Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Nov. 08, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ASSOCIATED MATERIALS, LLC | ' |
Entity Central Index Key | '0000802967 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Sep-13 | ' |
Amendment Flag | 'false | ' |
Membership interests description | 'The registrant’s membership interests outstanding were held by an affiliate of the Registrant | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Common Shares Outstanding | ' | 0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,204 | $9,594 |
Accounts receivable, net | 167,452 | 121,387 |
Inventories | 152,031 | 117,965 |
Income taxes receivable | 79 | 2,690 |
Deferred income taxes | 8,734 | 8,734 |
Prepaid expenses and other current assets | 11,716 | 8,771 |
Total current assets | 350,216 | 269,141 |
Property, plant and equipment, at cost | 169,000 | 162,536 |
Less accumulated depreciation | 66,110 | 54,084 |
Property, plant and equipment, net | 102,890 | 108,452 |
Goodwill | 477,500 | 482,613 |
Other intangible assets, net | 575,154 | 599,644 |
Other assets | 24,387 | 22,434 |
Total assets | 1,530,147 | 1,482,284 |
Current liabilities: | ' | ' |
Accounts payable | 123,834 | 74,311 |
Accrued liabilities | 97,462 | 75,297 |
Deferred income taxes | 4,544 | 3,469 |
Income taxes payable | 1,371 | 5,697 |
Total current liabilities | 227,211 | 158,774 |
Deferred income taxes | 129,944 | 130,777 |
Other liabilities | 145,503 | 153,473 |
Long-term debt | 836,523 | 808,205 |
Commitments and contingencies | ' | ' |
Member’s equity | 190,966 | 231,055 |
Total liabilities and member's equity | $1,530,147 | $1,482,284 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $339,905 | $325,034 | $873,464 | $852,379 |
Cost of sales | 257,959 | 243,430 | 664,569 | 648,975 |
Gross profit | 81,946 | 81,604 | 208,895 | 203,404 |
Selling, general and administrative expenses | 57,115 | 59,451 | 176,753 | 178,463 |
Income from operations | 24,831 | 22,153 | 32,142 | 24,941 |
Interest expense, net | 20,328 | 19,085 | 59,560 | 56,697 |
Foreign currency loss (gain) | 124 | -17 | 555 | 220 |
Income (loss) before income taxes | 4,379 | 3,085 | -27,973 | -31,976 |
Income tax expense | 1,884 | 2,555 | 4,015 | 4,991 |
Net income (loss) | 2,495 | 530 | -31,988 | -36,967 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 173 | 16 | 478 | 40 |
Foreign currency translation adjustments, net of tax | 5,828 | 11,662 | -9,444 | 13,103 |
Total comprehensive income (loss) | $8,496 | $12,208 | ($40,954) | ($23,824) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Activities | ' | ' |
Net loss | $31,988 | $36,967 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 32,617 | 39,402 |
Deferred income taxes | 1,187 | -732 |
Provision for losses on accounts receivable | 622 | 1,505 |
Amortization of deferred financing costs and premium on senior notes | 3,505 | 3,350 |
Loss (gain) on sale or disposal of assets | 93 | -15 |
Other non-cash charges | 129 | 82 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -47,578 | -38,132 |
Inventories | -35,070 | -35,341 |
Accounts payable and accrued liabilities | -73,006 | -61,623 |
Income taxes receivable / payable | -1,846 | -5,403 |
Other assets and liabilities | -9,086 | -3,476 |
Net cash used in operating activities | -14,409 | -14,104 |
Investing Activities | ' | ' |
Capital expenditures | -8,899 | -3,720 |
Supply center acquisition | -348 | 0 |
Proceeds from sale of assets | 49 | 88 |
Net cash used in investing activities | -9,198 | -3,632 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 123,944 | 147,574 |
Payments under ABL facilities | -200,944 | -131,353 |
Equity contribution from parent | 742 | 80 |
Issuance of senior notes | 106,000 | 0 |
Financing costs | -5,445 | -225 |
Net cash provided by financing activities | 24,297 | 16,076 |
Effect of exchange rate changes on cash and cash equivalents | -80 | -55 |
Net increase (decrease) in cash and cash equivalents | 610 | -1,715 |
Cash and cash equivalents at beginning of period | 9,594 | 11,374 |
Cash and cash equivalents at end of period | 10,204 | 9,659 |
Supplemental information: | ' | ' |
Cash paid for interest | 35,700 | 36,474 |
Cash paid for income taxes | $4,438 | $11,149 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Associated Materials, LLC (the “Company”) is a 100% owned subsidiary of Associated Materials Incorporated, formerly known as AMH Intermediate Holdings Corp. (“Holdings”). Holdings is a wholly owned subsidiary of Associated Materials Group, Inc. formerly known as AMH Investment Holdings Corp. (“Parent”), which is controlled by investment funds affiliated with Hellman & Friedman LLC (“H&F”). Holdings and Parent do not have material assets or operations other than their direct and indirect ownership, respectively, of the membership interest of the Company. Approximately 97% of the capital stock of Parent is owned by investment funds affiliated with H&F. | |
The Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting, the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these interim condensed consolidated financial statements contain all of the normal recurring accruals and adjustments considered necessary for a fair presentation of the unaudited results for the quarters and nine months ended September 28, 2013 and September 29, 2012. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 29, 2012, filed with the Securities and Exchange Commission on March 21, 2013 (“Annual Report”). A detailed description of the Company’s significant accounting policies and management judgments is located in the audited financial statements for the year ended December 29, 2012 included in its Annual Report. The Company’s contract with Window World, Inc. expired in December 2012 and was renewed in July 2013. | |
The Company was founded in 1947 when it first introduced residential aluminum siding under the Alside® name and is a leading, vertically integrated manufacturer and distributor of exterior residential building products in the United States (“U.S.”) and Canada. The Company produces a comprehensive offering of exterior building products, including vinyl windows, vinyl siding, vinyl railing and fencing, aluminum trim coil, aluminum and steel siding and related accessories, which are produced at the Company’s 11 manufacturing facilities. The Company also sells complementary products that are manufactured by third parties, such as roofing materials, cladding materials, insulation, exterior doors, equipment and tools, and provides installation services. Because most of the Company’s building products are intended for exterior use, sales tend to be lower during periods of inclement weather. Weather conditions in the first quarter of each calendar year usually result in that quarter producing significantly less net sales and net cash flows from operations than in any other period of the year. Consequently, the Company has historically had losses or small profits in the first quarter and reduced profits from operations in the fourth quarter of each calendar year. Therefore, the results of operations for any interim period are not necessarily indicative of the results of operations for a full year. | |
Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2013 presentation. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 eliminates diversity in practice in the presentation of unrecognized tax benefits. ASU 2013-11 requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented as a reduction to the related deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, unless a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position, or the entity does not intend to use the deferred tax asset for such purpose. ASU 2013-11 is effective for fiscal years and interim periods within those years, beginning after December 15, 2013. The Company does not believe that the adoption of the provisions of ASU 2013-11 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires the disclosure of additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of accumulated other comprehensive income. Required disclosures include disaggregation of the total change of each component of other comprehensive income and the separate presentation of reclassification adjustments and current-period other comprehensive income. In addition, ASU 2013-02 requires the presentation of information about significant items reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The new disclosure requirements are effective, prospectively, for fiscal years and interim periods within those years, beginning after December 15, 2012. ASU 2013-02 concerns presentation and disclosure only. Adoption of the provisions of ASU 2013-02 at the beginning of 2013 did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If an entity determines that it is not more likely than not that the asset is impaired, the entity will have the option not to calculate annually the fair value of an indefinite-lived intangible asset. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. Adoption of the provisions of ASU 2012-02 at the beginning of 2013 did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||
Allowance for Doubtful Accounts | ' | |||||||
Allowance for Doubtful Accounts | ||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is based on review of the overall condition of accounts receivable balances and review of significant past due accounts. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Account balances are charged off against the allowance for doubtful accounts after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts receivable that are not expected to be collected within one year, net of the related allowance for doubtful accounts, are included in other assets in the Condensed Consolidated Balance Sheets. | ||||||||
Allowance for doubtful accounts on accounts receivable consists of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Allowance for doubtful accounts, current | $ | 3,408 | $ | 3,737 | ||||
Allowance for doubtful accounts, non-current | 5,150 | 5,434 | ||||||
$ | 8,558 | $ | 9,171 | |||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are valued at the lower of cost (first in, first out) or market. Inventories consist of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 30,903 | $ | 26,749 | ||||
Work-in-progress | 11,008 | 11,589 | ||||||
Finished goods | 110,120 | 79,627 | ||||||
$ | 152,031 | $ | 117,965 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The Company reviews goodwill for impairment on an annual basis at the beginning of the fourth quarter, or more frequently if events or circumstances change that would impact the value of these assets. The Company did not recognize any impairment losses of its goodwill during the quarters or nine months ended September 28, 2013 and September 29, 2012. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance at December 29, 2012 | $ | 482,613 | ||||||||||||||||||||||
Foreign currency translation | (5,113 | ) | ||||||||||||||||||||||
Balance at September 28, 2013 | $ | 477,500 | ||||||||||||||||||||||
The Company’s other intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
September 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Amortized customer bases | $ | 329,597 | $ | 77,031 | $ | 252,566 | $ | 331,582 | $ | 57,897 | $ | 273,685 | ||||||||||||
Amortized non-compete agreements | 20 | 10 | 10 | 10 | 5 | 5 | ||||||||||||||||||
Total amortized intangible assets | 329,617 | 77,041 | 252,576 | 331,592 | 57,902 | 273,690 | ||||||||||||||||||
Non-amortized trade names | 322,578 | — | 322,578 | 325,954 | — | 325,954 | ||||||||||||||||||
Total intangible assets | $ | 652,195 | $ | 77,041 | $ | 575,154 | $ | 657,546 | $ | 57,902 | $ | 599,644 | ||||||||||||
The Company’s non-amortized intangible assets consist of the Alside®, Revere®, Gentek®, Preservation® and Alpine® trade names and are tested for impairment at least annually at the beginning of the fourth quarter and on a more frequent basis if there are indications of potential impairment. The Company did not recognize any impairment losses of its other intangible assets during the quarters or nine months ended September 28, 2013 and September 29, 2012. | ||||||||||||||||||||||||
Finite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The estimated average amortization period for amortized customer bases and amortized non-compete agreements is 13 years and 3 years, respectively. Amortization expense related to other intangible assets was $6.5 million and $19.6 million for the quarter and nine months ended September 28, 2013, respectively. Amortization expense related to other intangible assets was $6.6 million and $19.7 million for the quarter and nine months ended September 29, 2012, respectively. |
Manufacturing_Restructuring_Co
Manufacturing Restructuring Costs | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Manufacturing Restructuring Costs | ' | |||||||||||||||
Manufacturing Restructuring Costs | ||||||||||||||||
The Company recorded a manufacturing restructuring liability related to the discontinued use of the warehouse facility adjacent to the Ennis manufacturing plant. The accretion of related lease obligations was reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income (Loss). Changes in the manufacturing restructuring liability are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at the beginning of the period | $ | 2,946 | $ | 3,602 | $ | 3,387 | $ | 4,086 | ||||||||
Accretion of related lease obligations | 118 | 141 | 394 | 399 | ||||||||||||
Payments | (207 | ) | (250 | ) | (924 | ) | (992 | ) | ||||||||
Balance at the end of the period | $ | 2,857 | $ | 3,493 | $ | 2,857 | $ | 3,493 | ||||||||
The remaining restructuring liability is included in accrued liabilities and other liabilities in the Condensed Consolidated Balance Sheets and will continue to be paid over the lease term, which ends April 2020. |
Product_Warranty_Costs
Product Warranty Costs | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Standard Product Warranty Disclosure [Abstract] | ' | |||||||||||||||
Product Warranty Costs | ' | |||||||||||||||
Product Warranty Costs | ||||||||||||||||
