Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 30, 2014 | 5-May-14 | |
Entity [Abstract] | ' | ' |
Entity Registrant Name | 'MASONITE INTERNATIONAL CORPORATION | ' |
Entity Central Index Key | '0000893691 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 29,429,916 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net sales | $422,460 | $424,524 |
Cost of goods sold | 369,474 | 374,123 |
Gross profit | 52,986 | 50,401 |
Selling, general and administration expenses | 57,775 | 46,960 |
Restructuring costs | 721 | 1,440 |
Operating income (loss) | -5,510 | 2,001 |
Interest expense (income), net | 9,993 | 8,250 |
Other expense (income), net | 181 | -158 |
Income (loss) from continuing operations before income tax expense (benefit) | -15,684 | -6,091 |
Income tax expense (benefit) | 19 | -1,036 |
Income (loss) from continuing operations | -15,703 | -5,055 |
Income (loss) from discontinued operations, net of tax | -142 | -90 |
Net income (loss) | -15,845 | -5,145 |
Less: net income (loss) attributable to non-controlling interest | 741 | 680 |
Net income (loss) attributable to Masonite | -16,586 | -5,825 |
Basic earnings (loss) per common share attributable to Masonite: | ' | ' |
Basic (in dollars per share) | ($0.56) | ($0.21) |
Diluted (in dollars per share) | ($0.56) | ($0.21) |
Earnings (loss) per common share from continuing operations attributable to Masonite: | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | ($0.56) | ($0.21) |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.56) | ($0.21) |
Other comprehensive income (loss): | ' | ' |
Foreign exchange gain (loss) | -7,485 | -16,198 |
Amortization of actuarial net losses | 0 | 349 |
Income tax benefit (expense) related to other comprehensive income (loss) | 0 | -517 |
Other comprehensive income (loss), net of tax: | -7,485 | -16,366 |
Comprehensive income (loss) | -23,330 | -21,511 |
Less: comprehensive income (loss) attributable to non-controlling interest | 270 | 426 |
Comprehensive income (loss) attributable to Masonite | ($23,600) | ($21,937) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $166,264 | $100,873 |
Restricted cash | 13,307 | 13,831 |
Accounts receivable, net | 264,634 | 243,823 |
Inventories, net | 235,521 | 218,348 |
Prepaid expenses | 24,497 | 22,371 |
Assets held for sale | 3,451 | 3,408 |
Income taxes receivable | 2,719 | 3,250 |
Current deferred income taxes | 16,869 | 17,840 |
Total current assets | 727,262 | 623,744 |
Property, plant and equipment, net | 620,135 | 630,279 |
Investment in equity investees | 7,730 | 7,483 |
Goodwill | 99,485 | 78,404 |
Intangible assets, net | 227,885 | 203,714 |
Long-term deferred income taxes | 22,736 | 23,363 |
Other assets, net | 24,475 | 24,158 |
Total assets | 1,729,708 | 1,591,145 |
Current liabilities: | ' | ' |
Accounts payable | 113,315 | 98,936 |
Accrued expenses | 137,565 | 128,924 |
Income taxes payable | 836 | 732 |
Total current liabilities | 251,716 | 228,592 |
Long-term debt | 513,339 | 377,861 |
Long-term deferred income taxes | 112,045 | 108,924 |
Other liabilities | 48,771 | 50,206 |
Total liabilities | 925,871 | 765,583 |
Commitments and Contingencies (Note 9) | ' | ' |
Equity: | ' | ' |
Share capital: unlimited shares authorized, no par value, 29,294,453 and 29,085,021 shares issued and outstanding as of March 30, 2014, and December 29, 2013, respectively. | 646,871 | 646,196 |
Additional paid-in capital | 231,799 | 230,306 |
Accumulated deficit | -76,763 | -60,177 |
Accumulated other comprehensive income (loss) | -26,615 | -19,601 |
Total equity attributable to Masonite | 775,292 | 796,724 |
Equity attributable to non-controlling interests | 28,545 | 28,838 |
Total equity | 803,837 | 825,562 |
Total liabilities and equity | $1,729,708 | $1,591,145 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) | Mar. 30, 2014 | Dec. 29, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Shares issued | 29,294,453 | 29,085,021 |
Shares outstanding | 29,294,453 | 29,085,021 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity Attributable to Masonite | Equity Attributable to Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | |||||||
Opening Balance, Value at Dec. 30, 2012 | $837,815 | $633,910 | $240,784 | ($49,167) | ($18,984) | $806,543 | $31,272 |
Opening Balance, Shares at Dec. 30, 2012 | ' | 27,943,774 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -8,960 | ' | ' | -11,010 | ' | -11,010 | 2,050 |
Other comprehensive income (loss), net of tax | -1,378 | ' | ' | ' | -617 | -617 | -761 |
Dividends to non-controlling interests | -3,723 | ' | ' | ' | ' | ' | -3,723 |
Share based awards | 7,752 | ' | 7,752 | ' | ' | 7,752 | ' |
Common shares issued for delivery of share based awards, Shares | ' | 1,141,247 | ' | ' | ' | ' | ' |
Common shares issued for delivery of share based awards, Value | ' | 12,286 | -12,286 | ' | ' | ' | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | -5,944 | ' | -5,944 | ' | ' | -5,944 | ' |
Ending Balance, Value at Dec. 29, 2013 | 825,562 | 646,196 | 230,306 | -60,177 | -19,601 | 796,724 | 28,838 |
Ending Balance, Shares at Dec. 29, 2013 | 29,085,021 | 29,085,021 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -15,845 | ' | ' | -16,586 | ' | -16,586 | 741 |
Other comprehensive income (loss), net of tax | -7,485 | ' | ' | ' | -7,014 | -7,014 | -471 |
Dividends to non-controlling interests | -563 | ' | ' | ' | ' | ' | -563 |
Share based awards | 2,283 | ' | 2,283 | ' | ' | 2,283 | ' |
Common shares issued for delivery of share based awards, Shares | ' | 110,693 | ' | ' | ' | ' | ' |
Common shares issued for delivery of share based awards, Value | ' | 560 | -560 | ' | ' | ' | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | -115 | ' | -115 | ' | ' | -115 | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | 98,739 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | ' | 115 | -115 | ' | ' | ' | ' |
Ending Balance, Value at Mar. 30, 2014 | $803,837 | $646,871 | $231,799 | ($76,763) | ($26,615) | $775,292 | $28,545 |
Ending Balance, Shares at Mar. 30, 2014 | 29,294,453 | 29,294,453 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($15,845) | ($5,145) |
Adjustments to reconcile net income (loss) to net cash flow provided by (used in) operating activities, net of acquisitions: | ' | ' |
Loss (income) from discontinued operations, net of tax | 142 | 90 |
Depreciation | 15,446 | 16,526 |
Amortization | 5,691 | 4,270 |
Share based compensation expense | 2,283 | 1,830 |
Deferred income taxes | -1,050 | -1,539 |
Unrealized foreign exchange loss (gain) | 287 | -35 |
Share of loss (income) from equity investees, net of tax | -242 | -208 |
Pension and post-retirement expense (funding), net | -924 | -894 |
Non-cash accruals and interest | -426 | 378 |
Loss (gain) on sale of property, plant and equipment | 1,087 | 110 |
Accounts receivable | -19,576 | -19,670 |
Inventories | -16,295 | 1,428 |
Prepaid expenses | -1,203 | -1,536 |
Accounts payable and accrued expenses | 19,527 | 778 |
Other assets and liabilities | 497 | -409 |
Net cash flow provided by (used in) operating activities | -10,601 | -4,026 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property, plant and equipment | 274 | 1,806 |
Additions to property, plant and equipment | -8,353 | -6,439 |
Cash used in acquisitions, net of cash acquired | -50,342 | 0 |
Restricted cash | 524 | -1,365 |
Other investing activities | -282 | -1,147 |
Net cash flow provided by (used in) investing activities | -58,179 | -7,145 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 138,688 | 0 |
Payment of financing costs | -1,925 | 0 |
Minimum tax withholding on share based awards | -115 | 0 |
Distributions to non-controlling interests | -563 | -490 |
Net cash flow provided by (used in) financing activities | 136,085 | -490 |
Net foreign currency translation adjustment on cash | -1,914 | -1,000 |
Increase (decrease) in cash and cash equivalents | 65,391 | -12,661 |
Cash and cash equivalents, beginning of period | 100,873 | 122,314 |
Cash and cash equivalents, at end of period | $166,264 | $109,653 |
Business_Overview_and_Signific
Business Overview and Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business Overview and Significant Accounting Policies | ' |
Business Overview and Significant Accounting Policies | |
Unless we state otherwise or the context otherwise requires, references to “Masonite,” “we,” “our,” “us” and the “Company” in these notes to the consolidated financial statements refer to Masonite International Corporation and its subsidiaries. | |
Description of Business | |
Masonite International Corporation is one of the largest manufacturers of doors in the world, with significant market share in both interior and exterior door products. Masonite operates 65 manufacturing locations in 11 countries and sells doors to customers throughout the world, including the United States, Canada and France. | |
Basis of Presentation | |
We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. | |
These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the fiscal year ended December 29, 2013, as filed with the SEC. There have been no changes in the significant accounting policies from those that were disclosed in the 2013 audited consolidated financial statements. | |
Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods. | |
Changes in Accounting Standards and Policies | |
Adoption of Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which amended ASC 740, “Income Taxes.” This ASU addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss, a similar tax loss or a tax credit carryforward exists. This ASU requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption is permitted. The adoption of this standard did not have a material impact on the presentation of our financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which amended ASC 830, “Foreign Currency Matters.” This ASU updates accounting guidance related to the application of consolidation guidance and foreign currency matters. This ASU resolves the diversity in practice about what guidance applies to the release of the cumulative translation adjustment into net income. This ASU is effective prospectively for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The adoption of this standard did not have an impact on our financial statements. Any future impact of ASU No. 2013-5 on our financial position and results of operations will depend upon the nature and extent of future sales or dispositions of any entities that had created a cumulative translation adjustment. |
Acquisitions
Acquisitions | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions | ' | |||||||||||
Acquisitions | ||||||||||||
2014 Acquisition | ||||||||||||
On February 24, 2014, we completed the acquisition of Door-Stop International Limited ("Door-Stop") for total consideration of $50.4 million. We acquired 100% of the equity interests in Door-Stop through the purchase of all outstanding shares of common stock on the acquisition date. Door-Stop is based in Nottinghamshire, United Kingdom, utilizes an internet-based ordering process and manufactures exterior door sets for the residential repair and renovation markets. The excess purchase price over the fair value of net tangible and intangible assets acquired of $21.2 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from integration into our United Kingdom operations. This goodwill is not deductible for tax purposes and relates to the Europe, Asia and Latin America segment. The Door-Stop acquisition complements our existing global fiberglass business. | ||||||||||||
The aggregate consideration paid for the acquisition during 2014 was as follows: | ||||||||||||
(In thousands) | Door-Stop Acquisition | |||||||||||
Accounts receivable, net | $ | 2,648 | ||||||||||
Inventory | 2,665 | |||||||||||
Property, plant and equipment | 4,303 | |||||||||||
Goodwill | 21,227 | |||||||||||
Intangible assets, net | 28,776 | |||||||||||
Accounts payable and accrued expenses, net | (3,492 | ) | ||||||||||
Other assets and liabilities, net | (5,772 | ) | ||||||||||
Cash consideration, net of cash acquired | $ | 50,355 | ||||||||||
The fair values of tangible assets acquired and liabilities assumed were based upon preliminary calculations and valuations and the estimates and assumptions for the acquisition are subject to change as we obtain additional information during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary estimates, which are not yet finalized, relate to certain tangible assets and liabilities acquired and identifiable intangible assets. The fair values of intangible assets acquired are based on management’s estimates and assumptions including variations of the income approach, the cost approach and the market approach. Intangible assets acquired from Door-Stop consist of customer relationships and are being amortized over the weighted average amortization period of 9.9 years. The intangible assets are not expected to have any residual value. The gross contractual value of acquired trade receivables was $2.8 million. | ||||||||||||
The following schedule represents the amount of revenue and earnings from the Door-Stop acquisition which have been included in the consolidated statements of comprehensive income (loss) for the period indicated subsequent to the acquisition date: | ||||||||||||
Three Months Ended | ||||||||||||
(In thousands) | 30-Mar-14 | |||||||||||
Net sales | $ | 5,009 | ||||||||||
Net income (loss) attributable to Masonite | 654 | |||||||||||
2013 Acquisition | ||||||||||||
