Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jan. 02, 2016 | Mar. 22, 2016 | |
Document Information [Line Items] | ||
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | ASSOCIATED MATERIALS, LLC | |
Entity Central Index Key | 802,967 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Jan. 2, 2016 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Membership interests description | The registrant’s membership interests outstanding were held by an affiliate of the Registrant | |
Common Shares Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 9,394 | $ 5,963 |
Accounts receivable, net | 127,043 | 125,121 |
Inventories | 123,374 | 145,532 |
Income taxes receivable | 1,612 | 144 |
Deferred income taxes | 1,502 | 2,439 |
Prepaid expenses and other current assets | 14,163 | 15,859 |
Total current assets | 277,088 | 295,058 |
Property, plant and equipment, net | 90,794 | 93,900 |
Goodwill | 302,908 | 317,257 |
Other intangible assets, net | 397,953 | 437,300 |
Other assets | 13,270 | 18,662 |
Total assets | 1,082,013 | 1,162,177 |
Current liabilities: | ||
Accounts payable | 91,563 | 94,768 |
Accrued liabilities | 83,630 | 81,734 |
Deferred income taxes | 436 | 1,292 |
Income taxes payable | 36 | 1,782 |
Total current liabilities | 175,665 | 179,576 |
Deferred income taxes | 82,102 | 88,330 |
Other liabilities | 113,123 | 129,016 |
Long-term debt | $ 925,484 | $ 903,404 |
Commitments and contingencies | ||
Member’s equity: | ||
Membership interest | $ 556,011 | $ 555,827 |
Accumulated other comprehensive income (loss) | (86,907) | (60,623) |
Accumulated deficit | (683,465) | (633,353) |
Total member’s equity | (214,361) | (138,149) |
Total liabilities and member’s equity | $ 1,082,013 | $ 1,162,177 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 1,184,969 | $ 1,186,973 | $ 1,169,598 |
Cost of sales | 908,775 | 943,419 | 887,798 |
Gross profit | 276,194 | 243,554 | 281,800 |
Selling, general and administrative expenses | 239,790 | 247,614 | 232,281 |
Impairment of goodwill | 0 | 144,159 | 0 |
Impairment of other intangible assets | 0 | 89,687 | 0 |
Restructuring costs | 1,837 | (331) | 0 |
Restructuring Charges | 1,837 | (331) | |
Income (loss) from operations | 34,567 | (237,575) | 49,519 |
Interest expense, net | 83,494 | 82,527 | 79,751 |
Foreign currency loss (gain) | 1,878 | 788 | 754 |
Loss before income taxes | (50,805) | (320,890) | (30,986) |
Income Tax Expense (Benefit) | (693) | (27,201) | 2,507 |
Net loss | (50,112) | (293,689) | (33,493) |
Other comprehensive income (loss): | |||
Pension and other postretirement benefit adjustments, net of tax | 4,880 | (20,268) | 19,774 |
Foreign currency translation adjustments, net of tax | (31,164) | (22,439) | (20,443) |
Total comprehensive loss | $ (76,396) | $ (336,396) | $ (34,162) |
Consolidated Statements of Memb
Consolidated Statements of Member's Equity/Stockholders' (Deficit) - USD ($) $ in Thousands | Total | Membership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated (Deficit)/Retained Earnings [Member] |
Balance at Dec. 29, 2012 | $ 231,055 | $ 554,473 | $ (17,247) | $ (306,171) |
Comprehensive Loss: | ||||
Net loss | (33,493) | 0 | 0 | (33,493) |
Other comprehensive loss | (669) | 0 | (669) | 0 |
Equity contribution from parent | 742 | 742 | 0 | 0 |
Stock-based compensation expense | 155 | 155 | 0 | 0 |
Balance at Dec. 28, 2013 | 197,790 | 555,370 | (17,916) | (339,664) |
Comprehensive Loss: | ||||
Net loss | (293,689) | 0 | 0 | (293,689) |
Other comprehensive loss | (42,707) | 0 | (42,707) | 0 |
Stock-based compensation expense | 457 | 457 | 0 | 0 |
Balance at Jan. 03, 2015 | (138,149) | 555,827 | (60,623) | (633,353) |
Comprehensive Loss: | ||||
Net loss | (50,112) | 0 | 0 | (50,112) |
Other comprehensive loss | (26,284) | 0 | (26,284) | 0 |
Stock-based compensation expense | 184 | 184 | 0 | 0 |
Balance at Jan. 02, 2016 | $ (214,361) | $ 556,011 | $ (86,907) | $ (683,465) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
OPERATING ACTIVITIES | |||
Net loss | $ (50,112) | $ (293,689) | $ (33,493) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 39,879 | 42,744 | 43,041 |
Deferred income taxes | (2,231) | (31,201) | (1,503) |
Impairment of goodwill and other intangible assets | 0 | 233,846 | 0 |
Non-cash portion of restructuring costs | 3,513 | 0 | 0 |
Provision for losses on accounts receivable | 1,008 | 2,138 | 1,122 |
Loss (gain) on sale or disposal of assets | (37) | (42) | 130 |
Amortization of deferred financing costs and premium | 3,575 | 3,719 | 4,451 |
Stock-based compensation expense and other non-cash charges | 184 | 457 | 161 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (7,200) | (4,863) | (7,142) |
Inventories | 14,168 | (15,309) | (17,696) |
Prepaid expenses | 1,483 | (5,184) | (2,307) |
Accounts payable | 1,430 | 731 | 24,262 |
Accrued liabilities | 2,166 | 4,406 | 3,529 |
Income taxes receivable/payable | (2,866) | 555 | (1,716) |
Other assets | 298 | 1,025 | (2,185) |
Other liabilities | (8,681) | (10,298) | (10,401) |
Net cash provided by (used in) operating activities | (3,423) | (70,965) | 253 |
INVESTING ACTIVITIES | |||
Capital expenditures | (16,573) | (12,852) | (11,702) |
Proceeds from the sale of assets | 152 | 19 | 60 |
Supply center acquisition | 0 | 0 | (348) |
Net Cash Provided by (Used in) Investing Activities | (16,421) | (12,833) | (11,990) |
FINANCING ACTIVITIES | |||
Borrowings under ABL facilities | 187,331 | 240,222 | 148,861 |
Payments under ABL facilities | (163,953) | (170,810) | (226,861) |
Equity contribution from parent | 0 | 0 | 742 |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 106,000 |
Financing costs | 0 | 0 | (5,549) |
Net cash provided by financing activities | 23,378 | 69,412 | 23,193 |
Effect of exchange rate changes on cash and cash equivalents | (103) | (466) | (235) |
Increase (decrease) in cash and cash equivalents | 3,431 | (14,852) | 11,221 |
Cash and cash equivalents at beginning of the period | 5,963 | 20,815 | 9,594 |
Cash and cash equivalents at end of the period | 9,394 | 5,963 | 20,815 |
Supplemental Information: | |||
Cash paid for interest | 80,023 | 78,322 | 74,043 |
Cash paid for income taxes | $ 4,408 | $ 4,224 | $ 4,685 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | ACCOUNTING POLICIES NATURE OF OPERATIONS Associated Materials, LLC (the “Company”) was founded in 1947 when it first introduced residential aluminum siding under the Alside ® name. The Company today is a leading, vertically integrated manufacturer and distributor of exterior residential building products in the United States (“U.S.”) and Canada. The Company provides a comprehensive offering of exterior building products, including vinyl windows, vinyl siding, vinyl railing and fencing, aluminum trim coil, aluminum and steel siding and related accessories, which are produced at the Company’s 11 manufacturing facilities. The Company also sells complementary products that 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 122 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 260 independent distributors, dealers and national account customers. BASIS OF PRESENTATION On October 13, 2010, AMH Holdings II, Inc. (“AMH II”), the then indirect parent company of the Company, completed its merger (the “Acquisition Merger”) with Carey Acquisition Corp. (“Merger Sub”), pursuant to the terms of the Agreement and Plan of Merger, dated as of September 8, 2010 (“Merger Agreement”), among Carey Investment Holdings Corp. (now known as Associated Materials Group, Inc.) (“Parent”), Carey Intermediate Holdings Corp. (now known as Associated Materials Incorporated), a 100% owned direct subsidiary of Parent (“Holdings”), Merger Sub, a wholly-owned direct subsidiary of Holdings, and AMH II, with AMH II surviving such merger as a wholly-owned direct subsidiary of Holdings. After a series of additional mergers (together with the Acquisition Merger, the “Merger”), AMH II merged with and into the Company, with the Company surviving such merger as a wholly-owned direct subsidiary of Holdings. As a result of the Merger, the Company is now an indirect wholly-owned subsidiary of Parent. 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 96% of the capital stock of Parent is owned by investment funds affiliated with Hellman & Friedman LLC (such investment funds, the “H&F Investors”). The Company operates on a 52/53 week fiscal year that ends on the Saturday closest to December 31st. Its 2015 and 2013 fiscal years ended on January 2, 2016 and December 28, 2013 , respectively, and included 52 weeks of operations. Its 2014 fiscal year ended on January 3, 2015 and included 53 weeks of operations, with the additional week recorded in the fourth quarter of fiscal 2014. Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2015 presentation. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates, including those related to recoverability of intangibles and other long-lived assets, customer programs and incentives, allowance for doubtful accounts, inventories, warranties, valuation allowances for deferred tax assets, pensions and postretirement benefits and various other allowances and accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. REVENUE RECOGNITION The Company primarily sells and distributes its products through two channels: direct sales from its manufacturing facilities to independent distributors and dealers and sales to contractors through its company-operated supply centers. Direct sales revenue is recognized when the Company’s manufacturing facility ships the product and title and risk of loss passes to the customer or when services have been rendered. Sales to contractors are recognized either when the contractor receives product directly from the supply center or when the supply center delivers the product to the contractor’s job site. For both direct sales to independent distributors and dealers and sales generated from the Company’s supply centers, revenue is not recognized until collectability is reasonably assured. A substantial portion of the Company’s sales is in the repair and remodel segment of the exterior residential building products industry. Therefore, vinyl windows are manufactured to specific measurement requirements received from the Company’s customers. Sales to one customer and its licensees represented approximately 14% of net sales in each of 2015 and 2014 and approximately 13% of total net sales in 2013. Revenues are recorded net of estimated returns, customer incentive programs and other incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged to income in the period in which the facts that give rise to the revision become known. The Company collects sales, use, and value-added taxes that are imposed by governmental authorities on and concurrent with sales to the Company’s customers. Revenues are presented net of these taxes as the obligation is included in accrued liabilities until the taxes are remitted to the appropriate taxing authorities. For contracts involving installation, revenue recognition is dependent on the type of contract under which the Company is performing. For single-family residential contracts, revenue is recognized when the installation is complete. For multi-family residential or commercial contracts, revenue is recognized based on the percentage of completion method, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . The Company measures percentage-of-completion by the percentage of labor costs incurred to date for each contract to the estimated total labor costs for such contract. Due to uncertainties inherent in the estimation process, contract costs incurred to date and expected completion costs are continuously monitored throughout the duration of the contract. If circumstances arise such as changes in job performance, job condition or anticipated contract settlement and it becomes necessary to revise completion cost, such revisions are recognized in the period in which they are determined. Provisions for the entirety of estimated losses of uncompleted contracts, if applicable, are made in the period in which such losses are determined. These factors influence management’s assessment of total contract value and the expected completion costs for the underlying contracts, thereby impacting the Company’s ultimate recognition of revenue. The Company offers certain sales incentives to customers who become eligible based on the volume of purchases made during the calendar year. The sales incentive programs are considered customer volume rebates, which are typically computed as a percentage of customer sales, and in certain instances the rebate percentage may increase as customers achieve sales hurdles. Volume rebates are accrued throughout the year based on management estimates of customers’ annual sales volumes and the expected annual rebate percentage achieved. For these programs, the Company does not receive an identifiable benefit in exchange for the consideration, and therefore, the Company characterizes the volume rebate to the customer as a reduction of revenue in the Company’s Consolidated Statements of Comprehensive Loss. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. ACCOUNTS RECEIVABLE The Company records accounts receivable at selling prices which are fixed based on purchase orders or contractual arrangements. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is based on a review of the overall condition of accounts receivable balances and a 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 recoverability is considered remote. Accounts receivable that are not expected to be collected within one year are reclassified as long-term accounts receivable. Long-term accounts receivable balances, net of the related allowance for doubtful accounts are included in “Other assets” in the Consolidated Balance Sheets. See Note 3 for further information. INVENTORIES Inventories are valued at the lower of cost (first-in, first-out) or market. The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Fixed manufacturing overhead is allocated based on normal production capacity and abnormal manufacturing costs are recognized as period costs. See Note 4 for further information. PROPERTY, PLANT AND EQUIPMENT Additions to property, plant and equipment are stated at cost. The costs of maintenance and repairs to property, plant and equipment are charged to operations in the period incurred. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The estimated useful lives are approximately 20 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized over the lesser of the lease term or the estimated life of the leasehold improvement. Property, plant and equipment are reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment . The Company also reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. In the event that assets are held for sale, depreciation is discontinued and such assets are reported at the lower of the carrying amount or fair value, less costs to sell. See Note 5 for further information. GOODWILL AND OTHER INTANGIBLE ASSETS WITH INDEFINITE LIVES In accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other , the Company evaluates the carrying value of its goodwill and other indefinite-lived intangible assets for potential impairment on an annual basis or an interim basis if there are indicators of potential impairment. As the consolidated entity represents the only component that constitutes a business for which discrete financial information is reviewed by the Company’s chief operating decision maker for the purpose of making decisions about resources to be allocated and assessing performance, the Company concludes that it has one reporting unit, which is the same as its single operating segment, and the Company performs its goodwill impairment assessment for the Company as a whole. The impairment test is conducted by management with the assistance of an independent valuation firm using an income approach. As the Company does not have a market for its equity, management performs the annual impairment analysis utilizing a discounted cash flow approach incorporating current estimates regarding performance and macroeconomic factors discounted at a weighted average cost of capital. The Company conducts its impairment test of its goodwill and other indefinite-lived intangible assets annually, at the beginning of the fourth quarter of each year, or as indicators of potential impairment arise. The resulting fair value measures used in such impairment tests incorporate significant unobservable inputs, and as such, are considered Level 3 fair value measurements. See Note 6 for further information. PRODUCT WARRANTY COSTS Consistent with industry practice, the Company provides to homeowners limited warranties on certain products, primarily related to window and siding product categories. Warranties are of varying lengths of time from the date of purchase up to and including lifetime. Warranties cover product failures such as seal failures for windows and fading and peeling for siding products, as well as manufacturing defects. The Company has various options for remedying product warranty claims including repair, refinishing or replacement of the defective product, the cost of which is directly absorbed by the Company. Warranties also become reduced under certain conditions of time and/or change in home ownership. Certain metal coating suppliers provide warranties on materials sold to the Company that mitigate the costs incurred by the Company. Reserves for future warranty costs are provided based on management’s estimates utilizing an actuarial calculation performed by an independent valuation firm that projects future remedy costs using historical data trends of claims incurred, claim payments, sales history of products to which such costs relate and other factors. See Note 9 for further information. INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”). Income tax expense includes both current and deferred taxes. Deferred tax assets and liabilities may be recognized for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of any tax assets recorded on the balance sheet and provides any necessary allowances as required. When an uncertain tax position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of expense and benefit to be recognized in the financial statements. No tax benefit is recognized in the financial statements for tax positions that do not meet the more-likely-than-not threshold. The Company recognizes interest and penalties related to income taxes and uncertain tax positions within income tax expense. The effect of a change to the deferred tax assets or liabilities as a result of new tax law, including tax rate changes, is recognized in the period that the tax law is enacted. See Note 12 for further information. DERIVATIVES AND HEDGING ACTIVITIES In accordance with FASB ASC Topic 815, Derivatives and Hedging , all of the Company’s derivative instruments are recognized on the balance sheet at their fair value. The Company uses techniques designed to mitigate the short-term effect of exchange rate fluctuations of the Canadian dollar on its operations by entering into foreign exchange forward contracts. The Company does not speculate in foreign currencies or derivative financial instruments. Gains or losses on foreign exchange forward contracts are recorded within foreign currency (gain) loss in the accompanying Consolidated Statements of Comprehensive Loss. At January 2, 2016 , the Company was a party to foreign exchange forward contracts for Canadian dollars, the value of which was immaterial at such date. STOCK PLANS The Company accounts for equity-based payments to employees and directors, including grants of restricted stock and restricted stock unit awards, in accordance with FASB ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires that equity-based payments (to the extent they are compensatory) be measured and recognized in the Company’s Consolidated Statements of Comprehensive Loss using a fair value method. See Note 14 for further information. PENSIONS Pension costs are developed from actuarial valuations. Inherent in these valuations are key assumptions including discount rates and expected return on plan assets. In selecting these assumptions, management considers current market conditions, including changes in interest rates and market returns on plan assets. Changes in the related pension benefit costs may occur in the future due to changes in assumptions. See Note 15 for further information. LEASE OBLIGATIONS Lease expense for operating leases that have escalating rentals over the term of the lease is recorded on a straight-line basis over the life of the lease, which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in “Accrued liabilities” and “Other liabilities” in the Consolidated Balance Sheets. Capital improvements that may be required to make a building suitable for the Company’s use are incurred by the landlords and are made prior to the Company having control of the property (lease commencement date) and are therefore incorporated into the determination of the lease rental rate. See Note 16 for further information. In connection with the Merger and the application of purchase accounting, the Company evaluated its operating leases and recorded adjustments to reflect the fair market values of its operating leases. As a result, a favorable lease asset of $0.8 million and an unfavorable lease liability of $5.0 million were recorded based on the then current market analysis. The favorable lease asset and unfavorable lease liability are being amortized over the related remaining lease terms and are reported within cost of sales and selling, general and administrative expenses (“SG&A”) in the Consolidated Statements of Comprehensive Loss beginning October 13, 2010. The unamortized balances as of January 2, 2016 for the lease asset and lease liability were $0.1 million and $2.2 million , respectively. LITIGATION EXPENSES The Company is involved in certain legal proceedings. The Company recognizes litigation related expenses in the period in which the litigation services are provided. See Note 17 for further information. COST OF SALES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES For products manufactured by the Company, cost of sales includes the cost of purchasing raw materials, net of vendor rebates, payroll and benefit costs for direct and indirect labor incurred at the Company’s manufacturing locations including purchasing, receiving and inspection, inbound freight charges, freight charges to deliver product to the Company’s supply centers, and freight charges to deliver product to the Company’s independent distributor and dealer customers. It also includes all variable and fixed costs incurred to operate and maintain the manufacturing locations and machinery and equipment, such as lease costs, repairs and maintenance, utilities and depreciation. For third-party manufactured products, which are sold through the Company’s supply centers, cost of sales includes the cost to purchase product, net of vendor rebates, as well as inbound freight charges. SG&A expenses include payroll and benefit costs including incentives and commissions of its supply center employees, corporate employees and sales representatives, building lease costs of its supply centers, delivery vehicle costs and other delivery charges incurred to deliver product from its supply centers to its contractor customers, sales vehicle costs, marketing costs, customer sales rewards, other administrative expenses such as supplies, legal, accounting, consulting, travel and entertainment as well as all other costs to operate its supply centers and corporate office. The customer sales rewards programs offer customers the ability to earn points based on purchases, which can be redeemed for products or services procured through independent third-party suppliers. The costs of the rewards programs are recorded as earned throughout the year based on estimated payouts under the program. Total customer rewards costs reported as a component of SG&A expense totaled $2.5 million , $3.9 million and $3.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. Shipping and handling costs included in SG&A expense totaled $31.1 million , $31.6 million and $30.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. Research and development activities are principally related to new product development and are reported within cost of sales and SG&A expenses in the Consolidated Statements of Comprehensive Loss. For the year ended December 28, 2013, the Company incurred expenses of $4.0 million for research and development activities related to the new window platform that was launched in January 2014. Costs related to research and development were immaterial for the years ended January 2, 2016 and January 3, 2015. MARKETING AND ADVERTISING Marketing and advertising costs are generally expensed as incurred. Marketing and advertising expense was $9.0 million , $11.6 million and $8.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. FOREIGN CURRENCY TRANSLATION The financial position and results of operations of the Company’s Canadian subsidiary are measured using Canadian dollars as the functional currency. Assets and liabilities of the subsidiary are translated into U.S. dollars at the exchange rate in effect at each reporting period end. Income statement and cash flow amounts are translated into U.S. dollars at the average exchange rates prevailing during the year. Translation adjustments arising from the use of different exchange rates from period to period are reflected as a component of member’s deficit within accumulated other comprehensive loss. Gains and losses arising from transactions denominated in a currency other than Canadian dollars occurring in the Company’s Canadian subsidiary are included in “Foreign currency gain (loss)” in the Company’s Consolidated Statements of Comprehensive Loss. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The core principal of ASU 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from the previous guidance within Accounting Standards Codification Topic 840, Leases . For operating leases, a lessee is required to do the following: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that entities may elect to apply. The Company is currently assessing the potential impact of the new requirements under the standard. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that all deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 applies to all entities that present a classified statement of financial position and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company does not believe that the adoption of the provisions of ASU 2015-17 will have a material impact on its consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value (“NRV”). The new guidance eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin) under the current lower of cost or market guidance. ASU 2015-11 applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2016. The Company does not believe that the adoption of the provisions of ASU 2015-11 will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued 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). In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides that, given the absence of authoritative guidance in ASU 2015-03 with respect to presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, an entity is permitted to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not believe that the adoption of the provisions of either ASU 2015-03 or ASU 2015-15 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of the new revenue standard for all entities by one year. The Company is currently assessing the potential impact of the new requirements under the standard. |
