Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Apr. 04, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ASSOCIATED MATERIALS, LLC |
Entity Central Index Key | 802967 |
Document Type | 10-Q |
Document Period End Date | 4-Apr-15 |
Amendment Flag | FALSE |
Membership interests description | The registrant’s membership interests outstanding were held by an affiliate of the Registrant |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | -1 |
Entity Filer Category | Non-accelerated Filer |
Common Shares Outstanding | 0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $4,059 | $5,963 |
Accounts receivable, net | 125,416 | 125,121 |
Inventories | 161,482 | 145,532 |
Income taxes receivable | 121 | 144 |
Deferred income taxes | 2,439 | 2,439 |
Prepaid expenses and other current assets | 15,579 | 15,859 |
Total current assets | 309,096 | 295,058 |
Property, plant and equipment, at cost | 181,383 | 178,014 |
Less accumulated depreciation | 86,689 | 84,114 |
Property, plant and equipment, net | 94,694 | 93,900 |
Goodwill | 311,798 | 317,257 |
Other intangible assets, net | 425,432 | 437,300 |
Other assets | 16,922 | 18,662 |
Total assets | 1,157,942 | 1,162,177 |
Current liabilities: | ||
Accounts payable | 103,926 | 94,768 |
Accrued liabilities | 91,811 | 81,734 |
Deferred income taxes | 1,946 | 1,292 |
Income taxes payable | 1,495 | 1,782 |
Total current liabilities | 199,178 | 179,576 |
Deferred income taxes | 86,991 | 88,330 |
Other liabilities | 125,731 | 129,016 |
Long-term debt | 933,926 | 903,404 |
Commitments and contingencies | ||
Member’s equity | -187,884 | -138,149 |
Total liabilities and member's equity | $1,157,942 | $1,162,177 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $220,366 | $196,589 |
Cost of sales | 178,463 | 162,174 |
Gross profit | 41,903 | 34,415 |
Selling, general and administrative expenses | 58,470 | 58,665 |
Income from operations | -16,567 | -24,250 |
Interest expense, net | 20,706 | 20,320 |
Foreign currency loss (gain) | 516 | 338 |
Income (loss) before income taxes | -37,789 | -44,908 |
Income tax expense | 533 | 1,441 |
Net income (loss) | -38,322 | -46,349 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 148 | 3 |
Foreign currency translation adjustments, net of tax | -11,586 | -9,054 |
Total comprehensive income (loss) | ($49,760) | ($55,400) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Operating Activities | ||
Net loss | $38,322 | $46,349 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 9,879 | 10,578 |
Deferred income taxes | 727 | 1,634 |
Provision for losses on accounts receivable | 771 | 483 |
Amortization of deferred financing costs and premium on senior notes | 906 | 939 |
Loss (gain) on sale or disposal of assets | 0 | 11 |
Stock-based compensation expense | 25 | 277 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -2,141 | 5,962 |
Inventories | -17,839 | -43,320 |
Accounts payable and accrued liabilities | -20,729 | -27,491 |
Income taxes receivable / payable | 164 | 234 |
Other assets and liabilities | -1,242 | -4,667 |
Net cash used in operating activities | -26,671 | -47,195 |
Investing Activities | ||
Capital expenditures | -6,069 | -3,619 |
Proceeds from the sale of assets | 6 | 0 |
Net cash used in investing activities | -6,063 | -3,619 |
Financing Activities | ||
Borrowings under ABL facilities | 44,570 | 37,508 |
Payments under ABL facilities | -13,749 | -2,904 |
Net cash provided by financing activities | 30,821 | 34,604 |
Effect of exchange rate changes on cash and cash equivalents | 9 | -500 |
Net increase (decrease) in cash and cash equivalents | -1,904 | -16,710 |
Cash and cash equivalents at beginning of period | 5,963 | |
Cash and cash equivalents at end of period | 4,059 | |
Supplemental information: | ||
Cash paid for interest | 952 | 311 |
Cash paid for income taxes | $44 | $41 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Apr. 04, 2015 | |
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 (“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 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 ended April 4, 2015 and March 29, 2014. 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 January 3, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 23, 2015 (“Annual Report”). A detailed description of the Company’s significant accounting policies and management judgments is located in the audited financial statements included in its Annual Report. | |
The Company is a leading, vertically integrated manufacturer and distributor of exterior residential building products in the United States (“U.S.”) and Canada. The Company was founded in 1947 when it first introduced residential aluminum siding under the Alside® name. The Company provides a comprehensive offering of exterior building products, including vinyl windows, vinyl siding, 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 it sources from a network of manufacturers, such as roofing materials, cladding materials, insulation, exterior doors, equipment and tools. The Company also provides installation services. The Company distributes these products through its extensive dual-distribution network to over 50,000 professional exterior contractors, builders and dealers, whom the Company refers to as its “contractor customers.” This dual-distribution network consists of 126 company-operated supply centers, through which the Company sells directly to its contractor customers, and its direct sales channel, through which the Company sells to more than 275 independent distributors, dealers and national account customers. | |
Because most of the Company’s building products are intended for exterior use, sales and operating profits 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 lower 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 2015 presentation. | |
Recent Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability rather than an asset, consistent with the presentation of debt discounts. The recognition and measurement of debt issuance costs are not affected by the new guidance. ASU 2015-03 is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2015. An entity is required to apply ASU 2015-03 on a retrospective basis and comply with the applicable disclosures, which include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, the debt issuance cost asset and the debt liability). The Company does not believe that the adoption of the provisions of ASU 2015-03 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide certain disclosures if it concludes that substantial doubt exists. ASU 2014-15 is effective for all entities for the annual period ending after December 15, 2016, and for annual and interim periods thereafter, with early adoption permitted. The Company does not believe that the adoption of the provisions of ASU 2014-15 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The comprehensive new revenue recognition standard supersedes all existing revenue guidance under GAAP and international financial reporting standards. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard establishes the following five steps that require companies to exercise judgment when considering the terms of any contract, including all relevant facts and circumstances: | |
Step 1: Identify the contract(s) with the customer, | |
Step 2: Identify the separate performance obligations in the contract, | |
Step 3: Determine the transaction price, | |
Step 4: Allocate the transaction price to the separate performance obligations, and | |
Step 5: Recognize revenue when each performance obligation is satisfied. | |
The new standard also requires significantly more interim and annual disclosures. The new standard allows for either full retrospective or modified retrospective adoption. ASU 2014-09 is effective for fiscal years and interim periods within those years, beginning after December 15, 2016. The Company is currently assessing the potential impact of the new requirements under the standard. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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 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 consists of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
Allowance for doubtful accounts, current | $ | 3,524 | $ | 3,542 | ||||
Allowance for doubtful accounts, non-current | 4,996 | 4,549 | ||||||
$ | 8,520 | $ | 8,091 | |||||
Inventories
Inventories | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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): | ||||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
Raw materials | $ | 35,790 | $ | 29,300 | ||||
Work in process | 16,308 | 16,442 | ||||||
Finished goods | 109,384 | 99,790 | ||||||
$ | 161,482 | $ | 145,532 | |||||
Goodwill_and_Other_Intangible_
(Goodwill and Other Intangible Assets) | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||
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 an interim basis if there are indicators of potential impairment. The Company did not recognize any impairment losses of its goodwill during the quarters ended April 4, 2015 and March 29, 2014. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Balance at January 3, 2015 | $ | 317,257 | ||||||||||||||||||||||
Foreign currency translation | (5,459 | ) | ||||||||||||||||||||||
Balance at April 4, 2015 | $ | 311,798 | ||||||||||||||||||||||
At April 4, 2015 and January 3, 2015, accumulated goodwill impairment losses were $228.5 million, exclusive of foreign currency translation. | ||||||||||||||||||||||||
The Company’s other intangible assets consist of the following (in thousands): | ||||||||||||||||||||||||
April 4, 2015 | January 3, 2015 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Amortized customer bases | $ | 318,787 | $ | 111,762 | $ | 207,025 | $ | 321,836 | $ | 106,655 | $ | 215,181 | ||||||||||||
Amortized non-compete agreements | 20 | 17 | 3 | 20 | 16 | 4 | ||||||||||||||||||
Total amortized intangible assets | 318,807 | 111,779 | 207,028 | 321,856 | 106,671 | 215,185 | ||||||||||||||||||
Non-amortized trade names (1) | 218,404 | — | 218,404 | 222,115 | — | 222,115 | ||||||||||||||||||
Total intangible assets | $ | 537,211 | $ | 111,779 | $ | 425,432 | $ | 543,971 | $ | 106,671 | $ | 437,300 | ||||||||||||
(1) The balances at April 4, 2015 and January 3, 2015 include impairment charges of $169.6 million, of which $89.7 million were recorded in the second half of 2014 and $79.9 million were recorded in 2011. | ||||||||||||||||||||||||
The Company’s non-amortized intangible assets consist of the Alside®, Revere®, Gentek®, Preservation® and Alpine® trade names and are subject to testing for impairment on an annual basis at the beginning of the fourth quarter, or an interim basis if indicators of potential impairment are present. The Company did not recognize any impairment losses related to its other intangible assets during the quarters ended April 4, 2015 and March 29, 2014. | ||||||||||||||||||||||||