On July 9, 2013, we acquired assets of a door manufacturing operation from Masisa S.A (the "Chile" acquisition) for servicing the North American market for total consideration of $12.2 million. The transaction includes the door component operations in Cabrero, Chile, and a door assembly factory in Chillan, Chile. The operations acquired primarily manufacture high quality stile and rail panel and French wood doors for the North American market. The excess purchase price over the fair value of net tangible and intangible assets acquired of $0.3 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from integration into our North American wood door business. This goodwill is not deductible for tax purposes and relates to the North America segment. The Chile acquisition acts as a natural complement to our existing North American interior stile and rail residential wood door operations. | ||||||||||||
The aggregate consideration paid for the acquisition during 2013 was as follows: | ||||||||||||
(In thousands) | Chile Acquisition | |||||||||||
Inventory | $ | 5,174 | ||||||||||
Property, plant and equipment | 6,228 | |||||||||||
Goodwill | 316 | |||||||||||
Other assets and liabilities, net | 508 | |||||||||||
Cash consideration | $ | 12,226 | ||||||||||
Amounts of revenue and earnings included in the condensed consolidated statements of comprehensive income (loss) for Chile were not material for the three months ended March 30, 2014. | ||||||||||||
Pro Forma Information | ||||||||||||
The following unaudited pro forma financial information represents the unaudited condensed consolidated financial information as if the Door-Stop acquisition had been included in our unaudited condensed consolidated results beginning on the first day of the fiscal year prior to the acquisition date. Pro forma information relating to the Chile acquisition has been excluded as it is not materially different from amounts reported. The pro forma results have been derived from audited and unaudited financial results of the acquired entity. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and transaction costs incurred and to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on the first day of the fiscal year prior to acquisition, together with the consequential tax effects. The pro forma results do not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings, operating synergies and revenue enhancements. The pro forma results do not necessarily reflect the actual results of operations of the combined companies' under our ownership and operation. | ||||||||||||
Three Months Ended March 30, 2014 | ||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||
Net sales | $ | 422,460 | $ | 6,659 | $ | 429,119 | ||||||
Net income (loss) attributable to Masonite | (16,586 | ) | 624 | (15,962 | ) | |||||||
Basic earnings (loss) per common share | $ | (0.56 | ) | $ | (0.55 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.56 | ) | $ | (0.55 | ) | ||||||
Amounts for the three months ended March 30, 2014, for Door-Stop above reflect pro forma results for the period ending on the acquisition date. All actual results from Door-Stop subsequent to the acquisition date are reflected in the Masonite results above. | ||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||
Net sales | $ | 424,524 | $ | 8,325 | $ | 432,849 | ||||||
Net income (loss) attributable to Masonite | (5,825 | ) | 404 | (5,421 | ) | |||||||
Basic earnings (loss) per common share | $ | (0.21 | ) | $ | (0.19 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.21 | ) | $ | (0.19 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
Changes in the carrying amount of goodwill were as follows as of the dates indicated: | ||||||||||||||||
(In thousands) | North America Segment | Europe, Asia and Latin America Segment | Total | |||||||||||||
December 30, 2012 | $ | 78,122 | $ | — | $ | 78,122 | ||||||||||
Goodwill from 2013 acquisition | 316 | — | 316 | |||||||||||||
Foreign exchange fluctuations | (34 | ) | — | (34 | ) | |||||||||||
December 29, 2013 | 78,404 | — | 78,404 | |||||||||||||
Goodwill from 2014 acquisition | — | 21,227 | 21,227 | |||||||||||||
Foreign exchange fluctuations | (60 | ) | (86 | ) | (146 | ) | ||||||||||
March 30, 2014 | $ | 78,344 | $ | 21,141 | $ | 99,485 | ||||||||||
The cost and accumulated amortization values of our intangible assets were as follows for the periods indicated: | ||||||||||||||||
March 30, 2014 | ||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||
Definite life intangible assets: | ||||||||||||||||
Customer relationships | $ | 107,834 | $ | (23,636 | ) | $ | (828 | ) | $ | 83,370 | ||||||
Patents | 27,745 | (12,718 | ) | 120 | 15,147 | |||||||||||
Software | 27,935 | (16,712 | ) | 222 | 11,445 | |||||||||||
Other | 12,198 | (5,784 | ) | (1,369 | ) | 5,045 | ||||||||||
175,712 | (58,850 | ) | (1,855 | ) | 115,007 | |||||||||||
Indefinite life intangible assets: | ||||||||||||||||
Trademarks and tradenames | 112,456 | — | 422 | 112,878 | ||||||||||||
Total intangible assets | $ | 288,168 | $ | (58,850 | ) | $ | (1,433 | ) | $ | 227,885 | ||||||
December 29, 2013 | ||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||
Definite life intangible assets: | ||||||||||||||||
Customer relationships | $ | 82,333 | $ | (21,171 | ) | $ | (675 | ) | $ | 60,487 | ||||||
Patents | 27,546 | (12,105 | ) | 154 | 15,595 | |||||||||||
Software | 27,266 | (15,670 | ) | 299 | 11,895 | |||||||||||
Other | 11,923 | (5,457 | ) | (1,432 | ) | 5,034 | ||||||||||
149,068 | (54,403 | ) | (1,654 | ) | 93,011 | |||||||||||
Indefinite life intangible assets: | ||||||||||||||||
Trademarks and tradenames | 109,789 | — | 914 | 110,703 | ||||||||||||
Total intangible assets | $ | 258,857 | $ | (54,403 | ) | $ | (740 | ) | $ | 203,714 | ||||||
Amortization of intangible assets was $4.4 million and $4.3 million for the three months ended March 30, 2014, and March 31, 2013, respectively. Amortization expense is classified within selling, general and administration expenses in the condensed consolidated statements of comprehensive income (loss). | ||||||||||||||||
The estimated future amortization of intangible assets with definite lives as of March 30, 2014, is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year: | ||||||||||||||||
2014 (remaining nine months) | $ | 15,075 | ||||||||||||||
2015 | 19,483 | |||||||||||||||
2016 | 18,076 | |||||||||||||||
2017 | 15,870 | |||||||||||||||
2018 | 12,791 | |||||||||||||||
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Mar. 30, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Our customers consist mainly of wholesale distributors, dealers, and retail home centers. Our ten largest customers accounted for 43.3% and 44.4% of total accounts receivable as of March 30, 2014, and December 29, 2013, respectively. Our largest customer, The Home Depot, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of March 30, 2014, and December 29, 2013. No other individual customer accounted for greater than 10% of the consolidated gross accounts receivable balance at either March 30, 2014, or December 29, 2013. | |
The allowance for doubtful accounts balance was $4.2 million and $3.8 million as of March 30, 2014, and December 29, 2013, respectively. | |
We maintain an accounts receivable sales program with a third party (“AR Sales Program”). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of a large retail customer. Receivables are sold outright to a third party that assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the consolidated balance sheets and are included in cash flows from operating activities in the consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold under the AR Sales Program were not material for any of the periods presented and were recorded to selling, general and administration expense within the consolidated statements of comprehensive income (loss). |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The amounts of inventory on hand were as follows as of the dates indicated: | ||||||||
(In thousands) | 30-Mar-14 | December 29, 2013 | ||||||
Raw materials | $ | 162,378 | $ | 151,065 | ||||
Finished goods | 73,143 | 67,283 | ||||||
Inventories, net | $ | 235,521 | $ | 218,348 | ||||
We carried an inventory provision of $7.1 million and $8.4 million as of March 30, 2014, and December 29, 2013, respectively. This provision is the result of obsolete or aged inventory. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
The carrying amounts of our property, plant and equipment and accumulated depreciation were as follows as of the dates indicated: | ||||||||
(In thousands) | March 30, 2014 | December 29, 2013 | ||||||
Land | $ | 49,255 | $ | 50,190 | ||||
Buildings | 191,841 | 192,782 | ||||||
Machinery and equipment | 562,671 | 559,776 | ||||||
Property, plant and equipment, gross | 803,767 | 802,748 | ||||||
Accumulated depreciation | (183,632 | ) | (172,469 | ) | ||||
Property, plant and equipment, net | $ | 620,135 | $ | 630,279 | ||||
Total depreciation expense was $15.4 million and $16.5 million in the three months ended March 30, 2014 and March 31, 2013, respectively. Depreciation expense is included primarily within cost of goods sold in the condensed consolidated statements of comprehensive income (loss). |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
(In thousands) | March 30, | December 29, | ||||||
2014 | 2013 | |||||||
8.25% Senior Notes due 2021 | $ | 500,000 | $ | 375,000 | ||||
Unamortized premium on Senior Notes | 13,339 | 2,809 | ||||||
Capital lease obligations and other long-term debt | — | 52 | ||||||
Total long-term debt | $ | 513,339 | $ | 377,861 | ||||
Senior Notes | ||||||||
On January 21, 2014, March 9, 2012, and April 15, 2011, we issued $125.0 million, $100.0 million and $275.0 million aggregate principal senior unsecured notes, respectively (the “Senior Notes”). As of March 30, 2014, we had outstanding $500.0 million aggregate principal amount of Senior Notes. All issuances of the Senior Notes have the same terms, rights and obligations, and were issued in the same series. The Senior Notes were issued in three private placements for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, (the “Securities Act”) and to buyers outside the United States pursuant to Regulation S under the Securities Act. The Senior Notes were issued without registration rights and are not listed on any securities exchange. The Senior Notes bear interest at 8.25% per annum, payable in cash semiannually in arrears on April 15 and October 15 of each year and are due April 15, 2021. We received net proceeds of $136.8 million, $101.5 million and $265.5 million in 2014, 2012 and 2011, respectively, after deducting $1.9 million, $2.0 million and $9.5 million of transaction issuance costs. The transaction costs were capitalized as deferred financing costs (included in other assets) and are being amortized to interest expense over the term of the Senior Notes using the effective interest method. The Senior Notes were issued at 108.75%, 103.50% and par in 2014, 2012 and 2011, respectively. The resulting premiums of $10.9 million and $3.5 million in 2014 and 2012, respectively, are being amortized to interest expense over the term of the Senior Notes using the effective interest method. The net proceeds from the Senior Notes were used to fund a $124.9 million return of capital to shareholders in 2011 and the acquisitions of seven companies since 2011 for aggregate consideration of $293.6 million. The remaining proceeds from the Senior Notes are intended for general corporate purposes, which may include funding future acquisitions. Interest expense relating to the Senior Notes was $9.5 million and $8.0 million for the three months ended March 30, 2014 and March 31, 2013, respectively. | ||||||||
We may redeem the Senior Notes, in whole or in part, at any time prior to April 15, 2015, at a price equal to 100% of the principal amount plus the applicable premium, plus accrued and unpaid interest, if any, to the date of redemption. The applicable premium means, with respect to a note at any date of redemption, the greater of (i) 1.00% of the then-outstanding principal amount of such note and (ii) the excess of (a) the present value at such date of redemption of (1) the redemption price of such note at April 15, 2015, plus (2) all remaining required interest payments due on such note through such date (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (b) the principal amount of such note on such redemption date. We may also redeem the Senior Notes, in whole or in part, at any time on or after April 15, 2015, at the applicable redemption prices specified under the indenture governing the Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption. In addition, we may redeem up to 35% of the Senior Notes before April 15, 2014, with the net cash proceeds from certain equity offerings at a redemption price of 108.25% of the principal amount plus accrued and unpaid interest. If we experience certain changes of control or consummate certain asset sales and do not reinvest the net proceeds, we must offer to repurchase all of the Senior Notes at a purchase price of 101.00% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date. | ||||||||
Obligations under the Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by certain of our directly or indirectly wholly-owned subsidiaries. | ||||||||
The indenture governing the Senior Notes contains restrictive covenants that, among other things, limit our ability and the ability of our subsidiaries to: (i) incur additional debt and issue disqualified or preferred stock, (ii) make restricted payments, (iii) sell assets, (iv) create or permit restrictions on the ability of our restricted subsidiaries to pay dividends or make other distributions to the parent company, (v) create or incur certain liens, (vi) enter into sale and leaseback transactions, (vii) merge or consolidate with other entities and (viii) enter into transactions with affiliates. The foregoing limitations are subject to exceptions as set forth in the indenture governing the Senior Notes. In addition, if in the future the Senior Notes have an investment grade rating from at least two nationally recognized statistical rating organizations, certain of these covenants will be replaced with a less restrictive covenant. | ||||||||
