dec. 31, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Effect of a change in accounting principle on net income | $ 1,883 |
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 |
Inventory Classified as 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) |
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) |
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) |
Basis of Presentation - Revenue
Basis of Presentation - Revenue Recognition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net sales | $ 199,084 | $ 126,876 | $ 508,606 | $ 376,981 | |||||
Cost of sales | 126,086 | 87,128 | 330,888 | 260,941 | |||||
Gross profit | 72,998 | 39,748 | 177,718 | 116,040 | |||||
Selling, general and administrative expenses | 44,055 | 24,950 | 105,293 | 72,385 | |||||
Income from operations | 28,943 | 14,798 | 74,976 | 43,655 | |||||
Interest expense, net | 11,741 | 5,514 | 19,393 | 14,992 | |||||
Debt extinguishment costs | 296 | 3,375 | |||||||
Income before income taxes | 16,906 | 9,284 | 52,208 | 28,663 | |||||
Income tax expense | 3,335 | 2,992 | 8,749 | 9,117 | |||||
Net income | $ 13,571 | $ 6,292 | $ 43,459 | $ 19,546 | |||||
Basic | $ 0.26 | $ 0.13 | $ 0.86 | $ 0.40 | |||||
Diluted | $ 0.26 | $ 0.12 | $ 0.83 | $ 0.38 | |||||
Comprehensive income | $ 13,131 | $ 6,292 | $ 42,635 | $ 19,546 | |||||
Gains on transfers of assets | (2,551) | ||||||||
Cash and cash equivalents | 32,159 | $ 44,727 | 32,159 | $ 44,727 | $ 34,029 | $ 39,210 | |||
Accounts receivable, net | 92,537 | 92,537 | 60,308 | ||||||
Inventories | 46,477 | 46,477 | 37,816 | ||||||
Contract assets, net | 14,026 | 14,026 | |||||||
Prepaid expenses | 3,578 | 3,578 | 2,490 | ||||||
Other current assets | 9,112 | 9,112 | 9,873 | ||||||
Total current assets | 197,889 | 197,889 | 144,516 | ||||||
Property, plant and equipment, net | 113,076 | 113,076 | 84,133 | ||||||
Trade name and other intangible assets, net | 275,917 | 275,917 | 115,043 | ||||||
Goodwill | 272,439 | 272,439 | 108,060 | ||||||
Other assets, net | 1,217 | 1,217 | 1,367 | ||||||
Total assets | 860,538 | 860,538 | 453,119 | ||||||
Accounts payable and accrued liabilities | 69,943 | 69,943 | 41,085 | ||||||
Current portion of long-term debt | 238 | 238 | 294 | ||||||
Total current liabilities | 70,181 | 70,181 | 41,379 | ||||||
Long-term debt, less current portion | 373,910 | 373,910 | 212,679 | ||||||
Deferred income taxes | 23,136 | 23,136 | 22,772 | ||||||
Other liabilities | 16,963 | 16,963 | 964 | ||||||
Total liabilities | 484,190 | 484,190 | 277,794 | ||||||
Total shareholders' equity | 376,348 | 376,348 | 175,325 | ||||||
Total liabilities and shareholders' equity | 860,538 | 860,538 | $ 453,119 | ||||||
Adoption of Accounting Standards Update 2014-09 [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net sales | 8,700 | ||||||||
Contract assets, net | 14,026 | 14,026 | $ 14,026 | $ 11,012 | $ 8,176 | ||||
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 | (1,956) | (4,908) | |||||||
Cost of sales | (664) | (2,550) | |||||||
Gross profit | (1,292) | (2,358) | |||||||
Selling, general and administrative expenses | (208) | 393 | |||||||
Income from operations | (1,084) | (1,965) | |||||||
Income before income taxes | (1,084) | (1,965) | |||||||
Income tax expense | (283) | (508) | |||||||
Net income | (801) | (1,457) | |||||||
Comprehensive income | (801) | (1,457) | |||||||
Inventories | 8,611 | 8,611 | |||||||
Contract assets, net | (14,026) | (14,026) | |||||||
Other current assets | 508 | 508 | |||||||
Total current assets | (4,907) | (4,907) | |||||||
Goodwill | 533 | 533 | |||||||
Total assets | (4,374) | (4,374) | |||||||
Accounts payable and accrued liabilities | (387) | (387) | |||||||
Total current liabilities | (387) | (387) | |||||||
Deferred income taxes | 647 | 647 | |||||||
Total liabilities | (1,034) | (1,034) | |||||||
Total shareholders' equity | (3,340) | (3,340) | |||||||