Related Parties Related Parties
Related Parties Related Parties | 12 Months Ended |
Jan. 02, 2016 | |
Related Parties [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTIES HUB International The Company incurred costs of $0.1 million in each of the years ended January 2, 2016 and January 3, 2015 , in connection with consulting services provided by HUB International Midwest Limited, a portfolio company of H&F Investors, for placement and/or servicing of certain portions of the Company’s insurance coverage, costs of which are included in SG&A for each of the years then ended. Relocation Arrangements with Certain Executive Officers During the year ended December 28, 2013 , pursuant to the employment and relocation agreements with Jerry W. Burris, the Company’s former Chief Executive Officer and President, and Paul Morrisroe, the Company’s former Chief Financial Officer, the Company paid Mr. Burris and Mr. Morrisroe make-whole payments of $0.8 million and $0.1 million , respectively, to compensate each executive for the loss recognized on the sale of their respective residences. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Jan. 02, 2016 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts [Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS Changes in the allowance for doubtful accounts on accounts receivable are as follows (in thousands): January 2, January 3, December 28, Balance at beginning of year $ 8,091 $ 8,692 $ 9,171 Provision for losses 1,008 2,138 1,122 Losses sustained (net of recoveries) (1,494 ) (2,739 ) (1,601 ) Balance at end of year $ 7,605 $ 8,091 $ 8,692 Allowance for doubtful accounts on accounts receivable consists of (in thousands): January 2, January 3, Allowance for doubtful accounts, current $ 3,204 $ 3,542 Allowance for doubtful accounts, non-current 4,401 4,549 $ 7,605 $ 8,091 |
Inventories
Inventories | 12 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consist of (in thousands): January 2, January 3, Raw materials $ 31,024 $ 29,300 Work in process 10,900 16,442 Finished goods 81,450 99,790 $ 123,374 $ 145,532 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of (in thousands): January 2, January 3, Land $ 11,951 $ 13,461 Buildings 38,928 39,674 Machinery and equipment 134,294 120,945 Construction in progress 1,322 3,934 186,495 178,014 Less accumulated depreciation 95,701 84,114 $ 90,794 $ 93,900 Depreciation expense was $14.9 million , $17.1 million and $17.0 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. During 2015 , the Company acquired assets totaling $0.5 million that remain unpaid as of January 2, 2016 . During 2014 , the Company acquired assets totaling $0.7 million that remain unpaid as of January 3, 2015 . Consequently, these amounts are reflected as non-cash investing activities on the Consolidated Statements of Cash Flows. Construction in progress as of January 2, 2016 consisted of a variety of capital improvement projects initiated primarily at the Company’s window plants, whereas the balance at January 3, 2015 represented the remainder of the investment in the new window platform, which was first launched on the East Coast in early 2014, and continued to be rolled out on the West Coast for the duration of year. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS In accordance with FASB ASC 350, the Company is required to evaluate the carrying value of its goodwill for potential impairment on an annual basis at the beginning of the fourth quarter, or on an interim basis if there are indicators of potential impairment. The impairment test is conducted with the assistance of an independent valuation firm using an income approach. As there is currently no market for the Company’s equity, management performs the impairment analysis utilizing a discounted cash flow approach that incorporates current estimates regarding performance and macroeconomic factors, discounted at a weighted average cost of capital. During 2015 the Company completed the annual impairment test as of the beginning of the fourth quarter, and based on the results of the testing, no impairment charges were recorded. During the first half of 2014, the Company experienced a decline in operating results primarily due to unfavorable weather conditions, weaker growth in the repair and remodeling market and incremental costs associated with the launch of its new window platform. Management initially believed that the impact of some of these conditions could be quickly remedied. However, since lower-than-expected operating results continued throughout the third quarter, the Company determined that an indicator of potential impairment existed and it was more likely than not that its indefinite-lived intangible assets were impaired. It therefore, performed interim impairment testing as of August 31, 2014. The Company completed step one of its goodwill impairment testing with the assistance of an independent valuation firm and determined that the fair value of its single reporting unit was lower than its carrying value. This required the Company to proceed to step two of its impairment analysis. Based on preliminary calculations, the Company recorded an estimated goodwill impairment loss of $148.5 million during the quarter ended September 27, 2014. During the fourth quarter, the Company finalized step two of the impairment analysis and reduced the impairment charge by $4.3 million , for a final impairment charge of $144.2 million . The goodwill impairment charge is a non-cash item and does not affect the calculation of the borrowing base or financial covenants in the Company’s credit agreement. There is no tax benefit associated with this non-cash charge. In addition to the interim impairment testing of goodwill, the Company conducted its annual impairment testing as of beginning of the fourth quarter of 2014. No impairment charges were recorded as the fair value of its reporting unit was higher than its carrying value. The changes in the carrying amount of goodwill are as follows (in thousands): Goodwill Balance at December 28, 2013 $ 471,791 Impairment (144,159 ) Foreign currency translation (10,375 ) Balance at January 3, 2015 317,257 Foreign currency translation (14,349 ) Balance at January 2, 2016 $ 302,908 At January 2, 2016 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): January 2, 2016 January 3, 2015 Cost Accumulated Amortization Net Carrying Value Cost Accumulated Amortization Net Carrying Value Amortized customer bases $ 313,821 $ 128,230 $ 185,591 $ 321,836 $ 106,655 $ 215,181 Amortized non-compete agreements 20 19 1 20 16 4 Total amortized intangible assets 313,841 128,249 185,592 321,856 106,671 215,185 Non-amortized trade names (1) 212,361 — 212,361 222,115 — 222,115 Total intangible assets $ 526,202 $ 128,249 $ 397,953 $ 543,971 $ 106,671 $ 437,300 (1) Balances at January 2, 2016 and January 3, 2015 include impairment charges of $169.6 million , of which $89.7 million were recorded in 2014 and $79.9 million were recorded in 2011, respectively. 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. During 2015, the Company completed the annual impairment test of intangible assets with indefinite lives as of the beginning of the fourth quarter and based on the results of the testing, no impairment charges were recorded. During 2014, as noted above, management determined that an indicator of potential impairment existed for the non-amortized trade names as of August 31, 2014 and completed an interim test of the fair value with the assistance of an independent valuation firm. Using the income approach, the Company determined that the fair value of certain non-amortized trade names was lower than the carrying value, and consequently, the Company recorded an impairment charge of $89.7 million during the quarter ended September 27, 2014. In addition to the interim impairment testing of other intangible assets, the Company completed the annual impairment at the beginning of the fourth quarter of 2014 and based on the results of the testing, no additional impairment charges were recorded. 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 $25.0 million , $25.7 million and $26.0 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. Amortization expense is estimated to be approximately $25 million per year for fiscal years 2016 , 2017 , 2018 , 2019 and 2020 . |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Jan. 02, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Other Liabilities Disclosure [Text Block] | ACCRUED AND OTHER LIABILITIES Accrued liabilities consist of (in thousands): January 2, January 3, Employee compensation $ 16,473 $ 11,355 Sales promotions and incentives 21,512 25,786 Warranty reserves 9,239 9,312 Employee benefits 8,037 8,828 Interest 13,286 13,393 Taxes other than income taxes 2,885 3,220 Other 12,198 9,840 $ 83,630 $ 81,734 Other liabilities consist of (in thousands): January 2, January 3, Pensions and other postretirement plans $ 29,262 $ 40,138 Warranty reserves 75,873 80,628 Other 7,988 8,250 $ 113,123 $ 129,016 |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Jan. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTS U.S. Distribution and Corporate Functions During the third quarter of 2015, the Company announced a restructuring plan focused on realigning certain costs within its U.S. distribution business and select corporate functions. The restructuring plan included the closure of four underperforming company-operated supply centers in the U.S. and the elimination of its roofing product offering in eleven U.S. supply centers. As a result, the Company recorded restructuring costs of $4.5 million , which reflects a cash charge of $2.2 million and a non-cash charge of $2.3 million . The cash charge relates to early lease termination costs and severance for workforce reductions of $1.4 million and $0.5 million , respectively. Of the total non-cash charge of $2.3 million , $2.2 million is related to the write-down of roofing inventory in certain markets. Approximately $0.6 million of cash payments will be made in 2016 in connection with the restructuring plan, primarily related to equipment lease termination fees and employee severance. In the Condensed Consolidated Statements of Comprehensive Loss, the portion of the restructuring charge related to the $2.2 million write-down of roofing inventory is included in “Cost of sales,” while the remaining portion is included in “Restructuring costs.” Manufacturing 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 2015, the Company re-measured its restructuring liability due to a change in the expected amount of sublease income to be collected over the remaining lease term. A similar re-measurement occurred during 2014 due to a change in the amount and timing of cash flows related to taxes and insurance over the lease term. Consequently, the Company decreased the restructuring liability and recognized a benefit of $0.4 million and $0.3 million , for the years ended January 2, 2016 and January 3, 2015, respectively, which is included within “Restructuring costs” in the Consolidated Statements of Comprehensive Loss. Changes in the restructuring liability for the years ended January 2, 2016, January 3, 2015 and December 28, 2013 are as follows (in thousands): January 2, 2016 Distribution Manufacturing Total Balance at beginning of year — $ 1,960 $ 1,960 Increase (decrease) 2,227 (442 ) 1,785 Accretion of related lease obligations — 434 434 Payments (573 ) (805 ) (1,378 ) Balance at end of year $ 1,654 $ 1,147 $ 2,801 January 3, 2015 Distribution Manufacturing Total Balance at beginning of year $ — $ 2,772 $ 2,772 Decrease — (331 ) (331 ) Accretion of related lease obligations — 495 495 Payments — (976 ) (976 ) Balance at end of year $ — $ 1,960 $ 1,960 December 28, 2013 Distribution Manufacturing Total Balance at beginning of year $ — $ 3,387 $ 3,387 Accretion of related lease obligations — 516 516 Payments — (1,131 ) (1,131 ) Balance at end of year $ — $ 2,772 $ 2,772 The restructuring liability is included in “Accrued liabilities” and “Other liabilities” in the Consolidated Balance Sheets and will continue to be paid until April 2020 and July 2020, the lease expiration dates for the Ennis warehouse facility and the last of the supply center closures, respectively. |
Product Warranty Costs
Product Warranty Costs | 12 Months Ended |
Jan. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | PRODUCT WARRANTY COSTS Consistent with industry practice, the Company provides homeowners with limited warranties on certain products, primarily related to its window and siding product categories. Changes in the warranty reserve are as follows (in thousands): January 2, January 3, December 28, Balance at beginning of year $ 89,940 $ 93,207 $ 97,471 Provision for warranties issued and changes in estimates for pre-existing warranties 3,287 4,658 4,040 Claims paid (6,502 ) (6,816 ) (7,383 ) Foreign currency translation (1,613 ) (1,109 ) (921 ) Balance at end of year $ 85,112 $ 89,940 $ 93,207 As a result of the Merger and the application of purchase accounting, the Company adjusted its warranty reserves to represent an estimate of the fair value of the liability as of the closing date of the Merger, which was based on an actuarial calculation performed by an independent valuation firm that projected future remedy costs using historical data trends of claims incurred, claims payments and sales history of products to which such costs relate. The excess of the estimated fair value over the expected future remedy costs of $9.5 million , which was included in the Company’s warranty reserve at the date of the Merger, is being amortized as a reduction of warranty expense over the expected term such warranty claims will be satisfied. The remaining unamortized amount at January 2, 2016 was $5.5 million . The provision for warranties was reported within “Cost of sales” in the Consolidated Statements of Comprehensive Loss. 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. |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty reserve are as follows (in thousands): January 2, January 3, December 28, Balance at beginning of year $ 89,940 $ 93,207 $ 97,471 Provision for warranties issued and changes in estimates for pre-existing warranties 3,287 4,658 4,040 Claims paid (6,502 ) (6,816 ) (7,383 ) Foreign currency translation (1,613 ) (1,109 ) (921 ) Balance at end of year $ 85,112 $ 89,940 $ 93,207 |
Executive Officers' Separation
Executive Officers' Separation and Hiring Costs | 12 Months Ended |
Jan. 02, 2016 | |
Compensation Related Costs [Abstract] | |
Executive Officers' Separation and Hiring Costs | EXECUTIVE OFFICERS’ SEPARATION AND HIRING COSTS The Company recorded $1.0 million , $3.8 million and $1.4 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively, for separation and hiring costs related to the Company’s executive officers. These costs include payroll taxes, certain benefits and related professional fees, all of which are recorded as a component of SG&A expenses in the Consolidated Statements of Comprehensive Loss. For the year ended January 2, 2016 , separation and hiring costs were primarily attributable to payments made in connection with the resignation of former executives and costs incurred in connection with the hiring of their replacements. Separation and hiring costs in 2014 primarily related to changes in the Company’s management during the year then ended, which included the resignations of Jerry W. Burris, former President and Chief Executive Officer, David S. Nagle, the former Chief Operations Officer, AMI Distribution and Services, Robert C. Gaydos, former Senior Vice President, Operations and Paul Morrisroe, former Senior Vice President and Chief Financial Officer. Separation and hiring costs for for the year ended January 3, 2015 also included costs incurred for hiring Dana R. Snyder, Interim Chief Executive Officer and the appointment of Brian C. Strauss, President and Chief Executive Officer, as well as the hiring of William Topper, Executive Vice President, Operations, and Scott F. Stephens, Executive Vice President and Chief Financial Officer of the Company. The separation and hiring costs in 2013 were primarily related to make-whole payments to Mr. Burris, our former President and Chief Executive Officer and Mr. Morrisroe, our former Senior Vice President and Chief Financial Officer. Pursuant to their respective employment agreements, these payments provided compensation to offset losses recognized on the sale of their respective residences in connection with relocating near our corporate headquarters. See Note 2 for further information. As of January 2, 2016 , the remaining balance payable to the Company’s former executives for separation costs was $0.3 million , which will be paid at various dates throughout 2016 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 02, 2016 | |
Debt Instrument [Line Items] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt consists of (in thousands): January 2, January 3, 9.125% Senior Secured Notes $ 832,684 $ 834,004 Borrowings under the ABL facilities 92,800 69,400 $ 925,484 $ 903,404 9.125% Senior Secured Notes due 2017 In October 2010, the Company and its wholly-owned subsidiary, AMH New Finance, Inc. (“AMHNF” and, 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 May 1 and November 1 of each year. On May 1, 2013, the Issuers issued and sold an additional $100.0 million in aggregate principal amount of 9.125% Senior Secured Notes due November 1, 2017 (the “new notes” and, together with the 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 asset-based revolving credit facilities (“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 (collectively, the “Indenture”). On October 31, 2013, all of the new notes were exchanged for 9.125% Senior Secured Notes due 2017, which have been registered under the Securities Act of 1933, as amended. 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 $2.7 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 January 2, 2016 . The 9.125% notes, at par value of $830.0 million , have an estimated fair value, classified as a Level 1 measurement, of $576.4 million and $652.8 million based on quoted market prices as of January 2, 2016 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. On April 15, 2014, Parent filed a request with the SEC to withdraw the Registration Statement on Form S-1 filed by Parent on July 15, 2013 for a proposed IPO of its common stock. The registration statement was withdrawn because a determination has been made not to proceed with an IPO of Parent’s common stock at the time. Guarantees. The 9.125% notes are unconditionally guaranteed, jointly and severally, by each of the Issuers’ 100% owned direct and indirect domestic subsidiaries (“guarantors”) that guarantee the Company’s obligations under the ABL facilities. Collateral . The 9.125% notes and the guarantees are secured by a first-priority lien on substantially all of the Issuers’ and the guarantors’ present and future assets located in the United States (other than the ABL collateral, in which the 9.125% notes and the guarantees have a second-priority lien, and certain other excluded assets), including equipment, owned real property valued at $5.0 million or more and all present and future shares of capital stock of each of the Issuers’ and each guarantor’s material directly 100% owned domestic subsidiaries and 65% of the present and future shares of capital stock, of each of the Issuers’ and each guarantor’s directly owned foreign restricted subsidiaries (other than Canadian subsidiaries), in each case subject to the Rule 3-16 exclusion described below, certain exceptions and customary permitted liens. In addition, the 9.125% notes and the guarantees are secured by a second-priority lien on substantially all of the Issuers’ and the guarantors’ present and future assets, which assets also secure the Issuers’ obligations under the ABL facilities, including accounts receivable, inventory, related general intangibles, certain other related assets and the proceeds thereof. The capital stock and other securities of any subsidiary will be excluded from the collateral securing the 9.125% notes and the guarantees to the extent that the pledge of such capital stock and other securities would result in the Company being required to file separate financial statements of such subsidiary with the SEC pursuant to Rule 3-16 or Rule 3-10 of Regulation S-X under the Securities Act of 1933, as amended. Rule 3-16 of Regulation S-X requires the presentation of a company’s standalone, audited financial statements if that company’s capital stock or other securities are pledged to secure the securities of another issuer, and the greatest of the principal amount, par value, book value and market value of the pledged stock or securities equals or exceeds 20% of the principal amount of the securities secured by such pledge. Accordingly, the collateral securing the 9.125% notes and the guarantees may in the future exclude the capital stock and securities of the Company’s subsidiaries, in each case to the extent necessary to not be subject to such requirement. Optional Redemption . The Issuers have the option to redeem the 9.125% notes, in whole or in part, at any time on or after November 1, 2013 at redemption prices (expressed as percentages of principal amount of the 9.125% notes to be redeemed) of 106.844% and 104.563% , 102.281% and 100.000% during the 12-month periods commencing on November 1, 2013, 2014, 2015 and 2016, respectively, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. Change of Control . Upon the occurrence of a change of control, as defined in the Indenture, the Issuers must give holders of notes the opportunity to sell the Issuers their 9.125% notes at 101% of their face amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. Covenants. The Indenture contains covenants limiting the Issuers’ ability and the ability of their restricted subsidiaries to, among other things: pay dividends or distributions, repurchase equity, prepay junior debt and make certain investments; incur additional debt or issue certain disqualified stock and preferred stock; incur liens on assets; merge or consolidate with another company or sell all or substantially all assets; enter into transactions with affiliates; and enter into agreements that would restrict the ability of our subsidiaries to pay dividends or make other payments to us. These covenants are subject to important exceptions and qualifications as described in the Indenture. Most of these covenants will cease to apply for so long as the 9.125% notes have investment grade ratings from both Moody’s Investors Service, Inc. and Standard & Poor’s. ABL Facilities In October 2010, the Company and certain of its subsidiaries (as “U.S. borrowers” and “Canadian borrowers” and, collectively the “borrowers”) 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. Interest Rate and Fees . At the Company’s option, the U.S. and Canadian tranche A revolving credit loans under the Amended and Restated Revolving Credit Agreement governing the ABL facilities bear interest at the rate equal to (1) the London Interbank Offered Rate (“ LIBOR ”) (for eurodollar loans under the U.S. facility) or the Canadian Dealer Offered Rate (“ CDOR ”) (for loans under the Canadian facility), plus an applicable margin of 2.00% as of January 2, 2016 , 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 Rate plus 1.0% ), plus an applicable margin of 1.00% as of January 2, 2016 , in each case, which interest rate margin may vary in 25 basis point increments between three pricing levels determined by reference to the average excess availability in respect of the U.S. and Canadian tranche A revolving credit loans. In addition to paying interest on outstanding principal under the ABL facilities, the Company is required to pay a commitment fee in respect of the U.S. and Canadian tranche A revolving credit loans, payable quarterly in arrears, of 0.375% . Borrowing Base . Availability under the U.S. and Canadian facilities are subject to a borrowing base, which is based on eligible accounts receivable and inventory of certain of the Company’s U.S. subsidiaries and eligible accounts receivable, inventory and, with respect to the Canadian tranche A revolving credit loans, equipment and real property, of certain of the Company’s Canadian subsidiaries, after adjusting for customary reserves established or modified from time to time by and at the permitted discretion of the administrative agent thereunder. To the extent that eligible accounts receivable, inventory, equipment and real property decline, the Company’s borrowing base will decrease and the availability under the ABL facilities may decrease below $213.0 million . In addition, if the amount of outstanding borrowings and letters of credit under the U.S. and Canadian facilities exceeds the borrowing base or the aggregate revolving credit commitments, the Company is required to prepay borrowings to eliminate the excess. Guarantors . All obligations under the U.S. facility are guaranteed by each existing and subsequently acquired direct and indirect wholly-owned material U.S. restricted subsidiary of the Company and by the direct parent of the Company, other than certain excluded subsidiaries (“U.S. guarantors”). All obligations under the Canadian facility are guaranteed by each existing and subsequently acquired direct and indirect wholly-owned material Canadian restricted subsidiary of the Company, other than certain excluded subsidiaries (“Canadian guarantors” and, together with U.S. guarantors, “ABL guarantors”) and the U.S. guarantors. Security . The U.S. security agreement provides that all obligations of the U.S. borrowers and the U.S. guarantors are secured by a security interest in substantially all of the present and future property and assets of the Company, including a first-priority security interest in the capital stock of the Company and a second-priority security interest in the capital stock of each direct, material wholly-owned restricted subsidiary of the Company. The Canadian security agreement provides that all obligations of the Canadian borrowers and the Canadian guarantors are secured by the U.S. ABL collateral and a security interest in substantially all of the Company’s Canadian assets, including a first-priority security interest in the capital stock of the Canadian borrowers and each direct, material wholly-owned restricted subsidiary