Consistent with industry practice, the Company provides to homeowners limited warranties on certain products, primarily related to window and siding product categories. Changes in the warranty reserve are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at the beginning of the period | $ | 96,385 | $ | 102,522 | $ | 97,471 | $ | 101,163 | ||||||||
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,785 | 3,035 | 5,155 | 8,269 | ||||||||||||
Claims paid | (1,967 | ) | (2,297 | ) | (5,725 | ) | (6,225 | ) | ||||||||
Foreign currency translation | 261 | 499 | (437 | ) | 552 | |||||||||||
Balance at the end of the period | $ | 96,464 | $ | 103,759 | $ | 96,464 | $ | 103,759 | ||||||||
Executive_Officers_Separation_
Executive Officers' Separation and Hiring Costs | 9 Months Ended |
Sep. 28, 2013 | |
Compensation Related Costs [Abstract] | ' |
Executive Officers' Separation and Hiring Costs | ' |
Executive Officers’ Separation and Hiring Costs | |
On February 20, 2012, David S. Nagle was appointed President, AMI Distribution. On February 24, 2012, Stephen E. Graham resigned from his position as Senior Vice President – Chief Financial Officer and Secretary of the Company. On February 27, 2012, the Company entered into an employment agreement with Paul Morrisroe, pursuant to which he agreed to serve as the Company’s Senior Vice President and Chief Financial Officer. The Company’s Senior Vice President of Human Resources, John F. Haumesser, resigned from his position effective April 19, 2012 and was succeeded by James T. Kenyon, who was named Senior Vice President and Chief Human Resources Officer on June 4, 2012. | |
The Company recorded $0.1 million and $1.2 million for separation and hiring costs, including payroll taxes, certain benefits and related professional fees for the quarter and nine months ended September 28, 2013, respectively. Separation and hiring costs were $2.9 million for the nine months ended September 29, 2012, substantially all of which were recorded prior to the quarter ended September 29, 2012. These separation and hiring costs have been recorded as a component of selling, general and administrative expenses. As of September 28, 2013, remaining separation costs payable to the Company’s former executives of $1.3 million are accrued, which will be paid at various dates through 2014. | |
On June 17, 2013, a third-party relocation company, acting as the Company’s agent, entered into separate agreements with Jerry W. Burris, the Company’s Chief Executive Officer and President, (the “Burris Relocation Agreement”), and Paul Morrisroe, the Company’s Chief Financial Officer, (the “Morrisroe Relocation Agreement”, and together with the Burris Relocation Agreement, the “Relocation Agreements”), pursuant to which such relocation company purchased Mr. Burris’ former primary residence for $1.2 million and Mr. Morrisroe’s former primary residence for $0.5 million. The Relocation Agreements were entered into in furtherance of the relocation arrangements in Mr. Burris’ and Mr. Morrisroe’s respective employment agreements, which were entered into to permit Mr. Burris and Mr. Morrisroe to reside, on a full-time basis, near the Company’s corporate headquarters. The purchase prices of $1.2 million and $0.5 million, respectively, for Mr. Burris’ and Mr. Morrisroe’s former residences were determined based on independent third-party appraisals of the market value of the residences. Pursuant to their respective employment agreements and the Relocation Agreements, the Company paid Mr. Burris and Mr. Morrisroe, make-whole payments of $0.8 million and $0.1 million, respectively, to compensate each executive for the loss recognized on the sale his respective residence, which is included in the separation and hiring costs disclosed above. The assets acquired were recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. Pursuant to these transactions, the Company also assumed mortgage balances for Mr. Burris and Mr. Morrisroe of $1.2 million and $0.4 million, respectively, which were included in accrued liabilities in the Condensed Consolidated Balance Sheets. The Company sold Mr. Morrisroe’s former residence in August 2013. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
9.125% Senior Secured Notes due 2017 | $ | 835,523 | $ | 730,000 | ||||
Borrowings under the ABL facilities | 1,000 | 78,205 | ||||||
Total long-term debt | $ | 836,523 | $ | 808,205 | ||||
9.125% Senior Secured Notes due 2017 | ||||||||
In October 2010, the Company and its wholly owned subsidiary, AMH New Finance, Inc. (collectively, the “Issuers”) issued and sold $730.0 million of 9.125% Senior Secured Notes due 2017 (the “9.125% notes”). The 9.125% notes bear interest at a rate of 9.125% per annum and are unconditionally guaranteed, jointly and severally, by each of the Issuers’ direct and indirect domestic subsidiaries that guarantees the Company’s obligations under the senior secured asset-based revolving credit facilities (the “ABL facilities”). Interest payments are remitted on a semi-annual basis on May 1 and November 1 of each year. | ||||||||
On May 1, 2013, the Issuers issued and sold an additional $100.0 million in aggregate principal amount of 9.125% notes (the “new notes”) at an issue price of 106.00% of the principal amount of the new notes in a private placement. The Company used the net proceeds of the offering to repay the outstanding borrowings under its ABL facilities and for other general corporate purposes. The new notes were issued as additional notes under the same indenture, dated as of October 13, 2010, governing the $730.0 million aggregate principal amount of 9.125% notes (the “existing notes”) issued in October 2010 in a private placement and subsequently registered under the Securities Act of 1933, as amended (the “Securities Act”), as supplemented by a supplemental indenture. The new notes are consolidated with and form a single class with the existing notes and have the same terms as to status, redemption, collateral and otherwise (other than issue date, issue price and first interest payment date) as the existing notes. The debt premium related to the issuance of the new notes is being amortized into interest expense over the life of the new notes. The unamortized premium of $5.5 million is included in the long-term debt balance for the 9.125% notes. The effective interest rate of the new notes, including the premium, is 7.5% as of September 28, 2013. | ||||||||
Pursuant to the terms of a registration rights agreement, the Issuers and the guarantors agreed to use their commercially reasonable efforts to register notes having substantially identical terms as the new notes with the Securities and Exchange Commission as part of an offer to exchange freely tradable exchange notes for the new notes. On September 30, 2013, the Issuers offered to exchange up to $100.0 million aggregate principal amount of 9.125% Senior Secured Notes due 2017 and the related guarantees (the “exchange notes”), which have been registered under the Securities Act for any and all of the new notes. All of the new notes were exchanged for exchange notes on October 31, 2013. | ||||||||
The 9.125% notes have an estimated fair value, classified as Level 1, of $887.1 million (at carrying value of $830.0 million) and $742.8 million (at carrying value of $730.0 million) based on quoted market prices as of September 28, 2013 and December 29, 2012, respectively. | ||||||||
The Company may from time to time, in its sole discretion, purchase, redeem or retire the 9.125% notes in privately negotiated or open market transactions, by tender offer or otherwise. On July 15, 2013, Parent announced that it had filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its common stock, and that it intends to use proceeds from the offering to redeem a portion of the outstanding 9.125% notes. | ||||||||
ABL Facilities | ||||||||
On April 18, 2013, the Company, Holdings, certain direct or indirect wholly owned U.S. and Canadian restricted subsidiaries of the Company designated as a borrower or guarantor under the revolving credit agreement governing the ABL facilities, certain of the lenders party to the revolving credit agreement governing the ABL facilities, UBS AG, Stamford Branch and UBS AG Canada Branch, as administrative and collateral agents, and Wells Fargo Capital Finance, LLC, as co-collateral agent, amended and restated the revolving credit agreement (the “Amended and Restated Revolving Credit Agreement”) governing the ABL facilities in the amount of $225.0 million (comprised of a $150.0 million U.S. facility and a $75.0 million Canadian facility) pursuant to a revolving credit agreement maturing on the date that is the earlier of (i) April 18, 2018 and (ii) 90 days prior to the maturity date of the existing notes. The $150.0 million U.S. facility consisted of $141.5 million of U.S. tranche A revolving credit commitments and $8.5 million of U.S. tranche B revolving credit commitments. The $75.0 million Canadian facility consisted of $71.5 million of Canadian tranche A revolving credit commitment and $3.5 million of Canadian tranche B revolving credit commitments. During the quarter ended June 29, 2013, the Company terminated the tranche B revolving credit commitments of $12.0 million in accordance with the Amended and Restated Revolving Credit Agreement and wrote off $0.5 million of deferred financing fees related to the ABL facilities. | ||||||||
Interest Rate and Fees | ||||||||
At the Company’s option, the U.S. and Canadian tranche A revolving credit loans under the Amended and Restated Revolving Credit Agreement governing the ABL facilities bear interest at the rate equal to (1) the London Interbank Offered Rate (“LIBOR”) (for eurodollar loans under the U.S. facility) or the Canadian Dealer Offered Rate (“CDOR”) (for loans under the Canadian facility), plus an applicable margin of 1.75%, or (2) the alternate base rate (for alternate base rate loans under the U.S. facility, which is the highest of a prime rate, the Federal Funds Effective Rate plus 0.50% and a one-month LIBOR rate plus 1.0% per annum) or the alternate Canadian base rate (for loans under the Canadian facility, which is the higher of a Canadian prime rate and the 30-day CDOR plus 1.0%), plus an applicable margin of 0.75%, in each case, which interest rate margin may vary in 25 basis point increments between three pricing levels determined by reference to the average excess availability in respect of the U.S. and Canadian tranche A revolving credit loans. In addition to paying interest on outstanding principal under the ABL facilities, the Company is required to pay a commitment fee in respect of the U.S. and Canadian tranche A revolving credit loans, payable quarterly in arrears, of 0.375%. | ||||||||
Borrowing Base | ||||||||
Availability under the U.S. and Canadian facilities are subject to a borrowing base, which is based on eligible accounts receivable and inventory of certain of the Company’s U.S. subsidiaries and eligible accounts receivable, inventory and, with respect to the Canadian tranche A revolving credit loans, equipment and real property, of certain of the Company’s Canadian subsidiaries, after adjusting for customary reserves established or modified from time to time by and at the permitted discretion of the administrative agent thereunder. To the extent that eligible accounts receivable, inventory, equipment and real property decline, the borrowing base will decrease and the availability under the ABL facilities may decrease below $213.0 million. In addition, if the amount of outstanding borrowings and letters of credit under the U.S. and Canadian facilities exceeds the borrowing base or the aggregate revolving credit commitments, the Company is required to prepay borrowings to eliminate the excess. | ||||||||
Guarantors | ||||||||
All obligations under the U.S. facility are guaranteed by each existing and subsequently acquired direct and indirect wholly owned material U.S. restricted subsidiary of the Company and the direct parent of the Company, other than certain excluded subsidiaries (“U.S. guarantors”). All obligations under the Canadian facility are guaranteed by each existing and subsequently acquired direct and indirect wholly owned material Canadian restricted subsidiary of the Company, other than certain excluded subsidiaries (“Canadian guarantors,” and together with U.S. guarantors, “ABL guarantors”) and the U.S. guarantors. | ||||||||
Security | ||||||||
The U.S. security agreement provides that all obligations of the U.S. borrowers and the U.S. guarantors are secured by a security interest in substantially all of the present and future property and assets of the Company, including a first-priority security interest in the capital stock of the Company and a second-priority security interest in the capital stock of each direct, material wholly owned restricted subsidiary of the Company. The Canadian security agreement provides that all obligations of the Canadian borrowers and the Canadian guarantors are secured by the U.S. ABL collateral and a first-priority perfected security interest in substantially all of the Company’s Canadian assets, including a first-priority security interest in the capital stock of the Canadian borrowers and each direct, material wholly owned restricted subsidiary of the Canadian borrowers and Canadian guarantors. | ||||||||
Covenants, Representations and Warranties | ||||||||
The Amended and Restated Revolving Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, with respect to negative covenants, among other things, restrictions on indebtedness, liens, investments, fundamental changes, asset sales, dividends and other distributions, prepayments or redemption of junior debt, transactions with affiliates and negative pledge clauses. There are no financial covenants included in the Amended and Restated Revolving Credit Agreement, other than a springing fixed charge coverage ratio of at least 1.00 to 1.00, which will be tested only when excess availability is less than the greater of (i) 10.0% of the sum of (x) the lesser of (A) the U.S. tranche A borrowing base and (B) the U.S. tranche A revolving credit commitments and (y) the lesser of (A) the Canadian tranche A borrowing base and (B) the Canadian tranche A revolving credit commitments and (ii) $20.0 million for a period of five consecutive business days until the 30th consecutive day when excess availability exceeds the above threshold. | ||||||||