Total liabilities and shareholders' equity | (4,374) | (4,374) | |||||||
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 | 197,128 | 503,698 | |||||||
Cost of sales | 125,422 | 328,338 | |||||||
Gross profit | 71,706 | 175,360 | |||||||
Selling, general and administrative expenses | 43,847 | 104,900 | |||||||
Income from operations | 27,859 | 73,011 | |||||||
Interest expense, net | 11,741 | 19,393 | |||||||
Debt extinguishment costs | 296 | 3,375 | |||||||
Income before income taxes | 15,822 | 50,243 | |||||||
Income tax expense | 3,052 | 8,241 | |||||||
Net income | $ 12,770 | $ 42,002 | |||||||
Basic | $ 0.25 | $ 0.83 | |||||||
Diluted | $ 0.24 | $ 0.80 | |||||||
Comprehensive income | $ 12,330 | $ 41,178 | |||||||
Gains on transfers of assets | (2,551) | ||||||||
Cash and cash equivalents | 32,159 | 32,159 | |||||||
Accounts receivable, net | 92,537 | 92,537 | |||||||
Inventories | 55,088 | 55,088 | |||||||
Prepaid expenses | 3,578 | 3,578 | |||||||
Other current assets | 9,620 | 9,620 | |||||||
Total current assets | 192,982 | 192,982 | |||||||
Property, plant and equipment, net | 113,076 | 113,076 | |||||||
Trade name and other intangible assets, net | 275,917 | 275,917 | |||||||
Goodwill | 272,972 | 272,972 | |||||||
Other assets, net | 1,217 | 1,217 | |||||||
Total assets | 856,164 | 856,164 | |||||||
Accounts payable and accrued liabilities | 69,556 | 69,556 | |||||||
Current portion of long-term debt | 238 | 238 | |||||||
Total current liabilities | 69,794 | 69,794 | |||||||
Long-term debt, less current portion | 373,910 | 373,910 | |||||||
Deferred income taxes | 22,489 | 22,489 | |||||||
Other liabilities | 16,963 | 16,963 | |||||||
Total liabilities | 483,156 | 483,156 | |||||||
Total shareholders' equity | 373,008 | 373,008 | |||||||
Total liabilities and shareholders' equity | $ 856,164 | $ 856,164 |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Revenue Based on Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Product Information [Line Items] | ||||
Net sales | $ 199,084 | $ 126,876 | $ 508,606 | $ 376,981 |
Percentage of net sales | 100.00% | 100.00% | ||
Impact-Resistant Windows and Door Products [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 158,300 | $ 425,600 | ||
Percentage of net sales | 79.50% | 83.70% | ||
Non-Impact Window and Door Products [Member] | ||||
Product Information [Line Items] | ||||
Net sales | $ 40,800 | $ 83,000 | ||
Percentage of net sales | 20.50% | 16.30% |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Contract Asset and Liability Balances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2018 | Aug. 13, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Contract with Customer, Asset and Liability [Line Items] | ||||||
Contract Assets Net, beginning balance | $ 14,026 | $ 14,026 | ||||
Less: Acquired with WWS on August 13, 2018 | (14,026) | (14,026) | ||||
Adoption of Accounting Standards Update 2014-09 [Member] | ||||||
Contract with Customer, Asset and Liability [Line Items] | ||||||
Contract Assets, beginning balance | 14,670 | 14,670 | $ 11,656 | $ 8,704 | ||
Net increase | 1,956 | 4,908 | ||||
Contract Liabilities, beginning balance | (644) | (644) | (644) | (528) | ||
Net increase | 168 | 52 | ||||
Contract Assets Net, beginning balance | 14,026 | 14,026 | $ 14,026 | 11,012 | 8,176 | |
Net increase | 2,124 | 4,960 | ||||
Less: Acquired with WWS on August 13, 2018 | (14,026) | (14,026) | $ (14,026) | (11,012) | (8,176) | |
Contract Assets, ending balance | 14,670 | 14,670 | 11,656 | 8,704 | ||
Contract Liabilities, ending balance | $ (644) | $ (644) | $ (644) | $ (528) | ||
Adoption of Accounting Standards Update 2014-09 [Member] | Western Window Systems [Member] | ||||||
Contract with Customer, Asset and Liability [Line Items] | ||||||
Contract Assets, beginning balance | $ (1,058) | |||||
Contract Liabilities, beginning balance | 168 | |||||
Contract Assets Net, beginning balance | (890) | |||||
Less: Acquired with WWS on August 13, 2018 | 890 | |||||