of the Canadian borrowers and Canadian guarantors. Covenants, Representations and Warranties . The Amended and Restated Revolving Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, with respect to negative covenants, among other things, restrictions on indebtedness, liens, investments, fundamental changes, asset sales, dividends and other distributions, prepayments or redemption of junior debt, transactions with affiliates and negative pledge clauses. There are no financial covenants included in the Amended and Restated Revolving Credit Agreement, other than a springing fixed charge coverage ratio of at least 1.00 to 1.00, which will be tested only when excess availability is less than the greater of (i) 10.0% of the sum of (x) the lesser of (A) the U.S. tranche A borrowing base and (B) the U.S tranche A revolving credit commitments and (y) the lesser of (A) the Canadian tranche A borrowing base and (B) the Canadian tranche A revolving credit commitments and (ii) $20.0 million for a period of five consecutive business days until the 30th consecutive day when excess availability exceeds the above threshold. On March 23, 2015, the Company further amended the Amended and Restated Revolving Credit Agreement by entering into Amendment No. 1 to Amended and Restated Revolving Credit Agreement (“Amendment No.1”). Pursuant to Amendment No. 1, the Company was permitted, 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 was less than $15.0 million for a period of five consecutive business days. In addition, Amendment No. 1 included 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. On December 7, 2015, the Company entered into Amendment No. 2 to the Amended and Restated Revolving Credit Agreement, (“Amendment No. 2”) which permitted, among other things, for the period commencing on and including February 5, 2016 through March 4, 2016, 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. Further, for the period commencing on and including March 5, 2016 through June 3, 2016, Amendment No. 2 permitted for the fixed charge coverage ratio to be tested or for a cash dominion period to commence, only if excess availability is less than $10.0 million for a period of five consecutive business days. In addition, Amendment No. 2 includes a provision for weekly borrowing base certificate reporting for the period commencing on and including February 7, 2016 through and including May 29, 2016 in lieu of delivery of a borrowing base certificate after each fiscal month. On February 19, 2016, the Company entered into Amendment No. 3 to Amended and Restated Revolving Credit Agreement (“Amendment No. 3”), which permitted, among other things: • for the period commencing on and including February 19, 2016 through April 21, 2016, for the (1) a cash dominion period to commence, only if (a) excess availability is less than $10.0 million for the fixed charge coverage ratio to be tested or for a cash dominion period to commence, only if excess availability is less than $10.0 million for a period of five consecutive business days, and • for the period commencing on and including April 22, 2016 through and including May 19, 2016, for the (1) a cash dominion period to commence, only if (a) excess availability is less than $7.5 million for the fixed charge coverage ratio to be tested or for a cash dominion period to commence, only if excess availability is less than $7.5 million for a period of five consecutive business days, and • for the period commencing on and including May 20, 2016 through and including June 3, 2016, for the (1) a cash dominion period to commence, only if (a) excess availability is less than $10.0 million for the fixed charge coverage ratio to be tested or for a cash dominion period to commence, only if excess availability is less than $10.0 million for a period of five consecutive business days. In addition, Amendment No. 3 includes a provision which reduces excess availability in certain circumstances by adding an availability block for the period commencing on and including February 19, 2016 through April 21, 2016 in the amount $10.0 million , commencing on and including April 22, 2016 through and including May 19, 2016 in the amount of $7.5 million , and commencing on and including May 20, 2016 through April 18, 2018 in the amount of $10.0 million . In addition, in the event all or any portion of the principal of the Sponsor Secured Note (as defined below) is repaid prior to the Amended and Restated Revolving Credit Agreement maturity date, the availability block increases to $20.0 million . The fixed charge coverage ratio was 0.87:1.00 for the four consecutive fiscal quarter test period ended January 2, 2016 . The Company has not triggered such fixed charge coverage ratio covenant as of January 2, 2016 , as excess availability of $35.8 million as of such date was in excess of the covenant trigger threshold. Based on current projections, the Company expects that the excess availability will be reduced in the first half of 2016 due to the seasonality of its business. The Company currently does not expect to trigger the fixed charge coverage ratio test for 2016. As of January 2, 2016 , there was $92.8 million drawn under the Company’s Amended and Restated Revolving Credit Agreement and $55.8 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 revolving credit commitment was 2.7% and 4.5% , respectively, as of January 2, 2016 . The Company had letters of credit outstanding of $13.1 million as of January 2, 2016 primarily securing insurance policy deductibles, certain lease facilities and the Company’s purchasing card program. First Lien Promissory Note On February 19, 2016, the Company, the other borrowers, AMHNF and Holdings, and H&F Finco LLC (“H&F Finco”), an affiliate of the Hellman & Friedman LLC, entered into a first lien promissory note in an aggregate principal amount of $27.5 million (the “Sponsor Secured Note”), $20.0 million of such aggregate principal amount the U.S. borrowers, AMHNF and Holdings are the obligors and $7.5 million of such aggregate principal the Canadian borrowers are the obligors. The Sponsor Secured Note bears interest at the LIBOR rate plus 4.25% , with a LIBOR floor of 1% , and matures at the earlier of (i) June 18, 2018 and (ii) 30 days prior to the maturity date of the Company’s 9.125% notes. Prepayment of the Sponsor Secured Note is permitted if (i) excess availability on the date of such payment (prior to giving effect thereto) is no less than $60.0 million and (ii) excess availability on the date of such payment (immediately after giving effect thereto) and the projected daily average excess availability for the thirty-day period immediately following the date of such payment is, in each case, no less than $32.5 million . The Sponsor Secured Note is subject to the same covenants and events of default contained in the Amended and Restated Revolving Credit Agreement. The Sponsor Secured Note is guaranteed by the same guarantors and to the same extent as such guarantors guarantee the obligations of the Company under the Amended and Restated Revolving Credit Agreement. The obligations of the Company, AMHNF, Holdings and the guarantors under the Sponsor Secured Note are secured on a pari passu basis to the liens and assets securing the obligations under the Amended and Restated Revolving Credit Agreement (the “ABL Shared Collateral”), subject to the applicable intercreditor agreement. Concurrently with entering into the Sponsor Secured Note, the Company, the other borrowers, AMHNF, Holdings and the guarantors under the Sponsor Secured Note entered into a revolving loan intercreditor agreement with H&F Finco, as the subordinated debt representative and UBS AG, Stamford Branch and UBS AG Canada Branch, as the senior representatives which subordinates the lien of H&F Finco to the lien of the senior representative and the senior lenders under the Amended and Restated Revolving Credit Agreement in respect of any right of payment from the proceeds of any sale or disposition of ABL Shared Collateral. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Loss before income taxes is as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 U.S. $ (50,683 ) $ (268,991 ) $ (37,150 ) Canada (122 ) (51,899 ) 6,164 $ (50,805 ) $ (320,890 ) $ (30,986 ) Income tax (benefit) expense for the periods presented consists of (in thousands): Years Ended January 2, January 3, December 28, 2013 Current: Federal $ — $ (14 ) $ (802 ) State 209 16 657 Foreign 1,329 3,998 4,155 1,538 4,000 4,010 Deferred: Federal 305 (20,844 ) 397 State (1,390 ) (3,084 ) (467 ) Foreign (1,146 ) (7,273 ) (1,433 ) (2,231 ) (31,201 ) (1,503 ) Income tax (benefit) expense $ (693 ) $ (27,201 ) $ 2,507 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income taxes are as follows (in thousands): January 2, January 3, Deferred income tax assets: Medical benefits $ 1,104 $ 1,708 Allowance for doubtful accounts 3,048 3,278 Pension and other postretirement plans 9,188 12,430 Inventory costs 2,854 1,592 Warranty costs 31,769 33,819 Net operating loss carryforwards 166,202 162,925 Foreign tax credit carryforwards 4,455 4,455 Accrued expenses and other 10,237 11,437 Total deferred income tax assets 228,857 231,644 Valuation allowance (131,501 ) (111,888 ) Net deferred income tax assets 97,356 119,756 Deferred income tax liabilities: Depreciation 13,816 15,815 Intangible assets 143,078 157,546 Tax liability on unremitted foreign earnings 4,225 10,496 Gain on debt extinguishment 13,306 17,933 Other 3,967 5,149 Total deferred income tax liabilities 178,392 206,939 Net deferred income tax liabilities $ (81,036 ) $ (87,183 ) As of January 2, 2016 , the Company had U.S. federal net operating loss (“NOL”) carryforwards of $417.3 million and foreign tax credit carryforwards of $4.5 million . The U.S. NOL carryforwards expire in years 2032 through 2035 and the foreign tax credit carryforward expires in year 2017 . In addition, the Company has tax benefits related to state NOL carryforwards of $21.1 million , which expire in the years 2016 through 2035 . As of January 2, 2016 , the Company had total federal, state, and foreign deferred tax assets before valuation allowances of $199.6 million , $24.5 million , and $4.7 million , respectively. ASC 740 requires that a valuation allowance be recorded against deferred tax assets when it is more likely than not that some or all of a company’s deferred tax assets will not be realized based on available positive and negative evidence. To the extent the reversal of deferred tax liabilities is relied upon in the Company’s assessment of the realizability of deferred tax assets, the Company has determined that they will reverse in the same period and jurisdiction as the temporary differences giving rise to the deferred tax assets. Deferred tax liabilities related to non-amortizable intangibles or otherwise not reversing, were not offset against deferred tax assets. The Company has not identified any significant U.S. tax planning strategies to support the utilization of deferred tax assets. After reviewing all available positive and negative evidence as of January 2, 2016 and January 3, 2015 , the Company recorded a full valuation allowance against its U.S. net federal deferred tax assets since the Company is in a three-year cumulative loss position in the U.S. and it was unable to identify any strong positive evidence, other than the reversal of the appropriate deferred tax liabilities. Therefore, as of January 2, 2016 , $97.4 million of the total deferred tax assets of $228.9 million was considered more-likely-than-not to be realized, resulting in a valuation allowance of $131.5 million . Of this amount, $115.1 million relates to U.S. federal and $16.4 million relates to state jurisdictions. The net valuation allowance provided against these U.S. net deferred tax assets during 2015 increased by $19.6 million . Of this amount, $19.9 million was recorded as an increase in 2015 provision for income taxes with the remainder being reflected through other comprehensive income. The Company reviews its valuation allowance related to deferred tax assets and will reverse this valuation allowance, partially or totally, when, and if, appropriate under ASC 740. The Company is in a net deferred tax liability position in Canada. The future reversal of existing Canadian deferred tax liabilities are of the appropriate character and timing such that all of its Canadian deferred tax assets are considered more likely than not realizable. The reconciliation of the statutory rate to the Company’s effective income tax rate for the periods presented is as follows: Years Ended January 2, January 3, December 28, 2013 Statutory rate (35.0 )% (35.0 )% (35.0 )% State income tax, net of federal income tax benefit (4.7 )% 0.5 % (2.8 )% Tax liability on remitted and unremitted foreign earnings (2.5 )% 2.4 % 16.9 % Goodwill impairment — % 15.7 % — % Foreign rate differential — % 0.4 % (1.8 )% Valuation allowance 39.2 % 7.8 % 28.6 % Foreign tax credit and withholding taxes (0.4 )% 0.3 % 0.8 % Prior year assessments 0.6 % 0.1 % 2.8 % Other 1.4 % (0.7 )% (1.4 )% Effective rate (1.4 )% (8.5 )% 8.1 % It is the Company’s intent to remit all earnings from its foreign subsidiary and as of January 2, 2016 , the Company had reflected all U.S. tax costs of remittance of such earnings in its financial statements. A reconciliation of the unrecognized tax benefits for the periods presented is as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Unrecognized tax benefits at beginning of year $ 1,014 $ 7,040 $ 7,146 Foreign currency translation adjustment (143 ) (110 ) (79 ) Gross increases for tax positions of the current year — 107 147 Gross decreases for tax positions of prior years (297 ) (6,023 ) (174 ) Unrecognized tax benefits at end of year $ 574 $ 1,014 $ 7,040 The accrued interest related to uncertain tax positions is immaterial as of January 2, 2016 and January 3, 2015 . As of January 2, 2016 , the Company is subject to U.S. federal income tax examinations for the tax years 2012 through 2014 and to non-U.S. income tax examinations for the tax years of 2011 through 2014 . In addition, the Company is subject to state and local income tax examinations for the tax years 2010 through 2014 . The Company had unrecognized tax benefits and accrued interest that would affect the Company’s effective tax rate if recognized of approximately $0.7 million and $1.0 million as of January 2, 2016 and January 3, 2015 , respectively. The Company is currently undergoing examinations of certain state income tax returns. The final outcome of these examinations are not yet determinable; however, management anticipates that adjustments to unrecognized tax benefits, if any, would not result in a material change to the results of operations, financial condition, or liquidity. The Company and its U.S. subsidiaries are included in the consolidated income tax returns filed by Associated Materials Group, Inc., its indirect parent company. The Company and each of its subsidiaries entered into a tax sharing agreement under which federal income taxes are computed by the Company and each of its subsidiaries on a separate return basis. As of January 2, 2016 and January 3, 2015 , there were no amounts due to or payable from Associated Materials Group, Inc. related to the tax sharing agreement. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in accumulated other comprehensive loss by component, net of tax, are as follows (in thousands): Pension and other Postretirement benefit Liability 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 $2,108 (20,241 ) (22,439 ) (42,680 ) Amounts reclassified from accumulated other comprehensive loss, net of tax of $21 (27 ) — (27 ) Balance at January 3, 2015 $ (23,781 ) $ (36,842 ) $ (60,623 ) Other comprehensive income (loss) before reclassifications, net of tax of $6 4,464 (31,164 ) (26,700 ) Amounts reclassified from accumulated other comprehensive loss, net of tax of $67 416 — 416 Balance at January 2, 2016 $ (18,901 ) $ (68,006 ) $ (86,907 ) Reclassifications out of accumulated other comprehensive loss consists of the following (in thousands): Years Ended January 2, January 3, Defined Benefit Pension and Other Postretirement Plans: Amortization of unrecognized prior service cost $ 24 $ 28 Amortization of unrecognized cumulative actuarial net loss (gain) 459 (34 ) Total before tax 483 (6 ) Tax expense 67 21 Net of tax $ 416 $ (27 ) Amortization of prior unrecognized service cost and actuarial loss (gain) is included in the computation of net periodic benefit cost for the Company’s pension and other postretirement benefit plans. See Note 15 for further information. |
Stock Plans
Stock Plans | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 2010 Stock Incentive Plan In October 2010, Parent’s board of directors adopted the Associated Materials Group, Inc. 2010 Stock Incentive Plan (“2010 Plan”). The 2010 Plan is an incentive compensation plan that permits grants of equity-based compensation awards to employees, directors and consultants of Parent and its subsidiaries. Awards under the 2010 Plan may be in the form of stock options (either incentive stock options “ISO’s” or non-qualified stock options) or other stock-based awards, including restricted stock awards, restricted stock unit awards and stock appreciation rights. The maximum number of shares originally reserved for the grant or settlement of awards under the 2010 Plan was 6,150,076 shares of Parent common stock, subject to adjustment in the event of any share dividend or split, reorganization, recapitalization, merger, consolidation, spinoff, combination, or any extraordinary dividend or other similar corporate transaction. In November 2014, Parent’s board of directors and Parent’s stockholders approved an amendment and restatement to the 2010 Plan to increase the maximum number of shares of common stock which may be issued under the 2010 Plan by 1,400,000 shares, from 6,150,076 to 7,550,076 and in April 2015 further increased the maximum number of shares by 1,500,000 from 7,550,076 to 9,050,076 shares of Parent common stock. Any shares subject to awards which terminate or lapse without payment of consideration may be granted again under the 2010 Plan. In the event of a change in control, Parent’s compensation committee may, at its discretion, accelerate the vesting or cause any restrictions to lapse with respect to outstanding awards, or may cancel such awards for fair value, or may provide for the issuance of substitute awards. Stock Options Options granted under the 2010 Plan were awarded at exercise prices at or above the fair market value of such stock on the date of grant. Each option holder was granted awards with time-based vesting and/or performance-based vesting provisions. Subject to the option holders’ continued employment on each vesting date, the time-based options vest with respect to 20% of the shares on each anniversary of the grant date, with accelerated vesting of all unvested shares in the event of a change in control, as defined in the 2010 Plan. Subject to the option holders’ continued employment on each vesting date, the performance-based options vest based on the achievement of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”) targets as established by Parent’s board of directors annually with respect to 20% of the shares per year over a five-year period, or if the target for a given year is not achieved, the option may vest if the applicable Adjusted EBITDA target is achieved in the next succeeding year. In addition, the performance-based options also provide that in the event of a change in control, that portion of the option that was scheduled to vest in the year in which the change in control occurs and in any subsequent years shall vest immediately prior to such change in control. If a liquidity event occurs (defined as the first to occur of either a change in control or an initial public offering (“IPO”) of Parent’s common stock), any portion of the performance-based option that did not vest in any prior year because the applicable Adjusted EBITDA target was not met will vest if and only if the H&F Investors receive a three times return on their initial cash investment in Parent. Each option award has a contractual life of ten years. The stock underlying the options awarded under the 2010 Plan is governed by the stockholders agreement of Parent. Stock purchased as a result of the exercise of options is subject to a call right by Parent, and as a result, other than in limited circumstances, stock issued upon the exercise of the option may be repurchased at the right of Parent. This repurchase feature results in no compensation expense recognized in connection with options granted by Parent, until such time as the exercise of the options could occur without repurchase of the shares by Parent, which is only likely to occur upon a liquidity event, change in control or the completion of an IPO offering of shares of Parent’s common stock. Upon such liquidity event, change in control or IPO, the repurchase feature, with respect to outstanding option awards, is removed and compensation expense related to all option awards, to the extent vested, is recognized immediately. For the year ended January 2, 2016 , Parent granted time-based options and performance-based options to purchase 1.2 million and 0.3 million shares of Parent’s common stock, respectively. None of the 2015 , 2014 and 2013 tranches of performance-based awards granted were vested as of January 2, 2016 since the targets for these fiscal years were not achieved. Stock option activity during the year ended January 2, 2016 is summarized below: Shares Weighted Average Exercise Price Remaining Contractual Term(years) Options outstanding January 3, 2015 5,502,560 $ 9.77 Granted 1,523,560 1.88 Exercised — — Forfeited (856,978 ) 8.84 Options outstanding January 2, 2016 6,169,142 $ 4.69 8.1 Options exercisable January 2, 2016 1,571,618 $ 7.95 6.7 The fair value of the options granted during 2015 , 2014 and 2013 was estimated at the date of the grant using the Black-Scholes model. The weighted average assumptions and fair value of the options were as follows: Years Ended January 2, January 3, December 28, 2013 Dividend yield — % — % — % Annual risk-free rate 2.02 % 2.26 % 1.99 % Expected life of options (years) 7.25 8.17 7.19 Volatility 26.9 % 42.2 % 52.3 % Weighted average fair value of options granted per share $ 0.17 $ 1.95 $ 2.58 The expected dividend yield is based on Parent’s historical and expected future dividend policy. The annual risk-free interest rate is based on zero coupon treasury bond rates corresponding to the expected life of the awards. The expected lives of the awards are based on the contractual term, the vesting period and the expected lives used by a peer group with similar option terms. Due to the fact that the shares of common stock of Parent have not and do not trade publicly, the expected volatility assumption was derived by referring to changes in the common stock prices of several peer companies (with respect to industry, size and leverage) over the same timeframe as the expected life of the awards. In June 2015, Parent’s board of directors modified certain time-based and performance-based options held by eligible participants to reduce the exercise price of such options. The number of options repriced was 4.5 million to 17 employees under the senior leadership team, with a weighted average exercise price prior to repricing of $9.23 and an average remaining contractual life of 8.8 years. The compensation cost related to this repricing resulted in additional unrecognized non-cash expense of $0.3 million that may be recognized over the remaining life of the options, subject to vesting conditions. Restricted Stock and Restricted Stock Units Awards Grants of restricted stock and restricted stock units have been awarded to certain officers and board members under the 2010 Plan. The awards vest at various dates with vesting periods up to five years. The weighted average fair value of restricted stock and restricted stock unit awards was $0.55 for 2015, $5.61 for 2014 and $4.25 for 2013, and was calculated using the estimated market value of the shares on the date of grant. The following table summarizes the Company’s restricted stock and restricted stock unit award activity for the year ended January 2, 2016 : Shares Weighted Average Fair Value Per Share Nonvested at January 3, 2015 52,200 $ 4.25 Granted 508,764 0.55 Vested (194,971 ) 0.99 Forfeited (10,800 ) — Nonvested at January 2, 2016 355,193 $ 0.87 As of January 2, 2016 , there was $11.9 million of unrecognized compensation cost related to Parent’s stock-based awards granted under the 2010 Plan and this cost is expected to be recognized at the time of a liquidity event or IPO. Compensation cost of $0.2 million , $0.5 million and $0.2 million was incurred related to Parent’s equity-based compensation plans recorded during 2015, 2014 and 2013, respectively, which was primarily included in SG&A expenses in the Consolidated Statements of Comprehensive Loss. The Company did not receive any cash as a result of vesting and exercise of equity-based compensation awards for the year ended January 2, 2016 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 02, 2016 | |
