Masonite International (DOOR) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 28, 2020	Jul. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2020
Document Transition Report	false
Entity File Number	001-11796
Entity Registrant Name	Masonite International Corporation
Entity Tax Identification Number	98-0377314
Entity Address, Address Line One	2771 Rutherford Road
Entity Address, City or Town	Concord
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	L4K 2N6
Entity Address, Country	CA
City Area Code	800
Local Phone Number	895-2723
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	DOOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,490,105
Entity Central Index Key	0000893691
Current Fiscal Year End Date	--01-03
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	A1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net sales	$ 499,658	$ 562,943	$ 1,050,886	$ 1,093,254
Cost of goods sold	363,304	434,013	780,251	852,220
Gross profit	136,354	128,930	270,635	241,034
Selling, general and administration expenses	73,390	78,142	153,723	156,242
Restructuring costs	1,148	1,361	3,089	5,101
Asset impairment	0	3,142	0	13,767
Loss on disposal of subsidiaries	2,091	0	2,091	4,605
Operating income	59,725	46,285	111,732	61,319
Interest expense, net	11,824	11,357	23,106	22,484
Other expense (income), net	(1,446)	(456)	(1,397)	(1,586)
Income before income tax expense	49,347	35,384	90,023	40,421
Income tax expense	14,687	10,293	24,326	10,351
Net income	34,660	25,091	65,697	30,070
Less: net income attributable to non-controlling interests	663	849	1,815	2,039
Net income attributable to Masonite	$ 33,997	$ 24,242	$ 63,882	$ 28,031
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 1.39	$ 0.96	$ 2.59	$ 1.11
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 1.38	$ 0.96	$ 2.56	$ 1.09
Other comprehensive income (loss):
Net income	$ 34,660	$ 25,091	$ 65,697	$ 30,070
Foreign currency translation gain (loss)	14,732	(5,178)	(23,955)	8,813
Amortization of actuarial net losses	172	403	345	807
Income tax expense related to other comprehensive income	(28)	(92)	(117)	(185)
Other comprehensive income (loss), net of tax	14,876	(4,867)	(23,727)	9,435
Comprehensive income	49,536	20,224	41,970	39,505
Less: comprehensive income attributable to non-controlling interests	893	981	1,466	2,387
Comprehensive income attributable to Masonite	$ 48,643	$ 19,243	$ 40,504	$ 37,118

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019
Current assets:
Cash and cash equivalents	$ 197,506	$ 166,964
Restricted cash	10,644	10,644
Accounts receivable, net	289,030	276,208
Inventories, net	250,718	242,230
Prepaid expenses	35,317	33,190
Income taxes receivable	2,584	4,819
Total current assets	785,799	734,055
Property, plant and equipment, net	611,942	625,585
Operating lease right-of-use assets	133,068	121,367
Investment in equity investees	14,334	16,100
Goodwill	180,443	184,192
Intangible assets, net	168,592	184,532
Deferred income taxes	20,708	25,945
Other assets	46,945	44,808
Total assets	1,961,831	1,936,584
Current liabilities:
Accounts payable	83,149	84,912
Accrued expenses	168,684	180,405
Income taxes payable	14,346	2,350
Total current liabilities	266,179	267,667
Long-term debt	791,536	790,984
Long-term operating lease liabilities	123,825	110,497
Deferred income taxes	84,386	83,465
Other liabilities	49,660	47,109
Total liabilities	1,315,586	1,299,722
Commitments and Contingencies (Note 7)
Equity:
Share capital: unlimited shares authorized, no par value, 24,487,121 and 24,869,921 shares issued and outstanding as of June 28, 2020, and December 29, 2019, respectively	553,766	558,514
Additional paid-in capital	213,814	216,584
Accumulated earnings (deficit)	21,794	(20,047)
Accumulated other comprehensive loss	(153,547)	(130,169)
Total equity attributable to Masonite	635,827	624,882
Equity attributable to non-controlling interests	10,418	11,980
Total equity	646,245	636,862
Total liabilities and equity	$ 1,961,831	$ 1,936,584
Shares outstanding	24,487,121	24,869,921

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Jun. 28, 2020	Dec. 29, 2019
Statement of Financial Position [Abstract]
Shares issued	24,487,121	24,869,921
Shares outstanding	24,487,121	24,869,921

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Equity Attributable to Noncontrolling Interests
Opening Balance, Value at Dec. 30, 2018	$ 622,305	$ 575,207	$ 218,988	$ (30,836)	$ (152,919)	$ 11,865
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		7,083	(7,083)
Common shares issued under employee stock purchase plan, value		517	(132)
Common shares repurchased and retired, Value		(21,264)		(27,420)
Share based compensation expense			4,773
Common shares withheld to cover income taxes payable due to delivery of share based awards			(1,128)
Net income	30,070			28,031		2,039
Other comprehensive income (loss), net of tax	9,435				9,087	348
Dividends to noncontrolling interests						(2,585)
Ending Balance, Value at Jun. 30, 2019	614,571	$ 561,543	215,418	(30,225)	(143,832)	11,667
Opening Balance, Shares at Dec. 30, 2018		25,835,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		129,128
Common shares issued under employee stock purchase plan		9,036
Common shares repurchased and retired, Shares		(953,888)
Ending Balance, Shares at Jun. 30, 2019		25,019,940
Opening Balance, Value at Mar. 31, 2019	610,370	$ 567,490	214,294	(45,852)	(138,833)	13,271
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		931	(931)
Common shares issued under employee stock purchase plan, value		0	0
Common shares repurchased and retired, Value		(6,878)		(8,615)
Share based compensation expense			2,093
Common shares withheld to cover income taxes payable due to delivery of share based awards			(38)
Net income	25,091			24,242		849
Other comprehensive income (loss), net of tax	(4,867)				(4,999)	132
Dividends to noncontrolling interests						(2,585)
Ending Balance, Value at Jun. 30, 2019	614,571	$ 561,543	215,418	(30,225)	(143,832)	11,667
Opening Balance, Shares at Mar. 31, 2019		25,314,850
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		12,876
Common shares issued under employee stock purchase plan		0
Common shares repurchased and retired, Shares		(307,786)
Ending Balance, Shares at Jun. 30, 2019		25,019,940
Opening Balance, Value at Dec. 29, 2019	636,862	$ 558,514	216,584	(20,047)	(130,169)	11,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		7,273	(7,273)
Common shares issued under employee stock purchase plan, value		708	(311)
Common shares repurchased and retired, Value		(12,729)		(22,041)
Share based compensation expense			7,210
Common shares withheld to cover income taxes payable due to delivery of share based awards			(2,396)
Net income	65,697			63,882		1,815
Other comprehensive income (loss), net of tax	(23,727)				(23,378)	(349)
Dividends to noncontrolling interests						(3,028)
Ending Balance, Value at Jun. 28, 2020	$ 646,245	$ 553,766	213,814	21,794	(153,547)	10,418
Opening Balance, Shares at Dec. 29, 2019	24,869,921	24,869,921
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		175,045
Common shares issued under employee stock purchase plan		9,426
Common shares repurchased and retired, Shares		(567,271)
Ending Balance, Shares at Jun. 28, 2020	24,487,121	24,487,121
Opening Balance, Value at Mar. 29, 2020	$ 596,256	$ 551,983	212,826	(12,203)	(168,193)	11,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		1,783	(1,783)
Common shares issued under employee stock purchase plan, value		0	0
Common shares repurchased and retired, Value		0		0
Share based compensation expense			3,740
Common shares withheld to cover income taxes payable due to delivery of share based awards			(969)
Net income	34,660			33,997		663
Other comprehensive income (loss), net of tax	14,876				14,646	230
Dividends to noncontrolling interests						(2,318)
Ending Balance, Value at Jun. 28, 2020	$ 646,245	$ 553,766	$ 213,814	$ 21,794	$ (153,547)	$ 10,418
Opening Balance, Shares at Mar. 29, 2020		24,446,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		40,134
Common shares issued under employee stock purchase plan		0
Common shares repurchased and retired, Shares		0
Ending Balance, Shares at Jun. 28, 2020	24,487,121	24,487,121

