Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 28, 2014 | Feb. 23, 2015 | Jun. 29, 2014 |
Entity [Abstract] | |||
Entity Registrant Name | MASONITE INTERNATIONAL CORPORATION | ||
Entity Central Index Key | 893691 | ||
Current Fiscal Year End Date | -16 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 28-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 30,043,990 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $1,837,700 | $1,731,143 | $1,676,005 |
Cost of goods sold | 1,572,301 | 1,505,636 | 1,459,701 |
Gross profit | 265,399 | 225,507 | 216,304 |
Selling, general and administration expenses | 224,077 | 207,166 | 206,708 |
Restructuring costs | 11,137 | 10,630 | 11,431 |
Asset impairment | 18,202 | 1,904 | 1,350 |
Operating income (loss) | 11,983 | 5,807 | -3,185 |
Interest expense (income), net | 41,525 | 33,230 | 31,454 |
Other expense (income), net | -587 | 2,316 | 528 |
Income (loss) from continuing operations before income tax expense (benefit) | -28,955 | -29,739 | -35,167 |
Income tax expense (benefit) | 4,533 | -21,377 | -13,365 |
Income (loss) from continuing operations | -33,488 | -8,362 | -21,802 |
Income (loss) from discontinued operations, net of tax | -630 | -598 | 1,480 |
Net income (loss) | -34,118 | -8,960 | -20,322 |
Less: net income (loss) attributable to non-controlling interest | 3,222 | 2,050 | 2,923 |
Net income (loss) attributable to Masonite | -37,340 | -11,010 | -23,245 |
Earnings (loss) per common share attributable to Masonite: | |||
Basic earnings per common share attributable to Masonite (in dollars per share) | ($1.26) | ($0.39) | ($0.84) |
Diluted earnings per common share attributable to Masonite (in dollars per share) | ($1.26) | ($0.39) | ($0.84) |
Earnings (loss) per common share from continuing operations attributable to Masonite: | |||
Basic (in dollars per share) | ($1.24) | ($0.37) | ($0.89) |
Diluted (in dollars per share) | ($1.24) | ($0.37) | ($0.89) |
Other comprehensive income (loss): | |||
Foreign exchange gain (loss) | -48,667 | -12,096 | 8,187 |
Pension and other post-retirement adjustments | -12,045 | 15,571 | 663 |
Amortization of actuarial net losses | 0 | 1,413 | 1,689 |
Income tax benefit (expense) related to other comprehensive income (loss) | 3,076 | -6,266 | -1,561 |
Other comprehensive income (loss), net of tax: | -57,636 | -1,378 | 8,978 |
Comprehensive income (loss) | -91,754 | -10,338 | -11,344 |
Less: comprehensive income (loss) attributable to non-controlling interest | 2,244 | 1,289 | 3,157 |
Comprehensive income (loss) attributable to Masonite | ($93,998) | ($11,627) | ($14,501) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $192,037 | $100,873 |
Restricted cash | 13,187 | 13,831 |
Accounts receivable, net | 241,721 | 243,823 |
Inventories, net | 222,732 | 218,348 |
Prepaid expenses | 21,103 | 22,371 |
Assets held for sale | 0 | 3,408 |
Income taxes receivable | 1,796 | 3,250 |
Current deferred income taxes | 20,767 | 17,840 |
Total current assets | 713,343 | 623,744 |
Property, plant and equipment, net | 576,234 | 630,279 |
Investment in equity investees | 8,827 | 7,483 |
Goodwill | 99,199 | 78,404 |
Intangible assets, net | 203,372 | 203,714 |
Long-term deferred income taxes | 20,697 | 23,363 |
Other assets, net | 24,879 | 24,158 |
Total assets | 1,646,551 | 1,591,145 |
Current liabilities: | ||
Accounts payable | 98,199 | 98,936 |
Accrued expenses | 137,681 | 128,924 |
Income taxes payable | 1,361 | 732 |
Total current liabilities | 237,241 | 228,592 |
Long-term debt | 511,920 | 377,861 |
Long-term deferred income taxes | 107,777 | 108,924 |
Other liabilities | 54,114 | 50,206 |
Total liabilities | 911,052 | 765,583 |
Commitments and Contingencies (Note 10) | ||
Equity: | ||
Share capital: unlimited shares authorized, no par value, 30,015,321 and 29,085,021 shares issued and outstanding as of December 28, 2014, and December 29, 2013, respectively. | 657,292 | 646,196 |
Additional paid-in capital | 225,918 | 230,306 |
Accumulated deficit | -97,517 | -60,177 |
Accumulated other comprehensive income (loss) | -76,259 | -19,601 |
Total equity attributable to Masonite | 709,434 | 796,724 |
Equity attributable to non-controlling interests | 26,065 | 28,838 |
Total equity | 735,499 | 825,562 |
Total liabilities and equity | $1,646,551 | $1,591,145 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) | Dec. 28, 2014 | Dec. 29, 2013 |
Statement of Financial Position [Abstract] | ||
Shares issued | 30,015,321 | 29,085,021 |
Shares outstanding | 30,015,321 | 29,085,021 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (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 Jan. 01, 2012 | $848,483 | $626,787 | $241,496 | ($25,922) | ($27,728) | $814,633 | $33,850 |
Opening Balance, Shares at Jan. 01, 2012 | 27,531,792 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | -20,322 | -23,245 | -23,245 | 2,923 | |||
Other comprehensive income (loss), net of tax | 8,978 | 8,744 | 8,744 | 234 | |||
Dividends to non-controlling interests | -5,735 | -5,735 | |||||
Share based awards | 6,517 | 6,517 | 6,517 | ||||
Common shares issued for delivery of share based awards, Shares | 411,982 | ||||||
Common shares issued for delivery of share based awards, Value | 0 | 7,123 | -7,123 | 0 | |||
Reduction of return of capital payable due to forfeitures of share based awards | -11 | -11 | -11 | ||||
Common shares withheld to cover income taxes payable due to delivery of share based awards | -95 | -95 | -95 | ||||
Ending Balance, Value at Dec. 30, 2012 | 837,815 | 633,910 | 240,784 | -49,167 | -18,984 | 806,543 | 31,272 |
Ending 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 | 0 | 12,286 | -12,286 | 0 | |||
Common shares withheld to cover income taxes payable due to delivery of share based awards | -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) | -34,118 | -37,340 | -37,340 | 3,222 | |||
Other comprehensive income (loss), net of tax | -57,636 | -56,658 | -56,658 | -978 | |||
Dividends to non-controlling interests | -5,017 | -5,017 | |||||
Share based awards | 9,605 | 9,605 | 9,605 | ||||
Common shares issued for delivery of share based awards, Shares | 650,892 | ||||||
Common shares issued for delivery of share based awards, Value | 0 | 6,996 | -6,996 | 0 | |||
Common shares issued for exercise of warrants, Shares | 279,408 | ||||||
Common shares issued for exercise of warrants | 263 | 4,100 | -3,837 | 263 | |||
Common shares withheld to cover income taxes payable due to delivery of share based awards | -3,160 | -3,160 | -3,160 | ||||
Ending Balance, Value at Dec. 28, 2014 | $735,499 | $657,292 | $225,918 | ($97,517) | ($76,259) | $709,434 | $26,065 |
Ending Balance, Shares at Dec. 28, 2014 | 30,015,321 | 30,015,321 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($34,118) | ($8,960) | ($20,322) |
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 | 630 | 598 | -1,480 |
Non-cash loss on deconsolidation | 6,174 | 0 | 0 |
Depreciation | 60,622 | 62,080 | 63,348 |
Amortization | 21,722 | 17,058 | 15,076 |
Share based compensation expense | 9,605 | 7,752 | 6,517 |
Deferred income taxes | -1,970 | -23,177 | -15,617 |
Unrealized foreign exchange loss (gain) | 328 | 2,928 | 179 |
Share of loss (income) from equity investees, net of tax | -1,344 | -1,020 | -718 |
Dividend from equity investee | 0 | 1,170 | 1,346 |
Pension and Other post-retirement expense (funding), net | -6,827 | -1,855 | -3,688 |
Non-cash accruals and interest | -365 | 915 | 715 |
Loss (gain) on sale of property, plant and equipment | 3,816 | -1,775 | 2,724 |
Asset impairment | 19,605 | 3,271 | 2,614 |
Accounts receivable | -14,047 | 9,168 | -9,642 |
Inventories | -12,843 | -8,720 | -3,090 |
Prepaid expenses | 1,387 | -3,527 | 1,263 |
Accounts payable and accrued expenses | 23,592 | -5,095 | 16,274 |
Other assets and liabilities | 1,419 | -3,358 | -277 |
Net cash flow provided by (used in) operating activities | 77,386 | 47,453 | 55,222 |
Cash flows from investing activities: | |||
Proceeds from sale of property, plant and equipment | 6,976 | 9,586 | 1,474 |
Additions to property, plant and equipment | -50,147 | -45,971 | -48,419 |
Cash used in acquisitions, net of cash acquired | -54,256 | -15,376 | -88,354 |
Loss on deconsolidation | -1,087 | 0 | 0 |
Restricted cash | 644 | -1,062 | 88 |
Other investing activities | -3,038 | -1,650 | -892 |
Net cash flow provided by (used in) investing activities | -100,908 | -54,473 | -136,103 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 138,688 | 0 | 103,500 |
Payment of financing costs | -1,925 | 0 | -2,035 |
Minimum tax withholding on share based awards | -3,160 | -5,944 | 0 |
Distributions to non-controlling interests | -5,017 | -3,723 | -5,735 |
Proceeds from exercise of common stock warrants | 263 | 0 | |
Return of capital paid | 0 | -1,471 | -1,500 |
Net cash flow provided by (used in) financing activities | 128,849 | -11,138 | 94,230 |
Net foreign currency translation adjustment on cash | -14,163 | -3,283 | -240 |
Increase (decrease) in cash and cash equivalents | 91,164 | -21,441 | 13,109 |
Cash and cash equivalents, beginning of period | 100,873 | 122,314 | 109,205 |
Cash and cash equivalents, at end of period | $192,037 | $100,873 | $122,314 |
Business_Overview_and_Signific
Business Overview and Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 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 63 manufacturing and distribution facilities in 10 countries and sells doors to customers throughout the world, including the United States, Canada, the United Kingdom and France. | ||||||||||||
Basis of Presentation | ||||||||||||
We prepare these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements include the accounts of Masonite International Corporation, a company incorporated under the laws of British Columbia, and its subsidiaries, as of December 28, 2014, and December 29, 2013, and for the years ended December 28, 2014, December 29, 2013 and December 30, 2012. | ||||||||||||
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. Certain prior year amounts have been reclassified to conform to the current basis of presentation. | ||||||||||||
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 was effective prospectively for reporting periods beginning after December 15, 2013, and early adoption was 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 was 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 a material impact on the presentation of our financial statements. Any future impact of ASU 2013-05 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. | ||||||||||||
Other Recent Accounting Pronouncements not yet Adopted | ||||||||||||
In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," which amended ASC 205-40, "Presentation of Financial Statements - Going Concern". This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and to provide related footnote disclosures. This ASU is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter; early adoption is permitted. We are in the process of evaluating this guidance to determine the impact it will have on our financial statements. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods; early application is not permitted. We are in the process of evaluating this guidance to determine the magnitude of its impact on our financial statements. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The FASB issued the ASU to provide more decision-useful information and to make it more difficult for a disposal transaction to qualify as a discontinued operation. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods; early application is permitted. The adoption of this standard is not expected to have a material impact on the presentation of our financial statements. | ||||||||||||
Summary of Significant Accounting Policies | ||||||||||||
(a) Principles of consolidation: | ||||||||||||
These consolidated financial statements include the accounts of Masonite and our subsidiaries and the accounts of any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated upon consolidation. The results of subsidiaries acquired during the periods presented are consolidated from their respective dates of acquisition using the acquisition method. Subsidiaries are prospectively deconsolidated as of the date when we no longer have effective control of the entity. | ||||||||||||
(b) Translation of consolidated financial statements into U.S. dollars: | ||||||||||||
These consolidated financial statements are expressed in U.S. dollars. The accounts of the majority of our self-sustaining foreign operations are maintained in functional currencies other than the U.S. dollar. Assets and liabilities for these subsidiaries have been translated into U.S. dollars at the exchange rates prevailing at the end of the period and results of operations at the average exchange rates for the period. Unrealized exchange gains and losses arising from the translation of the financial statements of our non-U.S. functional currency operations are accumulated in the cumulative translation adjustments account in accumulated other comprehensive income (loss). For our foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency-denominated accounts are remeasured into U.S. dollars. Unrealized exchange gains and losses arising from remeasurements of foreign currency-denominated assets and liabilities are included within other expense (income), net, in the consolidated statements of comprehensive income (loss). Gains and losses arising from international intercompany transactions that are of a long-term investment nature are reported in the same manner as translation gains and losses. Realized exchange gains and losses are included in net income (loss) for the periods presented. | ||||||||||||
(c) Cash and cash equivalents: | ||||||||||||
Cash includes cash equivalents which are short-term highly liquid investments with original maturities of three months or less. | ||||||||||||
(d) Restricted cash: | ||||||||||||
Restricted cash includes cash we have placed as collateral for letters of credit. | ||||||||||||
(e) Accounts receivable: | ||||||||||||
We record accounts receivable as our products are received by our customers. Our customers are primarily retailers, distributors and contractors. We record an allowance for doubtful accounts for known collectability issues, as such issues relate to specific transactions or customer balances. When it becomes apparent, based on age or customer circumstances, that such amounts will not be collected, they are expensed as bad debt and payments subsequently received are credited to the bad debt expense account, included within selling, general and administration expense in the consolidated statements of comprehensive income (loss). Generally, we do not require collateral for our accounts receivable. | ||||||||||||
(f) Inventories: | ||||||||||||
Raw materials are valued at the lower of cost or market value, where market value is determined using replacement cost. Finished goods are valued at the lower of cost or net realizable value. Cost is determined on a first in, first out basis. In determining the net realizable value, we consider factors such as yield, turnover, expected future demand and past experience. | ||||||||||||
The cost of inventories includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of conversion of inventories include costs directly related to the units of production, such as direct labor. They also include a systematic allocation of fixed and variable production overheads that are incurred in converting raw materials into finished goods. Fixed production overheads are those indirect costs of production that remain relatively constant regardless of the volume of production, such as depreciation and maintenance of factory buildings and equipment, and the cost of factory management and administration. Variable production overheads are those indirect costs of production that vary directly, or nearly directly, with the volume of production, such as indirect materials and indirect labor. | ||||||||||||
To determine the cost of inventory, we allocate fixed expenses to the cost of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production are not increased due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered idle, and all related expenses are charged to cost of goods sold. | ||||||||||||
(g) Property, plant and equipment: | ||||||||||||
Property, plant and equipment are stated at cost. Depreciation is recorded based on the carrying values of buildings, machinery and equipment using the straight-line method over the estimated useful lives set forth as follows: | ||||||||||||
Useful Life (Years) | ||||||||||||
Buildings | 20 - 40 | |||||||||||
Machinery and equipment | ||||||||||||
Tooling | 25-Oct | |||||||||||
Machinery and equipment | 25-May | |||||||||||
Molds and dies | 25-Dec | |||||||||||
Office equipment, fixtures and fittings | 12-Mar | |||||||||||
Improvements and major maintenance that extend the life of an asset are capitalized; other repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed, their carrying values and accumulated depreciation are removed from the accounts. | ||||||||||||
Property, plant and equipment are tested for impairment when events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset or asset group being tested for recoverability exceeds the sum of the undiscounted cash flows expected from its use and disposal. Impairments are measured as the amount by which the carrying amount of the asset or asset group exceeds its fair value, as determined using a discounted cash flows approach when quoted market prices are not available. | ||||||||||||
(h) Goodwill: | ||||||||||||
We use the acquisition method of accounting for all business combinations. We evaluate all business combinations for intangible assets that should be recognized apart from goodwill. Goodwill adjustments are recorded for the effect on goodwill of changes to net assets acquired during the measurement period (up to one year from the date of acquisition) for new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. | ||||||||||||
Goodwill is not amortized, but instead is tested annually for impairment on the last day of fiscal November, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. The test for impairment is performed at the reporting unit level by comparing the reporting unit’s carrying amount to its fair value. Possible impairment in goodwill is first analyzed using qualitative factors such as macroeconomic and market conditions, changing costs and actual and projected performance, amongst others, to determine whether it is more likely than not that the book value of the reporting unit exceeds its fair value. If it is determined more likely than not that the book value exceeds fair value, a quantitative analysis is performed to test for impairment. When quantitative steps are determined necessary, the fair values of the reporting units are estimated through the use of discounted cash flow analysis and market multiples. If the carrying amount exceeds fair value, then goodwill is impaired. Any impairment in goodwill is measured by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and comparing the notional goodwill from the fair value allocation to the carrying value of the goodwill. There were no impairment charges recorded against goodwill in any period presented. | ||||||||||||
(i) Intangible assets: | ||||||||||||
Intangible assets with definite lives include customer relationships, non-compete agreements, patents, system software development, supply agreements and acquired trademarks and tradenames. Definite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Information pertaining to estimated useful lives of intangible assets is as follows: | ||||||||||||
Estimated Useful Life | ||||||||||||
Customer relationships | Over expected relationship period, not exceeding 10 years | |||||||||||
Non-compete agreements | Over life of the agreement | |||||||||||
Patents | Over expected useful life, not exceeding 17 years | |||||||||||
System software development | Over expected useful life, not exceeding 5 years | |||||||||||
Supply agreements | Over life of the agreement | |||||||||||
Acquired trademarks and tradenames | Over expected useful life | |||||||||||
Amortizable intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. An impairment loss is recognized when the estimate of undiscounted future cash flows generated by such assets is less than the carrying amount. Measurement of the impairment loss is based on the fair value of the asset. Fair value is measured using discounted cash flows. | ||||||||||||
Indefinite lived intangible assets are not amortized, but instead are tested for impairment annually on the last day of fiscal November, or more frequently if events or circumstances indicate the carrying value may exceed the fair value. | ||||||||||||
(j) Income taxes: | ||||||||||||
We use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the date of enactment. A valuation allowance is recorded to reduce deferred tax assets to an amount that is anticipated to be realized on a more likely than not basis. | ||||||||||||
We account for uncertain taxes in accordance with ASC 740, “Income Taxes”. The initial benefit recognition model follows a two-step approach. First we evaluate if the tax position is more likely than not of being sustained if audited based solely on the technical merits of the position. Second, we measure the appropriate amount of benefit to recognize. This is calculated as the largest amount of tax benefit that has a greater than 50% likelihood of ultimately being realized upon settlement. Subsequently at each reporting date, the largest amount that has a greater than 50% likelihood of ultimately being realized, based on information available at that date, will be measured and recognized. | ||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of comprehensive income (loss). Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | ||||||||||||
We have outside basis differences as well as undistributed earnings in our foreign subsidiaries. For those subsidiaries in which we considered to be indefinitely reinvested, no provision for Canadian income or local country withholding taxes has been recorded. Upon curing of the outside basis difference and/or repatriation of those earnings, in the form of dividends or otherwise, we may be subject to both Canadian income taxes and withholding taxes payable to the various foreign countries. For those subsidiaries where the earnings are not considered indefinitely reinvested, taxes have been provided as required. The determination of the unrecorded deferred income tax liability for temporary differences related to investments in foreign subsidiaries that are considered to be indefinitely reinvested is not considered practical. | ||||||||||||
(k) Employee future benefits: | ||||||||||||
We maintain defined benefit pension plans. Earnings are charged with the cost of benefits earned by employees as services are rendered. The cost reflects management’s best estimates of the pension plans’ expected investment yields, wage and salary escalation, mortality of members, terminations and the ages at which members will retire. Changes in these assumptions could impact future pension expense. The excess of the net actuarial gain (loss) over 10% of the greater of the benefit obligation or fair value of plan assets at the beginning of the year is amortized over the average remaining service lives of the members. | ||||||||||||
Assets are valued at fair value for the purpose of calculating the expected return on plan assets. Past service costs arising from plan amendments are amortized on a straight-line basis over the average remaining service period of employees active at the date of amendment. | ||||||||||||
When a restructuring of a benefit plan gives rise to both a curtailment and a settlement of obligations, the curtailment is accounted for prior to the settlement. Curtailment gains are offset against unrecognized losses and any excess gains and all curtailment losses are recorded in the period in which the curtailment occurs. | ||||||||||||
(l) Restructuring costs: | ||||||||||||
All salary-related severance benefits are accrued and expensed when a plan has been put into place, the plan has received approval from the appropriate level of management and the benefit is probable and reasonably estimable, which is generally when the decision to terminate the employee is made by management of sufficient authority. A liability and expense are recorded for termination benefits based on their fair value when it is probable that employees will be entitled to the benefits, and the amount can be reasonably estimated. This occurs when management approves and commits us to the obligation, management’s termination plan specifically identifies all significant actions to be taken, actions required to fulfill management’s plan are expected to begin as soon as possible and significant changes to the plan are not likely. All salary-related non-contractual benefits are accrued and expensed at fair value at the communication date. | ||||||||||||
In addition to salary-related costs, we incur other restructuring costs when facilities are closed or capacity is realigned within the organization. A liability and expense are recorded for contractual exit activities when we terminate the contract within the provisions of the agreement, generally by way of written notice to the counterparty. For non-contractual exit activities, a liability and expense are measured at fair value in the period in which the liability is incurred. | ||||||||||||
Restructuring-related costs are presented separately in the consolidated statements of comprehensive income (loss) whereas non-restructuring severance benefits are charged to cost of goods sold or selling, general and administration expense depending on the nature of the job responsibilities. | ||||||||||||
(m) Financial instruments: | ||||||||||||
We have applied a framework consistent with ASC 820, “Fair Value Measurement and Disclosure”, and has disclosed all financial assets and liabilities measured at fair value and non-financial assets and liabilities measured at fair value on a non-recurring basis (at least annually). | ||||||||||||
We classify and disclose assets and liabilities carried at fair value in one of the following three categories: | ||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||
The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced or liquidation sale. These estimates, although based on the relevant market information about the financial instrument, are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||||||||||||
(n) Share based compensation expense: | ||||||||||||
We have a share based compensation plan, which is described in detail in Note 8. We apply the fair value method of accounting using comprehensive valuation models, including the Black-Scholes-Merton option pricing model, to determine the compensation expense. | ||||||||||||
(o) Revenue recognition: | ||||||||||||
Revenue from the sale of products is recognized when an agreement with the customer in the form of a sales order is in place, the sales price is fixed or determinable, collection is reasonably assured and the customer has taken ownership and assumes risk of loss. Volume rebates and incentives to customers are considered as a reduction of the sales price of our products. Accordingly, revenue is reported net of such rebates and incentives. Shipping and other transportation costs charged to buyers are recorded in both revenues and cost of goods sold in the consolidated statements of comprehensive income (loss). | ||||||||||||
(p) Product warranties: | ||||||||||||
We warrant certain qualitative attributes of our door products. We have recorded provisions for estimated warranty and related costs based on historical experience and periodically adjust these provisions to reflect actual experience. The rollforward of our warranty provision is as follows for the periods indicated: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Balance at beginning of period | $ | 1,914 | $ | 1,368 | $ | 1,366 | ||||||
Additions charged to expense | 4,674 | 1,851 | 1,470 | |||||||||
Deductions | (3,033 | ) | (1,305 | ) | (1,468 | ) | ||||||
Balance at end of period | $ | 3,555 | $ | 1,914 | $ | 1,368 | ||||||
(q) Vendor rebates: | ||||||||||||
We account for cash consideration received from a vendor as a reduction of cost of goods sold and inventory, in the consolidated statements of comprehensive income (loss) and consolidated balance sheets, respectively. The cash consideration received represents agreed-upon vendor rebates that are earned in the normal course of operations. | ||||||||||||
(r) Advertising costs: | ||||||||||||
We recognize advertising costs as they are incurred. Advertising costs were $7.7 million, $6.3 million and $6.1 million in the years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. Advertising costs incurred primarily relate to tradeshows and are included within selling, general and administration expense in the consolidated statements of comprehensive income (loss). | ||||||||||||
(s) Research and development costs: | ||||||||||||
We recognize research and development costs as they are incurred. Research and development costs were $6.1 million, $4.1 million and $4.6 million in the years ended December 28, 2014, December 29, 2013 and December 30, 2012 respectively. Research and development costs incurred primarily relate to the development of new products and the improvement of manufacturing processes, and are primarily included within cost of goods sold in the consolidated statements of comprehensive income (loss). These costs exclude the significant investments in other areas such as advanced automation and e-commerce. | ||||||||||||