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”). In 2013, the pension plan for West Salem was amended to reflect an increase in the pension multiplier. Employees who were covered by the pension plan prior to the amendment were provided an opportunity to irrevocably freeze their pension, along with any vested benefits associated with the plan, and elect to participate in a defined contribution plan. In addition, the amendment effectively closed the plan to any new employees hired after November 4, 2013. 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, lump sum payments made to members of the Pointe Claire plan in 2014 and 2013 upon termination and retirement, totaled more than the sum of the service cost and interest costs and as a result, the Company recorded settlement losses of $0.1 million and $0.6 million in 2014 and 2013, respectively. The Company did not incur this type of loss in 2015 and does not expect to in future years, due to a prior year amendment disallowing the lump sum payment feature that triggered the settlement losses in each respective year. 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 OPEB 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 OPEB Plans covering either life insurance or health care benefits for small frozen groups of retirees. The Company’s foreign OPEB 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 and OPEB plans is December 31. The Company sponsors defined contribution plans, which are qualified as tax-exempt plans. The plans cover all full-time, non-union employees with matching contributions of up to 3.5% of eligible compensation in both the U.S. and Canada, depending on length of service and levels of contributions. The Company’s pre-tax contributions to its defined contribution plans were $2.9 million , $2.7 million and $2.6 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. The change in benefit obligation and plan assets for the Company’s defined benefit pension and OPEB Plans are as follows (in thousands): January 2, 2016 January 3, 2015 Domestic Plans Foreign Plans OPEB Plans Domestic Plans Foreign Plans OPEB Plans Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 81,993 $ 82,712 $ 4,948 $ 67,162 $ 76,961 $ 4,856 Service cost 1,191 2,496 12 1,233 2,373 11 Interest cost 3,225 3,082 142 3,189 3,616 186 Plan amendments — — — — 133 — Actuarial (gain) loss (4,596 ) (557 ) (1,458 ) 14,218 11,442 343 Settlements — — — — (688 ) — Participant contributions — 273 25 — 333 17 Benefits paid (3,992 ) (2,750 ) (395 ) (3,809 ) (3,610 ) (474 ) Retiree drug subsidy reimbursement — — 38 — — 43 Effect of foreign exchange — (12,449 ) (53 ) — (7,848 ) (34 ) Projected benefit obligation at end of year 77,821 72,807 3,259 81,993 82,712 4,948 Change in plan assets: Fair value of assets at beginning of year 58,631 70,422 — 54,502 67,964 — Actual return on plan assets 2,294 3,091 — 4,297 7,191 — Settlements — — — — (688 ) — Employer contributions 2,705 4,506 370 3,641 5,998 457 Participant contributions — 273 25 — 333 17 Benefits paid (3,992 ) (2,750 ) (395 ) (3,809 ) (3,610 ) (474 ) Effect of foreign exchange — (10,802 ) — — (6,766 ) — Fair value of assets at end of year 59,638 64,740 — 58,631 70,422 — Funded status $ (18,183 ) $ (8,067 ) $ (3,259 ) $ (23,362 ) $ (12,290 ) $ (4,948 ) Accumulated Benefit Obligation $ 77,821 $ 67,273 $ 3,259 $ 81,993 $ 76,472 $ 4,948 The amounts recognized in consolidated balance sheets and other comprehensive loss for the Company’s defined benefit pension and OPEB Plans are as follows (in thousands): January 2, 2016 January 3, 2015 Domestic Plans Foreign Plans OPEB Plans Domestic Plans Foreign Plans OPEB Plans Balance sheets: Other assets $ — $ 59 $ — $ — $ — $ — Accrued liabilities — — (306 ) — — (462 ) Other liabilities (18,183 ) (8,126 ) (2,953 ) (23,362 ) (12,290 ) (4,486 ) Total recognized $ (18,183 ) $ (8,067 ) $ (3,259 ) $ (23,362 ) $ (12,290 ) $ (4,948 ) Accumulated other comprehensive loss: Net actuarial loss (gain) $ 8,433 $ 12,511 $ (1,567 ) $ 11,839 $ 12,735 $ (280 ) Net prior service cost (credit) 96 457 (35 ) 106 479 (43 ) Total recognized $ 8,529 $ 12,968 $ (1,602 ) $ 11,945 $ 13,214 $ (323 ) For the defined benefit pension plans, the estimated net actuarial loss and prior service cost to be amortized from accumulated other comprehensive loss into periodic benefit cost over the next fiscal year is $0.3 million . For the OPEB Plans, the estimated actuarial gain and prior service credit to be amortized from accumulated other comprehensive income into periodic benefit cost over the next fiscal year is $0.2 million . The components of net periodic benefit cost for the Company’s pension benefit plans are as follows (in thousands): Years Ended January 2, 2016 January 3, 2015 December 28, 2013 Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ 1,191 $ 2,496 $ 1,233 $ 2,373 $ 1,033 $ 2,785 Interest cost 3,225 3,082 3,189 3,616 2,902 3,769 Expected return on assets (3,883 ) (3,655 ) (4,055 ) (4,275 ) (3,548 ) (3,900 ) Loss recognized due to settlements — — — 117 — 599 Amortization of prior service cost 10 22 10 26 1 20 Amortization of net actuarial loss 399 231 — 54 240 508 Net periodic benefit cost $ 942 $ 2,176 $ 377 $ 1,911 $ 628 $ 3,781 The components of other comprehensive (income) loss for the Company’s pension benefit plans are as follows (in thousands): Years Ended January 2, 2016 January 3, 2015 December 28, 2013 Domestic Foreign Domestic Foreign Domestic Plans Foreign Plans Net actuarial (gain) loss $ (3,007 ) $ 7 $ 13,976 $ 8,023 $ (11,228 ) $ (9,121 ) Prior service cost — — — 125 112 — Loss recognized due to settlements — — — (117 ) — (599 ) Amortization of prior service cost (10 ) (22 ) (10 ) (26 ) (1 ) (20 ) Amortization of net actuarial loss (399 ) (231 ) — (54 ) (240 ) (508 ) Total recognized $ (3,416 ) $ (246 ) $ 13,966 $ 7,951 $ (11,357 ) $ (10,248 ) The components of net periodic benefit cost for the Company’s OPEB Plans are as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Service cost $ 12 $ 11 $ 12 Interest cost 142 186 185 Amortization of prior service credit (8 ) (8 ) — Amortization of net actuarial gain (171 ) (88 ) (8 ) Net periodic benefit cost $ (25 ) $ 101 $ 189 The components of other comprehensive (income) loss for the Company’s OPEB Plans are as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Net actuarial (gain) loss $ (1,458 ) $ 342 (817 ) Prior service credit — — (51 ) Amortization of prior service credit 8 8 — Amortization of net actuarial gain 171 88 8 Total recognized $ (1,279 ) $ 438 (860 ) The weighted average assumptions used to determine projected benefit obligation for the Company’s pension and OPEB Plans are: January 2, January 3, Discount rate: Domestic plans 4.35 % 4.02 % Foreign plans 4.02 % 4.00 % OPEB plans 4.03 % 3.69 % Compensation increases: Domestic plans — % — % Foreign plans 3.50 % 3.50 % The weighted average assumptions used to determine projected net periodic benefit cost for the Company’s pension and OPEB Plans are: Years Ended January 2, January 3, December 28, 2013 Discount rate: Domestic plans 4.02 % 4.81 % 3.97 % Foreign plans 4.00 % 4.78 % 4.48 % OPEB plans 3.69 % 4.25 % 3.43 % Long-term rate of return on assets: Domestic plans 6.70 % 7.50 % 7.50 % Foreign plans 5.60 % 6.30 % 6.25 % Compensation increases: Domestic plans — % — % — % Foreign plans 3.50 % 3.50 % 3.50 % The following table presents health care cost trend rates used to determine net periodic benefit cost for the Company’s OPEB Plans, as well as information regarding the ultimate cost trend and the year in which their ultimate rate is reached: Years Ended January 2, January 3, December 28, 2013 Assumed health care cost trend rate medical claims 7.0 % 6.8 % 7.0 % Ultimate health care cost trend 4.5 % 5.0 % 5.0 % Ultimate year health care cost trend rate is achieved 2023 2023 2022 A one-percentage-point increase (decrease) in the assumed health care cost trend rates has the following effects on postretirement obligations at January 2, 2016 (in thousands): 1% Increase 1% Decrease Increase (decrease) in accumulated postretirement benefit obligation $ 174 $ (152 ) Increase (decrease) in aggregate service and interest cost 8 (7 ) The discount rates used for the Company’s domestic plans were set on a plan by plan basis and reflect the market rate for high-quality fixed-income U.S. debt instruments that are rated AA or higher by a recognized ratings agency as of the annual measurement date. The discount rate is subject to change each year. In selecting the assumed discount rate, the Company considered current available rates of return expected to be available during the period to maturity of the pension and other postretirement benefit obligations. The discount rate for the Company’s foreign plans was selected on the same basis as described above for the domestic plans, except that the discount rate was evaluated using the spot rates generated by a Canadian corporate AA bond yield curve. The Company’s financial objectives with respect to its pension plan assets are to provide growth, income from plan assets and benefits to its plan participants. The investment portfolio is designed to maximize investment returns within reasonable and prudent levels of risk, and to maintain sufficient liquidity to meet benefit obligations on a timely basis. The expected return on plan assets takes into consideration expected long-term inflation, historical returns and estimated future long-term returns based on capital market assumptions applied to the asset allocation strategy. The expected return on plan assets assumption considers asset returns over a full market cycle. For Domestic Plans, allocations were previously targeted at 60% equities, 35% fixed income and 5% cash and cash equivalents. During 2015, the Company voted and approved to establish target allocations of 60% equities and 40% fixed income. For Foreign Plans, allocations were previously targeted at 60% equities and 40% fixed income. However, in 2014, the Company restructured the Foreign Plans, establishing new target allocations of 30% equity and 70% fixed income in an effort to reduce plan exposure to the volatility of equity investments in favor of long-term fixed income. To attain these new target allocations, the Company has adopted a transition methodology, which uses a combination of interest rate changes and passage of time until the targeted allocation percentages are reached. The fair values of Domestic Plan assets as of January 2, 2016 by asset category are (in thousands): January 2, 2016 Quoted Prices in Significant Significant Total Mutual funds $ — $ 57,925 $ — $ 57,925 Money funds — 1,663 — 1,663 Cash 50 — — 50 Total $ 50 $ 59,588 $ — $ 59,638 The fair values of Domestic Plan assets as of January 3, 2015 by asset category are (in thousands): January 3, 2015 Quoted Prices in Significant Significant Total Equity securities $ 35,172 $ — $ — $ 35,172 Mutual funds — 9,494 — 9,494 Government securities — 11,532 — 11,532 Money funds — 2,390 — 2,390 Cash 43 — — 43 Total $ 35,215 $ 23,416 $ — $ 58,631 The fair values of Foreign Plan assets as of January 2, 2016 by asset category are (in thousands): January 2, 2016 Quoted Prices in Significant Significant Total Pooled funds $ — $ 64,740 $ — $ 64,740 Total $ — $ 64,740 $ — $ 64,740 The fair values of Foreign Plan assets as of January 3, 2015 by asset category are (in thousands): January 3, 2015 Quoted Prices in Significant Significant Total Pooled funds $ — $ 70,420 $ — $ 70,420 Cash 2 — — 2 Total $ 2 $ 70,420 $ — $ 70,422 Equity Securities: Equity securities classified as Level 1 investments primarily include common stock of large, medium and small sized corporations and international equities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities was determined based on the closing price reported on the active market on which the individual securities were traded. Mutual Funds and Government Securities: Mutual funds and government securities classified as Level 2 investments primarily include government debt securities and bonds. The valuation of investments classified as Level 2 was determined using a market approach based upon quoted prices for similar assets and liabilities in active markets based on pricing models which incorporate information from market sources and observed market movements. Money Funds: Money funds classified as Level 2 investments seek to maintain the net asset value (“NAV”) per share at $1.00. Money funds are valued under the amortized cost method which approximates current market value. Under this method, the securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. Pooled Funds: Pooled funds held by the Company’s foreign plans are classified as Level 2 investments and are reported at their NAV. These pooled funds use the close or last trade price as fair value of the investments to determine the daily transactional NAV for purchases and redemptions by its unit holders as determined by the fund’s trustee based on the underlying securities in the fund. Estimated future benefit payments are as follows (in thousands): Pension Plans OPEB Plans Domestic Foreign Gross Medicare Prescription Drug Subsidy 2016 $ 3,664 $ 2,692 $ 306 $ (30 ) 2017 3,807 2,810 291 (31 ) 2018 3,925 2,914 274 (31 ) 2019 4,150 2,977 263 (31 ) 2020 4,293 3,196 240 (30 ) 2021 — 2025 23,799 17,939 1,004 (128 ) While the Company does not anticipate that contributions will be required for the Domestic Plans for 2016, they do expect to make cash and non-cash contributions of $4.5 million and $0.3 million to the Foreign Plans and OPEB Plans, respectively, in 2016 . Although a decline in market conditions, changes in 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. Actuarial valuations require significant estimates and assumptions 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 an independent third party. 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. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Jan. 02, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASE COMMITMENTS Commitments for future minimum lease payments under non-cancelable operating leases, principally for manufacturing and distribution facilities and certain equipment, are as follows (in thousands): 2016 $ 36,893 2017 32,442 2018 26,243 2019 20,016 2020 11,492 Thereafter 15,102 Total future minimum lease payments $ 142,188 Lease expense was $39.1 million , $39.2 million and $39.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. The Company’s facility lease agreements typically contain renewal options. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2016 | |
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, product liability and other matters, the claims of which are administered by the Company in the ordinary course of business. The Company maintains pollution and remediation insurance, as well as product liability insurance to provide coverage for these types of claims. Although it is difficult to estimate the Company’s potential exposure to these matters, the Company believes that the resolution of such matters will not have a material adverse effect on its financial position, results of operations or liquidity. 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 (the “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 the 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 the NJDEP. Under the remediation agreement, the 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 January 2, 2016. The Company believes this matter will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Business Segments
Business Segments | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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 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): Years Ended January 2, January 3, December 28, 2013 Vinyl windows $ 419,885 $ 401,550 $ 369,869 Vinyl siding products 200,518 213,949 216,872 Metal products 148,747 155,464 166,602 Third-party manufactured products 286,173 296,927 314,408 Other products and services 129,646 119,083 101,847 $ 1,184,969 $ 1,186,973 $ 1,169,598 The Company operates principally in the U.S. and Canada. Net sales and long-lived assets by country were determined based on the location of the selling subsidiary as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Net Sales: United States $ 980,559 $ 965,739 $ 950,977 Canada 204,410 221,234 218,621 $ 1,184,969 $ 1,186,973 $ 1,169,598 January 2, January 3, Long-lived Assets: United States $ 66,580 $ 64,451 Canada 24,214 29,449 $ 90,794 $ 93,900 |
Subsidiary Guarantors
Subsidiary Guarantors | 12 Months Ended |
Jan. 02, 2016 | |
Subsidiary Guarantors [Abstract] | |
Subisidiary Guarantors [Text Block] | SUBSIDIARY GUARANTORS The Company’s payment obligations under its 9.125% notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis, by its domestic 100% owned subsidiaries, Gentek Holdings, LLC and Gentek Building Products, Inc. AMH New Finance, Inc. is a co-issuer of the 9.125% notes and is a domestic 100% owned subsidiary of the Company having no operations, revenues or cash flows for the periods presented. Associated Materials Canada Limited, Gentek Canada Holdings Limited and Gentek Buildings Products Limited Partnership are Canadian companies and do not guarantee the Company’s 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 January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 8,356 $ — $ 152 $ 886 $ — $ 9,394 Accounts receivable, net 103,506 — 6,903 16,634 — 127,043 Intercompany receivables 352,323 — 67,591 1,794 (421,708 ) — Inventories 88,440 — 5,527 29,407 — 123,374 Income taxes receivable — — 178 1,434 — 1,612 Deferred income taxes 243 — 1,258 1 — 1,502 Prepaid expenses and other current assets 12,114 — 955 1,094 — 14,163 Total current assets 564,982 — 82,564 51,250 (421,708 ) 277,088 Property, plant and equipment, net 65,277 — 1,303 24,214 — 90,794 Goodwill 203,841 — 16,713 82,354 — 302,908 Other intangible assets, net 285,115 — 32,633 80,205 — 397,953 Intercompany receivable — 832,684 — — (832,684 ) — Other assets 12,249 — 1 1,020 — 13,270 Total assets $ 1,131,464 $ 832,684 $ 133,214 $ 239,043 $ (1,254,392 ) $ 1,082,013 LIABILITIES AND MEMBER'S DEFICIT Current liabilities: Accounts payable $ 68,213 $ — $ 4,183 $ 19,167 $ — $ 91,563 Intercompany payables 1,794 — — 419,914 (421,708 ) — Accrued liabilities 71,446 — 4,876 7,308 — 83,630 Deferred income taxes — — — 436 — 436 Income taxes payable 36 — — — — 36 Total current liabilities 141,489 — 9,059 446,825 (421,708 ) 175,665 Deferred income taxes 50,147 — 11,920 20,035 — 82,102 Other liabilities 76,641 — 19,676 16,806 — 113,123 Deficit in subsidiaries 153,964 — 246,523 — (400,487 ) — Long-term debt 923,584 832,684 — 1,900 (832,684 ) 925,484 Member’s deficit (214,361 ) — (153,964 ) (246,523 ) 400,487 (214,361 ) Total liabilities and member’s deficit $ 1,131,464 $ 832,684 $ 133,214 $ 239,043 $ (1,254,392 ) $ 1,082,013 ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For The Year Ended January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 949,796 $ — $ 138,927 $ 247,335 $ (151,089 ) $ 1,184,969 Cost of sales 733,380 — 125,611 200,873 (151,089 ) 908,775 Gross profit 216,416 — 13,316 46,462 — 276,194 Selling, general and administrative expenses 188,785 — 7,039 43,966 — 239,790 Restructuring costs 1,837 — — — — 1,837 Income from operations 25,794 — 6,277 2,496 — 34,567 Interest expense, net 82,754 — — 740 — 83,494 Foreign currency loss — — — 1,878 — 1,878 (Loss) income before income taxes (56,960 ) — 6,277 (122 ) — (50,805 ) Income tax (benefit) expense (1,637 ) — 760 184 — (693 ) (Loss) income before equity income (loss) from subsidiaries (55,323 ) — 5,517 (306 ) — (50,112 ) Equity income (loss) from subsidiaries 5,211 — (306 ) — (4,905 ) — Net (loss) income $ (50,112 ) $ — $ 5,211 $ (306 ) $ (4,905 ) $ (50,112 ) Other comprehensive income (loss): Pension and other postretirement benefit adjustments, net of tax 4,880 — 739 174 (913 ) 4,880 Foreign currency translation adjustments, net of tax (31,164 ) — (31,164 ) (31,164 ) 62,328 (31,164 ) Total comprehensive loss $ (76,396 ) $ — $ (25,214 ) $ (31,296 ) $ 56,510 $ (76,396 ) ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net cash (used in) provided by operating activities $ (39,538 ) $ — $ 22,373 $ 13,742 $ — $ (3,423 ) INVESTING ACTIVITIES Capital expenditures (14,647 ) — (163 ) (1,763 ) — (16,573 ) Proceeds from the sale of assets 150 — — 2 — 152 Payments on loans to affiliates — — (22,058 ) (25,000 ) 47,058 — Receipts on loans to affiliates 2,000 — — 17,500 (19,500 ) — Net cash used in investing activities (12,497 ) — (22,221 ) (9,261 ) 27,558 (16,421 ) FINANCING ACTIVITIES Borrowings under ABL facilities 111,300 — — 76,031 — 187,331 Payments under ABL facilities (86,400 ) — — (77,553 ) — (163,953 ) Borrowings from affiliates 47,058 — — — (47,058 ) — Repayments to affiliates (17,500 ) — — (2,000 ) 19,500 — Net cash provided by (used in) financing activities 54,458 — — (3,522 ) (27,558 ) 23,378 Effect of exchange rate changes on cash and cash equivalents — — — (103 ) — (103 ) Increase in cash and cash equivalents 2,423 — 152 856 — 3,431 Cash and cash equivalents at beginning of year 5,933 — — 30 — 5,963 Cash and cash equivalents at end of year $ 8,356 $ — $ 152 $ 886 $ — $ 9,394 ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated 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 Year Ended January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 933,837 $ — $ 155,953 $ 276,822 $ (179,639 ) $ 1,186,973 Cost of sales 758,858 — 143,315 220,885 (179,639 ) 943,419 Gross profit 174,979 — 12,638 55,937 — 243,554 Selling, general and administrative expenses 199,298 — 4,678 43,638 — 247,614 Impairment of goodwill 96,801 — 8,850 38,508 — 144,159 Impairment of other intangible assets 54,600 — 11,721 23,366 — 89,687 Restructuring costs (331 ) — — — — (331 ) Loss from operations (175,389 ) — (12,611 ) (49,575 ) — (237,575 ) Interest expense, net 80,991 — — 1,536 — 82,527 Foreign currency loss — — — 788 — 788 Loss before income taxes (256,380 ) — (12,611 ) (51,899 ) — (320,890 ) Income tax benefit (23,340 ) — (587 ) (3,274 ) — (27,201 ) Loss before equity loss from subsidiaries (233,040 ) — (12,024 ) (48,625 ) — (293,689 ) Equity loss from subsidiaries (60,649 ) — (48,625 ) — 109,274 — Net loss $ (293,689 ) $ — $ (60,649 ) $ (48,625 ) $ 109,274 $ (293,689 ) Other comprehensive loss: Pension and other postretirement benefit adjustments, net of tax (20,268 ) — (8,252 ) (5,889 ) 14,141 (20,268 ) Foreign currency translation adjustments, net of tax (22,439 ) — (22,439 ) (22,439 ) 44,878 (22,439 ) Total comprehensive loss $ (336,396 ) $ — $ (91,340 ) $ (76,953 ) $ 168,293 $ (336,396 ) ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net cash (used in) provided by operating activities $ (77,627 ) $ — $ 15,075 $ (8,413 ) $ — $ (70,965 ) INVESTING ACTIVITIES Capital expenditures (11,321 ) — (276 ) (1,255 ) — (12,852 ) Proceeds from the sale of assets 16 — — 3 — 19 Payments on loans to affiliates — — (14,799 ) — 14,799 — Receipts on loans to affiliates 6,500 — — — (6,500 ) — Net cash used in investing activities (4,805 ) — (15,075 ) (1,252 ) 8,299 (12,833 ) FINANCING ACTIVITIES Borrowings under ABL facilities 156,700 — — 83,522 — 240,222 Payments under ABL facilities (90,700 ) — — (80,110 ) — (170,810 ) Borrowings from affiliates 14,799 — — — (14,799 ) — Repayments to affiliates — — — (6,500 ) 6,500 — Net cash provided by (used in) financing activities 80,799 — — (3,088 ) (8,299 ) 69,412 Effect of exchange rate changes on cash and cash equivalents — — — (466 ) — (466 ) Decrease in cash and cash equivalents (1,633 ) — — (13,219 ) — (14,852 ) Cash and cash equivalents at beginning of year 7,566 — — 13,249 — 20,815 Cash and cash equivalents at end of year $ 5,933 $ — $ — $ 30 $ — $ 5,963 ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended December 28, 2013 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 900,422 $ — $ 166,302 $ 263,604 $ (160,730 ) $ 1,169,598 Cost of sales 687,015 — 150,647 210,866 (160,730 ) 887,798 Gross profit 213,407 — 15,655 52,738 — 281,800 Selling, general and administrative expenses 183,250 — 5,281 43,750 — 232,281 Income from operations 30,157 — 10,374 8,988 — 49,519 Interest expense, net 77,681 — — 2,070 — 79,751 Foreign currency loss — — — 754 — 754 (Loss) income before income taxes (47,524 ) — 10,374 6,164 — (30,986 ) Income tax (benefit) expense (1,882 ) — 1,668 2,721 — 2,507 (Loss) income before equity income from subsidiaries (45,642 ) — 8,706 3,443 — (33,493 ) Equity income from subsidiaries 12,149 — 3,443 — (15,592 ) — Net (loss) income $ (33,493 ) $ — $ 12,149 $ 3,443 $ (15,592 ) $ (33,493 ) Other comprehensive income (loss): Pension and other postretirement benefit adjustments, net of tax 19,774 — 9,666 7,594 (17,260 ) 19,774 Foreign currency translation adjustments, net of tax (20,443 ) — (20,443 ) (20,443 ) 40,886 (20,443 ) Total comprehensive (loss) income $ (34,162 ) $ — $ 1,372 $ (9,406 ) $ 8,034 $ (34,162 ) ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended December 28, 2013 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Consolidated Net cash provided by (used in) operating activities $ 2,063 $ — $ (14,211 ) $ 12,401 $ — $ 253 INVESTING ACTIVITIES Capital expenditures (10,926 ) — (56 ) (720 ) — (11,702 ) Proceeds from sale of assets 56 — — 4 — 60 Supply Center acquisition (348 ) — — — — (348 ) Payments on loans to affiliates (20,000 ) — — — 20,000 — Receipts on loans to affiliates 11,500 — 14,267 — (25,767 ) — Net cash (used in) provided by investing activities (19,718 ) — 14,211 (716 ) (5,767 ) (11,990 ) FINANCING ACTIVITIES Borrowings under ABL facilities 99,891 — — 48,970 — 148,861 Payments under ABL facilities (169,391 ) — — (57,470 ) — (226,861 ) Borrowings from affiliates — — — 20,000 (20,000 ) — Repayments to affiliates (14,267 ) — — (11,500 ) 25,767 — Equity contribution from parent 742 — — — — 742 Issuance of Senior Secured Notes 106,000 — — — — 106,000 Financing costs (5,074 ) — — (475 ) — (5,549 ) Net cash provided by (used in) financing activities 17,901 — — (475 ) 5,767 23,193 Effect of exchange rate changes on cash and cash equivalents — — — (235 ) — (235 ) Increase in cash and cash equivalents 246 — — 10,975 — 11,221 Cash and cash equivalents at beginning of year 7,320 — — 2,274 — 9,594 Cash and cash equivalents at end of year $ 7,566 $ — $ — $ 13,249 $ — $ 20,815 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | BASIS OF PRESENTATION On October 13, 2010, AMH Holdings II, Inc. (“AMH II”), the then indirect parent company of the Company, completed its merger (the “Acquisition Merger”) with Carey Acquisition Corp. (“Merger Sub”), pursuant to the terms of the Agreement and Plan of Merger, dated as of September 8, 2010 (“Merger Agreement”), among Carey Investment Holdings Corp. (now known as Associated Materials Group, Inc.) (“Parent”), Carey Intermediate Holdings Corp. (now known as Associated Materials Incorporated), a 100% owned direct subsidiary of Parent (“Holdings”), Merger Sub, a wholly-owned direct subsidiary of Holdings, and AMH II, with AMH II surviving such merger as a wholly-owned direct subsidiary of Holdings. After a series of additional mergers (together with the Acquisition Merger, the “Merger”), AMH II merged with and into the Company, with the Company surviving such merger as a wholly-owned direct subsidiary of Holdings. As a result of the Merger, the Company is now an indirect wholly-owned subsidiary of Parent. 