The indenture governing the Senior Notes contains customary events of default (subject in certain cases to customary grace and cure periods). As of March 30, 2014, and December 29, 2013, we were in compliance with all covenants under the indenture governing the Senior Notes. | ||||||||
ABL Facility | ||||||||
In May 2011, we and certain of our subsidiaries, as borrowers, entered into a $125.0 million asset-based revolving credit facility (the “ABL Facility”). The borrowing base is calculated based on a percentage of the value of selected U.S. and Canadian accounts receivable and U.S. and Canadian inventory, less certain ineligible amounts. | ||||||||
Obligations under the ABL Facility are secured by a first priority security interest in substantially all of the current assets of Masonite and our subsidiaries. In addition, obligations under the ABL Facility are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by certain of our directly or indirectly wholly-owned subsidiaries. | ||||||||
Borrowings under the ABL Facility will bear interest at a variable rate per annum equal to, at our option, (i) LIBOR, plus a margin ranging from 2.00% to 2.50% per annum, or (ii) the Base Rate (as defined in the ABL Facility agreement), plus a margin ranging from 1.00% to 1.50% per annum. | ||||||||
In addition to paying interest on any outstanding principal under the ABL Facility, we are required to pay a commitment fee in respect of unutilized commitments of 0.25% of the aggregate commitments under the ABL Facility if the average utilization is greater than 50% for any applicable period, and 0.375% of the aggregate commitments under the ABL Facility if the average utilization is less than or equal to 50% for any applicable period. We must also pay customary letter of credit fees and agency fees. | ||||||||
The ABL Facility contains various customary representations, warranties and covenants by us that, among other things, and subject to certain exceptions, restrict Masonite's ability and the ability of our subsidiaries to: (i) incur additional indebtedness, (ii) pay dividends on our common stock and make other restricted payments, (iii) make investments and acquisitions, (iv) engage in transactions with our affiliates, (v) sell assets, (vi) merge and (vii) create liens. As of March 30, 2014, and December 29, 2013, we were in compliance with all covenants under the credit agreement governing the ABL Facility and there were no amounts outstanding under the ABL Facility. |
Share_Based_Compensation_Plans
Share Based Compensation Plans | 3 Months Ended | |||||||||||||
Mar. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share Based Compensation Plans | ' | |||||||||||||
Share Based Compensation Plans | ||||||||||||||
Share based compensation expense was $2.3 million and $1.8 million for the three months ended March 30, 2014, and March 31, 2013, respectively. As of March 30, 2014, the total remaining unrecognized compensation expense related to share based compensation amounted to $16.7 million, which will be amortized over the weighted average remaining requisite service period of 2.5 years. Share based compensation expense is recognized using a graded-method approach, or to a lesser extent a cliff-vesting approach, depending on the terms of the individual award and is classified within selling, general and administration expenses in the condensed consolidated statements of comprehensive income (loss). All share based awards are settled through issuance of new shares of our common stock. The share based award agreements contain restrictions on sale or transfer other than in limited circumstances. All other transfers would cause the share based awards to become null and void. | ||||||||||||||
Equity Incentive Plan | ||||||||||||||
Prior to July 9, 2012, we had a management equity incentive plan (the “2009 Plan”). The 2009 Plan required granting by June 9, 2012, equity instruments which upon exercise would result in management (excluding directors) owning 9.55% of our common equity (3,554,811 shares) on a fully diluted basis, after giving consideration to the potential exercise of warrants and the equity instruments granted to directors. Under the 2009 Plan, we were required to issue to directors equity instruments that represented 0.90% (335,004 shares) of the common equity on a fully diluted basis. The requirement for issuance to employees was satisfied in June 2012, and the requirement for issuance to directors was satisfied in July 2009. No awards have been granted under the 2009 Plan since May 30, 2012, and no future awards will be granted under the 2009 Plan; however, all outstanding awards under the 2009 Plan will continue to be governed by their existing terms. Aside from shares issuable for outstanding awards, there are no further shares of common stock available for future issuance under the 2009 Plan. | ||||||||||||||
On July 12, 2012, the Board of Directors adopted the Masonite International Corporation 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan was adopted because the Board believes awards granted will help to attract, motivate and retain employees and non-employee directors, align employee and stockholder interests and encourage a performance-based culture built on employee stock ownership. The 2012 Plan permits us to offer eligible directors, employees and consultants cash and share-based incentives, including stock options, stock appreciation rights, restricted stock, other share-based awards (including restricted stock units) and cash-based awards. The 2012 Plan is effective for 10 years from the date of its adoption. Awards granted under the 2012 Plan are at the discretion of the Human Resources and Compensation Committee of the Board of Directors. The Human Resources and Compensation Committee may grant any award under the 2012 Plan in the form of a performance compensation award. The 2012 Plan may be amended, suspended or terminated by the Board at any time; provided, that any amendment, suspension or termination which impairs the rights of a participant is subject to such participant's consent and; provided further, that any material amendments are subject to shareholder approval. Prior to June 21, 2013, the aggregate number of common shares that could be issued with respect to equity awards under the 2012 Plan could not exceed 1,500,000 shares plus the number of shares subject to existing grants under the 2009 Plan that may expire or be forfeited or cancelled. On June 21, 2013, the Board of Directors approved an increase of 500,000 common shares issuable under the 2012 Plan, bringing the total number of shares issuable under the 2012 Plan to 2,000,000 plus the number of shares subject to existing grants under the 2009 plan that may expire or be forfeited or cancelled. As of March 30, 2014, there were 1,583,840 shares of common stock available for future issuance under the 2012 Plan. | ||||||||||||||
Deferred Compensation Plan | ||||||||||||||
Effective August 13, 2012, the Board of Directors adopted a Deferred Compensation Plan (“DCP”). The DCP is an unfunded non-qualified deferred compensation plan that permits certain employees and directors to defer a portion of their compensation to a future time. Eligible employees may elect to defer a portion of their base salary, bonus and/or restricted stock units and eligible directors may defer a portion of their director fees or restricted stock units. All contributions to the DCP on behalf of the participant are fully vested (other than restricted stock unit deferrals which remain subject to the vesting terms of the applicable equity incentive plan) and placed into a grantor trust, commonly referred to as a "rabbi trust." Although we are permitted to make matching contributions under the terms of the DCP, we have not elected to do so. The DCP invests the contributions in diversified securities from a selection of investments and the participants choose their investments and may periodically reallocate the assets in their respective accounts. Participants are entitled to receive the benefits in their accounts upon separation of service or upon a specified date, with benefits payable as a single lump sum or in annual installments. | ||||||||||||||
Assets of the rabbi trust, other than Company stock, are recorded at fair value and included in other assets in the condensed consolidated balance sheets. These assets in the rabbi trust are classified as trading securities and changes in their fair values are recorded in other income (loss) in the condensed consolidated statements of comprehensive income (loss). The liability relating to deferred compensation represents our obligation to distribute funds to the participants in the future and is included in other liabilities in the condensed consolidated balance sheets. Any unfunded gain or loss relating to changes in the fair value of the deferred compensation liability are recognized in selling, general and administration expense in the condensed consolidated statements of comprehensive income (loss). | ||||||||||||||
As of March 30, 2014, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. | ||||||||||||||
Stock Appreciation Rights | ||||||||||||||
We have granted Stock Appreciation Rights (“SARs”) to certain employees under both the 2009 Plan and the 2012 Plan, which entitle the recipient to the appreciation in value of a number of common shares over the exercise price over a period of time, each as specified in the applicable award agreement. The exercise price of any SAR granted may not be less than the fair market value of our common shares on the date of grant. The compensation expense for the SARs is measured based on the fair value of the SARs at the date of grant and is recognized over the requisite service period. The SARs vest over a maximum of four years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. | ||||||||||||||
The total fair value of SARs vested was $0.4 million and $0.8 million in the three months ended March 30, 2014, and March 31, 2013, respectively. | ||||||||||||||
Three Months Ended March 30, 2014 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | ||||||||||
Outstanding, beginning of period | 1,812,658 | $ | 59,525 | $ | 18.16 | 6.4 | ||||||||
Exercised | (130,186 | ) | 14.02 | |||||||||||
Cancelled | (16,210 | ) | 41.38 | |||||||||||
Outstanding, end of period | 1,666,262 | $ | 63,569 | $ | 18.22 | 6.2 | ||||||||
Exercisable, end of period | 1,308,842 | $ | 53,593 | $ | 15.42 | 5.5 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||
Outstanding, beginning of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | ||||||||
Exercised | (10,423 | ) | 13.64 | |||||||||||
Cancelled | (6,676 | ) | 14.71 | |||||||||||
Outstanding, end of period | 2,611,349 | $ | 20,842 | $ | 15.77 | 6.6 | ||||||||
Exercisable, end of period | 2,031,059 | $ | 16,703 | $ | 15.53 | 6.5 | ||||||||
Restricted Stock Units | ||||||||||||||
We have granted Restricted Stock Units (“RSUs”) to directors and certain employees under both the 2009 Plan and the 2012 Plan. The RSUs confer the right to receive shares of our common stock at a specified future date or when certain conditions are met. The compensation expense for the RSUs awarded is based on the fair value of the RSUs at the date of grant and is recognized over the requisite service period. The RSUs vest over a maximum of four years, and call for the underlying shares to be delivered no later than the fourth anniversary of the grant dates. It is assumed that all time-based RSUs will vest. | ||||||||||||||
Three Months Ended | ||||||||||||||
March 30, 2014 | March 31, 2013 | |||||||||||||
Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | |||||||||||
Outstanding, beginning of period | 618,963 | $ | 22.09 | 921,946 | $ | 17.75 | ||||||||
Granted | 183,421 | 308,742 | ||||||||||||
Delivered | (7,669 | ) | (13,814 | ) | ||||||||||
Withheld to cover (1) | (2,020 | ) | (270 | ) | ||||||||||
Cancelled | (542 | ) | (11,279 | ) | ||||||||||
Outstanding, end of period | 792,153 | $ | 29.45 | 1,205,325 | $ | 20.2 | ||||||||
____________ | ||||||||||||||
(1) A portion of the vested RSUs delivered were net share settled to cover the minimum statutory requirements for income and other employment taxes, at the individual participant’s election. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. | ||||||||||||||
Approximately two-thirds of the RSUs granted during the three months ended March 30, 2014, vest at specified future dates, with only service requirements, while the remaining portion of the RSUs vest based on both performance and service requirements. The value of RSUs granted in the three months ended March 30, 2014, was $10.0 million and is being recognized over the weighted average requisite service period of 2.5 years. During the three months ended March 30, 2014, there were 1,481 RSUs vested at a fair value of $0.1 million. | ||||||||||||||
Warrants | ||||||||||||||