Finite-lived intangible assets, which consist of customer bases and non-compete agreements, are amortized on a straight-line basis over their estimated useful lives. The estimated average amortization period for customer bases and non-compete agreements is 13 years and 3 years, respectively. Amortization expense related to other intangible assets was $6.3 million and $6.4 million for the quarters ended April 4, 2015 and March 29, 2014, respectively. |
Manufacturing_Restructuring_Co
(Manufacturing Restructuring Costs) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Manufacturing Restructuring Costs | Manufacturing Restructuring Costs | |||||||
The Company discontinued its use of the warehouse facility adjacent to the Ennis manufacturing plant during the second quarter of 2009 and recorded a restructuring liability related to the discontinued use of the warehouse facility. During the quarter ended March 29, 2014, the Company re-measured its restructuring liability due to changes in the expected amount and timing of cash flows related to taxes and insurance over the remaining lease term. As a result, the Company decreased the restructuring liability and recognized a benefit of $0.3 million within selling, general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Loss. | ||||||||
Changes in the manufacturing restructuring liability are as follows (in thousands): | ||||||||
Quarters Ended | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 1,960 | $ | 2,772 | ||||
Decreases | — | (331 | ) | |||||
Accretion of related lease obligations | 114 | 124 | ||||||
Payments | (364 | ) | (399 | ) | ||||
Balance at the end of the period | $ | 1,710 | $ | 2,166 | ||||
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) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Standard Product Warranty Disclosure [Abstract] | ||||||||
Product Warranty Costs | Product Warranty Costs | |||||||
Consistent with industry practice, the Company provides homeowners with 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 | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 89,940 | $ | 93,207 | ||||
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,250 | 1,279 | ||||||
Claims paid | (1,328 | ) | (1,460 | ) | ||||
Foreign currency translation | (616 | ) | (388 | ) | ||||
Balance at the end of the period | $ | 89,246 | $ | 92,638 | ||||
On February 13, 2013, the Company entered into a Settlement Agreement and Release of Claims (the “Settlement”) for a class action lawsuit filed by plaintiffs and a putative nationwide class of homeowners regarding certain warranty related claims for steel and aluminum siding, which became effective on September 2, 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, have been or will be material. |
Executive_Officers_Separation_
(Executive Officers' Separation and Hiring Costs) | 3 Months Ended |
Apr. 04, 2015 | |
Compensation Related Costs [Abstract] | |
Executive Officers' Separation and Hiring Costs | Executive Officers’ Separation and Hiring Costs |
Separation and hiring costs related to the Company’s executive officers include payroll taxes, certain benefits and related professional fees, all of which are recorded as a component of selling, general and administrative expenses. For the quarter ended April 4, 2015, there was an immaterial amount of separation and hiring costs. For the quarter ended March 29, 2014, the Company recorded $2.0 million of separation and hiring costs, primarily related to the resignations of Jerry W. Burris, the former President and Chief Executive Officer and David S. Nagle, the former Chief Operations Officer, AMI Distribution and Services, as well as the hiring of Dana R. Snyder, who was named Interim Chief Executive Officer prior to the appointment of Brian C. Strauss as President and Chief Executive Officer in May 2014. As of April 4, 2015, the remaining balance payable to the Company’s former executives for separation costs was $0.7 million, which will be paid at various dates through 2016. |
LongTerm_Debt
(Long-Term Debt) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
9.125% Senior Secured Notes, due 2017 | $ | 833,684 | $ | 834,004 | ||||
Borrowings under the ABL facilities | 100,242 | 69,400 | ||||||
Total long-term debt | $ | 933,926 | $ | 903,404 | ||||
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 November 1, 2017 (the “existing notes”). The existing notes bear interest at a rate of 9.125% per annum, payable on May 1 and November 1 of each year, 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”). | ||||||||
On May 1, 2013, the Issuers issued and sold an additional $100.0 million in aggregate principal amount of 9.125% Senior Secured Notes due November 1, 2017 (the “new notes” and, together with existing notes, the “9.125% 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 existing notes, as supplemented by a supplemental indenture (the “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 $3.7 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 April 4, 2015. | ||||||||
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 of 1933, as amended, 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, at par value of $830.0 million, have an estimated fair value, classified as a Level 1 measurement, of $729.3 million and $652.8 million based on quoted market prices as of April 4, 2015 and January 3, 2015, 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. | ||||||||
ABL Facilities | ||||||||
In October 2010, the Company entered into 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 dated October 13, 2010, which was subsequently amended and restated on April 18, 2013 (the “Amended and Restated Revolving Credit Agreement”) to, among other things, extend the maturity date of the revolving credit agreement from October 13, 2015 to the earlier of (i) April 18, 2018 and (ii) 90 days prior to the maturity date of the existing notes. Subsequently, the Company terminated the tranche B revolving credit commitments of $12.0 million and wrote off $0.5 million of deferred financing fees related to the ABL facilities. | ||||||||
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 2.00% as of April 4, 2015, 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 1.00% as of April 4, 2015, 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%. | ||||||||
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. | ||||||||
On March 23, 2015, the Amended and Restated Revolving Credit Agreement was amended to permit, among other things, for the period commencing on and including April 3, 2015 through and including June 5, 2015, for the fixed charge coverage ratio to be tested or for a cash dominion period to commence only if excess availability is less than $15.0 million for a period of five consecutive business days. In addition, such amendment includes a provision for weekly borrowing base certificate reporting for the period commencing on and including April 12, 2015 through and including June 10, 2015 in lieu of delivery of a borrowing base certificate after each fiscal month. | ||||||||
The fixed charge coverage ratio was 0.52:1.00 for the four consecutive fiscal quarter test period ended April 4, 2015. The Company has not triggered such fixed charge coverage ratio covenant as of April 4, 2015, as excess availability of $19.7 million as of such date was in excess of the covenant trigger threshold. The Company currently does not expect to trigger the fixed charge coverage ratio test for fiscal year 2015. | ||||||||
As of April 4, 2015, there was $100.2 million drawn under the Company’s ABL facilities and $34.7 million available for additional borrowings. The weighted average per annum interest rate applicable to borrowings under the U.S. portion and the Canadian portion of the ABL facilities was 2.5% and 4.2%, respectively, as of April 4, 2015. The Company had letters of credit outstanding of $12.3 million as of April 4, 2015 primarily securing insurance policy deductibles, certain lease facilities and the Company’s purchasing card program. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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 | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Loss before income taxes | $ | (37,789 | ) | $ | (44,908 | ) | ||
Income tax expense | 533 | 1,441 | ||||||
Effective tax rate | (1.4 | )% | (3.2 | )% | ||||
The effective tax rates for the quarters ended April 4, 2015 and March 29, 2014 vary from the statutory rate, primarily as a result of operating losses in the U.S. with no tax benefit recognized due to the valuation allowance against net U.S. deferred tax assets. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||
Apr. 04, 2015 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||
Changes in accumulated other comprehensive loss by component, net of tax, are as follows (in thousands): | ||||||||||||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at January 3, 2015 | $ | (23,781 | ) | $ | (36,842 | ) | $ | (60,623 | ) | |||
Other comprehensive loss before reclassifications, net of tax of $0 | — | (11,586 | ) | (11,586 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $17 | 148 | — | 148 | |||||||||
Balance at April 4, 2015 | $ | (23,633 | ) | $ | (48,428 | ) | $ | (72,061 | ) | |||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 28, 2013 | $ | (3,513 | ) | $ | (14,403 | ) | $ | (17,916 | ) | |||
Other comprehensive loss before reclassifications, net of tax of $0 | — | (9,054 | ) | (9,054 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $6 | 3 | — | 3 | |||||||||
Balance at March 29, 2014 | $ | (3,510 | ) | $ | (23,457 | ) | $ | (26,967 | ) | |||
Reclassifications out of accumulated other comprehensive loss consist of the following (in thousands): | ||||||||||||
Quarters Ended | ||||||||||||
April 4, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Defined Benefit Pension and Other Postretirement Plans: | ||||||||||||
Amortization of unrecognized prior service costs | $ | 7 | $ | 6 | ||||||||
Amortization of unrecognized cumulative actuarial net loss | 158 | 3 | ||||||||||
Total before tax | 165 | 9 | ||||||||||
Tax expense | (17 | ) | (6 | ) | ||||||||
Net of tax | $ | 148 | $ | 3 | ||||||||
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) | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||
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”). In 2014, the pension plans for Pointe Claire and Burlington were amended to reflect an increase in benefits, effective November 15, 2015 and September 1, 2016, respectively. Also, the Pointe Claire plan was amended to disallow a lump sum payment feature that triggered settlement losses recorded in previous years. | ||||||||||||||||||||||||
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 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 | ||||||||||||||||||||||||
April 4, 2015 | March 29, 2014 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Service cost | $ | 331 | $ | 641 | $ | 4 | $ | 322 | $ | 591 | $ | 3 | ||||||||||||
Interest cost | 806 | 791 | 43 | 788 | 903 | 49 | ||||||||||||||||||
Expected return on assets | (973 | ) | (938 | ) | — | (1,018 | ) | (1,069 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs (credits) | 3 | 6 | (2 | ) | 3 | 5 | (2 | ) | ||||||||||||||||