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 65,697	$ 30,070
Adjustments to reconcile net income to net cash flow provided by operating activities:
Loss on disposal of subsidiaries	2,091	4,605
Depreciation	32,861	36,486
Amortization	12,381	14,926
Share based compensation expense	7,210	4,773
Deferred income taxes	6,044	1,367
Unrealized foreign exchange loss (gain)	(78)	316
Share of income from equity investees, net of tax	(1,159)	(1,517)
Dividend from equity investee	2,925	0
Pension and post-retirement funding, net of expense	(2,788)	(3,225)
Non-cash accruals and interest	852	(664)
Loss on sale of property, plant and equipment	4,045	4,235
Asset impairment	0	13,767
Accounts receivable	(19,304)	(20,609)
Inventories	(13,519)	(5,165)
Prepaid expenses	(2,860)	(316)
Accounts payable and accrued expenses	(9,491)	10,571
Other assets and liabilities	18,293	(1,407)
Net cash flow provided by operating activities	103,200	88,213
Cash flows from investing activities:
Additions to property, plant and equipment	(28,712)	(37,923)
Acquisition of businesses, net of cash acquired	0	(219)
Proceeds from sale of subsidiaries, net of cash disposed	0	(230)
Proceeds from sale of property, plant and equipment	48	90
Other investing activities	(1,205)	(955)
Net cash flow used in investing activities	(29,869)	(39,237)
Cash flows from financing activities:
Repayments of long-term debt	(57)	(61)
Tax witholding on share based awards	(2,396)	(1,128)
Distributions to non-controlling interests	(3,028)	(2,585)
Repurchases of common shares	(34,770)	(48,684)
Net cash flow used in financing activities	(40,251)	(52,458)
Net foreign currency translation adjustment on cash	(2,538)	629
Increase (decrease) in cash, cash equivalents and restricted cash	30,542	(2,853)
Cash, cash equivalents and restricted cash, beginning of period	177,608	126,141
Cash, cash equivalents and restricted cash, at end of period	$ 208,150	$ 123,288

Business Overview and Significa

Business Overview and Significant Accounting Policies	6 Months Ended
	Jun. 28, 2020
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 condensed 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 eight countries and sells doors to customers throughout the world with our largest markets being the United States, Canada and the United Kingdom. Basis of Presentation We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2019, as filed with the SEC. Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods. Our 2020 fiscal year, which ends on January 3, 2021, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter. Changes in Accounting Standards and Policies There have been no changes in the significant accounting policies from those that were disclosed in the fiscal year 2019 audited consolidated financial statements, other than as noted below. Adoption of Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326)”, which replaced the incurred loss methodology for recognizing credit losses with a current expected credit losses model. This standard applied to most financial assets, including trade receivables. Our prior accounts receivable policy is described in detail in our Annual Report on Form 10-K for the year ended December 29, 2019. We adopted the new guidance using a modified retrospective approach as of December 30, 2019, the beginning of fiscal year 2020, and the adoption did not have a material impact on our financial statements and no adjustment was necessary to retained earnings on December 30, 2019. The adoption of the standard resulted in a change in accounting policy for accounts receivable. Our new accounting policy for accounts receivable is presented below. 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 credit losses at the time that accounts receivable are initially recorded based on our historical write-off experience and the current economic environment as well as our expectations of future economic conditions. We reassess the allowance at each reporting date. When it becomes apparent, based on age or customer circumstances, that such amounts will not be collected, they are charged to the allowance. Payments subsequently received are credited to the credit loss expense account included within selling, general and administration expenses in the consolidated statements of comprehensive income. Generally, we do not require collateral for our accounts receivable. Other Recent Accounting Pronouncements not yet Adopted In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes," as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are in the process of evaluating this guidance to determine the impact it may have on our financial statements. In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which amended ASC 715, "Compensation—Retirement Benefits." This standard is applicable for employers that sponsor defined benefit pension or other postretirement plans, and eliminates disclosures no longer considered cost beneficial, clarifies specific disclosure requirements for entities that provide aggregate disclosures for two or more plans and adds requirements for explanations for significant gains and losses related to changes in benefit obligations. The guidance will be effective for annual periods ending after December 15, 2020; early adoption is permitted and retrospective application is required. We are in the process of evaluating this guidance to determine the impact it may have on our financial statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 28, 2020
Business Combinations [Abstract]
Acquisitions and Disposition	Acquisitions and Divestitures Acquisitions Top Doors On August 29, 2019, we completed the acquisition of TOPDOORS, s.r.o. ("Top Doors") based in the Czech Republic for cash consideration of $1.8 million, net of cash acquired. Top Doors is a specialist manufacturer of door frames. The excess purchase price over the fair value of net assets acquired of $1.1 million was allocated to goodwill in our Europe segment. The purchase price allocation, net sales, net income (loss) attributable to Masonite and pro forma information for Top Doors are not presented as they were not material for any period presented. Divestitures India During the second quarter of 2020, we completed the liquidation of our legal entity in India. As a result, we recognized $2.1 million in loss on disposal of subsidiaries. The total charge consists of $2.3 million relating to the recognition of cumulative translation adjustment out of accumulated other comprehensive loss and $0.2 million relating to the write-off of net assets and other professional fees. Window Widgets On December 13, 2019, we completed the sale of all of the capital stock of Window Widgets Limited ("WW") for consideration of $1.2 million, net of cash disposed. We have had no continuing involvement with WW subsequent to the sale. The divestiture of this business resulted in a loss on disposal of subsidiaries of $9.7 million, which was recognized in the fourth quarter of 2019 in the Europe segment. The total charge consists of $8.3 million relating to the write-off of the assets sold and other professional fees and $1.4 million relating to the recognition of the cumulative translation adjustment out of accumulated other comprehensive loss. Performance Doorset Solutions Limited On March 21, 2019, we completed the sale of all of the capital stock of Performance Doorset Solutions Limited ("PDS") for nominal consideration. We have had no continuing involvement with PDS subsequent to the sale, and the purchasers are not considered to be a related party. The divestiture of this business resulted in a loss on disposal of subsidiaries of $4.6 million, which was recognized in the first quarter of 2019 in the Europe segment. The total charge consists of $3.6 million relating to the write-off of the net assets sold and other professional fees and $1.0 million relating to the recognition of the cumulative translation adjustment out of accumulated other comprehensive loss.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 28, 2020
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 56.9% and 44.9% of total accounts receivable as of June 28, 2020, and December 29, 2019, respectively. Our largest customer, The Home Depot, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of June 28, 2020, and December 29, 2019. The allowance for doubtful accounts balance was $2.4 million and $1.8 million as of June 28, 2020, and December 29, 2019, respectively.We maintain an accounts receivable sales program with a third party (the "AR Sales Program"). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who 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 condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expense within the condensed consolidated statements of comprehensive income.