On June 9, 2009, we issued 5,833,335 warrants, representing the right to purchase our common shares for $55.31 per share, subsequently adjusted to $50.77 per share for the return of capital in 2011. Of these, 3,333,334 expire on June 9, 2014 (the “2014 Warrants”), and 2,500,001 expire on June 9, 2016 (the “2016 Warrants”). During the six months prior to their respective expiration dates, the warrants provide the holders with a cashless exercise option. During the three months ended March 30, 2014, holders of the warrants exercised 879,681 of the 2014 Warrants via the cashless exercise option and we issued 98,739 new common shares to the holders. The resulting balance of 2014 Warrants outstanding was 2,453,653 as of March 30, 2014. There has been no activity relating to the 2016 Warrants as of March 30, 2014. We have accounted for these warrants as equity instruments. Future exercises and forfeitures will reduce the amount of warrants. Future exercises will increase the amount of common shares outstanding and reduce additional paid-in capital. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
For lease agreements that provide for escalating rent payments or rent-free occupancy periods, we recognize rent expense on a straight line basis over the non-cancelable lease term and any option renewal period where failure to exercise such option would result in an economic penalty in such amount that renewal appears, at the inception of the lease, to be reasonably assured. The lease term commences on the date when all conditions precedent to our obligation to pay rent are satisfied. The leases contain provisions for renewal ranging from zero to three options of generally five years each. Minimum payments, for the following future periods, under non-cancelable operating leases and service agreements with initial or remaining terms of one year or more consist of the following: | ||||
(In thousands) | ||||
Fiscal year: | ||||
2014 (remaining nine months) | $ | 12,399 | ||
2015 | 14,545 | |||
2016 | 11,805 | |||
2017 | 10,330 | |||
2018 | 9,895 | |||
Thereafter | 49,747 | |||
Total future minimum lease payments | $ | 108,721 | ||
Total rent expense, including non-cancelable operating leases and month-to-month leases, was $6.2 million and $6.4 million for the three months ended March 30, 2014, and March 31, 2013, respectively. | ||||
We have provided customary indemnifications to our landlords under certain property lease agreements for claims by third parties in connection with its use of the premises. We also have provided routine indemnifications against adverse effects to changes in tax laws and patent infringements by third parties. The maximum amount of these indemnifications cannot be reasonably estimated due to their nature. In some cases, we have recourse against other parties to mitigate the risk of loss from these indemnifications. Historically, we have not made any significant payments relating to such indemnifications. | ||||
From time to time, we are involved in various claims and legal actions. In the opinion of management, the ultimate disposition of these matters, individually and in the aggregate, will not have a material effect on our condensed consolidated financial statements, results of operations or liquidity. |
Restructuring_Costs
Restructuring Costs | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Restructuring Costs | ' | |||||||||||||||||||||||
Restructuring Costs | ||||||||||||||||||||||||
The following table summarizes the restructuring charges recorded for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended March 30, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Total | North America | Europe, Asia and Latin America | Total | ||||||||||||||||||
2013 Plan | $ | 15 | $ | 674 | $ | 689 | $ | — | $ | — | $ | — | ||||||||||||
2012 Plan | 17 | 15 | 32 | 946 | 311 | 1,257 | ||||||||||||||||||
2009 and Prior Plans | — | — | — | 25 | 158 | 183 | ||||||||||||||||||
Total Restructuring Costs | $ | 32 | $ | 689 | $ | 721 | $ | 971 | $ | 469 | $ | 1,440 | ||||||||||||
Cumulative Amount Incurred Through | ||||||||||||||||||||||||
30-Mar-14 | ||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||||||||||
2013 Plan | $ | 2,423 | $ | 3,682 | $ | 1,142 | $ | 7,247 | ||||||||||||||||
2012 Plan | 4,172 | 10,213 | — | 14,385 | ||||||||||||||||||||
2011 Plan | 856 | 3,718 | — | 4,574 | ||||||||||||||||||||
2010 Plan | 3,552 | 3,831 | — | 7,383 | ||||||||||||||||||||
2009 and Prior Plans | 1,741 | 2,117 | — | 3,858 | ||||||||||||||||||||
Total Restructuring Costs | $ | 12,744 | $ | 23,561 | $ | 1,142 | $ | 37,447 | ||||||||||||||||
During 2013, we began implementing plans to rationalize certain of our facilities, including related headcount reductions, in Canada due to synergy opportunities related to recent acquisitions in the residential interior wood door markets. We have also rationalized certain of our operations, including related headcount reductions, in Ireland, South Africa and Israel in order to respond to declines in demand in international markets. Additionally, the decision was made to discontinue sales into the Polish market subsequent to the decision to cease manufacturing operations in 2012 (collectively, the “2013 Restructuring Plan”). Costs associated with these actions include severance and closure charges, including impairment of certain property, plant and equipment, and are expected to be substantially completed during 2014. We expect to incur approximately $0.9 million of additional restructuring charges related to activities initiated as of March 30, 2014. | ||||||||||||||||||||||||
During 2012, we began implementing plans to close certain of our U.S. manufacturing facilities due to the start-up of our new highly automated interior door slab assembly plant in Denmark, South Carolina, synergy opportunities related to recent acquisitions in the commercial and architectural interior wood door market and footprint optimization efforts resulting from declines in demand in specific markets. We also began implementing plans during 2012 to permanently close our businesses in Hungary and Romania and to cease manufacturing operations in Poland, due to the continued economic downturn and heightened volatility of the Eastern European economies (collectively, the “2012 Restructuring Plan”). Costs associated with these closure and exit activities relate to closures of facilities and impairment of certain tangible and intangible assets and are substantially completed. As of March 30, 2014, we do not expect to incur any future charges for the 2012 Restructuring Plan. | ||||||||||||||||||||||||
Prior years’ restructuring plans costs relate to headcount reductions and facility rationalizations as a result of weakened market conditions. In response to the decline in demand, we reviewed the required levels of production and reduced the workforce and plant capacity accordingly, resulting in severance charges. These actions were taken in order to rationalize capacity with existing and forecasted market demand conditions. The restructuring plans initiated in 2009 and prior years (the “2009 and Prior Restructuring Plans”) are substantially completed, although cash payments are expected to continue through 2019, primarily related to lease payments at closed facilities. As of March 30, 2014, we do not expect to incur any future charges for the 2009 and Prior Restructuring Plans. | ||||||||||||||||||||||||
The changes in the accrual for restructuring by activity were as follows for the periods indicated: | ||||||||||||||||||||||||
(In thousands) | December 29, | Severance | Closure Costs | Cash Payments | March 30, | |||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
2013 Plan | $ | 2,348 | $ | 77 | $ | 612 | $ | 1,839 | $ | 1,198 | ||||||||||||||
2012 Plans | 714 | 2 | 30 | 90 | 656 | |||||||||||||||||||
2009 and Prior Plans | 1,347 | — | — | 110 | 1,237 | |||||||||||||||||||
Total | $ | 4,409 | $ | 79 | $ | 642 | $ | 2,039 | $ | 3,091 | ||||||||||||||
(In thousands) | December 30, | Severance | Closure Costs | Cash Payments | March 31, | |||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
2012 Plans | $ | 2,893 | $ | 379 | $ | 878 | $ | 2,676 | $ | 1,474 | ||||||||||||||
2009 and Prior Plans | 1,675 | 158 | 25 | 456 | 1,402 | |||||||||||||||||||
Total | $ | 4,568 | $ | 537 | $ | 903 | $ | 3,132 | $ | 2,876 | ||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Income tax expense (benefit) for income taxes consists of the following: | ||||||||
Three Months Ended | ||||||||
(In thousands) | 30-Mar-14 | 31-Mar-13 | ||||||
Current | $ | 1,069 | $ | 503 | ||||
Deferred | (1,050 | ) | (1,539 | ) | ||||
Income tax expense (benefit) | $ | 19 | $ | (1,036 | ) | |||
The effective tax rate differs from the Canadian federal statutory rate of 26.4% primarily due to changes in our income tax valuation allowances, tax exempt income, and earnings in foreign jurisdictions which are subject to lower tax rates. | ||||||||
We currently have deferred tax assets in certain jurisdictions resulting from net operating losses and other deductible temporary differences, which will reduce taxable income in these jurisdictions in future periods. We have determined that a valuation allowance of $18.9 million and $16.9 million was required for its deferred income tax assets as of March 30, 2014, and December 29, 2013, respectively. A valuation allowance has been established on deferred tax assets resulting from net operating loss carry forwards and other carry forward attributes primarily in Canada, Chile, Israel, India, and Mexico. We expect to record valuation allowances on deferred tax assets arising in these jurisdictions until a sustained level of taxable income is reached. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Certain cash and non-cash transactions were as follows for the periods indicated: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||
Transactions involving cash: | ||||||||
Interest paid | $ | 51 | $ | 20 | ||||
Interest received | 101 | 128 | ||||||
Income taxes paid | 1,415 | 3,012 | ||||||
Income tax refunds | — | 935 | ||||||
Non-cash transactions: | ||||||||
Property, plant and equipment additions in accounts payable | 5,417 | 911 | ||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Our reportable segments are organized and managed principally by geographic region: North America; Europe, Asia and Latin America; and Africa. Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the geographic segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA is defined as net income (loss) attributable to Masonite adjusted to exclude the following items: | ||||||||||||||||
• | depreciation; | |||||||||||||||
• | amortization; | |||||||||||||||
• | share based compensation expense; | |||||||||||||||
• | loss (gain) on disposal of property, plant and equipment; | |||||||||||||||
• | impairment; | |||||||||||||||
• | registration and listing fees; | |||||||||||||||
• | restructuring costs; | |||||||||||||||
• | interest expense (income), net; | |||||||||||||||
• | other expense (income), net; | |||||||||||||||
• | income tax expense (benefit); | |||||||||||||||
• | loss (income) from discontinued operations, net of tax; and | |||||||||||||||
• | net income (loss) attributable to non-controlling interest. | |||||||||||||||
This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indenture governing the Senior Notes and the credit agreement governing the ABL Facility. Although Adjusted EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, it is used to evaluate and compare the operating performance of the segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment transfers are negotiated on an arm’s length basis, using market prices. | ||||||||||||||||
Certain information with respect to geographic segments is as follows for the periods indicated: | ||||||||||||||||
Three Months Ended March 30, 2014 | ||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 314,767 | $ | 100,564 | $ | 13,392 | $ | 428,723 | ||||||||
Intersegment sales | (326 | ) | (5,937 | ) | — | (6,263 | ) | |||||||||
Net sales to external customers | $ | 314,441 | $ | 94,627 | $ | 13,392 | $ | 422,460 | ||||||||
Adjusted EBITDA | $ | 16,003 | $ | 3,034 | $ | 681 | $ | 19,718 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 319,476 | $ | 92,432 | $ | 16,516 | $ | 428,424 | ||||||||
Intersegment sales | (169 | ) | (3,691 | ) | (40 | ) | (3,900 | ) | ||||||||
Net sales to external customers | $ | 319,307 | $ | 88,741 | $ | 16,476 | $ | 424,524 | ||||||||
Adjusted EBITDA | $ | 20,482 | $ | 4,625 | $ | 1,070 | $ | 26,177 | ||||||||
A reconciliation of our consolidated Adjusted EBITDA to net income (loss) attributable to Masonite is set forth as follows for the periods indicated: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||||||||||
Adjusted EBITDA | $ | 19,718 | $ | 26,177 | ||||||||||||
Less (plus): | ||||||||||||||||
Depreciation | 15,446 | 16,526 | ||||||||||||||
Amortization | 5,691 | 4,270 | ||||||||||||||
Share based compensation expense | 2,283 | 1,830 | ||||||||||||||
Loss (gain) on disposal of property, plant and equipment | 1,087 | 110 | ||||||||||||||
Restructuring costs | 721 | 1,440 | ||||||||||||||
Interest expense (income), net | 9,993 | 8,250 | ||||||||||||||
Other expense (income), net | 181 | (158 | ) | |||||||||||||
Income tax expense (benefit) | 19 | (1,036 | ) | |||||||||||||
Loss (income) from discontinued operations, net of tax | 142 | 90 | ||||||||||||||
Net income (loss) attributable to non-controlling interest | 741 | 680 | ||||||||||||||
Net income (loss) attributable to Masonite | $ | (16,586 | ) | $ | (5,825 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, income taxes receivable, accounts payable, accrued expenses and income taxes payable approximate fair value because of the short-term maturity of those instruments. The estimated fair value of the Senior Notes as of March 30, 2014, and December 29, 2013, was $550.7 million and $412.1 million, respectively, compared to a carrying value of $513.3 million and $377.8 million, respectively. This estimate is based on market quotes and calculations based on current market rates available to us and is categorized as having Level 2 valuation inputs as established by the FASB’s Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management’s expectations. | |