Cumulative actuarial net loss (gain) | 104 | 59 | (5 | ) | — | 14 | (11 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 271 | $ | 559 | $ | 40 | $ | 95 | $ | 444 | $ | 39 | ||||||||||||
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 | 3 Months Ended |
Apr. 04, 2015 | |
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, individually or in the aggregate, after giving effect to its existing insurance coverage, is expected to have a material adverse effect on its 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 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 $0.1 million, which is currently satisfied by a $0.3 million standby letter of credit that was provided by Gentek to the NJDEP. During 2014, the delineation studies were completed and in early 2015 the Company was presented with several remedial plans. Based on the alternatives presented, the Company identified what it believed to be the most likely option and recorded the minimum liability for that option, which totaled $1.0 million as of January 3, 2015, the balance of which remains unchanged as of April 4, 2015. The Company believes this matter will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. | |
Environmental claims, product liability claims and other 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) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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. | ||||||||
The following table sets forth a summary of net sales by principal product offering (in thousands): | ||||||||
Quarters Ended | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Vinyl windows | $ | 82,254 | $ | 69,640 | ||||
Vinyl siding products | 35,165 | 34,094 | ||||||
Metal products | 28,407 | 27,307 | ||||||
Third-party manufactured products | 47,499 | 42,912 | ||||||
Other products and services | 27,041 | 22,636 | ||||||
$ | 220,366 | $ | 196,589 | |||||
Subsidiary_Guarantors
(Subsidiary Guarantors) | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||
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. (together, the “Subsidiary Guarantors”). 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 | ||||||||||||||||||||||||
April 4, 2015 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,059 | $ | — | $ | — | $ | — | $ | — | $ | 4,059 | ||||||||||||
Accounts receivable, net | 94,018 | — | 5,960 | 25,438 | — | 125,416 | ||||||||||||||||||
Intercompany receivables | 361,191 | — | 56,211 | 1,794 | (419,196 | ) | — | |||||||||||||||||
Inventories | 104,466 | — | 15,568 | 41,448 | — | 161,482 | ||||||||||||||||||
Income taxes receivable | — | — | 121 | — | — | 121 | ||||||||||||||||||
Deferred income taxes | 487 | — | 1,952 | — | — | 2,439 | ||||||||||||||||||
Prepaid expenses and other current assets | 13,155 | — | 964 | 1,460 | — | 15,579 | ||||||||||||||||||
Total current assets | 577,376 | — | 80,776 | 70,140 | (419,196 | ) | 309,096 | |||||||||||||||||
Property, plant and equipment, net | 65,380 | — | 1,424 | 27,890 | — | 94,694 | ||||||||||||||||||
Goodwill | 203,841 | — | 16,713 | 91,244 | — | 311,798 | ||||||||||||||||||
Other intangible assets, net | 300,124 | — | 32,971 | 92,337 | — | 425,432 | ||||||||||||||||||
Intercompany receivable | — | 833,684 | — | — | (833,684 | ) | — | |||||||||||||||||
Other assets | 15,605 | — | 31 | 1,286 | — | 16,922 | ||||||||||||||||||
Total assets | $ | 1,162,326 | $ | 833,684 | $ | 131,915 | $ | 282,897 | $ | (1,252,880 | ) | $ | 1,157,942 | |||||||||||
Liabilities and Member's Deficit | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 70,058 | $ | — | $ | 6,965 | $ | 26,903 | $ | — | $ | 103,926 | ||||||||||||
Intercompany payables | 1,794 | — | — | 417,402 | (419,196 | ) | — | |||||||||||||||||
Accrued liabilities | 81,938 | — | 4,216 | 5,657 | — | 91,811 | ||||||||||||||||||
Deferred income taxes | 727 | — | — | 1,219 | — | 1,946 | ||||||||||||||||||
Income taxes payable | 1 | — | — | 1,494 | — | 1,495 | ||||||||||||||||||
Total current liabilities | 154,518 | — | 11,181 | 452,675 | (419,196 | ) | 199,178 | |||||||||||||||||
Deferred income taxes | 51,013 | — | 13,295 | 22,683 | — | 86,991 | ||||||||||||||||||
Other liabilities | 82,912 | — | 22,126 | 20,693 | — | 125,731 | ||||||||||||||||||
Deficit in subsidiaries | 141,883 | — | 227,196 | — | (369,079 | ) | — | |||||||||||||||||
Long-term debt | 919,884 | 833,684 | — | 14,042 | (833,684 | ) | 933,926 | |||||||||||||||||
Member’s deficit | (187,884 | ) | — | (141,883 | ) | (227,196 | ) | 369,079 | (187,884 | ) | ||||||||||||||
Total liabilities and member’s deficit | $ | 1,162,326 | $ | 833,684 | $ | 131,915 | $ | 282,897 | $ | (1,252,880 | ) | $ | 1,157,942 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||||||
For The Quarter Ended April 4, 2015 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 179,638 | $ | — | $ | 30,162 | $ | 47,248 | $ | (36,682 | ) | $ | 220,366 | |||||||||||
Cost of sales | 148,967 | — | 28,806 | 37,372 | (36,682 | ) | 178,463 | |||||||||||||||||
Gross profit | 30,671 | — | 1,356 | 9,876 | — | 41,903 | ||||||||||||||||||
Selling, general and administrative expenses | 47,657 | — | 844 | 9,969 | — | 58,470 | ||||||||||||||||||
(Loss) income from operations | (16,986 | ) | — | 512 | (93 | ) | — | (16,567 | ) | |||||||||||||||
Interest expense, net | 18,788 | — | 1,661 | 257 | — | 20,706 | ||||||||||||||||||
Foreign currency loss | — | — | — | 516 | — | 516 | ||||||||||||||||||
Loss before income taxes | (35,774 | ) | — | (1,149 | ) | (866 | ) | — | (37,789 | ) | ||||||||||||||
Income tax expense (benefit) | 726 | — | 24 | (217 | ) | — | 533 | |||||||||||||||||
Loss before equity loss from subsidiaries | (36,500 | ) | — | (1,173 | ) | (649 | ) | — | (38,322 | ) | ||||||||||||||
Equity loss from subsidiaries | (1,822 | ) | — | (649 | ) | — | 2,471 | — | ||||||||||||||||
Net loss | (38,322 | ) | — | (1,822 | ) | (649 | ) | 2,471 | (38,322 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 148 | — | 58 | 48 | (106 | ) | 148 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | (11,586 | ) | — | (11,586 | ) | (11,586 | ) | 23,172 | (11,586 | ) | ||||||||||||||
Total comprehensive loss | $ | (49,760 | ) | $ | — | $ | (13,350 | ) | $ | (12,187 | ) | $ | 25,537 | $ | (49,760 | ) | ||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For The Quarter Ended April 4, 2015 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/Eliminations | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20,313 | ) | $ | — | $ | 1,707 | $ | (8,065 | ) | $ | — | $ | (26,671 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | (5,408 | ) | — | (65 | ) | (596 | ) | — | (6,069 | ) | ||||||||||||||
Proceeds from the sale of assets | 5 | — | — | 1 | — | 6 | ||||||||||||||||||
Payments on loans to affiliates | — | — | (1,642 | ) | — | 1,642 | — | |||||||||||||||||
Receipts on loans to affiliates | 2,000 | — | — | — | (2,000 | ) | — | |||||||||||||||||
Net cash used in investing activities | (3,403 | ) | — | (1,707 | ) | (595 | ) | (358 | ) | (6,063 | ) | |||||||||||||
Financing Activities | ||||||||||||||||||||||||
Borrowings under ABL facilities | 31,400 | — | — | 13,170 | — | 44,570 | ||||||||||||||||||
Payments under ABL facilities | (11,200 | ) | — | — | (2,549 | ) | — | (13,749 | ) | |||||||||||||||
Borrowings from affiliates | 1,642 | — | — | — | (1,642 | ) | — | |||||||||||||||||
Repayments to affiliates | — | — | — | (2,000 | ) | 2,000 | — | |||||||||||||||||
Net cash provided by financing activities | 21,842 | — | — | 8,621 | 358 | 30,821 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 9 | — | 9 | ||||||||||||||||||
Net decrease in cash and cash equivalents | (1,874 | ) | — | — | (30 | ) | — | (1,904 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 5,933 | — | — | 30 | — | 5,963 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,059 | $ | — | $ | — | $ | — | $ | — | $ | 4,059 | ||||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
January 3, 2015 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,933 | $ | — | $ | — | $ | 30 | $ | — | $ | 5,963 | ||||||||||||
Accounts receivable, net | 98,945 | — | 6,411 | 19,765 | — | 125,121 | ||||||||||||||||||
Intercompany receivables | 356,421 | — | 61,740 | 1,794 | (419,955 | ) | — | |||||||||||||||||
Inventories | 100,487 | — | 10,969 | 34,076 | — | 145,532 | ||||||||||||||||||
Income taxes receivable | — | — | 144 | — | — | 144 | ||||||||||||||||||
Deferred income taxes | 487 | — | 1,952 | — | — | 2,439 | ||||||||||||||||||
Prepaid expenses and other current assets | 13,422 | — | 996 | 1,441 | — | 15,859 | ||||||||||||||||||
Total current assets | 575,695 | — | 82,212 | 57,106 | (419,955 | ) | 295,058 | |||||||||||||||||
Property, plant and equipment, net | 62,977 | — | 1,474 | 29,449 | — | 93,900 | ||||||||||||||||||
Goodwill | 203,841 | — | 16,713 | 96,703 | — | 317,257 | ||||||||||||||||||
Other intangible assets, net | 305,127 | — | 33,084 | 99,089 | — | 437,300 | ||||||||||||||||||
Intercompany receivable | — | 834,004 | — | — | (834,004 | ) | — | |||||||||||||||||
Other assets | 17,246 | — | 45 | 1,371 | — | 18,662 | ||||||||||||||||||
Total assets | $ | 1,164,886 | $ | 834,004 | $ | 133,528 | $ | 283,718 | $ | (1,253,959 | ) | $ | 1,162,177 | |||||||||||
Liabilities and Member's Deficit | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 67,160 | $ | — | $ | 6,679 | $ | 20,929 | $ | — | $ | 94,768 | ||||||||||||
Intercompany payables | 1,794 | — | — | 418,161 | (419,955 | ) | — | |||||||||||||||||
Accrued liabilities | 70,439 | — | 4,683 | 6,612 | — | 81,734 | ||||||||||||||||||
Deferred income taxes | — | — | — | 1,292 | — | 1,292 | ||||||||||||||||||
Income taxes payable | 46 | — | — | 1,736 | — | 1,782 | ||||||||||||||||||
Total current liabilities | 139,439 | — | 11,362 | 448,730 | (419,955 | ) | 179,576 | |||||||||||||||||
Deferred income taxes | 51,012 | — | 13,295 | 24,023 | — | 88,330 | ||||||||||||||||||
Other liabilities | 84,048 | — | 22,395 | 22,573 | — | 129,016 | ||||||||||||||||||
Deficit in subsidiaries | 128,532 | — | 215,008 | — | (343,540 | ) | — | |||||||||||||||||
Long-term debt | 900,004 | 834,004 | — | 3,400 | (834,004 | ) | 903,404 | |||||||||||||||||
Member’s deficit | (138,149 | ) | — | (128,532 | ) | (215,008 | ) | 343,540 | (138,149 | ) | ||||||||||||||
Total liabilities and member’s deficit | $ | 1,164,886 | $ | 834,004 | $ | 133,528 | $ | 283,718 | $ | (1,253,959 | ) | $ | 1,162,177 | |||||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||||||
For The Quarter Ended March 29, 2014 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | Eliminations | ||||||||||||||||||||||
Net sales | $ | 156,939 | $ | — | $ | 30,662 | $ | 44,694 | $ | (35,706 | ) | $ | 196,589 | |||||||||||
Cost of sales | 134,318 | — | 28,950 | 34,612 | (35,706 | ) | 162,174 | |||||||||||||||||
Gross profit | 22,621 | — | 1,712 | 10,082 | — | 34,415 | ||||||||||||||||||
Selling, general and administrative expenses | 47,799 | — | 942 | 9,924 | — | 58,665 | ||||||||||||||||||