Contract Assets, ending balance | (1,058) | |||||
Contract Liabilities, ending balance | $ 168 |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts With Customers - Additional information (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Unsatisfied performance obligations | $ 127,076 | $ 39,202 |
Order or Production Backlog [Member] | ||
Unsatisfied performance obligations | $ 104,000 |
Warranty - Additional Informati
Warranty - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Product Warranty Liability [Line Items] | ||||
Warranty expense, average rate of sales | 1.70% | 2.00% | 1.70% | 2.30% |
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 | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Guarantees and Product Warranties [Abstract] | ||||
Accrued Warranty, Beginning of Period | $ 5,368 | $ 5,679 | $ 5,386 | $ 5,569 |
Accrued Warranty, Acquired | 509 | 509 | ||
Accrued Warranty, Charged to Expense | 3,307 | 2,593 | 8,524 | 8,681 |
Accrued Warranty, Adjustments | (21) | 46 | (229) | (18) |
Accrued Warranty, Settlements | (3,129) | (2,412) | (8,156) | (8,326) |
Accrued Warranty, End of Period | $ 6,034 | $ 5,906 | $ 6,034 | $ 5,906 |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 42,924 | $ 30,139 |
Work-in-progress | 3,348 | 2,506 |
Finished goods | 205 | 5,171 |
Inventories | $ 46,477 | $ 37,816 |
Stock Based-Compensation - Addi
Stock Based-Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 02, 2018shares | May 17, 2018Members$ / sharesshares | Mar. 02, 2018$ / sharesshares | Sep. 29, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 29, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of stock options exercised | 183,808 | 964,780 | |||||
Weighted average exercise price of options exercised | $ / shares | $ 2 | $ 2 | |||||
Granted in period (in shares) | 24,590 | ||||||
Granted received by each employee (in shares) | 10 | ||||||
Share granted at fair value | $ / shares | $ 20.85 | ||||||
Compensation expense for stock based awards | $ | $ 800 | $ 500 | $ 2,543 | $ 1,568 | |||
Total unrecognized compensation cost related primarily to restricted share awards | $ | 3,300 | $ 3,300 | |||||
Weighted average remaining period of stock option | 1 year 7 months 6 days | ||||||
Restricted Stock Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards | 30,456 | ||||||
Fair value of common stock | $ / shares | $ 18.65 | ||||||
Number of non management members | Members | 8 | ||||||
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 | $ / shares | $ 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. | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated stock-based compensation expense | $ | $ 500 | $ 500 | |||||
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 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 13, 2018 | Sep. 29, 2018 | Sep. 29, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | ||||
Fair value of consideration | $ 355,200 | |||
Goodwill | $ 272,439 | 272,439 | $ 108,060 | |
Western Window Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of consideration | $ 355,213 | |||
Cash payment to acquire business | 355,213 | |||
Business combination, acquisition related costs | 2,800 | 3,800 | ||
Goodwill | 164,379 | 164,400 | 164,400 | |
Net sales from acquisition | 18,700 | 2,300 | ||
Net income from acquisition | $ 18,700 | $ 2,300 | ||
Western Window Systems [Member] | 2018 Senior Notes [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | 315,000 | |||
Western Window Systems [Member] | Cash On Hand [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | $ 40,200 |
Acquisition - Schedule of Fair
Acquisition - Schedule of Fair Value of Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 13, 2018 | Sep. 29, 2018 | Dec. 30, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 272,439 | $ 108,060 | |
Total fair value of consideration | 355,200 | ||
Western Window Systems [Member] | |||