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 96% of the capital stock of Parent is owned by investment funds affiliated with Hellman & Friedman LLC (such investment funds, the “H&F Investors”). The Company operates on a 52/53 week fiscal year that ends on the Saturday closest to December 31st. Its 2015 and 2013 fiscal years ended on January 2, 2016 and December 28, 2013 , respectively, and included 52 weeks of operations. Its 2014 fiscal year ended on January 3, 2015 and included 53 weeks of operations, with the additional week recorded in the fourth quarter of fiscal 2014. Certain items previously reported in specific financial statement captions have been reclassified to conform to the fiscal 2015 presentation. |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, the Company evaluates its estimates, including those related to recoverability of intangibles and other long-lived assets, customer programs and incentives, allowance for doubtful accounts, inventories, warranties, valuation allowances for deferred tax assets, pensions and postretirement benefits and various other allowances and accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION The Company primarily sells and distributes its products through two channels: direct sales from its manufacturing facilities to independent distributors and dealers and sales to contractors through its company-operated supply centers. Direct sales revenue is recognized when the Company’s manufacturing facility ships the product and title and risk of loss passes to the customer or when services have been rendered. Sales to contractors are recognized either when the contractor receives product directly from the supply center or when the supply center delivers the product to the contractor’s job site. For both direct sales to independent distributors and dealers and sales generated from the Company’s supply centers, revenue is not recognized until collectability is reasonably assured. A substantial portion of the Company’s sales is in the repair and remodel segment of the exterior residential building products industry. Therefore, vinyl windows are manufactured to specific measurement requirements received from the Company’s customers. Sales to one customer and its licensees represented approximately 14% of net sales in each of 2015 and 2014 and approximately 13% of total net sales in 2013. Revenues are recorded net of estimated returns, customer incentive programs and other incentive offerings including special pricing agreements, promotions and other volume-based incentives. Revisions to these estimates are charged to income in the period in which the facts that give rise to the revision become known. The Company collects sales, use, and value-added taxes that are imposed by governmental authorities on and concurrent with sales to the Company’s customers. Revenues are presented net of these taxes as the obligation is included in accrued liabilities until the taxes are remitted to the appropriate taxing authorities. For contracts involving installation, revenue recognition is dependent on the type of contract under which the Company is performing. For single-family residential contracts, revenue is recognized when the installation is complete. For multi-family residential or commercial contracts, revenue is recognized based on the percentage of completion method, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . The Company measures percentage-of-completion by the percentage of labor costs incurred to date for each contract to the estimated total labor costs for such contract. Due to uncertainties inherent in the estimation process, contract costs incurred to date and expected completion costs are continuously monitored throughout the duration of the contract. If circumstances arise such as changes in job performance, job condition or anticipated contract settlement and it becomes necessary to revise completion cost, such revisions are recognized in the period in which they are determined. Provisions for the entirety of estimated losses of uncompleted contracts, if applicable, are made in the period in which such losses are determined. These factors influence management’s assessment of total contract value and the expected completion costs for the underlying contracts, thereby impacting the Company’s ultimate recognition of revenue. The Company offers certain sales incentives to customers who become eligible based on the volume of purchases made during the calendar year. The sales incentive programs are considered customer volume rebates, which are typically computed as a percentage of customer sales, and in certain instances the rebate percentage may increase as customers achieve sales hurdles. Volume rebates are accrued throughout the year based on management estimates of customers’ annual sales volumes and the expected annual rebate percentage achieved. For these programs, the Company does not receive an identifiable benefit in exchange for the consideration, and therefore, the Company characterizes the volume rebate to the customer as a reduction of revenue in the Company’s Consolidated Statements of Comprehensive Loss. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Receivables, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE The Company records accounts receivable at selling prices which are fixed based on purchase orders or contractual arrangements. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is based on a review of the overall condition of accounts receivable balances and a 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 recoverability is considered remote. Accounts receivable that are not expected to be collected within one year are reclassified as long-term accounts receivable. Long-term accounts receivable balances, net of the related allowance for doubtful accounts are included in “Other assets” in the Consolidated Balance Sheets. See Note 3 for further information. |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are valued at the lower of cost (first-in, first-out) or market. The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Fixed manufacturing overhead is allocated based on normal production capacity and abnormal manufacturing costs are recognized as period costs. See Note 4 for further information. |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY, PLANT AND EQUIPMENT Additions to property, plant and equipment are stated at cost. The costs of maintenance and repairs to property, plant and equipment are charged to operations in the period incurred. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The estimated useful lives are approximately 20 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized over the lesser of the lease term or the estimated life of the leasehold improvement. Property, plant and equipment are reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment . The Company also reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. In the event that assets are held for sale, depreciation is discontinued and such assets are reported at the lower of the carrying amount or fair value, less costs to sell. See Note 5 for further information. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS WITH INDEFINITE LIVES In accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other , the Company evaluates the carrying value of its goodwill and other indefinite-lived intangible assets for potential impairment on an annual basis or an interim basis if there are indicators of potential impairment. As the consolidated entity represents the only component that constitutes a business for which discrete financial information is reviewed by the Company’s chief operating decision maker for the purpose of making decisions about resources to be allocated and assessing performance, the Company concludes that it has one reporting unit, which is the same as its single operating segment, and the Company performs its goodwill impairment assessment for the Company as a whole. The impairment test is conducted by management with the assistance of an independent valuation firm using an income approach. As the Company does not have a market for its equity, management performs the annual impairment analysis utilizing a discounted cash flow approach incorporating current estimates regarding performance and macroeconomic factors discounted at a weighted average cost of capital. The Company conducts its impairment test of its goodwill and other indefinite-lived intangible assets annually, at the beginning of the fourth quarter of each year, or as indicators of potential impairment arise. The resulting fair value measures used in such impairment tests incorporate significant unobservable inputs, and as such, are considered Level 3 fair value measurements. See Note 6 for further information. |
Standard Product Warranty, Policy [Policy Text Block] | PRODUCT WARRANTY COSTS Consistent with industry practice, the Company provides to homeowners limited warranties on certain products, primarily related to window and siding product categories. Warranties are of varying lengths of time from the date of purchase up to and including lifetime. Warranties cover product failures such as seal failures for windows and fading and peeling for siding products, as well as manufacturing defects. The Company has various options for remedying product warranty claims including repair, refinishing or replacement of the defective product, the cost of which is directly absorbed by the Company. Warranties also become reduced under certain conditions of time and/or change in home ownership. Certain metal coating suppliers provide warranties on materials sold to the Company that mitigate the costs incurred by the Company. Reserves for future warranty costs are provided based on management’s estimates utilizing an actuarial calculation performed by an independent valuation firm that projects future remedy costs using historical data trends of claims incurred, claim payments, sales history of products to which such costs relate and other factors. See Note 9 for further information. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”). Income tax expense includes both current and deferred taxes. Deferred tax assets and liabilities may be recognized for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of any tax assets recorded on the balance sheet and provides any necessary allowances as required. When an uncertain tax position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of expense and benefit to be recognized in the financial statements. No tax benefit is recognized in the financial statements for tax positions that do not meet the more-likely-than-not threshold. The Company recognizes interest and penalties related to income taxes and uncertain tax positions within income tax expense. The effect of a change to the deferred tax assets or liabilities as a result of new tax law, including tax rate changes, is recognized in the period that the tax law is enacted. See Note 12 for further information. |
Derivatives, Policy [Policy Text Block] | DERIVATIVES AND HEDGING ACTIVITIES In accordance with FASB ASC Topic 815, Derivatives and Hedging , all of the Company’s derivative instruments are recognized on the balance sheet at their fair value. The Company uses techniques designed to mitigate the short-term effect of exchange rate fluctuations of the Canadian dollar on its operations by entering into foreign exchange forward contracts. The Company does not speculate in foreign currencies or derivative financial instruments. Gains or losses on foreign exchange forward contracts are recorded within foreign currency (gain) loss in the accompanying Consolidated Statements of Comprehensive Loss. At January 2, 2016 , the Company was a party to foreign exchange forward contracts for Canadian dollars, the value of which was immaterial at such date. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK PLANS The Company accounts for equity-based payments to employees and directors, including grants of restricted stock and restricted stock unit awards, in accordance with FASB ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires that equity-based payments (to the extent they are compensatory) be measured and recognized in the Company’s Consolidated Statements of Comprehensive Loss using a fair value method. See Note 14 for further information. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | PENSIONS Pension costs are developed from actuarial valuations. Inherent in these valuations are key assumptions including discount rates and expected return on plan assets. In selecting these assumptions, management considers current market conditions, including changes in interest rates and market returns on plan assets. Changes in the related pension benefit costs may occur in the future due to changes in assumptions. See Note 15 for further information. |
Lease, Policy [Policy Text Block] | LEASE OBLIGATIONS Lease expense for operating leases that have escalating rentals over the term of the lease is recorded on a straight-line basis over the life of the lease, which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in “Accrued liabilities” and “Other liabilities” in the Consolidated Balance Sheets. Capital improvements that may be required to make a building suitable for the Company’s use are incurred by the landlords and are made prior to the Company having control of the property (lease commencement date) and are therefore incorporated into the determination of the lease rental rate. See Note 16 for further information. In connection with the Merger and the application of purchase accounting, the Company evaluated its operating leases and recorded adjustments to reflect the fair market values of its operating leases. As a result, a favorable lease asset of $0.8 million and an unfavorable lease liability of $5.0 million were recorded based on the then current market analysis. The favorable lease asset and unfavorable lease liability are being amortized over the related remaining lease terms and are reported within cost of sales and selling, general and administrative expenses (“SG&A”) in the Consolidated Statements of Comprehensive Loss beginning October 13, 2010. The unamortized balances as of January 2, 2016 for the lease asset and lease liability were $0.1 million and $2.2 million , respectively. |
Legal Costs, Policy [Policy Text Block] | LITIGATION EXPENSES The Company is involved in certain legal proceedings. The Company recognizes litigation related expenses in the period in which the litigation services are provided. See Note 17 for further information. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | COST OF SALES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES For products manufactured by the Company, cost of sales includes the cost of purchasing raw materials, net of vendor rebates, payroll and benefit costs for direct and indirect labor incurred at the Company’s manufacturing locations including purchasing, receiving and inspection, inbound freight charges, freight charges to deliver product to the Company’s supply centers, and freight charges to deliver product to the Company’s independent distributor and dealer customers. It also includes all variable and fixed costs incurred to operate and maintain the manufacturing locations and machinery and equipment, such as lease costs, repairs and maintenance, utilities and depreciation. For third-party manufactured products, which are sold through the Company’s supply centers, cost of sales includes the cost to purchase product, net of vendor rebates, as well as inbound freight charges. SG&A expenses include payroll and benefit costs including incentives and commissions of its supply center employees, corporate employees and sales representatives, building lease costs of its supply centers, delivery vehicle costs and other delivery charges incurred to deliver product from its supply centers to its contractor customers, sales vehicle costs, marketing costs, customer sales rewards, other administrative expenses such as supplies, legal, accounting, consulting, travel and entertainment as well as all other costs to operate its supply centers and corporate office. The customer sales rewards programs offer customers the ability to earn points based on purchases, which can be redeemed for products or services procured through independent third-party suppliers. The costs of the rewards programs are recorded as earned throughout the year based on estimated payouts under the program. Total customer rewards costs reported as a component of SG&A expense totaled $2.5 million , $3.9 million and $3.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. Shipping and handling costs included in SG&A expense totaled $31.1 million , $31.6 million and $30.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. Research and development activities are principally related to new product development and are reported within cost of sales and SG&A expenses in the Consolidated Statements of Comprehensive Loss. For the year ended December 28, 2013, the Company incurred expenses of $4.0 million for research and development activities related to the new window platform that was launched in January 2014. Costs related to research and development were immaterial for the years ended January 2, 2016 and January 3, 2015. |
Advertising Costs, Policy [Policy Text Block] | MARKETING AND ADVERTISING Marketing and advertising costs are generally expensed as incurred. Marketing and advertising expense was $9.0 million , $11.6 million and $8.8 million for the years ended January 2, 2016 , January 3, 2015 and December 28, 2013 , respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY TRANSLATION The financial position and results of operations of the Company’s Canadian subsidiary are measured using Canadian dollars as the functional currency. Assets and liabilities of the subsidiary are translated into U.S. dollars at the exchange rate in effect at each reporting period end. Income statement and cash flow amounts are translated into U.S. dollars at the average exchange rates prevailing during the year. Translation adjustments arising from the use of different exchange rates from period to period are reflected as a component of member’s deficit within accumulated other comprehensive loss. Gains and losses arising from transactions denominated in a currency other than Canadian dollars occurring in the Company’s Canadian subsidiary are included in “Foreign currency gain (loss)” in the Company’s Consolidated Statements of Comprehensive Loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The core principal of ASU 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from the previous guidance within Accounting Standards Codification Topic 840, Leases . For operating leases, a lessee is required to do the following: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that entities may elect to apply. The Company is currently assessing the potential impact of the new requirements under the standard. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that all deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 applies to all entities that present a classified statement of financial position and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company does not believe that the adoption of the provisions of ASU 2015-17 will have a material impact on its consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value (“NRV”). The new guidance eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (NRV) or below the floor (NRV less a normal profit margin) under the current lower of cost or market guidance. ASU 2015-11 applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. It is effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2016. The Company does not believe that the adoption of the provisions of ASU 2015-11 will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued 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). In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). ASU 2015-15 provides that, given the absence of authoritative guidance in ASU 2015-03 with respect to presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, an entity is permitted to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not believe that the adoption of the provisions of either ASU 2015-03 or ASU 2015-15 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of the new revenue standard for all entities by one year. The Company is currently assessing the potential impact of the new requirements under the standard. |
Allowance for Doubtful Accoun26
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | Changes in the allowance for doubtful accounts on accounts receivable are as follows (in thousands): January 2, January 3, December 28, Balance at beginning of year $ 8,091 $ 8,692 $ 9,171 Provision for losses 1,008 2,138 1,122 Losses sustained (net of recoveries) (1,494 ) (2,739 ) (1,601 ) Balance at end of year $ 7,605 $ 8,091 $ 8,692 Allowance for doubtful accounts on accounts receivable consists of (in thousands): January 2, January 3, Allowance for doubtful accounts, current $ 3,204 $ 3,542 Allowance for doubtful accounts, non-current 4,401 4,549 $ 7,605 $ 8,091 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of (in thousands): January 2, January 3, Raw materials $ 31,024 $ 29,300 Work in process 10,900 16,442 Finished goods 81,450 99,790 $ 123,374 $ 145,532 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of (in thousands): January 2, January 3, Land $ 11,951 $ 13,461 Buildings 38,928 39,674 Machinery and equipment 134,294 120,945 Construction in progress 1,322 3,934 186,495 178,014 Less accumulated depreciation 95,701 84,114 $ 90,794 $ 93,900 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | hanges in the carrying amount of goodwill are as follows (in thousands): Goodwill Balance at December 28, 2013 $ 471,791 Impairment (144,159 ) Foreign currency translation (10,375 ) Balance at January 3, 2015 317,257 Foreign currency translation (14,349 ) Balance at January 2, 2016 $ 302,908 |
Schedule of finite-lived intangibles and indefinite-lived intangibles | The Company’s other intangible assets consist of the following (in thousands): January 2, 2016 January 3, 2015 Cost Accumulated Amortization Net Carrying Value Cost Accumulated Amortization Net Carrying Value Amortized customer bases $ 313,821 $ 128,230 $ 185,591 $ 321,836 $ 106,655 $ 215,181 Amortized non-compete agreements 20 19 1 20 16 4 Total amortized intangible assets 313,841 128,249 185,592 321,856 106,671 215,185 Non-amortized trade names (1) 212,361 — 212,361 222,115 — 222,115 Total intangible assets $ 526,202 $ 128,249 $ 397,953 $ 543,971 $ 106,671 $ 437,300 (1) Balances at January 2, 2016 and January 3, 2015 include impairment charges of $169.6 million , of which $89.7 million were recorded in 2014 and $79.9 million were recorded in 2011, respectively. |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of (in thousands): January 2, January 3, Employee compensation $ 16,473 $ 11,355 Sales promotions and incentives 21,512 25,786 Warranty reserves 9,239 9,312 Employee benefits 8,037 8,828 Interest 13,286 13,393 Taxes other than income taxes 2,885 3,220 Other 12,198 9,840 $ 83,630 $ 81,734 |
Schedule of Other Liabilities [Table Text Block] | Other liabilities consist of (in thousands): January 2, January 3, Pensions and other postretirement plans $ 29,262 $ 40,138 Warranty reserves 75,873 80,628 Other 7,988 8,250 $ 113,123 $ 129,016 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Changes in the restructuring liability for the years ended January 2, 2016, January 3, 2015 and December 28, 2013 are as follows (in thousands): January 2, 2016 Distribution Manufacturing Total Balance at beginning of year — $ 1,960 $ 1,960 Increase (decrease) 2,227 (442 ) 1,785 Accretion of related lease obligations — 434 434 Payments (573 ) (805 ) (1,378 ) Balance at end of year $ 1,654 $ 1,147 $ 2,801 January 3, 2015 Distribution Manufacturing Total Balance at beginning of year $ — $ 2,772 $ 2,772 Decrease — (331 ) (331 ) Accretion of related lease obligations — 495 495 Payments — (976 ) (976 ) Balance at end of year $ — $ 1,960 $ 1,960 December 28, 2013 Distribution Manufacturing Total Balance at beginning of year $ — $ 3,387 $ 3,387 Accretion of related lease obligations — 516 516 Payments — (1,131 ) (1,131 ) Balance at end of year $ — $ 2,772 $ 2,772 |
Product Warranty Costs (Tables)
Product Warranty Costs (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty reserve are as follows (in thousands): January 2, January 3, December 28, Balance at beginning of year $ 89,940 $ 93,207 $ 97,471 Provision for warranties issued and changes in estimates for pre-existing warranties 3,287 4,658 4,040 Claims paid (6,502 ) (6,816 ) (7,383 ) Foreign currency translation (1,613 ) (1,109 ) (921 ) Balance at end of year $ 85,112 $ 89,940 $ 93,207 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | Long-term debt consists of (in thousands): January 2, January 3, 9.125% Senior Secured Notes $ 832,684 $ 834,004 Borrowings under the ABL facilities 92,800 69,400 $ 925,484 $ 903,404 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax (benefit) expense for the periods presented consists of (in thousands): Years Ended January 2, January 3, December 28, 2013 Current: Federal $ — $ (14 ) $ (802 ) State 209 16 657 Foreign 1,329 3,998 4,155 1,538 4,000 4,010 Deferred: Federal 305 (20,844 ) 397 State (1,390 ) (3,084 ) (467 ) Foreign (1,146 ) (7,273 ) (1,433 ) (2,231 ) (31,201 ) (1,503 ) Income tax (benefit) expense $ (693 ) $ (27,201 ) $ 2,507 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss before income taxes is as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 U.S. $ (50,683 ) $ (268,991 ) $ (37,150 ) Canada (122 ) (51,899 ) 6,164 $ (50,805 ) $ (320,890 ) $ (30,986 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred income taxes are as follows (in thousands): January 2, January 3, Deferred income tax assets: Medical benefits $ 1,104 $ 1,708 Allowance for doubtful accounts 3,048 3,278 Pension and other postretirement plans 9,188 12,430 Inventory costs 2,854 1,592 Warranty costs 31,769 33,819 Net operating loss carryforwards 166,202 162,925 Foreign tax credit carryforwards 4,455 4,455 Accrued expenses and other 10,237 11,437 Total deferred income tax assets 228,857 231,644 Valuation allowance (131,501 ) (111,888 ) Net deferred income tax assets 97,356 119,756 Deferred income tax liabilities: Depreciation 13,816 15,815 Intangible assets 143,078 157,546 Tax liability on unremitted foreign earnings 4,225 10,496 Gain on debt extinguishment 13,306 17,933 Other 3,967 5,149 Total deferred income tax liabilities 178,392 206,939 Net deferred income tax liabilities $ (81,036 ) $ (87,183 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of the statutory rate to the Company’s effective income tax rate for the periods presented is as follows: Years Ended January 2, January 3, December 28, 2013 Statutory rate (35.0 )% (35.0 )% (35.0 )% State income tax, net of federal income tax benefit (4.7 )% 0.5 % (2.8 )% Tax liability on remitted and unremitted foreign earnings (2.5 )% 2.4 % 16.9 % Goodwill impairment — % 15.7 % — % Foreign rate differential — % 0.4 % (1.8 )% Valuation allowance 39.2 % 7.8 % 28.6 % Foreign tax credit and withholding taxes (0.4 )% 0.3 % 0.8 % Prior year assessments 0.6 % 0.1 % 2.8 % Other 1.4 % (0.7 )% (1.4 )% Effective rate (1.4 )% (8.5 )% 8.1 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the unrecognized tax benefits for the periods presented is as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Unrecognized tax benefits at beginning of year $ 1,014 $ 7,040 $ 7,146 Foreign currency translation adjustment (143 ) (110 ) (79 ) Gross increases for tax positions of the current year — 107 147 Gross decreases for tax positions of prior years (297 ) (6,023 ) (174 ) Unrecognized tax benefits at end of year $ 574 $ 1,014 $ 7,040 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive loss by component, net of tax, are as follows (in thousands): Pension and other Postretirement benefit Liability 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 $2,108 (20,241 ) (22,439 ) (42,680 ) Amounts reclassified from accumulated other comprehensive loss, net of tax of $21 (27 ) — (27 ) Balance at January 3, 2015 $ (23,781 ) $ (36,842 ) $ (60,623 ) Other comprehensive income (loss) before reclassifications, net of tax of $6 4,464 (31,164 ) (26,700 ) Amounts reclassified from accumulated other comprehensive loss, net of tax of $67 416 — 416 Balance at January 2, 2016 $ (18,901 ) $ (68,006 ) $ (86,907 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of accumulated other comprehensive loss consists of the following (in thousands): Years Ended January 2, January 3, Defined Benefit Pension and Other Postretirement Plans: Amortization of unrecognized prior service cost $ 24 $ 28 Amortization of unrecognized cumulative actuarial net loss (gain) 459 (34 ) Total before tax 483 (6 ) Tax expense 67 21 Net of tax $ 416 $ (27 ) |