As of September 28, 2013, there was $1.0 million drawn under the Company’s ABL facilities and $182.0 million available for additional borrowings. The weighted average per annum interest rate applicable to borrowings under the U.S. portion of the ABL facilities was 4.3% as of September 28, 2013. There were no borrowings under the Canadian portion of the ABL facilities as of September 28, 2013. The Company had letters of credit outstanding of $11.0 million as of September 28, 2013 primarily securing insurance policy deductibles, certain lease facilities and the Company’s purchasing card program. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Tax Disclosure | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The Company's provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. The Company adjusts its effective tax rate each quarter to be consistent with the estimated annual effective tax rate and records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. The components of the effective tax rate are as follows (in thousands, except percentage): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) before income taxes | $ | 4,379 | $ | 3,085 | $ | (27,973 | ) | $ | (31,976 | ) | ||||||
Income tax expense | 1,884 | 2,555 | 4,015 | 4,991 | ||||||||||||
Effective tax rate | 43 | % | 82.8 | % | (14.4 | )% | (15.6 | )% | ||||||||
The effective tax rates for the quarters ended September 28, 2013 and September 29, 2012 are higher than the statutory rate, primarily as a result of income tax expense on foreign income partially offset by operating losses in the U.S. with no tax benefit recognized due to the valuation allowance on U.S. deferred tax assets. | ||||||||||||||||
The effective tax rates for the nine months ended September 28, 2013 and September 29, 2012 are lower than the statutory rate, primarily as a result of operating losses in the U.S. with no tax benefit recognized due to the valuation allowance on U.S. deferred tax assets, partially offset by income tax expense on foreign income. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Changes in accumulated other comprehensive loss by component, net of tax, for the quarter and nine months ended September 28, 2013 are as follows (in thousands): | ||||||||||||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at June 29, 2013 | $ | (22,982 | ) | $ | (9,232 | ) | $ | (32,214 | ) | |||
Other comprehensive loss before reclassifications | — | 5,828 | 5,828 | |||||||||
Reclassifications out of accumulated other comprehensive loss | 173 | — | 173 | |||||||||
Balance at September 28, 2013 | $ | (22,809 | ) | $ | (3,404 | ) | $ | (26,213 | ) | |||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 29, 2012 | $ | (23,287 | ) | $ | 6,040 | $ | (17,247 | ) | ||||
Other comprehensive loss before reclassifications | — | (9,444 | ) | (9,444 | ) | |||||||
Reclassifications out of accumulated other comprehensive loss | 478 | — | 478 | |||||||||
Balance at September 28, 2013 | $ | (22,809 | ) | $ | (3,404 | ) | $ | (26,213 | ) | |||
Reclassifications out of accumulated other comprehensive loss for the quarter and nine months ended September 28, 2013 consist of the following (in thousands): | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
September 28, | September 28, | |||||||||||
2013 | 2013 | |||||||||||
Defined Benefit Pension and Other Postretirement Plans: | ||||||||||||
Amortization of unrecognized prior service costs | $ | 5 | $ | 15 | ||||||||
Amortization of unrecognized cumulative actuarial net loss | 202 | 568 | ||||||||||
Total before tax | 207 | 583 | ||||||||||
Tax benefit | (34 | ) | (105 | ) | ||||||||
Net of tax | $ | 173 | $ | 478 | ||||||||
Amortization of prior service costs and actuarial losses are included in the computation of net periodic benefit cost for the Company’s pension and other postretirement benefit plans. |
Retirement_Plans
Retirement Plans | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Retirement Plans | ' | |||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||
The Company sponsors defined benefit pension plans which cover hourly workers at its West Salem, Ohio plant, and hourly union employees at its Woodbridge, New Jersey plant as well as a defined benefit retirement plan covering U.S. salaried employees, which was frozen in 1998 and subsequently replaced with a defined contribution plan (the “Domestic Plans”). The Company also sponsors a defined benefit pension plan covering the Canadian salaried employees and hourly union employees at the Lambeth, Ontario plant, a defined benefit pension plan for the hourly union employees at its Burlington, Ontario plant and a defined benefit pension plan for the hourly union employees at its Pointe Claire, Quebec plant (the “Foreign Plans”). | ||||||||||||||||||||||||
The Company also provides postretirement benefits other than pension (“OPEB plans”) including health care or life insurance benefits to certain U.S. and Canadian retirees and in some cases, their spouses and dependents. The Company’s postretirement benefit plans in the U.S. include an unfunded health care plan for hourly workers at the Company’s former steel siding plant in Cuyahoga Falls, Ohio. With the closure of this facility in 1991, no additional employees are eligible to participate in this plan. There are three other U.S. unfunded plans covering either life insurance or health care benefits for small frozen groups of retirees. The Company’s foreign postretirement benefit plan provides life insurance benefits to active members at its Pointe Claire, Quebec plant and a closed group of Canadian salaried retirees. The actuarial valuation measurement date for the defined benefit pension plans and postretirement benefits other than pension is December 31. | ||||||||||||||||||||||||
Components of net periodic benefit cost for the Company’s defined benefit pension plans and OPEB plans are as follows (in thousands): | ||||||||||||||||||||||||
Quarters Ended | ||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 239 | $ | 698 | $ | 2 | $ | 208 | $ | 611 | $ | 2 | ||||||||||||
Interest cost | 735 | 937 | 39 | 771 | 990 | 52 | ||||||||||||||||||
Expected return on assets | (887 | ) | (970 | ) | — | (792 | ) | (940 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs | — | 5 | — | — | 5 | — | ||||||||||||||||||
Cumulative actuarial net loss | 82 | 130 | (10 | ) | (1 | ) | 12 | — | ||||||||||||||||
Net periodic benefit cost | $ | 169 | $ | 800 | $ | 31 | $ | 186 | $ | 678 | $ | 54 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 774 | $ | 2,119 | $ | 9 | $ | 564 | $ | 1,814 | $ | 9 | ||||||||||||
Interest cost | 2,177 | 2,844 | 138 | 2,292 | 2,940 | 175 | ||||||||||||||||||
Expected return on assets | (2,661 | ) | (2,946 | ) | — | (2,418 | ) | (2,791 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs | — | 15 | — | — | 16 | — | ||||||||||||||||||
Cumulative actuarial net loss | 180 | 394 | (6 | ) | 3 | 34 | — | |||||||||||||||||
Net periodic benefit cost | $ | 470 | $ | 2,426 | $ | 141 | $ | 441 | $ | 2,013 | $ | 184 | ||||||||||||
Although changes in market conditions, current pension law and uncertainties regarding significant assumptions used in the actuarial valuations may have a material impact on future required contributions to the Company’s pension plans, the Company currently does not expect funding requirements to have a material adverse impact on current or future liquidity. | ||||||||||||||||||||||||
The actuarial valuations require significant estimates and assumptions to be made by management, primarily the funding interest rate, discount rate and expected long-term return on plan assets. These assumptions are all susceptible to changes in market conditions. The funding interest rate and discount rate are based on representative bond yield curves maintained and monitored by independent third parties. In determining the expected long-term rate of return on plan assets, the Company considers historical market and portfolio rates of return, asset allocations and expectations of future rates of return. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved from time to time in litigation arising in the ordinary course of business, none of which, after giving effect to existing insurance coverage, is expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. From time to time, the Company is also involved in proceedings and potential proceedings relating to environmental and product liability matters. | |
Environmental Claims | |
The Woodbridge, New Jersey facility is currently the subject of an investigation and/or remediation before the New Jersey Department of Environmental Protection (“NJDEP”) under ISRA Case No. E20030110 for the Company’s indirect wholly owned subsidiary, Gentek Building Products, Inc. (“Gentek”). The facility is currently leased by Gentek. Previous operations at the facility resulted in soil and groundwater contamination in certain areas of the property. In 1999, the property owner and Gentek signed a remediation agreement with NJDEP, pursuant to which the property owner and Gentek agreed to continue an investigation/remediation that had been commenced pursuant to a Memorandum of Agreement with NJDEP. Under the remediation agreement, NJDEP required posting of a remediation funding source of approximately $100,000 that was provided by Gentek under a self-guarantee as of December 31, 2011. In March 2012, the self-guarantee was replaced by a $228,000 standby letter of credit provided to the NJDEP. In May 2013, the amount of the standby letter of credit was increased to $339,500. Although investigations at this facility are ongoing and it appears probable that a liability will be incurred, the Company cannot currently estimate the amount of liability that may be associated with this facility as the delineation process has not been completed. The Company believes this matter will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. | |
Product Liability Claims | |
On September 20, 2010, the Company and its subsidiary, Gentek Buildings Products, Inc. (“Gentek”), were named as defendants in an action filed in the United States District Court for the Northern District of Ohio, captioned Donald Eliason, et al. v. Gentek Building Products, Inc., et al (the “Eliason complaint”). The complaint was filed by a number of individual plaintiffs on behalf of themselves and a putative nationwide class of owners of steel and aluminum siding products manufactured by the Company and Gentek or their predecessors. The plaintiffs assert a breach of express and implied warranty, along with related causes of action, claiming that an unspecified defect in the siding causes paint to peel off the metal and that the Company and Gentek have failed adequately to honor their warranty obligations to repair, replace or refinish the defective siding. Plaintiffs seek unspecified actual and punitive damages, restitution of monies paid to the defendants and an injunction against the claimed unlawful practices, together with attorneys’ fees, costs and interest. Since such time that the Eliason complaint was filed, seven additional putative class actions have been filed. | |
On September 6, 2012, the Court issued an order granting defendants’ request for consolidation of all cases under a single caption, proceeding on a single track. The Court also ordered plaintiffs to file their single consolidated amended complaint by September 19, 2012, which plaintiffs did. | |
On February 13, 2013, the Company entered into a Settlement Agreement and Release of Claims (the “Settlement”) with the named plaintiffs. The Settlement was preliminarily approved by the Court on March 5, 2013. On August 1, 2013 following a fairness hearing the Court issued a final judgment and order approving the Settlement (“Final Judgment and Order”). The Settlement became effective on September 2, 2013 when the time period for appealing the Final Judgment and Order ended. | |
The Settlement provides for the certification of a class for settlement purposes only of commercial and residential property owners who purchased steel siding manufactured and warranted by the Company during the period January 1, 1991 to March 15, 2013 (the date on which notice of the Settlement was first sent to settlement class members) and whose siding allegedly experienced “Steel Peel,” which is characterized for the purposes of settlement by the separation of any layer of the finish on the steel siding from the steel siding itself. Subject to the terms and conditions of the Settlement, the Company has agreed that (1) the first time an eligible settlement class member submits a valid Steel Peel warranty claim for siding, the Company will, at its option, repair or replace the siding or, at such class member’s option, make a cash settlement payment to such class member equal to the cost to the Company of the repair or replacement option selected by the Company; (2) the second time such class member submits a valid Steel Peel warranty claim for the same siding, the same options will be available; and (3) the third time such a claim is submitted, such class member may elect to have the Company either refinish or replace the siding or may elect to receive a one-time $8,000 payment. If the $8,000 payment option is chosen, the Company will have no further obligation to such class member in connection with the warranty. | |
Under the Settlement, the Company has agreed to pay the sum of $2.5 million to compensate class counsel for attorneys’ fees and litigation expenses incurred and to be incurred in connection with the lawsuit. The Company also incurred $0.6 million associated with executing the notice provisions of the Settlement. The settlement costs related to the attorneys’ fees and notice costs were recognized by the Company as of December 29, 2012 and fully paid as of September 28, 2013. The Company did not recognize additional settlement costs in the quarter and nine months ended September 28, 2013. The Company expects to incur additional warranty costs associated with the Settlement, however, the Company does not believe the incremental costs, which currently cannot be estimated for recognition purposes, will be material. | |