(t) Insurance losses and proceeds: | ||||||||||||
All involuntary conversions of property, plant and equipment are recorded as losses within loss (gain) on disposal of property, plant and equipment, which is included within selling, general and administration expense in the consolidated statements of comprehensive income (loss) and as reductions to property, plant and equipment in the consolidated balance sheets. Any subsequent proceeds received for insured losses of property, plant and equipment are also recorded as gains within loss (gain) in disposal of property, plant and equipment, and are classified as cash flows from investing activities in the consolidated statements of cash flows in the period in which the cash is received. Proceeds received for business interruption recoveries are recorded as a reduction to selling, general and administration expense in the consolidated statements of comprehensive income (loss) and are classified as cash flows from operating activities in the consolidated statements of cash flows in the period in which an acknowledgment from the insurance carrier of settlement or partial settlement of a non-refundable nature has been presented to us. | ||||||||||||
(u) Discontinued operations: | ||||||||||||
We account for discontinued operations by segregating assets, liabilities and earnings (net of tax) in the consolidated balance sheets and consolidated statements of comprehensive income (loss), respectively. Operations are classified as discontinued when the operations and cash flows of the component has been or will be eliminated as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the component after disposal. | ||||||||||||
(v) Equity investments: | ||||||||||||
We account for investments in affiliates of between 20% and 50% ownership, over which we have significant influence, using the equity method. We record our share of earnings of the affiliate within other expense (income) in the consolidated statements of comprehensive income (loss) and dividends as a reduction of the investment in the affiliate in the consolidated balance sheets when declared. | ||||||||||||
(w) Segment Reporting: | ||||||||||||
Our reportable segments are organized and managed principally by geographic region: North America; Europe, Asia and Latin America; and Africa. The North America reportable segment is the aggregation of the following operating segments: Retail, Wholesale and Architectural. The Europe, Asia and Latin America reportable segment is the aggregation of the following operating segments: United Kingdom, France and Central Eastern Europe. Operating segments are aggregated into reportable segments only if they exhibit similar economic characteristics. In addition to similar economic characteristics we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. | ||||||||||||
(x) Use of estimates: | ||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting periods. During 2014, there were no material changes in the methods or policies used to establish estimates and assumptions. Matters subject to significant estimation and judgment include the valuation of the allowance for doubtful accounts; the realizable values of inventories; the valuation of acquired tangible assets and liabilities; the determination of the fair value of financial instruments; the determination of the fair value of goodwill and intangible assets and the useful lives of intangible assets and long-lived assets, as well as the determination of impairment thereon; the determination of obligations under employee future benefit plans; the determination of the valuation of share based awards; and the recoverability of deferred tax assets and uncertain tax positions. Actual results may differ significantly from our estimates. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||
2014 Acquisitions | ||||||||||||||||
On December 1, 2014, we completed the acquisition of Harring Doors Corporation (“Harring”), headquartered in London, Ontario, for total consideration of $3.9 million, net of cash acquired. We acquired 100% of the equity interests in Harring through the purchase of all of the outstanding shares of common stock at the acquisition date. Harring manufactures interior and exterior stile and rail wood doors for architectural door applications at its facility in London, Ontario. The excess purchase price over the fair value of net assets acquired of $2.0 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our North American architectural wood door business. This goodwill is not deductible for tax purposes and relates to the North America segment. The acquisition of Harring complements our architectural wood door business. | ||||||||||||||||
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 $20.4 million was allocated to goodwill. The goodwill principally represents the future expected value of the operations of the business. 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 acquisitions during 2014 was as follows: | ||||||||||||||||
(In thousands) | Harring Acquisition | Door-Stop Acquisition | Total 2014 Acquisitions | |||||||||||||
Accounts receivable | $ | 1,180 | $ | 2,648 | $ | 3,828 | ||||||||||
Inventory | 443 | 2,665 | 3,108 | |||||||||||||
Property, plant and equipment | 1,167 | 4,303 | 5,470 | |||||||||||||
Goodwill | 1,951 | 20,359 | 22,310 | |||||||||||||
Intangible assets | — | 28,776 | 28,776 | |||||||||||||
Accounts payable and accrued expenses | (731 | ) | (3,492 | ) | (4,223 | ) | ||||||||||
Other assets and liabilities, net | (109 | ) | (4,904 | ) | (5,013 | ) | ||||||||||
Cash consideration, net of cash acquired | $ | 3,901 | $ | 50,355 | $ | 54,256 | ||||||||||
The fair values of tangible assets acquired and liabilities assumed from the Harring acquisition 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 acquired and liabilities assumed, including goodwill. 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 $1.2 million and $2.8 million for the Harring and Door-Stop acquisitions, respectively. | ||||||||||||||||
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. Amounts of revenue and earnings included in the consolidated statements of comprehensive income (loss) for Harring were not material for the year ended December 28, 2014. | ||||||||||||||||
(In thousands) | Year Ended December 28, 2014 | |||||||||||||||
Net sales | $ | 42,498 | ||||||||||||||
Net income (loss) attributable to Masonite | 4,819 | |||||||||||||||
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 Chile acquisition 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 consolidated statements of comprehensive income (loss) for Chile were not material for the year ended December 28, 2014, or December 29, 2013. | ||||||||||||||||
2012 Acquisitions | ||||||||||||||||
On August 1, 2012, we completed the acquisition of Portes Lemieux Inc. (“Lemieux”), headquartered in Windsor, Quebec, for total consideration of $22.1 million, net of cash acquired. We acquired 100% of the equity interests in Lemieux through the purchase of all of the outstanding shares of common stock at the acquisition date. Lemieux manufactures interior and exterior stile and rail wood doors for residential applications at its two facilities in Windsor, Quebec. The excess purchase price over the fair value of net tangible and intangible assets acquired of $0.4 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our North American wood door business. This goodwill is not deductible for tax purposes and relates to the North America segment. The acquisition of Lemieux complements our residential wood door business and provides an additional strategic growth platform. | ||||||||||||||||
On April 20, 2012, we completed the acquisition of Algoma Holding Company (“Algoma”), headquartered in Algoma, Wisconsin, for total consideration of $55.6 million, net of cash acquired. We acquired 100% of the equity interests in Algoma through the purchase of all of the outstanding shares of common stock at the acquisition date. Algoma manufactures interior wood doors and components for architectural applications at its facilities in Algoma, Wisconsin, and Jefferson City, Tennessee. The acquisition of Algoma complements our existing Marshfield-, Mohawk- and Baillargeon-branded architectural interior wood door business and provides strategic growth opportunities for us in our Architectural DoorSystems business in North America. The excess purchase price over the fair value of net tangible and intangible assets acquired of $20.0 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our Architectural DoorSystems business. This goodwill is not deductible for tax purposes and relates to the North America segment. | ||||||||||||||||
On March 26, 2012, we completed the acquisition of Les Portes Baillargeon, Inc. (“Baillargeon”), headquartered in St. Ephrem, Quebec, for total consideration of $9.9 million. We acquired 100% of the equity interests in Baillargeon through the purchase of all of the outstanding shares of common stock at the acquisition date. Baillargeon is a Canadian manufacturer of interior wood doors for architectural applications. The Baillargeon acquisition strengthens our Architectural DoorSystems business in North America. The excess purchase price over the fair value of net tangible and intangible assets acquired of $1.1 million was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our Architectural DoorSystems business. This goodwill is not deductible for tax purposes and relates to the North America segment. | ||||||||||||||||
The aggregate consideration paid for acquisitions during 2012 was as follows: | ||||||||||||||||
(In thousands) | Lemieux Acquisition | Algoma | Baillargeon Acquisition | Total 2012 Acquisitions | ||||||||||||
Acquisition | ||||||||||||||||
Accounts receivable | $ | 3,547 | $ | 8,874 | $ | 3,105 | $ | 15,526 | ||||||||
Inventory | 6,013 | 6,391 | 1,758 | 14,162 | ||||||||||||
Property, plant and equipment | 15,148 | 9,658 | 7,054 | 31,860 | ||||||||||||
Goodwill | 397 | 20,049 | 1,113 | 21,559 | ||||||||||||
Intangible assets | 3,900 | 28,600 | — | 32,500 | ||||||||||||
Deferred income taxes | (3,023 | ) | (11,866 | ) | (929 | ) | (15,818 | ) | ||||||||
Other assets and liabilities, net | (3,915 | ) | (6,073 | ) | (2,158 | ) | (12,146 | ) | ||||||||
Cash consideration, net of cash acquired | $ | 22,067 | $ | 55,633 | $ | 9,943 | $ | 87,643 | ||||||||
The fair values of tangible and 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 Lemieux and Algoma consist of customer relationships, and are being amortized over the weighted average amortization period of 7.8 years. The intangible assets are not expected to have any residual value. The gross contractual value of acquired trade receivables was $5.1 million, $9.0 million and $3.1 million from Lemieux, Algoma and Baillargeon, respectively. | ||||||||||||||||
The following schedule represents the amounts of revenue and earnings which have been included in the consolidated statements of comprehensive income (loss) for the periods indicated subsequent to the respective acquisition dates: | ||||||||||||||||
Year Ended December 28, 2014 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 66,292 | $ | 64,426 | $ | 18,933 | $ | 149,651 | ||||||||
Net income (loss) attributable to Masonite | 7,460 | (1,400 | ) | 413 | 6,473 | |||||||||||
Year Ended December 29, 2013 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 60,055 | $ | 65,309 | $ | 20,331 | $ | 145,695 | ||||||||
Net income (loss) attributable to Masonite | 6,144 | 936 | 1,781 | 8,861 | ||||||||||||
Year Ended December 30, 2012 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 17,296 | $ | 47,179 | $ | 15,843 | $ | 80,318 | ||||||||
Net income (loss) attributable to Masonite | 681 | 1,024 | 1,021 | 2,726 | ||||||||||||
Pro Forma Information | ||||||||||||||||
The following unaudited pro forma financial information represents the consolidated financial information as if the acquisitions had been included in our consolidated results beginning on the first day of the fiscal year prior to their respective acquisition dates. Pro forma information relating to the Harring and Chile acquisitions 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 entities. The pro forma results have been calculated after adjusting the results of the acquired entities 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 acquisitions; 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. | ||||||||||||||||
Year Ended December 28, 2014 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||||||
Net sales | $ | 1,837,700 | $ | 6,659 | $ | 1,844,359 | ||||||||||
Net income (loss) attributable to Masonite | (37,340 | ) | 624 | (36,716 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||||
In the table above, amounts under the Door-Stop heading reflect pro forma results for the period prior to acquisition through the acquisition date of February 24, 2014. All actual results from Door-Stop subsequent to the acquisition date are reflected under the Masonite heading above. | ||||||||||||||||
Year Ended December 29, 2013 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||||||
Net sales | $ | 1,731,143 | $ | 38,824 | $ | 1,769,967 | ||||||||||
Net income (loss) attributable to Masonite | (11,010 | ) | 3,227 | (7,783 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (0.39 | ) | $ | (0.28 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (0.39 | ) | $ | (0.28 | ) | ||||||||||
Pro forma information relating to the Chile acquisition is not materially different from amounts reported. | ||||||||||||||||
Year Ended December 30, 2012 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | 2012 Acquisitions | Pro Forma | |||||||||||||
Net sales | $ | 1,676,005 | $ | 50,267 | $ | 1,726,272 | ||||||||||
Net income (loss) attributable to Masonite | (23,245 | ) | 1,298 | (21,947 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (0.84 | ) | $ | (0.79 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (0.84 | ) | $ | (0.79 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 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 acquisitions | 1,951 | 20,359 | 22,310 | |||||||||||||||||||||
Foreign exchange fluctuations | (537 | ) | (978 | ) | (1,515 | ) | ||||||||||||||||||
December 28, 2014 | $ | 79,818 | $ | 19,381 | $ | 99,199 | ||||||||||||||||||
Changes in the carrying amount of intangible assets were as follows for the periods indicated: | ||||||||||||||||||||||||
(In thousands) | Customer Relationships | Patents | Software | Other | Trademarks and Tradenames | Total | ||||||||||||||||||
Net book value | ||||||||||||||||||||||||
December 29, 2013 | $ | 60,487 | $ | 15,595 | $ | 11,895 | $ | 5,034 | $ | 110,703 | $ | 203,714 | ||||||||||||
Acquisitions | 25,501 | — | 333 | 275 | 2,667 | 28,776 | ||||||||||||||||||
Additions (write-offs) | (453 | ) | 1,084 | 1,233 | (2,741 | ) | (1,403 | ) | (2,280 | ) | ||||||||||||||
Amortization | (12,010 | ) | (2,591 | ) | (3,652 | ) | (1,353 | ) | — | (19,606 | ) | |||||||||||||
Translation adjustment | (1,685 | ) | (462 | ) | (236 | ) | 6 | (4,855 | ) | (7,232 | ) | |||||||||||||
December 28, 2014 | $ | 71,840 | $ | 13,626 | $ | 9,573 | $ | 1,221 | $ | 107,112 | $ | 203,372 | ||||||||||||
(In thousands) | Customer Relationships | Patents | Software | Other | Trademarks and Tradenames | Total | ||||||||||||||||||
Net book value | ||||||||||||||||||||||||
December 30, 2012 | $ | 70,791 | $ | 16,904 | $ | 13,738 | $ | 7,013 | $ | 111,178 | $ | 219,624 | ||||||||||||
Additions (write-offs) | — | 1,269 | 1,460 | — | — | 2,729 | ||||||||||||||||||
Amortization | (9,798 | ) | (2,584 | ) | (3,179 | ) | (1,497 | ) | — | (17,058 | ) | |||||||||||||
Translation adjustment | (506 | ) | 6 | (124 | ) | (482 | ) | (475 | ) | (1,581 | ) | |||||||||||||
December 29, 2013 | $ | 60,487 | $ | 15,595 | $ | 11,895 | $ | 5,034 | $ | 110,703 | $ | 203,714 | ||||||||||||
The cost and accumulated amortization values of our intangible assets were as follows for the periods indicated: | ||||||||||||||||||||||||
December 28, 2014 | ||||||||||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||||||||||
Definite life intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 107,381 | $ | (33,181 | ) | $ | (2,360 | ) | $ | 71,840 | ||||||||||||||
Patents | 28,630 | (14,696 | ) | (308 | ) | 13,626 | ||||||||||||||||||
Software | 28,832 | (19,322 | ) | 63 | 9,573 | |||||||||||||||||||
Other | 9,457 | (6,810 | ) | (1,426 | ) | 1,221 | ||||||||||||||||||
174,300 | (74,009 | ) | (4,031 | ) | 96,260 | |||||||||||||||||||
Indefinite life intangible assets: | ||||||||||||||||||||||||
Trademarks and tradenames | 111,053 | — | (3,941 | ) | 107,112 | |||||||||||||||||||
Total intangible assets | $ | 285,353 | $ | (74,009 | ) | $ | (7,972 | ) | $ | 203,372 | ||||||||||||||
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 $19.6 million, $17.1 million and $15.1 million for the years ended December 28, 2014, December 29, 2013, and December 30, 2012 respectively. Amortization expense is classified within selling, general and administration expenses in the consolidated statements of comprehensive income (loss). | ||||||||||||||||||||||||
The estimated future amortization of intangible assets with definite lives as of December 28, 2014, is as follows: | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fiscal year: | ||||||||||||||||||||||||
2015 | $ | 18,703 | ||||||||||||||||||||||
2016 | 17,335 | |||||||||||||||||||||||
2017 | 15,239 | |||||||||||||||||||||||
2018 | 12,008 | |||||||||||||||||||||||
2019 | 11,617 | |||||||||||||||||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||||
Dec. 28, 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 48.8% and 44.4% of total accounts receivable as of December 28, 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 December 28, 2014, and December 29, 2013. No other individual customer accounted for greater than 10% of the consolidated gross accounts receivable balance at either December 28, 2014, or December 29, 2013. | ||||||||||||
The changes in the allowance for doubtful accounts were as follows for the periods indicated: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Balance at beginning of period | $ | 3,764 | $ | 3,871 | $ | 2,510 | ||||||
Additions charged to expense | 2,522 | 1,989 | 2,077 | |||||||||
Deductions | (3,670 | ) | (2,096 | ) | (716 | ) | ||||||
Balance at end of period | $ | 2,616 | $ | 3,764 | $ | 3,871 | ||||||
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 | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventories | Inventories | |||||||||||
The amounts of inventory on hand were as follows as of the dates indicated: | ||||||||||||
(In thousands) | December 28, | December 29, | ||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 155,012 | $ | 151,065 | ||||||||
Finished goods | 67,720 | 67,283 | ||||||||||
Inventories, net | $ | 222,732 | $ | 218,348 | ||||||||
We carry an inventory provision which is the result of obsolete or aged inventory. The rollforward of our inventory provision is as follows for the periods indicated: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | 30-Dec-12 | |||||||||
Balance at beginning of period | $ | 8,351 | $ | 7,561 | $ | 10,520 | ||||||
Additions charged to expense | 1,730 | 2,051 | 2,158 | |||||||||
Deductions | (3,533 | ) | (1,261 | ) | (5,117 | ) | ||||||
Balance at end of period | $ | 6,548 | $ | 8,351 | $ | 7,561 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 28, 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) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
Land | $ | 44,971 | $ | 50,190 | ||||
Buildings | 170,344 | 192,782 | ||||||
Machinery and equipment | 530,599 | 559,776 | ||||||
Property, plant and equipment, gross | 745,914 | 802,748 | ||||||
Accumulated depreciation | (169,680 | ) | (172,469 | ) | ||||
Property, plant and equipment, net | $ | 576,234 | $ | 630,279 | ||||
Total depreciation expense was $60.6 million, $62.1 million and $63.3 million in the years ended December 28, 2014, December 29, 2013, and December 30, 2012 respectively. Depreciation expense is included primarily within cost of goods sold in the consolidated statements of comprehensive income (loss). | ||||||||
On June 6, 2014, an explosion occurred in the power plant of our Estcourt mill in South Africa which reduced the site’s ability to generate steam and heat the kilns which, in turn, required the production lines to cease operating for several weeks. Currently, the mill is running at 100% of pre-incident levels. We are insured against property loss and business interruption, and we recognized $3.5 million in business interruption proceeds during the year ended December 28, 2014, as partial payment. These proceeds were recorded as a reduction to selling, general and administration expense in the consolidated statements of comprehensive income (loss). |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
(In thousands) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
8.25% Senior Notes due 2021 | $ | 500,000 | $ | 375,000 | ||||
Unamortized premium on Senior Notes | 11,920 | 2,809 | ||||||
Capital lease obligations and other long-term debt | — | 52 | ||||||
Total long-term debt | $ | 511,920 | $ | 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 December 28, 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, in the amount of $4.54 per share; as well as the acquisitions of eight companies since 2011 for aggregate consideration of $297.5 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 $39.4 million, $31.9 million, and $30.0 million for the years ended December 28, 2014, December 29, 2013, and December 30, 2012, 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. 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 December 28, 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 December 28, 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share Based Compensation Plans | Share Based Compensation Plans | ||||||||||||||||||||
Share-based compensation expense was $9.6 million, $7.8 million and $6.5 million for the years ended December 28, 2014, December 29, 2013, and December 30, 2012. As of December 28, 2014, the total remaining unrecognized compensation expense related to share based compensation amounted to $11.4 million, which will be amortized over the weighted average remaining requisite service period of 1.9 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 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 equity instruments to directors 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 December 28, 2014, there were 1,867,569 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. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework. | |||||||||||||||||||||
Assets of the rabbi trust, other than Company stock, are recorded at fair value and included in other assets in the 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 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 consolidated balance sheets. As of December 28, 2014 the liability and asset relating to deferred compensation each had a fair value of $1.5 million. Any unfunded gain or loss relating to changes in the fair value of the deferred compensation liability is recognized in selling, general and administration expense in the consolidated statements of comprehensive income (loss). | |||||||||||||||||||||
As of December 28, 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 $0.7 million, $2.5 million and $2.6 million in the years ended December 28, 2014, December 29, 2013, and December 30, 2012, respectively. | |||||||||||||||||||||
Year Ended December 28, 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 | (560,568 | ) | 23,400 | 14.15 | |||||||||||||||||
Cancelled | (20,622 | ) | 38.48 | ||||||||||||||||||
Outstanding, end of period | 1,231,468 | $ | 48,516 | $ | 19.59 | 5.9 | |||||||||||||||
Exercisable, end of period | 907,716 | $ | 38,589 | $ | 16.48 | 5.1 | |||||||||||||||
Year Ended December 29, 2013 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | |||||||||||||||||
Outstanding, beginning of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | |||||||||||||||
Granted | 245,238 | 34.87 | |||||||||||||||||||
Exercised | (1,017,137 | ) | 33,418 | 16.13 | |||||||||||||||||
Cancelled | (43,891 | ) | 15.89 | ||||||||||||||||||
Outstanding, end of period | 1,812,658 | $ | 59,525 | $ | 18.16 | 6.4 | |||||||||||||||
Exercisable, end of period | 1,350,928 | $ | 48,690 | $ | 14.96 | 5.6 | |||||||||||||||
Year Ended December 30, 2012 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | |||||||||||||||||
Outstanding, beginning of period | 2,627,379 | $ | 4,164 | $ | 15.76 | 7.9 | |||||||||||||||
Granted | 47,000 | 17.26 | |||||||||||||||||||
Cancelled | (45,931 | ) | 15 | ||||||||||||||||||
Outstanding, end of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | |||||||||||||||
Exercisable, end of period | 1,881,158 | $ | 16,278 | $ | 15.12 | 6.5 | |||||||||||||||
The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated. Expected volatility is based on the historical volatility of the Company’s public industry peers’ common shares, amongst other considerations: | |||||||||||||||||||||
2013 Grants | 2012 Grants | ||||||||||||||||||||
Option Value (model conclusion) | $ | 9.68 | $ | 4.46 | |||||||||||||||||
Risk-free rate | 1.7 | % | 0.3 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Expected volatility | 35.2 | % | 49 | % | |||||||||||||||||
Expected term (in years) | 6.4 | 1.8 | |||||||||||||||||||
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. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||||||||
Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | 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 | 886,830 | $ | 18.48 | ||||||||||||
Granted | 209,240 | — | 339,038 | 491,980 | |||||||||||||||||
Delivered | (208,477 | ) | (566,376 | ) | (417,655 | ) | |||||||||||||||
Withheld to cover (1) | (59,066 | ) | (65,406 | ) | (9,555 | ) | |||||||||||||||
Cancelled | (17,287 | ) | (10,239 | ) | (29,654 | ) | |||||||||||||||
Outstanding, end of period | 543,373 | $ | 34.56 | 618,963 | $ | 22.09 | 921,946 | $ | 17.75 | ||||||||||||
____________ | |||||||||||||||||||||
(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 one-half of the RSUs granted during the year ended December 28, 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 year ended December 28, 2014, was $11.5 million and is being recognized over the weighted average requisite service period of 1.7 years. During the year ended December 28, 2014, there were 267,543 RSUs vested at a fair value of $14.6 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 $4.54 per share return of capital in 2011. Of these, 3,333,334 were scheduled to 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 year ended December 28, 2014, holders of the 2014 Warrants exercised 3,289,146 warrants resulting in the issuance of 279,408 new common shares to the holders for which we received cash proceeds of $0.3 million. The remaining 44,188 outstanding 2014 Warrants expired and were forfeited as of June 9, 2014. There has been no activity relating to the 2016 Warrants as of December 28, 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. |
Employee_Future_Benefits
Employee Future Benefits | 12 Months Ended | |||||||||||||
Dec. 28, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||
Employee Future Benefits | Employee Future Benefits | |||||||||||||
United States Defined Benefit Plan | ||||||||||||||
We have a defined benefit plan covering certain active and former employees in the United States (“U.S.”). Benefits under the plan were largely curtailed in a prior year, and are a function of compensation levels, benefit formulas and years of service. We accrue the expected costs of providing plan benefits during the periods in which the employees render service. The measurement date used for the accounting valuation of the defined benefit plan was December 28, 2014. Information about the U.S. defined benefit plan is as follows for the periods indicated: | ||||||||||||||
Year Ended | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | 261 | $ | 384 | $ | 809 | ||||||||
Interest cost | 5,062 | 4,662 | 4,680 | |||||||||||
Expected return on assets | (5,951 | ) | (5,116 | ) | (4,509 | ) | ||||||||
Amortization of actuarial net losses | — | 1,413 | 1,841 | |||||||||||
Net pension expense | $ | (628 | ) | $ | 1,343 | $ | 2,821 | |||||||
During March 2011, we modified our collective bargaining agreement, which impacted the U.S. defined benefit plan. Effective April 15, 2011, for participants age 49 and younger, and April 15, 2013, for those participants age 50 and older, benefit accruals under the U.S. defined benefit plan have been frozen for future periods. Additionally, any employee who has not met the plan’s eligibility requirements is ineligible to become a participant in the U.S. defined benefit plan on or after April 15, 2011, regardless of the employee’s age. Accordingly, benefits that have been earned as of April 15, 2011, will not be reduced or eliminated. | ||||||||||||||
Information with respect to the assets, liabilities and net accrued benefit obligation of the U.S. defined benefit plan is set forth as follows for the periods indicated: | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||
Pension assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 84,501 | $ | 74,531 | ||||||||||
Company contributions | 5,441 | 3,200 | ||||||||||||
Actual return on plan assets | 6,480 | 11,892 | ||||||||||||
Benefits paid | (5,350 | ) | (4,882 | ) | ||||||||||
Administrative expenses paid | (348 | ) | (240 | ) | ||||||||||
Fair value of plan assets, end of year | 90,724 | 84,501 | ||||||||||||
Pension liability: | ||||||||||||||
