Masonite International (DOOR) 10-Q 10 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 04, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,091,364
Entity Central Index Key	0000893691
Current Fiscal Year End Date	--01-02
Document Fiscal Year Focus	2021
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
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net sales	$ 662,410	$ 499,658	$ 1,308,747	$ 1,050,886
Cost of goods sold	498,068	363,304	985,767	780,251
Gross profit	164,342	136,354	322,980	270,635
Selling, general and administration expenses	82,511	73,390	166,142	153,723
Restructuring costs	2,192	1,148	3,835	3,089
Asset impairment	10,374	0	10,374	0
Loss on disposal of subsidiaries	(8,590)	(2,091)	(8,590)	(2,091)
Operating income	60,675	59,725	134,039	111,732
Interest expense, net	11,918	11,824	23,864	23,106
Other (income) expense, net	(1,586)	(1,446)	(2,929)	(1,397)
Income before income tax expense	50,343	49,347	113,104	90,023
Income tax expense	14,246	14,687	28,859	24,326
Net income	36,097	34,660	84,245	65,697
Less: net income attributable to non-controlling interests	1,051	663	2,218	1,815
Net income attributable to Masonite	$ 35,046	$ 33,997	$ 82,027	$ 63,882
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 1.43	$ 1.39	$ 3.35	$ 2.59
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 1.41	$ 1.38	$ 3.30	$ 2.56
Other comprehensive income (loss):
Net income	$ 36,097	$ 34,660	$ 84,245	$ 65,697
Foreign currency translation gain (loss)	6,039	14,732	8,267	(23,955)
Amortization of actuarial net losses	332	172	666	345
Income tax expense related to other comprehensive income (loss)	(59)	(28)	(113)	(117)
Other comprehensive income (loss), net of tax	6,312	14,876	8,820	(23,727)
Comprehensive income	42,409	49,536	93,065	41,970
Less: comprehensive income attributable to non-controlling interests	1,149	893	2,487	1,466
Comprehensive income attributable to Masonite	$ 41,260	$ 48,643	$ 90,578	$ 40,504

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 328,598	$ 364,674
Restricted cash	10,560	10,560
Accounts receivable, net	361,663	290,508
Inventories, net	281,179	260,962
Prepaid expenses and other assets	43,198	42,538
Income taxes receivable	3,573	1,124
Total current assets	1,028,771	970,366
Property, plant and equipment, net	605,848	625,126
Operating lease right-of-use assets	145,545	146,806
Investment in equity investees	11,475	14,636
Goodwill	138,072	138,692
Intangible assets, net	160,930	169,392
Deferred income taxes	19,040	25,331
Other assets	47,772	47,411
Total assets	2,157,453	2,137,760
Current liabilities:
Accounts payable	115,443	97,211
Accrued expenses	224,414	277,716
Income taxes payable	4,119	11,086
Total current liabilities	343,976	386,013
Long-term debt	791,950	792,242
Long-term operating lease liabilities	133,924	136,235
Deferred income taxes	78,156	73,073
Other liabilities	59,274	55,080
Total liabilities	1,407,280	1,442,643
Commitments and Contingencies (Note 7)
Equity:
Share capital: unlimited shares authorized, no par value, 24,238,024 and 24,422,934 shares issued and outstanding as of July 4, 2021, and January 3, 2021, respectively	556,398	552,969
Additional paid-in capital	217,599	223,666
Accumulated earnings	68,845	20,385
Accumulated other comprehensive loss	(103,512)	(112,063)
Total equity attributable to Masonite	739,330	684,957
Equity attributable to non-controlling interests	10,843	10,160
Total equity	750,173	695,117
Total liabilities and equity	$ 2,157,453	$ 2,137,760

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Jul. 04, 2021	Jan. 03, 2021
Statement of Financial Position [Abstract]
Shares issued	24,238,024	24,422,934
Shares outstanding	24,238,024	24,422,934

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. 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
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
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
Opening Balance, Value at Jan. 03, 2021	695,117	$ 552,969	223,666	20,385	(112,063)	10,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		11,064	(11,064)
Common shares issued under employee stock purchase plan, value		824	(183)
Common shares repurchased and retired, Value		(8,459)		(33,567)
Share based compensation expense			9,124
Common shares withheld to cover income taxes payable due to delivery of share based awards			(3,944)
Net income	84,245			82,027		2,218
Other comprehensive income (loss), net of tax	8,820				8,551	269
Dividends to noncontrolling interests						(1,804)
Ending Balance, Value at Jul. 04, 2021	$ 750,173	$ 556,398	217,599	68,845	(103,512)	10,843
Opening Balance, Shares at Jan. 03, 2021	24,422,934	24,422,934
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		175,488
Common shares issued under employee stock purchase plan		8,297
Common shares repurchased and retired, Shares		(368,695)
Ending Balance, Shares at Jul. 04, 2021	24,238,024	24,238,024
Opening Balance, Value at Apr. 04, 2021	$ 737,153	$ 561,776	214,689	59,712	(109,726)	10,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		1,133	(1,133)
Common shares issued under employee stock purchase plan, value		0	0
Common shares repurchased and retired, Value		(6,511)		(25,913)
Share based compensation expense			4,706
Common shares withheld to cover income taxes payable due to delivery of share based awards			(663)
Net income	36,097			35,046		1,051
Other comprehensive income (loss), net of tax	6,312				6,214	98
Dividends to noncontrolling interests						(1,008)
Ending Balance, Value at Jul. 04, 2021	$ 750,173	$ 556,398	$ 217,599	$ 68,845	$ (103,512)	$ 10,843
Opening Balance, Shares at Apr. 04, 2021		24,500,706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		21,030
Common shares issued under employee stock purchase plan		0
Common shares repurchased and retired, Shares		(283,712)
Ending Balance, Shares at Jul. 04, 2021	24,238,024	24,238,024