The Settlement does not constitute an admission of liability, culpability, negligence or wrongdoing on the Company’s part, and the Company believes it has valid defenses to the claims asserted. Upon final approval by the court, the Settlement will release all claims that were or could have been asserted against the Company in the lawsuit or that relate to any aspect of the subject matter of the lawsuit. | |
Other environmental claims and product liability claims are administered by the Company in the ordinary course of business, and the Company maintains pollution and remediation and product liability insurance covering certain types of claims. Although it is difficult to estimate the Company’s potential exposure to these matters, the Company believes that the resolution of these matters will not have a material adverse effect on its financial position, results of operations or liquidity. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Company is in the business of manufacturing and distributing exterior residential building products. The Company has a single operating segment and a single reportable segment. The Company’s chief operating decision maker is considered to be the Chief Executive Officer. The chief operating decision maker allocates resources and assesses performance of the business and other activities at the single operating segment level. Net sales by principal product offering are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Vinyl windows | $ | 100,869 | $ | 95,844 | $ | 271,063 | $ | 261,201 | ||||||||
Vinyl siding products | 64,457 | 66,708 | 165,317 | 175,340 | ||||||||||||
Metal products | 50,132 | 51,691 | 128,129 | 133,923 | ||||||||||||
Third-party manufactured products | 95,475 | 87,714 | 235,758 | 223,794 | ||||||||||||
Other products and services | 28,972 | 23,077 | 73,197 | 58,121 | ||||||||||||
$ | 339,905 | $ | 325,034 | $ | 873,464 | $ | 852,379 | |||||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Subsidiary Guarantors | ' | |||||||||||||||||||||||
Subsidiary Guarantors | ||||||||||||||||||||||||
The Company’s payment obligations under its 9.125% notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis, by its domestic 100% owned subsidiaries, Gentek Holdings, LLC and Gentek Building Products, Inc. AMH New Finance, Inc. is a co-issuer of the 9.125% notes and is a domestic 100% owned subsidiary of the Company having no operations, revenues or cash flows for the periods presented. | ||||||||||||||||||||||||
Associated Materials Canada Limited, Gentek Canada Holdings Limited and Gentek Buildings Products Limited Partnership are Canadian companies and do not guarantee the 9.125% notes. In the opinion of management, separate financial statements of the respective Subsidiary Guarantors would not provide additional material information that would be useful in assessing the financial composition of the Subsidiary Guarantors. | ||||||||||||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
September 28, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,484 | $ | — | $ | — | $ | 720 | $ | — | $ | 10,204 | ||||||||||||
Accounts receivable, net | 116,187 | — | 14,141 | 37,124 | — | 167,452 | ||||||||||||||||||
Intercompany receivables | 376,617 | — | 52,853 | 1,794 | (431,264 | ) | — | |||||||||||||||||
Inventories | 110,454 | — | 8,976 | 32,601 | — | 152,031 | ||||||||||||||||||
Income taxes receivable | — | — | 79 | — | — | 79 | ||||||||||||||||||
Deferred income taxes | 5,317 | — | 3,417 | — | — | 8,734 | ||||||||||||||||||
Prepaid expenses and other current assets | 7,613 | — | 918 | 3,185 | — | 11,716 | ||||||||||||||||||
Total current assets | 625,672 | — | 80,384 | 75,424 | (431,264 | ) | 350,216 | |||||||||||||||||
Property, plant and equipment, net | 65,670 | — | 1,617 | 35,603 | — | 102,890 | ||||||||||||||||||
Goodwill | 300,642 | — | 24,650 | 152,208 | — | 477,500 | ||||||||||||||||||
Other intangible assets, net | 384,744 | — | 44,767 | 145,643 | — | 575,154 | ||||||||||||||||||
Investment in subsidiaries | (34,919 | ) | — | (128,902 | ) | — | 163,821 | — | ||||||||||||||||
Intercompany receivable | — | 835,523 | — | — | (835,523 | ) | — | |||||||||||||||||
Other assets | 22,225 | — | 122 | 2,040 | — | 24,387 | ||||||||||||||||||
Total assets | $ | 1,364,034 | $ | 835,523 | $ | 22,638 | $ | 410,918 | $ | (1,102,966 | ) | $ | 1,530,147 | |||||||||||
Liabilities and Member’s Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 86,354 | $ | — | $ | 10,066 | $ | 27,414 | $ | — | $ | 123,834 | ||||||||||||
Intercompany payables | 1,794 | — | — | 429,470 | (431,264 | ) | — | |||||||||||||||||
Accrued liabilities | 80,686 | — | 6,180 | 10,596 | — | 97,462 | ||||||||||||||||||
Deferred income taxes | 1,177 | — | — | 3,367 | — | 4,544 | ||||||||||||||||||
Income taxes payable | 71 | — | — | 1,300 | — | 1,371 | ||||||||||||||||||
Total current liabilities | 170,082 | — | 16,246 | 472,147 | (431,264 | ) | 227,211 | |||||||||||||||||
Deferred income taxes | 76,968 | — | 17,633 | 35,343 | — | 129,944 | ||||||||||||||||||
Other liabilities | 89,495 | — | 23,678 | 32,330 | — | 145,503 | ||||||||||||||||||
Long-term debt | 836,523 | 835,523 | — | — | (835,523 | ) | 836,523 | |||||||||||||||||
Member’s equity | 190,966 | — | (34,919 | ) | (128,902 | ) | 163,821 | 190,966 | ||||||||||||||||
Total liabilities and member’s equity | $ | 1,364,034 | $ | 835,523 | $ | 22,638 | $ | 410,918 | $ | (1,102,966 | ) | $ | 1,530,147 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For The Quarter Ended September 28, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 256,304 | $ | — | $ | 46,845 | $ | 81,750 | $ | (44,994 | ) | $ | 339,905 | |||||||||||
Cost of sales | 197,199 | — | 43,411 | 62,343 | (44,994 | ) | 257,959 | |||||||||||||||||
Gross profit | 59,105 | — | 3,434 | 19,407 | — | 81,946 | ||||||||||||||||||
Selling, general and administrative expenses | 44,922 | — | 978 | 11,215 | — | 57,115 | ||||||||||||||||||
Income from operations | 14,183 | — | 2,456 | 8,192 | — | 24,831 | ||||||||||||||||||
Interest expense, net | 19,711 | — | — | 617 | — | 20,328 | ||||||||||||||||||
Foreign currency loss | — | — | — | 124 | — | 124 | ||||||||||||||||||
(Loss) income before income taxes | (5,528 | ) | — | 2,456 | 7,451 | — | 4,379 | |||||||||||||||||
Income tax (benefit) expense | (238 | ) | — | (43 | ) | 2,165 | — | 1,884 | ||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (5,290 | ) | — | 2,499 | 5,286 | — | 2,495 | |||||||||||||||||
Equity income (loss) from subsidiaries | 7,785 | — | 5,286 | — | (13,071 | ) | — | |||||||||||||||||
Net income (loss) | 2,495 | — | 7,785 | 5,286 | (13,071 | ) | 2,495 | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 173 | — | 113 | 101 | (214 | ) | 173 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | 5,828 | — | 5,828 | 5,828 | (11,656 | ) | 5,828 | |||||||||||||||||
Total comprehensive income (loss) | $ | 8,496 | $ | — | $ | 13,726 | $ | 11,215 | $ | (24,941 | ) | $ | 8,496 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For The Nine Months Ended September 28, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 667,048 | $ | — | $ | 131,740 | $ | 206,355 | $ | (131,679 | ) | $ | 873,464 | |||||||||||
Cost of sales | 513,518 | — | 122,695 | 160,035 | (131,679 | ) | 664,569 | |||||||||||||||||
Gross profit | 153,530 | — | 9,045 | 46,320 | — | 208,895 | ||||||||||||||||||
Selling, general and administrative expenses | 139,194 | — | 3,782 | 33,777 | — | 176,753 | ||||||||||||||||||
Income from operations | 14,336 | — | 5,263 | 12,543 | — | 32,142 | ||||||||||||||||||
Interest expense, net | 57,905 | — | — | 1,655 | — | 59,560 | ||||||||||||||||||
Foreign currency loss | — | — | — | 555 | — | 555 | ||||||||||||||||||
(Loss) income before income taxes | (43,569 | ) | — | 5,263 | 10,333 | — | (27,973 | ) | ||||||||||||||||
Income tax expense (benefit) | 1,177 | — | (119 | ) | 2,957 | — | 4,015 | |||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (44,746 | ) | — | 5,382 | 7,376 | — | (31,988 | ) | ||||||||||||||||
Equity income (loss) from subsidiaries | 12,758 | — | 7,376 | — | (20,134 | ) | — | |||||||||||||||||
Net (loss) income | (31,988 | ) | — | 12,758 | 7,376 | (20,134 | ) | (31,988 | ) | |||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 478 | — | 331 | 303 | (634 | ) | 478 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | (9,444 | ) | — | (9,444 | ) | (9,444 | ) | 18,888 | (9,444 | ) | ||||||||||||||
Total comprehensive (loss) income | $ | (40,954 | ) | $ | — | $ | 3,645 | $ | (1,765 | ) | $ | (1,880 | ) | $ | (40,954 | ) | ||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,872 | ) | $ | — | $ | (3,234 | ) | $ | 5,697 | $ | (14,409 | ) | |||||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | (8,496 | ) | — | (10 | ) | (393 | ) | (8,899 | ) | |||||||||||||||
Supply center acquisition | (348 | ) | — | — | — | (348 | ) | |||||||||||||||||
Proceeds from the sale of assets | 49 | — | — | — | 49 | |||||||||||||||||||
Net cash used in investing activities | (8,795 | ) | — | (10 | ) | (393 | ) | (9,198 | ) | |||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Borrowings under ABL facilities | 79,891 | — | — | 44,053 | 123,944 | |||||||||||||||||||
Payments under ABL facilities | (148,391 | ) | — | — | (52,553 | ) | (200,944 | ) | ||||||||||||||||
Intercompany transactions | (5,381 | ) | — | 3,244 | 2,137 | — | ||||||||||||||||||
Equity contribution from parent | 742 | — | — | — | 742 | |||||||||||||||||||
Issuance of senior notes | 106,000 | — | — | — | 106,000 | |||||||||||||||||||
Financing costs | (5,030 | ) | — | — | (415 | ) | (5,445 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | 27,831 | — | 3,244 | (6,778 | ) | 24,297 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (80 | ) | (80 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,164 | — | — | (1,554 | ) | 610 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 7,320 | — | — | 2,274 | 9,594 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 9,484 | $ | — | $ | — | $ | 720 | $ | 10,204 | ||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
December 29, 2012 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,320 | $ | — | $ | — | $ | 2,274 | $ | — | $ | 9,594 | ||||||||||||
Accounts receivable, net | 91,556 | — | 9,179 | 20,652 | — | 121,387 | ||||||||||||||||||
Intercompany receivables | 371,236 | — | 56,097 | 1,794 | (429,127 | ) | — | |||||||||||||||||
Inventories | 83,523 | — | 7,359 | 27,083 | — | 117,965 | ||||||||||||||||||
Income taxes receivable | — | — | — | 2,690 | — | 2,690 | ||||||||||||||||||
Deferred income taxes | 5,317 | — | 3,417 | — | — | 8,734 | ||||||||||||||||||
Prepaid expenses and other current assets | 5,025 | — | 784 | 2,962 | — | 8,771 | ||||||||||||||||||
Total current assets | 563,977 | — | 76,836 | 57,455 | (429,127 | ) | 269,141 | |||||||||||||||||
Property, plant and equipment, net | 67,236 | — | 1,947 | 39,269 | — | 108,452 | ||||||||||||||||||
Goodwill | 300,641 | — | 24,650 | 157,322 | — | 482,613 | ||||||||||||||||||
Other intangible assets, net | 399,650 | — | 45,104 | 154,890 | — | 599,644 | ||||||||||||||||||
Investment in subsidiaries | (38,564 | ) | — | (127,136 | ) | — | 165,700 | — | ||||||||||||||||
Intercompany receivable | — | 730,000 | — | — | (730,000 | ) | — | |||||||||||||||||
Other assets | 20,207 | — | 171 | 2,056 | — | 22,434 | ||||||||||||||||||
Total assets | $ | 1,313,147 | $ | 730,000 | $ | 21,572 | $ | 410,992 | $ | (993,427 | ) | $ | 1,482,284 | |||||||||||
Liabilities and Member’s Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 54,003 | $ | — | $ | 4,826 | $ | 15,482 | $ | — | $ | 74,311 | ||||||||||||
Intercompany payables | 1,794 | — | — | 427,333 | (429,127 | ) | — | |||||||||||||||||
Accrued liabilities | 55,599 | — | 10,173 | 9,525 | — | 75,297 | ||||||||||||||||||
Deferred income taxes | — | — | — | 3,469 | — | 3,469 | ||||||||||||||||||
Income taxes payable | 1,495 | — | 3,053 | 1,149 | — | 5,697 | ||||||||||||||||||
Total current liabilities | 112,891 | — | 18,052 | 456,958 | (429,127 | ) | 158,774 | |||||||||||||||||
Deferred income taxes | 76,968 | — | 17,633 | 36,176 | — | 130,777 | ||||||||||||||||||
Other liabilities | 92,733 | — | 24,451 | 36,289 | — | 153,473 | ||||||||||||||||||
Long-term debt | 799,500 | 730,000 | — | 8,705 | (730,000 | ) | 808,205 | |||||||||||||||||
Member’s equity | 231,055 | — | (38,564 | ) | (127,136 | ) | 165,700 | 231,055 | ||||||||||||||||
Total liabilities and member’s equity | $ | 1,313,147 | $ | 730,000 | $ | 21,572 | $ | 410,992 | $ | (993,427 | ) | $ | 1,482,284 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For The Quarter Ended September 29, 2012 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 241,436 | $ | — | $ | 47,830 | $ | 84,424 | $ | (48,656 | ) | $ | 325,034 | |||||||||||
Cost of sales | 181,626 | — | 44,944 | 65,516 | (48,656 | ) | 243,430 | |||||||||||||||||
Gross profit | 59,810 | — | 2,886 | 18,908 | — | 81,604 | ||||||||||||||||||
Selling, general and administrative expenses | 46,961 | — | 1,603 | 10,887 | — | 59,451 | ||||||||||||||||||
Income from operations | 12,849 | — | 1,283 | 8,021 | — | 22,153 | ||||||||||||||||||
Interest expense, net | 18,538 | — | — | 547 | — | 19,085 | ||||||||||||||||||
Foreign currency gain | — | — | — | (17 | ) | — | (17 | ) | ||||||||||||||||
(Loss) income before income taxes | (5,689 | ) | — | 1,283 | 7,491 | — | 3,085 | |||||||||||||||||
Income tax expense (benefit) | 462 | — | (23 | ) | 2,116 | — | 2,555 | |||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (6,151 | ) | — | 1,306 | 5,375 | — | 530 | |||||||||||||||||
Equity income (loss) from subsidiaries | 6,681 | — | 5,375 | — | (12,056 | ) | — | |||||||||||||||||
Net income (loss) | 530 | — | 6,681 | 5,375 | (12,056 | ) | 530 | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 16 | — | 11 | 12 | (23 | ) | 16 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | 11,662 | — | 11,662 | 11,662 | (23,324 | ) | 11,662 | |||||||||||||||||