Accrued benefit obligation, beginning of year | 105,821 | 114,910 | ||||||||||||
Current service cost | 261 | 384 | ||||||||||||
Interest cost | 5,062 | 4,662 | ||||||||||||
Actuarial loss (gain) | 10,857 | (9,013 | ) | |||||||||||
Benefits paid | (5,350 | ) | (4,882 | ) | ||||||||||
Administrative expenses paid | (348 | ) | (240 | ) | ||||||||||
Accrued benefit obligation, end of year | 116,303 | 105,821 | ||||||||||||
Net accrued benefit obligation, end of year | $ | 25,579 | $ | 21,320 | ||||||||||
The net accrued benefit obligation is carried within other long-term liabilities in the consolidated balance sheets. | ||||||||||||||
Pension fund assets are invested primarily in equity and debt securities. Asset allocation between equity and debt securities and cash is adjusted based on the expected life of the plan and the expected retirement age of the plan participants. No plan assets are expected to be returned to us in the next twelve months. Information with respect to the amounts and types of securities that are held in the U.S. defined benefit plan is set forth as follows for the periods indicated: | ||||||||||||||
December 28, 2014 | December 29, 2013 | |||||||||||||
(In thousands) | Amount | % of Total Plan | Amount | % of Total Plan | ||||||||||
Equity securities | $ | 54,434 | 60 | % | $ | 51,715 | 61.2 | % | ||||||
Debt securities | 35,382 | 39 | % | 31,519 | 37.3 | % | ||||||||
Other | 908 | 1 | % | 1,267 | 1.5 | % | ||||||||
$ | 90,724 | 100 | % | $ | 84,501 | 100 | % | |||||||
Under our investment policy statement, plan assets are invested to achieve a fully-funded status based on actuarial calculations, maintain a level of liquidity that is sufficient to pay benefit and expense obligations when due, maintain flexibility in determining the future level of contributions and maximize returns within the limits of risk. The target asset allocation for plan assets in the U.S. defined benefit plan for 2014 is 60% equity securities, 38% debt securities and 2% of other securities. | ||||||||||||||
Our pension funds are not invested directly in the debt or equity of Masonite, but may have been invested indirectly as a result of inclusion of Masonite in certain market or investment funds. | ||||||||||||||
The weighted average actuarial assumptions adopted in measuring our U.S. accrued benefit obligations and costs were as follows for the periods indicated: | ||||||||||||||
Year Ended | ||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | ||||||||||||
Discount rate applied for: | ||||||||||||||
Accrued benefit obligation | 4.1 | % | 5 | % | 4.1 | % | ||||||||
Net periodic pension cost | 5 | % | 4.1 | % | 4.2 | % | ||||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||
The rate of compensation increase for the accrued benefit obligation and net periodic pension costs for the U.S. defined benefit plan is not applicable, as benefits under the plan are not affected by compensation increases. | ||||||||||||||
The expected long-term rate of return on plan assets assumption is derived by taking into consideration the target plan asset allocation, historical rates of return on those assets, projected future asset class returns and net outperformance of the market by active investment managers. An asset return model is used to develop an expected range of returns on the plan investments over a 30-year period, with the expected rate of return selected from a best estimate range within the total range of projected results. | ||||||||||||||
United Kingdom Defined Benefit Plan | ||||||||||||||
We also have a defined benefit plan in the United Kingdom (“U.K.”), which has been curtailed in prior years. The measurement date used for the accounting valuation of the U.K. defined benefit plan was December 28, 2014. Information about the U.K. defined benefit plan is as follows for the periods indicated: | ||||||||||||||
Year Ended | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Interest cost | $ | 1,335 | $ | 1,329 | $ | 1,248 | ||||||||
Expected return on assets | (1,041 | ) | (974 | ) | (947 | ) | ||||||||
Net pension expense | $ | 294 | $ | 355 | $ | 301 | ||||||||
Information with respect to the assets, liabilities and net accrued benefit obligation of the U.K. defined benefit plan is as follows for the periods indicated: | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||
Pension assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 22,239 | $ | 20,143 | ||||||||||
Company contributions | 789 | 890 | ||||||||||||
Actual return on plan assets | 2,594 | 1,681 | ||||||||||||
Benefits paid | (1,285 | ) | (874 | ) | ||||||||||
Translation adjustment | (1,248 | ) | 399 | |||||||||||
Fair value of plan assets, end of year | 23,089 | 22,239 | ||||||||||||
Pension liability: | ||||||||||||||
Accrued benefit obligation, beginning of year | 30,627 | 28,950 | ||||||||||||
Interest cost | 1,335 | 1,329 | ||||||||||||
Actuarial loss (gain) | 2,615 | 821 | ||||||||||||
Benefits paid | (1,285 | ) | (874 | ) | ||||||||||
Translation adjustment | (1,704 | ) | 401 | |||||||||||
Accrued benefit obligation, end of year | 31,588 | 30,627 | ||||||||||||
Net accrued benefit obligation, end of year | $ | 8,499 | $ | 8,388 | ||||||||||
The net accrued benefit obligation is carried within other long-term liabilities in the consolidated balance sheets. | ||||||||||||||
Pension fund assets are invested primarily in equity and debt securities. Asset allocation between equity and debt securities and cash is adjusted based on the expected life of the plan and the expected retirement age of the plan participants. Information with respect to the amounts and types of securities that are held in the U.K. defined benefit plan is set forth as follows for the periods indicated: | ||||||||||||||
December 28, 2014 | December 29, 2013 | |||||||||||||
(In thousands) | Amount | % of Total Plan | Amount | % of Total Plan | ||||||||||
Equity securities | $ | 10,784 | 46.7 | % | $ | 11,172 | 50.2 | % | ||||||
Debt securities | 12,238 | 53 | % | 10,824 | 48.7 | % | ||||||||
Other | 67 | 0.3 | % | 243 | 1.1 | % | ||||||||
Total plan assets | $ | 23,089 | 100 | % | $ | 22,239 | 100 | % | ||||||
Under our investment policy and strategy, plan assets are invested to achieve a fully funded status based on actuarial calculations, maintain a level of liquidity that is sufficient to pay benefit and expense obligations when due, maintain flexibility in determining the future level of contributions and maximize returns within the limits of risk. The target asset allocation for plan assets in the U.K. defined benefit plan for 2014 is 50% equity securities and 50% debt securities. | ||||||||||||||
The weighted average actuarial assumptions adopted in measuring our U.K. accrued benefit obligations and costs were as follows for the periods indicated: | ||||||||||||||
Year Ended | ||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | ||||||||||||
Discount rate applied for: | ||||||||||||||
Accrued benefit obligation | 3.6 | % | 4.4 | % | 4.4 | % | ||||||||
Net periodic pension cost | 3.6 | % | 4.4 | % | 4.4 | % | ||||||||
Expected long-term rate of return on plan assets | 4.2 | % | 5.2 | % | 5 | % | ||||||||
The rate of compensation increase for the accrued benefit obligation and net pension cost for the U.K. defined benefit plan is not applicable, as the plan was curtailed in prior years and benefits under the plan are not affected by compensation increases. | ||||||||||||||
The expected long-term rate of return on plan assets assumption is derived by taking into consideration the target plan asset allocation, historical rates of return on those assets, projected future asset class returns and net outperformance of the market by active investment managers. An asset return model is used to develop an expected range of returns on the plan investments over a 10-year period, with the expected rate of return selected from a best estimate range within the total range of projected results. | ||||||||||||||
Overall Pension Obligation | ||||||||||||||
For all periods presented, the U.S. and U.K. defined benefit pension plans were invested in equity securities, equity funds, bonds, bond funds and cash and cash equivalents. All investments are publicly traded and possess a high level of marketability or liquidity. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework. | ||||||||||||||
The change in the net difference between the pension plan assets and projected benefit obligation that is not attributed to our recognition of pension expense or funding of the plan is recognized in other comprehensive income (loss) within the consolidated statements of comprehensive income (loss) and the balance of such changes is included in accumulated other comprehensive income (loss) (“AOCI”) in the consolidated balance sheets. The estimated transition obligation, prior service costs and actuarial net losses that will be amortized from AOCI into net periodic benefit cost during 2015 are $0.0 million, $0.0 million and $0.9 million, respectively. | ||||||||||||||
As of December 28, 2014, the estimated future benefit payments from the plans for the following future periods are set forth as follows: | ||||||||||||||
(In thousands) | Expected Future Benefit Payments | |||||||||||||
Fiscal year: | ||||||||||||||
2015 | $ | 6,615 | ||||||||||||
2016 | 6,859 | |||||||||||||
2017 | 7,097 | |||||||||||||
2018 | 7,358 | |||||||||||||
2019 | 7,656 | |||||||||||||
2020 through 2024 | 41,754 | |||||||||||||
Total estimated future benefit payments | $ | 77,339 | ||||||||||||
Expected contributions to the plans during 2015 are $6.0 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 28, 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: | ||||
2015 | $ | 16,882 | ||
2016 | 12,776 | |||
2017 | 10,459 | |||
2018 | 9,681 | |||
2019 | 9,019 | |||
Thereafter | 62,509 | |||
Total future minimum lease payments | $ | 121,326 | ||
Total rent expense, including non-cancelable operating leases and month-to-month leases, was $24.6 million, $24.9 million and $24.9 million for the years ended December 28, 2014, December 29, 2013, and December 30, 2012, respectively. | ||||
We have provided customary indemnifications to our landlords under certain property lease agreements for claims by third parties in connection with their use of the premises. We also have provided routine indemnifications against adverse effects related 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 consolidated financial statements, results of operations or liquidity. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs | Restructuring Costs | |||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the restructuring charges recorded for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 30-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | North America | Europe, Asia and Latin America | Africa | Total | North America | Europe, Asia and Latin America | Total | |||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | 9,503 | $ | — | $ | 9,503 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
2013 Plan | 541 | 656 | 7 | 1,204 | 2,408 | 3,008 | 1,142 | 6,558 | — | — | — | |||||||||||||||||||||||||||||||||
2012 Plan | 92 | 338 | — | 430 | 383 | 2,841 | — | 3,224 | 3,772 | 7,357 | 11,129 | |||||||||||||||||||||||||||||||||
2011 Plan | — | — | — | — | — | — | — | — | (51 | ) | 353 | 302 | ||||||||||||||||||||||||||||||||
2009 and Prior Plans | — | — | — | — | — | 848 | — | 848 | — | — | — | |||||||||||||||||||||||||||||||||
Total Restructuring Costs | $ | 633 | $ | 10,497 | $ | 7 | $ | 11,137 | $ | 2,791 | $ | 6,697 | $ | 1,142 | $ | 10,630 | $ | 3,721 | $ | 7,710 | $ | 11,431 | ||||||||||||||||||||||
Cumulative Amount Incurred Through | ||||||||||||||||||||||||||||||||||||||||||||
28-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | 9,503 | $ | — | $ | 9,503 | ||||||||||||||||||||||||||||||||||||
2013 Plan | 2,949 | 3,664 | 1,149 | 7,762 | ||||||||||||||||||||||||||||||||||||||||
2012 Plan | 4,247 | 10,536 | — | 14,783 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 13,345 | $ | 33,369 | $ | 1,149 | $ | 47,863 | ||||||||||||||||||||||||||||||||||||
On August 20, 2014, the Board of Directors of Masonite Israel Ltd. (“Israel”), one of our wholly-owned subsidiaries, decided to voluntarily seek a Stay of Proceedings from the Israeli courts in an attempt to restructure the business (the “2014 Plan”). The court filing was made on August 21, 2014, and the court appointed a trustee to oversee the operation of the business and to attempt to restructure it. The action to seek court protection followed a comprehensive evaluation of the alternatives for the business, including an organized sale process that was ultimately unsuccessful. We determined that the subsidiary should be deconsolidated at that time, as it had become subject to the control of a court. We have had and will continue to have no continuing involvement with Israel subsequent to August 21, 2014, and Israel will not be considered a related party. As a result of Israel's court filing, we incurred $9.5 million of charges during the year ended December 28, 2014, of which $1.4 million relate to non-cash asset impairments, $6.8 million relate to non-cash losses on deconsolidation, and $1.9 million relate to cash charges incurred, primarily relating to bank debt and guarantees. Partially offsetting these charges was a gain of $0.6 million relating to the recognition of the cumulative translation adjustment into net income. As of December 28, 2014, pending the ultimate resolution of the Stay of Proceedings, we do not anticipate any material future charges related to the 2014 Plan. | ||||||||||||||||||||||||||||||||||||||||||||
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 the 2013 Restructuring Plan include severance and closure charges, including impairment of certain property, plant and equipment, and are substantially completed. As of December 28, 2014, we do not expect to incur any material future charges for the 2013 Restructuring Plan. | ||||||||||||||||||||||||||||||||||||||||||||
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 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 December 28, 2014, we do not expect to incur any material 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 December 28, 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 | Non-Cash Items | December 28, | ||||||||||||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | — | $ | 9,503 | $ | 1,087 | $ | 7,577 | $ | 839 | ||||||||||||||||||||||||||||||||
2013 Plan | 2,348 | (22 | ) | 1,226 | 3,211 | — | 341 | |||||||||||||||||||||||||||||||||||||
2012 Plans | 714 | 236 | 194 | 810 | — | 334 | ||||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 1,347 | — | — | 528 | — | 819 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 4,409 | $ | 214 | $ | 10,923 | $ | 5,636 | $ | 7,577 | $ | 2,333 | ||||||||||||||||||||||||||||||||
(In thousands) | December 30, | Severance | Closure Costs | Cash Payments | Non-Cash Items | December 29, | ||||||||||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
2013 Plan | $ | — | $ | 4,901 | $ | 1,657 | $ | 2,843 | $ | 1,367 | $ | 2,348 | ||||||||||||||||||||||||||||||||
2012 Plans | 2,893 | 377 | 2,847 | 5,403 | — | 714 | ||||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 1,675 | — | 848 | 1,176 | — | 1,347 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 4,568 | $ | 5,278 | $ | 5,352 | $ | 9,422 | $ | 1,367 | $ | 4,409 | ||||||||||||||||||||||||||||||||
(In thousands) | January 1, | Severance | Closure Costs | Cash Payments | Non-Cash Items | December 30, | ||||||||||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
2012 Plans | $ | — | $ | 6,115 | $ | 5,014 | $ | 6,972 | $ | 1,264 | $ | 2,893 | ||||||||||||||||||||||||||||||||
2011 Plans | 401 | 353 | (51 | ) | 703 | — | — | |||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 3,130 | — | — | 1,455 | — | 1,675 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,531 | $ | 6,468 | $ | 4,963 | $ | 9,130 | $ | 1,264 | $ | 4,568 | ||||||||||||||||||||||||||||||||
Asset_Impairment
Asset Impairment | 12 Months Ended |
Dec. 28, 2014 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment | Asset Impairment |
During the year ended December 28, 2014, we recognized asset impairment charges of $18.2 million, related to certain asset groups in the Europe, Asia and Latin America segment. Of this amount, $15.0 million related to property, plant and equipment and $3.2 million was related to definite-lived intangible assets. During the fourth quarter of 2014, management reassessed future cash flow expectations in certain underperforming markets in the Europe, Asia and Latin America segment. After reviewing the businesses, and in consideration of deteriorated market conditions, management initiated strategic actions which have resulted in a significant reduction in expected future cash flows. The resulting non-cash impairment charges for three of our asset groups were determined based upon the excess of the asset groups' carrying values over their respective fair values, determined using a discounted cash flows approach. We will continue to closely monitor and assess the performance of these asset groups and other underperforming asset groups. This valuation was performed on a non-recurring basis and is categorized as having Level 3 valuation inputs as established by the FASB’s Fair Value Framework. The Level 3 unobservable inputs include an estimate of future cash flows for each asset group and a salvage value or market value for each asset group. For two of the asset groups, the estimated discounted future cash flows, including salvage values, were determined to be zero and the asset groups were fully impaired from their respective book values of $4.2 million and $2.1 million. The third asset group was determined to have a fair value of $0.7 million, based on a discounted future cash flow analysis including market value, compared to a book value of $12.4 million. The remaining $0.2 million of asset impairment charges are attributable to differences in foreign exchange rates used for balance sheet accounts versus statement of comprehensive income (loss) accounts. | |
During the year ended December 29, 2013, we recognized asset impairment charges of $1.9 million, related to one piece of machinery in the North America segment. During the second quarter of 2013, management determined that the asset was no longer of any future value and the resulting non-cash impairment charge was based upon the asset's carrying value at the time of disposal. | |
During the year ended December 30, 2012, we recognized asset impairment charges of $1.4 million, related to revaluation of assets held for sale in the North America segment. The resulting non-cash impairment charges were based upon the excess of the assets' carrying values over their respective fair values (net of selling costs). |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
For financial reporting purposes, income before income taxes includes the following components: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Income (loss) from continuing operations before income tax expense (benefit): | ||||||||||||||||
Canada | $ | (32,093 | ) | $ | (12,976 | ) | $ | (27,444 | ) | |||||||
Foreign | 3,138 | (16,763 | ) | (7,723 | ) | |||||||||||
Total income (loss) from continuing operations before income tax expense (benefit): | $ | (28,955 | ) | $ | (29,739 | ) | $ | (35,167 | ) | |||||||
Income tax expense (benefit) consists of the following: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Current income tax expense (benefit): | ||||||||||||||||
Canada | $ | 4,458 | $ | 4,160 | $ | 2,050 | ||||||||||
Foreign | 2,045 | (2,360 | ) | 202 | ||||||||||||
Total current income tax expense (benefit): | 6,503 | 1,800 | 2,252 | |||||||||||||
Deferred income tax expense (benefit): | ||||||||||||||||
Canada | 1,345 | (9,354 | ) | (3,892 | ) | |||||||||||
Foreign | (3,315 | ) | (13,823 | ) | (11,725 | ) | ||||||||||
Total deferred income tax expense (benefit) | (1,970 | ) | (23,177 | ) | (15,617 | ) | ||||||||||
Income tax expense (benefit) | $ | 4,533 | $ | (21,377 | ) | $ | (13,365 | ) | ||||||||
The Canadian federal statutory rate is 26.5%, 26.4% and 25.9% for 2014, 2013 and 2012, respectively. A summary of the differences between expected income tax expense (benefit) calculated at the Canadian statutory rate and the reported consolidated income tax expense (benefit) follows: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Income tax expense (benefit) computed at statutory income tax rate | $ | (7,679 | ) | $ | (7,842 | ) | $ | (9,095 | ) | |||||||
Foreign rate differential | 248 | (2,586 | ) | (3,304 | ) | |||||||||||
Permanent differences | (1,314 | ) | 698 | 2,158 | ||||||||||||
Deconsolidation | (1,679 | ) | — | — | ||||||||||||
Income attributable to a permanent establishment | 1,623 | (794 | ) | — | ||||||||||||
Change in valuation allowance | 23,352 | (6,251 | ) | 6,872 | ||||||||||||
Tax exempt income | (9,643 | ) | (9,168 | ) | (7,492 | ) | ||||||||||
Non-deductible stock compensation | 270 | 919 | 1,651 | |||||||||||||
Unrealized foreign exchange gains (losses) | (573 | ) | (2,001 | ) | 57 | |||||||||||
Unrecognized tax benefits | 104 | (3,851 | ) | (2,742 | ) | |||||||||||
Functional currency adjustments | 1,055 | 2,840 | (377 | ) | ||||||||||||
Change in rate of deferred taxes | (787 | ) | 2,874 | (1,083 | ) | |||||||||||
Impact of Canadian tax legislation | (900 | ) | 2,657 | — | ||||||||||||
Other | 456 | 1,128 | (10 | ) | ||||||||||||
Income tax expense (benefit) | $ | 4,533 | $ | (21,377 | ) | $ | (13,365 | ) | ||||||||
Deferred income tax assets arise from available income tax losses and deductions. Our ability to use those income tax losses is dependent upon our results of operations in the tax jurisdictions in which such losses or deductions arose. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Non-capital loss carryforwards | $ | 65,497 | $ | 62,641 | ||||||||||||
Capital loss carryforwards | 3,678 | — | ||||||||||||||
Deferred interest expense | 22,008 | 22,632 | ||||||||||||||
Pension and post-retirement liability | 13,914 | 12,519 | ||||||||||||||
Amounts currently not deductible for tax purposes | 17,751 | 18,778 | ||||||||||||||
Unrealized foreign exchange loss (gain) | 2,747 | 82 | ||||||||||||||
Other | 6,429 | 7,133 | ||||||||||||||
Total deferred income tax assets | 132,024 | 123,785 | ||||||||||||||
Valuation allowance | (35,766 | ) | (16,949 | ) | ||||||||||||
Total deferred income tax assets, net of valuation allowance | 96,258 | 106,836 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Plant and equipment | (98,890 | ) | (110,740 | ) | ||||||||||||
Intangibles | (46,626 | ) | (47,345 | ) | ||||||||||||
Basis difference in subsidiaries | (8,708 | ) | (8,260 | ) | ||||||||||||
Other | (8,348 | ) | (8,211 | ) | ||||||||||||
Total deferred income tax liabilities | (162,572 | ) | (174,556 | ) | ||||||||||||
Net deferred income tax asset (liability) | $ | (66,313 | ) | $ | (67,720 | ) | ||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 28, 2014 and December 29, 2013, a valuation allowance of $35.8 million and $16.9 million, respectively, has been established to record only the portion of the deferred tax assets that is more likely than not to be realized. We have established valuation allowances on certain deferred tax assets resulting from net operating loss carryforwards and other assets in Canada, Chile, France, India and Luxembourg. The amount of the deferred tax assets considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. | ||||||||||||||||
As a result of certain realization requirements of ASC 718, Compensation - Stock Compensation, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 28, 2014, that arose from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $16.2 million if and when such deferred tax assets are ultimately realized. | ||||||||||||||||
The following is a rollforward of the valuation allowance for deferred tax assets: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Balance at beginning of period | $ | 16,949 | $ | 24,260 | $ | 11,312 | ||||||||||
Additions charged to expense and other | 33,678 | 4,167 | 15,421 | |||||||||||||
Deductions | (14,861 | ) | (11,478 | ) | (2,473 | ) | ||||||||||
Balance at end of period | $ | 35,766 | $ | 16,949 | $ | 24,260 | ||||||||||
The losses carried forward for tax purposes are available to reduce future income taxes by $256.3 million. We can apply these losses against future taxable income as follows: | ||||||||||||||||
(In thousands) | Canada | United States | Other Foreign | Total | ||||||||||||
2015-2022 | $ | — | $ | — | $ | 7,862 | $ | 7,862 | ||||||||
2023-2042 | 97,414 | 82,759 | 6,305 | 186,478 | ||||||||||||
Indefinitely | — | — | 61,923 | 61,923 | ||||||||||||
Total tax losses carried forward | $ | 97,414 | $ | 82,759 | $ | 76,090 | $ | 256,263 | ||||||||
We believe that it is more likely than not that the benefit from certain net operating loss carryforwards will not be realized. In recognition of this risk, we have provided valuation allowances of $20.5 million in Canada and $12.4 million outside Canada on these gross operating loss carryforwards. If or when recognized, the tax benefit related to any reversal of the valuation allowance on deferred tax assets as of December 28, 2014, will be accounted for as a reduction of income tax expense. | ||||||||||||||||
Deferred income taxes have not been recognized for the excess of the amount for financial reporting over the tax basis of our investments in foreign subsidiaries, as such amounts are considered to be indefinitely reinvested. We currently do not expect the taxable temporary differences to be reversed and become taxable in the foreseeable future. The amount of unrecognized deferred tax liability relating to those temporary differences is not reasonably determinable, as the actual tax liability, if any, is dependent upon circumstances existing at the time of reversal. | ||||||||||||||||
As of December 28, 2014 and December 29, 2013, our gross unrecognized tax benefits were $3.7 million and $3.9 million, respectively, excluding interest and penalties. Included in the balance of unrecognized tax benefits as of December 28, 2014 and December 29, 2013, are 2.6 million and 2.7 million, respectively, of tax benefits that, if recognized, would favorably impact the effective tax rate. The gross unrecognized tax benefits are recorded in other long-term liabilities in the consolidated balance sheets. The changes to our gross unrecognized tax benefits were as follows: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Unrecognized tax benefit at beginning of period | $ | 3,917 | $ | 5,547 | $ | 6,407 | ||||||||||
Gross increases in tax positions in current period | — | — | — | |||||||||||||
Gross decreases in tax positions in prior period | (229 | ) | (1,476 | ) | (1,050 | ) | ||||||||||
Gross increases in tax positions in prior period | 152 | — | — | |||||||||||||
Settlements | — | — | — | |||||||||||||
Lapse of statute of limitations | (147 | ) | (154 | ) | (953 | ) | ||||||||||
Uncertainties arising from business combinations | — | — | 1,131 | |||||||||||||
Cumulative translation adjustment | — | — | 12 | |||||||||||||
Unrecognized tax benefit at end of period | $ | 3,693 | $ | 3,917 | $ | 5,547 | ||||||||||
We recognize interest and penalties accrued related to unrecognized tax benefits as income tax expense. During the years ended December 28, 2014, December 29, 2013 and December 30, 2012, we recorded accrued interest of $0.9 million, $0.5 million and $0.9 million, respectively. Additionally, we have recognized a liability for penalties of $0.6 million, $0.7 million and $1.0 million, and interest of $4.9 million, $4.9 million and $8.8 million, respectively. | ||||||||||||||||
We estimate that the amount of unrecognized tax benefits will not significantly increase or decrease within the 12 months following the reporting date. Additionally, we believe that it is possible that unrecognized tax benefits may decrease by approximately $0.2 million during 2015. | ||||||||||||||||
We are subject to taxation in Canada, the United States and other foreign jurisdictions. As of December 28, 2014, our tax years for 2012 and 2011 are subject to Canadian income tax examinations. We are no longer subject to Federal tax examinations in the United States for years prior to 2011 (except to the extent of loss carryforwards up to 2009). However, we are subject to United States state and local income tax examinations for years prior to 2010. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 28, 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: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Transactions involving cash: | ||||||||||||
Interest paid | $ | 41,719 | $ | 31,233 | $ | 30,695 | ||||||
Interest received | 683 | 530 | 725 | |||||||||
Income taxes paid | 5,485 | 7,448 | 6,101 | |||||||||
Income tax refunds | 1,504 | 631 | 3,891 | |||||||||
Non-cash transactions: | ||||||||||||
Property, plant and equipment additions in accounts payable | 3,630 | 7,224 | 1,635 | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 28, 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; | |||||||||||||||
• | registration and listing fees; | |||||||||||||||
• | restructuring costs; | |||||||||||||||
• | asset impairment; | |||||||||||||||
• | 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: | ||||||||||||||||
(In thousands) | Year Ended December 28, 2014 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,396,844 | $ | 409,550 | $ | 56,579 | $ | 1,862,973 | ||||||||
Intersegment sales | (813 | ) | (24,460 | ) | — | (25,273 | ) | |||||||||
Net sales to external customers | $ | 1,396,031 | $ | 385,090 | $ | 56,579 | $ | 1,837,700 | ||||||||