Inventories

Inventories	6 Months Ended
	Jun. 28, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) June 28, 2020 December 29, 2019 Raw materials $ 186,725 $ 179,155 Finished goods 71,972 70,211 Provision for obsolete or aged inventory (7,979) (7,136) Inventories, net $ 250,718 $ 242,230

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 28, 2020
Accrued Expenses [Abstract]
Accrued expenses	Accrued Expenses The details of our accrued expenses were as follows as of the dates indicated: (In thousands) June 28, 2020 December 29, 2019 Accrued payroll $ 53,814 $ 60,876 Accrued rebates 35,397 33,556 Current portion of operating lease liabilities 22,123 20,980 Accrued interest 16,423 16,913 Other accruals 40,927 48,080 Total accrued expenses $ 168,684 $ 180,405

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 28, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt (In thousands) June 28, 2020 December 29, 2019 5.375% senior unsecured notes due 2028 $ 500,000 $ 500,000 5.750% senior unsecured notes due 2026 300,000 300,000 Debt issuance costs (9,340) (9,985) Other long-term debt 876 969 Total long-term debt $ 791,536 $ 790,984 Interest expense related to our consolidated indebtedness under senior unsecured notes was $11.3 million and $22.6 million for the three and six months ended June 28, 2020, respectively, and $11.5 million and $22.7 million for the three and six months ended June 30, 2019, respectively. 5.375% Senior Notes due 2028 On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par. The net proceeds from issuance of the 2028 Notes, together with available cash balances, were used to redeem the remaining $500.0 million aggregate principal amount of similar senior unsecured notes, including the payment of related premiums, fees and expenses. Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report on Form 10-K for the year ended December 29, 2019. As of June 28, 2020, we were in compliance with all covenants under the indenture governing the 2028 Notes. 5.750% Senior Notes due 2026 On August 27, 2018, we issued $300.0 million aggregate principal senior unsecured notes (the "2026 Notes"). The 2026 Notes bear interest at 5.750% per annum, payable in cash semiannually in arrears on March 15 and September 15 of each year and are due September 15, 2026. The 2026 Notes were issued at par. Information concerning obligations under the 2026 Notes and the indenture governing them are described in detail in our Annual Report on Form 10-K for the year ended December 29, 2019. As of June 28, 2020, we were in compliance with all covenants under the indenture governing the 2026 Notes. ABL Facility On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. Borrowings under the ABL Facility bear interest at a rate equal to, at our option, (i) the United States, Canadian or United Kingdom Base Rate (each as defined in the credit agreement relating to the ABL Facility, the "Amended and Restated Credit Agreement") plus a margin ranging from 0.25% to 0.50% per annum, or (ii) the Adjusted LIBO Rate or BA Rate (each as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 1.25% to 1.50% per annum. In addition to paying interest on any outstanding principal under the ABL Facility, a commitment fee is payable on the undrawn portion of the ABL Facility in an amount equal to 0.25% per annum of the average daily balance of unused commitments during each calendar quarter. The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report on Form 10-K for the year ended December 29, 2019. As of June 28, 2020, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $181.9 million under our ABL Facility and there were no amounts outstanding as of June 28, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following discussion describes material developments in previously disclosed legal proceedings that occurred since December 29, 2019. Refer to Note 10. Commitments and Contingencies in the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 29, 2019, for a full description of the previously disclosed legal proceedings. Class Action Proceedings With respect to the putative antitrust class action cases pending in the Eastern District of Virginia, the parties have completed class certification briefing and expert discovery. A hearing on Plaintiffs’ motions for class certification has been set for August 19, 2020. The Court has reset the presumptive trial date as February 8, 2021. In addition, on May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Corporation Internationale Masonite, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The intended class proceeding seeks damages, punitive damages, and other relief. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. This proceeding is at a very early stage and has not been certified. We have not recognized an expense related to damages in connection with this matter because the likelihood of an adverse outcome and the amount or range of any potential loss cannot be reasonably estimated. While we intend to defend against these claims vigorously, there can be no assurance that the ultimate resolution of this litigation will not have a material, adverse effect on our consolidated financial condition or results of operations. In addition to the above, 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 financial condition, results of operations or cash flows.

Share Based Compensation Plans

Share Based Compensation Plans	6 Months Ended
	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Share Based Compensation Plans	Share Based Compensation Plans Share based compensation expense was $3.7 million and $7.2 million for the three and six months ended June 28, 2020, respectively, and $2.1 million and $4.8 million for the three and six months ended June 30, 2019, respectively. As of June 28, 2020, the total remaining unrecognized compensation expense related to share based compensation amounted to $21.5 million, which will be amortized over the weighted average remaining requisite service period of 1.8 years. Equity Incentive Plans Our equity incentive plans under the 2009 Plan and the 2012 Plan are described in detail and defined in our Annual Report on Form 10-K for the year ended December 29, 2019. The aggregate number of common shares that can be issued with respect to equity awards under the 2012 Plan cannot exceed 2,000,000 shares plus the number of shares subject to existing grants under the 2009 Plan that may expire or be forfeited or canceled. As of June 28, 2020, there were 712,932 shares of common stock available for future issuance under the 2012 Plan. Deferred Compensation Plan We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described in our Annual Report on Form 10-K for the year ended December 29, 2019. As of June 28, 2020, the liability and asset relating to deferred compensation had a fair value of $5.6 million and $5.4 million, respectively. As of June 28, 2020, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework. 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 three years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. We recognize forfeitures of SARs in the period in which they occur. The total fair value of SARs vested was $1.0 million during the six months ended June 28, 2020. Six Months Ended June 28, 2020 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 404,447 $ 7,615 $ 53.62 4.7 Granted 32,435 83.39 Exercised (117,407) 3,543 39.26 Forfeited (15,538) 62.78 Outstanding, end of period 303,937 $ 3,676 $ 61.88 6.4 Exercisable, end of period 187,269 $ 2,488 $ 59.70 4.9 The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is recognized over the average requisite service period of 2.0 years for all periods presented. Expected volatility is based upon the historical volatility of our common shares amongst other considerations. The expected term is calculated using the simplified method, due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns. The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated: 2020 Grants SAR value (model conclusion) $ 20.56 Risk-free rate 1.2 % Expected dividend yield 0.0 % Expected volatility 22.6 % Expected term (years) 6.0 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 three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. It is assumed that all time-based RSUs will vest. We recognize forfeitures of RSUs in the period in which they occur. Six Months Ended June 28, 2020 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 523,207 $ 59.58 Granted 202,918 78.51 Performance adjustment (1) (59,936) 67.50 Delivered (107,939) Withheld to cover (2) (15,307) Forfeited (52,425) Outstanding, end of period 490,518 $ 66.96 ____________ (1) Performance-based RSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. These awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested RSUs delivered were net share settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. Approximately two-thirds of the RSUs granted during the six months ended June 28, 2020, 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 expense for RSUs granted during the six months ended June 28, 2020, is being recognized over the weighted average requisite service period of 2.2 years. 123,246 RSUs vested during the six months ended June 28, 2020, at a fair value of $7.4 million.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jun. 28, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In February 2019, we began implementing a plan to improve overall business performance that includes the reorganization of our manufacturing capacity and a reduction of our overhead and selling, general and administration workforce across all of our reportable segments and in our head offices. The reorganization of our manufacturing capacity involves specific plants in the North American Residential and Architectural segments and costs associated with the closure of these plants and related headcount reductions began taking place in the first quarter of 2019 (collectively, the "2019 Plan"). Costs associated with the 2019 Plan include severance, retention and closure charges and will continue through 2020. Additionally, the plan to divest non-core assets was determined to be a triggering event requiring a test of the carrying value of the definite-lived assets relating to the divestitures, as further described in Note 10. As of June 28, 2020, we expect to incur approximately $5 million to $6 million of additional charges related to the 2019 Plan. During the fourth quarter of 2018, we began implementing a plan to reorganize and consolidate certain aspects of our United Kingdom head office function and optimize our portfolio by divesting non-core assets to enable more effective and consistent business processes in the Europe segment. In addition, in the North American Residential segment we announced a new facility that will optimize and expand capacity through increased automation, which resulted in the closure of one existing facility and related headcount reductions beginning in the second quarter of 2019 (collectively, the "2018 Plan"). Costs associated with the 2018 Plan include severance, retention and closure charges and continued throughout 2019. As of June 28, 2020, we do not expect to incur any material future charges related to the 2018 Plan. The following tables summarize the restructuring charges recorded for the periods indicated: Three Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 569 $ — $ 86 $ 148 $ 803 2018 Plan 345 — — — 345 Total Restructuring Costs $ 914 $ — $ 86 $ 148 $ 1,148 Three Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 945 $ 5 $ (118) $ 65 $ 897 2018 Plan 368 96 — — 464 Total Restructuring Costs $ 1,313 $ 101 $ (118) $ 65 $ 1,361 Six Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 1,297 $ (37) $ 948 $ 415 $ 2,623 2018 Plan 466 — — — 466 Total Restructuring Costs $ 1,763 $ (37) $ 948 $ 415 $ 3,089 Six Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 2,404 $ 336 $ 486 $ 459 $ 3,685 2018 Plan 789 627 — — 1,416 Total Restructuring Costs $ 3,193 $ 963 $ 486 $ 459 $ 5,101 Cumulative Amount Incurred Through June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 6,756 $ 359 $ 1,454 $ 1,434 $ 10,003 2018 Plan 2,211 2,275 — — 4,486 Total Restructuring Costs $ 8,967 $ 2,634 $ 1,454 $ 1,434 $ 14,489 The changes in the accrual for restructuring by activity were as follows for the periods indicated: (In thousands) December 29, 2019 Severance Closure Costs Cash Payments June 28, 2020 2019 Plan $ 1,535 $ 219 $ 2,404 $ (3,833) $ 325 2018 Plan — 131 335 (466) — Total $ 1,535 $ 350 $ 2,739 $ (4,299) $ 325 (In thousands) December 30, 2018 Severance Closure Costs Cash Payments June 30, 2019 2019 Plan $ — $ 3,061 $ 624 $ (2,664) $ 1,021 2018 Plan 596 1,317 99 (1,801) 211 Other 58 — — (39) 19 Total $ 654 $ 4,378 $ 723 $ (4,504) $ 1,251