Assets held for sale are stated at the lower of carrying amount or fair value less cost to sell and are revalued at each reporting date. This valuation is performed on a regular basis and is categorized as having Level 2 valuation inputs as established by the FASB’s Fair Value Framework. The related charges due to revaluation were not material in the three months ended March 30, 2014, or March 31, 2013. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
Basic earnings per share (“EPS”) is calculated by dividing earnings attributable to Masonite by the weighted-average number of our common shares outstanding during the period. Diluted EPS is calculated by dividing earnings attributable to Masonite by the weighted-average number of common shares plus the incremental number of shares issuable from non-vested and vested RSUs, SARs and warrants outstanding during the period. | ||||||||
Three Months Ended | ||||||||
(In thousands, except share and per share information) | March 30, 2014 | March 31, 2013 | ||||||
Net income (loss) attributable to Masonite | $ | (16,586 | ) | $ | (5,825 | ) | ||
Income (loss) from discontinued operations, net of tax | (142 | ) | (90 | ) | ||||
Income (loss) from continuing operations attributable to Masonite | $ | (16,444 | ) | $ | (5,735 | ) | ||
Shares used in computing basic earnings per share | 29,186,262 | 27,951,455 | ||||||
Effect of dilutive securities: | ||||||||
Incremental shares issuable under share compensation plans | — | — | ||||||
Shares used in computing diluted earnings per share | 29,186,262 | 27,951,455 | ||||||
Basic earnings (loss) per common share attributable to Masonite: | ||||||||
Continuing operations attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Discontinued operations attributable to Masonite, net of tax | — | — | ||||||
Total Basic earnings per common share attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Diluted earnings (loss) per common share attributable to Masonite: | ||||||||
Continuing operations attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Discontinued operations attributable to Masonite, net of tax | — | — | ||||||
Total Diluted earnings per common share attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ||||||||
Warrants | 4,953,654 | 5,833,335 | ||||||
Stock appreciation rights | 818,895 | 1,261,964 | ||||||
Restricted stock units | 597,153 | 978,435 | ||||||
The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and warrants and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method. For the three months ended March 30, 2014, and March 31, 2013, no potential common shares relating to our equity awards were included in the computation of diluted loss per share, as their effect would have been anti-dilutive given our net loss position for those periods. |
Other_Comprehensive_Income_and
Other Comprehensive Income and Accumulated Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ' | |||||||
Other Comprehensive Income and Accumulated Other Comprehensive Income | ||||||||
A rollforward of the components of accumulated other comprehensive income (loss) is as follows for the periods indicated: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||
Accumulated foreign exchange gains (losses), beginning of period | $ | (8,797 | ) | $ | 2,538 | |||
Foreign exchange gain (loss) | (7,485 | ) | (16,198 | ) | ||||
Income tax benefit (expense) on foreign exchange gain (loss) | — | (381 | ) | |||||
Less: foreign exchange gain (loss) attributable to non-controlling interest | (471 | ) | (254 | ) | ||||
Accumulated foreign exchange gains (losses), end of period | (15,811 | ) | (13,787 | ) | ||||
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | ||||||
Amortization of actuarial net losses | — | 349 | ||||||
Income tax benefit (expense) on amortization of actuarial net losses | — | (136 | ) | |||||
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,250 | ||||||
Accumulated pension and other post-retirement adjustments | (12,694 | ) | (22,559 | ) | ||||
Accumulated other comprehensive income (loss) | $ | (26,615 | ) | $ | (35,096 | ) | ||
Other comprehensive income (loss), net of tax: | $ | (7,485 | ) | $ | (16,366 | ) | ||
Less: other comprehensive income (loss) attributable to non-controlling interest | (471 | ) | (254 | ) | ||||
Other comprehensive income (loss) attributable to Masonite | $ | (7,014 | ) | $ | (16,112 | ) | ||
Actuarial net losses are reclassified out of accumulated other comprehensive income (loss) into cost of goods sold in the consolidated statements of comprehensive income (loss). |
Variable_Interest_Entity
Variable Interest Entity | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Variable Interest Entity | ' | |||||||
Variable Interest Entity | ||||||||
As of March 30, 2014, and December 29, 2013, we held an interest in one variable interest entity (“VIE”), Magna Foremost Sdn Bhd, which is located in Kuala Lumpur, Malaysia. The VIE is integrated into our supply chain and manufactures door facings. We are the primary beneficiary of the VIE via the terms of the existing supply agreement with the VIE. As primary beneficiary via the supply agreement, we receive a disproportionate amount of earnings on sales to third parties in relation to our voting interest, and as a result, receive a majority of the VIE’s residual returns. Sales to third parties did not have a material impact on our consolidated financial statements. We also have the power to direct activities of the VIE that most significantly impact the entity’s economic performance. As its primary beneficiary, we have consolidated the results of the VIE. Our net cumulative investment in the VIE was comprised of the following as of the dates indicated: | ||||||||
(In thousands) | March 30, 2014 | December 29, 2013 | ||||||
Current assets | $ | 9,762 | $ | 9,524 | ||||
Property, plant and equipment, net | 18,985 | 19,543 | ||||||
Long-term deferred income taxes | 14,957 | 14,998 | ||||||
Other assets, net | 2,122 | 2,363 | ||||||
Current liabilities | (2,827 | ) | (2,916 | ) | ||||
Other long-term liabilities | (5,765 | ) | (5,746 | ) | ||||
Non-controlling interest | (7,186 | ) | (7,093 | ) | ||||
Net assets of the VIE consolidated by Masonite | $ | 30,048 | $ | 30,673 | ||||
Current assets include $4.8 million and $4.3 million of cash and cash equivalents as of March 30, 2014, and December 29, 2013, respectively. Assets recognized as a result of consolidating this VIE do not represent additional assets that could be used to satisfy claims against our general assets. Conversely, liabilities recognized as a result of consolidating these entities do not represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIE. |
Business_Overview_and_Signific1
Business Overview and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Adoption of Recent Accounting Pronouncements | ' |
Changes in Accounting Standards and Policies | |
Adoption of Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which amended ASC 740, “Income Taxes.” This ASU addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss, a similar tax loss or a tax credit carryforward exists. This ASU requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption is permitted. The adoption of this standard did not have a material impact on the presentation of our financial statements. | |
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which amended ASC 830, “Foreign Currency Matters.” This ASU updates accounting guidance related to the application of consolidation guidance and foreign currency matters. This ASU resolves the diversity in practice about what guidance applies to the release of the cumulative translation adjustment into net income. This ASU is effective prospectively for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. The adoption of this standard did not have an impact on our financial statements. Any future impact of ASU No. 2013-5 on our financial position and results of operations will depend upon the nature and extent of future sales or dispositions of any entities that had created a cumulative translation adjustment. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||||||||
Mar. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Aggregate consideration paid for acquisitions | ' | |||||||||||
The aggregate consideration paid for the acquisition during 2014 was as follows: | ||||||||||||
(In thousands) | Door-Stop Acquisition | |||||||||||
Accounts receivable, net | $ | 2,648 | ||||||||||
Inventory | 2,665 | |||||||||||
Property, plant and equipment | 4,303 | |||||||||||
Goodwill | 21,227 | |||||||||||
Intangible assets, net | 28,776 | |||||||||||
Accounts payable and accrued expenses, net | (3,492 | ) | ||||||||||
Other assets and liabilities, net | (5,772 | ) | ||||||||||
Cash consideration, net of cash acquired | $ | 50,355 | ||||||||||
The aggregate consideration paid for the acquisition during 2013 was as follows: | ||||||||||||
(In thousands) | Chile Acquisition | |||||||||||
Inventory | $ | 5,174 | ||||||||||
Property, plant and equipment | 6,228 | |||||||||||
Goodwill | 316 | |||||||||||
Other assets and liabilities, net | 508 | |||||||||||
Cash consideration | $ | 12,226 | ||||||||||
Pro forma information of acquisitions | ' | |||||||||||
Three Months Ended March 30, 2014 | ||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||
Net sales | $ | 422,460 | $ | 6,659 | $ | 429,119 | ||||||
Net income (loss) attributable to Masonite | (16,586 | ) | 624 | (15,962 | ) | |||||||
Basic earnings (loss) per common share | $ | (0.56 | ) | $ | (0.55 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.56 | ) | $ | (0.55 | ) | ||||||
Amounts for the three months ended March 30, 2014, for Door-Stop above reflect pro forma results for the period ending on the acquisition date. All actual results from Door-Stop subsequent to the acquisition date are reflected in the Masonite results above. | ||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||
Net sales | $ | 424,524 | $ | 8,325 | $ | 432,849 | ||||||
Net income (loss) attributable to Masonite | (5,825 | ) | 404 | (5,421 | ) | |||||||
Basic earnings (loss) per common share | $ | (0.21 | ) | $ | (0.19 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.21 | ) | $ | (0.19 | ) | ||||||
The following schedule represents the amount of revenue and earnings from the Door-Stop acquisition which have been included in the consolidated statements of comprehensive income (loss) for the period indicated subsequent to the acquisition date: | ||||||||||||
Three Months Ended | ||||||||||||
(In thousands) | 30-Mar-14 | |||||||||||
Net sales | $ | 5,009 | ||||||||||
Net income (loss) attributable to Masonite | 654 | |||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in carrying amount of goodwill | ' | |||||||||||||||
Changes in the carrying amount of goodwill were as follows as of the dates indicated: | ||||||||||||||||
(In thousands) | North America Segment | Europe, Asia and Latin America Segment | Total | |||||||||||||
December 30, 2012 | $ | 78,122 | $ | — | $ | 78,122 | ||||||||||
Goodwill from 2013 acquisition | 316 | — | 316 | |||||||||||||
Foreign exchange fluctuations | (34 | ) | — | (34 | ) | |||||||||||
December 29, 2013 | 78,404 | — | 78,404 | |||||||||||||
Goodwill from 2014 acquisition | — | 21,227 | 21,227 | |||||||||||||
Foreign exchange fluctuations | (60 | ) | (86 | ) | (146 | ) | ||||||||||
March 30, 2014 | $ | 78,344 | $ | 21,141 | $ | 99,485 | ||||||||||
Cost and accumulated amortized values of intangible assets | ' | |||||||||||||||
The cost and accumulated amortization values of our intangible assets were as follows for the periods indicated: | ||||||||||||||||
March 30, 2014 | ||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||
Definite life intangible assets: | ||||||||||||||||
Customer relationships | $ | 107,834 | $ | (23,636 | ) | $ | (828 | ) | $ | 83,370 | ||||||
Patents | 27,745 | (12,718 | ) | 120 | 15,147 | |||||||||||
Software | 27,935 | (16,712 | ) | 222 | 11,445 | |||||||||||
Other | 12,198 | (5,784 | ) | (1,369 | ) | 5,045 | ||||||||||
175,712 | (58,850 | ) | (1,855 | ) | 115,007 | |||||||||||
Indefinite life intangible assets: | ||||||||||||||||
Trademarks and tradenames | 112,456 | — | 422 | 112,878 | ||||||||||||
Total intangible assets | $ | 288,168 | $ | (58,850 | ) | $ | (1,433 | ) | $ | 227,885 | ||||||
December 29, 2013 | ||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||
Definite life intangible assets: | ||||||||||||||||
Customer relationships | $ | 82,333 | $ | (21,171 | ) | $ | (675 | ) | $ | 60,487 | ||||||
Patents | 27,546 | (12,105 | ) | 154 | 15,595 | |||||||||||
Software | 27,266 | (15,670 | ) | 299 | 11,895 | |||||||||||
Other | 11,923 | (5,457 | ) | (1,432 | ) | 5,034 | ||||||||||
149,068 | (54,403 | ) | (1,654 | ) | 93,011 | |||||||||||
Indefinite life intangible assets: | ||||||||||||||||
Trademarks and tradenames | 109,789 | — | 914 | 110,703 | ||||||||||||
Total intangible assets | $ | 258,857 | $ | (54,403 | ) | $ | (740 | ) | $ | 203,714 | ||||||
Estimated future amortization of intangible assets with definite lives | ' | |||||||||||||||
The estimated future amortization of intangible assets with definite lives as of March 30, 2014, is as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year: | ||||||||||||||||
2014 (remaining nine months) | $ | 15,075 | ||||||||||||||
2015 | 19,483 | |||||||||||||||
2016 | 18,076 | |||||||||||||||
2017 | 15,870 | |||||||||||||||
2018 | 12,791 | |||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
The amounts of inventory on hand were as follows as of the dates indicated: | ||||||||
(In thousands) | 30-Mar-14 | December 29, 2013 | ||||||
Raw materials | $ | 162,378 | $ | 151,065 | ||||