Business Acquisition [Line Items] | |||
Accounts and notes receivable | $ 7,555 | ||
Inventories | 12,580 | ||
Contract assets, net | 890 | ||
Prepaid expenses and other assets | 1,190 | ||
Property and equipment | 16,416 | ||
Intangible assets | 167,000 | ||
Goodwill | 164,379 | $ 164,400 | |
Accounts payable | (5,622) | ||
Accrued and other liabilities | (9,175) | ||
Purchase price | 355,213 | ||
Cash | 355,213 | ||
Total fair value of consideration | $ 355,213 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Values and Estimated Useful Lives (Detail) - Western Window Systems [Member] $ in Thousands | Aug. 13, 2018USD ($) |
Business Acquisition [Line Items] | |
Preliminary Valuation Amount | $ 167,000 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Preliminary Valuation Amount | $ 94,000 |
Initial useful life (in years) | 10 years |
Trade Names [Member] | |
Business Acquisition [Line Items] | |
Preliminary Valuation Amount | $ 73,000 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Proforma Results (Detail) - Western Window Systems [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Net sales | $ 213,039 | $ 150,853 | $ 585,586 | $ 451,445 |
Net income | $ 12,222 | $ 3,097 | $ 39,933 | $ 11,397 |
Net income per common share: | ||||
Basic | $ 0.24 | $ 0.06 | $ 0.79 | $ 0.23 |
Diluted | $ 0.23 | $ 0.06 | $ 0.76 | $ 0.22 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Options and Restricted Stock Awards [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities | 0 | 0 | 0 | 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 | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 13,571 | $ 6,292 | $ 43,459 | $ 19,546 |
Weighted-average common shares - Basic | 51,682 | 49,629 | 50,619 | 49,455 |
Add: Dilutive effect of stock compensation plans | 1,386 | 2,180 | 1,759 | 2,215 |
Weighted-average common shares - Diluted | 53,068 | 51,809 | 52,378 | 51,670 |
Net income per common share: | ||||
Basic | $ 0.26 | $ 0.13 | $ 0.86 | $ 0.40 |
Diluted | $ 0.26 | $ 0.12 | $ 0.83 | $ 0.38 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - USD ($) | Jun. 08, 2018 | Mar. 01, 2018 | Jan. 16, 2018 | Jan. 15, 2018 | Nov. 01, 2017 | Sep. 22, 2017 | Sep. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 15, 2017 |
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of manufacturing equipment | $ 5,866,000 | $ 59,000 | |||||||||
Gain on disposals of assets | 2,611,000 | $ 59,000 | |||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of manufacturing equipment | $ 14,800,000 | $ 15,000,000 | $ 10,000,000 | $ 10,000,000 | $ 3,000,000 | $ 28,000,000 | 27,800,000 | ||||
Asset supply agreement term | 7 years | ||||||||||
Property, plant and equipment, fair market value | $ 5,800,000 | $ 1,900,000 | |||||||||
Deferred income | $ 20,300,000 | ||||||||||
Payment amortized under supply agreement term | 7 years | ||||||||||
Net book value of assets held for sale | $ 3,200,000 | $ 1,500,000 | |||||||||
Amount received less than specified in APA | 200,000 | ||||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain on disposals of assets | 2,600,000 | ||||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Other Current Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Property, plant and equipment, fair market value | $ 7,700,000 | ||||||||||
Net book value of assets held for sale | $ 4,700,000 | ||||||||||
Cardinal [Member] | Supply Agreement [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | $ 17,400,000 | 17,400,000 | |||||||||
Cardinal [Member] | Supply Agreement [Member] | Inventory Classified as Cost of Sales [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization of deferred gain | 702,000 | 2,100,000 | |||||||||
Cardinal [Member] | Supply Agreement [Member] | Accrued Liabilities [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | 2,800,000 | 2,800,000 | |||||||||
Cardinal [Member] | Supply Agreement [Member] | Other Liabilities [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | $ 14,600,000 | $ 14,600,000 |