Asset Impairment

Asset Impairment	6 Months Ended
	Jun. 28, 2020
Asset Impairment Charges [Abstract]
Asset Impairment	Asset ImpairmentDuring the three and six months ended June 30, 2019, we recognized asset impairment charges of $3.1 million and $13.8 million, respectively, related to two asset groups in the North American Residential segment, as a result of announced plant closures under the 2019 Plan. This amount was determined based upon the excess of the asset groups' carrying values of property, plant and equipment and operating lease right-of-use assets over the respective fair values of such assets, determined using a discounted cash flows approach for each asset group. Each of these valuations 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 and the salvage value for each of the asset groups. The fair value of the asset groups was determined to be $9.4 million, compared to a book value of $23.2 million, with the difference representing the asset impairment charges recorded in the condensed consolidated statements of comprehensive income.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate differs from the Canadian statutory rate of 26.7% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate and changes in our valuation allowances. In addition, we recognized $0.1 million and $0.8 million of income tax benefit due to the exercise and delivery of share-based awards during the three and six months ended June 28, 2020, compared to $0.1 million of income tax expense during the six months ended June 30, 2019. For the six months ended June 28, 2020, we have calculated the provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 28, 2020
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 and SARs outstanding during the period. (In thousands, except share and per share information) Three Months Ended Six Months Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Net income attributable to Masonite $ 33,997 $ 24,242 $ 63,882 $ 28,031 Shares used in computing basic earnings per share 24,466,575 25,126,065 24,664,008 25,350,488 Effect of dilutive securities: Incremental shares issuable under share compensation plans 184,832 250,553 268,856 295,035 Shares used in computing diluted earnings per share 24,651,407 25,376,618 24,932,864 25,645,523 Basic earnings per common share attributable to Masonite $ 1.39 $ 0.96 $ 2.59 $ 1.11 Diluted earnings per common share attributable to Masonite $ 1.38 $ 0.96 $ 2.56 $ 1.09 Anti-dilutive instruments excluded from diluted earnings per common share 461,367 355,142 289,490 355,702

Segment Information

Segment Information	6 Months Ended
	Jun. 28, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The Corporate & Other category includes unallocated corporate costs and the results of immaterial operating segments which were not aggregated into any reportable segment. 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. 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 reportable 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 should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. 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; • loss (gain) on disposal of subsidiaries; • interest expense (income), net; • loss on extinguishment of debt; • 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 indentures governing the 2028 Notes and 2026 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 sales are recorded using market prices. Certain information with respect to segments is as follows for the periods indicated: Three Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 381,608 $ 30,430 $ 89,396 $ 2,966 $ 504,400 Intersegment sales (443) (542) (3,757) — (4,742) Net sales to external customers $ 381,165 $ 29,888 $ 85,639 $ 2,966 $ 499,658 Adjusted EBITDA $ 91,131 $ (918) $ 11,500 $ (9,821) $ 91,892 Three Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 380,505 $ 81,361 $ 101,146 $ 5,199 $ 568,211 Intersegment sales (895) (408) (3,965) — (5,268) Net sales to external customers $ 379,610 $ 80,953 $ 97,181 $ 5,199 $ 562,943 Adjusted EBITDA $ 63,401 $ 13,408 $ 12,778 $ (9,854) $ 79,733 Six Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 766,053 $ 101,586 $ 183,951 $ 8,393 $ 1,059,983 Intersegment sales (1,031) (972) (7,094) — (9,097) Net sales to external customers $ 765,022 $ 100,614 $ 176,857 $ 8,393 $ 1,050,886 Adjusted EBITDA $ 162,827 $ 8,761 $ 22,082 $ (20,261) $ 173,409 Six Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 735,307 $ 166,100 $ 189,499 $ 11,927 $ 1,102,833 Intersegment sales (1,972) (880) (6,727) — (9,579) Net sales to external customers $ 733,335 $ 165,220 $ 182,772 $ 11,927 $ 1,093,254 Adjusted EBITDA $ 117,022 $ 23,405 $ 20,392 $ (15,607) $ 145,212 A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: Three Months Ended Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Net income attributable to Masonite $ 33,997 $ 24,242 $ 63,882 $ 28,031 Plus: Depreciation 16,843 18,201 32,861 36,486 Amortization 5,922 7,329 12,381 14,926 Share based compensation expense 3,740 2,093 7,210 4,773 Loss on disposal of property, plant and equipment 2,423 1,322 4,045 4,235 Restructuring costs 1,148 1,361 3,089 5,101 Asset impairment — 3,142 — 13,767 Loss on disposal of subsidiaries 2,091 — 2,091 4,605 Interest expense, net 11,824 11,357 23,106 22,484 Other expense (income), net (1,446) (456) (1,397) (1,586) Income tax expense 14,687 10,293 24,326 10,351 Net income attributable to non-controlling interest 663 849 1,815 2,039 Adjusted EBITDA $ 91,892 $ 79,733 $ 173,409 $ 145,212