Total comprehensive income (loss) | $ | 12,208 | $ | — | $ | 18,354 | $ | 17,049 | $ | (35,403 | ) | $ | 12,208 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For The Nine Months Ended September 29, 2012 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 636,915 | $ | — | $ | 133,563 | $ | 218,919 | $ | (137,018 | ) | $ | 852,379 | |||||||||||
Cost of sales | 485,784 | — | 126,420 | 173,789 | (137,018 | ) | 648,975 | |||||||||||||||||
Gross profit | 151,131 | — | 7,143 | 45,130 | — | 203,404 | ||||||||||||||||||
Selling, general and administrative expenses | 141,729 | — | 4,782 | 31,952 | — | 178,463 | ||||||||||||||||||
Income from operations | 9,402 | — | 2,361 | 13,178 | — | 24,941 | ||||||||||||||||||
Interest expense, net | 55,315 | — | — | 1,382 | — | 56,697 | ||||||||||||||||||
Foreign currency loss | — | — | — | 220 | — | 220 | ||||||||||||||||||
(Loss) income before income taxes | (45,913 | ) | — | 2,361 | 11,576 | — | (31,976 | ) | ||||||||||||||||
Income tax expense (benefit) | 1,868 | — | (59 | ) | 3,182 | — | 4,991 | |||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (47,781 | ) | — | 2,420 | 8,394 | — | (36,967 | ) | ||||||||||||||||
Equity income (loss) from subsidiaries | 10,814 | — | 8,394 | — | (19,208 | ) | — | |||||||||||||||||
Net (loss) income | (36,967 | ) | — | 10,814 | 8,394 | (19,208 | ) | (36,967 | ) | |||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 40 | — | 35 | 36 | (71 | ) | 40 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | 13,103 | — | 13,103 | 13,103 | (26,206 | ) | 13,103 | |||||||||||||||||
Total comprehensive (loss) income | $ | (23,824 | ) | $ | — | $ | 23,952 | $ | 21,533 | $ | (45,485 | ) | $ | (23,824 | ) | |||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For The Nine Months Ended September 29, 2012 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Consolidated | ||||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (22,131 | ) | $ | — | $ | 7,028 | $ | 999 | $ | (14,104 | ) | ||||||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | (2,956 | ) | — | (67 | ) | (697 | ) | (3,720 | ) | |||||||||||||||
Proceeds from the sale of assets | 87 | — | 1 | — | 88 | |||||||||||||||||||
Net cash used in investing activities | (2,869 | ) | — | (66 | ) | (697 | ) | (3,632 | ) | |||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Borrowings under ABL facilities | 74,218 | — | — | 73,356 | 147,574 | |||||||||||||||||||
Payments under ABL facilities | (74,619 | ) | — | — | (56,734 | ) | (131,353 | ) | ||||||||||||||||
Intercompany transactions | 26,410 | — | (6,962 | ) | (19,448 | ) | — | |||||||||||||||||
Equity contribution from parent | 80 | — | — | — | 80 | |||||||||||||||||||
Financing costs | (209 | ) | — | — | (16 | ) | (225 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | 25,880 | — | (6,962 | ) | (2,842 | ) | 16,076 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (55 | ) | (55 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 880 | — | — | (2,595 | ) | (1,715 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 7,855 | — | — | 3,519 | 11,374 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 8,735 | $ | — | $ | — | $ | 924 | $ | 9,659 | ||||||||||||||
Basis_of_Presentation_Signific
Basis of Presentation Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy | ' |
The Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting, the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these interim condensed consolidated financial statements contain all of the normal recurring accruals and adjustments considered necessary for a fair presentation of the unaudited results for the quarters and nine months ended September 28, 2013 and September 29, 2012. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 29, 2012, filed with the Securities and Exchange Commission on March 21, 2013 (“Annual Report”). | |
Reclassification, Policy | ' |
Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2013 presentation. | |
New Accounting Pronouncements, Policy | ' |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 eliminates diversity in practice in the presentation of unrecognized tax benefits. ASU 2013-11 requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit to be presented as a reduction to the related deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, unless a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position, or the entity does not intend to use the deferred tax asset for such purpose. ASU 2013-11 is effective for fiscal years and interim periods within those years, beginning after December 15, 2013. The Company does not believe that the adoption of the provisions of ASU 2013-11 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires the disclosure of additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of accumulated other comprehensive income. Required disclosures include disaggregation of the total change of each component of other comprehensive income and the separate presentation of reclassification adjustments and current-period other comprehensive income. In addition, ASU 2013-02 requires the presentation of information about significant items reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The new disclosure requirements are effective, prospectively, for fiscal years and interim periods within those years, beginning after December 15, 2012. ASU 2013-02 concerns presentation and disclosure only. Adoption of the provisions of ASU 2013-02 at the beginning of 2013 did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If an entity determines that it is not more likely than not that the asset is impaired, the entity will have the option not to calculate annually the fair value of an indefinite-lived intangible asset. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. Adoption of the provisions of ASU 2012-02 at the beginning of 2013 did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||
Allowance for doubtful accounts | ' | |||||||
Allowance for doubtful accounts on accounts receivable consists of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Allowance for doubtful accounts, current | $ | 3,408 | $ | 3,737 | ||||
Allowance for doubtful accounts, non-current | 5,150 | 5,434 | ||||||
$ | 8,558 | $ | 9,171 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventories are valued at the lower of cost (first in, first out) or market. Inventories consist of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 30,903 | $ | 26,749 | ||||
Work-in-progress | 11,008 | 11,589 | ||||||
Finished goods | 110,120 | 79,627 | ||||||
$ | 152,031 | $ | 117,965 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance at December 29, 2012 | $ | 482,613 | ||||||||||||||||||||||
Foreign currency translation | (5,113 | ) | ||||||||||||||||||||||
Balance at September 28, 2013 | $ | 477,500 | ||||||||||||||||||||||
Schedule of finite-lived intangibles and indefinite-lived intangibles | ' | |||||||||||||||||||||||
The Company’s other intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
September 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Amortized customer bases | $ | 329,597 | $ | 77,031 | $ | 252,566 | $ | 331,582 | $ | 57,897 | $ | 273,685 | ||||||||||||
Amortized non-compete agreements | 20 | 10 | 10 | 10 | 5 | 5 | ||||||||||||||||||
Total amortized intangible assets | 329,617 | 77,041 | 252,576 | 331,592 | 57,902 | 273,690 | ||||||||||||||||||
Non-amortized trade names | 322,578 | — | 322,578 | 325,954 | — | 325,954 | ||||||||||||||||||
Total intangible assets | $ | 652,195 | $ | 77,041 | $ | 575,154 | $ | 657,546 | $ | 57,902 | $ | 599,644 | ||||||||||||
Manufacturing_Restructuring_Co1
Manufacturing Restructuring Costs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Reconciliation of manufacturing restructuring liability | ' | |||||||||||||||
Changes in the manufacturing restructuring liability are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at the beginning of the period | $ | 2,946 | $ | 3,602 | $ | 3,387 | $ | 4,086 | ||||||||
Accretion of related lease obligations | 118 | 141 | 394 | 399 | ||||||||||||
Payments | (207 | ) | (250 | ) | (924 | ) | (992 | ) | ||||||||
Balance at the end of the period | $ | 2,857 | $ | 3,493 | $ | 2,857 | $ | 3,493 | ||||||||
Product_Warranty_Costs_Tables
Product Warranty Costs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Standard Product Warranty Disclosure [Abstract] | ' | |||||||||||||||
Reconciliation of product warranty reserve | ' | |||||||||||||||
Changes in the warranty reserve are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at the beginning of the period | $ | 96,385 | $ | 102,522 | $ | 97,471 | $ | 101,163 | ||||||||
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,785 | 3,035 | 5,155 | 8,269 | ||||||||||||
Claims paid | (1,967 | ) | (2,297 | ) | (5,725 | ) | (6,225 | ) | ||||||||
Foreign currency translation | 261 | 499 | (437 | ) | 552 | |||||||||||
Balance at the end of the period | $ | 96,464 | $ | 103,759 | $ | 96,464 | $ | 103,759 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt instruments | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
September 28, | December 29, | |||||||
2013 | 2012 | |||||||
9.125% Senior Secured Notes due 2017 | $ | 835,523 | $ | 730,000 | ||||
Borrowings under the ABL facilities | 1,000 | 78,205 | ||||||
Total long-term debt | $ | 836,523 | $ | 808,205 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Effective Income Tax Rate [Line Items] | ' | |||||||||||||||
Schedule of components of income tax expense (benefit) | ' | |||||||||||||||
The Company's provision for income taxes in interim periods is computed by applying the appropriate estimated annual effective tax rates to income or loss before income taxes for the period. The Company adjusts its effective tax rate each quarter to be consistent with the estimated annual effective tax rate and records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. The components of the effective tax rate are as follows (in thousands, except percentage): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) before income taxes | $ | 4,379 | $ | 3,085 | $ | (27,973 | ) | $ | (31,976 | ) | ||||||
Income tax expense | 1,884 | 2,555 | 4,015 | 4,991 | ||||||||||||
Effective tax rate | 43 | % | 82.8 | % | (14.4 | )% | (15.6 | )% |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule of change in accumulated other comprehensive income (loss) | ' | |||||||||||
Changes in accumulated other comprehensive loss by component, net of tax, for the quarter and nine months ended September 28, 2013 are as follows (in thousands): | ||||||||||||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at June 29, 2013 | $ | (22,982 | ) | $ | (9,232 | ) | $ | (32,214 | ) | |||
Other comprehensive loss before reclassifications | — | 5,828 | 5,828 | |||||||||
Reclassifications out of accumulated other comprehensive loss | 173 | — | 173 | |||||||||
Balance at September 28, 2013 | $ | (22,809 | ) | $ | (3,404 | ) | $ | (26,213 | ) | |||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 29, 2012 | $ | (23,287 | ) | $ | 6,040 | $ | (17,247 | ) | ||||
Other comprehensive loss before reclassifications | — | (9,444 | ) | (9,444 | ) | |||||||
Reclassifications out of accumulated other comprehensive loss | 478 | — | 478 | |||||||||
Balance at September 28, 2013 | $ | (22,809 | ) | $ | (3,404 | ) | $ | (26,213 | ) | |||
Reclassifications out of accumulated other comprehensive income (loss) | ' | |||||||||||
Reclassifications out of accumulated other comprehensive loss for the quarter and nine months ended September 28, 2013 consist of the following (in thousands): | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
September 28, | September 28, | |||||||||||
2013 | 2013 | |||||||||||
Defined Benefit Pension and Other Postretirement Plans: | ||||||||||||
Amortization of unrecognized prior service costs | $ | 5 | $ | 15 | ||||||||
Amortization of unrecognized cumulative actuarial net loss | 202 | 568 | ||||||||||
Total before tax | 207 | 583 | ||||||||||
Tax benefit | (34 | ) | (105 | ) | ||||||||
Net of tax | $ | 173 | $ | 478 | ||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of defined pension plan costs | ' | |||||||||||||||||||||||
Components of net periodic benefit cost for the Company’s defined benefit pension plans and OPEB plans are as follows (in thousands): | ||||||||||||||||||||||||
Quarters Ended | ||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 239 | $ | 698 | $ | 2 | $ | 208 | $ | 611 | $ | 2 | ||||||||||||
Interest cost | 735 | 937 | 39 | 771 | 990 | 52 | ||||||||||||||||||
Expected return on assets | (887 | ) | (970 | ) | — | (792 | ) | (940 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs | — | 5 | — | — | 5 | — | ||||||||||||||||||
Cumulative actuarial net loss | 82 | 130 | (10 | ) | (1 | ) | 12 | — | ||||||||||||||||
Net periodic benefit cost | $ | 169 | $ | 800 | $ | 31 | $ | 186 | $ | 678 | $ | 54 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 28, 2013 | September 29, 2012 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 774 | $ | 2,119 | $ | 9 | $ | 564 | $ | 1,814 | $ | 9 | ||||||||||||
Interest cost | 2,177 | 2,844 | 138 | 2,292 | 2,940 | 175 | ||||||||||||||||||
Expected return on assets | (2,661 | ) | (2,946 | ) | — | (2,418 | ) | (2,791 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs | — | 15 | — | — | 16 | — | ||||||||||||||||||
Cumulative actuarial net loss | 180 | 394 | (6 | ) | 3 | 34 | — | |||||||||||||||||
Net periodic benefit cost | $ | 470 | $ | 2,426 | $ | 141 | $ | 441 | $ | 2,013 | $ | 184 | ||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Net sales by principal product offering | ' | |||||||||||||||
Net sales by principal product offering are as follows (in thousands): | ||||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Vinyl windows | $ | 100,869 | $ | 95,844 | $ | 271,063 | $ | 261,201 | ||||||||
Vinyl siding products | 64,457 | 66,708 | 165,317 | 175,340 | ||||||||||||
Metal products | 50,132 | 51,691 | 128,129 | 133,923 | ||||||||||||
Third-party manufactured products | 95,475 | 87,714 | 235,758 | 223,794 | ||||||||||||
Other products and services | 28,972 | 23,077 | 73,197 | 58,121 | ||||||||||||