Adjusted EBITDA | $ | 121,069 | $ | 15,755 | $ | 263 | $ | 137,087 | ||||||||
Depreciation and amortization | 56,535 | 22,043 | 3,766 | 82,344 | ||||||||||||
Interest expense (income), net | 69,559 | (28,202 | ) | 168 | 41,525 | |||||||||||
Income tax expense (benefit) | 6,034 | (40 | ) | (1,461 | ) | 4,533 | ||||||||||
(In thousands) | Year Ended December 29, 2013 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,322,365 | $ | 354,615 | $ | 69,617 | $ | 1,746,597 | ||||||||
Intersegment sales | (727 | ) | (14,686 | ) | (41 | ) | (15,454 | ) | ||||||||
Net sales to external customers | $ | 1,321,638 | $ | 339,929 | $ | 69,576 | $ | 1,731,143 | ||||||||
Adjusted EBITDA | $ | 89,220 | $ | 11,121 | $ | 5,536 | $ | 105,877 | ||||||||
Depreciation and amortization | 58,230 | 17,135 | 3,773 | 79,138 | ||||||||||||
Interest expense (income), net | 63,003 | (29,911 | ) | 138 | 33,230 | |||||||||||
Income tax expense (benefit) | (20,389 | ) | (1,507 | ) | 519 | (21,377 | ) | |||||||||
(In thousands) | Year Ended December 30, 2012 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,225,420 | $ | 385,323 | $ | 81,801 | $ | 1,692,544 | ||||||||
Intersegment sales | (1,369 | ) | (14,988 | ) | (182 | ) | (16,539 | ) | ||||||||
Net sales to external customers | $ | 1,224,051 | $ | 370,335 | $ | 81,619 | $ | 1,676,005 | ||||||||
Adjusted EBITDA | $ | 73,786 | $ | 17,060 | $ | 6,415 | $ | 97,261 | ||||||||
Depreciation and amortization | 54,452 | 19,829 | 4,143 | 78,424 | ||||||||||||
Interest expense (income), net | 60,939 | (29,422 | ) | (63 | ) | 31,454 | ||||||||||
Income tax expense (benefit) | (13,007 | ) | (828 | ) | 470 | (13,365 | ) | |||||||||
A reconciliation of our consolidated Adjusted EBITDA to net income (loss) attributable to Masonite is set forth as follows for the periods indicated: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Adjusted EBITDA | $ | 137,087 | $ | 105,877 | $ | 97,261 | ||||||||||
Less (plus): | ||||||||||||||||
Depreciation | 60,622 | 62,080 | 63,348 | |||||||||||||
Amortization | 21,722 | 17,058 | 15,076 | |||||||||||||
Share based compensation expense | 9,605 | 7,752 | 6,517 | |||||||||||||
Loss (gain) on disposal of property, plant and equipment | 3,816 | (1,775 | ) | 2,724 | ||||||||||||
Registration and listing fees | — | 2,421 | — | |||||||||||||
Restructuring costs | 11,137 | 10,630 | 11,431 | |||||||||||||
Asset impairment | 18,202 | 1,904 | 1,350 | |||||||||||||
Interest expense (income), net | 41,525 | 33,230 | 31,454 | |||||||||||||
Other expense (income), net | (587 | ) | 2,316 | 528 | ||||||||||||
Income tax expense (benefit) | 4,533 | (21,377 | ) | (13,365 | ) | |||||||||||
Loss (income) from discontinued operations, net of tax | 630 | 598 | (1,480 | ) | ||||||||||||
Net income (loss) attributable to non-controlling interest | 3,222 | 2,050 | 2,923 | |||||||||||||
Net income (loss) attributable to Masonite | $ | (37,340 | ) | $ | (11,010 | ) | $ | (23,245 | ) | |||||||
We derive revenues from two major product lines: interior and exterior products. We do not review or analyze our two major product lines below net sales. Sales for the product lines are summarized as follows for the periods indicated: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Net sales: | ||||||||||||||||
Interior products | $ | 1,293,006 | $ | 1,260,046 | $ | 1,232,990 | ||||||||||
Exterior products | 544,694 | 471,097 | 443,015 | |||||||||||||
$ | 1,837,700 | $ | 1,731,143 | $ | 1,676,005 | |||||||||||
Net sales information with respect to geographic areas exceeding 10% of consolidated net sales is as follows for the periods indicated: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Net sales to external customers from facilities in: | ||||||||||||||||
United States | $ | 1,073,710 | $ | 1,002,689 | $ | 941,062 | ||||||||||
Canada | 280,276 | 280,020 | 246,900 | |||||||||||||
Other | 483,714 | 448,434 | 488,043 | |||||||||||||
Total | $ | 1,837,700 | $ | 1,731,143 | $ | 1,676,005 | ||||||||||
In the years ended December 28, 2014, December 29, 2013, and December 30, 2012, net sales to The Home Depot, Inc., were $308.6 million, $278.4 million and $265.9 million, respectively. No other individual customer's net sales exceeded 10% of consolidated net sales for any of the periods presented. | ||||||||||||||||
Geographic information regarding property, plant and equipment which exceed 10% of consolidated property, plant and equipment used in continuing operations is as follows for the periods indicated: | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
United States | $ | 329,689 | $ | 330,640 | $ | 333,391 | ||||||||||
Canada | 65,491 | 75,307 | 85,801 | |||||||||||||
Ireland (1) | — | 65,772 | 66,795 | |||||||||||||
Other | 181,054 | 158,560 | 162,373 | |||||||||||||
Total | $ | 576,234 | $ | 630,279 | $ | 648,360 | ||||||||||
____________ | ||||||||||||||||
(1) Amount was less than 10% of consolidated property, plant and equipment as of December 28, 2014, and is included as part of Other. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 28, 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 December 28, 2014, and December 29, 2013, was $532.5 million and $412.1 million, respectively, compared to a carrying value of $511.9 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 during the years ended December 28, 2014, or December 29, 2013. | |
On December 29, 2013, we had assets held for sale of $3.4 million. During the year ended December 28, 2014, foreign exchange fluctuations increased the value of foreign assets held for sale by $0.1 million. Also during 2014, we divested our last remaining asset held for sale, which had a book value of $3.5 million. The sale of this location resulted in the recognition of a gain of $1.0 million representing the excess of the consideration received over the book value of the divested assets. This resulted in a balance of zero in assets held for sale as of December 28, 2014. | |
On December 30, 2012, we had assets held for sale of $7.2 million. During the year ended December 29, 2013, we divested four locations which had a book value of $3.8 million. The sale of these locations resulted in the recognition of a gain of $3.1 million representing the excess of the consideration received over the book value of the divested assets. This resulted in a balance of $3.4 million as of December 29, 2013. | |
On January 1, 2012, we had assets held for sale of $14.4 million. During the year ended December 30, 2012, foreign exchange fluctuations increased the value of foreign assets held for sale by $0.2 million. Also during 2012, we divested one location which had a book value of $1.7 million. Additionally, we reclassified two locations that were held for sale back into property, plant and equipment, as there had been minimal interest in the properties since their classification as held for sale due to market conditions, and management no longer believed that sale of these two locations was probable within the next twelve months. Assets transferred out of held for sale had a book value of $4.3 million and were classified as property, plant and equipment at their fair value of $2.7 million. The related impairment charges of $1.6 million were recorded within gain (loss) on sale of property, plant and equipment, a component of selling, general and administration expense in the consolidated statements of comprehensive income (loss). Furthermore, the assets remaining as held for sale were revalued to their respective fair values (net of selling costs), resulting in impairment charges of $1.4 million, which are included within asset impairment in the statements of comprehensive income (loss). This resulted in a balance of $7.2 million in assets held for sale as of December 30, 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 28, 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. | ||||||||||||
Year Ended | ||||||||||||
(In thousands, except share and per share information) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Net income (loss) attributable to Masonite | $ | (37,340 | ) | $ | (11,010 | ) | $ | (23,245 | ) | |||
Income (loss) from discontinued operations, net of tax | (630 | ) | (598 | ) | 1,480 | |||||||
Income (loss) from continuing operations attributable to Masonite | $ | (36,710 | ) | $ | (10,412 | ) | $ | (24,725 | ) | |||
Shares used in computing basic earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | |||||||||
Effect of dilutive securities: | ||||||||||||
Incremental shares issuable under share compensation plans | — | — | — | |||||||||
Shares used in computing diluted earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | |||||||||
Basic earnings (loss) per common share attributable to Masonite: | ||||||||||||
Continuing operations attributable to Masonite | $ | (1.24 | ) | $ | (0.37 | ) | $ | (0.89 | ) | |||
Discontinued operations attributable to Masonite, net of tax | (0.02 | ) | (0.02 | ) | 0.05 | |||||||
Total Basic earnings per common share attributable to Masonite | $ | (1.26 | ) | $ | (0.39 | ) | $ | (0.84 | ) | |||
Diluted earnings (loss) per common share attributable to Masonite: | ||||||||||||
Continuing operations attributable to Masonite | $ | (1.24 | ) | $ | (0.37 | ) | $ | (0.89 | ) | |||
Discontinued operations attributable to Masonite, net of tax | (0.02 | ) | (0.02 | ) | 0.05 | |||||||
Total Diluted earnings per common share attributable to Masonite | $ | (1.26 | ) | $ | (0.39 | ) | $ | (0.84 | ) | |||
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ||||||||||||
Warrants | 2,500,001 | 5,833,335 | 5,833,335 | |||||||||
Stock appreciation rights | 584,812 | 842,886 | 1,045,524 | |||||||||
Restricted stock units | 388,898 | 477,260 | 765,345 | |||||||||
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 years ended December 28, 2014, December 29, 2013, and December 30, 2012 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 | 12 Months Ended | |||||||||||
Dec. 28, 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: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Accumulated foreign exchange gains (losses), beginning of period | $ | (8,797 | ) | $ | 2,538 | $ | (5,489 | ) | ||||
Foreign exchange gain (loss) | (48,667 | ) | (12,096 | ) | 8,187 | |||||||
Income tax benefit (expense) on foreign exchange gain (loss) | (987 | ) | — | 74 | ||||||||
Less: foreign exchange gain (loss) attributable to non-controlling interest | (978 | ) | (761 | ) | 234 | |||||||
Accumulated foreign exchange gains (losses), end of period | (57,473 | ) | (8,797 | ) | 2,538 | |||||||
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | — | |||||||||
Amortization of actuarial net losses | — | 1,413 | 1,689 | |||||||||
Income tax benefit (expense) on amortization of actuarial net losses | — | (560 | ) | (652 | ) | |||||||
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,890 | 1,037 | |||||||||
Accumulated pension and other post-retirement adjustments, beginning of period | (12,694 | ) | (22,559 | ) | (22,239 | ) | ||||||
Pension and other post-retirement adjustments | (12,045 | ) | 15,571 | 663 | ||||||||
Income tax benefit (expense) on pension and other post-retirement adjustments | 4,063 | (5,706 | ) | (983 | ) | |||||||
Accumulated pension and other post-retirement adjustments | (20,676 | ) | (12,694 | ) | (22,559 | ) | ||||||
Accumulated other comprehensive income (loss) | $ | (76,259 | ) | $ | (19,601 | ) | $ | (18,984 | ) | |||
Other comprehensive income (loss), net of tax: | $ | (57,636 | ) | $ | (1,378 | ) | $ | 8,978 | ||||
Less: other comprehensive income (loss) attributable to non-controlling interest | (978 | ) | (761 | ) | 234 | |||||||
Other comprehensive income (loss) attributable to Masonite | $ | (56,658 | ) | $ | (617 | ) | $ | 8,744 | ||||
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 | 12 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Variable Interest Entity | Variable Interest Entity | |||||||
As of December 28, 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) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
Current assets | $ | 8,346 | $ | 9,524 | ||||
Property, plant and equipment, net | 17,788 | 19,543 | ||||||
Long-term deferred income taxes | 12,321 | 14,998 | ||||||
Other assets, net | 2,234 | 2,363 | ||||||
Current liabilities | (2,496 | ) | (2,916 | ) | ||||
Other long-term liabilities | (4,479 | ) | (5,746 | ) | ||||
Non-controlling interest | (7,785 | ) | (7,093 | ) | ||||
Net assets of the VIE consolidated by Masonite | $ | 25,929 | $ | 30,673 | ||||
Current assets include $3.1 million and $4.3 million of cash and cash equivalents as of December 28, 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. |
Supplemental_Unaudited_Quarter
Supplemental Unaudited Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Supplemental Unaudited Quarterly Financial Information | Supplemental Unaudited Quarterly Financial Information | |||||||||||||||
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share information) | December 28, | September 28, | June 29, | March 30, | ||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Net sales | $ | 448,940 | $ | 476,124 | $ | 490,176 | $ | 422,460 | ||||||||
Cost of goods sold | 381,364 | 409,894 | 411,569 | 369,474 | ||||||||||||
Gross profit | 67,576 | 66,230 | 78,607 | 52,986 | ||||||||||||
Selling, general and administration expenses | 53,928 | 53,855 | 58,519 | 57,775 | ||||||||||||
Restructuring costs | (57 | ) | 9,913 | 560 | 721 | |||||||||||
Asset impairment | 18,202 | — | — | — | ||||||||||||
Operating income (loss) | (4,497 | ) | 2,462 | 19,528 | (5,510 | ) | ||||||||||
Interest expense (income), net | 10,491 | 10,447 | 10,594 | 9,993 | ||||||||||||
Other expense (income), net | (1,670 | ) | (404 | ) | 1,306 | 181 | ||||||||||
Income (loss) from continuing operations before income tax expense (benefit) | (13,318 | ) | (7,581 | ) | 7,628 | (15,684 | ) | |||||||||
Income tax expense (benefit) | 1,131 | 2,004 | 1,379 | 19 | ||||||||||||
Income (loss) from continuing operations | (14,449 | ) | (9,585 | ) | 6,249 | (15,703 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | (194 | ) | (124 | ) | (170 | ) | (142 | ) | ||||||||
Net income (loss) | (14,643 | ) | (9,709 | ) | 6,079 | (15,845 | ) | |||||||||
Less: Net income (loss) attributable to non-controlling interest | 1,724 | 258 | 499 | 741 | ||||||||||||
Net income (loss) attributable to Masonite | $ | (16,367 | ) | $ | (9,967 | ) | $ | 5,580 | $ | (16,586 | ) | |||||
Earnings (loss) per common share attributable to Masonite: | ||||||||||||||||
Basic | $ | (0.55 | ) | $ | (0.34 | ) | $ | 0.19 | $ | (0.56 | ) | |||||
Diluted | $ | (0.55 | ) | $ | (0.34 | ) | $ | 0.18 | $ | (0.56 | ) | |||||
Quarter Ended | ||||||||||||||||
December 29, | September 29, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Net sales | $ | 420,475 | $ | 433,051 | $ | 453,093 | $ | 424,524 | ||||||||
Cost of goods sold | 369,007 | 374,082 | 388,424 | 374,123 | ||||||||||||
Gross profit | 51,468 | 58,969 | 64,669 | 50,401 | ||||||||||||
Selling, general and administration expenses | 54,692 | 51,386 | 54,128 | 46,960 | ||||||||||||
Restructuring costs | 6,163 | 1,265 | 1,762 | 1,440 | ||||||||||||
Asset impairment | — | — | 1,904 | — | ||||||||||||
Operating income (loss) | (9,387 | ) | 6,318 | 6,875 | 2,001 | |||||||||||
Interest expense (income), net | 8,442 | 8,330 | 8,208 | 8,250 | ||||||||||||
Other expense (income), net | 3,092 | (255 | ) | (363 | ) | (158 | ) | |||||||||
Income (loss) from continuing operations before income tax expense (benefit) | (20,921 | ) | (1,757 | ) | (970 | ) | (6,091 | ) | ||||||||
Income tax expense (benefit) | (13,661 | ) | (6,272 | ) | (408 | ) | (1,036 | ) | ||||||||
Income (loss) from continuing operations | (7,260 | ) | 4,515 | (562 | ) | (5,055 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | (402 | ) | (62 | ) | (44 | ) | (90 | ) | ||||||||
Net income (loss) | (7,662 | ) | 4,453 | (606 | ) | (5,145 | ) | |||||||||
Less: Net income (loss) attributable to non-controlling interest | (73 | ) | 838 | 605 | 680 | |||||||||||
Net income (loss) attributable to Masonite | $ | (7,589 | ) | $ | 3,615 | $ | (1,211 | ) | $ | (5,825 | ) | |||||
Earnings (loss) per common share attributable to Masonite: | ||||||||||||||||
Basic | $ | (0.25 | ) | $ | 0.13 | $ | (0.04 | ) | $ | (0.21 | ) | |||||
Diluted | $ | (0.25 | ) | $ | 0.12 | $ | (0.04 | ) | $ | (0.21 | ) | |||||
Business_Overview_and_Signific1
Business Overview and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Basis of Presentation | Basis of Presentation | |||||||||||
We prepare these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements include the accounts of Masonite International Corporation, a company incorporated under the laws of British Columbia, and its subsidiaries, as of December 28, 2014, and December 29, 2013, and for the years ended December 28, 2014, December 29, 2013 and December 30, 2012. | ||||||||||||
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. | ||||||||||||
Adoption of Recent Accounting Pronouncements | 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 was effective prospectively for reporting periods beginning after December 15, 2013, and early adoption was 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 was 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 a material impact on the presentation of our financial statements. Any future impact of ASU 2013-05 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. | ||||||||||||
Other Recent Accounting Pronouncements not yet Adopted | ||||||||||||
In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," which amended ASC 205-40, "Presentation of Financial Statements - Going Concern". This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and to provide related footnote disclosures. This ASU is effective for annual reporting periods ending after December 15, 2016, and interim periods thereafter; early adoption is permitted. We are in the process of evaluating this guidance to determine the impact it will have on our financial statements. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods; early application is not permitted. We are in the process of evaluating this guidance to determine the magnitude of its impact on our financial statements. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The FASB issued the ASU to provide more decision-useful information and to make it more difficult for a disposal transaction to qualify as a discontinued operation. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods; early application is permitted. The adoption of this standard is not expected to have a material impact on the presentation of our financial statements. | ||||||||||||
Principles of consolidation | Principles of consolidation: | |||||||||||
These consolidated financial statements include the accounts of Masonite and our subsidiaries and the accounts of any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated upon consolidation. The results of subsidiaries acquired during the periods presented are consolidated from their respective dates of acquisition using the acquisition method. | ||||||||||||
Translation of consolidated financial statements into U.S. dollars | Translation of consolidated financial statements into U.S. dollars: | |||||||||||
These consolidated financial statements are expressed in U.S. dollars. The accounts of the majority of our self-sustaining foreign operations are maintained in functional currencies other than the U.S. dollar. Assets and liabilities for these subsidiaries have been translated into U.S. dollars at the exchange rates prevailing at the end of the period and results of operations at the average exchange rates for the period. Unrealized exchange gains and losses arising from the translation of the financial statements of our non-U.S. functional currency operations are accumulated in the cumulative translation adjustments account in accumulated other comprehensive income (loss). For our foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency-denominated accounts are remeasured into U.S. dollars. Unrealized exchange gains and losses arising from remeasurements of foreign currency-denominated assets and liabilities are included within other expense (income), net, in the consolidated statements of comprehensive income (loss). Gains and losses arising from international intercompany transactions that are of a long-term investment nature are reported in the same manner as translation gains and losses. Realized exchange gains and losses are included in net income (loss) for the periods presented. | ||||||||||||
Cash and cash equivalents | Cash and cash equivalents: | |||||||||||
Cash includes cash equivalents which are short-term highly liquid investments with original maturities of three months or less. | ||||||||||||
Restricted cash | Restricted cash: | |||||||||||
Restricted cash includes cash we have placed as collateral for letters of credit. | ||||||||||||
Accounts receivable | Accounts receivable: | |||||||||||
We record accounts receivable as our products are received by our customers. Our customers are primarily retailers, distributors and contractors. We record an allowance for doubtful accounts for known collectability issues, as such issues relate to specific transactions or customer balances. When it becomes apparent, based on age or customer circumstances, that such amounts will not be collected, they are expensed as bad debt and payments subsequently received are credited to the bad debt expense account, included within selling, general and administration expense in the consolidated statements of comprehensive income (loss). Generally, we do not require collateral for our accounts receivable. | ||||||||||||
Inventories | Inventories: | |||||||||||
Raw materials are valued at the lower of cost or market value, where market value is determined using replacement cost. Finished goods are valued at the lower of cost or net realizable value. Cost is determined on a first in, first out basis. In determining the net realizable value, we consider factors such as yield, turnover, expected future demand and past experience. | ||||||||||||
The cost of inventories includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of conversion of inventories include costs directly related to the units of production, such as direct labor. They also include a systematic allocation of fixed and variable production overheads that are incurred in converting raw materials into finished goods. Fixed production overheads are those indirect costs of production that remain relatively constant regardless of the volume of production, such as depreciation and maintenance of factory buildings and equipment, and the cost of factory management and administration. Variable production overheads are those indirect costs of production that vary directly, or nearly directly, with the volume of production, such as indirect materials and indirect labor. | ||||||||||||
To determine the cost of inventory, we allocate fixed expenses to the cost of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production are not increased due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered idle, and all related expenses are charged to cost of goods sold. | ||||||||||||
Property, plant and equipment | Property, plant and equipment: | |||||||||||
Property, plant and equipment are stated at cost. Depreciation is recorded based on the carrying values of buildings, machinery and equipment using the straight-line method over the estimated useful lives set forth as follows: | ||||||||||||
Useful Life (Years) | ||||||||||||
Buildings | 20 - 40 | |||||||||||
Machinery and equipment | ||||||||||||
Tooling | 25-Oct | |||||||||||
Machinery and equipment | 25-May | |||||||||||
Molds and dies | 25-Dec | |||||||||||
Office equipment, fixtures and fittings | 12-Mar | |||||||||||
Improvements and major maintenance that extend the life of an asset are capitalized; other repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed, their carrying values and accumulated depreciation are removed from the accounts. | ||||||||||||
Property, plant and equipment are tested for impairment when events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset or asset group being tested for recoverability exceeds the sum of the undiscounted cash flows expected from its use and disposal. Impairments are measured as the amount by which the carrying amount of the asset or asset group exceeds its fair value, as determined using a discounted cash flows approach when quoted market prices are not available. | ||||||||||||
Goodwill | Goodwill: | |||||||||||
We use the acquisition method of accounting for all business combinations. We evaluate all business combinations for intangible assets that should be recognized apart from goodwill. Goodwill adjustments are recorded for the effect on goodwill of changes to net assets acquired during the measurement period (up to one year from the date of acquisition) for new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. | ||||||||||||
Goodwill is not amortized, but instead is tested annually for impairment on the last day of fiscal November, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. The test for impairment is performed at the reporting unit level by comparing the reporting unit’s carrying amount to its fair value. Possible impairment in goodwill is first analyzed using qualitative factors such as macroeconomic and market conditions, changing costs and actual and projected performance, amongst others, to determine whether it is more likely than not that the book value of the reporting unit exceeds its fair value. If it is determined more likely than not that the book value exceeds fair value, a quantitative analysis is performed to test for impairment. When quantitative steps are determined necessary, the fair values of the reporting units are estimated through the use of discounted cash flow analysis and market multiples. If the carrying amount exceeds fair value, then goodwill is impaired. Any impairment in goodwill is measured by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and comparing the notional goodwill from the fair value allocation to the carrying value of the goodwill. There were no impairment charges recorded against goodwill in any period presented. | ||||||||||||
Intangible assets | Intangible assets: | |||||||||||
Intangible assets with definite lives include customer relationships, non-compete agreements, patents, system software development, supply agreements and acquired trademarks and tradenames. Definite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Information pertaining to estimated useful lives of intangible assets is as follows: | ||||||||||||
Estimated Useful Life | ||||||||||||
Customer relationships | Over expected relationship period, not exceeding 10 years | |||||||||||
Non-compete agreements | Over life of the agreement | |||||||||||
Patents | Over expected useful life, not exceeding 17 years | |||||||||||
System software development | Over expected useful life, not exceeding 5 years | |||||||||||
Supply agreements | Over life of the agreement | |||||||||||
Acquired trademarks and tradenames | Over expected useful life | |||||||||||
Amortizable intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value may be greater than fair value. An impairment loss is recognized when the estimate of undiscounted future cash flows generated by such assets is less than the carrying amount. Measurement of the impairment loss is based on the fair value of the asset. Fair value is measured using discounted cash flows. | ||||||||||||
Indefinite lived intangible assets are not amortized, but instead are tested for impairment annually on the last day of fiscal November, or more frequently if events or circumstances indicate the carrying value may exceed the fair value. | ||||||||||||
Deferred income taxes | ncome taxes: | |||||||||||
We use the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the date of enactment. A valuation allowance is recorded to reduce deferred tax assets to an amount that is anticipated to be realized on a more likely than not basis. | ||||||||||||
We account for uncertain taxes in accordance with ASC 740, “Income Taxes”. The initial benefit recognition model follows a two-step approach. First we evaluate if the tax position is more likely than not of being sustained if audited based solely on the technical merits of the position. Second, we measure the appropriate amount of benefit to recognize. This is calculated as the largest amount of tax benefit that has a greater than 50% likelihood of ultimately being realized upon settlement. Subsequently at each reporting date, the largest amount that has a greater than 50% likelihood of ultimately being realized, based on information available at that date, will be measured and recognized. | ||||||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of comprehensive income (loss). Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | ||||||||||||
We have outside basis differences as well as undistributed earnings in our foreign subsidiaries. For those subsidiaries in which we considered to be indefinitely reinvested, no provision for Canadian income or local country withholding taxes has been recorded. Upon curing of the outside basis difference and/or repatriation of those earnings, in the form of dividends or otherwise, we may be subject to both Canadian income taxes and withholding taxes payable to the various foreign countries. For those subsidiaries where the earnings are not considered indefinitely reinvested, taxes have been provided as required. The determination of the unrecorded deferred income tax liability for temporary differences related to investments in foreign subsidiaries that are considered to be indefinitely reinvested is not considered practical. | ||||||||||||