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 28, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss) A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: Three Months Ended Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Accumulated foreign currency translation losses, beginning of period $ (151,488) $ (116,143) $ (113,336) $ (129,930) Foreign currency translation gain (loss) 12,478 (5,178) (26,209) 7,812 Income tax benefit (expense) on foreign currency translation gain 17 13 (27) 25 Cumulative translation adjustment recognized upon deconsolidation of subsidiary 2,254 — 2,254 1,001 Less: foreign currency translation gain (loss) attributable to non-controlling interest 230 132 (349) 348 Accumulated foreign currency translation losses, end of period (136,969) (121,440) (136,969) (121,440) Accumulated pension and other post-retirement adjustments, beginning of period (16,705) (22,690) (16,833) (22,989) Amortization of actuarial net losses 172 403 345 807 Income tax expense on amortization of actuarial net losses (45) (105) (90) (210) Accumulated pension and other post-retirement adjustments (16,578) (22,392) (16,578) (22,392) Accumulated other comprehensive loss $ (153,547) $ (143,832) $ (153,547) $ (143,832) Other comprehensive income (loss), net of tax $ 14,876 $ (4,867) $ (23,727) $ 9,435 Less: other comprehensive income (loss) attributable to non-controlling interest 230 132 (349) 348 Other comprehensive income (loss) attributable to Masonite $ 14,646 $ (4,999) $ (23,378) $ 9,087 Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of comprehensive income. Foreign currency translation gains as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended June 28, 2020, were $12.5 million, primarily driven by the strengthening of the Pound Sterling and the Canadian Dollar in comparison to the U.S. Dollar during the period. During the six months ended June 28, 2020, foreign currency translation losses were $26.2 million, primarily driven by the weakening of the Pound Sterling, the Canadian Dollar and the Mexican Peso in comparison to the U.S. Dollar during the period.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 28, 2020
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: Six Months Ended (In thousands) June 28, 2020 June 30, 2019 Transactions involving cash: Interest paid $ 22,952 $ 24,068 Interest received 852 1,158 Income taxes paid 4,101 8,392 Income tax refunds 469 — Cash paid for operating lease liabilities 14,296 12,724 Cash paid for finance lease liabilities 634 — Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 25,425 48,970 The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: June 28, 2020 December 29, 2019 Cash and cash equivalents $ 197,506 $ 166,964 Restricted cash 10,644 10,644 Total cash, cash equivalents and restricted cash $ 208,150 $ 177,608 Property, plant and equipment additions in accounts payable were $5.4 million and $6.3 million as of June 28, 2020, and December 29, 2019, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 28, 2020
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 values and carrying values of our long-term debt instruments were as follows for the periods indicated: June 28, 2020 December 29, 2019 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 5.375% senior unsecured notes due 2028 $ 516,748 $ 494,021 $ 529,105 $ 493,648 5.750% senior unsecured notes due 2026 $ 309,291 $ 296,639 $ 318,846 $ 296,367 These estimates are based on market quotes and calculations based on current market rates available to us and are 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.

Business Overview and Signifi_2

Business Overview and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	Adoption of Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326)”, which replaced the incurred loss methodology for recognizing credit losses with a current expected credit losses model. This standard applied to most financial assets, including trade receivables. Our prior accounts receivable policy is described in detail in our Annual Report on Form 10-K for the year ended December 29, 2019. We adopted the new guidance using a modified retrospective approach as of December 30, 2019, the beginning of fiscal year 2020, and the adoption did not have a material impact on our financial statements and no adjustment was necessary to retained earnings on December 30, 2019. The adoption of the standard resulted in a change in accounting policy for accounts receivable. Our new accounting policy for accounts receivable is presented below. 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 credit losses at the time that accounts receivable are initially recorded based on our historical write-off experience and the current economic environment as well as our expectations of future economic conditions. We reassess the allowance at each reporting date. When it becomes apparent, based on age or customer circumstances, that such amounts will not be collected, they are charged to the allowance. Payments subsequently received are credited to the credit loss expense account included within selling, general and administration expenses in the consolidated statements of comprehensive income. Generally, we do not require collateral for our accounts receivable. Other Recent Accounting Pronouncements not yet Adopted In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes," as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. This standard removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are in the process of evaluating this guidance to determine the impact it may have on our financial statements. In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans," which amended ASC 715, "Compensation—Retirement Benefits." This standard is applicable for employers that sponsor defined benefit pension or other postretirement plans, and eliminates disclosures no longer considered cost beneficial, clarifies specific disclosure requirements for entities that provide aggregate disclosures for two or more plans and adds requirements for explanations for significant gains and losses related to changes in benefit obligations. The guidance will be effective for annual periods ending after December 15, 2020; early adoption is permitted and retrospective application is required. We are in the process of evaluating this guidance to determine the impact it may have on our financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 28, 2020
Inventory Disclosure [Abstract]
Inventories	The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) June 28, 2020 December 29, 2019 Raw materials $ 186,725 $ 179,155 Finished goods 71,972 70,211 Provision for obsolete or aged inventory (7,979) (7,136) Inventories, net $ 250,718 $ 242,230

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 28, 2020
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	The details of our accrued expenses were as follows as of the dates indicated: (In thousands) June 28, 2020 December 29, 2019 Accrued payroll $ 53,814 $ 60,876 Accrued rebates 35,397 33,556 Current portion of operating lease liabilities 22,123 20,980 Accrued interest 16,423 16,913 Other accruals 40,927 48,080 Total accrued expenses $ 168,684 $ 180,405

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 28, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	(In thousands) June 28, 2020 December 29, 2019 5.375% senior unsecured notes due 2028 $ 500,000 $ 500,000 5.750% senior unsecured notes due 2026 300,000 300,000 Debt issuance costs (9,340) (9,985) Other long-term debt 876 969 Total long-term debt $ 791,536 $ 790,984

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	6 Months Ended
	Jun. 28, 2020
Share-based Payment Arrangement [Abstract]
Stock appreciation rights award activity	Six Months Ended June 28, 2020 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 404,447 $ 7,615 $ 53.62 4.7 Granted 32,435 83.39 Exercised (117,407) 3,543 39.26 Forfeited (15,538) 62.78 Outstanding, end of period 303,937 $ 3,676 $ 61.88 6.4 Exercisable, end of period 187,269 $ 2,488 $ 59.70 4.9
Schedule of Share-based Compensation, Stock Appreciation Rights, Valuation Assumptions	The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated: 2020 Grants SAR value (model conclusion) $ 20.56 Risk-free rate 1.2 % Expected dividend yield 0.0 % Expected volatility 22.6 % Expected term (years) 6.0
Restricted stock units award activity	Six Months Ended June 28, 2020 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 523,207 $ 59.58 Granted 202,918 78.51 Performance adjustment (1) (59,936) 67.50 Delivered (107,939) Withheld to cover (2) (15,307) Forfeited (52,425) Outstanding, end of period 490,518 $ 66.96 ____________ (1) Performance-based RSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. These awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested RSUs delivered were net share settled to cover statutory requirements for income and other employment taxes. 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.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Jun. 28, 2020
Restructuring and Related Activities [Abstract]
Total restructuring costs by plan	The following tables summarize the restructuring charges recorded for the periods indicated: Three Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 569 $ — $ 86 $ 148 $ 803 2018 Plan 345 — — — 345 Total Restructuring Costs $ 914 $ — $ 86 $ 148 $ 1,148 Three Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 945 $ 5 $ (118) $ 65 $ 897 2018 Plan 368 96 — — 464 Total Restructuring Costs $ 1,313 $ 101 $ (118) $ 65 $ 1,361 Six Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 1,297 $ (37) $ 948 $ 415 $ 2,623 2018 Plan 466 — — — 466 Total Restructuring Costs $ 1,763 $ (37) $ 948 $ 415 $ 3,089 Six Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 2,404 $ 336 $ 486 $ 459 $ 3,685 2018 Plan 789 627 — — 1,416 Total Restructuring Costs $ 3,193 $ 963 $ 486 $ 459 $ 5,101 Cumulative Amount Incurred Through June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2019 Plan $ 6,756 $ 359 $ 1,454 $ 1,434 $ 10,003 2018 Plan 2,211 2,275 — — 4,486 Total Restructuring Costs $ 8,967 $ 2,634 $ 1,454 $ 1,434 $ 14,489
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, 2019 Severance Closure Costs Cash Payments June 28, 2020 2019 Plan $ 1,535 $ 219 $ 2,404 $ (3,833) $ 325 2018 Plan — 131 335 (466) — Total $ 1,535 $ 350 $ 2,739 $ (4,299) $ 325 (In thousands) December 30, 2018 Severance Closure Costs Cash Payments June 30, 2019 2019 Plan $ — $ 3,061 $ 624 $ (2,664) $ 1,021 2018 Plan 596 1,317 99 (1,801) 211 Other 58 — — (39) 19 Total $ 654 $ 4,378 $ 723 $ (4,504) $ 1,251