Stock Plans Stock Plans (Tables
Stock Plans Stock Plans (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity during the year ended January 2, 2016 is summarized below: Shares Weighted Average Exercise Price Remaining Contractual Term(years) Options outstanding January 3, 2015 5,502,560 $ 9.77 Granted 1,523,560 1.88 Exercised — — Forfeited (856,978 ) 8.84 Options outstanding January 2, 2016 6,169,142 $ 4.69 8.1 Options exercisable January 2, 2016 1,571,618 $ 7.95 6.7 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions and fair value of the options were as follows: Years Ended January 2, January 3, December 28, 2013 Dividend yield — % — % — % Annual risk-free rate 2.02 % 2.26 % 1.99 % Expected life of options (years) 7.25 8.17 7.19 Volatility 26.9 % 42.2 % 52.3 % Weighted average fair value of options granted per share $ 0.17 $ 1.95 $ 2.58 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock and restricted stock unit award activity for the year ended January 2, 2016 : Shares Weighted Average Fair Value Per Share Nonvested at January 3, 2015 52,200 $ 4.25 Granted 508,764 0.55 Vested (194,971 ) 0.99 Forfeited (10,800 ) — Nonvested at January 2, 2016 355,193 $ 0.87 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The change in benefit obligation and plan assets for the Company’s defined benefit pension and OPEB Plans are as follows (in thousands): January 2, 2016 January 3, 2015 Domestic Plans Foreign Plans OPEB Plans Domestic Plans Foreign Plans OPEB Plans Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 81,993 $ 82,712 $ 4,948 $ 67,162 $ 76,961 $ 4,856 Service cost 1,191 2,496 12 1,233 2,373 11 Interest cost 3,225 3,082 142 3,189 3,616 186 Plan amendments — — — — 133 — Actuarial (gain) loss (4,596 ) (557 ) (1,458 ) 14,218 11,442 343 Settlements — — — — (688 ) — Participant contributions — 273 25 — 333 17 Benefits paid (3,992 ) (2,750 ) (395 ) (3,809 ) (3,610 ) (474 ) Retiree drug subsidy reimbursement — — 38 — — 43 Effect of foreign exchange — (12,449 ) (53 ) — (7,848 ) (34 ) Projected benefit obligation at end of year 77,821 72,807 3,259 81,993 82,712 4,948 Change in plan assets: Fair value of assets at beginning of year 58,631 70,422 — 54,502 67,964 — Actual return on plan assets 2,294 3,091 — 4,297 7,191 — Settlements — — — — (688 ) — Employer contributions 2,705 4,506 370 3,641 5,998 457 Participant contributions — 273 25 — 333 17 Benefits paid (3,992 ) (2,750 ) (395 ) (3,809 ) (3,610 ) (474 ) Effect of foreign exchange — (10,802 ) — — (6,766 ) — Fair value of assets at end of year 59,638 64,740 — 58,631 70,422 — Funded status $ (18,183 ) $ (8,067 ) $ (3,259 ) $ (23,362 ) $ (12,290 ) $ (4,948 ) Accumulated Benefit Obligation $ 77,821 $ 67,273 $ 3,259 $ 81,993 $ 76,472 $ 4,948 |
Schedule of Amounts Recognized in the Balance Sheet and Other Comprehensive Income (Loss) [Table Text Block] | The amounts recognized in consolidated balance sheets and other comprehensive loss for the Company’s defined benefit pension and OPEB Plans are as follows (in thousands): January 2, 2016 January 3, 2015 Domestic Plans Foreign Plans OPEB Plans Domestic Plans Foreign Plans OPEB Plans Balance sheets: Other assets $ — $ 59 $ — $ — $ — $ — Accrued liabilities — — (306 ) — — (462 ) Other liabilities (18,183 ) (8,126 ) (2,953 ) (23,362 ) (12,290 ) (4,486 ) Total recognized $ (18,183 ) $ (8,067 ) $ (3,259 ) $ (23,362 ) $ (12,290 ) $ (4,948 ) Accumulated other comprehensive loss: Net actuarial loss (gain) $ 8,433 $ 12,511 $ (1,567 ) $ 11,839 $ 12,735 $ (280 ) Net prior service cost (credit) 96 457 (35 ) 106 479 (43 ) Total recognized $ 8,529 $ 12,968 $ (1,602 ) $ 11,945 $ 13,214 $ (323 ) |
Schedule of Assumptions Used [Table Text Block] | The weighted average assumptions used to determine projected benefit obligation for the Company’s pension and OPEB Plans are: January 2, January 3, Discount rate: Domestic plans 4.35 % 4.02 % Foreign plans 4.02 % 4.00 % OPEB plans 4.03 % 3.69 % Compensation increases: Domestic plans — % — % Foreign plans 3.50 % 3.50 % The weighted average assumptions used to determine projected net periodic benefit cost for the Company’s pension and OPEB Plans are: Years Ended January 2, January 3, December 28, 2013 Discount rate: Domestic plans 4.02 % 4.81 % 3.97 % Foreign plans 4.00 % 4.78 % 4.48 % OPEB plans 3.69 % 4.25 % 3.43 % Long-term rate of return on assets: Domestic plans 6.70 % 7.50 % 7.50 % Foreign plans 5.60 % 6.30 % 6.25 % Compensation increases: Domestic plans — % — % — % Foreign plans 3.50 % 3.50 % 3.50 % |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments are as follows (in thousands): Pension Plans OPEB Plans Domestic Foreign Gross Medicare Prescription Drug Subsidy 2016 $ 3,664 $ 2,692 $ 306 $ (30 ) 2017 3,807 2,810 291 (31 ) 2018 3,925 2,914 274 (31 ) 2019 4,150 2,977 263 (31 ) 2020 4,293 3,196 240 (30 ) 2021 — 2025 23,799 17,939 1,004 (128 ) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost for the Company’s pension benefit plans are as follows (in thousands): Years Ended January 2, 2016 January 3, 2015 December 28, 2013 Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ 1,191 $ 2,496 $ 1,233 $ 2,373 $ 1,033 $ 2,785 Interest cost 3,225 3,082 3,189 3,616 2,902 3,769 Expected return on assets (3,883 ) (3,655 ) (4,055 ) (4,275 ) (3,548 ) (3,900 ) Loss recognized due to settlements — — — 117 — 599 Amortization of prior service cost 10 22 10 26 1 20 Amortization of net actuarial loss 399 231 — 54 240 508 Net periodic benefit cost $ 942 $ 2,176 $ 377 $ 1,911 $ 628 $ 3,781 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of other comprehensive (income) loss for the Company’s pension benefit plans are as follows (in thousands): Years Ended January 2, 2016 January 3, 2015 December 28, 2013 Domestic Foreign Domestic Foreign Domestic Plans Foreign Plans Net actuarial (gain) loss $ (3,007 ) $ 7 $ 13,976 $ 8,023 $ (11,228 ) $ (9,121 ) Prior service cost — — — 125 112 — Loss recognized due to settlements — — — (117 ) — (599 ) Amortization of prior service cost (10 ) (22 ) (10 ) (26 ) (1 ) (20 ) Amortization of net actuarial loss (399 ) (231 ) — (54 ) (240 ) (508 ) Total recognized $ (3,416 ) $ (246 ) $ 13,966 $ 7,951 $ (11,357 ) $ (10,248 ) |
United States Pension Plans of US Entity, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of Domestic Plan assets as of January 2, 2016 by asset category are (in thousands): January 2, 2016 Quoted Prices in Significant Significant Total Mutual funds $ — $ 57,925 $ — $ 57,925 Money funds — 1,663 — 1,663 Cash 50 — — 50 Total $ 50 $ 59,588 $ — $ 59,638 The fair values of Domestic Plan assets as of January 3, 2015 by asset category are (in thousands): January 3, 2015 Quoted Prices in Significant Significant Total Equity securities $ 35,172 $ — $ — $ 35,172 Mutual funds — 9,494 — 9,494 Government securities — 11,532 — 11,532 Money funds — 2,390 — 2,390 Cash 43 — — 43 Total $ 35,215 $ 23,416 $ — $ 58,631 |
Foreign Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of Foreign Plan assets as of January 2, 2016 by asset category are (in thousands): January 2, 2016 Quoted Prices in Significant Significant Total Pooled funds $ — $ 64,740 $ — $ 64,740 Total $ — $ 64,740 $ — $ 64,740 The fair values of Foreign Plan assets as of January 3, 2015 by asset category are (in thousands): January 3, 2015 Quoted Prices in Significant Significant Total Pooled funds $ — $ 70,420 $ — $ 70,420 Cash 2 — — 2 Total $ 2 $ 70,420 $ — $ 70,422 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost for the Company’s OPEB Plans are as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Service cost $ 12 $ 11 $ 12 Interest cost 142 186 185 Amortization of prior service credit (8 ) (8 ) — Amortization of net actuarial gain (171 ) (88 ) (8 ) Net periodic benefit cost $ (25 ) $ 101 $ 189 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of other comprehensive (income) loss for the Company’s OPEB Plans are as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Net actuarial (gain) loss $ (1,458 ) $ 342 (817 ) Prior service credit — — (51 ) Amortization of prior service credit 8 8 — Amortization of net actuarial gain 171 88 8 Total recognized $ (1,279 ) $ 438 (860 ) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The following table presents health care cost trend rates used to determine net periodic benefit cost for the Company’s OPEB Plans, as well as information regarding the ultimate cost trend and the year in which their ultimate rate is reached: Years Ended January 2, January 3, December 28, 2013 Assumed health care cost trend rate medical claims 7.0 % 6.8 % 7.0 % Ultimate health care cost trend 4.5 % 5.0 % 5.0 % Ultimate year health care cost trend rate is achieved 2023 2023 2022 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage-point increase (decrease) in the assumed health care cost trend rates has the following effects on postretirement obligations at January 2, 2016 (in thousands): 1% Increase 1% Decrease Increase (decrease) in accumulated postretirement benefit obligation $ 174 $ (152 ) Increase (decrease) in aggregate service and interest cost 8 (7 ) |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Commitments for future minimum lease payments under non-cancelable operating leases, principally for manufacturing and distribution facilities and certain equipment, are as follows (in thousands): 2016 $ 36,893 2017 32,442 2018 26,243 2019 20,016 2020 11,492 Thereafter 15,102 Total future minimum lease payments $ 142,188 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 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 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): Years Ended January 2, January 3, December 28, 2013 Vinyl windows $ 419,885 $ 401,550 $ 369,869 Vinyl siding products 200,518 213,949 216,872 Metal products 148,747 155,464 166,602 Third-party manufactured products 286,173 296,927 314,408 Other products and services 129,646 119,083 101,847 $ 1,184,969 $ 1,186,973 $ 1,169,598 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The Company operates principally in the U.S. and Canada. Net sales and long-lived assets by country were determined based on the location of the selling subsidiary as follows (in thousands): Years Ended January 2, January 3, December 28, 2013 Net Sales: United States $ 980,559 $ 965,739 $ 950,977 Canada 204,410 221,234 218,621 $ 1,184,969 $ 1,186,973 $ 1,169,598 January 2, January 3, Long-lived Assets: United States $ 66,580 $ 64,451 Canada 24,214 29,449 $ 90,794 $ 93,900 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Subsidiary Guarantors [Abstract] | |||
Condensed consolidating balance sheet | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 8,356 $ — $ 152 $ 886 $ — $ 9,394 Accounts receivable, net 103,506 — 6,903 16,634 — 127,043 Intercompany receivables 352,323 — 67,591 1,794 (421,708 ) — Inventories 88,440 — 5,527 29,407 — 123,374 Income taxes receivable — — 178 1,434 — 1,612 Deferred income taxes 243 — 1,258 1 — 1,502 Prepaid expenses and other current assets 12,114 — 955 1,094 — 14,163 Total current assets 564,982 — 82,564 51,250 (421,708 ) 277,088 Property, plant and equipment, net 65,277 — 1,303 24,214 — 90,794 Goodwill 203,841 — 16,713 82,354 — 302,908 Other intangible assets, net 285,115 — 32,633 80,205 — 397,953 Intercompany receivable — 832,684 — — (832,684 ) — Other assets 12,249 — 1 1,020 — 13,270 Total assets $ 1,131,464 $ 832,684 $ 133,214 $ 239,043 $ (1,254,392 ) $ 1,082,013 LIABILITIES AND MEMBER'S DEFICIT Current liabilities: Accounts payable $ 68,213 $ — $ 4,183 $ 19,167 $ — $ 91,563 Intercompany payables 1,794 — — 419,914 (421,708 ) — Accrued liabilities 71,446 — 4,876 7,308 — 83,630 Deferred income taxes — — — 436 — 436 Income taxes payable 36 — — — — 36 Total current liabilities 141,489 — 9,059 446,825 (421,708 ) 175,665 Deferred income taxes 50,147 — 11,920 20,035 — 82,102 Other liabilities 76,641 — 19,676 16,806 — 113,123 Deficit in subsidiaries 153,964 — 246,523 — (400,487 ) — Long-term debt 923,584 832,684 — 1,900 (832,684 ) 925,484 Member’s deficit (214,361 ) — (153,964 ) (246,523 ) 400,487 (214,361 ) Total liabilities and member’s deficit $ 1,131,464 $ 832,684 $ 133,214 $ 239,043 $ (1,254,392 ) $ 1,082,013 | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated 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 | |
Condensed consolidating statements of operations | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For The Year Ended January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 949,796 $ — $ 138,927 $ 247,335 $ (151,089 ) $ 1,184,969 Cost of sales 733,380 — 125,611 200,873 (151,089 ) 908,775 Gross profit 216,416 — 13,316 46,462 — 276,194 Selling, general and administrative expenses 188,785 — 7,039 43,966 — 239,790 Restructuring costs 1,837 — — — — 1,837 Income from operations 25,794 — 6,277 2,496 — 34,567 Interest expense, net 82,754 — — 740 — 83,494 Foreign currency loss — — — 1,878 — 1,878 (Loss) income before income taxes (56,960 ) — 6,277 (122 ) — (50,805 ) Income tax (benefit) expense (1,637 ) — 760 184 — (693 ) (Loss) income before equity income (loss) from subsidiaries (55,323 ) — 5,517 (306 ) — (50,112 ) Equity income (loss) from subsidiaries 5,211 — (306 ) — (4,905 ) — Net (loss) income $ (50,112 ) $ — $ 5,211 $ (306 ) $ (4,905 ) $ (50,112 ) Other comprehensive income (loss): Pension and other postretirement benefit adjustments, net of tax 4,880 — 739 174 (913 ) 4,880 Foreign currency translation adjustments, net of tax (31,164 ) — (31,164 ) (31,164 ) 62,328 (31,164 ) Total comprehensive loss $ (76,396 ) $ — $ (25,214 ) $ (31,296 ) $ 56,510 $ (76,396 ) | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For The Year Ended January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 933,837 $ — $ 155,953 $ 276,822 $ (179,639 ) $ 1,186,973 Cost of sales 758,858 — 143,315 220,885 (179,639 ) 943,419 Gross profit 174,979 — 12,638 55,937 — 243,554 Selling, general and administrative expenses 199,298 — 4,678 43,638 — 247,614 Impairment of goodwill 96,801 — 8,850 38,508 — 144,159 Impairment of other intangible assets 54,600 — 11,721 23,366 — 89,687 Restructuring costs (331 ) — — — — (331 ) Loss from operations (175,389 ) — (12,611 ) (49,575 ) — (237,575 ) Interest expense, net 80,991 — — 1,536 — 82,527 Foreign currency loss — — — 788 — 788 Loss before income taxes (256,380 ) — (12,611 ) (51,899 ) — (320,890 ) Income tax benefit (23,340 ) — (587 ) (3,274 ) — (27,201 ) Loss before equity loss from subsidiaries (233,040 ) — (12,024 ) (48,625 ) — (293,689 ) Equity loss from subsidiaries (60,649 ) — (48,625 ) — 109,274 — Net loss $ (293,689 ) $ — $ (60,649 ) $ (48,625 ) $ 109,274 $ (293,689 ) Other comprehensive loss: Pension and other postretirement benefit adjustments, net of tax (20,268 ) — (8,252 ) (5,889 ) 14,141 (20,268 ) Foreign currency translation adjustments, net of tax (22,439 ) — (22,439 ) (22,439 ) 44,878 (22,439 ) Total comprehensive loss $ (336,396 ) $ — $ (91,340 ) $ (76,953 ) $ 168,293 $ (336,396 ) | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended December 28, 2013 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net sales $ 900,422 $ — $ 166,302 $ 263,604 $ (160,730 ) $ 1,169,598 Cost of sales 687,015 — 150,647 210,866 (160,730 ) 887,798 Gross profit 213,407 — 15,655 52,738 — 281,800 Selling, general and administrative expenses 183,250 — 5,281 43,750 — 232,281 Income from operations 30,157 — 10,374 8,988 — 49,519 Interest expense, net 77,681 — — 2,070 — 79,751 Foreign currency loss — — — 754 — 754 (Loss) income before income taxes (47,524 ) — 10,374 6,164 — (30,986 ) Income tax (benefit) expense (1,882 ) — 1,668 2,721 — 2,507 (Loss) income before equity income from subsidiaries (45,642 ) — 8,706 3,443 — (33,493 ) Equity income from subsidiaries 12,149 — 3,443 — (15,592 ) — Net (loss) income $ (33,493 ) $ — $ 12,149 $ 3,443 $ (15,592 ) $ (33,493 ) Other comprehensive income (loss): Pension and other postretirement benefit adjustments, net of tax 19,774 — 9,666 7,594 (17,260 ) 19,774 Foreign currency translation adjustments, net of tax (20,443 ) — (20,443 ) (20,443 ) 40,886 (20,443 ) Total comprehensive (loss) income $ (34,162 ) $ — $ 1,372 $ (9,406 ) $ 8,034 $ (34,162 ) |
Condensed consolidating statements of cash flows | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended January 2, 2016 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net cash (used in) provided by operating activities $ (39,538 ) $ — $ 22,373 $ 13,742 $ — $ (3,423 ) INVESTING ACTIVITIES Capital expenditures (14,647 ) — (163 ) (1,763 ) — (16,573 ) Proceeds from the sale of assets 150 — — 2 — 152 Payments on loans to affiliates — — (22,058 ) (25,000 ) 47,058 — Receipts on loans to affiliates 2,000 — — 17,500 (19,500 ) — Net cash used in investing activities (12,497 ) — (22,221 ) (9,261 ) 27,558 (16,421 ) FINANCING ACTIVITIES Borrowings under ABL facilities 111,300 — — 76,031 — 187,331 Payments under ABL facilities (86,400 ) — — (77,553 ) — (163,953 ) Borrowings from affiliates 47,058 — — — (47,058 ) — Repayments to affiliates (17,500 ) — — (2,000 ) 19,500 — Net cash provided by (used in) financing activities 54,458 — — (3,522 ) (27,558 ) 23,378 Effect of exchange rate changes on cash and cash equivalents — — — (103 ) — (103 ) Increase in cash and cash equivalents 2,423 — 152 856 — 3,431 Cash and cash equivalents at beginning of year 5,933 — — 30 — 5,963 Cash and cash equivalents at end of year $ 8,356 $ — $ 152 $ 886 $ — $ 9,394 | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended January 3, 2015 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Eliminations Consolidated Net cash (used in) provided by operating activities $ (77,627 ) $ — $ 15,075 $ (8,413 ) $ — $ (70,965 ) INVESTING ACTIVITIES Capital expenditures (11,321 ) — (276 ) (1,255 ) — (12,852 ) Proceeds from the sale of assets 16 — — 3 — 19 Payments on loans to affiliates — — (14,799 ) — 14,799 — Receipts on loans to affiliates 6,500 — — — (6,500 ) — Net cash used in investing activities (4,805 ) — (15,075 ) (1,252 ) 8,299 (12,833 ) FINANCING ACTIVITIES Borrowings under ABL facilities 156,700 — — 83,522 — 240,222 Payments under ABL facilities (90,700 ) — — (80,110 ) — (170,810 ) Borrowings from affiliates 14,799 — — — (14,799 ) — Repayments to affiliates — — — (6,500 ) 6,500 — Net cash provided by (used in) financing activities 80,799 — — (3,088 ) (8,299 ) 69,412 Effect of exchange rate changes on cash and cash equivalents — — — (466 ) — (466 ) Decrease in cash and cash equivalents (1,633 ) — — (13,219 ) — (14,852 ) Cash and cash equivalents at beginning of year 7,566 — — 13,249 — 20,815 Cash and cash equivalents at end of year $ 5,933 $ — $ — $ 30 $ — $ 5,963 | ASSOCIATED MATERIALS, LLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended December 28, 2013 (In thousands) Company Co-Issuer Subsidiary Guarantors Non-Guarantor Subsidiaries Reclassification/ Consolidated Net cash provided by (used in) operating activities $ 2,063 $ — $ (14,211 ) $ 12,401 $ — $ 253 INVESTING ACTIVITIES Capital expenditures (10,926 ) — (56 ) (720 ) — (11,702 ) Proceeds from sale of assets 56 — — 4 — 60 Supply Center acquisition (348 ) — — — — (348 ) Payments on loans to affiliates (20,000 ) — — — 20,000 — Receipts on loans to affiliates 11,500 — 14,267 — (25,767 ) — Net cash (used in) provided by investing activities (19,718 ) — 14,211 (716 ) (5,767 ) (11,990 ) FINANCING ACTIVITIES Borrowings under ABL facilities 99,891 — — 48,970 — 148,861 Payments under ABL facilities (169,391 ) — — (57,470 ) — (226,861 ) Borrowings from affiliates — — — 20,000 (20,000 ) — Repayments to affiliates (14,267 ) — — (11,500 ) 25,767 — Equity contribution from parent 742 — — — — 742 Issuance of Senior Secured Notes 106,000 — — — — 106,000 Financing costs (5,074 ) — — (475 ) — (5,549 ) Net cash provided by (used in) financing activities 17,901 — — (475 ) 5,767 23,193 Effect of exchange rate changes on cash and cash equivalents — — — (235 ) — (235 ) Increase in cash and cash equivalents 246 — — 10,975 — 11,221 Cash and cash equivalents at beginning of year 7,320 — — 2,274 — 9,594 Cash and cash equivalents at end of year $ 7,566 $ — $ — $ 13,249 $ — $ 20,815 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Jan. 02, 2016USD ($)distributorssupply_centersfacilities | Jan. 03, 2015USD ($) | Dec. 28, 2013USD ($) | |
Accounting Policies [Abstract] | |||
Manufacturing Facilities | facilities | 11 | ||
Contractor customers | 50,000 | ||
Company Owned Supply Centers | supply_centers | 122 | ||
Entity-Wide Revenue, Major Customer, Percentage | 14.00% | 13.00% | |
Independent distributors | distributors | 260 | ||
Customer Rewards Program Costs | $ 2.5 | $ 3.9 | $ 3.8 |
Shipping, Handling and Transportation Costs | 31.1 | 31.6 | 30.8 |
Marketing and Advertising Expense | $ 9 | $ 11.6 | 8.8 |
Research and Development Expense | $ 4 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Hellman & Friedman LLC Affiliated Investment Funds [Member] | |||
Investment [Line Items] | |||
Percentage of Stock Held by Affiliate | 96.00% |
Accounting Policies Lease Oblig
Accounting Policies Lease Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2011 | Jan. 02, 2016 | |
Accounting Policies Textual [Line Items] | ||
Operating Lease Asset, Fair Value Adjustment | $ 0.8 | |
Operating Lease Liability, Fair Value Adjustment | $ 5 | |
Operating Lease Asset, Fair Value Adjustment Unamortized Balance | $ 0.1 | |
Operating Lease Liabilities, Fair Value Adjustment Unamortized Balance | $ 2.2 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 02, 2016 | Dec. 28, 2013 | |
HUB international [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Purchases from Related Party | $ 0.1 | |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Other Labor-related Expenses | $ 0.8 | |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Other Labor-related Expenses | $ 0.1 |
Allowance for Doubtful Accoun44
Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 02, 2016 | Jan. 03, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Provision for losses | $ 1,008 | $ 2,138 | $ 1,122 | ||
Allowance for Doubtful Accounts, Current [Member] | |||||
Allowance for Doubtful Accounts, Classification [Abstract] | |||||
Current portion allowance for doubtful accounts | $ 3,204 | $ 3,542 | |||
Allowance for Doubtful Accounts, Noncurrent [Member] | |||||
Allowance for Doubtful Accounts, Classification [Abstract] | |||||
Long-term portion allowance for doubtful accounts | 4,401 | 4,549 | |||
Allowance for Doubtful Accounts [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Balance at beginning of period | 8,091 | 8,692 | 9,171 | ||
Provision for losses | 1,008 | 2,138 | 1,122 | ||
Losses sustained (net of recoveries) | (1,494) | (2,739) | (1,601) | ||
Balance at end of period | 7,605 | 8,091 | 8,692 | ||
Allowance for Doubtful Accounts, Classification [Abstract] | |||||
Allowance for doubtful accounts receivable | $ 8,091 | $ 8,692 | $ 9,171 | $ 7,605 | $ 8,091 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Schedule of Inventory [Line Items] | ||
Raw materials | $ 31,024 | $ 29,300 |
Work-in-progress | 10,900 | 16,442 |
Finished goods | 81,450 | 99,790 |
Inventory, net | $ 123,374 | $ 145,532 |
Property, Plant and Equipment46
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 11,951 | $ 13,461 | |
Buildings | 38,928 | 39,674 | |
Machinery and equipment | 134,294 | 120,945 | |
Construction in process | 1,322 | 3,934 | |
Property, plant and equipment, gross | 186,495 | 178,014 | |
Less accumulated depreciation | 95,701 | 84,114 | |
Property, plant and equipment, net | 90,794 | 93,900 | |
Depreciation | 14,900 | 17,100 | $ 17,000 |
Construction in Progress Expenditures Incurred but Not yet Paid | $ 500 | $ 700 |
Changes in Goodwill (Details)
Changes in Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 27, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Goodwill [Rollforward] | ||||
Balance at beginning of period | $ 471,791 | $ 317,257 | $ 471,791 | |
Impairment of goodwill | $ 148,500 | 0 | 144,159 | $ 0 |
Foreign currency translation | (14,349) | (10,375) | ||
Balance at end of period | $ 302,908 | $ 317,257 | $ 471,791 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Intangible Assets, Excluding Goodwill [Line Items] | ||
Intangible Assets Impaired Accumulated Impairment Loss | $ 169,600 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 313,841 | $ 321,856 |
Finite-Lived Intangible Assets, Accumulated Amortization | 128,249 | 106,671 |
Finite-Lived Intangible Assets, Net | 185,592 | 215,185 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Intangible Assets, Gross (Excluding Goodwill) | 526,202 | 543,971 |
Intangible Assets, Accumulated Amortization (Excluding Goodwill) | 128,249 | 106,671 |
Intangible Assets, Net (Excluding Goodwill) | 397,953 | 437,300 |
Amortized customer bases | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 313,821 | 321,836 |
Finite-Lived Intangible Assets, Accumulated Amortization | 128,230 | 106,655 |
Finite-Lived Intangible Assets, Net | 185,591 | 215,181 |
Amortized non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-Lived Intangible Assets, Gross | 20 | 20 |
Finite-Lived Intangible Assets, Accumulated Amortization | 19 | 16 |
Finite-Lived Intangible Assets, Net | 1 | 4 |
Non-amortized trade names | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 212,361 | $ 222,115 |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 03, 2015 | Dec. 31, 2011 | Sep. 27, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Goodwill and Other Intangible Assets Textual [Line Items] | ||||||
Impairment of goodwill | $ (148,500) | $ 0 | $ (144,159) | $ 0 | ||
Goodwill, Impaired, Adjustment to Initial Estimate Amount | $ (4,300) | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 228,500 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 79,900 | 0 | 89,687 | 0 | ||
Amortization of Intangible Assets | 25,000 | $ 25,700 | $ 26,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 25,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 25,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 25,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 25,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 25,000 | |||||
Customer Lists [Member] | ||||||
Goodwill and Other Intangible Assets Textual [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||||
Amortized non-compete agreements | ||||||
Goodwill and Other Intangible Assets Textual [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Accrued and Other Liabilities50
Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Pensions and other postretirement plans | $ 29,262 | $ 40,138 |
Warranty reserves | 75,873 | 80,628 |
Other | 7,988 | 8,250 |
Other liabilities, noncurrent | 113,123 | 129,016 |
Accrued Salaries, Current | 16,473 | 11,355 |
Sales promotions and incentives | 21,512 | 25,786 |