Goodwill, Trade Names, and Ot_3
Goodwill, Trade Names, and Other Intangible Assets - Schedule of Trade Names and Other Intangible Assets Net (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 29, 2018 | Aug. 13, 2018 | Dec. 30, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 108,060 | $ 272,439 | $ 108,060 | |
Less: Accumulated amortization | (78,829) | (72,703) | ||
Subtotal | 127,076 | 39,202 | ||
Other intangible assets, net | 275,917 | 115,043 | ||
Goodwill at December 30, 2017 | 108,060 | |||
Goodwill at September 29, 2018 | 272,439 | |||
Tradenames at December 30, 2017 | 75,841 | |||
Tradenames at September 29, 2018 | 148,841 | |||
Western Window Systems [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | 164,400 | 164,400 | $ 164,379 | |
Increase in goodwill from allocation of purchase price | 164,379 | |||
Goodwill at September 29, 2018 | 164,400 | |||
Increase in tradenames from the acquisition | $ 73,000 | |||
Trade Names [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets | 148,841 | 75,841 | ||
Customer Relationships [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets | 200,647 | 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 | |||
Software License [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 590 | $ 590 | ||
Initial Useful Life (in years) | 2 years |
Goodwill, Trade Names, and Ot_4
Goodwill, Trade Names, and Other Intangible Assets - Estimated Amortization for Future Fiscal Year (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2018 | $ 4,073 | |
2,019 | 15,830 | |
2,020 | 15,859 | |
2,021 | 15,374 | |
2,022 | 14,515 | |
Thereafter | 61,425 | |
Subtotal | $ 127,076 | $ 39,202 |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 | Jul. 31, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 387,213 | ||
Fees, costs and original issue discount | (13,065) | $ (11,460) | |
Long-term debt | 374,148 | 212,973 | |
Less current portion of long-term debt | (238) | (294) | |
Long-term debt, less current portion | 373,910 | 212,679 | |
2018 Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 315,000 | ||
2016 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 72,000 | 224,000 | |
Term Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 72,000 | ||
Term Notes Payable [Member] | 2016 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 71,975 | 223,975 | |
Financing Arrangement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 238 | $ 458 | $ 590 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Aug. 10, 2018USD ($) | Mar. 16, 2018 | Feb. 16, 2016USD ($) | Mar. 16, 2018 | Jul. 31, 2017USD ($)Installment | Sep. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 18, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Face value of Debt Outstanding | $ 387,213,000 | $ 387,213,000 | |||||||
Debt extinguishment cost | 296,000 | 3,375,000 | |||||||
Letters of credit outstanding | $ 1,200,000 | 1,200,000 | |||||||
Minimum percentage of revolving credit facility as per financial covenant | 20.00% | ||||||||
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] | |||||||||
Face value of Debt Outstanding | $ 590,000 | $ 238,000 | 238,000 | $ 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] | |||||||||
Face value of Debt Outstanding | $ 72,000,000 | $ 72,000,000 | |||||||
2018 Senior Notes due 2026 [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt | $ 315,000,000 | ||||||||
Percentage of Principal Amount Redeemed | 100.00% | ||||||||
Accrued Interest rate | 6.75% | ||||||||
Face value of Debt Outstanding | $ 315,000,000 | ||||||||
Accrued interest | 3,000,000 | ||||||||
Financing Costs | $ 10,400,000 | ||||||||
Repurchase notes percentage of aggregate principal amount | 101.00% | 101.00% | |||||||
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 | 5.76% | 5.76% | 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 | $ 38,800,000 | $ 38,800,000 | |||||||