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	(In thousands, except share and per share information) Three Months Ended Six Months Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Net income attributable to Masonite $ 33,997 $ 24,242 $ 63,882 $ 28,031 Shares used in computing basic earnings per share 24,466,575 25,126,065 24,664,008 25,350,488 Effect of dilutive securities: Incremental shares issuable under share compensation plans 184,832 250,553 268,856 295,035 Shares used in computing diluted earnings per share 24,651,407 25,376,618 24,932,864 25,645,523 Basic earnings per common share attributable to Masonite $ 1.39 $ 0.96 $ 2.59 $ 1.11 Diluted earnings per common share attributable to Masonite $ 1.38 $ 0.96 $ 2.56 $ 1.09 Anti-dilutive instruments excluded from diluted earnings per common share 461,367 355,142 289,490 355,702

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 28, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information with respect to segments is as follows for the periods indicated: Three Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 381,608 $ 30,430 $ 89,396 $ 2,966 $ 504,400 Intersegment sales (443) (542) (3,757) — (4,742) Net sales to external customers $ 381,165 $ 29,888 $ 85,639 $ 2,966 $ 499,658 Adjusted EBITDA $ 91,131 $ (918) $ 11,500 $ (9,821) $ 91,892 Three Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 380,505 $ 81,361 $ 101,146 $ 5,199 $ 568,211 Intersegment sales (895) (408) (3,965) — (5,268) Net sales to external customers $ 379,610 $ 80,953 $ 97,181 $ 5,199 $ 562,943 Adjusted EBITDA $ 63,401 $ 13,408 $ 12,778 $ (9,854) $ 79,733 Six Months Ended June 28, 2020 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 766,053 $ 101,586 $ 183,951 $ 8,393 $ 1,059,983 Intersegment sales (1,031) (972) (7,094) — (9,097) Net sales to external customers $ 765,022 $ 100,614 $ 176,857 $ 8,393 $ 1,050,886 Adjusted EBITDA $ 162,827 $ 8,761 $ 22,082 $ (20,261) $ 173,409 Six Months Ended June 30, 2019 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 735,307 $ 166,100 $ 189,499 $ 11,927 $ 1,102,833 Intersegment sales (1,972) (880) (6,727) — (9,579) Net sales to external customers $ 733,335 $ 165,220 $ 182,772 $ 11,927 $ 1,093,254 Adjusted EBITDA $ 117,022 $ 23,405 $ 20,392 $ (15,607) $ 145,212
Reconciliation of consolidated Adjusted EBITDA to net income (loss) attributable to Masonite	A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: Three Months Ended Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Net income attributable to Masonite $ 33,997 $ 24,242 $ 63,882 $ 28,031 Plus: Depreciation 16,843 18,201 32,861 36,486 Amortization 5,922 7,329 12,381 14,926 Share based compensation expense 3,740 2,093 7,210 4,773 Loss on disposal of property, plant and equipment 2,423 1,322 4,045 4,235 Restructuring costs 1,148 1,361 3,089 5,101 Asset impairment — 3,142 — 13,767 Loss on disposal of subsidiaries 2,091 — 2,091 4,605 Interest expense, net 11,824 11,357 23,106 22,484 Other expense (income), net (1,446) (456) (1,397) (1,586) Income tax expense 14,687 10,293 24,326 10,351 Net income attributable to non-controlling interest 663 849 1,815 2,039 Adjusted EBITDA $ 91,892 $ 79,733 $ 173,409 $ 145,212

Other Comprehensive Income an_2

Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 28, 2020
Equity [Abstract]
Schedule of components of accumulated other comprehensive income (loss)	A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: Three Months Ended Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Accumulated foreign currency translation losses, beginning of period $ (151,488) $ (116,143) $ (113,336) $ (129,930) Foreign currency translation gain (loss) 12,478 (5,178) (26,209) 7,812 Income tax benefit (expense) on foreign currency translation gain 17 13 (27) 25 Cumulative translation adjustment recognized upon deconsolidation of subsidiary 2,254 — 2,254 1,001 Less: foreign currency translation gain (loss) attributable to non-controlling interest 230 132 (349) 348 Accumulated foreign currency translation losses, end of period (136,969) (121,440) (136,969) (121,440) Accumulated pension and other post-retirement adjustments, beginning of period (16,705) (22,690) (16,833) (22,989) Amortization of actuarial net losses 172 403 345 807 Income tax expense on amortization of actuarial net losses (45) (105) (90) (210) Accumulated pension and other post-retirement adjustments (16,578) (22,392) (16,578) (22,392) Accumulated other comprehensive loss $ (153,547) $ (143,832) $ (153,547) $ (143,832) Other comprehensive income (loss), net of tax $ 14,876 $ (4,867) $ (23,727) $ 9,435 Less: other comprehensive income (loss) attributable to non-controlling interest 230 132 (349) 348 Other comprehensive income (loss) attributable to Masonite $ 14,646 $ (4,999) $ (23,378) $ 9,087

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 28, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and non-cash transactions	Certain cash and non-cash transactions were as follows for the periods indicated: Six Months Ended (In thousands) June 28, 2020 June 30, 2019 Transactions involving cash: Interest paid $ 22,952 $ 24,068 Interest received 852 1,158 Income taxes paid 4,101 8,392 Income tax refunds 469 — Cash paid for operating lease liabilities 14,296 12,724 Cash paid for finance lease liabilities 634 — Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 25,425 48,970
Schedule of Cash, Cash Equivalents and Restricted Cash	The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: June 28, 2020 December 29, 2019 Cash and cash equivalents $ 197,506 $ 166,964 Restricted cash 10,644 10,644 Total cash, cash equivalents and restricted cash $ 208,150 $ 177,608

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 28, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt 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 values and carrying values of our long-term debt instruments were as follows for the periods indicated: June 28, 2020 December 29, 2019 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 5.375% senior unsecured notes due 2028 $ 516,748 $ 494,021 $ 529,105 $ 493,648 5.750% senior unsecured notes due 2026 $ 309,291 $ 296,639 $ 318,846 $ 296,367

Business Overview and Signifi_3

Business Overview and Significant Accounting Policies (Details)	Jun. 28, 2020facilityCountry
Accounting Policies [Abstract]
Number of manufacturing locations | facility	63
Number of countries | Country	8