$ | 339,905 | $ | 325,034 | $ | 873,464 | $ | 852,379 | |||||||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidating balance sheet | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 28, 2013 | December 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,484 | $ | — | $ | — | $ | 720 | $ | — | $ | 10,204 | Cash and cash equivalents | $ | 7,320 | $ | — | $ | — | $ | 2,274 | $ | — | $ | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 116,187 | — | 14,141 | 37,124 | — | 167,452 | Accounts receivable, net | 91,556 | — | 9,179 | 20,652 | — | 121,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 376,617 | — | 52,853 | 1,794 | (431,264 | ) | — | Intercompany receivables | 371,236 | — | 56,097 | 1,794 | (429,127 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 110,454 | — | 8,976 | 32,601 | — | 152,031 | Inventories | 83,523 | — | 7,359 | 27,083 | — | 117,965 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | — | — | 79 | — | — | 79 | Income taxes receivable | — | — | — | 2,690 | — | 2,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 5,317 | — | 3,417 | — | — | 8,734 | Deferred income taxes | 5,317 | — | 3,417 | — | — | 8,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 7,613 | — | 918 | 3,185 | — | 11,716 | Prepaid expenses and other current assets | 5,025 | — | 784 | 2,962 | — | 8,771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 625,672 | — | 80,384 | 75,424 | (431,264 | ) | 350,216 | Total current assets | 563,977 | — | 76,836 | 57,455 | (429,127 | ) | 269,141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 65,670 | — | 1,617 | 35,603 | — | 102,890 | Property, plant and equipment, net | 67,236 | — | 1,947 | 39,269 | — | 108,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 300,642 | — | 24,650 | 152,208 | — | 477,500 | Goodwill | 300,641 | — | 24,650 | 157,322 | — | 482,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | 384,744 | — | 44,767 | 145,643 | — | 575,154 | Other intangible assets, net | 399,650 | — | 45,104 | 154,890 | — | 599,644 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (34,919 | ) | — | (128,902 | ) | — | 163,821 | — | Investment in subsidiaries | (38,564 | ) | — | (127,136 | ) | — | 165,700 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivable | — | 835,523 | — | — | (835,523 | ) | — | Intercompany receivable | — | 730,000 | — | — | (730,000 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 22,225 | — | 122 | 2,040 | — | 24,387 | Other assets | 20,207 | — | 171 | 2,056 | — | 22,434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,364,034 | $ | 835,523 | $ | 22,638 | $ | 410,918 | $ | (1,102,966 | ) | $ | 1,530,147 | Total assets | $ | 1,313,147 | $ | 730,000 | $ | 21,572 | $ | 410,992 | $ | (993,427 | ) | $ | 1,482,284 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Member’s Equity | Liabilities and Member’s Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 86,354 | $ | — | $ | 10,066 | $ | 27,414 | $ | — | $ | 123,834 | Accounts payable | $ | 54,003 | $ | — | $ | 4,826 | $ | 15,482 | $ | — | $ | 74,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | 1,794 | — | — | 429,470 | (431,264 | ) | — | Intercompany payables | 1,794 | — | — | 427,333 | (429,127 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 80,686 | — | 6,180 | 10,596 | — | 97,462 | Accrued liabilities | 55,599 | — | 10,173 | 9,525 | — | 75,297 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,177 | — | — | 3,367 | — | 4,544 | Deferred income taxes | — | — | — | 3,469 | — | 3,469 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | 71 | — | — | 1,300 | — | 1,371 | Income taxes payable | 1,495 | — | 3,053 | 1,149 | — | 5,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 170,082 | — | 16,246 | 472,147 | (431,264 | ) | 227,211 | Total current liabilities | 112,891 | — | 18,052 | 456,958 | (429,127 | ) | 158,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 76,968 | — | 17,633 | 35,343 | — | 129,944 | Deferred income taxes | 76,968 | — | 17,633 | 36,176 | — | 130,777 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 89,495 | — | 23,678 | 32,330 | — | 145,503 | Other liabilities | 92,733 | — | 24,451 | 36,289 | — | 153,473 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 836,523 | 835,523 | — | — | (835,523 | ) | 836,523 | Long-term debt | 799,500 | 730,000 | — | 8,705 | (730,000 | ) | 808,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member’s equity | 190,966 | — | (34,919 | ) | (128,902 | ) | 163,821 | 190,966 | Member’s equity | 231,055 | — | (38,564 | ) | (127,136 | ) | 165,700 | 231,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and member’s equity | $ | 1,364,034 | $ | 835,523 | $ | 22,638 | $ | 410,918 | $ | (1,102,966 | ) | $ | 1,530,147 | Total liabilities and member’s equity | $ | 1,313,147 | $ | 730,000 | $ | 21,572 | $ | 410,992 | $ | (993,427 | ) | $ | 1,482,284 | |||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidating statements of comprehensive loss | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For The Quarter Ended September 28, 2013 | For The Quarter Ended September 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 256,304 | $ | — | $ | 46,845 | $ | 81,750 | $ | (44,994 | ) | $ | 339,905 | Net sales | $ | 241,436 | $ | — | $ | 47,830 | $ | 84,424 | $ | (48,656 | ) | $ | 325,034 | |||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 197,199 | — | 43,411 | 62,343 | (44,994 | ) | 257,959 | Cost of sales | 181,626 | — | 44,944 | 65,516 | (48,656 | ) | 243,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 59,105 | — | 3,434 | 19,407 | — | 81,946 | Gross profit | 59,810 | — | 2,886 | 18,908 | — | 81,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 44,922 | — | 978 | 11,215 | — | 57,115 | Selling, general and administrative expenses | 46,961 | — | 1,603 | 10,887 | — | 59,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 14,183 | — | 2,456 | 8,192 | — | 24,831 | Income from operations | 12,849 | — | 1,283 | 8,021 | — | 22,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 19,711 | — | — | 617 | — | 20,328 | Interest expense, net | 18,538 | — | — | 547 | — | 19,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss | — | — | — | 124 | — | 124 | Foreign currency gain | — | — | — | (17 | ) | — | (17 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (5,528 | ) | — | 2,456 | 7,451 | — | 4,379 | (Loss) income before income taxes | (5,689 | ) | — | 1,283 | 7,491 | — | 3,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (238 | ) | — | (43 | ) | 2,165 | — | 1,884 | Income tax expense (benefit) | 462 | — | (23 | ) | 2,116 | — | 2,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (5,290 | ) | — | 2,499 | 5,286 | — | 2,495 | (Loss) income before equity income (loss) from subsidiaries | (6,151 | ) | — | 1,306 | 5,375 | — | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss) from subsidiaries | 7,785 | — | 5,286 | — | (13,071 | ) | — | Equity income (loss) from subsidiaries | 6,681 | — | 5,375 | — | (12,056 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,495 | — | 7,785 | 5,286 | (13,071 | ) | 2,495 | Net income (loss) | 530 | — | 6,681 | 5,375 | (12,056 | ) | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 173 | — | 113 | 101 | (214 | ) | 173 | Pension and other postretirement benefit adjustments, net of tax | 16 | — | 11 | 12 | (23 | ) | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 5,828 | — | 5,828 | 5,828 | (11,656 | ) | 5,828 | Foreign currency translation adjustments, net of tax | 11,662 | — | 11,662 | 11,662 | (23,324 | ) | 11,662 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 8,496 | $ | — | $ | 13,726 | $ | 11,215 | $ | (24,941 | ) | $ | 8,496 | Total comprehensive income (loss) | $ | 12,208 | $ | — | $ | 18,354 | $ | 17,049 | $ | (35,403 | ) | $ | 12,208 | |||||||||||||||||||||||||||||||||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For The Nine Months Ended September 28, 2013 | For The Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | Guarantors | Subsidiaries | Eliminations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 667,048 | $ | — | $ | 131,740 | $ | 206,355 | $ | (131,679 | ) | $ | 873,464 | Net sales | $ | 636,915 | $ | — | $ | 133,563 | $ | 218,919 | $ | (137,018 | ) | $ | 852,379 | |||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 513,518 | — | 122,695 | 160,035 | (131,679 | ) | 664,569 | Cost of sales | 485,784 | — | 126,420 | 173,789 | (137,018 | ) | 648,975 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 153,530 | — | 9,045 | 46,320 | — | 208,895 | Gross profit | 151,131 | — | 7,143 | 45,130 | — | 203,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 139,194 | — | 3,782 | 33,777 | — | 176,753 | Selling, general and administrative expenses | 141,729 | — | 4,782 | 31,952 | — | 178,463 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 14,336 | — | 5,263 | 12,543 | — | 32,142 | Income from operations | 9,402 | — | 2,361 | 13,178 | — | 24,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 57,905 | — | — | 1,655 | — | 59,560 | Interest expense, net | 55,315 | — | — | 1,382 | — | 56,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss | — | — | — | 555 | — | 555 | Foreign currency loss | — | — | — | 220 | — | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (43,569 | ) | — | 5,263 | 10,333 | — | (27,973 | ) | (Loss) income before income taxes | (45,913 | ) | — | 2,361 | 11,576 | — | (31,976 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,177 | — | (119 | ) | 2,957 | — | 4,015 | Income tax expense (benefit) | 1,868 | — | (59 | ) | 3,182 | — | 4,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (44,746 | ) | — | 5,382 | 7,376 | — | (31,988 | ) | (Loss) income before equity income (loss) from subsidiaries | (47,781 | ) | — | 2,420 | 8,394 | — | (36,967 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss) from subsidiaries | 12,758 | — | 7,376 | — | (20,134 | ) | — | Equity income (loss) from subsidiaries | 10,814 | — | 8,394 | — | (19,208 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (31,988 | ) | — | 12,758 | 7,376 | (20,134 | ) | (31,988 | ) | Net (loss) income | (36,967 | ) | — | 10,814 | 8,394 | (19,208 | ) | (36,967 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 478 | — | 331 | 303 | (634 | ) | 478 | Pension and other postretirement benefit adjustments, net of tax | 40 | — | 35 | 36 | (71 | ) | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | (9,444 | ) | — | (9,444 | ) | (9,444 | ) | 18,888 | (9,444 | ) | Foreign currency translation adjustments, net of tax | 13,103 | — | 13,103 | 13,103 | (26,206 | ) | 13,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) income | $ | (40,954 | ) | $ | — | $ | 3,645 | $ | (1,765 | ) | $ | (1,880 | ) | $ | (40,954 | ) | Total comprehensive (loss) income | $ | (23,824 | ) | $ | — | $ | 23,952 | $ | 21,533 | $ | (45,485 | ) | $ | (23,824 | ) | ||||||||||||||||||||||||||||||||||||||||
Condensed consolidating statements of cash flows | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | For The Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Consolidated | Company | Co-Issuer | Subsidiary | Non-Guarantor | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors | Subsidiaries | Guarantors | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (16,872 | ) | $ | — | $ | (3,234 | ) | $ | 5,697 | $ | (14,409 | ) | Net cash (used in) provided by operating activities | $ | (22,131 | ) | $ | — | $ | 7,028 | $ | 999 | $ | (14,104 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Investing Activities | Investing Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (8,496 | ) | — | (10 | ) | (393 | ) | (8,899 | ) | Capital expenditures | (2,956 | ) | — | (67 | ) | (697 | ) | (3,720 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Supply center acquisition | (348 | ) | — | — | — | (348 | ) | Proceeds from the sale of assets | 87 | — | 1 | — | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of assets | 49 | — | — | — | 49 | Net cash used in investing activities | (2,869 | ) | — | (66 | ) | (697 | ) | (3,632 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (8,795 | ) | — | (10 | ) | (393 | ) | (9,198 | ) | Financing Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under ABL facilities | 74,218 | — | — | 73,356 | 147,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under ABL facilities | 79,891 | — | — | 44,053 | 123,944 | Payments under ABL facilities | (74,619 | ) | — | — | (56,734 | ) | (131,353 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments under ABL facilities | (148,391 | ) | — | — | (52,553 | ) | (200,944 | ) | Intercompany transactions | 26,410 | — | (6,962 | ) | (19,448 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany transactions | (5,381 | ) | — | 3,244 | 2,137 | — | Equity contribution from parent | 80 | — | — | — | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contribution from parent | 742 | — | — | — | 742 | Financing costs | (209 | ) | — | — | (16 | ) | (225 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of senior notes | 106,000 | — | — | — | 106,000 | Net cash provided by (used in) financing activities | 25,880 | — | (6,962 | ) | (2,842 | ) | 16,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing costs | (5,030 | ) | — | — | (415 | ) | (5,445 | ) | Effect of exchange rate changes on cash and cash equivalents | — | — | — | (55 | ) | (55 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 27,831 | — | 3,244 | (6,778 | ) | 24,297 | Net increase (decrease) in cash and cash equivalents | 880 | — | — | (2,595 | ) | (1,715 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (80 | ) | (80 | ) | Cash and cash equivalents at beginning of period | 7,855 | — | — | 3,519 | 11,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,164 | — | — | (1,554 | ) | 610 | Cash and cash equivalents at end of period | $ | 8,735 | $ | — | $ | — | $ | 924 | $ | 9,659 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 7,320 | — | — | 2,274 | 9,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 9,484 | $ | — | $ | — | $ | 720 | $ | 10,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended | 9 Months Ended | |
Sep. 28, 2013 | Oct. 13, 2010 | Sep. 28, 2013 | |
facilities | Associated Materials, LLC | Hellman & Friedman LLC Affiliated Investment Funds | |
Entity Information [Line Items] | ' | ' | ' |