Employee future benefits | Employee future benefits: | |||||||||||
We maintain defined benefit pension plans. Earnings are charged with the cost of benefits earned by employees as services are rendered. The cost reflects management’s best estimates of the pension plans’ expected investment yields, wage and salary escalation, mortality of members, terminations and the ages at which members will retire. Changes in these assumptions could impact future pension expense. The excess of the net actuarial gain (loss) over 10% of the greater of the benefit obligation or fair value of plan assets at the beginning of the year is amortized over the average remaining service lives of the members. | ||||||||||||
Assets are valued at fair value for the purpose of calculating the expected return on plan assets. Past service costs arising from plan amendments are amortized on a straight-line basis over the average remaining service period of employees active at the date of amendment. | ||||||||||||
When a restructuring of a benefit plan gives rise to both a curtailment and a settlement of obligations, the curtailment is accounted for prior to the settlement. Curtailment gains are offset against unrecognized losses and any excess gains and all curtailment losses are recorded in the period in which the curtailment occurs. | ||||||||||||
Restructuring costs | Restructuring costs: | |||||||||||
All salary-related severance benefits are accrued and expensed when a plan has been put into place, the plan has received approval from the appropriate level of management and the benefit is probable and reasonably estimable, which is generally when the decision to terminate the employee is made by management of sufficient authority. A liability and expense are recorded for termination benefits based on their fair value when it is probable that employees will be entitled to the benefits, and the amount can be reasonably estimated. This occurs when management approves and commits us to the obligation, management’s termination plan specifically identifies all significant actions to be taken, actions required to fulfill management’s plan are expected to begin as soon as possible and significant changes to the plan are not likely. All salary-related non-contractual benefits are accrued and expensed at fair value at the communication date. | ||||||||||||
In addition to salary-related costs, we incur other restructuring costs when facilities are closed or capacity is realigned within the organization. A liability and expense are recorded for contractual exit activities when we terminate the contract within the provisions of the agreement, generally by way of written notice to the counterparty. For non-contractual exit activities, a liability and expense are measured at fair value in the period in which the liability is incurred. | ||||||||||||
Restructuring-related costs are presented separately in the consolidated statements of comprehensive income (loss) whereas non-restructuring severance benefits are charged to cost of goods sold or selling, general and administration expense depending on the nature of the job responsibilities. | ||||||||||||
Financial instruments | Financial instruments: | |||||||||||
We have applied a framework consistent with ASC 820, “Fair Value Measurement and Disclosure”, and has disclosed all financial assets and liabilities measured at fair value and non-financial assets and liabilities measured at fair value on a non-recurring basis (at least annually). | ||||||||||||
We classify and disclose assets and liabilities carried at fair value in one of the following three categories: | ||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||
The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced or liquidation sale. These estimates, although based on the relevant market information about the financial instrument, are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||||||||||||
Share based compensation expense | Share based compensation expense: | |||||||||||
We have a share based compensation plan, which is described in detail in Note 8. We apply the fair value method of accounting using comprehensive valuation models, including the Black-Scholes-Merton option pricing model, to determine the compensation expense. | ||||||||||||
Revenue recognition | Revenue recognition: | |||||||||||
Revenue from the sale of products is recognized when an agreement with the customer in the form of a sales order is in place, the sales price is fixed or determinable, collection is reasonably assured and the customer has taken ownership and assumes risk of loss. Volume rebates and incentives to customers are considered as a reduction of the sales price of our products. Accordingly, revenue is reported net of such rebates and incentives. Shipping and other transportation costs charged to buyers are recorded in both revenues and cost of goods sold in the consolidated statements of comprehensive income (loss). | ||||||||||||
Product warranties | Product warranties: | |||||||||||
We warrant certain qualitative attributes of our door products. We have recorded provisions for estimated warranty and related costs based on historical experience and periodically adjust these provisions to reflect actual experience. The rollforward of our warranty provision is as follows for the periods indicated: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Balance at beginning of period | $ | 1,914 | $ | 1,368 | $ | 1,366 | ||||||
Additions charged to expense | 4,674 | 1,851 | 1,470 | |||||||||
Deductions | (3,033 | ) | (1,305 | ) | (1,468 | ) | ||||||
Balance at end of period | $ | 3,555 | $ | 1,914 | $ | 1,368 | ||||||
Vendor rebates | Vendor rebates: | |||||||||||
We account for cash consideration received from a vendor as a reduction of cost of goods sold and inventory, in the consolidated statements of comprehensive income (loss) and consolidated balance sheets, respectively. The cash consideration received represents agreed-upon vendor rebates that are earned in the normal course of operations. | ||||||||||||
Advertising costs | Advertising costs: | |||||||||||
We recognize advertising costs as they are incurred. Advertising costs were $7.7 million, $6.3 million and $6.1 million in the years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. Advertising costs incurred primarily relate to tradeshows and are included within selling, general and administration expense in the consolidated statements of comprehensive income (loss). | ||||||||||||
Research and development costs | Research and development costs: | |||||||||||
We recognize research and development costs as they are incurred. Research and development costs were $6.1 million, $4.1 million and $4.6 million in the years ended December 28, 2014, December 29, 2013 and December 30, 2012 respectively. Research and development costs incurred primarily relate to the development of new products and the improvement of manufacturing processes, and are primarily included within cost of goods sold in the consolidated statements of comprehensive income (loss). These costs exclude the significant investments in other areas such as advanced automation and e-commerce. | ||||||||||||
Insurance losses and proceeds | Insurance losses and proceeds: | |||||||||||
All involuntary conversions of property, plant and equipment are recorded as losses within loss (gain) on disposal of property, plant and equipment, which is included within selling, general and administration expense in the consolidated statements of comprehensive income (loss) and as reductions to property, plant and equipment in the consolidated balance sheets. Any subsequent proceeds received for insured losses of property, plant and equipment are also recorded as gains within loss (gain) in disposal of property, plant and equipment, and are classified as cash flows from investing activities in the consolidated statements of cash flows in the period in which the cash is received. Proceeds received for business interruption recoveries are recorded as a reduction to selling, general and administration expense in the consolidated statements of comprehensive income (loss) and are classified as cash flows from operating activities in the consolidated statements of cash flows in the period in which an acknowledgment from the insurance carrier of settlement or partial settlement of a non-refundable nature has been presented to us. | ||||||||||||
Discontinued operations | Discontinued operations: | |||||||||||
We account for discontinued operations by segregating assets, liabilities and earnings (net of tax) in the consolidated balance sheets and consolidated statements of comprehensive income (loss), respectively. Operations are classified as discontinued when the operations and cash flows of the component has been or will be eliminated as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the component after disposal. | ||||||||||||
Equity investments | Equity investments: | |||||||||||
We account for investments in affiliates of between 20% and 50% ownership, over which we have significant influence, using the equity method. We record our share of earnings of the affiliate within other expense (income) in the consolidated statements of comprehensive income (loss) and dividends as a reduction of the investment in the affiliate in the consolidated balance sheets when declared. | ||||||||||||
Segment Reporting | Segment Reporting: | |||||||||||
Our reportable segments are organized and managed principally by geographic region: North America; Europe, Asia and Latin America; and Africa. The North America reportable segment is the aggregation of the following operating segments: Retail, Wholesale and Architectural. The Europe, Asia and Latin America reportable segment is the aggregation of the following operating segments: United Kingdom, France and Central Eastern Europe. Operating segments are aggregated into reportable segments only if they exhibit similar economic characteristics. In addition to similar economic characteristics we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. | ||||||||||||
Use of estimates | Use of estimates: | |||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting periods. During 2014, there were no material changes in the methods or policies used to establish estimates and assumptions. Matters subject to significant estimation and judgment include the valuation of the allowance for doubtful accounts; the realizable values of inventories; the valuation of acquired tangible assets and liabilities; the determination of the fair value of financial instruments; the determination of the fair value of goodwill and intangible assets and the useful lives of intangible assets and long-lived assets, as well as the determination of impairment thereon; the determination of obligations under employee future benefit plans; the determination of the valuation of share based awards; and the recoverability of deferred tax assets and uncertain tax positions. Actual results may differ significantly from our estimates. |
Business_Overview_and_Signific2
Business Overview and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of Property, Plant and Equipment Useful Lives | Depreciation is recorded based on the carrying values of buildings, machinery and equipment using the straight-line method over the estimated useful lives set forth as follows: | |||||||||||
Useful Life (Years) | ||||||||||||
Buildings | 20 - 40 | |||||||||||
Machinery and equipment | ||||||||||||
Tooling | 25-Oct | |||||||||||
Machinery and equipment | 25-May | |||||||||||
Molds and dies | 25-Dec | |||||||||||
Office equipment, fixtures and fittings | 12-Mar | |||||||||||
Schedule of Useful Lives of Intangible Assets | Definite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Information pertaining to estimated useful lives of intangible assets is as follows: | |||||||||||
Estimated Useful Life | ||||||||||||
Customer relationships | Over expected relationship period, not exceeding 10 years | |||||||||||
Non-compete agreements | Over life of the agreement | |||||||||||
Patents | Over expected useful life, not exceeding 17 years | |||||||||||
System software development | Over expected useful life, not exceeding 5 years | |||||||||||
Supply agreements | Over life of the agreement | |||||||||||
Acquired trademarks and tradenames | Over expected useful life | |||||||||||
Schedule of Product Warranty Liability | The rollforward of our warranty provision is as follows for the periods indicated: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Balance at beginning of period | $ | 1,914 | $ | 1,368 | $ | 1,366 | ||||||
Additions charged to expense | 4,674 | 1,851 | 1,470 | |||||||||
Deductions | (3,033 | ) | (1,305 | ) | (1,468 | ) | ||||||
Balance at end of period | $ | 3,555 | $ | 1,914 | $ | 1,368 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Aggregate consideration paid for acquisitions | The aggregate consideration paid for the Chile acquisition 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 | ||||||||||||||
The aggregate consideration paid for acquisitions during 2012 was as follows: | ||||||||||||||||
(In thousands) | Lemieux Acquisition | Algoma | Baillargeon Acquisition | Total 2012 Acquisitions | ||||||||||||
Acquisition | ||||||||||||||||
Accounts receivable | $ | 3,547 | $ | 8,874 | $ | 3,105 | $ | 15,526 | ||||||||
Inventory | 6,013 | 6,391 | 1,758 | 14,162 | ||||||||||||
Property, plant and equipment | 15,148 | 9,658 | 7,054 | 31,860 | ||||||||||||
Goodwill | 397 | 20,049 | 1,113 | 21,559 | ||||||||||||
Intangible assets | 3,900 | 28,600 | — | 32,500 | ||||||||||||
Deferred income taxes | (3,023 | ) | (11,866 | ) | (929 | ) | (15,818 | ) | ||||||||
Other assets and liabilities, net | (3,915 | ) | (6,073 | ) | (2,158 | ) | (12,146 | ) | ||||||||
Cash consideration, net of cash acquired | $ | 22,067 | $ | 55,633 | $ | 9,943 | $ | 87,643 | ||||||||
The aggregate consideration paid for acquisitions during 2014 was as follows: | ||||||||||||||||
(In thousands) | Harring Acquisition | Door-Stop Acquisition | Total 2014 Acquisitions | |||||||||||||
Accounts receivable | $ | 1,180 | $ | 2,648 | $ | 3,828 | ||||||||||
Inventory | 443 | 2,665 | 3,108 | |||||||||||||
Property, plant and equipment | 1,167 | 4,303 | 5,470 | |||||||||||||
Goodwill | 1,951 | 20,359 | 22,310 | |||||||||||||
Intangible assets | — | 28,776 | 28,776 | |||||||||||||
Accounts payable and accrued expenses | (731 | ) | (3,492 | ) | (4,223 | ) | ||||||||||
Other assets and liabilities, net | (109 | ) | (4,904 | ) | (5,013 | ) | ||||||||||
Cash consideration, net of cash acquired | $ | 3,901 | $ | 50,355 | $ | 54,256 | ||||||||||
Pro forma information of acquisitions | The following schedule represents the amounts of revenue and earnings which have been included in the consolidated statements of comprehensive income (loss) for the periods indicated subsequent to the respective acquisition dates: | |||||||||||||||
Year Ended December 28, 2014 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 66,292 | $ | 64,426 | $ | 18,933 | $ | 149,651 | ||||||||
Net income (loss) attributable to Masonite | 7,460 | (1,400 | ) | 413 | 6,473 | |||||||||||
Year Ended December 29, 2013 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 60,055 | $ | 65,309 | $ | 20,331 | $ | 145,695 | ||||||||
Net income (loss) attributable to Masonite | 6,144 | 936 | 1,781 | 8,861 | ||||||||||||
Year Ended December 30, 2012 | ||||||||||||||||
(In thousands) | Lemieux | Algoma | Baillargeon | Total | ||||||||||||
Net sales | $ | 17,296 | $ | 47,179 | $ | 15,843 | $ | 80,318 | ||||||||
Net income (loss) attributable to Masonite | 681 | 1,024 | 1,021 | 2,726 | ||||||||||||
Year Ended December 28, 2014 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||||||
Net sales | $ | 1,837,700 | $ | 6,659 | $ | 1,844,359 | ||||||||||
Net income (loss) attributable to Masonite | (37,340 | ) | 624 | (36,716 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||||
In the table above, amounts under the Door-Stop heading reflect pro forma results for the period prior to acquisition through the acquisition date of February 24, 2014. All actual results from Door-Stop subsequent to the acquisition date are reflected under the Masonite heading above. | ||||||||||||||||
Year Ended December 29, 2013 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | Door-Stop | Pro Forma | |||||||||||||
Net sales | $ | 1,731,143 | $ | 38,824 | $ | 1,769,967 | ||||||||||
Net income (loss) attributable to Masonite | (11,010 | ) | 3,227 | (7,783 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (0.39 | ) | $ | (0.28 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (0.39 | ) | $ | (0.28 | ) | ||||||||||
Pro forma information relating to the Chile acquisition is not materially different from amounts reported. | ||||||||||||||||
Year Ended December 30, 2012 | ||||||||||||||||
(In thousands, except per share amounts) | Masonite | 2012 Acquisitions | Pro Forma | |||||||||||||
Net sales | $ | 1,676,005 | $ | 50,267 | $ | 1,726,272 | ||||||||||
Net income (loss) attributable to Masonite | (23,245 | ) | 1,298 | (21,947 | ) | |||||||||||
Basic earnings (loss) per common share | $ | (0.84 | ) | $ | (0.79 | ) | ||||||||||
Diluted earnings (loss) per common share | $ | (0.84 | ) | $ | (0.79 | ) | ||||||||||
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. Amounts of revenue and earnings included in the consolidated statements of comprehensive income (loss) for Harring were not material for the year ended December 28, 2014. | ||||||||||||||||
(In thousands) | Year Ended December 28, 2014 | |||||||||||||||
Net sales | $ | 42,498 | ||||||||||||||
Net income (loss) attributable to Masonite | 4,819 | |||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 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 acquisitions | 1,951 | 20,359 | 22,310 | |||||||||||||||||||||
Foreign exchange fluctuations | (537 | ) | (978 | ) | (1,515 | ) | ||||||||||||||||||
December 28, 2014 | $ | 79,818 | $ | 19,381 | $ | 99,199 | ||||||||||||||||||
Cost and accumulated amortized values of intangible assets | Changes in the carrying amount of intangible assets were as follows for the periods indicated: | |||||||||||||||||||||||
(In thousands) | Customer Relationships | Patents | Software | Other | Trademarks and Tradenames | Total | ||||||||||||||||||
Net book value | ||||||||||||||||||||||||
December 29, 2013 | $ | 60,487 | $ | 15,595 | $ | 11,895 | $ | 5,034 | $ | 110,703 | $ | 203,714 | ||||||||||||
Acquisitions | 25,501 | — | 333 | 275 | 2,667 | 28,776 | ||||||||||||||||||
Additions (write-offs) | (453 | ) | 1,084 | 1,233 | (2,741 | ) | (1,403 | ) | (2,280 | ) | ||||||||||||||
Amortization | (12,010 | ) | (2,591 | ) | (3,652 | ) | (1,353 | ) | — | (19,606 | ) | |||||||||||||
Translation adjustment | (1,685 | ) | (462 | ) | (236 | ) | 6 | (4,855 | ) | (7,232 | ) | |||||||||||||
December 28, 2014 | $ | 71,840 | $ | 13,626 | $ | 9,573 | $ | 1,221 | $ | 107,112 | $ | 203,372 | ||||||||||||
(In thousands) | Customer Relationships | Patents | Software | Other | Trademarks and Tradenames | Total | ||||||||||||||||||
Net book value | ||||||||||||||||||||||||
December 30, 2012 | $ | 70,791 | $ | 16,904 | $ | 13,738 | $ | 7,013 | $ | 111,178 | $ | 219,624 | ||||||||||||
Additions (write-offs) | — | 1,269 | 1,460 | — | — | 2,729 | ||||||||||||||||||
Amortization | (9,798 | ) | (2,584 | ) | (3,179 | ) | (1,497 | ) | — | (17,058 | ) | |||||||||||||
Translation adjustment | (506 | ) | 6 | (124 | ) | (482 | ) | (475 | ) | (1,581 | ) | |||||||||||||
December 29, 2013 | $ | 60,487 | $ | 15,595 | $ | 11,895 | $ | 5,034 | $ | 110,703 | $ | 203,714 | ||||||||||||
The cost and accumulated amortization values of our intangible assets were as follows for the periods indicated: | ||||||||||||||||||||||||
December 28, 2014 | ||||||||||||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Translation Adjustment | Net Book Value | ||||||||||||||||||||
Definite life intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 107,381 | $ | (33,181 | ) | $ | (2,360 | ) | $ | 71,840 | ||||||||||||||
Patents | 28,630 | (14,696 | ) | (308 | ) | 13,626 | ||||||||||||||||||
Software | 28,832 | (19,322 | ) | 63 | 9,573 | |||||||||||||||||||
Other | 9,457 | (6,810 | ) | (1,426 | ) | 1,221 | ||||||||||||||||||
174,300 | (74,009 | ) | (4,031 | ) | 96,260 | |||||||||||||||||||
Indefinite life intangible assets: | ||||||||||||||||||||||||
Trademarks and tradenames | 111,053 | — | (3,941 | ) | 107,112 | |||||||||||||||||||
Total intangible assets | $ | 285,353 | $ | (74,009 | ) | $ | (7,972 | ) | $ | 203,372 | ||||||||||||||
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 December 28, 2014, is as follows: | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Fiscal year: | ||||||||||||||||||||||||
2015 | $ | 18,703 | ||||||||||||||||||||||
2016 | 17,335 | |||||||||||||||||||||||
2017 | 15,239 | |||||||||||||||||||||||
2018 | 12,008 | |||||||||||||||||||||||
2019 | 11,617 | |||||||||||||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Receivables [Abstract] | ||||||||||||
Rollforward of Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts were as follows for the periods indicated: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Balance at beginning of period | $ | 3,764 | $ | 3,871 | $ | 2,510 | ||||||
Additions charged to expense | 2,522 | 1,989 | 2,077 | |||||||||
Deductions | (3,670 | ) | (2,096 | ) | (716 | ) | ||||||
Balance at end of period | $ | 2,616 | $ | 3,764 | $ | 3,871 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventories | The amounts of inventory on hand were as follows as of the dates indicated: | |||||||||||
(In thousands) | December 28, | December 29, | ||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 155,012 | $ | 151,065 | ||||||||
Finished goods | 67,720 | 67,283 | ||||||||||
Inventories, net | $ | 222,732 | $ | 218,348 | ||||||||
Inventory Provision | We carry an inventory provision which is the result of obsolete or aged inventory. The rollforward of our inventory provision is as follows for the periods indicated: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | 30-Dec-12 | |||||||||
Balance at beginning of period | $ | 8,351 | $ | 7,561 | $ | 10,520 | ||||||
Additions charged to expense | 1,730 | 2,051 | 2,158 | |||||||||
Deductions | (3,533 | ) | (1,261 | ) | (5,117 | ) | ||||||
Balance at end of period | $ | 6,548 | $ | 8,351 | $ | 7,561 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 28, 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) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
Land | $ | 44,971 | $ | 50,190 | ||||
Buildings | 170,344 | 192,782 | ||||||
Machinery and equipment | 530,599 | 559,776 | ||||||
Property, plant and equipment, gross | 745,914 | 802,748 | ||||||
Accumulated depreciation | (169,680 | ) | (172,469 | ) | ||||
Property, plant and equipment, net | $ | 576,234 | $ | 630,279 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of long-term debt | ||||||||
(In thousands) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
8.25% Senior Notes due 2021 | $ | 500,000 | $ | 375,000 | ||||
Unamortized premium on Senior Notes | 11,920 | 2,809 | ||||||
Capital lease obligations and other long-term debt | — | 52 | ||||||
Total long-term debt | $ | 511,920 | $ | 377,861 | ||||
Share_Based_Compensation_Plans1
Share Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock appreciation rights award activity | |||||||||||||||||||||
Year Ended December 28, 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 | (560,568 | ) | 23,400 | 14.15 | |||||||||||||||||
Cancelled | (20,622 | ) | 38.48 | ||||||||||||||||||
Outstanding, end of period | 1,231,468 | $ | 48,516 | $ | 19.59 | 5.9 | |||||||||||||||
Exercisable, end of period | 907,716 | $ | 38,589 | $ | 16.48 | 5.1 | |||||||||||||||
Year Ended December 29, 2013 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | |||||||||||||||||
Outstanding, beginning of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | |||||||||||||||
Granted | 245,238 | 34.87 | |||||||||||||||||||
Exercised | (1,017,137 | ) | 33,418 | 16.13 | |||||||||||||||||
Cancelled | (43,891 | ) | 15.89 | ||||||||||||||||||
Outstanding, end of period | 1,812,658 | $ | 59,525 | $ | 18.16 | 6.4 | |||||||||||||||
Exercisable, end of period | 1,350,928 | $ | 48,690 | $ | 14.96 | 5.6 | |||||||||||||||
Year Ended December 30, 2012 | Stock Appreciation Rights | Aggregate Intrinsic Value (in thousands) | Weighted Average Exercise Price | Average Remaining Contractual Life (Years) | |||||||||||||||||
Outstanding, beginning of period | 2,627,379 | $ | 4,164 | $ | 15.76 | 7.9 | |||||||||||||||
Granted | 47,000 | 17.26 | |||||||||||||||||||
Cancelled | (45,931 | ) | 15 | ||||||||||||||||||
Outstanding, end of period | 2,628,448 | $ | 21,005 | $ | 15.76 | 6.9 | |||||||||||||||
Exercisable, end of period | 1,881,158 | $ | 16,278 | $ | 15.12 | 6.5 | |||||||||||||||
Weighted-average grant date assumptions for SARs grants | The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated. Expected volatility is based on the historical volatility of the Company’s public industry peers’ common shares, amongst other considerations: | ||||||||||||||||||||
2013 Grants | 2012 Grants | ||||||||||||||||||||
Option Value (model conclusion) | $ | 9.68 | $ | 4.46 | |||||||||||||||||
Risk-free rate | 1.7 | % | 0.3 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Expected volatility | 35.2 | % | 49 | % | |||||||||||||||||
Expected term (in years) | 6.4 | 1.8 | |||||||||||||||||||
Restricted stock units award activity | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||||||||
Total Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | 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 | 886,830 | $ | 18.48 | ||||||||||||
Granted | 209,240 | — | 339,038 | 491,980 | |||||||||||||||||
Delivered | (208,477 | ) | (566,376 | ) | (417,655 | ) | |||||||||||||||
Withheld to cover (1) | (59,066 | ) | (65,406 | ) | (9,555 | ) | |||||||||||||||
Cancelled | (17,287 | ) | (10,239 | ) | (29,654 | ) | |||||||||||||||
Outstanding, end of period | 543,373 | $ | 34.56 | 618,963 | $ | 22.09 | 921,946 | $ | 17.75 | ||||||||||||
____________ | |||||||||||||||||||||
(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. |
Employee_Future_Benefits_Table
Employee Future Benefits (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2014 | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Schedule of Expected Benefit Payments | As of December 28, 2014, the estimated future benefit payments from the plans for the following future periods are set forth as follows: | |||||||||||||
(In thousands) | Expected Future Benefit Payments | |||||||||||||
Fiscal year: | ||||||||||||||
2015 | $ | 6,615 | ||||||||||||
2016 | 6,859 | |||||||||||||
2017 | 7,097 | |||||||||||||
2018 | 7,358 | |||||||||||||
2019 | 7,656 | |||||||||||||
2020 through 2024 | 41,754 | |||||||||||||
Total estimated future benefit payments | $ | 77,339 | ||||||||||||
United States Defined Benefit Plan | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Schedule of Net Benefit Costs | Information about the U.S. defined benefit plan is as follows for the periods indicated: | |||||||||||||
Year Ended | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | 261 | $ | 384 | $ | 809 | ||||||||
Interest cost | 5,062 | 4,662 | 4,680 | |||||||||||
Expected return on assets | (5,951 | ) | (5,116 | ) | (4,509 | ) | ||||||||
Amortization of actuarial net losses | — | 1,413 | 1,841 | |||||||||||
Net pension expense | $ | (628 | ) | $ | 1,343 | $ | 2,821 | |||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information with respect to the assets, liabilities and net accrued benefit obligation of the U.S. defined benefit plan is set forth as follows for the periods indicated: | |||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||
Pension assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 84,501 | $ | 74,531 | ||||||||||
Company contributions | 5,441 | 3,200 | ||||||||||||
Actual return on plan assets | 6,480 | 11,892 | ||||||||||||
Benefits paid | (5,350 | ) | (4,882 | ) | ||||||||||
Administrative expenses paid | (348 | ) | (240 | ) | ||||||||||
Fair value of plan assets, end of year | 90,724 | 84,501 | ||||||||||||
Pension liability: | ||||||||||||||
Accrued benefit obligation, beginning of year | 105,821 | 114,910 | ||||||||||||
Current service cost | 261 | 384 | ||||||||||||
Interest cost | 5,062 | 4,662 | ||||||||||||
Actuarial loss (gain) | 10,857 | (9,013 | ) | |||||||||||
Benefits paid | (5,350 | ) | (4,882 | ) | ||||||||||
Administrative expenses paid | (348 | ) | (240 | ) | ||||||||||
Accrued benefit obligation, end of year | 116,303 | 105,821 | ||||||||||||
Net accrued benefit obligation, end of year | $ | 25,579 | $ | 21,320 | ||||||||||
Schedule of Allocation of Plan Assets | Information with respect to the amounts and types of securities that are held in the U.S. defined benefit plan is set forth as follows for the periods indicated: | |||||||||||||
December 28, 2014 | December 29, 2013 | |||||||||||||
(In thousands) | Amount | % of Total Plan | Amount | % of Total Plan | ||||||||||
Equity securities | $ | 54,434 | 60 | % | $ | 51,715 | 61.2 | % | ||||||
Debt securities | 35,382 | 39 | % | 31,519 | 37.3 | % | ||||||||
Other | 908 | 1 | % | 1,267 | 1.5 | % | ||||||||
$ | 90,724 | 100 | % | $ | 84,501 | 100 | % | |||||||
Schedule of Assumptions Used | The weighted average actuarial assumptions adopted in measuring our U.S. accrued benefit obligations and costs were as follows for the periods indicated: | |||||||||||||
Year Ended | ||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | ||||||||||||
Discount rate applied for: | ||||||||||||||
Accrued benefit obligation | 4.1 | % | 5 | % | 4.1 | % | ||||||||