Acquisitions and Divestitures (

Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands	Dec. 13, 2019	Aug. 29, 2019	Jun. 28, 2020	Dec. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 28, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Cash consideration, net of cash acquired							$ 0	$ 219
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries			$ (2,091)		$ 0		$ (2,091)	$ (4,605)
India
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries			(2,091)
Write-off of assets and other professional fees			200
Recognition of cumulative translation adjustment ourt of accumulated other comprehensive loss			$ 2,300
Window Widgets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, net of cash disposed	$ 1,200
Loss on disposal of subsidiaries				$ 9,700
Write-off of assets and other professional fees				8,300
Cumulative translation adjustment				$ 1,400
Performance Doorset Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries						$ 4,600
Write-off of assets and other professional fees						3,600
Cumulative translation adjustment						$ 1,000
Top Doors
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 1,800
Goodwill acquired during period		$ 1,100

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2020USD ($)Customer	Dec. 29, 2019USD ($)Customer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts | $	$ 2.4	$ 1.8
Accounts Receivable | Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, customers | Customer	10	10
Concentration risk, percent	56.90%	44.90%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 186,725	$ 179,155
Finished goods	71,972	70,211
Provision for obsolete or aged inventory	(7,979)	(7,136)
Inventories, net	$ 250,718	$ 242,230

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019
Accrued Expenses [Abstract]
Accrued payroll	$ 53,814	$ 60,876
Accrued rebates	35,397	33,556
Current portion of operating lease liabilities	22,123	20,980
Accrued interest	16,423	16,913
Other accruals	40,927	48,080
Total accrued expenses	$ 168,684	$ 180,405

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019
Debt Instrument [Line Items]
Other long-term debt	$ 876	$ 969
Total long-term debt	791,536	790,984
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	(9,340)	(9,985)
Debt Issuance Costs, Net	9,340	9,985
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	300,000	300,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 500,000

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	Aug. 10, 2019	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Jul. 25, 2019	Jan. 31, 2019	Aug. 27, 2018
Senior Notes
Debt Instrument [Line Items]
Interest expense		$ 11,300,000	$ 11,500,000	$ 22,600,000	$ 22,700,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Aggregate principal						$ 500,000,000
Interest rate stated percentage		5.375%		5.375%
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal								$ 300,000,000
Interest rate stated percentage		5.75%		5.75%
Senior Notes | Senior Notes Due 2023
Debt Instrument [Line Items]
Extinguishment of debt	$ 500,000,000
Revolving Credit Facility | ABL Facility 2024
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 250,000,000
Revolving credit facility availability		$ 181,900,000		$ 181,900,000
Revolving credit facilities		$ 0		$ 0
Minimum | Revolving Credit Facility | ABL Facility 2024
Debt Instrument [Line Items]
Unutilized commitment fee percentage				0.25%
Minimum | Revolving Credit Facility | ABL Facility 2024 | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Minimum | Revolving Credit Facility | ABL Facility 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Maximum | Revolving Credit Facility | ABL Facility 2024 | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Maximum | Revolving Credit Facility | ABL Facility 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%

Share Based Compensation Plan_2

Share Based Compensation Plans Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Jul. 12, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 3,740	$ 2,093	$ 7,210	$ 4,773
Share based compensation unrecognized	21,500		$ 21,500
Weighted average remaining requisite service period			1 year 9 months 18 days
Deferred compensation liability	5,600		$ 5,600
Deferred compensation asset	$ 5,400		$ 5,400
2012 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards not to exceed					2,000,000
Common stock available for future issuance	712,932		712,932
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term			10 years
Award vesting period			3 years
Vested, fair value			$ 1,000
Average requisite service period			2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Average requisite service period			2 years 2 months 12 days
Units vested			123,246
Fair value of shares vested			$ 7,400
Service Requirement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			65.00%
Service and Performance Requirements | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			35.00%

Share Based Compensation Plan_3

Share Based Compensation Plans (SARs) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	Dec. 29, 2019	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period, shares		404,447
Granted, shares		32,435
Exercised, shares		(117,407)
Forfeited, shares		15,538
Outstanding, end of period, shares	404,447	303,937
Exercisable, shares		187,269
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		$ 7,615
Exercised, aggregate intrinsic value		3,543
Outstanding, end period, aggregate intrinsic value	$ 7,615	3,676
Exercisable, aggregate intrinsic value		$ 2,488
Outstanding, beginning of period, weighted average remaining contractual term	4 years 8 months 12 days	6 years 4 months 24 days
Outstanding, end of period, weighted average remaining contractual term	4 years 8 months 12 days	6 years 4 months 24 days
Exercisable, weighted average remaining contractual term		4 years 10 months 24 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		$ 53.62
Granted, weighted average exercise price		83.39
Exercised, weighted average exercise price		39.26
Forfeited, weighted average exercise price		62.78
Outstanding, end of period, weighted average exercise price	$ 53.62	61.88
Exercisable, weighted average exercise price		$ 59.70

Share Based Compensation Plan_4

Share Based Compensation Plans (Weighted Average Grant Date Assumptions) (Details) - Stock Appreciation Rights (SARs)	6 Months Ended
	Jun. 28, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SAR Value (model conclusion)	$ 20.56
Risk-free rate	1.20%
Expected dividend yield	0.00%
Expected volatility	22.60%
Expected term (years)	6 years

Share Based Compensation Plan_5

Share Based Compensation Plans (RSUs) (Details)	6 Months Ended
	Jun. 28, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options Vested and Undelivered Performance adjustment Weighted Average Grant Date Fair Value | $ / shares	$ 67.50
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)	523,207
Granted (shares)	202,918
Performance adjustment (shares)	59,936
Delivered (shares)	(107,939)
Withheld to cover (shares)	(15,307)
Forfeited (shares)	(52,425)
Outstanding, end of period (shares)	490,518
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) | $ / shares	$ 59.58
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	78.51
Outstanding, end of period (weighted average grant date fair value) | $ / shares	$ 66.96

Restructuring Costs (Restructur

Restructuring Costs (Restructuring Costs by Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019	Dec. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,148	$ 1,361	$ 3,089	$ 5,101
Cumulative amount incurred to date	14,489		14,489
Restructuring Reserve	325	1,251	325	1,251	$ 1,535	$ 654
Payments for Restructuring			4,299	4,504
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			350	4,378
Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs			2,739	723
2019 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	803	897	2,623	3,685
Cumulative amount incurred to date	10,003		10,003
Restructuring Reserve	325	1,021	325	1,021	1,535	0
Payments for Restructuring			3,833	2,664
2019 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			219	3,061
2019 Plan | Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs			2,404	624
2019 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	569	945	1,297	2,404
2019 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	5	(37)	336
2019 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	86	(118)	948	486
2019 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	148	65	415	459
2018 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	345	464	466	1,416
Cumulative amount incurred to date	4,486		4,486
Restructuring Reserve	0	211	0	211	$ 0	596
Payments for Restructuring			466	1,801
2018 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			131	1,317
2018 Plan | Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs			335	99
2018 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	345	368	466	789
2018 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	96	0	627
2018 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0	0
2018 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0	0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve		19		19		$ 58
Payments for Restructuring				39
Other | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs				0
Other | Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring costs				0
Operating Segments | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	914	1,313	1,763	3,193
Cumulative amount incurred to date	8,967		8,967
Operating Segments | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	101	(37)	963
Cumulative amount incurred to date	2,634		2,634
Operating Segments | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	86	(118)	948	486
Cumulative amount incurred to date	1,454		1,454
Operating Segments | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	148	$ 65	415	$ 459
Cumulative amount incurred to date	1,434		1,434
Operating Segments | 2019 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	6,756		6,756
Operating Segments | 2019 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	359		359
Operating Segments | 2019 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	1,454		1,454
Operating Segments | 2019 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	1,434		1,434
Operating Segments | 2018 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	2,211		2,211
Operating Segments | 2018 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	2,275		2,275
Operating Segments | 2018 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	0		0
Operating Segments | 2018 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	$ 0		$ 0