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] | |||||||||
Face value of Debt Outstanding | 72,000,000 | $ 72,000,000 | $ 224,000,000 | ||||||
Accrued interest | $ 600,000 | ||||||||
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). | ||||||||
Debt extinguishment cost | 296,000 | $ 3,375,000 | |||||||
Credit agreement date | Feb. 16, 2016 | ||||||||
Accelerated amortization relating to prepayment under the 2016 Credit Agreement | $ (5,297,000) | ||||||||
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] | |||||||||
Face value of Debt Outstanding | $ 71,975,000 | $ 71,975,000 | $ 223,975,000 | ||||||
2014 Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit agreement date | Sep. 22, 2014 | ||||||||
2018 Equity Issuance [Member] | 2016 Credit Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Outstanding Borrowing | $ 152,000,000 |
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 | 9 Months Ended |
Sep. 29, 2018USD ($) | Sep. 29, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Add: 2018 Senior Notes deferred financing costs | $ 12,066 | |
Less: Debt extinguishment costs | $ (296) | (3,375) |
At end of period | 13,065 | 13,065 |
2018 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Less: Amortization expense | (123) | (123) |
Add: 2018 Senior Notes deferred financing costs | 10,379 | |
2016 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
At beginning of year | 11,460 | 11,460 |
Less: Amortization expense | (1,666) | (1,666) |
Add: 2018 Senior Notes deferred financing costs | 1,687 | |
Less: Debt extinguishment costs | $ (296) | (3,375) |
Less: Accelerated amortization relating to prepayment under the 2016 Credit Agreement | $ (5,297) |
Long-Term Debt - Estimated Amor
Long-Term Debt - Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount (Detail) $ in Thousands | Sep. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2018 | $ 446 |
2,019 | 1,828 |
2,020 | 1,996 |
2,021 | 1,980 |
2,022 | 1,365 |
Thereafter | 5,450 |
Total | $ 13,065 |
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) $ in Thousands | Sep. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2018 | $ 75 |
2,019 | 163 |
2,020 | 0 |
2,021 | 0 |
2,022 | 71,975 |
Thereafter | 315,000 |
Total | $ 387,213 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 |
Income Taxes [Line Items] | |||||||
Income tax expense | $ 3,335,000 | $ 2,992,000 | $ 8,749,000 | $ 9,117,000 | |||
Effective tax rates | 25.60% | 19.70% | 32.20% | 16.80% | 31.80% | ||
Income tax expense, discrete item | $ 1,000,000 | $ 347,000 | |||||
Effective tax rates, excluding discrete item | 26.10% | 36.00% | 25.80% | 35.80% | |||
Income tax expense, discrete item | $ 97,000 | $ 97,000 | |||||
Effective income tax rate reconciliation, change in enacted tax rate, percent | 38.80% | ||||||
Effective income tax rate, Fedreral | 21.00% | 35.00% | |||||
Payment of estimated federal income taxes | $ 0 | $ 9,000,000 | |||||
Refund of federal income taxes | $ 0 | $ 0 | |||||
Domestic Country [Member] | |||||||
Income Taxes [Line Items] | |||||||
Payment of estimated federal income taxes | $ 6,000,000 | $ 6,000,000 | |||||
Florida [Member] | |||||||
Income Taxes [Line Items] | |||||||
Payment of estimated federal income taxes | $ 2,200,000 | $ 2,200,000 | |||||
Other Current Liabilities [Member] | Federal and State [Member] | |||||||
Income Taxes [Line Items] | |||||||
Federal income taxes payable | $ 6,500,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of assets, level 2 to level 3 transfers | $ 0 | $ 0 | |
Principal outstanding value | 387,213,000 | ||
2016 Credit Agreement [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of current long-term debt | 72,300,000 | $ 227,300,000 | |
Principal outstanding value | 72,000,000 | 224,000,000 | |
Two Thousand And Sixteen Senior Notes [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of current long-term debt | 327,600,000 | ||