Product Warranty Accrual, Current | 9,239 | 9,312 |
Employee-related Liabilities, Current | 8,037 | 8,828 |
Interest Payable, Current | 13,286 | 13,393 |
Accrual for Taxes Other than Income Taxes, Current | 2,885 | 3,220 |
Other Sundry Liabilities, Current | 12,198 | 9,840 |
Other Liabilities, Current | $ 83,630 | $ 81,734 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Distribution [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 0 | $ 0 | $ 0 |
Restructuring Reserve, Accrual Adjustment | 2,227 | 0 | |
Accretion Expense | 0 | 0 | 0 |
Payments | 573 | 0 | 0 |
Balance at end of period | 1,654 | 0 | 0 |
Manufacturing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 1,960 | 2,772 | 3,387 |
Restructuring Reserve, Accrual Adjustment | (442) | (331) | |
Accretion Expense | 434 | 495 | 516 |
Payments | 805 | 976 | 1,131 |
Balance at end of period | 1,147 | 1,960 | 2,772 |
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 1,960 | 2,772 | 3,387 |
Restructuring Reserve, Accrual Adjustment | 1,785 | (331) | |
Accretion Expense | 434 | 495 | 516 |
Payments | 1,378 | 976 | 1,131 |
Balance at end of period | $ 2,801 | $ 1,960 | $ 2,772 |
Restructuring Costs (Textual) (
Restructuring Costs (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Manufacturing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | $ (442) | $ (331) |
Distribution [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
RestructuringAndRelatedCostIncurredCostNoncashPortion | 2,300 | |
Restructuring and Related Cost, Incurred Cost | 4,527 | |
RestructuringAndRelatedCostIncurredCostCashPortion | 2,200 | |
RestructuringAndRelatedCostExpectedCashPayout | 600 | |
Restructuring Reserve, Accrual Adjustment | 2,227 | 0 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 2,248 | |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | 1,785 | $ (331) |
Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | 1,443 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 496 |
Product Warranty Costs (Details
Product Warranty Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | Oct. 12, 2010 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||
Balance at beginning of period | $ 89,940 | $ 93,207 | $ 97,471 | |
Provision for warranties issued and changes in estimates for pre-existing warranties | 3,287 | 4,658 | 4,040 | |
Claims paid | (6,502) | (6,816) | (7,383) | |
Foreign currency translation | (1,613) | (1,109) | (921) | |
Balance at end of period | 85,112 | $ 89,940 | $ 93,207 | |
Product Warranty Accrual, Fair Value Adjustment, Net of Amortization | $ 5,500 | $ 9,500 |
Executive Officers' Separatio54
Executive Officers' Separation and Hiring Costs - (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Seperation and Hiring Costs [Line Items] | |||
Supplemental Unemployment Benefits, Severance Benefits | $ 0.3 | ||
Employee Speration and Hiring, Payment Completion | 2,016 | ||
General and administrative expense | |||
Seperation and Hiring Costs [Line Items] | |||
Separation and hiring costs recorded | $ 1 | $ 3.8 | $ 1.4 |
Long-Term Debt - (Details)
Long-Term Debt - (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 925,484 | $ 903,404 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings under the ABL facilities | 92,800 | 69,400 |
9.125% notes | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
9.125% notes | $ 832,684 | $ 834,004 |
Senior Secured Notes (Details)
Senior Secured Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 02, 2016 | Dec. 28, 2013 | Jan. 03, 2015 | May. 01, 2013 | Oct. 12, 2010 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | ||||
Senior Notes [Member] | 9.125% notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 830,000 | ||||
Debt instrument, interest rate, stated percentage | 9.125% | ||||
Long-term debt, fair value | $ 576,400 | $ 652,800 | |||
Notes payable, noncurrent | 832,684 | $ 834,004 | |||
Debt instrument, collateral, minimum value of fixed assets that guarantee debt obligation | $ 5,000 | ||||
Debt instrument, maximum amount of equity interest in domestic subsidiaries that guarantee debt obligation | 100.00% | ||||
Debt instruments, maximum amount of equity interest in foreign subsidiaries that guarantee debt obligation | 65.00% | ||||
Debt instrument, redemption price In percentage due to change In control | 101.00% | ||||
Senior Notes [Member] | New 9.125% Secured Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 100,000 | ||||
Debt instrument, interest rate, stated percentage | 9.125% | ||||
Debt instrument, unamortized discount (premium), net | $ 2,700 | ||||
Notes sold at as a percentage of principle amount | 106.00% | ||||
Senior Notes [Member] | Original 9.125% Secured Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 730,000 | ||||
Debt instrument, interest rate, stated percentage | 9.125% | ||||
Senior Notes [Member] | 12-month Period Commencing on November 1, 2013 [Member] | 9.125% notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price in percentage | 106.844% | ||||
Senior Notes [Member] | 12-month Period Commencing on November 1, 2014 [Member] | 9.125% notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price in percentage | 104.563% | ||||
Senior Notes [Member] | 12-month Period Commencing on November 1, 2015 [Member] | 9.125% notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price in percentage | 102.281% | ||||
Senior Notes [Member] | 12-month Period Commencing on November 1, 2016 [Member] | 9.125% notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price in percentage | 100.00% | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, increase (decrease) In borrowing capacity, net | $ 12,000 | ||||
Write off of deferred debt issuance cost | $ 500 |
ABL Facilities (Details)
ABL Facilities (Details) - USD ($) $ in Thousands | Jun. 03, 2016 | May. 19, 2016 | Mar. 04, 2016 | Apr. 21, 2016 | Jun. 05, 2015 | Jun. 03, 2016 | Jan. 02, 2016 | Dec. 28, 2013 | Apr. 18, 2018 | Feb. 19, 2016 | Jan. 03, 2015 | Oct. 12, 2010 |
Line of Credit Facility [Line Items] | ||||||||||||
Fixed charge coverage ratio | 0.87:1.00 | |||||||||||
Debt Instrument, Interest Rate Margin Pricing Increments | 25 basis point | |||||||||||
Letters of credit outstanding, amount | $ 13,100 | |||||||||||
Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 213,000 | $ 225,000 | ||||||||||
Debt instrument, covenant minimum availability as percentage of borrowing base | 10.00% | |||||||||||
Debt instrument, covenant minimum availability, amount | $ 15,000 | $ 20,000 | ||||||||||
Line of credit facility, excess availability | $ 35,800 | |||||||||||
Line of credit facility, commitment fee percentage | 0.375% | |||||||||||
Line of credit facility, amount outstanding | $ 92,800 | $ 69,400 | ||||||||||
Line of credit facility, remaining borrowing capacity | $ 55,800 | |||||||||||
Line of Credit Facility, Increase (Decrease) In Borrowing Capacity, Net | $ 12,000 | |||||||||||
Domestic Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 150,000 | |||||||||||
Line of credit facility, interest rate at period end | 2.70% | |||||||||||
Foreign Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 75,000 | |||||||||||
Line of credit facility, interest rate at period end | 4.50% | |||||||||||
LIBOR | Domestic Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
CDOR | Foreign Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | CDOR | |||||||||||
One-month LIBOR | Domestic Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR rate | |||||||||||
Debt Instrument, Additional Basis Rate | 1.00% | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||
US prime rate | Domestic Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | prime rate | |||||||||||
30 Day CDOR | Foreign Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Additional Basis Rate | 1.00% | |||||||||||
Canadian primate rate | Foreign Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | Canadian prime rate | |||||||||||
Federal Funds Effective Rate | Domestic Line of Credit [Member] | ||||||||||||
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 Facility [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Debt Instrument, Additional Basis Rate | 4.25% | |||||||||||
Subsequent Event [Member] | Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument, covenant minimum availability, amount | $ 10,000 | $ 7,500 | $ 10,000 | |||||||||
Debt Instrument, Covenant Minimum Availability Block | $ 10,000 | $ 7,500 | $ 10,000 | $ 20,000 | ||||||||
Domestic Line of Credit [Member] | Foreign Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
Scenario, Forecast [Member] | Line of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument, covenant minimum availability, amount | $ 15,000 | $ 10,000 |
Long-Term Debt First Lien Promi
Long-Term Debt First Lien Promissory Note (Details) - Subsequent Event [Member] - USD ($) $ in Millions | 26 Months Ended | |
Apr. 18, 2018 | Feb. 19, 2016 | |
Debt Instrument [Line Items] | ||
First Lien Promissory Note, Excess Availability Threshold, Minimum, Before Prepayment | $ 60 | |
Notes Payable, Related Parties | $ 27.5 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Debt Instrument, Additional Basis Rate | 4.25% | |
First Lien Promissory Note, Excess Availability Threshold, Minimum, After Prepayment | $ 32.5 | |
UNITED STATES | ||
Debt Instrument [Line Items] | ||
Notes Payable, Related Parties | $ 20 | |
Canada | ||
Debt Instrument [Line Items] | ||
Notes Payable, Related Parties | $ 7.5 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Tax Detail - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Before Income Tax, Domestic and Foreign [Line Items] | |||
Loss before income taxes | $ (50,805) | $ (320,890) | $ (30,986) |
Domestic Tax Authority [Member] | |||
Income Before Income Tax, Domestic and Foreign [Line Items] | |||
U.S. entities | (50,683) | (268,991) | (37,150) |
Foreign Tax Authority [Member] | |||
Income Before Income Tax, Domestic and Foreign [Line Items] | |||
Canadian subsidiary | $ (122) | $ (51,899) | $ 6,164 |
Income Taxes Component of Incom
Income Taxes Component of Income Tax Expense Detail - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Current: | |||
Federal | $ 0 | $ (14) | $ (802) |
State | 209 | 16 | 657 |
Foreign | 1,329 | 3,998 | 4,155 |
Current Income Tax Expense (Benefit) | 1,538 | 4,000 | 4,010 |
Deferred: | |||
Federal | 305 | (20,844) | 397 |
State | (1,390) | (3,084) | (467) |
Foreign | (1,146) | (7,273) | (1,433) |
Deferred Income Tax Expense (Benefit) | (2,231) | (31,201) | (1,503) |
Income Tax Expense (Benefit) | $ (693) | $ (27,201) | $ 2,507 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities Detail - Deferred Tax Asset [Domain] - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Deferred Tax Assets, Net [Abstract] | ||
Medical benefits | $ 1,104 | $ 1,708 |
Allowance for doubtful accounts | 3,048 | 3,278 |
Penson and other postretirement plans | 9,188 | 12,430 |
Inventory costs | 2,854 | 1,592 |
Warranty costs | 31,769 | 33,819 |
Net operating Loss carryforwards | 166,202 | 162,925 |
Foreign tax credit carryforwards | 4,455 | 4,455 |
Accrued expenses and other | 10,237 | 11,437 |
Total deferred income tax assets | 228,857 | 231,644 |
Valuation allowance | (131,501) | (111,888) |
Net deferred income tax assets | 97,356 | 119,756 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Depreciation | 13,816 | 15,815 |
Intangible assets | 143,078 | 157,546 |
Tax liability on unremitted foreign earnings | 4,225 | 10,496 |
Gain on debt extinguishment | 13,306 | 17,933 |
Other | 3,967 | 5,149 |
Total deferred income tax liabilities | 178,392 | 206,939 |
Net deferred income tax liabilities | $ (81,036) | $ (87,183) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation Detail | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
Statutory rate | (35.00%) | (35.00%) | (35.00%) |
State income tax, net of federal income tax benefit | (4.70%) | 0.50% | (2.80%) |
Tax liability on remitted and unremitted foreign earnings | (2.50%) | 2.40% | 16.90% |
Goodwill impairment | 0.00% | 15.70% | 0.00% |
Foreign rate differential | 0.00% | 0.40% | (1.80%) |
Valuation allowance | 39.20% | 7.80% | 28.60% |
Foreign tax credit and withholding taxes | (0.40%) | 0.30% | 0.80% |
Prior year assessment | 0.60% | 0.10% | 2.80% |
Other | 1.40% | (0.70%) | (1.40%) |
Effective rate | (1.40%) | (8.50%) | 8.10% |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits Roll Forward Detail - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | $ (143) | $ (110) | $ (79) |
Unrecognized tax benefits, beginning of year | 1,014 | 7,040 | 7,146 |
Gross increases for tax positions of the current year | 0 | 107 | 147 |
Gross decreases for tax positions of prior years | (297) | (6,023) | (174) |
Unrecognized tax benefits, end of year | $ 574 | $ 1,014 | $ 7,040 |
Income Taxes Income Tax Disclos
Income Taxes Income Tax Disclosure (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Income Tax Textual [Line Items] | ||
Share-Based Compensation Arrangement by Share-based Payment Award, Increase in Number of Shares Authorized | 1,500,000 | 1,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 700 | $ 1,000 |
Domestic Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 417,300 | |
Deferred Tax Assets, Gross | 199,600 | |
Deferred Tax Assets, Valuation Allowance | 115,100 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 19,600 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 19,900 | |
Foreign Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2017 | |
Deferred Tax Assets, Gross | $ 4,700 | |
State and Local Jurisdiction [Member] | ||
Income Tax Textual [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 21,100 | |
Deferred Tax Assets, Gross | 24,500 | |
Deferred Tax Assets, Valuation Allowance | 16,400 | |
Deferred Tax Asset [Domain] | ||
Income Tax Textual [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4,455 | 4,455 |
Deferred Tax Assets, Gross | 228,857 | 231,644 |
Deferred Tax Assets, Net of Valuation Allowance | 97,356 | 119,756 |
Deferred Tax Assets, Valuation Allowance | $ 131,501 | 111,888 |
Minimum [Member] | Domestic Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2032 | |
Open Tax Year | 2,012 | |
Minimum [Member] | Foreign Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Open Tax Year | 2,011 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Income Tax Textual [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2016 | |
Open Tax Year | 2,010 | |
Maximum [Member] | Domestic Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 | |
Open Tax Year | 2,014 | |
Maximum [Member] | Foreign Tax Authority [Member] | ||
Income Tax Textual [Line Items] | ||
Open Tax Year | 2,014 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Income Tax Textual [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 | |
Open Tax Year | 2,014 | |
AMH Investment Holdings Corp [Member] | ||
Income Tax Textual [Line Items] | ||
Amounts due to or payable from AMH Investment Holdings Corp. related to the tax sharing agreement. | $ 0 | $ 0 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income (Loss) Reclassification out of Accumulated Other Comprehensive Income (Loss) Detail - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of unrecognized prior service costs | $ 24 | $ 28 |
Amortization of unrecognized cumumative actuarial net (gain) loss | 459 | (34) |
Total before tax | 483 | (6) |
Tax expense | 67 | 21 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 416 | $ (27) |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance, Pension and Other Postretirement Benefit Plans, Net of Tax | $ (23,781) | $ (3,513) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 4,464 | (20,241) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 416 | (27) | |
Ending Balance, Pension and Other Postretirement Benefit Plans, Net of Tax | (18,901) | (23,781) | $ (3,513) |
Beginning Balance, Foreign Currency Translation Adjustment, Net of Tax | (36,842) | (14,403) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (31,164) | (22,439) | (20,443) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | |
Ending Balance, Foreign Currency Translation Adjustment, Net of Tax | (68,006) | (36,842) | (14,403) |
Beginning Balance, Accumulated Other Comprehensive Income (Loss), Net of Tax | (60,623) | (17,916) | |
Other Comprehensive Income (Loss), Adjustment, before Reclassification Adjustments, Net of Tax | (26,700) | (42,680) | |
Other Comprehensive Income (Loss), Reclassfication Adjustemnts, Net of Tax | 416 | (27) | |
Ending Balance, Accumulated Other Comprehensive Income (Loss), Net of Tax | (86,907) | (60,623) | $ (17,916) |
Other comprehensive income (loss), before Reclassification Adjustment, Tax | (6) | 2,108 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | $ 67 | $ 21 |
Stock Plans Stock Plans (Detail
Stock Plans Stock Plans (Details) - $ / shares | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding, Beginning | 5,502,560 | ||
Granted | 1,523,560 | ||
Exercised | 0 | ||
Forfeited | (856,978) | ||
Options outstanding, Ending | 6,169,142 | 5,502,560 | |
Options exercisable, Ending | 1,571,618 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Options outstanding, Beginning | $ 9.77 | ||
Granted | 1.88 | ||
Exercised | 0 | ||
Forfeited | 8.84 | ||
Options outstanding, Ending | 4.69 | $ 9.77 | |
Options exercisable, Ending | $ 7.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options outstanding January 3, 2015 | 8 years 1 month 11 days | ||
Options exercisable January 3, 2015 | 6 years 7 months 30 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Nonvested, Beginning | 52,200 | ||
Granted | 508,764 | ||
Vested | (194,971) | ||
Forfeited | (10,800) | ||
Nonvested, Ending | 355,193 | 52,200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested, Beginning | $ 4.25 | ||
Granted | 0.55 | $ 5.61 | $ 4.25 |
Vested | 0.99 | ||
Forfeited | 0 | ||
Nonvested, Ending | $ 0.87 | $ 4.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Annual risk-free rate | 2.02% | 2.26% | 1.99% |
Expected life of options (years) | 7 years 2 months 30 days | 8 years 2 months 1 day | 7 years 2 months 9 days |
Volatility | 26.90% | 42.20% | 52.30% |
Weighted average fair value of options granted per share | $ 0.17 | $ 1.95 | $ 2.58 |
Stock Plans Stock Plans (Textua
Stock Plans Stock Plans (Textual) (Details) | 3 Months Ended | 12 Months Ended | ||||
Jul. 04, 2015USD ($)$ / sharesshares | Jul. 02, 2011USD ($) | Jan. 02, 2016USD ($)$ / sharesshares | Jan. 03, 2015USD ($)$ / sharesshares | Dec. 28, 2013USD ($)$ / sharesshares | Oct. 12, 2010shares | |
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 9,050,076 | 7,550,076 | 6,150,076 | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Increase in Number of Shares Authorized | 1,500,000 | 1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.55 | $ 5.61 | $ 4.25 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | $ | $ 11,900,000 | |||||
Stock-based compensation expense | $ | 200,000 | $ 500,000 | $ 200,000 | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,523,560 | |||||
Stock Options [Member] | ||||||
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Shares Affected | 4.5 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | 17 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Modification Plan, Weighted Average Exercise Price Prior to Modification | $ / shares | $ 9.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Modification Plan, Average Remaining Contractual Life | 8.8 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 0.3 | $ 0 | ||||
Time-based Options [Member] | ||||||
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Annual Percentage of Vesting | 20.00% | |||||
Performance Shares [Member] | ||||||
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Annual Percentage of Vesting | 20.00% | |||||
Equity Option [Member] | ||||||
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,200,000 | |||||
Performance Shares [Member] | ||||||
Stock Plans Textual [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 |
Retirement Plans Defined Benefi
Retirement Plans Defined Benefit Plans Disclosure (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of period | $ 81,993 | $ 67,162 | |
Service cost | 1,191 | 1,233 | $ 1,033 |
Interest cost | 3,225 | 3,189 | 2,902 |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | (4,596) | 14,218 | |
Settlements | 0 | 0 | |
Participant contributions | 0 | 0 | |
Benefits paid | (3,992) | (3,809) | |
Retiree drug subsidy reimbursement | 0 | 0 | |
Effect of foreign exchange | 0 | 0 | |
Projected benefit obligation at end of period | 77,821 | 81,993 | 67,162 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of period | 58,631 | 54,502 | |
Actual return on plan assets | 2,294 | 4,297 | |
Settlements | 0 | 0 | |
Employer contributions | 2,705 | 3,641 | |
Participant contributions | 0 | 0 | |
Benefits paid | (3,992) | (3,809) | |
Effect of foreign exchange | 0 | 0 | |
Fair value of assets at beginning of period | 59,638 | 58,631 | 54,502 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | (18,183) | (23,362) | |
Defined Benefit Plan, Accumulated Benefit Obligation [Abstract] | |||
Accumulated Benefit Obligation | 77,821 | 81,993 | |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of period | 82,712 | 76,961 | |
Service cost | 2,496 | 2,373 | 2,785 |
Interest cost | 3,082 | 3,616 | 3,769 |
Plan amendments | 0 | 133 | |
Actuarial (gain) loss | (557) | 11,442 | |
Settlements | 0 | (688) | |
Participant contributions | 273 | 333 | |
Benefits paid | (2,750) | (3,610) | |
Retiree drug subsidy reimbursement | 0 | 0 | |
Effect of foreign exchange | (12,449) | (7,848) | |
Projected benefit obligation at end of period | 72,807 | 82,712 | 76,961 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of period | 70,422 | 67,964 | |
Actual return on plan assets | 3,091 | 7,191 | |
Settlements | 0 | (688) | |
Employer contributions | 4,506 | 5,998 | |
Participant contributions | 273 | 333 | |
Benefits paid | (2,750) | (3,610) | |
Effect of foreign exchange | (10,802) | (6,766) | |
Fair value of assets at beginning of period | 64,740 | 70,422 | 67,964 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | (8,067) | (12,290) | |
Defined Benefit Plan, Accumulated Benefit Obligation [Abstract] | |||
Accumulated Benefit Obligation | 67,273 | 76,472 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of period | 4,948 | 4,856 | |
Service cost | 12 | 11 | 12 |
Interest cost | 142 | 186 | 185 |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | (1,458) | 343 | |
Settlements | 0 | 0 | |
Participant contributions | 25 | 17 | |
Benefits paid | (395) | (474) | |
Retiree drug subsidy reimbursement | 38 | 43 | |
Effect of foreign exchange | (53) | (34) | |
Projected benefit obligation at end of period | 3,259 | 4,948 | 4,856 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Settlements | 0 | 0 | |
Employer contributions | 370 | 457 | |
Participant contributions | 25 | 17 | |
Benefits paid | (395) | (474) | |
Effect of foreign exchange | 0 | 0 | |
Fair value of assets at beginning of period | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | (3,259) | (4,948) | |
Defined Benefit Plan, Accumulated Benefit Obligation [Abstract] | |||
Accumulated Benefit Obligation | $ 3,259 | $ 4,948 |
Retirement Plans Amount Recogni
Retirement Plans Amount Recognized in Balance Sheet and Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Accrued liabilities | $ 0 | $ 0 |
Other liabilities | (18,183) | (23,362) |
Total recognized | (18,183) | (23,362) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial loss (gain) | 8,433 | 11,839 |
Net prior service cost | 96 | 106 |
Total recognized | 8,529 | 11,945 |
Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 59 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Accrued liabilities | 0 | 0 |
Other liabilities | (8,126) | (12,290) |
Total recognized | (8,067) | (12,290) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial loss (gain) | 12,511 | 12,735 |
Net prior service cost | 457 | 479 |
Total recognized | 12,968 | 13,214 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Accrued liabilities | (306) | (462) |
Other liabilities | (2,953) | (4,486) |
Total recognized | (3,259) | (4,948) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial loss (gain) | (1,567) | (280) |
Net prior service cost | (35) | (43) |
Total recognized | $ (1,602) | $ (323) |
Retirement Plans Net Periodic B
Retirement Plans Net Periodic Benefit Costs and Amount Recognized in Other Comprehensive Income (Loss) (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Amortization of prior service cost | $ (24) | $ (28) | |
Amortization of net actuarial (loss) gain | 483 | (6) | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 1,191 | 1,233 | $ 1,033 |
Interest cost | 3,225 | 3,189 | 2,902 |
Expected return on assets | (3,883) | (4,055) | (3,548) |
Loss recognized due to settlements | 0 | 0 | 0 |
Amortization of prior service cost | 10 | 10 | 1 |
Amortization of net actuarial loss (gain) | 399 | 0 | 240 |
Net periodic benefit cost | 942 | 377 | 628 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Net actuarial loss (gain) | (3,007) | 13,976 | (11,228) |
Prior service cost | 0 | 0 | 112 |
Loss recognized due to settlements | 0 | 0 | 0 |
Amortization of prior service cost | (10) | (10) | (1) |
Amortization of net actuarial (loss) gain | (399) | (240) | |
Total recognized | (3,416) | 13,966 | (11,357) |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 2,496 | 2,373 | 2,785 |
Interest cost | 3,082 | 3,616 | 3,769 |
Expected return on assets | (3,655) | (4,275) | (3,900) |
Loss recognized due to settlements | 0 | 117 | 599 |
Amortization of prior service cost | 22 | 26 | 20 |
Amortization of net actuarial loss (gain) | 231 | 54 | 508 |
Net periodic benefit cost | 2,176 | 1,911 | 3,781 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Net actuarial loss (gain) | 7 | 8,023 | (9,121) |
Prior service cost | 0 | 125 | 0 |
Loss recognized due to settlements | 0 | (117) | (599) |
Amortization of prior service cost | (22) | (26) | (20) |
Amortization of net actuarial (loss) gain | (231) | (54) | (508) |
Total recognized | (246) | 7,951 | (10,248) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 12 | 11 | 12 |
Interest cost | 142 | 186 | 185 |
Amortization of prior service cost | (8) | (8) | 0 |
Amortization of net actuarial loss (gain) | (171) | (88) | (8) |
Net periodic benefit cost | (25) | 101 | 189 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Net actuarial loss (gain) | (1,458) | 342 | (817) |
Prior service cost | 0 | 0 | (51) |
Amortization of prior service cost | 8 | 8 | 0 |
Amortization of net actuarial (loss) gain | 171 | 88 | 8 |
Total recognized | $ (1,279) | $ 438 | $ (860) |
Retirement Plans Assumptions Us
Retirement Plans Assumptions Used (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.35% | 4.02% | |
Compensation increases | 0.00% | 0.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.02% | 4.81% | 3.97% |
Long-term rate of return on assets | 6.70% | 7.50% | 7.50% |
Compensation increases | 0.00% | 0.00% | 0.00% |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.02% | 4.00% | |