(Loss) income from operations | (25,178 | ) | — | 770 | 158 | — | (24,250 | ) | ||||||||||||||||
Interest expense, net | 19,972 | — | 1 | 347 | — | 20,320 | ||||||||||||||||||
Foreign currency loss | — | — | — | 338 | — | 338 | ||||||||||||||||||
(Loss) income before income taxes | (45,150 | ) | — | 769 | (527 | ) | — | (44,908 | ) | |||||||||||||||
Income tax expense (benefit) | 1,634 | — | (27 | ) | (166 | ) | — | 1,441 | ||||||||||||||||
(Loss) income before equity income (loss) from subsidiaries | (46,784 | ) | — | 796 | (361 | ) | — | (46,349 | ) | |||||||||||||||
Equity income (loss) from subsidiaries | 435 | — | (361 | ) | — | (74 | ) | — | ||||||||||||||||
Net (loss) income | (46,349 | ) | — | 435 | (361 | ) | (74 | ) | (46,349 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 3 | — | 12 | 14 | (26 | ) | 3 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | (9,054 | ) | — | (9,054 | ) | (9,054 | ) | 18,108 | (9,054 | ) | ||||||||||||||
Total comprehensive loss | $ | (55,400 | ) | $ | — | $ | (8,607 | ) | $ | (9,401 | ) | $ | 18,008 | $ | (55,400 | ) | ||||||||
ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For The Quarter Ended March 29, 2014 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ Eliminations | Consolidated | |||||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (31,401 | ) | $ | — | $ | 2,566 | $ | (18,360 | ) | $ | — | $ | (47,195 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||||
Capital expenditures | (3,312 | ) | — | (14 | ) | (293 | ) | — | (3,619 | ) | ||||||||||||||
Payments on loans to affiliates | — | — | (2,542 | ) | — | 2,542 | — | |||||||||||||||||
Net cash used in investing activities | (3,312 | ) | — | (2,556 | ) | (293 | ) | 2,542 | (3,619 | ) | ||||||||||||||
Financing Activities | ||||||||||||||||||||||||
Borrowings under ABL facilities | 28,700 | — | — | 8,808 | — | 37,508 | ||||||||||||||||||
Payments under ABL facilities | — | — | — | (2,904 | ) | — | (2,904 | ) | ||||||||||||||||
Borrowings from affiliates | 2,542 | — | — | — | (2,542 | ) | — | |||||||||||||||||
Net cash provided by financing activities | 31,242 | — | — | 5,904 | (2,542 | ) | 34,604 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (500 | ) | — | (500 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (3,471 | ) | — | 10 | (13,249 | ) | — | (16,710 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 7,566 | — | — | 13,249 | — | 20,815 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,095 | $ | — | $ | 10 | $ | — | $ | — | $ | 4,105 | ||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 04, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 (“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 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 ended April 4, 2015 and March 29, 2014. 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 January 3, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 23, 2015 (“Annual Report”). A detailed description of the Company’s significant accounting policies and management judgments is located in the audited financial statements included in its Annual Report. |
Reclassification, Policy | Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2015 presentation. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability rather than an asset, consistent with the presentation of debt discounts. The recognition and measurement of debt issuance costs are not affected by the new guidance. ASU 2015-03 is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2015. An entity is required to apply ASU 2015-03 on a retrospective basis and comply with the applicable disclosures, which include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, the debt issuance cost asset and the debt liability). The Company does not believe that the adoption of the provisions of ASU 2015-03 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide certain disclosures if it concludes that substantial doubt exists. ASU 2014-15 is effective for all entities for the annual period ending after December 15, 2016, and for annual and interim periods thereafter, with early adoption permitted. The Company does not believe that the adoption of the provisions of ASU 2014-15 will have a material impact on its consolidated financial position, results of operations or cash flows. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The comprehensive new revenue recognition standard supersedes all existing revenue guidance under GAAP and international financial reporting standards. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard establishes the following five steps that require companies to exercise judgment when considering the terms of any contract, including all relevant facts and circumstances: | |
Step 1: Identify the contract(s) with the customer, | |
Step 2: Identify the separate performance obligations in the contract, | |
Step 3: Determine the transaction price, | |
Step 4: Allocate the transaction price to the separate performance obligations, and | |
Step 5: Recognize revenue when each performance obligation is satisfied. | |
The new standard also requires significantly more interim and annual disclosures. The new standard allows for either full retrospective or modified retrospective adoption. ASU 2014-09 is effective for fiscal years and interim periods within those years, beginning after December 15, 2016. The Company is currently assessing the potential impact of the new requirements under the standard. |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Allowance for Doubtful Accounts [Abstract] | ||||||||
Allowance for doubtful accounts | Allowance for doubtful accounts consists of the following (in thousands): | |||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
Allowance for doubtful accounts, current | $ | 3,524 | $ | 3,542 | ||||
Allowance for doubtful accounts, non-current | 4,996 | 4,549 | ||||||
$ | 8,520 | $ | 8,091 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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): | |||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
Raw materials | $ | 35,790 | $ | 29,300 | ||||
Work in process | 16,308 | 16,442 | ||||||
Finished goods | 109,384 | 99,790 | ||||||
$ | 161,482 | $ | 145,532 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||
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 January 3, 2015 | $ | 317,257 | ||||||||||||||||||||||
Foreign currency translation | (5,459 | ) | ||||||||||||||||||||||
Balance at April 4, 2015 | $ | 311,798 | ||||||||||||||||||||||
Schedule of finite-lived intangibles and indefinite-lived intangibles | The Company’s other intangible assets consist of the following (in thousands): | |||||||||||||||||||||||
April 4, 2015 | January 3, 2015 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Amortization | Carrying | |||||||||||||||||||||
Value | Value | |||||||||||||||||||||||
Amortized customer bases | $ | 318,787 | $ | 111,762 | $ | 207,025 | $ | 321,836 | $ | 106,655 | $ | 215,181 | ||||||||||||
Amortized non-compete agreements | 20 | 17 | 3 | 20 | 16 | 4 | ||||||||||||||||||
Total amortized intangible assets | 318,807 | 111,779 | 207,028 | 321,856 | 106,671 | 215,185 | ||||||||||||||||||
Non-amortized trade names (1) | 218,404 | — | 218,404 | 222,115 | — | 222,115 | ||||||||||||||||||
Total intangible assets | $ | 537,211 | $ | 111,779 | $ | 425,432 | $ | 543,971 | $ | 106,671 | $ | 437,300 | ||||||||||||
Manufacturing_Restructuring_Co1
Manufacturing Restructuring Costs (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Reconciliation of manufacturing restructuring liability | Changes in the manufacturing restructuring liability are as follows (in thousands): | |||||||
Quarters Ended | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 1,960 | $ | 2,772 | ||||
Decreases | — | (331 | ) | |||||
Accretion of related lease obligations | 114 | 124 | ||||||
Payments | (364 | ) | (399 | ) | ||||
Balance at the end of the period | $ | 1,710 | $ | 2,166 | ||||
Product_Warranty_Costs_Tables
Product Warranty Costs (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Standard Product Warranty Disclosure [Abstract] | ||||||||
Reconciliation of product warranty reserve | Changes in the warranty reserve are as follows (in thousands): | |||||||
Quarters Ended | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Balance at the beginning of the period | $ | 89,940 | $ | 93,207 | ||||
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,250 | 1,279 | ||||||
Claims paid | (1,328 | ) | (1,460 | ) | ||||
Foreign currency translation | (616 | ) | (388 | ) | ||||
Balance at the end of the period | $ | 89,246 | $ | 92,638 | ||||
On February 13, 2013, the Company entered into a Settlement Agreement and Release of Claims (the “Settlement”) for a class action lawsuit filed by plaintiffs and a putative nationwide class of homeowners regarding certain warranty related claims for steel and aluminum siding, which became effective on September 2, 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, have been or will be material. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of long-term debt instruments | Long-term debt consists of the following (in thousands): | |||||||
April 4, | January 3, | |||||||
2015 | 2015 | |||||||
9.125% Senior Secured Notes, due 2017 | $ | 833,684 | $ | 834,004 | ||||
Borrowings under the ABL facilities | 100,242 | 69,400 | ||||||
Total long-term debt | $ | 933,926 | $ | 903,404 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
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 | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Loss before income taxes | $ | (37,789 | ) | $ | (44,908 | ) | ||
Income tax expense | 533 | 1,441 | ||||||
Effective tax rate | (1.4 | )% | (3.2 | )% |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||
Apr. 04, 2015 | ||||||||||||
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, are as follows (in thousands): | |||||||||||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at January 3, 2015 | $ | (23,781 | ) | $ | (36,842 | ) | $ | (60,623 | ) | |||
Other comprehensive loss before reclassifications, net of tax of $0 | — | (11,586 | ) | (11,586 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $17 | 148 | — | 148 | |||||||||
Balance at April 4, 2015 | $ | (23,633 | ) | $ | (48,428 | ) | $ | (72,061 | ) | |||
Defined Benefit Pension and Other Postretirement Plans | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||
Balance at December 28, 2013 | $ | (3,513 | ) | $ | (14,403 | ) | $ | (17,916 | ) | |||
Other comprehensive loss before reclassifications, net of tax of $0 | — | (9,054 | ) | (9,054 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax of $6 | 3 | — | 3 | |||||||||
Balance at March 29, 2014 | $ | (3,510 | ) | $ | (23,457 | ) | $ | (26,967 | ) | |||
Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive loss consist of the following (in thousands): | |||||||||||
Quarters Ended | ||||||||||||
April 4, | March 29, | |||||||||||
2015 | 2014 | |||||||||||
Defined Benefit Pension and Other Postretirement Plans: | ||||||||||||