Net periodic pension cost | 5 | % | 4.1 | % | 4.2 | % | ||||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||
United Kingdom Defined Benefit Plan | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Schedule of Net Benefit Costs | Information about the U.K. defined benefit plan is as follows for the periods indicated: | |||||||||||||
Year Ended | ||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Interest cost | $ | 1,335 | $ | 1,329 | $ | 1,248 | ||||||||
Expected return on assets | (1,041 | ) | (974 | ) | (947 | ) | ||||||||
Net pension expense | $ | 294 | $ | 355 | $ | 301 | ||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Information with respect to the assets, liabilities and net accrued benefit obligation of the U.K. defined benefit plan is as follows for the periods indicated: | |||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||
Pension assets: | ||||||||||||||
Fair value of plan assets, beginning of year | $ | 22,239 | $ | 20,143 | ||||||||||
Company contributions | 789 | 890 | ||||||||||||
Actual return on plan assets | 2,594 | 1,681 | ||||||||||||
Benefits paid | (1,285 | ) | (874 | ) | ||||||||||
Translation adjustment | (1,248 | ) | 399 | |||||||||||
Fair value of plan assets, end of year | 23,089 | 22,239 | ||||||||||||
Pension liability: | ||||||||||||||
Accrued benefit obligation, beginning of year | 30,627 | 28,950 | ||||||||||||
Interest cost | 1,335 | 1,329 | ||||||||||||
Actuarial loss (gain) | 2,615 | 821 | ||||||||||||
Benefits paid | (1,285 | ) | (874 | ) | ||||||||||
Translation adjustment | (1,704 | ) | 401 | |||||||||||
Accrued benefit obligation, end of year | 31,588 | 30,627 | ||||||||||||
Net accrued benefit obligation, end of year | $ | 8,499 | $ | 8,388 | ||||||||||
Schedule of Allocation of Plan Assets | Information with respect to the amounts and types of securities that are held in the U.K. defined benefit plan is set forth as follows for the periods indicated: | |||||||||||||
December 28, 2014 | December 29, 2013 | |||||||||||||
(In thousands) | Amount | % of Total Plan | Amount | % of Total Plan | ||||||||||
Equity securities | $ | 10,784 | 46.7 | % | $ | 11,172 | 50.2 | % | ||||||
Debt securities | 12,238 | 53 | % | 10,824 | 48.7 | % | ||||||||
Other | 67 | 0.3 | % | 243 | 1.1 | % | ||||||||
Total plan assets | $ | 23,089 | 100 | % | $ | 22,239 | 100 | % | ||||||
Schedule of Assumptions Used | The weighted average actuarial assumptions adopted in measuring our U.K. accrued benefit obligations and costs were as follows for the periods indicated: | |||||||||||||
Year Ended | ||||||||||||||
December 28, 2014 | December 29, 2013 | December 30, 2012 | ||||||||||||
Discount rate applied for: | ||||||||||||||
Accrued benefit obligation | 3.6 | % | 4.4 | % | 4.4 | % | ||||||||
Net periodic pension cost | 3.6 | % | 4.4 | % | 4.4 | % | ||||||||
Expected long-term rate of return on plan assets | 4.2 | % | 5.2 | % | 5 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 28, 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: | ||||
2015 | $ | 16,882 | ||
2016 | 12,776 | |||
2017 | 10,459 | |||
2018 | 9,681 | |||
2019 | 9,019 | |||
Thereafter | 62,509 | |||
Total future minimum lease payments | $ | 121,326 | ||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Total restructuring costs by plan | The following table summarizes the restructuring charges recorded for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 30-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | North America | Europe, Asia and Latin America | Africa | Total | North America | Europe, Asia and Latin America | Total | |||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | 9,503 | $ | — | $ | 9,503 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
2013 Plan | 541 | 656 | 7 | 1,204 | 2,408 | 3,008 | 1,142 | 6,558 | — | — | — | |||||||||||||||||||||||||||||||||
2012 Plan | 92 | 338 | — | 430 | 383 | 2,841 | — | 3,224 | 3,772 | 7,357 | 11,129 | |||||||||||||||||||||||||||||||||
2011 Plan | — | — | — | — | — | — | — | — | (51 | ) | 353 | 302 | ||||||||||||||||||||||||||||||||
2009 and Prior Plans | — | — | — | — | — | 848 | — | 848 | — | — | — | |||||||||||||||||||||||||||||||||
Total Restructuring Costs | $ | 633 | $ | 10,497 | $ | 7 | $ | 11,137 | $ | 2,791 | $ | 6,697 | $ | 1,142 | $ | 10,630 | $ | 3,721 | $ | 7,710 | $ | 11,431 | ||||||||||||||||||||||
Cumulative Amount Incurred Through | ||||||||||||||||||||||||||||||||||||||||||||
28-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | 9,503 | $ | — | $ | 9,503 | ||||||||||||||||||||||||||||||||||||
2013 Plan | 2,949 | 3,664 | 1,149 | 7,762 | ||||||||||||||||||||||||||||||||||||||||
2012 Plan | 4,247 | 10,536 | — | 14,783 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 13,345 | $ | 33,369 | $ | 1,149 | $ | 47,863 | ||||||||||||||||||||||||||||||||||||
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 | Non-Cash Items | December 28, | ||||||||||||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
2014 Plan | $ | — | $ | — | $ | 9,503 | $ | 1,087 | $ | 7,577 | $ | 839 | ||||||||||||||||||||||||||||||||
2013 Plan | 2,348 | (22 | ) | 1,226 | 3,211 | — | 341 | |||||||||||||||||||||||||||||||||||||
2012 Plans | 714 | 236 | 194 | 810 | — | 334 | ||||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 1,347 | — | — | 528 | — | 819 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 4,409 | $ | 214 | $ | 10,923 | $ | 5,636 | $ | 7,577 | $ | 2,333 | ||||||||||||||||||||||||||||||||
(In thousands) | December 30, | Severance | Closure Costs | Cash Payments | Non-Cash Items | December 29, | ||||||||||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
2013 Plan | $ | — | $ | 4,901 | $ | 1,657 | $ | 2,843 | $ | 1,367 | $ | 2,348 | ||||||||||||||||||||||||||||||||
2012 Plans | 2,893 | 377 | 2,847 | 5,403 | — | 714 | ||||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 1,675 | — | 848 | 1,176 | — | 1,347 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 4,568 | $ | 5,278 | $ | 5,352 | $ | 9,422 | $ | 1,367 | $ | 4,409 | ||||||||||||||||||||||||||||||||
(In thousands) | January 1, | Severance | Closure Costs | Cash Payments | Non-Cash Items | December 30, | ||||||||||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
2012 Plans | $ | — | $ | 6,115 | $ | 5,014 | $ | 6,972 | $ | 1,264 | $ | 2,893 | ||||||||||||||||||||||||||||||||
2011 Plans | 401 | 353 | (51 | ) | 703 | — | — | |||||||||||||||||||||||||||||||||||||
2009 and Prior Plans | 3,130 | — | — | 1,455 | — | 1,675 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,531 | $ | 6,468 | $ | 4,963 | $ | 9,130 | $ | 1,264 | $ | 4,568 | ||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, income before income taxes includes the following components: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Income (loss) from continuing operations before income tax expense (benefit): | ||||||||||||||||
Canada | $ | (32,093 | ) | $ | (12,976 | ) | $ | (27,444 | ) | |||||||
Foreign | 3,138 | (16,763 | ) | (7,723 | ) | |||||||||||
Total income (loss) from continuing operations before income tax expense (benefit): | $ | (28,955 | ) | $ | (29,739 | ) | $ | (35,167 | ) | |||||||
Income tax expense (benefit) for income taxes | Income tax expense (benefit) consists of the following: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Current income tax expense (benefit): | ||||||||||||||||
Canada | $ | 4,458 | $ | 4,160 | $ | 2,050 | ||||||||||
Foreign | 2,045 | (2,360 | ) | 202 | ||||||||||||
Total current income tax expense (benefit): | 6,503 | 1,800 | 2,252 | |||||||||||||
Deferred income tax expense (benefit): | ||||||||||||||||
Canada | 1,345 | (9,354 | ) | (3,892 | ) | |||||||||||
Foreign | (3,315 | ) | (13,823 | ) | (11,725 | ) | ||||||||||
Total deferred income tax expense (benefit) | (1,970 | ) | (23,177 | ) | (15,617 | ) | ||||||||||
Income tax expense (benefit) | $ | 4,533 | $ | (21,377 | ) | $ | (13,365 | ) | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | A summary of the differences between expected income tax expense (benefit) calculated at the Canadian statutory rate and the reported consolidated income tax expense (benefit) follows: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Income tax expense (benefit) computed at statutory income tax rate | $ | (7,679 | ) | $ | (7,842 | ) | $ | (9,095 | ) | |||||||
Foreign rate differential | 248 | (2,586 | ) | (3,304 | ) | |||||||||||
Permanent differences | (1,314 | ) | 698 | 2,158 | ||||||||||||
Deconsolidation | (1,679 | ) | — | — | ||||||||||||
Income attributable to a permanent establishment | 1,623 | (794 | ) | — | ||||||||||||
Change in valuation allowance | 23,352 | (6,251 | ) | 6,872 | ||||||||||||
Tax exempt income | (9,643 | ) | (9,168 | ) | (7,492 | ) | ||||||||||
Non-deductible stock compensation | 270 | 919 | 1,651 | |||||||||||||
Unrealized foreign exchange gains (losses) | (573 | ) | (2,001 | ) | 57 | |||||||||||
Unrecognized tax benefits | 104 | (3,851 | ) | (2,742 | ) | |||||||||||
Functional currency adjustments | 1,055 | 2,840 | (377 | ) | ||||||||||||
Change in rate of deferred taxes | (787 | ) | 2,874 | (1,083 | ) | |||||||||||
Impact of Canadian tax legislation | (900 | ) | 2,657 | — | ||||||||||||
Other | 456 | 1,128 | (10 | ) | ||||||||||||
Income tax expense (benefit) | $ | 4,533 | $ | (21,377 | ) | $ | (13,365 | ) | ||||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: | |||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | ||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Non-capital loss carryforwards | $ | 65,497 | $ | 62,641 | ||||||||||||
Capital loss carryforwards | 3,678 | — | ||||||||||||||
Deferred interest expense | 22,008 | 22,632 | ||||||||||||||
Pension and post-retirement liability | 13,914 | 12,519 | ||||||||||||||
Amounts currently not deductible for tax purposes | 17,751 | 18,778 | ||||||||||||||
Unrealized foreign exchange loss (gain) | 2,747 | 82 | ||||||||||||||
Other | 6,429 | 7,133 | ||||||||||||||
Total deferred income tax assets | 132,024 | 123,785 | ||||||||||||||
Valuation allowance | (35,766 | ) | (16,949 | ) | ||||||||||||
Total deferred income tax assets, net of valuation allowance | 96,258 | 106,836 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Plant and equipment | (98,890 | ) | (110,740 | ) | ||||||||||||
Intangibles | (46,626 | ) | (47,345 | ) | ||||||||||||
Basis difference in subsidiaries | (8,708 | ) | (8,260 | ) | ||||||||||||
Other | (8,348 | ) | (8,211 | ) | ||||||||||||
Total deferred income tax liabilities | (162,572 | ) | (174,556 | ) | ||||||||||||
Net deferred income tax asset (liability) | $ | (66,313 | ) | $ | (67,720 | ) | ||||||||||
Summary of Valuation Allowance | The following is a rollforward of the valuation allowance for deferred tax assets: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | 28-Dec-14 | 29-Dec-13 | 30-Dec-12 | |||||||||||||
Balance at beginning of period | $ | 16,949 | $ | 24,260 | $ | 11,312 | ||||||||||
Additions charged to expense and other | 33,678 | 4,167 | 15,421 | |||||||||||||
Deductions | (14,861 | ) | (11,478 | ) | (2,473 | ) | ||||||||||
Balance at end of period | $ | 35,766 | $ | 16,949 | $ | 24,260 | ||||||||||
Summary of Operating Loss Carryforwards | We can apply these losses against future taxable income as follows: | |||||||||||||||
(In thousands) | Canada | United States | Other Foreign | Total | ||||||||||||
2015-2022 | $ | — | $ | — | $ | 7,862 | $ | 7,862 | ||||||||
2023-2042 | 97,414 | 82,759 | 6,305 | 186,478 | ||||||||||||
Indefinitely | — | — | 61,923 | 61,923 | ||||||||||||
Total tax losses carried forward | $ | 97,414 | $ | 82,759 | $ | 76,090 | $ | 256,263 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The changes to our gross unrecognized tax benefits were as follows: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Unrecognized tax benefit at beginning of period | $ | 3,917 | $ | 5,547 | $ | 6,407 | ||||||||||
Gross increases in tax positions in current period | — | — | — | |||||||||||||
Gross decreases in tax positions in prior period | (229 | ) | (1,476 | ) | (1,050 | ) | ||||||||||
Gross increases in tax positions in prior period | 152 | — | — | |||||||||||||
Settlements | — | — | — | |||||||||||||
Lapse of statute of limitations | (147 | ) | (154 | ) | (953 | ) | ||||||||||
Uncertainties arising from business combinations | — | — | 1,131 | |||||||||||||
Cumulative translation adjustment | — | — | 12 | |||||||||||||
Unrecognized tax benefit at end of period | $ | 3,693 | $ | 3,917 | $ | 5,547 | ||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Cash and non-cash transactions | Certain cash and non-cash transactions were as follows for the periods indicated: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Transactions involving cash: | ||||||||||||
Interest paid | $ | 41,719 | $ | 31,233 | $ | 30,695 | ||||||
Interest received | 683 | 530 | 725 | |||||||||
Income taxes paid | 5,485 | 7,448 | 6,101 | |||||||||
Income tax refunds | 1,504 | 631 | 3,891 | |||||||||
Non-cash transactions: | ||||||||||||
Property, plant and equipment additions in accounts payable | 3,630 | 7,224 | 1,635 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Certain information with respect to geographic segments is as follows for the periods indicated: | |||||||||||||||
(In thousands) | Year Ended December 28, 2014 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,396,844 | $ | 409,550 | $ | 56,579 | $ | 1,862,973 | ||||||||
Intersegment sales | (813 | ) | (24,460 | ) | — | (25,273 | ) | |||||||||
Net sales to external customers | $ | 1,396,031 | $ | 385,090 | $ | 56,579 | $ | 1,837,700 | ||||||||
Adjusted EBITDA | $ | 121,069 | $ | 15,755 | $ | 263 | $ | 137,087 | ||||||||
Depreciation and amortization | 56,535 | 22,043 | 3,766 | 82,344 | ||||||||||||
Interest expense (income), net | 69,559 | (28,202 | ) | 168 | 41,525 | |||||||||||
Income tax expense (benefit) | 6,034 | (40 | ) | (1,461 | ) | 4,533 | ||||||||||
(In thousands) | Year Ended December 29, 2013 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,322,365 | $ | 354,615 | $ | 69,617 | $ | 1,746,597 | ||||||||
Intersegment sales | (727 | ) | (14,686 | ) | (41 | ) | (15,454 | ) | ||||||||
Net sales to external customers | $ | 1,321,638 | $ | 339,929 | $ | 69,576 | $ | 1,731,143 | ||||||||
Adjusted EBITDA | $ | 89,220 | $ | 11,121 | $ | 5,536 | $ | 105,877 | ||||||||
Depreciation and amortization | 58,230 | 17,135 | 3,773 | 79,138 | ||||||||||||
Interest expense (income), net | 63,003 | (29,911 | ) | 138 | 33,230 | |||||||||||
Income tax expense (benefit) | (20,389 | ) | (1,507 | ) | 519 | (21,377 | ) | |||||||||
(In thousands) | Year Ended December 30, 2012 | |||||||||||||||
(In thousands) | North America | Europe, Asia and Latin America | Africa | Total | ||||||||||||
Sales | $ | 1,225,420 | $ | 385,323 | $ | 81,801 | $ | 1,692,544 | ||||||||
Intersegment sales | (1,369 | ) | (14,988 | ) | (182 | ) | (16,539 | ) | ||||||||
Net sales to external customers | $ | 1,224,051 | $ | 370,335 | $ | 81,619 | $ | 1,676,005 | ||||||||
Adjusted EBITDA | $ | 73,786 | $ | 17,060 | $ | 6,415 | $ | 97,261 | ||||||||
Depreciation and amortization | 54,452 | 19,829 | 4,143 | 78,424 | ||||||||||||
Interest expense (income), net | 60,939 | (29,422 | ) | (63 | ) | 31,454 | ||||||||||
Income tax expense (benefit) | (13,007 | ) | (828 | ) | 470 | (13,365 | ) | |||||||||
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: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Adjusted EBITDA | $ | 137,087 | $ | 105,877 | $ | 97,261 | ||||||||||
Less (plus): | ||||||||||||||||
Depreciation | 60,622 | 62,080 | 63,348 | |||||||||||||
Amortization | 21,722 | 17,058 | 15,076 | |||||||||||||
Share based compensation expense | 9,605 | 7,752 | 6,517 | |||||||||||||
Loss (gain) on disposal of property, plant and equipment | 3,816 | (1,775 | ) | 2,724 | ||||||||||||
Registration and listing fees | — | 2,421 | — | |||||||||||||
Restructuring costs | 11,137 | 10,630 | 11,431 | |||||||||||||
Asset impairment | 18,202 | 1,904 | 1,350 | |||||||||||||
Interest expense (income), net | 41,525 | 33,230 | 31,454 | |||||||||||||
Other expense (income), net | (587 | ) | 2,316 | 528 | ||||||||||||
Income tax expense (benefit) | 4,533 | (21,377 | ) | (13,365 | ) | |||||||||||
Loss (income) from discontinued operations, net of tax | 630 | 598 | (1,480 | ) | ||||||||||||
Net income (loss) attributable to non-controlling interest | 3,222 | 2,050 | 2,923 | |||||||||||||
Net income (loss) attributable to Masonite | $ | (37,340 | ) | $ | (11,010 | ) | $ | (23,245 | ) | |||||||
Revenue from External Customers by Products and Services | We derive revenues from two major product lines: interior and exterior products. We do not review or analyze our two major product lines below net sales. Sales for the product lines are summarized as follows for the periods indicated: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Net sales: | ||||||||||||||||
Interior products | $ | 1,293,006 | $ | 1,260,046 | $ | 1,232,990 | ||||||||||
Exterior products | 544,694 | 471,097 | 443,015 | |||||||||||||
$ | 1,837,700 | $ | 1,731,143 | $ | 1,676,005 | |||||||||||
Revenue from External Customers by Geographic Areas | Net sales information with respect to geographic areas exceeding 10% of consolidated net sales is as follows for the periods indicated: | |||||||||||||||
Year Ended | ||||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
Net sales to external customers from facilities in: | ||||||||||||||||
United States | $ | 1,073,710 | $ | 1,002,689 | $ | 941,062 | ||||||||||
Canada | 280,276 | 280,020 | 246,900 | |||||||||||||
Other | 483,714 | 448,434 | 488,043 | |||||||||||||
Total | $ | 1,837,700 | $ | 1,731,143 | $ | 1,676,005 | ||||||||||
Property, Plant and Equipment by Country | Geographic information regarding property, plant and equipment which exceed 10% of consolidated property, plant and equipment used in continuing operations is as follows for the periods indicated: | |||||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||||||
United States | $ | 329,689 | $ | 330,640 | $ | 333,391 | ||||||||||
Canada | 65,491 | 75,307 | 85,801 | |||||||||||||
Ireland (1) | — | 65,772 | 66,795 | |||||||||||||
Other | 181,054 | 158,560 | 162,373 | |||||||||||||
Total | $ | 576,234 | $ | 630,279 | $ | 648,360 | ||||||||||
____________ | ||||||||||||||||
(1) Amount was less than 10% of consolidated property, plant and equipment as of December 28, 2014, and is included as part of Other. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share | ||||||||||||
Year Ended | ||||||||||||
(In thousands, except share and per share information) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Net income (loss) attributable to Masonite | $ | (37,340 | ) | $ | (11,010 | ) | $ | (23,245 | ) | |||
Income (loss) from discontinued operations, net of tax | (630 | ) | (598 | ) | 1,480 | |||||||
Income (loss) from continuing operations attributable to Masonite | $ | (36,710 | ) | $ | (10,412 | ) | $ | (24,725 | ) | |||
Shares used in computing basic earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | |||||||||
Effect of dilutive securities: | ||||||||||||
Incremental shares issuable under share compensation plans | — | — | — | |||||||||
Shares used in computing diluted earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | |||||||||
Basic earnings (loss) per common share attributable to Masonite: | ||||||||||||
Continuing operations attributable to Masonite | $ | (1.24 | ) | $ | (0.37 | ) | $ | (0.89 | ) | |||
Discontinued operations attributable to Masonite, net of tax | (0.02 | ) | (0.02 | ) | 0.05 | |||||||
Total Basic earnings per common share attributable to Masonite | $ | (1.26 | ) | $ | (0.39 | ) | $ | (0.84 | ) | |||
Diluted earnings (loss) per common share attributable to Masonite: | ||||||||||||
Continuing operations attributable to Masonite | $ | (1.24 | ) | $ | (0.37 | ) | $ | (0.89 | ) | |||
Discontinued operations attributable to Masonite, net of tax | (0.02 | ) | (0.02 | ) | 0.05 | |||||||
Total Diluted earnings per common share attributable to Masonite | $ | (1.26 | ) | $ | (0.39 | ) | $ | (0.84 | ) | |||
Incremental shares issuable from anti-dilutive instruments excluded from diluted earnings per common share: | ||||||||||||
Warrants | 2,500,001 | 5,833,335 | 5,833,335 | |||||||||
Stock appreciation rights | 584,812 | 842,886 | 1,045,524 | |||||||||
Restricted stock units | 388,898 | 477,260 | 765,345 | |||||||||
Other_Comprehensive_Income_and1
Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 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: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | December 28, 2014 | December 29, 2013 | December 30, 2012 | |||||||||
Accumulated foreign exchange gains (losses), beginning of period | $ | (8,797 | ) | $ | 2,538 | $ | (5,489 | ) | ||||
Foreign exchange gain (loss) | (48,667 | ) | (12,096 | ) | 8,187 | |||||||
Income tax benefit (expense) on foreign exchange gain (loss) | (987 | ) | — | 74 | ||||||||
Less: foreign exchange gain (loss) attributable to non-controlling interest | (978 | ) | (761 | ) | 234 | |||||||
Accumulated foreign exchange gains (losses), end of period | (57,473 | ) | (8,797 | ) | 2,538 | |||||||
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | — | |||||||||
Amortization of actuarial net losses | — | 1,413 | 1,689 | |||||||||
Income tax benefit (expense) on amortization of actuarial net losses | — | (560 | ) | (652 | ) | |||||||
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,890 | 1,037 | |||||||||
Accumulated pension and other post-retirement adjustments, beginning of period | (12,694 | ) | (22,559 | ) | (22,239 | ) | ||||||
Pension and other post-retirement adjustments | (12,045 | ) | 15,571 | 663 | ||||||||
Income tax benefit (expense) on pension and other post-retirement adjustments | 4,063 | (5,706 | ) | (983 | ) | |||||||
Accumulated pension and other post-retirement adjustments | (20,676 | ) | (12,694 | ) | (22,559 | ) | ||||||
Accumulated other comprehensive income (loss) | $ | (76,259 | ) | $ | (19,601 | ) | $ | (18,984 | ) | |||
Other comprehensive income (loss), net of tax: | $ | (57,636 | ) | $ | (1,378 | ) | $ | 8,978 | ||||
Less: other comprehensive income (loss) attributable to non-controlling interest | (978 | ) | (761 | ) | 234 | |||||||
Other comprehensive income (loss) attributable to Masonite | $ | (56,658 | ) | $ | (617 | ) | $ | 8,744 | ||||
Variable_Interest_Entity_Table
Variable Interest Entity (Tables) | 12 Months Ended | |||||||
Dec. 28, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Consolidated results of the VIE | Our net cumulative investment in the VIE was comprised of the following as of the dates indicated: | |||||||
(In thousands) | December 28, | December 29, | ||||||
2014 | 2013 | |||||||
Current assets | $ | 8,346 | $ | 9,524 | ||||
Property, plant and equipment, net | 17,788 | 19,543 | ||||||
Long-term deferred income taxes | 12,321 | 14,998 | ||||||
Other assets, net | 2,234 | 2,363 | ||||||
Current liabilities | (2,496 | ) | (2,916 | ) | ||||
Other long-term liabilities | (4,479 | ) | (5,746 | ) | ||||
Non-controlling interest | (7,785 | ) | (7,093 | ) | ||||
Net assets of the VIE consolidated by Masonite | $ | 25,929 | $ | 30,673 | ||||
Supplemental_Unaudited_Quarter1
Supplemental Unaudited Quarterly FInancial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. | |||||||||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share information) | December 28, | September 28, | June 29, | March 30, | ||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Net sales | $ | 448,940 | $ | 476,124 | $ | 490,176 | $ | 422,460 | ||||||||
Cost of goods sold | 381,364 | 409,894 | 411,569 | 369,474 | ||||||||||||
Gross profit | 67,576 | 66,230 | 78,607 | 52,986 | ||||||||||||
Selling, general and administration expenses | 53,928 | 53,855 | 58,519 | 57,775 | ||||||||||||
Restructuring costs | (57 | ) | 9,913 | 560 | 721 | |||||||||||
Asset impairment | 18,202 | — | — | — | ||||||||||||
Operating income (loss) | (4,497 | ) | 2,462 | 19,528 | (5,510 | ) | ||||||||||
Interest expense (income), net | 10,491 | 10,447 | 10,594 | 9,993 | ||||||||||||
Other expense (income), net | (1,670 | ) | (404 | ) | 1,306 | 181 | ||||||||||
Income (loss) from continuing operations before income tax expense (benefit) | (13,318 | ) | (7,581 | ) | 7,628 | (15,684 | ) | |||||||||
Income tax expense (benefit) | 1,131 | 2,004 | 1,379 | 19 | ||||||||||||
Income (loss) from continuing operations | (14,449 | ) | (9,585 | ) | 6,249 | (15,703 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | (194 | ) | (124 | ) | (170 | ) | (142 | ) | ||||||||
Net income (loss) | (14,643 | ) | (9,709 | ) | 6,079 | (15,845 | ) | |||||||||
Less: Net income (loss) attributable to non-controlling interest | 1,724 | 258 | 499 | 741 | ||||||||||||
Net income (loss) attributable to Masonite | $ | (16,367 | ) | $ | (9,967 | ) | $ | 5,580 | $ | (16,586 | ) | |||||
Earnings (loss) per common share attributable to Masonite: | ||||||||||||||||
Basic | $ | (0.55 | ) | $ | (0.34 | ) | $ | 0.19 | $ | (0.56 | ) | |||||
Diluted | $ | (0.55 | ) | $ | (0.34 | ) | $ | 0.18 | $ | (0.56 | ) | |||||
Quarter Ended | ||||||||||||||||
December 29, | September 29, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Net sales | $ | 420,475 | $ | 433,051 | $ | 453,093 | $ | 424,524 | ||||||||
Cost of goods sold | 369,007 | 374,082 | 388,424 | 374,123 | ||||||||||||
Gross profit | 51,468 | 58,969 | 64,669 | 50,401 | ||||||||||||
Selling, general and administration expenses | 54,692 | 51,386 | 54,128 | 46,960 | ||||||||||||
Restructuring costs | 6,163 | 1,265 | 1,762 | 1,440 | ||||||||||||
Asset impairment | — | — | 1,904 | — | ||||||||||||
Operating income (loss) | (9,387 | ) | 6,318 | 6,875 | 2,001 | |||||||||||
Interest expense (income), net | 8,442 | 8,330 | 8,208 | 8,250 | ||||||||||||
Other expense (income), net | 3,092 | (255 | ) | (363 | ) | (158 | ) | |||||||||
Income (loss) from continuing operations before income tax expense (benefit) | (20,921 | ) | (1,757 | ) | (970 | ) | (6,091 | ) | ||||||||
Income tax expense (benefit) | (13,661 | ) | (6,272 | ) | (408 | ) | (1,036 | ) | ||||||||
Income (loss) from continuing operations | (7,260 | ) | 4,515 | (562 | ) | (5,055 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | (402 | ) | (62 | ) | (44 | ) | (90 | ) | ||||||||
Net income (loss) | (7,662 | ) | 4,453 | (606 | ) | (5,145 | ) | |||||||||
Less: Net income (loss) attributable to non-controlling interest | (73 | ) | 838 | 605 | 680 | |||||||||||
Net income (loss) attributable to Masonite | $ | (7,589 | ) | $ | 3,615 | $ | (1,211 | ) | $ | (5,825 | ) | |||||
Earnings (loss) per common share attributable to Masonite: | ||||||||||||||||
Basic | $ | (0.25 | ) | $ | 0.13 | $ | (0.04 | ) | $ | (0.21 | ) | |||||
Diluted | $ | (0.25 | ) | $ | 0.12 | $ | (0.04 | ) | $ | (0.21 | ) | |||||
Business_Overview_and_Signific3
Business Overview and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Country | |||
facility | |||
Property, Plant and Equipment [Line Items] | |||
Manufacturing locations | 63 | ||
Number of countries | 10 | ||
Advertising costs | $7.70 | $6.30 | $6.10 |
Research and development costs | $6.10 | $4.10 | $4.60 |
Building | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 20 years | ||
Building | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 40 years | ||
Tooling | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 10 years | ||
Tooling | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 25 years | ||
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 5 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 25 years | ||
Molds and Dies | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 12 years | ||
Molds and Dies | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 25 years | ||
Office Equipment, Fixtures and Fittings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 3 years | ||
Office Equipment, Fixtures and Fittings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment | 12 years | ||
Customer Relationships | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of finite-lived intangible assets | 10 years | ||
Patents | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of finite-lived intangible assets | 17 years | ||
System Software Development | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of finite-lived intangible assets | 5 years |
Business_Overview_and_Signific4
Business Overview and Significant Accounting Policies (Product Warranty Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Warranty Provision [Rollforward] | |||
Balance at beginning of period | $1,914 | $1,368 | $1,366 |
Additions charged to expense | 4,674 | 1,851 | 1,470 |
Deductions | -3,033 | -1,305 | -1,468 |
Balance at end of period | $3,555 | $1,914 | $1,368 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 01, 2014 | Feb. 24, 2014 | Jul. 09, 2013 | Aug. 01, 2012 | Apr. 20, 2012 | Mar. 26, 2012 | |
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | $54,256,000 | $15,376,000 | $88,354,000 | ||||||
Harring Doors | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | 3,901,000 | ||||||||
Acquired equity interests, percent | 100.00% | ||||||||
Goodwill | 1,951,000 | ||||||||
Gross contractual value of acquired trade receivables | 1,200,000 | ||||||||
Door-Stop | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | 50,355,000 | ||||||||
Acquired equity interests, percent | 100.00% | ||||||||
Goodwill | 20,359,000 | ||||||||
Gross contractual value of acquired trade receivables | 2,800,000 | ||||||||
Masisa | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 316,000 | ||||||||
Cash consideration | 12,226,000 | ||||||||
Lemieux | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | 22,067,000 | ||||||||
Acquired equity interests, percent | 100.00% | ||||||||
Goodwill | 397,000 | ||||||||
Gross contractual value of acquired trade receivables | 5,100,000 | ||||||||