Compensation increases | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.00% | 4.78% | 4.48% |
Long-term rate of return on assets | 5.60% | 6.30% | 6.25% |
Compensation increases | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.03% | 3.69% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.69% | 4.25% | 3.43% |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Assumed health care cost trend rate medical claims | 7.00% | 6.80% | 7.00% |
Ultimate health care cost trend | 4.50% | 5.00% | 5.00% |
Ultimate year health care cost trend rate is achieved | 2,023 | 2,023 | 2,022 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 174 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (152) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 8 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ (7) |
Retirement Plans Allocation of
Retirement Plans Allocation of Plan Assets (Details 5) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 64,740 | $ 70,422 | $ 67,964 |
United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 59,638 | 58,631 | $ 54,502 |
Fair Value, Inputs, Level 1 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 2 | |
Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 50 | 35,215 | |
Fair Value, Inputs, Level 2 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 64,740 | 70,420 | |
Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 59,588 | 23,416 | |
Fair Value, Inputs, Level 3 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Securities [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 35,172 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 35,172 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Equity Funds [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57,925 | 9,494 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Equity Funds [Member] | Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57,925 | 9,494 | |
Equity Funds [Member] | Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
US Treasury and Government [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 11,532 | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 11,532 | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Money Market Funds [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,663 | 2,390 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,663 | 2,390 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Cash [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2 | ||
Cash [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 50 | 43 | |
Cash [Member] | Fair Value, Inputs, Level 1 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2 | ||
Cash [Member] | Fair Value, Inputs, Level 1 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 50 | 43 | |
Cash [Member] | Fair Value, Inputs, Level 2 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 2 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Cash [Member] | Fair Value, Inputs, Level 3 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 3 | United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Pooled Funds | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 64,740 | 70,420 | |
Pooled Funds | Fair Value, Inputs, Level 1 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Pooled Funds | Fair Value, Inputs, Level 2 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 64,740 | 70,420 | |
Pooled Funds | Fair Value, Inputs, Level 3 | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans Expected Benef
Retirement Plans Expected Benefit Payments (Details 6) $ in Thousands | Jan. 02, 2016USD ($) |
United States Pension Plans of US Entity, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 3,664 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 3,807 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 3,925 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 4,150 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 4,293 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 23,799 |
Foreign Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 2,692 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 2,810 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 2,914 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,977 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 3,196 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 17,939 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 306 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 291 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 274 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 263 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 240 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,004 |
Prescription Drug Subsidy Receipts, Fiscal Year Maturity [Abstract] | |
Prescription Drug Subsidy Receipts, Next Twelve Months | (30) |
Prescription Drug Subsidy Receipts, Year Two | (31) |
Prescription Drug Subsidy Receipts, Year Three | (31) |
Prescription Drug Subsidy Receipts, Year Four | (31) |
Prescription Drug Subsidy Receipts, Year Five | (30) |
Prescription Drug Subsidy Receipts, after Year Five | $ (128) |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans (Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 3.50% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,900 | $ 2,700 | $ 2,600 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Plans, Estimated Net Actuarial Costs to be Amortized Next Year | 300 | ||
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | $ (117) | $ (599) |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 4,500 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Plans, Estimated Net Actuarial Costs to be Amortized Next Year | (200) | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 300 | ||
Equity Funds [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Goals | 0.6 | 0.6 | |
Equity Funds [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Goals | 0.3 | 0.6 | |
Fixed Income Funds [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Goals | 0.4 | 0.35 | |
Fixed Income Funds [Member] | Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Goals | 0.7 | 0.4 | |
Cash and Cash Equivalents [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Investment Goals | 0.05 |
Lease Commitments (Details)
Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 39,100 | $ 39,200 | $ 39,800 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 36,893 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 32,442 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 26,243 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 20,016 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 11,492 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 15,102 | ||
Operating Leases, Future Minimum Payments Due | $ 142,188 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2011 | Jan. 02, 2016 | |
Loss Contingencies [Line Items] | ||
Letters of credit outstanding, amount | $ 13,100 | |
Environmental Issue [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental Remediation Funding | $ 100 | |
Letters of credit outstanding, amount | 300 | |
Accrual for Environmental Loss Contingencies, Gross | $ 1,000 |
Revenue from External Customer
Revenue from External Customer by Products and Services (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Revenue from External Customer [Line Items] | |||
Net sales | $ 1,184,969 | $ 1,186,973 | $ 1,169,598 |
Vinyl Windows [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 419,885 | 401,550 | 369,869 |
Vinyl Siding Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 200,518 | 213,949 | 216,872 |
Metal Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 148,747 | 155,464 | 166,602 |
Third-party Manufactured Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | 286,173 | 296,927 | 314,408 |
Other Products and Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Net sales | $ 129,646 | $ 119,083 | $ 101,847 |
Business Segments Revenue from
Business Segments Revenue from External Customers and Long-Lived Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 1,184,969 | $ 1,186,973 | $ 1,169,598 |
Long-Lived Assets | 90,794 | 93,900 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 980,559 | 965,739 | 950,977 |
Long-Lived Assets | 66,580 | 64,451 | |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 204,410 | 221,234 | $ 218,621 |
Long-Lived Assets | $ 24,214 | $ 29,449 |
Subsidiary Guarantors - (Textua
Subsidiary Guarantors - (Textual) (Details) | 12 Months Ended |
Jan. 02, 2016 | |
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 [Member] | 9.125% notes | |
Condensed Financial Statements, Captions [Line Items] | |
Debt instrument, interest rate, stated percentage | 9.125% |
Subsidiary Guarantors - (Balanc
Subsidiary Guarantors - (Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 9,394 | $ 5,963 | $ 20,815 | $ 9,594 |
Accounts receivable, net | 127,043 | 125,121 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 123,374 | 145,532 | ||
Income taxes receivable | 1,612 | 144 | ||
Deferred income taxes | 1,502 | 2,439 | ||
Prepaid expenses and other current assets | 14,163 | 15,859 | ||
Total current assets | 277,088 | 295,058 | ||
Property, plant and equipment, net | 90,794 | 93,900 | ||
Goodwill | 302,908 | 317,257 | 471,791 | |
Other intangible assets, net | 397,953 | 437,300 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets | 13,270 | 18,662 | ||
Total assets | 1,082,013 | 1,162,177 | ||
Current liabilities: | ||||
Accounts payable | 91,563 | 94,768 | ||
Intercompany payables | 0 | 0 | ||
Accrued liabilities | 83,630 | 81,734 | ||
Deferred income taxes | 436 | 1,292 | ||
Income taxes payable | 36 | 1,782 | ||
Total current liabilities | 175,665 | 179,576 | ||
Deferred income taxes | 82,102 | 88,330 | ||
Other liabilities | 113,123 | 129,016 | ||
Long-term debt | 925,484 | 903,404 | ||
Member’s equity | (214,361) | (138,149) | 197,790 | 231,055 |
Total liabilities and member’s equity | 1,082,013 | 1,162,177 | ||
Company | ||||
Current assets: | ||||
Cash and cash equivalents | 8,356 | 5,933 | 7,566 | 7,320 |
Accounts receivable, net | 103,506 | 98,945 | ||
Intercompany receivables | 352,323 | 356,421 | ||
Inventories | 88,440 | 100,487 | ||
Income taxes receivable | 0 | 0 | ||
Deferred income taxes | 243 | 487 | ||
Prepaid expenses and other current assets | 12,114 | 13,422 | ||
Total current assets | 564,982 | 575,695 | ||
Property, plant and equipment, net | 65,277 | 62,977 | ||
Goodwill | 203,841 | 203,841 | ||
Other intangible assets, net | 285,115 | 305,127 | ||
Investment in subsidiaries | 153,964 | 128,532 | ||
Intercompany receivable | 0 | 0 | ||
Other assets | 12,249 | 17,246 | ||
Total assets | 1,131,464 | 1,164,886 | ||
Current liabilities: | ||||
Accounts payable | 68,213 | 67,160 | ||
Intercompany payables | 1,794 | 1,794 | ||
Accrued liabilities | 71,446 | 70,439 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 36 | 46 | ||
Total current liabilities | 141,489 | 139,439 | ||
Deferred income taxes | 50,147 | 51,012 | ||
Other liabilities | 76,641 | 84,048 | ||
Long-term debt | 923,584 | 900,004 | ||
Member’s equity | (214,361) | (138,149) | ||
Total liabilities and member’s equity | 1,131,464 | 1,164,886 | ||
Co-Issuer | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable | 832,684 | 834,004 | ||
Other assets | 0 | 0 | ||
Total assets | 832,684 | 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 | ||
Long-term debt | 832,684 | 834,004 | ||
Member’s equity | 0 | 0 | ||
Total liabilities and member’s equity | 832,684 | 834,004 | ||
Subsidiary Guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 152 | 0 | 0 | 0 |
Accounts receivable, net | 6,903 | 6,411 | ||
Intercompany receivables | 67,591 | 61,740 | ||
Inventories | 5,527 | 10,969 | ||
Income taxes receivable | 178 | 144 | ||
Deferred income taxes | 1,258 | 1,952 | ||
Prepaid expenses and other current assets | 955 | 996 | ||
Total current assets | 82,564 | 82,212 | ||
Property, plant and equipment, net | 1,303 | 1,474 | ||
Goodwill | 16,713 | 16,713 | ||
Other intangible assets, net | 32,633 | 33,084 | ||
Investment in subsidiaries | 246,523 | 215,008 | ||
Intercompany receivable | 0 | 0 | ||
Other assets | 1 | 45 | ||
Total assets | 133,214 | 133,528 | ||
Current liabilities: | ||||
Accounts payable | 4,183 | 6,679 | ||
Intercompany payables | 0 | 0 | ||
Accrued liabilities | 4,876 | 4,683 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 9,059 | 11,362 | ||
Deferred income taxes | 11,920 | 13,295 | ||
Other liabilities | 19,676 | 22,395 | ||
Long-term debt | 0 | 0 | ||
Member’s equity | (153,964) | (128,532) | ||
Total liabilities and member’s equity | 133,214 | 133,528 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 886 | 30 | 13,249 | 2,274 |
Accounts receivable, net | 16,634 | 19,765 | ||
Intercompany receivables | 1,794 | 1,794 | ||
Inventories | 29,407 | 34,076 | ||
Income taxes receivable | 1,434 | 0 | ||
Deferred income taxes | 1 | 0 | ||
Prepaid expenses and other current assets | 1,094 | 1,441 | ||
Total current assets | 51,250 | 57,106 | ||
Property, plant and equipment, net | 24,214 | 29,449 | ||
Goodwill | 82,354 | 96,703 | ||
Other intangible assets, net | 80,205 | 99,089 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets | 1,020 | 1,371 | ||
Total assets | 239,043 | 283,718 | ||
Current liabilities: | ||||
Accounts payable | 19,167 | 20,929 | ||
Intercompany payables | 419,914 | 418,161 | ||
Accrued liabilities | 7,308 | 6,612 | ||
Deferred income taxes | 436 | 1,292 | ||
Income taxes payable | 0 | 1,736 | ||
Total current liabilities | 446,825 | 448,730 | ||
Deferred income taxes | 20,035 | 24,023 | ||
Other liabilities | 16,806 | 22,573 | ||
Long-term debt | 1,900 | 3,400 | ||
Member’s equity | (246,523) | (215,008) | ||
Total liabilities and member’s equity | 239,043 | 283,718 | ||
Reclassification/Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | (421,708) | (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 | (421,708) | (419,955) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | (400,487) | (343,540) | ||
Intercompany receivable | (832,684) | (834,004) | ||
Other assets | 0 | 0 | ||
Total assets | (1,254,392) | (1,253,959) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Intercompany payables | (421,708) | (419,955) | ||
Accrued liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | (421,708) | (419,955) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Long-term debt | (832,684) | (834,004) | ||
Member’s equity | 400,487 | 343,540 | ||
Total liabilities and member’s equity | $ (1,254,392) | $ (1,253,959) |
Subsidiary Guarantors - (Statem
Subsidiary Guarantors - (Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 27, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $ 1,184,969 | $ 1,186,973 | $ 1,169,598 | |
Cost of sales | 908,775 | 943,419 | 887,798 | |
Gross profit | 276,194 | 243,554 | 281,800 | |
Selling, general and administrative expenses | 239,790 | 247,614 | 232,281 | |
Impairment of goodwill | $ 148,500 | 0 | 144,159 | 0 |
Impairment of Intangible Assets (Excluding Goodwill) | 89,687 | |||
Restructuring Charges | 1,837 | (331) | ||
Operating Income (Loss) | 34,567 | (237,575) | 49,519 | |
Interest Income (Expense), Net | 83,494 | 82,527 | 79,751 | |
Foreign currency loss (gain) | 1,878 | 788 | 754 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (50,805) | (320,890) | (30,986) | |
Income Tax Expense (Benefit) | (693) | (27,201) | 2,507 | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | (50,112) | (293,689) | (33,493) | |
Equity (loss) income from subsidiaries | 0 | 0 | 0 | |
Net loss | (50,112) | (293,689) | (33,493) | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | (4,880) | 20,268 | (19,774) | |
Foreign currency translation adjustments, net of tax | (31,164) | (22,439) | (20,443) | |
Total comprehensive income (loss) | (76,396) | (336,396) | (34,162) | |
Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 949,796 | 933,837 | 900,422 | |
Cost of sales | 733,380 | 758,858 | 687,015 | |
Gross profit | 216,416 | 174,979 | 213,407 | |
Selling, general and administrative expenses | 188,785 | 199,298 | 183,250 | |
Impairment of goodwill | 96,801 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 54,600 | |||
Restructuring Charges | 1,837 | (331) | ||
Operating Income (Loss) | 25,794 | (175,389) | 30,157 | |
Interest Income (Expense), Net | 82,754 | 80,991 | 77,681 | |
Foreign currency loss (gain) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (56,960) | (256,380) | (47,524) | |
Income Tax Expense (Benefit) | (1,637) | (23,340) | (1,882) | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | (55,323) | (233,040) | (45,642) | |
Equity (loss) income from subsidiaries | 5,211 | (60,649) | 12,149 | |
Net loss | (50,112) | (293,689) | (33,493) | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | (4,880) | 20,268 | (19,774) | |
Foreign currency translation adjustments, net of tax | (31,164) | (22,439) | (20,443) | |
Total comprehensive income (loss) | (76,396) | (336,396) | (34,162) | |
Co-Issuer | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | |
Selling, general and administrative expenses | 0 | 0 | 0 | |
Impairment of goodwill | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | |||
Restructuring Charges | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | 0 | |
Interest Income (Expense), Net | 0 | 0 | 0 | |
Foreign currency loss (gain) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | |
Income Tax Expense (Benefit) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | 0 | 0 | 0 | |
Equity (loss) income from subsidiaries | 0 | 0 | 0 | |
Net loss | 0 | 0 | 0 | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | 0 | 0 | 0 | |
Foreign currency translation adjustments, net of tax | 0 | 0 | 0 | |
Total comprehensive income (loss) | 0 | 0 | 0 | |
Subsidiary Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 138,927 | 155,953 | 166,302 | |
Cost of sales | 125,611 | 143,315 | 150,647 | |
Gross profit | 13,316 | 12,638 | 15,655 | |
Selling, general and administrative expenses | 7,039 | 4,678 | 5,281 | |
Impairment of goodwill | 8,850 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 11,721 | |||
Restructuring Charges | 0 | 0 | ||
Operating Income (Loss) | 6,277 | (12,611) | 10,374 | |
Interest Income (Expense), Net | 0 | 0 | 0 | |
Foreign currency loss (gain) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 6,277 | (12,611) | 10,374 | |
Income Tax Expense (Benefit) | 760 | (587) | 1,668 | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | 5,517 | (12,024) | 8,706 | |
Equity (loss) income from subsidiaries | (306) | (48,625) | 3,443 | |
Net loss | 5,211 | (60,649) | 12,149 | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | (739) | 8,252 | (9,666) | |
Foreign currency translation adjustments, net of tax | (31,164) | (22,439) | (20,443) | |
Total comprehensive income (loss) | (25,214) | (91,340) | 1,372 | |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 247,335 | 276,822 | 263,604 | |
Cost of sales | 200,873 | 220,885 | 210,866 | |
Gross profit | 46,462 | 55,937 | 52,738 | |
Selling, general and administrative expenses | 43,966 | 43,638 | 43,750 | |
Impairment of goodwill | 38,508 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 23,366 | |||
Restructuring Charges | 0 | 0 | ||
Operating Income (Loss) | 2,496 | (49,575) | 8,988 | |
Interest Income (Expense), Net | 740 | 1,536 | 2,070 | |
Foreign currency loss (gain) | 1,878 | 788 | 754 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (122) | (51,899) | 6,164 | |
Income Tax Expense (Benefit) | 184 | (3,274) | 2,721 | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | (306) | (48,625) | 3,443 | |
Equity (loss) income from subsidiaries | 0 | 0 | 0 | |
Net loss | (306) | (48,625) | 3,443 | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | (174) | 5,889 | (7,594) | |
Foreign currency translation adjustments, net of tax | (31,164) | (22,439) | (20,443) | |
Total comprehensive income (loss) | (31,296) | (76,953) | (9,406) | |
Reclassification/Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | (151,089) | (179,639) | (160,730) | |
Cost of sales | (151,089) | (179,639) | (160,730) | |
Gross profit | 0 | 0 | 0 | |
Selling, general and administrative expenses | 0 | 0 | 0 | |
Impairment of goodwill | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | |||
Restructuring Charges | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | 0 | |
Interest Income (Expense), Net | 0 | 0 | 0 | |
Foreign currency loss (gain) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | |
Income Tax Expense (Benefit) | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments Loss | 0 | 0 | 0 | |
Equity (loss) income from subsidiaries | (4,905) | 109,274 | (15,592) | |
Net loss | (4,905) | 109,274 | (15,592) | |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefit adjustments, net of tax | 913 | (14,141) | 17,260 | |
Foreign currency translation adjustments, net of tax | 62,328 | 44,878 | 40,886 | |
Total comprehensive income (loss) | $ 56,510 | $ 168,293 | $ 8,034 |
Subsidiary Guarantors - (Stat83
Subsidiary Guarantors - (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ (3,423) | $ (70,965) | $ 253 |
Investing Activities | |||
Capital expenditures | (16,573) | (12,852) | (11,702) |
Supply center acquisition | 0 | 0 | (348) |
Payments On Loans To Affiliates | 0 | 0 | 0 |
Receipts On Loans To Affiliates | 0 | 0 | 0 |
Proceeds from the sale of assets | 152 | 19 | 60 |
Net Cash Provided by (Used in) Investing Activities | (16,421) | (12,833) | (11,990) |
Financing Activities | |||
Borrowings under ABL facilities | 187,331 | 240,222 | 148,861 |
Payments under ABL facilities | (163,953) | (170,810) | (226,861) |
Borrowings From Affiliates | 0 | 0 | 0 |
Repayments To Affiliates | 0 | 0 | 0 |
Equity contribution from parent | 0 | 0 | 742 |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 106,000 |
Financing costs | 0 | 0 | (5,549) |
Net cash provided by (used in) financing activities | 23,378 | 69,412 | 23,193 |
Effect of exchange rate changes on cash and cash equivalents | (103) | (466) | (235) |
Net (decrease) increase in cash and cash equivalents | 3,431 | (14,852) | 11,221 |
Cash and cash equivalents at beginning of the period | 5,963 | 20,815 | 9,594 |
Cash and cash equivalents at end of the period | 9,394 | 5,963 | 20,815 |
Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (39,538) | (77,627) | 2,063 |
Investing Activities | |||
Capital expenditures | (14,647) | (11,321) | (10,926) |
Supply center acquisition | (348) | ||
Payments On Loans To Affiliates | 0 | 0 | (20,000) |
Receipts On Loans To Affiliates | 2,000 | 6,500 | 11,500 |
Proceeds from the sale of assets | 150 | 16 | 56 |
Net Cash Provided by (Used in) Investing Activities | (12,497) | (4,805) | (19,718) |
Financing Activities | |||
Borrowings under ABL facilities | 111,300 | 156,700 | 99,891 |
Payments under ABL facilities | (86,400) | (90,700) | (169,391) |
Borrowings From Affiliates | 47,058 | 14,799 | 0 |
Repayments To Affiliates | 17,500 | 0 | (14,267) |
Equity contribution from parent | 742 | ||
Proceeds from Issuance of Long-term Debt | 106,000 | ||
Financing costs | (5,074) | ||
Net cash provided by (used in) financing activities | 54,458 | 80,799 | 17,901 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 2,423 | (1,633) | 246 |
Cash and cash equivalents at beginning of the period | 5,933 | 7,566 | 7,320 |
Cash and cash equivalents at end of the period | 8,356 | 5,933 | 7,566 |
Co-Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing Activities | |||
Capital expenditures | 0 | 0 | 0 |
Supply center acquisition | 0 | ||
Payments On Loans To Affiliates | 0 | 0 | 0 |
Receipts On Loans To Affiliates | 0 | 0 | 0 |
Proceeds from the sale of assets | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Financing Activities | |||
Borrowings under ABL facilities | 0 | 0 | 0 |
Payments under ABL facilities | 0 | 0 | 0 |
Borrowings From Affiliates | 0 | 0 | 0 |
Repayments To Affiliates | 0 | 0 | 0 |
Equity contribution from parent | 0 | ||
Proceeds from Issuance of Long-term Debt | 0 | ||
Financing costs | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at end of the period | 0 | 0 | 0 |
Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 22,373 | 15,075 | (14,211) |
Investing Activities | |||
Capital expenditures | (163) | (276) | (56) |
Supply center acquisition | 0 | ||
Payments On Loans To Affiliates | (22,058) | (14,799) | 0 |
Receipts On Loans To Affiliates | 0 | 0 | 14,267 |
Proceeds from the sale of assets | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | (22,221) | (15,075) | 14,211 |
Financing Activities | |||
Borrowings under ABL facilities | 0 | 0 | 0 |
Payments under ABL facilities | 0 | 0 | 0 |
Borrowings From Affiliates | 0 | 0 | 0 |
Repayments To Affiliates | 0 | 0 | 0 |
Equity contribution from parent | 0 | ||
Proceeds from Issuance of Long-term Debt | 0 | ||
Financing costs | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 152 | 0 | 0 |
Cash and cash equivalents at beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at end of the period | 152 | 0 | 0 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 13,742 | (8,413) | 12,401 |
Investing Activities | |||
Capital expenditures | (1,763) | (1,255) | (720) |
Supply center acquisition | 0 | ||
Payments On Loans To Affiliates | (25,000) | 0 | 0 |
Receipts On Loans To Affiliates | 17,500 | 0 | 0 |
Proceeds from the sale of assets | 2 | 3 | 4 |
Net Cash Provided by (Used in) Investing Activities | (9,261) | (1,252) | (716) |
Financing Activities | |||
Borrowings under ABL facilities | 76,031 | 83,522 | 48,970 |
Payments under ABL facilities | (77,553) | (80,110) | (57,470) |
Borrowings From Affiliates | 0 | 0 | 20,000 |
Repayments To Affiliates | (2,000) | (6,500) | (11,500) |
Equity contribution from parent | 0 | ||
Proceeds from Issuance of Long-term Debt | 0 | ||
Financing costs | (475) | ||
Net cash provided by (used in) financing activities | (3,522) | (3,088) | (475) |
Effect of exchange rate changes on cash and cash equivalents | (103) | (466) | (235) |
Net (decrease) increase in cash and cash equivalents | 856 | (13,219) | 10,975 |
Cash and cash equivalents at beginning of the period | 30 | 13,249 | 2,274 |
Cash and cash equivalents at end of the period | 886 | 30 | 13,249 |
Reclassification/Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing Activities | |||
Capital expenditures | 0 | 0 | |
Supply center acquisition | 0 | ||
Payments On Loans To Affiliates | 47,058 | 14,799 | 20,000 |
Receipts On Loans To Affiliates | (19,500) | (6,500) | (25,767) |
Proceeds from the sale of assets | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 27,558 | 8,299 | (5,767) |
Financing Activities | |||
Borrowings under ABL facilities | 0 | 0 | 0 |
Payments under ABL facilities | 0 | 0 | |
Borrowings From Affiliates | (47,058) | (14,799) | (20,000) |
Repayments To Affiliates | (19,500) | (6,500) | 25,767 |
Equity contribution from parent | 0 | 0 | |
Proceeds from Issuance of Long-term Debt | 0 | ||
Financing costs | 0 | ||
Net cash provided by (used in) financing activities | (27,558) | (8,299) | 5,767 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at end of the period | $ 0 | $ 0 | $ 0 |