Amortization of unrecognized prior service costs | $ | 7 | $ | 6 | ||||||||
Amortization of unrecognized cumulative actuarial net loss | 158 | 3 | ||||||||||
Total before tax | 165 | 9 | ||||||||||
Tax expense | (17 | ) | (6 | ) | ||||||||
Net of tax | $ | 148 | $ | 3 | ||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 04, 2015 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
April 4, 2015 | March 29, 2014 | |||||||||||||||||||||||
Domestic | Foreign | OPEB Plans | Domestic | Foreign | OPEB Plans | |||||||||||||||||||
Plans | Plans | Plans | Plans | |||||||||||||||||||||
Service cost | $ | 331 | $ | 641 | $ | 4 | $ | 322 | $ | 591 | $ | 3 | ||||||||||||
Interest cost | 806 | 791 | 43 | 788 | 903 | 49 | ||||||||||||||||||
Expected return on assets | (973 | ) | (938 | ) | — | (1,018 | ) | (1,069 | ) | — | ||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||
Prior service costs (credits) | 3 | 6 | (2 | ) | 3 | 5 | (2 | ) | ||||||||||||||||
Cumulative actuarial net loss (gain) | 104 | 59 | (5 | ) | — | 14 | (11 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 271 | $ | 559 | $ | 40 | $ | 95 | $ | 444 | $ | 39 | ||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||
Apr. 04, 2015 | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The following table sets forth a summary of net sales by principal product offering (in thousands): | |||||||
Quarters Ended | ||||||||
April 4, | March 29, | |||||||
2015 | 2014 | |||||||
Vinyl windows | $ | 82,254 | $ | 69,640 | ||||
Vinyl siding products | 35,165 | 34,094 | ||||||
Metal products | 28,407 | 27,307 | ||||||
Third-party manufactured products | 47,499 | 42,912 | ||||||
Other products and services | 27,041 | 22,636 | ||||||
$ | 220,366 | $ | 196,589 | |||||
Subsidiary_Guarantors_Tables
Subsidiary Guarantors (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 4, 2015 | January 3, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 4,059 | $ | — | $ | — | $ | — | $ | — | $ | 4,059 | Cash and cash equivalents | $ | 5,933 | $ | — | $ | — | $ | 30 | $ | — | $ | 5,963 | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 94,018 | — | 5,960 | 25,438 | — | 125,416 | Accounts receivable, net | 98,945 | — | 6,411 | 19,765 | — | 125,121 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 361,191 | — | 56,211 | 1,794 | (419,196 | ) | — | Intercompany receivables | 356,421 | — | 61,740 | 1,794 | (419,955 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 104,466 | — | 15,568 | 41,448 | — | 161,482 | Inventories | 100,487 | — | 10,969 | 34,076 | — | 145,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable | — | — | 121 | — | — | 121 | Income taxes receivable | — | — | 144 | — | — | 144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 487 | — | 1,952 | — | — | 2,439 | Deferred income taxes | 487 | — | 1,952 | — | — | 2,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 13,155 | — | 964 | 1,460 | — | 15,579 | Prepaid expenses and other current assets | 13,422 | — | 996 | 1,441 | — | 15,859 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 577,376 | — | 80,776 | 70,140 | (419,196 | ) | 309,096 | Total current assets | 575,695 | — | 82,212 | 57,106 | (419,955 | ) | 295,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 65,380 | — | 1,424 | 27,890 | — | 94,694 | Property, plant and equipment, net | 62,977 | — | 1,474 | 29,449 | — | 93,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 203,841 | — | 16,713 | 91,244 | — | 311,798 | Goodwill | 203,841 | — | 16,713 | 96,703 | — | 317,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | 300,124 | — | 32,971 | 92,337 | — | 425,432 | Other intangible assets, net | 305,127 | — | 33,084 | 99,089 | — | 437,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivable | — | 833,684 | — | — | (833,684 | ) | — | Intercompany receivable | — | 834,004 | — | — | (834,004 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 15,605 | — | 31 | 1,286 | — | 16,922 | Other assets | 17,246 | — | 45 | 1,371 | — | 18,662 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,162,326 | $ | 833,684 | $ | 131,915 | $ | 282,897 | $ | (1,252,880 | ) | $ | 1,157,942 | Total assets | $ | 1,164,886 | $ | 834,004 | $ | 133,528 | $ | 283,718 | $ | (1,253,959 | ) | $ | 1,162,177 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Member's Deficit | Liabilities and Member's Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 70,058 | $ | — | $ | 6,965 | $ | 26,903 | $ | — | $ | 103,926 | Accounts payable | $ | 67,160 | $ | — | $ | 6,679 | $ | 20,929 | $ | — | $ | 94,768 | |||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | 1,794 | — | — | 417,402 | (419,196 | ) | — | Intercompany payables | 1,794 | — | — | 418,161 | (419,955 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 81,938 | — | 4,216 | 5,657 | — | 91,811 | Accrued liabilities | 70,439 | — | 4,683 | 6,612 | — | 81,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 727 | — | — | 1,219 | — | 1,946 | Deferred income taxes | — | — | — | 1,292 | — | 1,292 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes payable | 1 | — | — | 1,494 | — | 1,495 | Income taxes payable | 46 | — | — | 1,736 | — | 1,782 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 154,518 | — | 11,181 | 452,675 | (419,196 | ) | 199,178 | Total current liabilities | 139,439 | — | 11,362 | 448,730 | (419,955 | ) | 179,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 51,013 | — | 13,295 | 22,683 | — | 86,991 | Deferred income taxes | 51,012 | — | 13,295 | 24,023 | — | 88,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 82,912 | — | 22,126 | 20,693 | — | 125,731 | Other liabilities | 84,048 | — | 22,395 | 22,573 | — | 129,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deficit in subsidiaries | 141,883 | — | 227,196 | — | (369,079 | ) | — | Deficit in subsidiaries | 128,532 | — | 215,008 | — | (343,540 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 919,884 | 833,684 | — | 14,042 | (833,684 | ) | 933,926 | Long-term debt | 900,004 | 834,004 | — | 3,400 | (834,004 | ) | 903,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member’s deficit | (187,884 | ) | — | (141,883 | ) | (227,196 | ) | 369,079 | (187,884 | ) | Member’s deficit | (138,149 | ) | — | (128,532 | ) | (215,008 | ) | 343,540 | (138,149 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and member’s deficit | $ | 1,162,326 | $ | 833,684 | $ | 131,915 | $ | 282,897 | $ | (1,252,880 | ) | $ | 1,157,942 | Total liabilities and member’s deficit | $ | 1,164,886 | $ | 834,004 | $ | 133,528 | $ | 283,718 | $ | (1,253,959 | ) | $ | 1,162,177 | |||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidating statements of comprehensive loss | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For The Quarter Ended April 4, 2015 | For The Quarter Ended March 29, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 179,638 | $ | — | $ | 30,162 | $ | 47,248 | $ | (36,682 | ) | $ | 220,366 | Net sales | $ | 156,939 | $ | — | $ | 30,662 | $ | 44,694 | $ | (35,706 | ) | $ | 196,589 | |||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 148,967 | — | 28,806 | 37,372 | (36,682 | ) | 178,463 | Cost of sales | 134,318 | — | 28,950 | 34,612 | (35,706 | ) | 162,174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 30,671 | — | 1,356 | 9,876 | — | 41,903 | Gross profit | 22,621 | — | 1,712 | 10,082 | — | 34,415 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 47,657 | — | 844 | 9,969 | — | 58,470 | Selling, general and administrative expenses | 47,799 | — | 942 | 9,924 | — | 58,665 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from operations | (16,986 | ) | — | 512 | (93 | ) | — | (16,567 | ) | (Loss) income from operations | (25,178 | ) | — | 770 | 158 | — | (24,250 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 18,788 | — | 1,661 | 257 | — | 20,706 | Interest expense, net | 19,972 | — | 1 | 347 | — | 20,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency loss | — | — | — | 516 | — | 516 | Foreign currency loss | — | — | — | 338 | — | 338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (35,774 | ) | — | (1,149 | ) | (866 | ) | — | (37,789 | ) | (Loss) income before income taxes | (45,150 | ) | — | 769 | (527 | ) | — | (44,908 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 726 | — | 24 | (217 | ) | — | 533 | Income tax expense (benefit) | 1,634 | — | (27 | ) | (166 | ) | — | 1,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before equity loss from subsidiaries | (36,500 | ) | — | (1,173 | ) | (649 | ) | — | (38,322 | ) | (Loss) income before equity income (loss) from subsidiaries | (46,784 | ) | — | 796 | (361 | ) | — | (46,349 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity loss from subsidiaries | (1,822 | ) | — | (649 | ) | — | 2,471 | — | Equity income (loss) from subsidiaries | 435 | — | (361 | ) | — | (74 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (38,322 | ) | — | (1,822 | ) | (649 | ) | 2,471 | (38,322 | ) | Net (loss) income | (46,349 | ) | — | 435 | (361 | ) | (74 | ) | (46,349 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | 148 | — | 58 | 48 | (106 | ) | 148 | Pension and other postretirement benefit adjustments, net of tax | 3 | — | 12 | 14 | (26 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | (11,586 | ) | — | (11,586 | ) | (11,586 | ) | 23,172 | (11,586 | ) | Foreign currency translation adjustments, net of tax | (9,054 | ) | — | (9,054 | ) | (9,054 | ) | 18,108 | (9,054 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | $ | (49,760 | ) | $ | — | $ | (13,350 | ) | $ | (12,187 | ) | $ | 25,537 | $ | (49,760 | ) | Total comprehensive loss | $ | (55,400 | ) | $ | — | $ | (8,607 | ) | $ | (9,401 | ) | $ | 18,008 | $ | (55,400 | ) | |||||||||||||||||||||||||||||||||||||||
Condensed consolidating statements of cash flows | SSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For The Quarter Ended April 4, 2015 | For The Quarter Ended March 29, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/Eliminations | Consolidated | Company | Co-Issuer | Subsidiary | Non-Guarantor | Reclassification/ Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantors | Subsidiaries | Guarantors | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20,313 | ) | $ | — | $ | 1,707 | $ | (8,065 | ) | $ | — | $ | (26,671 | ) | Net cash (used in) provided by operating activities | $ | (31,401 | ) | $ | — | $ | 2,566 | $ | (18,360 | ) | $ | — | $ | (47,195 | ) | |||||||||||||||||||||||||||||||||||||||||