Entity ownership percentage by Holdings upon merger | ' | 100.00% | ' |
Percentage of Holdings stock held by investment funds affiliated with H&F | ' | ' | 97.00% |
Number of manufacturing facilities | 11 | ' | ' |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Allowance for Doubtful Accounts [Abstract] | ' | ' |
Allowance for doubtful accounts, current | $3,408 | $3,737 |
Allowance for doubtful accounts, non-current | 5,150 | 5,434 |
Allowance for doubtful accounts receivable | $8,558 | $9,171 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $30,903 | $26,749 |
Work-in-progress | 11,008 | 11,589 |
Finished goods | 110,120 | 79,627 |
Inventory, net | $152,031 | $117,965 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - (Changes in Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Goodwill [Rollforward] | ' |
Balance at December 29, 2012 | $482,613 |
Foreign currency translation | -5,113 |
Balance at September 28, 2013 | $477,500 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - (Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' |
Amortized Intangible Assets, Cost | $329,617,000 | ' | $329,617,000 | ' | $331,592,000 |
Amortized Intangible Assets, Accumulated Amortization | 77,041,000 | ' | 77,041,000 | ' | 57,902,000 |
Amortized Intangible Assets, Net Carrying Value | 252,576,000 | ' | 252,576,000 | ' | 273,690,000 |
Intangible Assets, Net (Excluding Goodwill) | ' | ' | ' | ' | ' |
Amortized and Non-amortized Intangible Assets, Cost (Excluding Goodwill) | 652,195,000 | ' | 652,195,000 | ' | 657,546,000 |
Amortized and Non-amortized Intangible Assets, Net (Excluding Goodwill) | 575,154,000 | ' | 575,154,000 | ' | 599,644,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | 6,500,000 | 6,600,000 | 19,600,000 | 19,700,000 | ' |
Non-amortized trade names | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | ' | ' | ' | ' | ' |
Non-amortized Intangible Assets, Cost | 322,578,000 | ' | 322,578,000 | ' | 325,954,000 |
Amortized customer bases | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' |
Amortized Intangible Assets, Cost | 329,597,000 | ' | 329,597,000 | ' | 331,582,000 |
Amortized Intangible Assets, Accumulated Amortization | 77,031,000 | ' | 77,031,000 | ' | 57,897,000 |
Amortized Intangible Assets, Net Carrying Value | 252,566,000 | ' | 252,566,000 | ' | 273,685,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Amortized Intangible Assets, Average Amortization Period | ' | ' | '13 years | ' | ' |
Amortized non-compete agreements | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' |
Amortized Intangible Assets, Cost | 20,000 | ' | 20,000 | ' | 10,000 |
Amortized Intangible Assets, Accumulated Amortization | 10,000 | ' | 10,000 | ' | 5,000 |
Amortized Intangible Assets, Net Carrying Value | $10,000 | ' | $10,000 | ' | $5,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' |
Amortized Intangible Assets, Average Amortization Period | ' | ' | '3 years | ' | ' |
Manufacturing_Restructuring_Co2
Manufacturing Restructuring Costs (Details) (Facility Closing [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Facility Closing [Member] | ' | ' | ' | ' |
Restructuring Reserve [RollForward] | ' | ' | ' | ' |
Balance at the beginning of the period | $2,946 | $3,602 | $3,387 | $4,086 |
Accretion of related lease obligations | 118 | 141 | 394 | 399 |
Payments | -207 | -250 | -924 | -992 |
Balance at the end of the period | $2,857 | $3,493 | $2,857 | $3,493 |
Product_Warranty_Costs_Details
Product Warranty Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Standard Product Warranty Accrual Rollforward | ' | ' | ' | ' |
Balance at the begining of the period | $96,385 | $102,522 | $97,471 | $101,163 |
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,785 | 3,035 | 5,155 | 8,269 |
Claims paid | -1,967 | -2,297 | -5,725 | -6,225 |
Foreign currency translation | 261 | 499 | -437 | 552 |
Balance at the end of the period | $96,464 | $103,759 | $96,464 | $103,759 |
Executive_Officers_Separation_1
Executive Officers' Separation and Hiring Costs (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 | Jun. 17, 2013 | Sep. 28, 2013 | Jun. 17, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | ||
Separation and Hiring Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Executive officers' separation and hiring, period costs | ' | ' | ' | ' | ' | $0.10 | $0 | $1.20 | $2.90 |
Payments to acquire residence under relocation agreement | ' | 1.2 | ' | 0.5 | ' | ' | ' | ' | ' |
Other labor-related expenses | ' | 0.8 | ' | 0.1 | ' | ' | ' | ' | ' |
Executive ocers' separation and hiring, severance liabilities | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Executive officers' separation and hiring payment completion | '2014 | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed mortgage balance | ' | ' | $1.20 | ' | $0.40 | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $836,523 | $808,205 |
Line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings under the ABL facilities | 1,000 | 78,205 |
9.125% notes | Senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
9.125% notes | $835,523 | $730,000 |
LongTerm_Debt_Senior_Secured_N
Long-Term Debt - (Senior Secured Notes) (Details) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Oct. 31, 2010 | Sep. 28, 2013 | 1-May-13 | Sep. 28, 2013 | Dec. 29, 2012 |
Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | ||
Original 9.125% Secured Senior Notes [Member] | New 9.125% Secured Senior Notes [Member] | New 9.125% Secured Senior Notes [Member] | 9.125% notes | 9.125% notes | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Margin Pricing Increments | '25 basis point | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | $730 | ' | $100 | $830 | $730 |
Notes sold at as a percentage of principle amount | ' | ' | ' | 106.00% | ' | ' |
Debt instrument, unamortized discount (premium), net | ' | ' | 5.5 | ' | ' | ' |
Debt instrument, interest rate, effective percentage | 0.00% | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | $887.10 | $742.80 |
Debt instrument, interest rate, stated percentage | ' | 9.13% | ' | 9.13% | 9.13% | ' |
LongTerm_Debt_ABL_Facilities_D
Long-Term Debt - (ABL Facilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||
Sep. 28, 2013 | Sep. 28, 2013 | Apr. 18, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Line of credit | Line of credit | Line of credit | Line of credit | US facility | US facility | US facility | US facility | Canadian facility | Canadian facility | Canadian facility | LIBOR | CDOR | CDOR | One-month LIBOR | 30 Day CDOR | US prime rate | Canadian primate rate | Canadian primate rate | Federal Funds Effective Rate | |
Tranche B [Member] | Tranche A [Member] | Tranche B [Member] | Tranche A [Member] | Tranche B [Member] | US facility | US facility | Canadian facility | US facility | Canadian facility | US facility | Canadian facility | Canadian facility | US facility | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | $213,000,000 | $213,000,000 | $225,000,000 | ' | ' | $150,000,000 | $141,500,000 | $8,500,000 | $75,000,000 | $71,500,000 | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, covenant minimum availability as percentage of borrowing base | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, covenant minimum availability, amount | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, increase (decrease) in borrowing capacity, net | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt issuance cost | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'CDOR | 'one-month LIBOR | ' | 'prime rate | ' | 'Canadian prime | 'Federal Funds Effective Rate |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 1.75% | ' | 0.75% | 0.75% | 0.75% | 0.75% | ' | 0.75% |
Line of credit facility, unused capacity, commitment fee percentage | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, additional basis rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | 0.50% |
Line of credit facility, amount outstanding | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | 182,000,000 | 182,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | $11,000,000 | $11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' |
Income (loss) before income taxes | $4,379 | $3,085 | ($27,973) | ($31,976) |
Income tax expense (benefit) | $1,884 | $2,555 | $4,015 | $4,991 |
Effective Tax Rate | 43.00% | 82.80% | -14.40% | -15.60% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Other Comprehensive Income (Loss), Before Tax [Roll Forward] | ' | ' |
Balance at the beginning of the period | ($32,214) | ($17,247) |
Other comprehensive loss before reclassifications | 5,828 | -9,444 |
Reclassifications out of accumulated other comprehensive loss | 173 | 478 |
Balance at the end of the period | -26,213 | -26,213 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, before Tax [Roll Forward] | ' | ' |
Balance at the beginning of the period | -9,232 | 6,040 |
Other comprehensive loss before reclassficiations | 5,828 | -9,444 |
Reclassifications out of accumulated other comprehensive loss | 0 | 0 |
Balance at the end of the period | -3,404 | -3,404 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax [Roll Forward] | ' | ' |
Balance at the beginning of the period | -22,982 | -23,287 |
Other comprehensive loss before reclassifications | 0 | 0 |
Reclassfications out of accumulated other comprehensive loss | 173 | 478 |
Balance at the end of the period | -22,809 | -22,809 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Amortization of unrecognized prior service costs | 5 | 15 |
Amortization of unrecognized cumulative actuarial net loss | 202 | 568 |
Total before tax | 207 | 583 |
Tax benefit | -34 | -105 |
Net of tax | $173 | $478 |
Retirement_Plans_Details
Retirement Plans - (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Domestic Plans | ' | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' | ' |
Service cost | $239 | $208 | $774 | $564 |
Interest cost | 735 | 771 | 2,177 | 2,292 |
Expected return on plan assets | -887 | -792 | -2,661 | -2,418 |
Amortization of unrecognized: | ' | ' | ' | ' |
Prior service cost | 0 | 0 | 0 | 0 |
Cumulative actuarial net loss | 82 | -1 | 180 | 3 |
Net periodic benefit cost | 169 | 186 | 470 | 441 |
Foreign Plans | ' | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' | ' |
Service cost | 698 | 611 | 2,119 | 1,814 |
Interest cost | 937 | 990 | 2,844 | 2,940 |
Expected return on plan assets | -970 | -940 | -2,946 | -2,791 |
Amortization of unrecognized: | ' | ' | ' | ' |
Prior service cost | 5 | 5 | 15 | 16 |
Cumulative actuarial net loss | 130 | 12 | 394 | 34 |
Net periodic benefit cost | 800 | 678 | 2,426 | 2,013 |
OPEB Plans | ' | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' | ' |
Service cost | 2 | 2 | 9 | 9 |
Interest cost | 39 | 52 | 138 | 175 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of unrecognized: | ' | ' | ' | ' |
Prior service cost | 0 | 0 | 0 | 0 |
Cumulative actuarial net loss | -10 | 0 | -6 | 0 |
Net periodic benefit cost | $31 | $54 | $141 | $184 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Sep. 29, 2012 | Dec. 31, 2011 | Sep. 28, 2013 | Mar. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
Pending Litigation [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Cash Payment on Third Claim [Member] | Legal Reserve [Member] | Notification Reserve [Member] | |
Putative Class Action [Member] | Putative Class Action [Member] | Putative Class Action [Member] | Putative Class Action [Member] | ||||
class_actions | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Environmental Remediation Funding | ' | $100,000 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | 339,500 | 228,000 | ' | ' | ' |
Loss Contingency, New Claims Filed, Number | 7 | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | $8,000 | $2,500,000 | $600,000 |
Business_Segments_Textual_Deta
Business Segments Textual (Details) | 9 Months Ended |
Sep. 28, 2013 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $339,905 | $325,034 | $873,464 | $852,379 |
Vinyl Windows [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 100,869 | 95,844 | 271,063 | 261,201 |
Vinyl Siding Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 64,457 | 66,708 | 165,317 | 175,340 |
Metal Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 50,132 | 51,691 | 128,129 | 133,923 |
Third-Party Payor [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 95,475 | 87,714 | 235,758 | 223,794 |
Other Products and Services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $28,972 | $23,077 | $73,197 | $58,121 |
Subsidiary_Guarantors_Narrativ
Subsidiary Guarantors - (Narrative) (Details) | 9 Months Ended |
Sep. 28, 2013 | |
Gentek Holdings, LLC and Gentek Building Products | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Ownership percent of guarantor subsidiaries | 100.00% |
AMH New Finance, Inc | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Ownership percent of guarantor subsidiaries | 100.00% |
Senior notes | 9.125% notes | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Debt instrument, interest rate, stated percentage | 9.13% |
Subsidiary_Guarantors_Condense
Subsidiary Guarantors - Condensed Consolidating Balance Sheet (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $10,204 | $9,594 | $9,659 | $11,374 |
Accounts receivable, net | 167,452 | 121,387 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 152,031 | 117,965 | ' | ' |
Income taxes receivable | 79 | 2,690 | ' | ' |
Deferred income taxes | 8,734 | 8,734 | ' | ' |
Prepaid expenses and other current assets | 11,716 | 8,771 | ' | ' |
Total current assets | 350,216 | 269,141 | ' | ' |
Property, plant and equipment, net | 102,890 | 108,452 | ' | ' |
Goodwill | 477,500 | 482,613 | ' | ' |
Other intangible assets, net | 575,154 | 599,644 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets | 24,387 | 22,434 | ' | ' |
Total assets | 1,530,147 | 1,482,284 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 123,834 | 74,311 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued liabilities | 97,462 | 75,297 | ' | ' |
Deferred income taxes | 4,544 | 3,469 | ' | ' |
Income taxes payable | 1,371 | 5,697 | ' | ' |
Total current liabilities | 227,211 | 158,774 | ' | ' |
Deferred income taxes | 129,944 | 130,777 | ' | ' |