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 1,535	$ 654
Restructuring charges	$ 1,148	$ 1,361	3,089	5,101
Cash payments			(4,299)	(4,504)
Restructuring reserve, ending balance	325	1,251	325	1,251
Severance
Restructuring Reserve [Roll Forward]
Restructuring charges			350	4,378
Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring charges			2,739	723
2019 Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			1,535	0
Restructuring charges	803	897	2,623	3,685
Cash payments			(3,833)	(2,664)
Restructuring reserve, ending balance	325	1,021	325	1,021
2019 Plan | Severance
Restructuring Reserve [Roll Forward]
Restructuring charges			219	3,061
2019 Plan | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring charges			2,404	624
2018 Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			0	596
Restructuring charges	345	464	466	1,416
Cash payments			(466)	(1,801)
Restructuring reserve, ending balance	0	211	0	211
2018 Plan | Severance
Restructuring Reserve [Roll Forward]
Restructuring charges			131	1,317
2018 Plan | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring charges			335	99
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				58
Cash payments				(39)
Restructuring reserve, ending balance		$ 19		19
Other | Severance
Restructuring Reserve [Roll Forward]
Restructuring charges				0
Other | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring charges				$ 0
Minimum | 2019 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining	5,000		5,000
Maximum | 2019 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining	$ 6,000		$ 6,000

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment	$ 0	$ 3,142	$ 0	$ 13,767
Book value of asset group	$ 23,200		$ 23,200
Level 3 | Nonrecurring
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				$ 9,400

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2020	Jun. 28, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Canadian federal statutory rate		26.70%
Income tax benefit due to the exercise and delivery of share-based awards	$ 0.1	$ 0.8	$ 0.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Masonite	$ 33,997	$ 24,242	$ 63,882	$ 28,031
Shares used in computing basic earnings per share	24,466,575	25,126,065	24,664,008	25,350,488
Effect of dilutive securities:
Incremental shares issuable under share compensation plans	184,832	250,553	268,856	295,035
Shares used in computing diluted earnings per share	24,651,407	25,376,618	24,932,864	25,645,523
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 1.39	$ 0.96	$ 2.59	$ 1.11
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 1.38	$ 0.96	$ 2.56	$ 1.09
Stock Appreciation Rights (SARs)
Effect of dilutive securities:
Anti-dilutive instruments excluded from diluted earnings per common share	461,367	355,142	289,490	355,702

Segment Information (Geographic

Segment Information (Geographic Segments Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 499,658	$ 562,943	$ 1,050,886	$ 1,093,254
Adjusted EBITDA	91,892	79,733	173,409	145,212
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	504,400	568,211	1,059,983	1,102,833
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(4,742)	(5,268)	(9,097)	(9,579)
North American Residential
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	381,165	379,610	765,022	733,335
Adjusted EBITDA	91,131	63,401	162,827	117,022
North American Residential | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	381,608	380,505	766,053	735,307
North American Residential | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(443)	(895)	(1,031)	(1,972)
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	29,888	80,953	100,614	165,220
Adjusted EBITDA	(918)	13,408	8,761	23,405
Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	30,430	81,361	101,586	166,100
Europe | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(542)	(408)	(972)	(880)
Architectural
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	85,639	97,181	176,857	182,772
Adjusted EBITDA	11,500	12,778	22,082	20,392
Architectural | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	89,396	101,146	183,951	189,499
Architectural | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(3,757)	(3,965)	(7,094)	(6,727)
Corporate & Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,966	5,199	8,393	11,927
Adjusted EBITDA	(9,821)	(9,854)	(20,261)	(15,607)
Corporate & Other | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,966	5,199	8,393	11,927
Corporate & Other | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Segment Information (Reconcilia

Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Adjusted EBITDA	$ 91,892	$ 79,733	$ 173,409	$ 145,212
Depreciation	16,843	18,201	32,861	36,486
Amortization	5,922	7,329	12,381	14,926
Share based compensation expense	3,740	2,093	7,210	4,773
Loss on disposal of property, plant and equipment	2,423	1,322	4,045	4,235
Restructuring costs	1,148	1,361	3,089	5,101
Asset impairment	0	3,142	0	13,767
Loss on disposal of subsidiaries	2,091	0	2,091	4,605
Interest expense, net	11,824	11,357	23,106	22,484
Other expense (income), net	(1,446)	(456)	(1,397)	(1,586)
Income tax expense	14,687	10,293	24,326	10,351
Net income attributable to non-controlling interest	663	849	1,815	2,039
Net income attributable to Masonite	$ 33,997	$ 24,242	$ 63,882	$ 28,031

Other Comprehensive Income an_3

Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019
Accumulated Foreign Currency Translation Gains (Losses) [Roll Forward]
Accumulated foreign currency translation gains (losses), beginning of period	$ (151,488)	$ (116,143)	$ (113,336)	$ (129,930)
Foreign currency translation gain (loss)	12,478	(5,178)	(26,209)	7,812
Income tax benefit (expense) on foreign currency translation gain (loss)	17	13	(27)	25
Cumulative translation adjustment recognized upon deconsolidation of subsidiary	2,254	0	2,254	1,001
Less: foreign currency translation gain (loss) attributable to non-controlling interest	230	132	(349)	348
Accumulated foreign currency translation gains (losses), end of period	(136,969)	(121,440)	(136,969)	(121,440)
Accumulated Amortization of Actuarial Net Losses [Roll Forward]
Accumulated pension and other post-retirement adjustments, beginning of period	(16,705)	(22,690)	(16,833)	(22,989)
Amortization of actuarial net losses	172	403	345	807
Income tax expense on amortization of actuarial net losses	(45)	(105)	(90)	(210)
Accumulated pension and other post-retirement adjustments	(16,578)	(22,392)	(16,578)	(22,392)
Accumulated other comprehensive loss	(153,547)	(143,832)	(153,547)	(143,832)	$ (130,169)
Other comprehensive income (loss), net of tax	14,876	(4,867)	(23,727)	9,435
Less: other comprehensive income (loss) attributable to non-controlling interest	230	132	(349)	348
Other comprehensive income (loss) attributable to Masonite	14,646	(4,999)	(23,378)	9,087
Foreign currency translation gain (loss)	$ 12,478	$ (5,178)	$ (26,209)	$ 7,812

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Dec. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Property, Plant and Equipment, Additions	$ 5,400		$ 6,300
Transactions involving cash:
Interest paid	22,952	$ 24,068
Interest received	852	1,158
Income taxes paid	4,101	8,392
Income tax refunds	469	0
Cash paid for operating lease liabilities	14,296	12,724
Cash paid for finance lease liabilities	634	0
Non-cash transactions from operating activities:
Right-of-use assets acquired in under operating leases	$ 25,425	$ 48,970

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019	Jun. 30, 2019	Dec. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 197,506	$ 166,964
Restricted cash	10,644	10,644
Total cash, cash equivalents and restricted cash	$ 208,150	$ 177,608	$ 123,288	$ 126,141

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Senior Notes - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jun. 28, 2020	Dec. 29, 2019
Senior Notes Due 2028 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 516,748	$ 529,105
Senior Notes Due 2028 | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	494,021	493,648
Senior Notes Due 2026 | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	309,291	318,846
Senior Notes Due 2026 | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 296,639	$ 296,367