Investing Activities | Investing Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5,408 | ) | — | (65 | ) | (596 | ) | — | (6,069 | ) | Capital expenditures | (3,312 | ) | — | (14 | ) | (293 | ) | — | (3,619 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of assets | 5 | — | — | 1 | — | 6 | Payments on loans to affiliates | — | — | (2,542 | ) | — | 2,542 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on loans to affiliates | — | — | (1,642 | ) | — | 1,642 | — | Net cash used in investing activities | (3,312 | ) | — | (2,556 | ) | (293 | ) | 2,542 | (3,619 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receipts on loans to affiliates | 2,000 | — | — | — | (2,000 | ) | — | Financing Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under ABL facilities | 28,700 | — | — | 8,808 | — | 37,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (3,403 | ) | — | (1,707 | ) | (595 | ) | (358 | ) | (6,063 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments under ABL facilities | — | — | — | (2,904 | ) | — | (2,904 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under ABL facilities | 31,400 | — | — | 13,170 | — | 44,570 | Borrowings from affiliates | 2,542 | — | — | — | (2,542 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments under ABL facilities | (11,200 | ) | — | — | (2,549 | ) | — | (13,749 | ) | Net cash provided by financing activities | 31,242 | — | — | 5,904 | (2,542 | ) | 34,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings from affiliates | 1,642 | — | — | — | (1,642 | ) | — | Effect of exchange rate changes on cash and cash equivalents | — | — | — | (500 | ) | — | (500 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments to affiliates | — | — | — | (2,000 | ) | 2,000 | — | Net (decrease) increase in cash and cash equivalents | (3,471 | ) | — | 10 | (13,249 | ) | — | (16,710 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 21,842 | — | — | 8,621 | 358 | 30,821 | Cash and cash equivalents at beginning of period | 7,566 | — | — | 13,249 | — | 20,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 9 | — | 9 | Cash and cash equivalents at end of period | $ | 4,095 | $ | — | $ | 10 | $ | — | $ | — | $ | 4,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (1,874 | ) | — | — | (30 | ) | — | (1,904 | ) | The condensed consolidating statement of cash flows for the quarter ended March 29, 2014 has been revised to present changes in receivable from or payable to an affiliate, which resulted from deposits in and withdrawals from the Company’s cash account by one of its subsidiaries under a centralized cash management arrangement and from loan payments and receipts between the Company’s subsidiaries within investing and financing activities. Changes in receivable from or payable to an affiliate related to trade transactions are presented within operating activities. For the quarter ended March 29, 2014, the Company previously reported all changes in receivable from and payable to an affiliate as cash flows in operating activities. The effect is summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 5,933 | — | — | 30 | — | 5,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended March 29,2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,059 | $ | — | $ | — | $ | — | $ | — | $ | 4,059 | Company (As Previously Reported) | Company (As Corrected) | Subsidiary Guarantors (As Previously Reported) | Subsidiary Guarantors (As Corrected) | Eliminations (As Previously Reported) | Eliminations (As Corrected) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (28,859 | ) | $ | (31,401 | ) | $ | 24 | $ | 2,566 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on loans to affiliates | — | — | — | (2,542 | ) | — | 2,542 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (3,312 | ) | (3,312 | ) | (14 | ) | (2,556 | ) | — | 2,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings from affiliates | — | 2,542 | — | — | — | (2,542 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 28,700 | 31,242 | — | — | — | (2,542 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | |
Apr. 04, 2015 | Oct. 13, 2010 | |
supply_centers | ||
distributors | ||
facilities | ||
Entity Information [Line Items] | ||
Number of manufacturing facilities | 11 | |
Contractor customers | 50,000 | |
Company Owned Supply Centers | 126 | |
Independent distributors | 275 | |
Associated Materials, LLC | ||
Entity Information [Line Items] | ||
Entity ownership percentage | 100.00% | |
Hellman & Friedman LLC Affiliated Investment Funds | ||
Entity Information [Line Items] | ||
Entity ownership percentage | 97.00% |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Allowance for Doubtful Accounts [Abstract] | ||
Allowance for doubtful accounts, current | $3,524 | $3,542 |
Allowance for doubtful accounts, non-current | 4,996 | 4,549 |
Allowance for doubtful accounts receivable | $8,520 | $8,091 |
Inventories_Details
Inventories (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw materials | $35,790 | $29,300 |
Work-in-process | 16,308 | 16,442 |
Finished goods | 109,384 | 99,790 |
Inventory, net | $161,482 | $145,532 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Table 1 Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 04, 2015 |
Goodwill [Rollforward] | |
Balance at December 29, 2012 | $317,257 |
Foreign currency translation | -5,459 |
Balance at September 28, 2013 | $311,798 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Table 2 Intangibles) (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net | ||
Amortized Intangible Assets, Cost | $318,807 | $321,856 |
Amortized Intangible Assets, Accumulated Amortization | 111,779 | 106,671 |
Amortized Intangible Assets, Net Carrying Value | 207,028 | 215,185 |
Intangible Assets, Net (Excluding Goodwill) | ||
Amortized and Non-amortized Intangible Assets, Cost (Excluding Goodwill) | 537,211 | 543,971 |
Amortized and Non-amortized Intangible Assets, Net (Excluding Goodwill) | 425,432 | 437,300 |
Non-amortized trade names | ||
Intangible Assets, Net (Excluding Goodwill) | ||
Non-amortized Intangible Assets, Cost | 218,404 | 222,115 |
Amortized customer bases | ||
Finite-Lived Intangible Assets, Net | ||
Amortized Intangible Assets, Cost | 318,787 | 321,836 |
Amortized Intangible Assets, Accumulated Amortization | 111,762 | 106,655 |
Amortized Intangible Assets, Net Carrying Value | 207,025 | 215,181 |
Amortized non-compete agreements | ||
Finite-Lived Intangible Assets, Net | ||
Amortized Intangible Assets, Cost | 20 | 20 |
Amortized Intangible Assets, Accumulated Amortization | 17 | 16 |
Amortized Intangible Assets, Net Carrying Value | $3 | $4 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $6,300,000 | $6,400,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 89,700,000 | 79,900,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | $228,500,000 | |||
Amortized customer bases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||
Amortized non-compete agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Manufacturing_Restructuring_Co2
Manufacturing Restructuring Costs (Details) (Facility Closing [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Facility Closing [Member] | ||
Restructuring Reserve [RollForward] | ||
Balance at the beginning of the period | $1,960 | $2,772 |
Restructuring Reserve, Accrual Adjustment | 0 | -331 |
Accretion of related lease obligations | 114 | 124 |
Payments | -364 | -399 |
Balance at the end of the period | $1,710 | $2,166 |
Product_Warranty_Costs_Details
Product Warranty Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Standard Product Warranty Accrual Rollforward | ||
Balance at the begining of the period | $89,940 | $93,207 |
Provision for warranties issued and changes in estimates for pre-existing warranties | 1,250 | 1,279 |
Claims paid | -1,328 | -1,460 |
Foreign currency translation | -616 | -388 |
Balance at the end of the period | $89,246 | $92,638 |
Executive_Officers_Separation_1
Executive Officers' Separation and Hiring Costs (Details) (Executive Officer [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Executive Officer [Member] | ||
Separation and Hiring Costs [Line Items] | ||
Executive officers' separation and hiring, period costs | $2 | |
Executive ocers' separation and hiring, severance liabilities | $0.70 | |
Executive Officers' Separation and Hiring, Payment Completion | 2016 |
LongTerm_Debt_Table_Details
Long-Term Debt (Table) (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $933,926 | $903,404 |
Senior notes | 9.125% notes | ||
Debt Instrument [Line Items] | ||
9.125% notes | 833,684 | 834,004 |
Line of credit | ||
Debt Instrument [Line Items] | ||
Borrowings under the ABL facilities | $100,242 | $69,400 |
LongTerm_Debt_Textual_1_Senior
Long-Term Debt (Textual 1 Senior Secured Notes) (Details) (Senior notes, USD $) | Oct. 31, 2010 | Apr. 04, 2015 | 1-May-13 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||||
Original 9.125% Secured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $730 | |||
Debt instrument, interest rate, stated percentage | 9.13% | |||
New 9.125% Secured Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 100 | |||
Notes sold at as a percentage of principle amount | 106.00% | |||
Debt instrument, unamortized discount (premium), net | 3.7 | |||
Debt instrument, interest rate, effective percentage | 7.53% | |||
Debt instrument, interest rate, stated percentage | 9.13% | |||
9.125% notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 830 | |||
Long-term debt, fair value | $729.30 | $652.80 | ||
Debt instrument, interest rate, stated percentage | 9.13% |
LongTerm_Debt_Textual_2_ABL_Fa
Long-Term Debt (Textual 2 ABL Facilities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 2 Months Ended | ||
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Dec. 28, 2013 | Jun. 05, 2015 | Oct. 12, 2010 |
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate Margin Pricing Increments | 25 basis point | ||||
Fixed charge coverage ratio | 0.52:1.00 | ||||
Line of credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $225 | ||||
Line of credit facility, increase (decrease) in borrowing capacity, net | 12 | ||||
Write off of deferred debt issuance cost | 0.5 | ||||
Line of credit facility, unused capacity, commitment fee percentage | 0.38% | ||||
Debt instrument, covenant minimum availability as percentage of borrowing base | 10.00% | ||||
Debt Instrument, Covenant Minimum Availability | 20 | ||||
Line of credit facility, excess availability | 19.7 | ||||
Line of credit facility, remaining borrowing capacity | 34.7 | ||||
Letters of Credit Outstanding, Amount | 12.3 | ||||
US facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 150 | ||||
Line of credit facility, interest rate at period end | 2.50% | ||||
Canadian facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 75 | ||||
Line of credit facility, interest rate at period end | 4.20% | ||||
LIBOR | US facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | LIBOR | ||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
CDOR | US facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
CDOR | Canadian facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | CDOR | ||||
One-month LIBOR | US facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | one-month LIBOR | ||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Debt instrument, additional basis rate | 1.00% | ||||
30 Day CDOR | Canadian facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, additional basis rate | 1.00% | ||||
US prime rate | US facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | prime rate | ||||
Canadian primate rate | Canadian facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | Canadian prime | ||||