Algoma | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | 55,633,000 | ||||||||
Acquired equity interests, percent | 100.00% | ||||||||
Goodwill | 20,049,000 | ||||||||
Gross contractual value of acquired trade receivables | 9,000,000 | ||||||||
Baillargeon | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | 9,943,000 | ||||||||
Acquired equity interests, percent | 100.00% | ||||||||
Goodwill | 1,113,000 | ||||||||
Gross contractual value of acquired trade receivables | $3,100,000 | ||||||||
Customer Relationships | Door-Stop | |||||||||
Business Acquisition [Line Items] | |||||||||
Amortization period for acquired customer relationships | 9 years 10 months 29 days | ||||||||
Customer Relationships | Lemieux and Algoma | |||||||||
Business Acquisition [Line Items] | |||||||||
Amortization period for acquired customer relationships | 7 years 9 months 22 days |
Acquisitions_Aggregate_Conside
Acquisitions (Aggregate Consideration) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 01, 2014 | Feb. 24, 2014 | Jul. 09, 2013 | Aug. 01, 2012 | Apr. 20, 2012 | Mar. 26, 2012 |
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | $54,256 | $15,376 | $88,354 | ||||||
Harring Doors | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 1,180 | ||||||||
Inventory | 443 | ||||||||
Property, plant and equipment | 1,167 | ||||||||
Goodwill | 1,951 | ||||||||
Intangible assets | 0 | ||||||||
Accounts payable and accrued expenses, net | -731 | ||||||||
Other assets and liabilities, net | -109 | ||||||||
Cash consideration, net of cash acquired | 3,901 | ||||||||
Door-Stop | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 2,648 | ||||||||
Inventory | 2,665 | ||||||||
Property, plant and equipment | 4,303 | ||||||||
Goodwill | 20,359 | ||||||||
Intangible assets | 28,776 | ||||||||
Accounts payable and accrued expenses, net | -3,492 | ||||||||
Other assets and liabilities, net | -4,904 | ||||||||
Cash consideration, net of cash acquired | 50,355 | ||||||||
Masisa | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory | 5,174 | ||||||||
Property, plant and equipment | 6,228 | ||||||||
Goodwill | 316 | ||||||||
Other assets and liabilities, net | 508 | ||||||||
Cash consideration | 12,226 | ||||||||
Lemieux | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 3,547 | ||||||||
Inventory | 6,013 | ||||||||
Property, plant and equipment | 15,148 | ||||||||
Goodwill | 397 | ||||||||
Intangible assets | 3,900 | ||||||||
Deferred income taxes | -3,023 | ||||||||
Other assets and liabilities, net | -3,915 | ||||||||
Cash consideration, net of cash acquired | 22,067 | ||||||||
Algoma | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 8,874 | ||||||||
Inventory | 6,391 | ||||||||
Property, plant and equipment | 9,658 | ||||||||
Goodwill | 20,049 | ||||||||
Intangible assets | 28,600 | ||||||||
Deferred income taxes | -11,866 | ||||||||
Other assets and liabilities, net | -6,073 | ||||||||
Cash consideration, net of cash acquired | 55,633 | ||||||||
Baillargeon | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 3,105 | ||||||||
Inventory | 1,758 | ||||||||
Property, plant and equipment | 7,054 | ||||||||
Goodwill | 1,113 | ||||||||
Intangible assets | 0 | ||||||||
Deferred income taxes | -929 | ||||||||
Other assets and liabilities, net | -2,158 | ||||||||
Cash consideration, net of cash acquired | 9,943 | ||||||||
Business Acquisitions 2012 | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 15,526 | ||||||||
Inventory | 14,162 | ||||||||
Property, plant and equipment | 31,860 | ||||||||
Goodwill | 21,559 | ||||||||
Intangible assets | 32,500 | ||||||||
Deferred income taxes | -15,818 | ||||||||
Other assets and liabilities, net | -12,146 | ||||||||
Cash consideration, net of cash acquired | 87,643 | ||||||||
Business Acquisitions 2014 | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable | 3,828 | ||||||||
Inventory | 3,108 | ||||||||
Property, plant and equipment | 5,470 | ||||||||
Goodwill | 22,310 | ||||||||
Intangible assets | 28,776 | ||||||||
Accounts payable and accrued expenses, net | -4,223 | ||||||||
Other assets and liabilities, net | -5,013 | ||||||||
Cash consideration, net of cash acquired | $54,256 |
Acquisitions_Revenues_and_Earn
Acquisitions (Revenues and Earnings) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Door-Stop | |||
Business Acquisition [Line Items] | |||
Net Sales | $42,498 | ||
Net income (loss) attributable to Masonite | 4,819 | ||
Lemieux | |||
Business Acquisition [Line Items] | |||
Net Sales | 66,292 | 60,055 | 17,296 |
Net income (loss) attributable to Masonite | 7,460 | 6,144 | 681 |
Algoma | |||
Business Acquisition [Line Items] | |||
Net Sales | 64,426 | 65,309 | 47,179 |
Net income (loss) attributable to Masonite | -1,400 | 936 | 1,024 |
Baillargeon | |||
Business Acquisition [Line Items] | |||
Net Sales | 18,933 | 20,331 | 15,843 |
Net income (loss) attributable to Masonite | 413 | 1,781 | 1,021 |
Business Acquisitions 2012 | |||
Business Acquisition [Line Items] | |||
Net Sales | 149,651 | 145,695 | 80,318 |
Net income (loss) attributable to Masonite | $6,473 | $8,861 | $2,726 |
Acquisitions_Pro_Forma_Informa
Acquisitions (Pro Forma Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Business Acquisition, Pro Forma Information [Line Items] | |||||||||||
Net sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
Pro forma revenue | 1,844,359 | 1,769,967 | 1,726,272 | ||||||||
Net income (loss) attributable to Masonite | -16,367 | -9,967 | 5,580 | -16,586 | -7,589 | 3,615 | -1,211 | -5,825 | -37,340 | -11,010 | -23,245 |
Pro forma net income (loss) attributable to Masonite | -36,716 | -7,783 | -21,947 | ||||||||
Basic earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.19 | ($0.56) | ($0.25) | $0.13 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |
Pro forma earnings per share, basic | ($1.24) | ($0.28) | ($0.79) | ||||||||
Diluted earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.18 | ($0.56) | ($0.25) | $0.12 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |
Pro forma earnings per share, diluted | ($1.24) | ($0.28) | ($0.79) | ||||||||
Business Acquisitions 2012 | |||||||||||
Business Acquisition, Pro Forma Information [Line Items] | |||||||||||
Pro forma revenue | 50,267 | ||||||||||
Pro forma net income (loss) attributable to Masonite | 1,298 | ||||||||||
Door-Stop | |||||||||||
Business Acquisition, Pro Forma Information [Line Items] | |||||||||||
Pro forma revenue | 6,659 | 38,824 | |||||||||
Pro forma net income (loss) attributable to Masonite | $624 | $3,227 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, ending | $99,199 | $78,404 |
North America | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 78,404 | 78,122 |
Goodwill, acquisitions | 1,951 | 316 |
Foreign exchange fluctuations | -537 | -34 |
Goodwill, ending | 79,818 | 78,404 |
Europe, Asia and Latin America | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 0 | 0 |
Goodwill, acquisitions | 20,359 | 0 |
Foreign exchange fluctuations | -978 | 0 |
Goodwill, ending | 19,381 | 0 |
Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning | 78,404 | 78,122 |
Goodwill, acquisitions | 22,310 | 316 |
Foreign exchange fluctuations | -1,515 | -34 |
Goodwill, ending | $99,199 | $78,404 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Intangible Assets Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, net, beginning | $93,011 | ||
Amortization | -19,606 | -17,058 | -15,076 |
Finite-Lived Intangible Assets, net, ending | 96,260 | 93,011 | |
Intangible Assets [Roll Forward] | |||
Intangible Assets, net, beginning | 203,714 | 219,624 | |
Acquisitions | 28,776 | 0 | |
Additions (write-offs) | -2,280 | 2,729 | |
Translation adjustment | -7,232 | -1,581 | |
Intangible Assets, net, ending | 203,372 | 203,714 | 219,624 |
Trademarks and Trade Names | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Indefinite-lived intangible assets, net, beginning | 110,703 | 111,178 | |
Acquisitions | 2,667 | 0 | |
Additions (write-offs) | -1,403 | 0 | |
Translation adjustment | -4,855 | -475 | |
Indefinite-lived intangible assets, net, ending | 107,112 | 110,703 | |
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, net, beginning | 60,487 | 70,791 | |
Acquisitions | 25,501 | 0 | |
Additions (write-offs) | -453 | 0 | |
Amortization | -12,010 | -9,798 | |
Translation adjustment | -1,685 | -506 | |
Finite-Lived Intangible Assets, net, ending | 71,840 | 60,487 | |
Patents | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, net, beginning | 15,595 | 16,904 | |
Acquisitions | 0 | 0 | |
Additions (write-offs) | 1,084 | 1,269 | |
Amortization | -2,591 | -2,584 | |
Translation adjustment | -462 | 6 | |
Finite-Lived Intangible Assets, net, ending | 13,626 | 15,595 | |
Software | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, net, beginning | 11,895 | 13,738 | |
Acquisitions | 333 | 0 | |
Additions (write-offs) | 1,233 | 1,460 | |
Amortization | -3,652 | -3,179 | |
Translation adjustment | -236 | -124 | |
Finite-Lived Intangible Assets, net, ending | 9,573 | 11,895 | |
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-lived intangible assets, net, beginning | 5,034 | 7,013 | |
Acquisitions | 275 | 0 | |
Additions (write-offs) | -2,741 | 0 | |
Amortization | -1,353 | -1,497 | |
Translation adjustment | 6 | -482 | |
Finite-Lived Intangible Assets, net, ending | $1,221 | $5,034 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Cost and Accumulated Amortized Values) (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $174,300 | $149,068 | |
Finite-lived intangible assets, accumulated amortization | 74,009 | 54,403 | |
Finite-lived intangible assets, translation adjustment | -4,031 | -1,654 | |
Finite-lived intangible assets, net | 96,260 | 93,011 | |
Total intangible assets, gross | 285,353 | 258,857 | |
Total intangible assets, translation adjustment | -7,972 | -740 | |
Total intangible assets, net | 203,372 | 203,714 | 219,624 |
Customer Relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 107,381 | 82,333 | |
Finite-lived intangible assets, accumulated amortization | 33,181 | 21,171 | |
Finite-lived intangible assets, translation adjustment | -2,360 | -675 | |
Finite-lived intangible assets, net | 71,840 | 60,487 | 70,791 |
Patents | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 28,630 | 27,546 | |
Finite-lived intangible assets, accumulated amortization | 14,696 | 12,105 | |
Finite-lived intangible assets, translation adjustment | -308 | 154 | |
Finite-lived intangible assets, net | 13,626 | 15,595 | 16,904 |
Software | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 28,832 | 27,266 | |
Finite-lived intangible assets, accumulated amortization | 19,322 | 15,670 | |
Finite-lived intangible assets, translation adjustment | 63 | 299 | |
Finite-lived intangible assets, net | 9,573 | 11,895 | 13,738 |
Other | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 9,457 | 11,923 | |
Finite-lived intangible assets, accumulated amortization | 6,810 | 5,457 | |
Finite-lived intangible assets, translation adjustment | -1,426 | -1,432 | |
Finite-lived intangible assets, net | 1,221 | 5,034 | 7,013 |
Trademarks and Trade Names | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, gross | 111,053 | 109,789 | |
Indefinite-lived intangible assets, net | 107,112 | 110,703 | 111,178 |
Total intangible assets, translation adjustment | ($3,941) | $914 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Estimated Future Amortization of Intangible Assets) (Details) (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $18,703 |
2016 | 17,335 |
2017 | 15,239 |
2018 | 12,008 |
2019 | $11,617 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $19,606 | $17,058 | $15,076 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $3,764 | $3,871 | $2,510 |
Additions charged to expense | 2,522 | 1,989 | 2,077 |
Deductions | -3,670 | -2,096 | -716 |
Balance at end of period | $2,616 | $3,764 | $3,871 |
Accounts Receivable | Customer Concentration Risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, customers | 10 | 10 | |
Concentration risk, percent | 48.80% | 44.40% |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $155,012 | $151,065 |
Finished goods | 67,720 | 67,283 |
Inventories, net | $222,732 | $218,348 |
Inventories_Inventory_Valuatio
Inventories (Inventory Valuation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Inventory Valuation [Roll Forward] | |||
Balance at beginning of period | $8,351 | $7,561 | $10,520 |
Additions charged to expense | 1,730 | 2,051 | 2,158 |
Deductions | -3,533 | -1,261 | -5,117 |
Balance at end of period | $6,548 | $8,351 | $7,561 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $745,914 | $802,748 | |
Accumulated depreciation | -169,680 | -172,469 | |
Property, plant and equipment, net | 576,234 | 630,279 | 648,360 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 44,971 | 50,190 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 170,344 | 192,782 | |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $530,599 | $559,776 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $60,622,000 | $62,080,000 | $63,348,000 |
Africa | |||
Property, Plant and Equipment [Line Items] | |||
Mill capacity, percent in use | 100.00% | ||
Business interruption insurance proceeds | $3,500,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 28, 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 | 511,920 | 377,861 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Unamortized premium on Senior Notes | 11,920 | 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 $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Jan. 01, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Mar. 30, 2014 | Jan. 21, 2014 | Mar. 09, 2012 | Apr. 15, 2011 | 31-May-11 | |
company | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of long-term debt | $138,688,000 | $0 | $103,500,000 | |||||||
Return of capital to shareholders | 124,900,000 | 124,900,000 | ||||||||
Dividends, per share, cash paid | $4.54 | |||||||||
Number of businesses acquired | 8 | |||||||||
Aggregate consideration | 297,500,000 | |||||||||
ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Utilization percentage | 50.00% | |||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized premium on Senior Notes | 11,920,000 | 2,809,000 | ||||||||
Senior Notes | Senior Notes, Issued January 2014 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | 125,000,000 | |||||||||
Proceeds from issuance of long-term debt | 136,800,000 | |||||||||
Transaction issuance cost | -1,900,000 | |||||||||
Issuance price, percentage | 108.75% | |||||||||
Unamortized premium on Senior Notes | 10,900,000 | |||||||||
Senior Notes | Senior Unsecured Notes Effective March 2012 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | 100,000,000 | |||||||||
Proceeds from issuance of long-term debt | 101,500,000 | |||||||||
Transaction issuance cost | -2,000,000 | |||||||||
Issuance price, percentage | 103.50% | |||||||||
Unamortized premium on Senior Notes | 3,500,000 | |||||||||
Senior Notes | Senior Unsecured Notes Effective April 2011 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | 275,000,000 | |||||||||
Proceeds from issuance of long-term debt | 265,500,000 | |||||||||
Transaction issuance cost | -9,500,000 | |||||||||
Senior Notes | Senior Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | 500,000,000 | |||||||||
Interest rate stated percentage | 8.25% | |||||||||
Interest expense | 39,400,000 | 31,900,000 | 30,000,000 | |||||||
Senior Notes | Senior Notes Due 2021 | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 100.00% | |||||||||
Redemption price, premium, percentage | 1.00% | |||||||||
Senior Notes | Senior Notes Due 2021 | Debt Instrument, Redemption, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, premium, percentage | 0.50% | |||||||||
Senior Notes | Senior Notes Due 2021 | Debt Instrument, Redemption, Period Three | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 101.00% | |||||||||
Revolving Credit Facility | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $125,000,000 | |||||||||
Minimum | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unutilized commitment fee percentage | 0.25% | |||||||||
Minimum | Line of Credit | ABL Facility | Applicable Margin | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.00% | |||||||||
Minimum | Line of Credit | ABL Facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
Maximum | Line of Credit | ABL Facility | Applicable Margin | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.50% | |||||||||
Maximum | Line of Credit | ABL Facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | |||||||||
Maximum | Revolving Credit Facility | ABL Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unutilized commitment fee percentage | 0.38% |
Share_Based_Compensation_Plans2
Share Based Compensation Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Jan. 01, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jul. 12, 2012 | Jun. 21, 2013 | Jun. 09, 2009 | Jun. 09, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation | $9,605,000 | $7,752,000 | $6,517,000 | |||||
Share based compensation unrecognized | 11,400,000 | |||||||
Weighted average remaining requisite service period | 1 year 10 months 29 days | |||||||
Deferred compensation liability | 1,500,000 | |||||||
Dividends, per share, cash paid | $4.54 | |||||||
Warrants issued | 5,833,335 | |||||||
Exercise price of warrants | $50.77 | $55.31 | ||||||
Expiration June 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrants issued | 44,188 | 3,333,334 | ||||||
Warrants exercised | 3,289,146 | |||||||
Stock issued upon exercise of warrants | 279,408 | |||||||
Proceeds from exercise of warrants | 300,000 | |||||||
Expiration June 2016 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Warrants issued | 2,500,001 | |||||||
2009 Plan | Management | Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage ownership of common equity | 9.55% | |||||||
Equity awards not to exceed | 3,554,811 | |||||||
2009 Plan | Director | Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage ownership of common equity | 0.90% | |||||||
Equity awards not to exceed | 335,004 | |||||||
2012 Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Plan term | 10 years 0 months 0 days | |||||||
Common stock available for future issuance | 1,867,569 | |||||||
2012 Plan | Common Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Equity awards not to exceed | 1,500,000 | 2,000,000 | ||||||
Additional increase to common shares issuable | 500,000 | |||||||
Stock Appreciation Rights (SARs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Plan term | 10 years 0 months 0 days | |||||||
Award vesting period | 4 years 0 months 0 days | |||||||
Fair value of shares vested | 700,000 | 2,500,000 | 2,600,000 | |||||
SARs granted, shares | 245,238 | 47,000 | ||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years 0 months 0 days | |||||||
Fair value of shares vested | 14,600,000 | |||||||
SARs granted, fair value | $11,500,000 | |||||||
Vesting period | 1 year 0 months 256 days | |||||||
Units vested | -267,543 |
Share_Based_Compensation_Plans3
Share Based Compensation Plans (SARs) (Details) (Stock Appreciation Rights (SARs), USD $) | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 02, 2011 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
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 | 2,627,379 | ||||
Granted, shares | 245,238 | 47,000 | |||||
Exercised, shares | -560,568 | -1,017,137 | |||||
Cancelled, shares | -20,622 | -43,891 | -45,931 | ||||
Outstanding, end of period, shares | 1,231,468 | 1,812,658 | 2,628,448 | 1,231,468 | 1,812,658 | 2,628,448 | |
Exercisable, shares | 907,716 | 1,350,928 | 1,881,158 | 907,716 | 1,350,928 | 1,881,158 | |
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 | $4,164 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 23,400 | 33,418 | |||||
Outstanding, end period, aggregate intrinsic value | 48,516 | 59,525 | 21,005 | 48,516 | 59,525 | 21,005 | |
Exercisable, aggregate intrinsic value | $38,589 | $48,690 | $16,278 | $38,589 | $48,690 | $16,278 | |
Outstanding, beginning of period, weighted average remaining contractual term | 5 years 10 months 29 days | 6 years 4 months 26 days | 6 years 10 months 29 days | 7 years 10 months 29 days | |||
Outstanding, end of period, weighted average remaining contractual term | 5 years 10 months 29 days | 6 years 4 months 26 days | 6 years 10 months 29 days | 7 years 10 months 29 days | |||
Exercisable, weighted average remaining contractual term | 5 years 1 month 7 days | 5 years 7 months 9 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 | $15.76 | ||||
Granted, weighted average exercise price | $34.87 | $17.26 | |||||
Exercised, weighted average exercise price | $14.15 | $16.13 | |||||
Forfeited, weighted average exercise price | $38.48 | $15.89 | $15 | ||||
Outstanding, end of period, weighted average exercise price | $19.59 | $18.16 | $15.76 | $19.59 | $18.16 | $15.76 | |
Exercisable, weighted average exercise price | $16.48 | $14.96 | $15.12 | $16.48 | $14.96 | $15.12 |
Share_Based_Compensation_Plans4
Share Based Compensation Plans (Weighted Average Grant Date Assumptions) (Details) (USD $) | 12 Months Ended | |
Dec. 29, 2013 | Dec. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option value (model conclusion) | $9.68 | $4.46 |
Risk-free rate | 1.70% | 0.30% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 35.20% | 49.00% |
Expected term (in years) | 6 years 4 months 26 days | 1 year 9 months 18 days |
Share_Based_Compensation_Plans5
Share Based Compensation Plans (RSUs) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | |||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||
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 | 886,830 | |||
Granted (shares) | 209,240 | 339,038 | 491,980 | |||
Delivered (shares) | -208,477 | -566,376 | -417,655 | |||
Withheld to cover (shares) | -59,066 | [1] | -65,406 | [1] | -9,555 | [1] |
Cancelled (shares) | -17,287 | -10,239 | -29,654 | |||
Outstanding, end of period (shares) | 543,373 | 618,963 | 921,946 | |||
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 | $18.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | |||||
Outstanding, end of period (weighted average grant date fair value) | $34.56 | $22.09 | $17.75 | |||
[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. |
Employee_Future_Benefits_Infor
Employee Future Benefits (Information about the Plans)(Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Apr. 15, 2011 | Apr. 15, 2013 |
age | age | ||||
United States Defined Benefit Plan | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $261 | $384 | $809 | ||
Interest cost | 5,062 | 4,662 | 4,680 | ||
Expected return on assets | -5,951 | -5,116 | -4,509 | ||
Amortization of actuarial net losses | 0 | 1,413 | 1,841 | ||
Net pension expense | -628 | 1,343 | 2,821 | ||
United States Defined Benefit Plan | Maximum | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Age At Which Benefit Accruals Are Frozen | 49 | ||||
United States Defined Benefit Plan | Minimum | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Age At Which Benefit Accruals Are Frozen | 50 | ||||
United Kingdom Defined Benefit Plan | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Interest cost | 1,335 | 1,329 | 1,248 | ||
Expected return on assets | -1,041 | -974 | -947 | ||
Net pension expense | $294 | $355 | $301 |
Employee_Future_Benefits_Plan_
Employee Future Benefits (Plan Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
United States Defined Benefit Plan | |||
Pension assets: | |||
Fair value of plan assets, beginning of year | $84,501 | $74,531 | |
Company contributions | 5,441 | 3,200 | |
Actual return on plan assets | 6,480 | 11,892 | |
Benefits paid | -5,350 | -4,882 | |
Fair value of plan assets, end of year | 90,724 | 84,501 | 74,531 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Accrued benefit obligation, beginning of year | 105,821 | 114,910 | |
Current service cost | 261 | 384 | 809 |
Interest cost | 5,062 | 4,662 | 4,680 |
Actuarial loss (gain) | 10,857 | -9,013 | |
Benefits paid | -5,350 | -4,882 | |
Administration expenses paid | -348 | -240 | |
Accrued benefit obligation, end of year | 116,303 | 105,821 | 114,910 |
Net accrued benefit obligation, end of year | 25,579 | 21,320 | |
United Kingdom Defined Benefit Plan | |||
Pension assets: | |||
Fair value of plan assets, beginning of year | 22,239 | 20,143 | |
Company contributions | 789 | 890 | |
Actual return on plan assets | 2,594 | 1,681 | |
Benefits paid | -1,285 | -874 | |
Translation adjustment | -1,248 | 399 | |
Fair value of plan assets, end of year | 23,089 | 22,239 | 20,143 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Accrued benefit obligation, beginning of year | 30,627 | 28,950 | |
Interest cost | 1,335 | 1,329 | 1,248 |
Actuarial loss (gain) | 2,615 | 821 | |
Benefits paid | -1,285 | -874 | |
Translation adjustment | -1,704 | 401 | |
Accrued benefit obligation, end of year | 31,588 | 30,627 | 28,950 |
Net accrued benefit obligation, end of year | $8,499 | $8,388 |
Employee_Future_Benefits_Alloc
Employee Future Benefits (Allocation of Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
United States Defined Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | $90,724 | $84,501 | $74,531 |
Allocation of plan assets, percent | 100.00% | 100.00% | |
United States Defined Benefit Plan | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 54,434 | 51,715 | |
Allocation of plan assets, percent | 60.00% | 61.20% | |
Target plan asset allocations, percent | 60.00% | ||
United States Defined Benefit Plan | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 35,382 | 31,519 | |
Allocation of plan assets, percent | 39.00% | 37.30% | |
Target plan asset allocations, percent | 38.00% | ||
United States Defined Benefit Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 908 | 1,267 | |
Allocation of plan assets, percent | 1.00% | 1.50% | |
Target plan asset allocations, percent | 2.00% | ||
United Kingdom Defined Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 23,089 | 22,239 | 20,143 |
Allocation of plan assets, percent | 100.00% | 100.00% | |
United Kingdom Defined Benefit Plan | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 10,784 | 11,172 | |
Allocation of plan assets, percent | 46.70% | 50.20% | |
Target plan asset allocations, percent | 50.00% | ||
United Kingdom Defined Benefit Plan | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | 12,238 | 10,824 | |
Allocation of plan assets, percent | 53.00% | 48.70% | |
Target plan asset allocations, percent | 50.00% | ||
United Kingdom Defined Benefit Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets | $67 | $243 | |
Allocation of plan assets, percent | 0.30% | 1.10% |
Employee_Future_Benefits_Actua
Employee Future Benefits (Actuarial Assumptions) (Details) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
United States Defined Benefit Plan | |||
Discount rate applied for: | |||
Accrued benefit obligation | 4.10% | 5.00% | 4.10% |
Net periodic pension cost | 5.00% | 4.10% | 4.20% |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% |
Expected long-term return on assets, (in Years) | 30 years 0 months 0 days | ||
United Kingdom Defined Benefit Plan | |||
Discount rate applied for: | |||
Accrued benefit obligation | 3.60% | 4.40% | 4.40% |
Net periodic pension cost | 3.60% | 4.40% | 4.40% |
Expected long-term rate of return on plan assets | 4.20% | 5.20% | 5.00% |
Expected long-term return on assets, (in Years) | 10 years 0 months 0 days |
Employee_Future_Benefits_Overa
Employee Future Benefits (Overall Pension Obligation) (Details) (USD $) | 12 Months Ended |
Dec. 28, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Estimated transition obligation to be amortized from AOCI in 2015 | $0 |
Estimated prior service cost to be amortized from AOCI in 2015 | 0 |
Estimated actuarial net losses that will be amortized from AOCI in 2015 | 900,000 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | 6,615,000 |
2016 | 6,859,000 |
2017 | 7,097,000 |
2018 | 7,358,000 |
2019 | 7,656,000 |
2020 through 2024 | 41,754,000 |
Expected future benefit payments | 77,339,000 |
Expected contributions to the plans in the next fiscal year | $6,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $16,882 |
2016 | 12,776 |
2017 | 10,459 |
2018 | 9,681 |
2019 | 9,019 |
Thereafter | 62,509 |
Total, operating leases, future minimum payments due | $121,326 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Operating Leased Assets [Line Items] | |||
Lease renewal term | 5 years 0 months 0 days | ||
Rent expense | $24.60 | $24.90 | $24.90 |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
Restructuring costs | -57 | 9,913 | 560 | 721 | 6,163 | 1,265 | 1,762 | 1,440 | 11,137 | 10,630 | 11,431 |
Cumulative amount incurred to date | 47,863 | 47,863 | |||||||||
North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | 1,396,031 | 1,321,638 | 1,224,051 | ||||||||
Restructuring costs | 633 | 2,791 | 3,721 | ||||||||
Cumulative amount incurred to date | 13,345 | 13,345 | |||||||||
Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | 385,090 | 339,929 | 370,335 | ||||||||
Restructuring costs | 10,497 | 6,697 | 7,710 | ||||||||
Cumulative amount incurred to date | 33,369 | 33,369 | |||||||||
Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Net sales | 56,579 | 69,576 | 81,619 | ||||||||
Restructuring costs | 7 | 1,142 | |||||||||
Cumulative amount incurred to date | 1,149 | 1,149 | |||||||||
2014 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 9,503 | 0 | 0 | ||||||||
Cumulative amount incurred to date | 9,503 | 9,503 | |||||||||
2014 Plan | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | 0 | ||||||||
Cumulative amount incurred to date | 0 | 0 | |||||||||