Finished goods | 73,143 | 67,283 | ||||||
Inventories, net | $ | 235,521 | $ | 218,348 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Amounts of property, plant, and equipment | ' | |||||||
The carrying amounts of our property, plant and equipment and accumulated depreciation were as follows as of the dates indicated: | ||||||||
(In thousands) | March 30, 2014 | December 29, 2013 | ||||||
Land | $ | 49,255 | $ | 50,190 | ||||
Buildings | 191,841 | 192,782 | ||||||
Machinery and equipment | 562,671 | 559,776 | ||||||
Property, plant and equipment, gross | 803,767 | 802,748 | ||||||
Accumulated depreciation | (183,632 | ) | (172,469 | ) | ||||
Property, plant and equipment, net | $ | 620,135 | $ | 630,279 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
(In thousands) | March 30, | December 29, | ||||||
2014 | 2013 | |||||||
8.25% Senior Notes due 2021 | $ | 500,000 | $ | 375,000 | ||||
Unamortized premium on Senior Notes | 13,339 | 2,809 | ||||||
Capital lease obligations and other long-term debt | — | 52 | ||||||
Total long-term debt | $ | 513,339 | $ | 377,861 | ||||
Share_Based_Compensation_Plans1
Share Based Compensation Plans (Tables) | 3 Months Ended | |||||||||||||
Mar. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock appreciation rights award activity | ' | |||||||||||||
Three Months Ended March 30, 2014 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | ||||||||||
Outstanding, beginning of period | 1,812,658 | $ | 59,525 | $ | 18.16 | 6.4 | ||||||||
Exercised | (130,186 | ) | 14.02 | |||||||||||
Cancelled | (16,210 | ) | 41.38 | |||||||||||
Outstanding, end of period | 1,666,262 | $ | 63,569 | $ | 18.22 | 6.2 | ||||||||
Exercisable, end of period | 1,308,842 | $ | 53,593 | $ | 15.42 | 5.5 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||
Outstanding, beginning of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | ||||||||
Exercised | (10,423 | ) | 13.64 | |||||||||||
Cancelled | (6,676 | ) | 14.71 | |||||||||||
Outstanding, end of period | 2,611,349 | $ | 20,842 | $ | 15.77 | 6.6 | ||||||||
Exercisable, end of period | 2,031,059 | $ | 16,703 | $ | 15.53 | 6.5 | ||||||||
Restricted stock units award activity | ' | |||||||||||||
Three Months Ended | ||||||||||||||
March 30, 2014 | March 31, 2013 | |||||||||||||
Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | |||||||||||
Outstanding, beginning of period | 618,963 | $ | 22.09 | 921,946 | $ | 17.75 | ||||||||
Granted | 183,421 | 308,742 | ||||||||||||
Delivered | (7,669 | ) | (13,814 | ) | ||||||||||
Withheld to cover (1) | (2,020 | ) | (270 | ) | ||||||||||
Cancelled | (542 | ) | (11,279 | ) | ||||||||||
Outstanding, end of period | 792,153 | $ | 29.45 | 1,205,325 | $ | 20.2 | ||||||||
____________ | ||||||||||||||
(1) A portion of the vested RSUs delivered were net share settled to cover the minimum statutory requirements for income and other employment taxes, at the individual participant’s election. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum payments under non-cancelable operating leases and service agreements | ' | |||
Minimum payments, for the following future periods, under non-cancelable operating leases and service agreements with initial or remaining terms of one year or more consist of the following: | ||||
(In thousands) | ||||
Fiscal year: | ||||
2014 (remaining nine months) | $ | 12,399 | ||
2015 | 14,545 | |||
2016 | 11,805 | |||
2017 | 10,330 | |||
2018 | 9,895 | |||
Thereafter | 49,747 | |||
Total future minimum lease payments | $ | 108,721 | ||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Total restructuring costs by plan | ' | |||||||||||||||||||||||
The following table summarizes the restructuring charges recorded for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended March 30, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Total | North America | Europe, Asia and Latin America | Total | ||||||||||||||||||
2013 Plan | $ | 15 | $ | 674 | $ | 689 | $ | — | $ | — | $ | — | ||||||||||||
2012 Plan | 17 | 15 | 32 | 946 | 311 | 1,257 | ||||||||||||||||||
2009 and Prior Plans | — | — | — | 25 | 158 | 183 | ||||||||||||||||||
Total Restructuring Costs | $ | 32 | $ | 689 | $ | 721 | $ | 971 | $ | 469 | $ | 1,440 | ||||||||||||
Cumulative Amount Incurred Through | ||||||||||||||||||||||||
30-Mar-14 | ||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||||||||||
2013 Plan | $ | 2,423 | $ | 3,682 | $ | 1,142 | $ | 7,247 | ||||||||||||||||
2012 Plan | 4,172 | 10,213 | — | 14,385 | ||||||||||||||||||||
2011 Plan | 856 | 3,718 | — | 4,574 | ||||||||||||||||||||
2010 Plan | 3,552 | 3,831 | — | 7,383 | ||||||||||||||||||||
2009 and Prior Plans | 1,741 | 2,117 | — | 3,858 | ||||||||||||||||||||
Total Restructuring Costs | $ | 12,744 | $ | 23,561 | $ | 1,142 | $ | 37,447 | ||||||||||||||||
Schedule of restructuring reserve by type of cost | ' | |||||||||||||||||||||||
The changes in the accrual for restructuring by activity were as follows for the periods indicated: | ||||||||||||||||||||||||
(In thousands) | December 29, | Severance | Closure Costs | Cash Payments | March 30, | |||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
2013 Plan | $ | 2,348 | $ | 77 | $ | 612 | $ | 1,839 | $ | 1,198 | ||||||||||||||
2012 Plans | 714 | 2 | 30 | 90 | 656 | |||||||||||||||||||
2009 and Prior Plans | 1,347 | — | — | 110 | 1,237 | |||||||||||||||||||
Total | $ | 4,409 | $ | 79 | $ | 642 | $ | 2,039 | $ | 3,091 | ||||||||||||||
(In thousands) | December 30, | Severance | Closure Costs | Cash Payments | March 31, | |||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
2012 Plans | $ | 2,893 | $ | 379 | $ | 878 | $ | 2,676 | $ | 1,474 | ||||||||||||||
2009 and Prior Plans | 1,675 | 158 | 25 | 456 | 1,402 | |||||||||||||||||||
Total | $ | 4,568 | $ | 537 | $ | 903 | $ | 3,132 | $ | 2,876 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income tax expense (benefit) for income taxes | ' | |||||||
Income tax expense (benefit) for income taxes consists of the following: | ||||||||
Three Months Ended | ||||||||
(In thousands) | 30-Mar-14 | 31-Mar-13 | ||||||
Current | $ | 1,069 | $ | 503 | ||||
Deferred | (1,050 | ) | (1,539 | ) | ||||
Income tax expense (benefit) | $ | 19 | $ | (1,036 | ) | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Cash and non-cash transactions | ' | |||||||
Certain cash and non-cash transactions were as follows for the periods indicated: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||
Transactions involving cash: | ||||||||
Interest paid | $ | 51 | $ | 20 | ||||
Interest received | 101 | 128 | ||||||
Income taxes paid | 1,415 | 3,012 | ||||||
Income tax refunds | — | 935 | ||||||
Non-cash transactions: | ||||||||
Property, plant and equipment additions in accounts payable | 5,417 | 911 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Geographic segments information | ' | |||||||||||||||
Certain information with respect to geographic segments is as follows for the periods indicated: | ||||||||||||||||
Three Months Ended March 30, 2014 | ||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 314,767 | $ | 100,564 | $ | 13,392 | $ | 428,723 | ||||||||
Intersegment sales | (326 | ) | (5,937 | ) | — | (6,263 | ) | |||||||||
Net sales to external customers | $ | 314,441 | $ | 94,627 | $ | 13,392 | $ | 422,460 | ||||||||
Adjusted EBITDA | $ | 16,003 | $ | 3,034 | $ | 681 | $ | 19,718 | ||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 319,476 | $ | 92,432 | $ | 16,516 | $ | 428,424 | ||||||||
Intersegment sales | (169 | ) | (3,691 | ) | (40 | ) | (3,900 | ) | ||||||||
Net sales to external customers | $ | 319,307 | $ | 88,741 | $ | 16,476 | $ | 424,524 | ||||||||
Adjusted EBITDA | $ | 20,482 | $ | 4,625 | $ | 1,070 | $ | 26,177 | ||||||||
Reconciliation of consolidated Adjusted EBITDA to net income (loss) attributable to Masonite | ' | |||||||||||||||
A reconciliation of our consolidated Adjusted EBITDA to net income (loss) attributable to Masonite is set forth as follows for the periods indicated: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||||||||||
Adjusted EBITDA | $ | 19,718 | $ | 26,177 | ||||||||||||
Less (plus): | ||||||||||||||||
Depreciation | 15,446 | 16,526 | ||||||||||||||
Amortization | 5,691 | 4,270 | ||||||||||||||
Share based compensation expense | 2,283 | 1,830 | ||||||||||||||
Loss (gain) on disposal of property, plant and equipment | 1,087 | 110 | ||||||||||||||
Restructuring costs | 721 | 1,440 | ||||||||||||||
Interest expense (income), net | 9,993 | 8,250 | ||||||||||||||
Other expense (income), net | 181 | (158 | ) | |||||||||||||
Income tax expense (benefit) | 19 | (1,036 | ) | |||||||||||||
Loss (income) from discontinued operations, net of tax | 142 | 90 | ||||||||||||||
Net income (loss) attributable to non-controlling interest | 741 | 680 | ||||||||||||||
Net income (loss) attributable to Masonite | $ | (16,586 | ) | $ | (5,825 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share | ' | |||||||
Three Months Ended | ||||||||
(In thousands, except share and per share information) | March 30, 2014 | March 31, 2013 | ||||||
Net income (loss) attributable to Masonite | $ | (16,586 | ) | $ | (5,825 | ) | ||
Income (loss) from discontinued operations, net of tax | (142 | ) | (90 | ) | ||||
Income (loss) from continuing operations attributable to Masonite | $ | (16,444 | ) | $ | (5,735 | ) | ||
Shares used in computing basic earnings per share | 29,186,262 | 27,951,455 | ||||||
Effect of dilutive securities: | ||||||||
Incremental shares issuable under share compensation plans | — | — | ||||||
Shares used in computing diluted earnings per share | 29,186,262 | 27,951,455 | ||||||
Basic earnings (loss) per common share attributable to Masonite: | ||||||||
Continuing operations attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Discontinued operations attributable to Masonite, net of tax | — | — | ||||||
Total Basic earnings per common share attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Diluted earnings (loss) per common share attributable to Masonite: | ||||||||
Continuing operations attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Discontinued operations attributable to Masonite, net of tax | — | — | ||||||
Total Diluted earnings per common share attributable to Masonite | $ | (0.56 | ) | $ | (0.21 | ) | ||
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ||||||||
Warrants | 4,953,654 | 5,833,335 | ||||||
Stock appreciation rights | 818,895 | 1,261,964 | ||||||
Restricted stock units | 597,153 | 978,435 | ||||||
Other_Comprehensive_Income_and1
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of components of accumulated other comprehensive income (loss) | ' | |||||||
A rollforward of the components of accumulated other comprehensive income (loss) is as follows for the periods indicated: | ||||||||
Three Months Ended | ||||||||
(In thousands) | March 30, 2014 | March 31, 2013 | ||||||
Accumulated foreign exchange gains (losses), beginning of period | $ | (8,797 | ) | $ | 2,538 | |||
Foreign exchange gain (loss) | (7,485 | ) | (16,198 | ) | ||||
Income tax benefit (expense) on foreign exchange gain (loss) | — | (381 | ) | |||||
Less: foreign exchange gain (loss) attributable to non-controlling interest | (471 | ) | (254 | ) | ||||
Accumulated foreign exchange gains (losses), end of period | (15,811 | ) | (13,787 | ) | ||||
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | ||||||
Amortization of actuarial net losses | — | 349 | ||||||
Income tax benefit (expense) on amortization of actuarial net losses | — | (136 | ) | |||||
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,250 | ||||||
Accumulated pension and other post-retirement adjustments | (12,694 | ) | (22,559 | ) | ||||
Accumulated other comprehensive income (loss) | $ | (26,615 | ) | $ | (35,096 | ) | ||
Other comprehensive income (loss), net of tax: | $ | (7,485 | ) | $ | (16,366 | ) | ||
Less: other comprehensive income (loss) attributable to non-controlling interest | (471 | ) | (254 | ) | ||||
Other comprehensive income (loss) attributable to Masonite | $ | (7,014 | ) | $ | (16,112 | ) |
Variable_Interest_Entity_Table
Variable Interest Entity (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Consolidated results of the VIE | ' | |||||||
As its primary beneficiary, we have consolidated the results of the VIE. Our net cumulative investment in the VIE was comprised of the following as of the dates indicated: | ||||||||
(In thousands) | March 30, 2014 | December 29, 2013 | ||||||
Current assets | $ | 9,762 | $ | 9,524 | ||||
Property, plant and equipment, net | 18,985 | 19,543 | ||||||
Long-term deferred income taxes | 14,957 | 14,998 | ||||||
Other assets, net | 2,122 | 2,363 | ||||||
Current liabilities | (2,827 | ) | (2,916 | ) | ||||
Other long-term liabilities | (5,765 | ) | (5,746 | ) | ||||
Non-controlling interest | (7,186 | ) | (7,093 | ) | ||||
Net assets of the VIE consolidated by Masonite | $ | 30,048 | $ | 30,673 | ||||
Business_Overview_and_Signific2
Business Overview and Significant Accounting Policies (Details) | Mar. 30, 2014 |
Country | |
Accounting Policies [Abstract] | ' |
Manufacturing locations | 65 |
Number of countries | 11 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Feb. 24, 2014 | Jul. 09, 2013 | Feb. 24, 2014 | |
Door-Stop | Masisa | Customer Relationships [Member] | ||||
Door-Stop | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash consideration, net of cash acquired | $50,342,000 | $0 | ' | $50,355,000 | ' | ' |
Acquired equity interests, percent | ' | ' | ' | 100.00% | ' | ' |
Goodwill acquisitions | ' | ' | ' | 21,227,000 | ' | ' |
Amortization period for acquired customer relationships | ' | ' | ' | ' | ' | '9 years 10 months 29 days |
Gross contractual value of acquired trade receivables | ' | ' | ' | 2,800,000 | ' | ' |