Federal Funds Effective Rate | US facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, description of variable rate basis | Federal Funds Effective Rate | ||||
Debt instrument, additional basis rate | 0.50% | ||||
Subsequent Event [Member] | Line of credit | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Covenant Minimum Availability | $15 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Income (loss) before income taxes | ($37,789) | ($44,908) |
Income tax expense (benefit) | $533 | $1,441 |
Effective Tax Rate | -1.40% | -3.20% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Table 1 Change in AOCI (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax [Roll Forward] | ||
Balance at the beginning of the period | ($23,781) | ($3,513) |
Other comprehensive loss before reclassifications | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 148 | 3 |
Balance at the end of the period | -23,633 | -3,510 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, before Tax [Roll Forward] | ||
Balance at the beginning of the period | -36,842 | -14,403 |
Other comprehensive loss before reclassficiations | -11,586 | -9,054 |
Reclassifications out of accumulated other comprehensive loss | 0 | 0 |
Balance at the end of the period | -48,428 | -23,457 |
Other Comprehensive Income (Loss), Before Tax [Roll Forward] | ||
Balance at the beginning of the period | -60,623 | -17,916 |
Other comprehensive loss before reclassifications | -11,586 | -9,054 |
Reclassifications out of accumulated other comprehensive loss | 148 | 3 |
Balance at the end of the period | ($72,061) | ($26,967) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Table 2 Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $148 | $3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | 7 | 6 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 158 | 3 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 165 | 9 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Reclassification Adjustments, Tax Expense (Benefit) | -17 | -6 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $148 | $3 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Domestic Plans | ||
Net periodic benefit cost: | ||
Service cost | $331 | $322 |
Interest cost | 806 | 788 |
Expected return on plan assets | -973 | -1,018 |
Prior service cost | 3 | 3 |
Cumulative actuarial net loss | 104 | 0 |
Net periodic benefit cost | 271 | 95 |
Foreign Plans | ||
Net periodic benefit cost: | ||
Service cost | 641 | 591 |
Interest cost | 791 | 903 |
Expected return on plan assets | -938 | -1,069 |
Prior service cost | 6 | 5 |
Cumulative actuarial net loss | 59 | 14 |
Net periodic benefit cost | 559 | 444 |
OPEB Plans | ||
Net periodic benefit cost: | ||
Service cost | 4 | 3 |
Interest cost | 43 | 49 |
Expected return on plan assets | 0 | 0 |
Prior service cost | -2 | -2 |
Cumulative actuarial net loss | -5 | -11 |
Net periodic benefit cost | $40 | $39 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Environmental Issue [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Jan. 03, 2015 | Dec. 28, 2013 |
Environmental Issue [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental Remediation Funding | $0.10 | ||
Letters of Credit Outstanding, Amount | 0.3 | ||
Accrual for Environmental Loss Contingencies, Gross | $1 |
Business_Segments_Table_Detail
Business Segments (Table) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Revenue from External Customer [Line Items] | ||
Revenues | $220,366 | $196,589 |
Vinyl Windows [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 82,254 | 69,640 |
Vinyl Siding Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 35,165 | 34,094 |
Metal Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 28,407 | 27,307 |
Third-Party Payor [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | 47,499 | 42,912 |
Other Products and Services [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | $27,041 | $22,636 |
Business_Segments_Textual_Deta
Business Segments Textual (Details) | 3 Months Ended |
Apr. 04, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Subsidiary_Guarantors_Textural
Subsidiary Guarantors (Textural) (Details) | 3 Months Ended |
Apr. 04, 2015 | |
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_Table_Co
Subsidiary Guarantors Table - Condensed Consolidating Balance Sheet (Details) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Sep. 29, 2012 | Dec. 31, 2011 | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ||||||
Cash and cash equivalents | $4,059 | $5,963 | $4,105 | $20,815 | ||
Accounts receivable, net | 125,416 | 125,121 | ||||
Intercompany receivables | 0 | 0 | ||||
Inventories | 161,482 | 145,532 | ||||
Income taxes receivable | 121 | 144 | ||||
Deferred income taxes | 2,439 | 2,439 | ||||
Prepaid expenses and other current assets | 15,579 | 15,859 | ||||
Total current assets | 309,096 | 295,058 | ||||
Property, plant and equipment, net | 94,694 | 93,900 | ||||
Goodwill | 311,798 | 317,257 | ||||
Other intangible assets, net | 425,432 | 437,300 | ||||
Intercompany receivable | 0 | 0 | ||||
Other assets | 16,922 | 18,662 | ||||
Total assets | 1,157,942 | 1,162,177 | ||||
Current liabilities: | ||||||
Accounts payable | 103,926 | 94,768 | ||||
Intercompany payables | 0 | 0 | ||||
Accrued liabilities | 91,811 | 81,734 | ||||
Deferred income taxes | 1,946 | 1,292 | ||||
Income taxes payable | 1,495 | 1,782 | ||||
Total current liabilities | 199,178 | 179,576 | ||||
Deferred income taxes | 86,991 | 88,330 | ||||
Other liabilities | 125,731 | 129,016 | ||||
Deficit in subsidiaries | 0 | 0 | ||||
Long-term debt | 933,926 | 903,404 | ||||
Member’s equity | -187,884 | -138,149 | ||||
Total liabilities and member's equity | 1,157,942 | 1,162,177 | ||||
Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 4,059 | 5,933 | ||||
Accounts receivable, net | 94,018 | 98,945 | ||||
Intercompany receivables | 361,191 | 356,421 | ||||
Inventories | 104,466 | 100,487 | ||||
Income taxes receivable | 0 | 0 | ||||
Deferred income taxes | 487 | 487 | ||||
Prepaid expenses and other current assets | 13,155 | 13,422 | ||||
Total current assets | 577,376 | 575,695 | ||||
Property, plant and equipment, net | 65,380 | 62,977 | ||||
Goodwill | 203,841 | 203,841 | ||||
Other intangible assets, net | 300,124 | 305,127 | ||||
Intercompany receivable | 0 | 0 | ||||
Other assets | 15,605 | 17,246 | ||||
Total assets | 1,162,326 | 1,164,886 | ||||
Current liabilities: | ||||||
Accounts payable | 70,058 | 67,160 | ||||
Intercompany payables | 1,794 | 1,794 | ||||
Accrued liabilities | 81,938 | 70,439 | ||||
Deferred income taxes | 727 | 0 | ||||
Income taxes payable | 1 | 46 | ||||
Total current liabilities | 154,518 | 139,439 | ||||
Deferred income taxes | 51,013 | 51,012 | ||||
Other liabilities | 82,912 | 84,048 | ||||
Deficit in subsidiaries | 141,883 | 128,532 | ||||
Long-term debt | 919,884 | 900,004 | ||||
Member’s equity | -187,884 | -138,149 | ||||
Total liabilities and member's equity | 1,162,326 | 1,164,886 | ||||
Co-Issuer | ||||||
Current assets: | ||||||
Cash and cash equivalents | 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 | ||||
Intercompany receivable | 833,684 | 834,004 | ||||
Other assets | 0 | 0 | ||||
Total assets | 833,684 | 834,004 | ||||
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 | ||||
Deficit in subsidiaries | 0 | 0 | ||||
Long-term debt | 833,684 | 834,004 | ||||
Member’s equity | 0 | 0 | ||||
Total liabilities and member's equity | 833,684 | 834,004 | ||||
Subsidiary Guarantors | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | 10 | |||
Accounts receivable, net | 5,960 | 6,411 | ||||
Intercompany receivables | 56,211 | 61,740 | ||||
Inventories | 15,568 | 10,969 | ||||
Income taxes receivable | 121 | 144 | ||||
Deferred income taxes | 1,952 | 1,952 | ||||
Prepaid expenses and other current assets | 964 | 996 | ||||
Total current assets | 80,776 | 82,212 | ||||
Property, plant and equipment, net | 1,424 | 1,474 | ||||
Goodwill | 16,713 | 16,713 | ||||
Other intangible assets, net | 32,971 | 33,084 | ||||
Intercompany receivable | 0 | 0 | ||||
Other assets | 31 | 45 | ||||
Total assets | 131,915 | 133,528 | ||||
Current liabilities: | ||||||
Accounts payable | 6,965 | 6,679 | ||||
Intercompany payables | 0 | 0 | ||||
Accrued liabilities | 4,216 | 4,683 | ||||
Deferred income taxes | 0 | 0 | ||||
Income taxes payable | 0 | 0 | ||||
Total current liabilities | 11,181 | 11,362 | ||||
Deferred income taxes | 13,295 | 13,295 | ||||
Other liabilities | 22,126 | 22,395 | ||||
Deficit in subsidiaries | 227,196 | 215,008 | ||||
Long-term debt | 0 | 0 | ||||
Member’s equity | -141,883 | -128,532 | ||||
Total liabilities and member's equity | 131,915 | 133,528 | ||||
Non-Guarantor Subsidiaries | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | 30 | 0 | |||
Accounts receivable, net | 25,438 | 19,765 | ||||
Intercompany receivables | 1,794 | 1,794 | ||||
Inventories | 41,448 | 34,076 | ||||
Income taxes receivable | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Prepaid expenses and other current assets | 1,460 | 1,441 | ||||
Total current assets | 70,140 | 57,106 | ||||
Property, plant and equipment, net | 27,890 | 29,449 | ||||
Goodwill | 91,244 | 96,703 | ||||
Other intangible assets, net | 92,337 | 99,089 | ||||
Intercompany receivable | 0 | 0 | ||||
Other assets | 1,286 | 1,371 | ||||
Total assets | 282,897 | 283,718 | ||||
Current liabilities: | ||||||
Accounts payable | 26,903 | 20,929 | ||||
Intercompany payables | 417,402 | 418,161 | ||||
Accrued liabilities | 5,657 | 6,612 | ||||
Deferred income taxes | 1,219 | 1,292 | ||||
Income taxes payable | 1,494 | 1,736 | ||||
Total current liabilities | 452,675 | 448,730 | ||||
Deferred income taxes | 22,683 | 24,023 | ||||
Other liabilities | 20,693 | 22,573 | ||||
Deficit in subsidiaries | 0 | 0 | ||||
Long-term debt | 14,042 | 3,400 | ||||
Member’s equity | -227,196 | -215,008 | ||||
Total liabilities and member's equity | 282,897 | 283,718 | ||||
Reclassification/Eliminations | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||||
Intercompany receivables | -419,196 | -419,955 | ||||
Inventories | 0 | 0 | ||||
Income taxes receivable | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Prepaid expenses and other current assets | 0 | 0 | ||||
Total current assets | -419,196 | -419,955 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | ||||
Intercompany receivable | -833,684 | -834,004 | ||||
Other assets | 0 | 0 | ||||
Total assets | -1,252,880 | -1,253,959 | ||||
Current liabilities: | ||||||
Accounts payable | 0 | 0 | ||||
Intercompany payables | -419,196 | -419,955 | ||||
Accrued liabilities | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Income taxes payable | 0 | 0 | ||||
Total current liabilities | -419,196 | -419,955 | ||||
Deferred income taxes | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Deficit in subsidiaries | -369,079 | -343,540 | ||||
Long-term debt | -833,684 | -834,004 | ||||
Member’s equity | 369,079 | 343,540 | ||||
Total liabilities and member's equity | ($1,252,880) | ($1,253,959) |