Principal outstanding value | $ 315,000,000 | $ 0 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) $ in Thousands | Sep. 29, 2018USD ($) |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | $ (1,107) |
Aluminum Forward Contracts [Member] | |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | (1,107) |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | |
Fair value, net asset (liability) | (1,107) |
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) | $ (1,107) |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands, lb in Millions | Sep. 29, 2018USD ($)ForwardContractslb$ / Pounds | Sep. 29, 2018USD ($)ForwardContractslb$ / Pounds | Dec. 30, 2017ForwardContracts |
Derivative [Line Items] | |||
Derivative liabilities, net | $ 1,177 | $ 1,177 | |
Fair Value of Derivative | 900 | ||
Aluminum Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities, net | $ 1,100 | $ 1,100 | |
Number of outstanding forward contracts | ForwardContracts | 36 | 36 | 0 |
Derivative, amount of hedged item | lb | 34 | 34 | |
Derivative average price | $ / Pounds | 0.98 | 0.98 | |
Maturity period of contract, minimum | 1 month | ||
Maturity period of contract, maximum | 15 months | ||
Accumulated other comprehensive income, net of tax | $ 824 | $ 824 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value of Hedges (Detail) $ in Thousands | Sep. 29, 2018USD ($) |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments Assets | $ 70 |
Total derivative instruments Liabilities | (1,177) |
Aluminum Forward Contracts [Member] | Accrued Liabilities [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments Liabilities | (902) |
Aluminum Forward Contracts [Member] | Other Liabilities [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments Liabilities | (275) |
Aluminum Forward Contracts [Member] | Other Current Assets [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments Assets | 50 |
Aluminum Forward Contracts [Member] | Other Assets [Member] | |
Derivative Instruments And Hedging Activities [Line Items] | |
Total derivative instruments Assets | $ 20 |
Derivatives - Gains (Losses) on
Derivatives - Gains (Losses) on Derivative Financial Instruments (Detail) - Aluminum Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Inventory Classified as Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (649) | $ (1,122) | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (58) | (15) | ||
Other Expense, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2018 | Sep. 29, 2018 | |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 175,325 | |
Ending Balance | $ 376,348 | 376,348 |
Aluminum Forward Contracts [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive loss before reclassification | (649) | (1,122) |
Amounts reclassified from other comprehensive loss | 58 | 15 |
Tax effect | 151 | 283 |
Net current-period other comprehensive loss | (440) | (824) |
Aluminum Forward Contracts [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (384) | |
Ending Balance | $ (824) | $ (824) |
Equity Issuance - Additional In
Equity Issuance - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 29, 2018 | Sep. 18, 2018 | Jul. 02, 2018 | Sep. 29, 2018 |
Common Equity Offering Program [Line Items] | ||||
Additional common stock , issued | 24,590 | |||
Common stock , gross proceeds | $ 161,000 | $ 152,653 | ||
Common stock underwriting fee , per share | $ 1.15 | |||
Proceeds from issuance of common stock | $ 153,000 | |||
Proceeds to prepay outstanding borrowings | 152,000 | |||
Payment of offering expenses | $ 300 | |||
Underwritten Public Offering [Member] | ||||
Common Equity Offering Program [Line Items] | ||||
Common stock , issued | 7,000,000 | |||
Common stock, price per share | $ 23 | |||
Underwriter [Member] | Underwritten Public Offering [Member] | ||||
Common Equity Offering Program [Line Items] | ||||
Additional common stock , issued | 1,050,000 | |||
Underwriter grand period | 30 days |