Cash consideration | ' | ' | ' | ' | 12,226,000 | ' |
Goodwill | $99,485,000 | ' | $78,404,000 | ' | $316,000 | ' |
Acquisitions_Door_Stop_Interna
Acquisitions (Door Stop International) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Feb. 24, 2014 |
Door-Stop | |||
Business Acquisition [Line Items] | ' | ' | ' |
Accounts receivable, net | ' | ' | $2,648 |
Inventory | ' | ' | 2,665 |
Property, plant and equipment | ' | ' | 4,303 |
Goodwill | ' | ' | 21,227 |
Intangible assets, net | ' | ' | 28,776 |
Accounts payable and accrued expenses, net | ' | ' | -3,492 |
Other assets and liabilities, net | ' | ' | -5,772 |
Cash consideration, net of cash acquired | $50,342 | $0 | $50,355 |
Acquisitions_DoorStop_Revenus_
Acquisitions (Door-Stop Revenus and Earnings) (Details) (Door-Stop, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Door-Stop | ' |
Business Acquisition [Line Items] | ' |
Net Sales | $5,009 |
Net income (loss) attributable to Masonite | $654 |
Acquisitions_Masisa_Acquisitio
Acquisitions (Masisa Acquisition) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Jul. 09, 2013 |
In Thousands, unless otherwise specified | Masisa | ||
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | ' | $5,174 |
Property, plant and equipment | ' | ' | 6,228 |
Goodwill | 99,485 | 78,404 | 316 |
Other assets and liabilities, net | ' | ' | 508 |
Cash consideration | ' | ' | $12,226 |
Acquisitions_Pro_Forma_Informa
Acquisitions (Pro Forma Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Net sales | $422,460 | $424,524 |
Pro forma revenue | 429,119 | 432,849 |
Net income (loss) attributable to Masonite | -16,586 | -5,825 |
Pro forma net income (loss) attributable to Masonite | -15,962 | -5,421 |
Income (Loss) from Continuing Operations, Per Basic Share | ($0.56) | ($0.21) |
Pro forma earnings per share, basic | ($0.55) | ($0.19) |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.56) | ($0.21) |
Pro forma earnings per share, diluted | ($0.55) | ($0.19) |
Door-Stop | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Pro forma revenue | 6,659 | 8,325 |
Pro forma net income (loss) attributable to Masonite | $624 | $404 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill | $99,485 | $78,404 |
North America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 78,404 | 78,122 |
Goodwill acquisitions | 0 | 316 |
Foreign exchange fluctuations | -60 | -34 |
Goodwill | 78,344 | 78,404 |
Europe, Asia and Latin America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 0 | 0 |
Goodwill acquisitions | 21,227 | 0 |
Foreign exchange fluctuations | -86 | 0 |
Goodwill | 21,141 | 0 |
Operating Segments [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 78,404 | 78,122 |
Goodwill acquisitions | 21,227 | 316 |
Foreign exchange fluctuations | -146 | -34 |
Goodwill | $99,485 | $78,404 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Cost and Accumulated Amortized Values) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | $175,712 | $149,068 |
Finite-lived intangible assets, accumulated amortization | -58,850 | -54,403 |
Finite-lived intangible assets, translation adjustment | -1,855 | -1,654 |
Finite-lived intangible assets, net | 115,007 | 93,011 |
Total intangible assets, gross | 288,168 | 258,857 |
Total intangible assets, translation adjustment | -1,433 | -740 |
Total Intangible assets, net | 227,885 | 203,714 |
Customer Relationships [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 107,834 | 82,333 |
Finite-lived intangible assets, accumulated amortization | -23,636 | -21,171 |
Finite-lived intangible assets, translation adjustment | -828 | -675 |
Finite-lived intangible assets, net | 83,370 | 60,487 |
Patents | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 27,745 | 27,546 |
Finite-lived intangible assets, accumulated amortization | -12,718 | -12,105 |
Finite-lived intangible assets, translation adjustment | 120 | 154 |
Finite-lived intangible assets, net | 15,147 | 15,595 |
Software | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 27,935 | 27,266 |
Finite-lived intangible assets, accumulated amortization | -16,712 | -15,670 |
Finite-lived intangible assets, translation adjustment | 222 | 299 |
Finite-lived intangible assets, net | 11,445 | 11,895 |
Other | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | 12,198 | 11,923 |
Finite-lived intangible assets, accumulated amortization | -5,784 | -5,457 |
Finite-lived intangible assets, translation adjustment | -1,369 | -1,432 |
Finite-lived intangible assets, net | 5,045 | 5,034 |
Trademarks and Trade Names [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, gross | 112,456 | 109,789 |
Indefinite-lived intangible assets, translation adjustment | 422 | 914 |
Indefinite-lived intangible assets, net | $112,878 | $110,703 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Estimated Future Amortization of Intangible Assets) (Details) (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 (remaining nine months) | $15,075 |
2015 | 19,483 |
2016 | 18,076 |
2017 | 15,870 |
2018 | $12,791 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of intangible assets | $4,400,000 | ' |
Amortization | $5,691,000 | $4,270,000 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 |
Customer | Customer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts | 4.2 | 3.8 |
Accounts Receivable | Customer Concentration Risk | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Concentration risk, customers | 10 | 10 |
Concentration risk, percent | 43.30% | 44.40% |
Inventories_Details
Inventories (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $162,378 | $151,065 |
Finished goods | 73,143 | 67,283 |
Inventories, net | $235,521 | $218,348 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory provision | $7.10 | $8.40 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $803,767 | $802,748 |
Accumulated depreciation | -183,632 | -172,469 |
Property, plant and equipment, net | 620,135 | 630,279 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 49,255 | 50,190 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 191,841 | 192,782 |
Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $562,671 | $559,776 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $15,446 | $16,526 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital lease obligations and other long-term debt | $0 | $52 |
Total long-term debt | 513,339 | 377,861 |
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unamortized premium on Senior Notes | 13,339 | 2,809 |
Senior Notes | Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
8.25% Senior Notes due 2021 | $500,000 | $375,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Jan. 01, 2012 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Jan. 21, 2014 | Jan. 01, 2012 | Apr. 15, 2011 | Dec. 30, 2012 | Mar. 09, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | 31-May-11 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | |
company | ABL Facility | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Revolving Credit Facility | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||
Senior Notes, Issued January 2014 [Member] | Senior Notes, Issued January 2014 [Member] | Senior Unsecured Notes Effective April 2011 | Senior Unsecured Notes Effective April 2011 | Senior Unsecured Notes Effective March 2012 | Senior Unsecured Notes Effective March 2012 | Senior Notes Due 2021 | Senior Notes Due 2021 | Senior Notes Due 2021 | Senior Notes Due 2021 | Senior Notes Due 2021 | ABL Facility | ABL Facility | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Three | ABL Facility | ABL Facility | ABL Facility | ABL Facility | ABL Facility | |||||||||||||||||
Applicable Margin | Base Rate | Applicable Margin | Base Rate | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | ' | $275,000,000 | ' | $100,000,000 | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 138,688,000 | 0 | ' | ' | ' | ' | 136,800,000 | ' | 265,500,000 | ' | 101,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction issuance cost | ' | ' | ' | ' | ' | ' | -1,900,000 | ' | -9,500,000 | ' | -2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance price, percentage | ' | ' | ' | ' | ' | ' | ' | 108.75% | ' | ' | ' | 103.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium on Senior Notes | ' | ' | ' | ' | 13,339,000 | 2,809,000 | ' | 10,900,000 | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return of capital to shareholders | ' | ' | 124,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 293,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption portion, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, premium, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 108.25% | 101.00% | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 2.50% | 1.50% | ' |
Unutilized commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | 0.38% |
Utilization percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share_Based_Compensation_Plans2
Share Based Compensation Plans (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Jan. 01, 2012 | Jun. 09, 2009 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Jul. 12, 2012 | Mar. 30, 2014 | Jun. 21, 2013 | Jul. 12, 2012 | Jun. 09, 2012 | Jun. 09, 2012 | Mar. 30, 2014 | Jun. 09, 2009 | Jun. 09, 2009 | |
Stock Appreciation Rights (SARs) | Stock Appreciation Rights (SARs) | Restricted Stock Units (RSUs) | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | Management | Director | Expiration June 2014 | Expiration June 2014 | Expiration June 2016 | |||||
Common Stock [Member] | Common Stock [Member] | 2009 Plan | 2009 Plan | |||||||||||||
Common Stock [Member] | Common Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | $2,283,000 | $1,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation unrecognized | 16,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining requisite service period | '2 years 6 months 3 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership of common equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.55% | 0.90% | ' | ' | ' |
Equity awards not to exceed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,500,000 | 3,554,811 | 335,004 | ' | ' | ' |
Plan term | ' | ' | ' | ' | '10 years 0 months 0 days | ' | ' | '10 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' |
Additional increase to common shares issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Shares available for future issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | 1,583,840 | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | '4 years 0 months 0 days | ' | '4 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of equity other than options vested in the period | ' | ' | ' | ' | 400,000 | 800,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of SARs granted in the period | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SARs vesting period | ' | ' | ' | ' | ' | ' | '2 years 0 months 183 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested in period, shares | ' | ' | ' | ' | ' | ' | -1,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | 5,833,335 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,453,653 | 3,333,334 | 2,500,001 |
Exercise price of warrants | ' | ' | 50.77 | 55.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 879,681 | ' | ' |
Stock issued upon exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,739 | ' | ' |
Share_Based_Compensation_Plans3
Share Based Compensation Plans (SARs) (Details) (Stock Appreciation Rights (SARs), USD $) | 0 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Mar. 30, 2014 | Mar. 31, 2013 |
Stock Appreciation Rights (SARs) | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period, shares | ' | ' | ' | ' | 1,812,658 | 2,628,448 |
Exercised, shares | ' | ' | ' | ' | -130,186 | -10,423 |
Cancelled, shares | ' | ' | ' | ' | -16,210 | -6,676 |
Outstanding, end of period, shares | 1,666,262 | 1,812,658 | 2,611,349 | 2,628,448 | 1,666,262 | 2,611,349 |
Exercisable, shares | 1,308,842 | ' | 2,031,059 | ' | 1,308,842 | 2,031,059 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value & Average Remaining Contractual Life [Abstract] | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period, aggregate intrinsic value | ' | ' | ' | ' | $59,525 | $21,005 |
Outstanding, end period, aggregate intrinsic value | 63,569 | 59,525 | 20,842 | 21,005 | 63,569 | 20,842 |
Exercisable, aggregate intrinsic value | $53,593 | ' | $16,703 | ' | $53,593 | $16,703 |
Outstanding, beginning of period, weighted average remaining contractual term | '6 years 2 months 13 days | '6 years 4 months 26 days | '6 years 7 months 9 days | '6 years 10 months 29 days | ' | ' |
Outstanding, end of period, weighted average remaining contractual term | '6 years 2 months 13 days | '6 years 4 months 26 days | '6 years 7 months 9 days | '6 years 10 months 29 days | ' | ' |
Exercisable, weighted average remaining contractual term | '5 years 6 months 3 days | ' | '6 years 6 months 3 days | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period, weighted average exercise price | ' | ' | ' | ' | $18.16 | $15.76 |
Exercised, weighted average exercise price | ' | ' | ' | ' | $14.02 | $13.64 |
Forfeited, weighted average exercise price | ' | ' | ' | ' | $41.38 | $14.71 |
Outstanding, end of period, weighted average exercise price | $18.22 | $18.16 | $15.77 | $15.76 | $18.22 | $15.77 |
Exercisable, weighted average exercise price | $15.42 | ' | $15.53 | ' | $15.42 | $15.53 |
Share_Based_Compensation_Plans4
Share Based Compensation Plans (RSUs) (Details) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended | |||
Mar. 30, 2014 | Mar. 31, 2013 | |||
Restricted Stock Units (RSUs) | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ||
Outstanding, beginning of period (shares) | 618,963 | 921,946 | ||