Subsidiary_Guarantors_Table_Co1
Subsidiary Guarantors Table - Condensed Consolidating Statement of Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $220,366 | $196,589 |
Cost of sales | 178,463 | 162,174 |
Gross profit | 41,903 | 34,415 |
Selling, general and administrative expenses | 58,470 | 58,665 |
Income from operations | -16,567 | -24,250 |
Interest expense, net | 20,706 | 20,320 |
Foreign currency loss | 516 | 338 |
Income (loss) before income taxes | -37,789 | -44,908 |
Income tax expense (benefit) | 533 | 1,441 |
(Loss) income before equity income (loss) from subsidiaries | -38,322 | -46,349 |
Equity income (loss) from subsidiaries | 0 | 0 |
Net income (loss) | -38,322 | -46,349 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 148 | 3 |
Foreign currency translation adjustments, net of tax | -11,586 | -9,054 |
Total comprehensive (loss) income | -49,760 | -55,400 |
Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 179,638 | 156,939 |
Cost of sales | 148,967 | 134,318 |
Gross profit | 30,671 | 22,621 |
Selling, general and administrative expenses | 47,657 | 47,799 |
Income from operations | -16,986 | -25,178 |
Interest expense, net | 18,788 | 19,972 |
Foreign currency loss | 0 | 0 |
Income (loss) before income taxes | -35,774 | -45,150 |
Income tax expense (benefit) | 726 | 1,634 |
(Loss) income before equity income (loss) from subsidiaries | -36,500 | -46,784 |
Equity income (loss) from subsidiaries | -1,822 | 435 |
Net income (loss) | -38,322 | -46,349 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 148 | 3 |
Foreign currency translation adjustments, net of tax | -11,586 | -9,054 |
Total comprehensive (loss) income | -49,760 | -55,400 |
Co-Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Income from operations | 0 | 0 |
Interest expense, net | 0 | 0 |
Foreign currency loss | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
(Loss) income before equity income (loss) from subsidiaries | 0 | 0 |
Equity income (loss) from subsidiaries | 0 | 0 |
Net income (loss) | 0 | 0 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 0 | 0 |
Foreign currency translation adjustments, net of tax | 0 | 0 |
Total comprehensive (loss) income | 0 | 0 |
Subsidiary Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 30,162 | 30,662 |
Cost of sales | 28,806 | 28,950 |
Gross profit | 1,356 | 1,712 |
Selling, general and administrative expenses | 844 | 942 |
Income from operations | 512 | 770 |
Interest expense, net | 1,661 | 1 |
Foreign currency loss | 0 | 0 |
Income (loss) before income taxes | -1,149 | 769 |
Income tax expense (benefit) | 24 | -27 |
(Loss) income before equity income (loss) from subsidiaries | -1,173 | 796 |
Equity income (loss) from subsidiaries | -649 | -361 |
Net income (loss) | -1,822 | 435 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 58 | 12 |
Foreign currency translation adjustments, net of tax | -11,586 | -9,054 |
Total comprehensive (loss) income | -13,350 | -8,607 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 47,248 | 44,694 |
Cost of sales | 37,372 | 34,612 |
Gross profit | 9,876 | 10,082 |
Selling, general and administrative expenses | 9,969 | 9,924 |
Income from operations | -93 | 158 |
Interest expense, net | 257 | 347 |
Foreign currency loss | 516 | 338 |
Income (loss) before income taxes | -866 | -527 |
Income tax expense (benefit) | -217 | -166 |
(Loss) income before equity income (loss) from subsidiaries | -649 | -361 |
Equity income (loss) from subsidiaries | 0 | 0 |
Net income (loss) | -649 | -361 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | 48 | 14 |
Foreign currency translation adjustments, net of tax | -11,586 | -9,054 |
Total comprehensive (loss) income | -12,187 | -9,401 |
Reclassification/Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | -36,682 | -35,706 |
Cost of sales | -36,682 | -35,706 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Income from operations | 0 | 0 |
Interest expense, net | 0 | 0 |
Foreign currency loss | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
(Loss) income before equity income (loss) from subsidiaries | 0 | 0 |
Equity income (loss) from subsidiaries | 2,471 | -74 |
Net income (loss) | 2,471 | -74 |
Other comprehensive income (loss): | ||
Pension and other postretirement benefit adjustments, net of tax | -106 | -26 |
Foreign currency translation adjustments, net of tax | 23,172 | 18,108 |
Total comprehensive (loss) income | $25,537 | $18,008 |
Subsidiary_Guarantors_Table_Co2
Subsidiary Guarantors Table - Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | ($26,671) | ($47,195) |
Investing Activities | ||
Capital expenditures | -6,069 | -3,619 |
Proceeds from the sale of assets | 6 | 0 |
Payments on loans to affiliates | 0 | 0 |
Receipts on loans to affiliates | 0 | |
Net cash used in investing activities | -6,063 | -3,619 |
Financing Activities | ||
Borrowings under ABL facilities | 44,570 | 37,508 |
Payments under ABL facilities | -13,749 | -2,904 |
Borrowings from affiliates | 0 | 0 |
Repayments to affiliates | 0 | |
Net cash provided by (used in) financing activities | 30,821 | 34,604 |
Effect of exchange rate changes on cash and cash equivalents | 9 | -500 |
Net increase (decrease) in cash and cash equivalents | -1,904 | -16,710 |
Cash and cash equivalents at beginning of period | 5,963 | |
Cash and cash equivalents at end of period | 4,059 | |
Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -20,313 | -31,401 |
Investing Activities | ||
Capital expenditures | -5,408 | -3,312 |
Proceeds from the sale of assets | 5 | |
Payments on loans to affiliates | 0 | 0 |
Receipts on loans to affiliates | 2,000 | |
Net cash used in investing activities | -3,403 | -3,312 |
Financing Activities | ||
Borrowings under ABL facilities | 31,400 | |
Payments under ABL facilities | -11,200 | |
Borrowings from affiliates | 1,642 | 2,542 |
Repayments to affiliates | 0 | |
Net cash provided by (used in) financing activities | 21,842 | 31,242 |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Net increase (decrease) in cash and cash equivalents | -1,874 | |
Cash and cash equivalents at beginning of period | 5,933 | |
Cash and cash equivalents at end of period | 4,059 | |
Co-Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 0 | |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from the sale of assets | 0 | |
Payments on loans to affiliates | 0 | 0 |
Receipts on loans to affiliates | 0 | |
Net cash used in investing activities | 0 | |
Financing Activities | ||
Borrowings under ABL facilities | 0 | |
Payments under ABL facilities | 0 | |
Borrowings from affiliates | 0 | 0 |
Repayments to affiliates | 0 | |
Net cash provided by (used in) financing activities | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | |
Subsidiary Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 1,707 | |
Investing Activities | ||
Capital expenditures | -65 | -14 |
Proceeds from the sale of assets | 0 | |
Payments on loans to affiliates | 1,642 | 2,542 |
Receipts on loans to affiliates | 0 | |
Net cash used in investing activities | -1,707 | |
Financing Activities | ||
Borrowings under ABL facilities | 0 | |
Payments under ABL facilities | 0 | |
Borrowings from affiliates | 0 | 0 |
Repayments to affiliates | 0 | |
Net cash provided by (used in) financing activities | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | 10 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -8,065 | |
Investing Activities | ||
Capital expenditures | -596 | -293 |
Proceeds from the sale of assets | 1 | |
Payments on loans to affiliates | 0 | 0 |
Receipts on loans to affiliates | 0 | |
Net cash used in investing activities | -595 | |
Financing Activities | ||
Borrowings under ABL facilities | 13,170 | |
Payments under ABL facilities | -2,549 | |
Borrowings from affiliates | 0 | 0 |
Repayments to affiliates | -2,000 | |
Net cash provided by (used in) financing activities | 8,621 | |
Effect of exchange rate changes on cash and cash equivalents | 9 | |
Net increase (decrease) in cash and cash equivalents | -30 | |
Cash and cash equivalents at beginning of period | 30 | |
Cash and cash equivalents at end of period | 0 | 0 |
Reclassification/Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 0 | 0 |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from the sale of assets | 0 | |
Payments on loans to affiliates | -1,642 | 2,542 |
Receipts on loans to affiliates | -2,000 | |
Net cash used in investing activities | -358 | 2,542 |
Financing Activities | ||
Borrowings under ABL facilities | 0 | 0 |
Payments under ABL facilities | 0 | 0 |
Borrowings from affiliates | -1,642 | -2,542 |
Repayments to affiliates | 2,000 | |
Net cash provided by (used in) financing activities | 358 | -2,542 |
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_Table_Re
Subsidiary Guarantors Table - Revised Condensed Consolidating Statement of Cash Flows (Detail) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | ($26,671) | ($47,195) |
Payments on loans to affiliates | 0 | 0 |
Net cash used in investing activities | -6,063 | -3,619 |
Borrowings from affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 30,821 | 34,604 |
Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -20,313 | -31,401 |
Payments on loans to affiliates | 0 | 0 |
Net cash used in investing activities | -3,403 | -3,312 |
Borrowings from affiliates | 1,642 | 2,542 |
Net cash provided by (used in) financing activities | 21,842 | 31,242 |
Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 2,566 | |
Payments on loans to affiliates | -2,542 | |
Net cash used in investing activities | -2,556 | |
Borrowings from affiliates | 0 | |
Net cash provided by (used in) financing activities | 0 | |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -8,065 | |
Payments on loans to affiliates | 0 | 0 |
Net cash used in investing activities | -595 | |
Borrowings from affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 8,621 | |
Reclassification/Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 0 | 0 |
Payments on loans to affiliates | 1,642 | -2,542 |
Net cash used in investing activities | -358 | 2,542 |
Borrowings from affiliates | -1,642 | -2,542 |
Net cash provided by (used in) financing activities | 358 | -2,542 |
Scenario, Previously Reported [Member] | Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | -28,859 | |
Payments on loans to affiliates | 0 | |
Net cash used in investing activities | -3,312 | |
Borrowings from affiliates | 0 | |
Net cash provided by (used in) financing activities | 28,700 | |
Scenario, Previously Reported [Member] | Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 24 | |
Payments on loans to affiliates | 0 | |
Net cash used in investing activities | -14 | |
Borrowings from affiliates | 0 | |
Net cash provided by (used in) financing activities | 0 | |
Scenario, Previously Reported [Member] | Reclassification/Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 0 | |
Payments on loans to affiliates | 0 | |
Net cash used in investing activities | 0 | |
Borrowings from affiliates | 0 | |
Net cash provided by (used in) financing activities | $0 |