2014 Plan | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 9,503 | 0 | 0 | ||||||||
Cumulative amount incurred to date | 9,503 | 9,503 | |||||||||
2014 Plan | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | |||||||||
Cumulative amount incurred to date | 0 | 0 | |||||||||
2013 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 1,204 | 6,558 | 0 | ||||||||
Cumulative amount incurred to date | 7,762 | 7,762 | |||||||||
2013 Plan | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 541 | 2,408 | 0 | ||||||||
Cumulative amount incurred to date | 2,949 | 2,949 | |||||||||
2013 Plan | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 656 | 3,008 | 0 | ||||||||
Cumulative amount incurred to date | 3,664 | 3,664 | |||||||||
2013 Plan | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 7 | 1,142 | |||||||||
Cumulative amount incurred to date | 1,149 | 1,149 | |||||||||
2012 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 430 | 3,224 | 11,129 | ||||||||
Cumulative amount incurred to date | 14,783 | 14,783 | |||||||||
2012 Plan | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 92 | 383 | 3,772 | ||||||||
Cumulative amount incurred to date | 4,247 | 4,247 | |||||||||
2012 Plan | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 338 | 2,841 | 7,357 | ||||||||
Cumulative amount incurred to date | 10,536 | 10,536 | |||||||||
2012 Plan | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | |||||||||
Cumulative amount incurred to date | 0 | 0 | |||||||||
2011 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | 302 | ||||||||
Cumulative amount incurred to date | 4,574 | 4,574 | |||||||||
2011 Plan | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | -51 | ||||||||
Cumulative amount incurred to date | 856 | 856 | |||||||||
2011 Plan | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | 353 | ||||||||
Cumulative amount incurred to date | 3,718 | 3,718 | |||||||||
2011 Plan | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | |||||||||
Cumulative amount incurred to date | 0 | 0 | |||||||||
2010 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Cumulative amount incurred to date | 7,383 | 7,383 | |||||||||
2010 Plan | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Cumulative amount incurred to date | 3,552 | 3,552 | |||||||||
2010 Plan | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Cumulative amount incurred to date | 3,831 | 3,831 | |||||||||
2010 Plan | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Cumulative amount incurred to date | 0 | 0 | |||||||||
2009 and Prior Plans | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 848 | 0 | ||||||||
Cumulative amount incurred to date | 3,858 | 3,858 | |||||||||
2009 and Prior Plans | North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | 0 | ||||||||
Cumulative amount incurred to date | 1,741 | 1,741 | |||||||||
2009 and Prior Plans | Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 848 | 0 | ||||||||
Cumulative amount incurred to date | 2,117 | 2,117 | |||||||||
2009 and Prior Plans | Africa | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 0 | 0 | |||||||||
Cumulative amount incurred to date | $0 | $0 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring Charges | ($57,000) | $9,913,000 | $560,000 | $721,000 | $6,163,000 | $1,265,000 | $1,762,000 | $1,440,000 | $11,137,000 | $10,630,000 | $11,431,000 |
Asset impairment | 19,605,000 | 3,271,000 | 2,614,000 | ||||||||
Non-cash loss on deconsolidation | 6,174,000 | 0 | 0 | ||||||||
2014 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring Charges | 9,503,000 | 0 | 0 | ||||||||
Europe, Asia and Latin America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring Charges | 10,497,000 | 6,697,000 | 7,710,000 | ||||||||
Europe, Asia and Latin America | 2014 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring Charges | 9,503,000 | 0 | 0 | ||||||||
Asset impairment | 1,400,000 | ||||||||||
Non-cash loss on deconsolidation | 6,800,000 | ||||||||||
Restructuring, cash charges incurred | 1,900,000 | ||||||||||
Gain recognized on translation adjustment | ($600,000) |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | $4,409 | $4,568 | $4,409 | $4,568 | $3,531 | ||||||
Restructuring Charges | -57 | 9,913 | 560 | 721 | 6,163 | 1,265 | 1,762 | 1,440 | 11,137 | 10,630 | 11,431 |
Payments | 5,636 | 9,422 | 9,130 | ||||||||
Non-Cash Items | 7,577 | 1,367 | 1,264 | ||||||||
Restructuring reserve | 2,333 | 4,409 | 2,333 | 4,409 | 4,568 | ||||||
Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 214 | 5,278 | 6,468 | ||||||||
Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 10,923 | 5,352 | 4,963 | ||||||||
2014 Plan | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | 0 | 0 | |||||||||
Restructuring Charges | 9,503 | 0 | 0 | ||||||||
Payments | 1,087 | ||||||||||
Non-Cash Items | 7,577 | ||||||||||
Restructuring reserve | 839 | 0 | 839 | 0 | |||||||
2014 Plan | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 0 | ||||||||||
2014 Plan | Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 9,503 | ||||||||||
2013 Plan | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | 2,348 | 0 | 2,348 | 0 | |||||||
Restructuring Charges | 1,204 | 6,558 | 0 | ||||||||
Payments | 3,211 | 2,843 | |||||||||
Non-Cash Items | 0 | 1,367 | |||||||||
Restructuring reserve | 341 | 2,348 | 341 | 2,348 | 0 | ||||||
2013 Plan | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | -22 | 4,901 | |||||||||
2013 Plan | Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 1,226 | 1,657 | |||||||||
2012 Plan | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | 714 | 2,893 | 714 | 2,893 | 0 | ||||||
Restructuring Charges | 430 | 3,224 | 11,129 | ||||||||
Payments | 810 | 5,403 | 6,972 | ||||||||
Non-Cash Items | 0 | 0 | 1,264 | ||||||||
Restructuring reserve | 334 | 714 | 334 | 714 | 2,893 | ||||||
2012 Plan | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 236 | 377 | 6,115 | ||||||||
2012 Plan | Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 194 | 2,847 | 5,014 | ||||||||
2011 Plan | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | 0 | 0 | 401 | ||||||||
Restructuring Charges | 0 | 0 | 302 | ||||||||
Payments | 703 | ||||||||||
Non-Cash Items | 0 | ||||||||||
Restructuring reserve | 0 | ||||||||||
2011 Plan | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 353 | ||||||||||
2011 Plan | Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | -51 | ||||||||||
2009 and Prior Plans | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring reserve | 1,347 | 1,675 | 1,347 | 1,675 | 3,130 | ||||||
Restructuring Charges | 0 | 848 | 0 | ||||||||
Payments | 528 | 1,176 | 1,455 | ||||||||
Non-Cash Items | 0 | 0 | 0 | ||||||||
Restructuring reserve | 819 | 1,347 | 819 | 1,347 | 1,675 | ||||||
2009 and Prior Plans | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | 0 | 0 | 0 | ||||||||
2009 and Prior Plans | Closure Costs | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Restructuring Charges | $0 | $848 | $0 |
Asset_Impairment_Details
Asset Impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Asset impairment | $18,202,000 | $0 | $0 | $0 | $0 | $0 | $1,904,000 | $0 | $18,202,000 | $1,904,000 | $1,350,000 |
Impairment of Property Plant and Equipment | 15,000,000 | ||||||||||
Impairment of Intangible Assets, Definite-lived | 3,154,000 | ||||||||||
Europe, Asia and Latin America | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Number of asset groups with significant reduction in expected future cash flows | 3 | ||||||||||
Number of asset groups expected to have no future cash flow | 2 | ||||||||||
Asset impairment due to foreign currency exchange fluctuation | 200,000 | ||||||||||
Europe, Asia and Latin America | Asset Groups One and Two | Fair Value, Inputs, Level 3 | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair value of asset group based on estimated discounted future cash flows, including salvage values or market values | 0 | ||||||||||
Europe, Asia and Latin America | Asset Group Three | Fair Value, Inputs, Level 3 | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair value of asset group based on estimated discounted future cash flows, including salvage values or market values | 1,000,000 | ||||||||||
Carrying Value | Europe, Asia and Latin America | Asset Group One | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-lived assets | 4,000,000 | 4,000,000 | |||||||||
Carrying Value | Europe, Asia and Latin America | Asset Group Two | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-lived assets | 2,000,000 | 2,000,000 | |||||||||
Carrying Value | Europe, Asia and Latin America | Asset Group Three | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-lived assets | $12,000,000 | $12,000,000 |
Income_Taxes_Income_From_Conti
Income Taxes (Income From Continuing Operations Before Tax) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Canada | ($32,093) | ($12,976) | ($27,444) | ||||||||
Foreign | 3,138 | -16,763 | -7,723 | ||||||||
Income (loss) from continuing operations before income tax expense (benefit) | ($13,318) | ($7,581) | $7,628 | ($15,684) | ($20,921) | ($1,757) | ($970) | ($6,091) | ($28,955) | ($29,739) | ($35,167) |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Current income tax expense (benefit): | |||||||||||
Canada | $4,458 | $4,160 | $2,050 | ||||||||
Foreign | 2,045 | -2,360 | 202 | ||||||||
Total current income tax expense (benefit) | 6,503 | 1,800 | 2,252 | ||||||||
Deferred income tax expense (benefit): | |||||||||||
Canada | 1,345 | -9,354 | -3,892 | ||||||||
Foreign | -3,315 | -13,823 | -11,725 | ||||||||
Total deferred income tax expense (benefit) | -1,970 | -23,177 | -15,617 | ||||||||
Income tax expense (benefit) | $1,131 | $2,004 | $1,379 | $19 | ($13,661) | ($6,272) | ($408) | ($1,036) | $4,533 | ($21,377) | ($13,365) |
Income_Taxes_Income_Tax_Rate_R
Income Taxes (Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Canadian federal statutory rate, (percent) | 26.50% | 26.40% | 25.90% | ||||||||
Income tax expense (benefit) computed at statutory income tax rate | ($7,679) | ($7,842) | ($9,095) | ||||||||
Reduction in rate of tax due to income earned in foreign jurisdictions | 248 | -2,586 | -3,304 | ||||||||
Permanent differences | -1,314 | 698 | 2,158 | ||||||||
Israel restructuring | -1,679 | 0 | 0 | ||||||||
Effective Income Tax Rate Reconciliation, Income Tax Expense (Benefit) Attributable to a Foreign Permanent Establishment | 1,623 | -794 | 0 | ||||||||
Change in valuation allowance | 23,352 | -6,251 | 6,872 | ||||||||
Tax exempt income | -9,643 | -9,168 | -7,492 | ||||||||
Non-deductible stock compensation | 270 | 919 | 1,651 | ||||||||
Unrealized foreign exchange gains (losses) | -573 | -2,001 | 57 | ||||||||
Uncertain tax benefits | 104 | -3,851 | -2,742 | ||||||||
Functional currency adjustments | 1,055 | 2,840 | -377 | ||||||||
Change in rate of deferred taxes | -787 | 2,874 | -1,083 | ||||||||
Impact of Canadian tax legislation | -900 | 2,657 | 0 | ||||||||
Other | 456 | 1,128 | -10 | ||||||||
Income tax expense (benefit) | $1,131 | $2,004 | $1,379 | $19 | ($13,661) | ($6,272) | ($408) | ($1,036) | $4,533 | ($21,377) | ($13,365) |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes) (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||||
Deferred Tax Assets, Gross [Abstract] | ||||
Non-capital loss carryforwards | $65,497 | $62,641 | ||
Capital loss carryforwards | 3,678 | 0 | ||
Deferred interest expense | 22,008 | 22,632 | ||
Pension and post-retirement liability | 13,914 | 12,519 | ||
Amounts currently not deductible for tax purposes | 17,751 | 18,778 | ||
Unrealized foreign exchange loss (gain) | 2,747 | 82 | ||
Other | 6,429 | 7,133 | ||
Total deferred income tax assets | 132,024 | 123,785 | ||
Valuation allowance | -35,766 | -16,949 | -24,260 | -11,312 |
Total deferred income tax assets, net of valuation allowance | 96,258 | 106,836 | ||
Deferred income tax liabilities: | ||||
Plant and equipment | -98,890 | -110,740 | ||
Intangibles | -46,626 | -47,345 | ||
Basis difference in subsidiaries | -8,708 | -8,260 | ||
Other | -8,348 | -8,211 | ||
Total deferred income tax liabilities | -162,572 | -174,556 | ||
Net deferred income tax asset (liability) | -66,313 | -67,720 | ||
Deferred tax assets related to equity compensation in excess of compensation recognized for financial reporting | $16,200 |
Income_Taxes_Valuation_Allowan
Income Taxes (Valuation Allowance Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of period | $16,949 | $24,260 | $11,312 |
Additions charged to expense and other | 33,678 | 4,167 | 15,421 |
Deductions | -14,861 | -11,478 | -2,473 |
Balance at the end of period | $35,766 | $16,949 | $24,260 |
Income_Taxes_Loss_Carryforward
Income Taxes (Loss Carryforwards) (Details) (USD $) | Dec. 28, 2014 |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $256,263,000 |
CANADA | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 97,414,000 |
Operating loss carryforwards, valuation allowance | 20,500,000 |
UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 82,759,000 |
Other Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 76,090,000 |
Operating loss carryforwards, valuation allowance | 12,400,000 |
2015-2022 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 7,862,000 |
2015-2022 | CANADA | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2015-2022 | UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2015-2022 | Other Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 7,862,000 |
2023-2042 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 186,478,000 |
2023-2042 | CANADA | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 97,414,000 |
2023-2042 | UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 82,759,000 |
2023-2042 | Other Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 6,305,000 |
Indefinitely | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 61,923,000 |
Indefinitely | CANADA | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
Indefinitely | UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
Indefinitely | Other Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $61,923,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at end of period | $3,693,000 | $3,917,000 | $5,547,000 |
Unrecognized tax benefits that would impact effective tax rate | 2,600,000 | 2,700,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of period | 3,917,000 | 5,547,000 | 6,407,000 |
Gross increases in tax positions in current period | 0 | 0 | 0 |
Gross decreases in tax positions in prior period | -229,000 | -1,476,000 | -1,050,000 |
Gross increases in tax positions in prior period | 152,000 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Lapse of statute of limitations | -147,000 | -154,000 | -953,000 |
Uncertainties arising from business combinations | 0 | 0 | 1,131,000 |
Cumulative translation adjustment | 0 | 0 | 12,000 |
Unrecognized tax benefits at end of period | 3,693,000 | 3,917,000 | 5,547,000 |
Unrecognized tax benefits, interest expense | 900,000 | 500,000 | 900,000 |
Unrecognized tax benefits, penalties accrued | 600,000 | 700,000 | 1,000,000 |
Unrecognized tax benefits, interest accrued | 4,900,000 | 8,800,000 | |
Unrecognized tax benefits that may reasonably be recognized in the next year | $200,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Transactions involving cash: | |||
Interest paid | $41,719 | $31,233 | $30,695 |
Interest received | 683 | 530 | 725 |
Income taxes paid | 5,485 | 7,448 | 6,101 |
Income tax refunds | 1,504 | 631 | 3,891 |
Non-cash transactions: | |||
Property, plant and equipment additions in accounts payable | $3,630 | $7,224 | $1,635 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
Adjusted EBITDA | 137,087 | 105,877 | 97,261 | ||||||||
Depreciation and Amortization | 82,344 | 79,138 | 78,424 | ||||||||
Interest expense (income), net | 10,491 | 10,447 | 10,594 | 9,993 | 8,442 | 8,330 | 8,208 | 8,250 | 41,525 | 33,230 | 31,454 |
Income tax expense (benefit) | 1,131 | 2,004 | 1,379 | 19 | -13,661 | -6,272 | -408 | -1,036 | 4,533 | -21,377 | -13,365 |
Operating Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 1,862,973 | 1,746,597 | 1,692,544 | ||||||||
Intersegment Eliminations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | -25,273 | -15,454 | -16,539 | ||||||||
North America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 1,396,031 | 1,321,638 | 1,224,051 | ||||||||
Adjusted EBITDA | 121,069 | 89,220 | 73,786 | ||||||||
Depreciation and Amortization | 56,535 | 58,230 | 54,452 | ||||||||
Interest expense (income), net | 69,559 | 63,003 | 60,939 | ||||||||
Income tax expense (benefit) | 6,034 | -20,389 | -13,007 | ||||||||
North America | Operating Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 1,396,844 | 1,322,365 | 1,225,420 | ||||||||
North America | Intersegment Eliminations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | -813 | -727 | -1,369 | ||||||||
Europe, Asia and Latin America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 385,090 | 339,929 | 370,335 | ||||||||
Adjusted EBITDA | 15,755 | 11,121 | 17,060 | ||||||||
Depreciation and Amortization | 22,043 | 17,135 | 19,829 | ||||||||
Interest expense (income), net | -28,202 | -29,911 | -29,422 | ||||||||
Income tax expense (benefit) | -40 | -1,507 | -828 | ||||||||
Europe, Asia and Latin America | Operating Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 409,550 | 354,615 | 385,323 | ||||||||
Europe, Asia and Latin America | Intersegment Eliminations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | -24,460 | -14,686 | -14,988 | ||||||||
Africa | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 56,579 | 69,576 | 81,619 | ||||||||
Adjusted EBITDA | 263 | 5,536 | 6,415 | ||||||||
Depreciation and Amortization | 3,766 | 3,773 | 4,143 | ||||||||
Interest expense (income), net | 168 | 138 | -63 | ||||||||
Income tax expense (benefit) | -1,461 | 519 | 470 | ||||||||
Africa | Operating Segments | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 56,579 | 69,617 | 81,801 | ||||||||
Africa | Intersegment Eliminations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $0 | ($41) | ($182) |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Segment Reporting [Abstract] | |||||||||||
Net sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
Adjusted EBITDA | 137,087 | 105,877 | 97,261 | ||||||||
Depreciation | 60,622 | 62,080 | 63,348 | ||||||||
Amortization | 21,722 | 17,058 | 15,076 | ||||||||
Share based compensation expense | 9,605 | 7,752 | 6,517 | ||||||||
Loss (gain) on disposal of property, plant and equipment | 3,816 | -1,775 | 2,724 | ||||||||
Registration and Listing Fees | 0 | 2,421 | 0 | ||||||||
Restructuring costs | -57 | 9,913 | 560 | 721 | 6,163 | 1,265 | 1,762 | 1,440 | 11,137 | 10,630 | 11,431 |
Asset impairment | 18,202 | 0 | 0 | 0 | 0 | 0 | 1,904 | 0 | 18,202 | 1,904 | 1,350 |
Interest expense (income), net | 10,491 | 10,447 | 10,594 | 9,993 | 8,442 | 8,330 | 8,208 | 8,250 | 41,525 | 33,230 | 31,454 |
Other expense (income), net | -1,670 | -404 | 1,306 | 181 | 3,092 | -255 | -363 | -158 | -587 | 2,316 | 528 |
Income tax expense (benefit) | 1,131 | 2,004 | 1,379 | 19 | -13,661 | -6,272 | -408 | -1,036 | 4,533 | -21,377 | -13,365 |
Loss (income) from discontinued operations, net of tax | 194 | 124 | 170 | 142 | 402 | 62 | 44 | 90 | 630 | 598 | -1,480 |
Net income (loss) attributable to non-controlling interest | 1,724 | 258 | 499 | 741 | -73 | 838 | 605 | 680 | 3,222 | 2,050 | 2,923 |
Net income (loss) attributable to Masonite | -16,367 | -9,967 | 5,580 | -16,586 | -7,589 | 3,615 | -1,211 | -5,825 | -37,340 | -11,010 | -23,245 |
Depreciation and Amortization | $82,344 | $79,138 | $78,424 |
Segment_Information_Net_Sales_
Segment Information (Net Sales) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
The Home Depot, Inc. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 308,600 | 278,400 | 265,900 | ||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,073,710 | 1,002,689 | 941,062 | ||||||||
CANADA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 280,276 | 280,020 | 246,900 | ||||||||
Other Countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 483,714 | 448,434 | 488,043 | ||||||||
Interior Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,293,006 | 1,260,046 | 1,232,990 | ||||||||
Exterior Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $544,694 | $471,097 | $443,015 |
Segment_Information_Property_P
Segment Information (Property, Plant and Equipment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 | ||
Property, plant and equipment, net | 576,234 | 630,279 | 576,234 | 630,279 | 648,360 | ||||||||
UNITED STATES | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Sales | 1,073,710 | 1,002,689 | 941,062 | ||||||||||
Property, plant and equipment, net | 329,689 | 330,640 | 329,689 | 330,640 | 333,391 | ||||||||
CANADA | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Sales | 280,276 | 280,020 | 246,900 | ||||||||||
Property, plant and equipment, net | 65,491 | 75,307 | 65,491 | 75,307 | 85,801 | ||||||||
IRELAND | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Property, plant and equipment, net | 0 | [1] | 65,772 | 0 | [1] | 65,772 | 66,795 | ||||||
Other Countries | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Sales | 483,714 | 448,434 | 488,043 | ||||||||||
Property, plant and equipment, net | $181,054 | $158,560 | $181,054 | $158,560 | $162,373 | ||||||||
[1] | Amount was less than 10% of consolidated property, plant and equipment as of DecemberB 28, 2014, and is included as part of Other |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held for sale | $0 | $3,408,000 | $7,200,000 | $14,400,000 |
Assets held for sale divested, at book value | 3,500,000 | 3,800,000 | 1,700,000 | |
Assets reclassified to assets held for sale | 4,300,000 | |||
Assets reclassified to assets held for sale, fair value | 2,700,000 | |||
Impairment charges on assets transferred out of held for sale | 1,600,000 | |||
Impairment of property, plant and equipment | 19,605,000 | 3,271,000 | 2,614,000 | |
Gain on sale of assets held for sale | -1,000,000 | 3,100,000 | ||
Foreign exchange fluctuation effect on assets held for sale | 100,000 | -200,000 | ||
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 | 532,500,000 | 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 | 511,900,000 | 377,800,000 | ||
Selling, General and Administrative Expenses | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of property, plant and equipment | $1,400,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to Masonite | ($16,367) | ($9,967) | $5,580 | ($16,586) | ($7,589) | $3,615 | ($1,211) | ($5,825) | ($37,340) | ($11,010) | ($23,245) |
Income (loss) from discontinued operations, net of tax | -194 | -124 | -170 | -142 | -402 | -62 | -44 | -90 | -630 | -598 | 1,480 |
Income (loss) from continuing operations attributable to Masonite | ($36,710) | ($10,412) | ($24,725) | ||||||||
Effect of dilutive securities: | |||||||||||
Shares used in computing basic earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | ||||||||
Incremental shares issuable under share compensation plans | 0 | 0 | 0 | ||||||||
Shares used in computing diluted earnings per share | 29,588,001 | 28,264,166 | 27,693,541 | ||||||||
Basic earnings (loss) per common share attributable to Masonite: | |||||||||||
Continuing operations attributable to Masonite | ($1.24) | ($0.37) | ($0.89) | ||||||||
Discontinued operations attributable to Masonite, net of tax (in dollars per share) | ($0.02) | ($0.02) | $0.05 | ||||||||
Basic earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.19 | ($0.56) | ($0.25) | $0.13 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |
Continuing operations attributable to Masonite | ($1.24) | ($0.37) | ($0.89) | ||||||||
Discontinued operations attributable to Masonite, net of tax (in dollars per share) | ($0.02) | ($0.02) | $0.05 | ||||||||
Diluted earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.18 | ($0.56) | ($0.25) | $0.12 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |
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 | 2,500,001 | 5,833,335 | 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 | 584,812 | 842,886 | 1,045,524 | ||||||||
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 | 388,898 | 477,260 | 765,345 |
Other_Comprehensive_Income_and2
Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Accumulated Foreign Exchange Gains (Losses) [Roll Forward] | |||
Accumulated foreign exchange gains (losses), beginning of period | ($8,797) | $2,538 | ($5,489) |
Foreign exchange gain (loss) | -48,667 | -12,096 | 8,187 |
Income tax benefit (expense) on foreign exchange gain (loss) | -987 | 0 | 74 |
Less: foreign exchange gain (loss) attributable to non-controlling interest | -978 | -761 | 234 |
Accumulated foreign exchange gains (losses), end of period | -57,473 | -8,797 | 2,538 |
Accumulated Amortization of Actuarial Net Losses [Roll Forward] | |||
Accumulated amortization of actuarial net losses, beginning of period | 1,890 | 1,037 | 0 |
Amortization of actuarial net losses | 0 | 1,413 | 1,689 |
Income tax benefit (expense) on amortization of actuarial net losses | 0 | -560 | -652 |
Accumulated amortization of actuarial net losses, end of period | 1,890 | 1,890 | 1,037 |
Accumulated Pension and Other Post-Retirement Adjustments [Roll Forward] | |||
Accumulated pension and other post-retirement adjustments | 12,694 | 22,559 | 22,239 |
Pension and other post-retirement adjustments | -12,045 | 15,571 | 663 |
Income tax benefit (expense) on pension and other post-retirement adjustments | 4,063 | -5,706 | -983 |
Accumulated pension and other post-retirement adjustments, end | 20,676 | 12,694 | 22,559 |
Accumulated other comprehensive income (loss) | -76,259 | -19,601 | -18,984 |
Other comprehensive income (loss), net of tax: | -57,636 | -1,378 | 8,978 |
Less: other comprehensive income (loss) attributable to non-controlling interest | -978 | -761 | 234 |
Other comprehensive income (loss) attributable to Masonite | ($56,658) | ($617) | $8,744 |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | |||
Variable Interest Entity [Line Items] | |||
Current assets | $713,343 | $623,744 | |
Property, plant and equipment, net | 576,234 | 630,279 | 648,360 |
Long-term deferred income taxes | 20,697 | 23,363 | |
Other assets, net | 24,879 | 24,158 | |
Current liabilities | -237,241 | -228,592 | |
Other long-term liabilities | -54,114 | -50,206 | |
Net assets of the VIE consolidated by Masonite | 709,434 | 796,724 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Current assets | 8,346 | 9,524 | |
Property, plant and equipment, net | 17,788 | 19,543 | |
Long-term deferred income taxes | 12,321 | 14,998 | |
Other assets, net | 2,234 | 2,363 | |
Current liabilities | -2,496 | -2,916 | |
Other long-term liabilities | -4,479 | -5,746 | |
Non-controlling interest | -7,785 | -7,093 | |
Net assets of the VIE consolidated by Masonite | $25,929 | $30,673 |
Variable_Interest_Entity_Narra
Variable Interest Entity (Narrative) (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $192,037 | $100,873 | $122,314 | $109,205 |
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Number of variable interest entities | 1 | 1 | ||
Cash and cash equivalents | $3,100 | $4,300 |
Supplemental_Unaudited_Quarter2
Supplemental Unaudited Quarterly FInancial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $448,940 | $476,124 | $490,176 | $422,460 | $420,475 | $433,051 | $453,093 | $424,524 | $1,837,700 | $1,731,143 | $1,676,005 |
Cost of goods sold | 381,364 | 409,894 | 411,569 | 369,474 | 369,007 | 374,082 | 388,424 | 374,123 | 1,572,301 | 1,505,636 | 1,459,701 |
Gross profit | 67,576 | 66,230 | 78,607 | 52,986 | 51,468 | 58,969 | 64,669 | 50,401 | 265,399 | 225,507 | 216,304 |
Selling, general and administration expenses | 53,928 | 53,855 | 58,519 | 57,775 | 54,692 | 51,386 | 54,128 | 46,960 | 224,077 | 207,166 | 206,708 |
Restructuring costs | -57 | 9,913 | 560 | 721 | 6,163 | 1,265 | 1,762 | 1,440 | 11,137 | 10,630 | 11,431 |
Asset impairment | 18,202 | 0 | 0 | 0 | 0 | 0 | 1,904 | 0 | 18,202 | 1,904 | 1,350 |
Operating income (loss) | -4,497 | 2,462 | 19,528 | -5,510 | -9,387 | 6,318 | 6,875 | 2,001 | 11,983 | 5,807 | -3,185 |
Interest expense (income), net | 10,491 | 10,447 | 10,594 | 9,993 | 8,442 | 8,330 | 8,208 | 8,250 | 41,525 | 33,230 | 31,454 |
Other expense (income), net | -1,670 | -404 | 1,306 | 181 | 3,092 | -255 | -363 | -158 | -587 | 2,316 | 528 |
Income (loss) from continuing operations before income tax expense (benefit) | -13,318 | -7,581 | 7,628 | -15,684 | -20,921 | -1,757 | -970 | -6,091 | -28,955 | -29,739 | -35,167 |
Income tax expense (benefit) | 1,131 | 2,004 | 1,379 | 19 | -13,661 | -6,272 | -408 | -1,036 | 4,533 | -21,377 | -13,365 |
Income (loss) from continuing operations | -14,449 | -9,585 | 6,249 | -15,703 | -7,260 | 4,515 | -562 | -5,055 | -33,488 | -8,362 | -21,802 |
Income (loss) from discontinued operations, net of tax | -194 | -124 | -170 | -142 | -402 | -62 | -44 | -90 | -630 | -598 | 1,480 |
Net income (loss) | -14,643 | -9,709 | 6,079 | -15,845 | -7,662 | 4,453 | -606 | -5,145 | -34,118 | -8,960 | -20,322 |
Less: net income (loss) attributable to non-controlling interest | 1,724 | 258 | 499 | 741 | -73 | 838 | 605 | 680 | 3,222 | 2,050 | 2,923 |
Net income (loss) attributable to Masonite | ($16,367) | ($9,967) | $5,580 | ($16,586) | ($7,589) | $3,615 | ($1,211) | ($5,825) | ($37,340) | ($11,010) | ($23,245) |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Basic earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.19 | ($0.56) | ($0.25) | $0.13 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |
Diluted earnings per common share attributable to Masonite (in dollars per share) | ($0.55) | ($0.34) | $0.18 | ($0.56) | ($0.25) | $0.12 | ($0.04) | ($0.21) | ($1.26) | ($0.39) | ($0.84) |