Granted (shares) | 183,421 | 308,742 | ||
Delivered (shares) | -7,669 | -13,814 | ||
Withheld to cover (shares) | -2,020 | [1] | -270 | [1] |
Cancelled (shares) | -542 | -11,279 | ||
Outstanding, end of period (shares) | 792,153 | 1,205,325 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ||
Outstanding, beginning of period (weighted average grant date fair value) | $22.09 | $17.75 | ||
Outstanding, end of period (weighted average grant date fair value) | $29.45 | $20.20 | ||
[1] | A portion of the vested RSUs delivered were net share settled to cover the minimum statutory requirements for income and other employment taxes, at the individual participantbs election. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 (remaining three months) | $12,399 |
2015 | 14,545 |
2016 | 11,805 |
2017 | 10,330 |
2018 | 9,895 |
Thereafter | 49,747 |
Total, operating leases, future minimum payments due | $108,721 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Operating Leased Assets [Line Items] | ' | ' |
Lease renewal term | '5 years 0 months 0 days | ' |
Rent expense | $6.20 | $6.40 |
Minimum | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease renewal options | 0 | ' |
Maximum | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease renewal options | 3 | ' |
Restructuring_Costs_Restructur
Restructuring Costs (Restructuring Costs by Plan) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | $721 | $1,440 |
Cumulative amount incurred to date | 37,447 | ' |
North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 32 | 971 |
Cumulative amount incurred to date | 12,744 | ' |
Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 689 | 469 |
Cumulative amount incurred to date | 23,561 | ' |
Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 1,142 | ' |
2013 Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 689 | 0 |
Cumulative amount incurred to date | 7,247 | ' |
2013 Plan | North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 15 | 0 |
Cumulative amount incurred to date | 2,423 | ' |
2013 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 674 | 0 |
Cumulative amount incurred to date | 3,682 | ' |
2013 Plan | Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 1,142 | ' |
2012 Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 32 | 1,257 |
Cumulative amount incurred to date | 14,385 | ' |
2012 Plan | North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 17 | 946 |
Cumulative amount incurred to date | 4,172 | ' |
2012 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 15 | 311 |
Cumulative amount incurred to date | 10,213 | ' |
2012 Plan | Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 0 | ' |
2011 Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 4,574 | ' |
2011 Plan | North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 856 | ' |
2011 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 3,718 | ' |
2011 Plan | Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 0 | ' |
2010 Plan | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 7,383 | ' |
2010 Plan | North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 3,552 | ' |
2010 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 3,831 | ' |
2010 Plan | Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | 0 | ' |
2009 and Prior Plans | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 0 | 183 |
Cumulative amount incurred to date | 3,858 | ' |
2009 and Prior Plans | North America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 0 | 25 |
Cumulative amount incurred to date | 1,741 | ' |
2009 and Prior Plans | Europe, Asia and Latin America | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring costs | 0 | 158 |
Cumulative amount incurred to date | 2,117 | ' |
2009 and Prior Plans | Africa | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Cumulative amount incurred to date | $0 | ' |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring reserve | $4,409 | $4,568 |
Restructuring costs | 721 | 1,440 |
Payments for Restructuring | 2,039 | 3,132 |
Restructuring reserve | 3,091 | 2,876 |
Severance | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 79 | 537 |
Closure Costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 642 | 903 |
North America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 32 | 971 |
Europe, Asia and Latin America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 689 | 469 |
2013 Plan | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring reserve | 2,348 | ' |
Restructuring costs | 689 | 0 |
Payments for Restructuring | 1,839 | ' |
Restructuring reserve | 1,198 | ' |
2013 Plan | Severance | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 77 | ' |
2013 Plan | Closure Costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 612 | ' |
2013 Plan | North America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 15 | 0 |
2013 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 674 | 0 |
2012 Plan | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring reserve | 714 | 2,893 |
Restructuring costs | 32 | 1,257 |
Payments for Restructuring | 90 | 2,676 |
Restructuring reserve | 656 | 1,474 |
2012 Plan | Severance | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 2 | 379 |
2012 Plan | Closure Costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 30 | 878 |
2012 Plan | North America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 17 | 946 |
2012 Plan | Europe, Asia and Latin America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 15 | 311 |
2009 and Prior Plans | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring reserve | 1,347 | 1,675 |
Restructuring costs | 0 | 183 |
Payments for Restructuring | 110 | 456 |
Restructuring reserve | 1,237 | 1,402 |
2009 and Prior Plans | Severance | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 0 | 158 |
2009 and Prior Plans | Closure Costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 0 | 25 |
2009 and Prior Plans | North America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | 0 | 25 |
2009 and Prior Plans | Europe, Asia and Latin America | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring costs | $0 | $158 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Restructuring and Related Activities [Abstract] | ' |
Additional restructuring cost expected to incur | $0.90 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Current | $1,069 | $503 |
Deferred | -1,050 | -1,539 |
Income tax expense (benefit) | $19 | ($1,036) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 |
In Millions, unless otherwise specified | CANADA | ||
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Canadian federal statutory rate | ' | ' | 26.40% |
Deferred tax asset, valuation allowance | $18.90 | $16.90 | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Transactions involving cash: | ' | ' |
Interest paid | $51 | $20 |
Interest received | 101 | 128 |
Income taxes paid | 1,415 | 3,012 |
Income tax refunds | 0 | 935 |
Non-cash transactions: | ' | ' |
Property, plant and equipment additions in accounts payable | $5,417 | $911 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | $422,460 | $424,524 |
Adjusted EBITDA | 19,718 | 26,177 |
Operating Segments [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 428,723 | 428,424 |
Intersegment Eliminations | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | -6,263 | -3,900 |
North America | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 314,441 | 319,307 |
Adjusted EBITDA | 16,003 | 20,482 |
North America | Operating Segments [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 314,767 | 319,476 |
North America | Intersegment Eliminations | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | -326 | -169 |
Europe, Asia and Latin America | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 94,627 | 88,741 |
Adjusted EBITDA | 3,034 | 4,625 |
Europe, Asia and Latin America | Operating Segments [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 100,564 | 92,432 |
Europe, Asia and Latin America | Intersegment Eliminations | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | -5,937 | -3,691 |
Africa | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 13,392 | 16,476 |
Adjusted EBITDA | 681 | 1,070 |
Africa | Operating Segments [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | 13,392 | 16,516 |
Africa | Intersegment Eliminations | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Sales | $0 | ($40) |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Adjusted EBITDA | $19,718 | $26,177 |
Depreciation | 15,446 | 16,526 |
Amortization | 5,691 | 4,270 |
Share based compensation expense | 2,283 | 1,830 |
Loss (gain) on disposal of property, plant and equipment | 1,087 | 110 |
Restructuring costs | 721 | 1,440 |
Interest expense (income), net | 9,993 | 8,250 |
Other expense (income), net | 181 | -158 |
Income tax expense (benefit) | 19 | -1,036 |
Loss (income) from discontinued operations, net of tax | 142 | 90 |
Net income (loss) attributable to non-controlling interest | 741 | 680 |
Net income (loss) attributable to Masonite | ($16,586) | ($5,825) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets held for sale, fair value | $3,451,000 | $3,408,000 |
Estimate of Fair Value Measurement | Senior Notes Due 2021 | Senior Notes | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value of senior notes | 550,700,000 | 412,100,000 |
Reported Value Measurement | Senior Notes Due 2021 | Senior Notes | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value of senior notes | $513,300,000 | $377,800,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net income (loss) attributable to Masonite | ($16,586) | ($5,825) |
Income (loss) from discontinued operations, net of tax | 142 | 90 |
Income (loss) from continuing operations attributable to Masonite | ($16,444) | ($5,735) |
Effect of dilutive securities: | ' | ' |
Shares used in computing basic earnings per share | 29,186,262 | 27,951,455 |
Incremental shares issuable under share compensation plans | 0 | 0 |
Shares used in computing diluted earnings per share | 29,186,262 | 27,951,455 |
Basic earnings (loss) per common share attributable to Masonite: | ' | ' |
Continuing operations attributable to Masonite (in dollars per share) | ($0.56) | ($0.21) |
Discontinued operations attributable to Masonite, net of tax (in dollars per share) | $0 | $0 |
Total Basic earnings per common share attributable to Masonite (in dollars per share) | ($0.56) | ($0.21) |
Continuing operations attributable to Masonite (in dollars per share) | ($0.56) | ($0.21) |
Discontinued operations attributable to Masonite, net of tax (in dollars per share) | $0 | $0 |
Total Diluted earnings per common share attributable to Masonite (in dollars per share) | ($0.56) | ($0.21) |
Warrants | ' | ' |
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 4,953,654 | 5,833,335 |
Stock Appreciation Rights (SARs) | ' | ' |
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 818,895 | 1,261,964 |
Restricted Stock Units (RSUs) | ' | ' |
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 597,153 | 978,435 |
Earnings_Per_Share_basic_earni
Earnings Per Share basic earnings (loss) per common share (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.56) | ($0.21) |
Other_Comprehensive_Income_and2
Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 |
Accumulated Foreign Exchange Gains (Losses) [Roll Forward] | ' | ' | ' |
Accumulated foreign exchange gains (losses), beginning of period | ($8,797) | $2,538 | $2,538 |
Foreign exchange gain (loss) | -7,485 | -16,198 | ' |
Income tax benefit (expense) on foreign exchange gain (loss) | 0 | -381 | ' |
Less: foreign exchange gain (loss) attributable to non-controlling interest | -471 | -254 | ' |
Accumulated foreign exchange gains (losses), end of period | -15,811 | -13,787 | -8,797 |
Accumulated Amortization of Actuarial Net Losses [Roll Forward] | ' | ' | ' |
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | 1,037 |
Amortization of actuarial net losses | 0 | -349 | ' |
Income tax benefit (expense) on amortization of actuarial net losses | 0 | -136 | ' |
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,250 | 1,890 |
Accumulated pension and other post-retirement adjustments | 12,694 | 22,559 | ' |
Accumulated other comprehensive income (loss) | -26,615 | -35,096 | -19,601 |
Other comprehensive income (loss), net of tax: | -7,485 | -16,366 | -1,378 |
Less: other comprehensive income (loss) attributable to non-controlling interest | -471 | -254 | ' |
Other comprehensive income (loss) attributable to Masonite | ($7,014) | ($16,112) | ' |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Current assets | $727,262 | $623,744 |
Property, plant and equipment, net | 620,135 | 630,279 |
Long-term deferred income taxes | 22,736 | 23,363 |
Other assets, net | 24,475 | 24,158 |
Current liabilities | -251,716 | -228,592 |
Other long-term liabilities | -48,771 | -50,206 |
Net assets of the VIE consolidated by Masonite | 775,292 | 796,724 |
Variable Interest Entity, Primary Beneficiary | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Current assets | 9,762 | 9,524 |
Property, plant and equipment, net | 18,985 | 19,543 |
Long-term deferred income taxes | 14,957 | 14,998 |
Other assets, net | 2,122 | 2,363 |
Current liabilities | -2,827 | -2,916 |
Other long-term liabilities | -5,765 | -5,746 |
Non-controlling interest | -7,186 | -7,093 |
Net assets of the VIE consolidated by Masonite | $30,048 | $30,673 |
Variable_Interest_Entity_Narra
Variable Interest Entity (Narrative) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $166,264 | $100,873 | $109,653 | $122,314 |
Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Number of variable interest entities | 1 | 1 | ' | ' |
Cash and cash equivalents | $4,800 | $4,300 | ' | ' |