Other liabilities | 145,503 | 153,473 | ' | ' |
Long-term debt | 836,523 | 808,205 | ' | ' |
Member’s equity | 190,966 | 231,055 | ' | ' |
Total liabilities and member's equity | 1,530,147 | 1,482,284 | ' | ' |
Company | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 9,484 | 7,320 | 8,735 | 7,855 |
Accounts receivable, net | 116,187 | 91,556 | ' | ' |
Intercompany receivables | 376,617 | 371,236 | ' | ' |
Inventories | 110,454 | 83,523 | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' |
Deferred income taxes | 5,317 | 5,317 | ' | ' |
Prepaid expenses and other current assets | 7,613 | 5,025 | ' | ' |
Total current assets | 625,672 | 563,977 | ' | ' |
Property, plant and equipment, net | 65,670 | 67,236 | ' | ' |
Goodwill | 300,642 | 300,641 | ' | ' |
Other intangible assets, net | 384,744 | 399,650 | ' | ' |
Investment in subsidiaries | -34,919 | -38,564 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets | 22,225 | 20,207 | ' | ' |
Total assets | 1,364,034 | 1,313,147 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 86,354 | 54,003 | ' | ' |
Intercompany payables | 1,794 | 1,794 | ' | ' |
Accrued liabilities | 80,686 | 55,599 | ' | ' |
Deferred income taxes | 1,177 | 0 | ' | ' |
Income taxes payable | 71 | 1,495 | ' | ' |
Total current liabilities | 170,082 | 112,891 | ' | ' |
Deferred income taxes | 76,968 | 76,968 | ' | ' |
Other liabilities | 89,495 | 92,733 | ' | ' |
Long-term debt | 836,523 | 799,500 | ' | ' |
Member’s equity | 190,966 | 231,055 | ' | ' |
Total liabilities and member's equity | 1,364,034 | 1,313,147 | ' | ' |
Co-Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 835,523 | 730,000 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | 835,523 | 730,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Long-term debt | 835,523 | 730,000 | ' | ' |
Member’s equity | 0 | 0 | ' | ' |
Total liabilities and member's equity | 835,523 | 730,000 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 14,141 | 9,179 | ' | ' |
Intercompany receivables | 52,853 | 56,097 | ' | ' |
Inventories | 8,976 | 7,359 | ' | ' |
Income taxes receivable | 79 | 0 | ' | ' |
Deferred income taxes | 3,417 | 3,417 | ' | ' |
Prepaid expenses and other current assets | 918 | 784 | ' | ' |
Total current assets | 80,384 | 76,836 | ' | ' |
Property, plant and equipment, net | 1,617 | 1,947 | ' | ' |
Goodwill | 24,650 | 24,650 | ' | ' |
Other intangible assets, net | 44,767 | 45,104 | ' | ' |
Investment in subsidiaries | -128,902 | -127,136 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets | 122 | 171 | ' | ' |
Total assets | 22,638 | 21,572 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 10,066 | 4,826 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Accrued liabilities | 6,180 | 10,173 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | 3,053 | ' | ' |
Total current liabilities | 16,246 | 18,052 | ' | ' |
Deferred income taxes | 17,633 | 17,633 | ' | ' |
Other liabilities | 23,678 | 24,451 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Member’s equity | -34,919 | -38,564 | ' | ' |
Total liabilities and member's equity | 22,638 | 21,572 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 720 | 2,274 | 924 | 3,519 |
Accounts receivable, net | 37,124 | 20,652 | ' | ' |
Intercompany receivables | 1,794 | 1,794 | ' | ' |
Inventories | 32,601 | 27,083 | ' | ' |
Income taxes receivable | 0 | 2,690 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 3,185 | 2,962 | ' | ' |
Total current assets | 75,424 | 57,455 | ' | ' |
Property, plant and equipment, net | 35,603 | 39,269 | ' | ' |
Goodwill | 152,208 | 157,322 | ' | ' |
Other intangible assets, net | 145,643 | 154,890 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets | 2,040 | 2,056 | ' | ' |
Total assets | 410,918 | 410,992 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 27,414 | 15,482 | ' | ' |
Intercompany payables | 429,470 | 427,333 | ' | ' |
Accrued liabilities | 10,596 | 9,525 | ' | ' |
Deferred income taxes | 3,367 | 3,469 | ' | ' |
Income taxes payable | 1,300 | 1,149 | ' | ' |
Total current liabilities | 472,147 | 456,958 | ' | ' |
Deferred income taxes | 35,343 | 36,176 | ' | ' |
Other liabilities | 32,330 | 36,289 | ' | ' |
Long-term debt | 0 | 8,705 | ' | ' |
Member’s equity | -128,902 | -127,136 | ' | ' |
Total liabilities and member's equity | 410,918 | 410,992 | ' | ' |
Reclassification/Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany receivables | -431,264 | -429,127 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income taxes receivable | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -431,264 | -429,127 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 163,821 | 165,700 | ' | ' |
Intercompany receivable | -835,523 | -730,000 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -1,102,966 | -993,427 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany payables | -431,264 | -429,127 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Total current liabilities | -431,264 | -429,127 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Long-term debt | -835,523 | -730,000 | ' | ' |
Member’s equity | 163,821 | 165,700 | ' | ' |
Total liabilities and member's equity | ($1,102,966) | ($993,427) | ' | ' |
Subsidiary_Guarantors_Condense1
Subsidiary Guarantors - Condensed Consolidating Statement of Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $339,905 | $325,034 | $873,464 | $852,379 |
Cost of sales | 257,959 | 243,430 | 664,569 | 648,975 |
Gross profit | 81,946 | 81,604 | 208,895 | 203,404 |
Selling, general and administrative expenses | 57,115 | 59,451 | 176,753 | 178,463 |
Income from operations | 24,831 | 22,153 | 32,142 | 24,941 |
Interest expense, net | 20,328 | 19,085 | 59,560 | 56,697 |
Foreign currency loss | 124 | -17 | 555 | 220 |
Income (loss) before income taxes | 4,379 | 3,085 | -27,973 | -31,976 |
Income tax expense (benefit) | 1,884 | 2,555 | 4,015 | 4,991 |
(Loss) income before equity income (loss) from subsidiaries | 2,495 | 530 | -31,988 | -36,967 |
Equity income (loss) from subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 2,495 | 530 | -31,988 | -36,967 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 173 | 16 | 478 | 40 |
Foreign currency translation adjustments, net of tax | 5,828 | 11,662 | -9,444 | 13,103 |
Total comprehensive (loss) income | 8,496 | 12,208 | -40,954 | -23,824 |
Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 256,304 | 241,436 | 667,048 | 636,915 |
Cost of sales | 197,199 | 181,626 | 513,518 | 485,784 |
Gross profit | 59,105 | 59,810 | 153,530 | 151,131 |
Selling, general and administrative expenses | 44,922 | 46,961 | 139,194 | 141,729 |
Income from operations | 14,183 | 12,849 | 14,336 | 9,402 |
Interest expense, net | 19,711 | 18,538 | 57,905 | 55,315 |
Foreign currency loss | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | -5,528 | -5,689 | -43,569 | -45,913 |
Income tax expense (benefit) | -238 | 462 | 1,177 | 1,868 |
(Loss) income before equity income (loss) from subsidiaries | -5,290 | -6,151 | -44,746 | -47,781 |
Equity income (loss) from subsidiaries | 7,785 | 6,681 | 12,758 | 10,814 |
Net income (loss) | 2,495 | 530 | -31,988 | -36,967 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 173 | 16 | 478 | 40 |
Foreign currency translation adjustments, net of tax | 5,828 | 11,662 | -9,444 | 13,103 |
Total comprehensive (loss) income | 8,496 | 12,208 | -40,954 | -23,824 |
Co-Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Foreign currency loss | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
(Loss) income before equity income (loss) from subsidiaries | 0 | 0 | 0 | 0 |
Equity income (loss) from subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments, net of tax | 0 | 0 | 0 | 0 |
Total comprehensive (loss) income | 0 | 0 | 0 | 0 |
Subsidiary Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 46,845 | 47,830 | 131,740 | 133,563 |
Cost of sales | 43,411 | 44,944 | 122,695 | 126,420 |
Gross profit | 3,434 | 2,886 | 9,045 | 7,143 |
Selling, general and administrative expenses | 978 | 1,603 | 3,782 | 4,782 |
Income from operations | 2,456 | 1,283 | 5,263 | 2,361 |
Interest expense, net | 0 | 0 | 0 | 0 |
Foreign currency loss | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 2,456 | 1,283 | 5,263 | 2,361 |
Income tax expense (benefit) | -43 | -23 | -119 | -59 |
(Loss) income before equity income (loss) from subsidiaries | 2,499 | 1,306 | 5,382 | 2,420 |
Equity income (loss) from subsidiaries | 5,286 | 5,375 | 7,376 | 8,394 |
Net income (loss) | 7,785 | 6,681 | 12,758 | 10,814 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 113 | 11 | 331 | 35 |
Foreign currency translation adjustments, net of tax | 5,828 | 11,662 | -9,444 | 13,103 |
Total comprehensive (loss) income | 13,726 | 18,354 | 3,645 | 23,952 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 81,750 | 84,424 | 206,355 | 218,919 |
Cost of sales | 62,343 | 65,516 | 160,035 | 173,789 |
Gross profit | 19,407 | 18,908 | 46,320 | 45,130 |
Selling, general and administrative expenses | 11,215 | 10,887 | 33,777 | 31,952 |
Income from operations | 8,192 | 8,021 | 12,543 | 13,178 |
Interest expense, net | 617 | 547 | 1,655 | 1,382 |
Foreign currency loss | 124 | -17 | 555 | 220 |
Income (loss) before income taxes | 7,451 | 7,491 | 10,333 | 11,576 |
Income tax expense (benefit) | 2,165 | 2,116 | 2,957 | 3,182 |
(Loss) income before equity income (loss) from subsidiaries | 5,286 | 5,375 | 7,376 | 8,394 |
Equity income (loss) from subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 5,286 | 5,375 | 7,376 | 8,394 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | 101 | 12 | 303 | 36 |
Foreign currency translation adjustments, net of tax | 5,828 | 11,662 | -9,444 | 13,103 |
Total comprehensive (loss) income | 11,215 | 17,049 | -1,765 | 21,533 |
Reclassification/Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -44,994 | -48,656 | -131,679 | -137,018 |
Cost of sales | -44,994 | -48,656 | -131,679 | -137,018 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Foreign currency loss | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
(Loss) income before equity income (loss) from subsidiaries | 0 | 0 | 0 | 0 |
Equity income (loss) from subsidiaries | -13,071 | -12,056 | -20,134 | -19,208 |
Net income (loss) | -13,071 | -12,056 | -20,134 | -19,208 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefit adjustments, net of tax | -214 | -23 | -634 | -71 |
Foreign currency translation adjustments, net of tax | -11,656 | -23,324 | 18,888 | -26,206 |
Total comprehensive (loss) income | ($24,941) | ($35,403) | ($1,880) | ($45,485) |
Subsidiary_Guarantors_Condense2
Subsidiary Guarantors - Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | ($14,409) | ($14,104) |
Investing Activities | ' | ' |
Capital expenditures | -8,899 | -3,720 |
Supply center acquisition | -348 | 0 |
Proceeds from sale of assets | 49 | 88 |
Net cash used in investing activities | -9,198 | -3,632 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 123,944 | 147,574 |
Payments under ABL facilities | -200,944 | -131,353 |
Intercompany transactions | 0 | 0 |
Equity contribution from parent | 742 | 80 |
Issuance of senior notes | 106,000 | 0 |
Financing costs | -5,445 | -225 |
Net cash provided by (used in) financing activities | 24,297 | 16,076 |
Effect of exchange rate changes on cash and cash equivalents | -80 | -55 |
Net increase (decrease) in cash and cash equivalents | 610 | -1,715 |
Cash and cash equivalents at beginning of period | 9,594 | 11,374 |
Cash and cash equivalents at end of period | 10,204 | 9,659 |
Company | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | -16,872 | -22,131 |
Investing Activities | ' | ' |
Capital expenditures | -8,496 | -2,956 |
Supply center acquisition | -348 | ' |
Proceeds from sale of assets | 49 | 87 |
Net cash used in investing activities | -8,795 | -2,869 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 79,891 | 74,218 |
Payments under ABL facilities | -148,391 | -74,619 |
Intercompany transactions | -5,381 | 26,410 |
Equity contribution from parent | 742 | 80 |
Issuance of senior notes | 106,000 | ' |
Financing costs | -5,030 | -209 |
Net cash provided by (used in) financing activities | 27,831 | 25,880 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2,164 | 880 |
Cash and cash equivalents at beginning of period | 7,320 | 7,855 |
Cash and cash equivalents at end of period | 9,484 | 8,735 |
Co-Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 0 | 0 |
Investing Activities | ' | ' |
Capital expenditures | 0 | 0 |
Supply center acquisition | 0 | ' |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 0 | 0 |
Payments under ABL facilities | 0 | 0 |
Intercompany transactions | 0 | 0 |
Equity contribution from parent | 0 | 0 |
Issuance of senior notes | 0 | ' |
Financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | -3,234 | 7,028 |
Investing Activities | ' | ' |
Capital expenditures | -10 | -67 |
Supply center acquisition | 0 | ' |
Proceeds from sale of assets | 0 | 1 |
Net cash used in investing activities | -10 | -66 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 0 | 0 |
Payments under ABL facilities | 0 | 0 |
Intercompany transactions | 3,244 | -6,962 |
Equity contribution from parent | 0 | 0 |
Issuance of senior notes | 0 | ' |
Financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 3,244 | -6,962 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 5,697 | 999 |
Investing Activities | ' | ' |
Capital expenditures | -393 | -697 |
Supply center acquisition | 0 | ' |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | -393 | -697 |
Financing Activities | ' | ' |
Borrowings under ABL facilities | 44,053 | 73,356 |
Payments under ABL facilities | -52,553 | -56,734 |
Intercompany transactions | 2,137 | -19,448 |
Equity contribution from parent | 0 | 0 |
Issuance of senior notes | 0 | ' |
Financing costs | -415 | -16 |
Net cash provided by (used in) financing activities | -6,778 | -2,842 |
Effect of exchange rate changes on cash and cash equivalents | -80 | -55 |
Net increase (decrease) in cash and cash equivalents | -1,554 | -2,595 |
Cash and cash equivalents at beginning of period | 2,274 | 3,519 |
Cash and cash equivalents at end of period | $720 | $924 |