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Cash flows from operating activities:
Net income	$ 84,245	$ 65,697
Adjustments to reconcile net income to net cash flow provided by operating activities:
Loss on disposal of subsidiaries	8,590	2,091
Depreciation	35,511	32,861
Amortization	11,326	12,381
Share based compensation expense	9,124	7,210
Deferred income taxes	12,164	6,044
Unrealized foreign exchange gain	(372)	(78)
Share of income from equity investees, net of tax	(1,339)	(1,159)
Dividend from equity investee	4,500	2,925
Pension and post-retirement funding, net of expense	(1,873)	(2,788)
Non-cash accruals and interest	839	852
(Gain) loss on sale of property, plant and equipment	(210)	4,045
Asset impairment	10,374	0
Accounts receivable	(72,437)	(19,304)
Inventories	(24,182)	(13,519)
Prepaid expenses and other assets	(536)	(2,860)
Accounts payable and accrued expenses	(28,651)	(9,491)
Other assets and liabilities	(13,863)	18,293
Net cash flow provided by operating activities	33,210	103,200
Cash flows from investing activities:
Additions to property, plant and equipment	(29,659)	(28,712)
Acquisition of businesses, net of cash acquired	(160)	0
Proceeds from sale of subsidiaries, net of cash disposed	7,001	0
Proceeds from sale of property, plant and equipment	3,392	48
Other investing activities	(1,247)	(1,205)
Net cash flow used in investing activities	(20,673)	(29,869)
Cash flows from financing activities:
Repayments of long-term debt	(945)	(57)
Tax witholding on share based awards	(3,944)	(2,396)
Distributions to non-controlling interests	(1,804)	(3,028)
Repurchases of common shares	(42,026)	(34,770)
Net cash flow used in financing activities	(48,719)	(40,251)
Net foreign currency translation adjustment on cash	106	(2,538)
Increase (decrease) in cash, cash equivalents and restricted cash	(36,076)	30,542
Cash, cash equivalents and restricted cash, beginning of period	375,234	177,608
Cash, cash equivalents and restricted cash, at end of period	$ 339,158	$ 208,150

Business Overview and Significa

Business Overview and Significant Accounting Policies	6 Months Ended
	Jul. 04, 2021
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 58 manufacturing and distribution facilities in seven 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 January 3, 2021, 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 and the 52- or 53-week periods are referred to as year. 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 2020 audited consolidated financial statements, other than as noted below. Adoption of Recent Accounting Pronouncements 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. We have adopted the new guidance prospectively as of January 4, 2021, the beginning of fiscal year 2021, and the adoption did not have a material impact 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. We adopted the new guidance using a retrospective approach as of January 3, 2021, the end of fiscal year 2020, and the adoption did not have a material impact on our financial statements or disclosures.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jul. 04, 2021
Business Combinations [Abstract]
Acquisitions and Disposition	Acquisitions and Divestitures Acquisitions On December 4, 2020, we completed the acquisition of a Lowe's Companies, Inc. door fabrication facility in the United States for cash consideration of $3.9 million. During the first quarter of 2021, as a result of working capital adjustments we paid an additional $0.2 million. The purchase price allocation, net sales, net income (loss) attributable to Masonite and pro forma information for the acquisition are not presented as they were not material for any period presented. On August 31, 2020, we acquired intellectual property and other assets related to an interior door technology for cash consideration of $1.9 million. The purchase price allocation, net sales, net income (loss) attributable to Masonite and pro forma information for the acquisition are not presented as they were not material for any period presented. Divestitures On June 14, 2021, we completed the sale of all of the capital stock of our Czech business ("Czech") for consideration of $7.0 million, net of cash disposed. The purchasers are not considered to be a related party. The divestiture of this business resulted in a loss on disposal of subsidiaries of $8.6 million, which was recognized in the second quarter of 2021 in the Europe segment. The total charge consists of $5.1 million relating to the write-off of the net assets sold and other professional fees and $3.5 million relating to the recognition of the cumulative translation adjustment out of accumulated other comprehensive loss. 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.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jul. 04, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 58.6% and 53.1% of total accounts receivable as of July 4, 2021, and January 3, 2021, respectively. Our largest customer, The Home Depot, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of July 4, 2021, and January 3, 2021. In addition, we had one other retail customer that accounted for more than 10% of the consolidated gross accounts receivable balance as of July 4, 2021. The allowance for doubtful accounts balance was $2.9 million and $2.8 million as of July 4, 2021, and January 3, 2021, 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 expenses within the condensed consolidated statements of comprehensive income.

Inventories

Inventories	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) July 4, 2021 January 3, 2021 Raw materials $ 209,648 $ 191,784 Finished goods 78,638 75,483 Provision for obsolete or aged inventory (7,107) (6,305) Inventories, net $ 281,179 $ 260,962

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jul. 04, 2021
Accrued Expenses [Abstract]
Accrued expenses	Accrued Expenses The details of our accrued expenses were as follows as of the dates indicated: (In thousands) July 4, 2021 January 3, 2021 Accrued payroll $ 64,354 $ 86,517 Accrued rebates 42,502 49,531 Current portion of operating lease liabilities 23,935 22,667 Accrued interest 16,452 16,435 Accrued legal settlement 9,250 40,000 Other accruals 67,921 62,566 Total accrued expenses $ 224,414 $ 277,716

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt (In thousands) July 4, 2021 January 3, 2021 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 (8,050) (8,694) Other long-term debt — 936 Total long-term debt $ 791,950 $ 792,242 Interest expense related to our consolidated indebtedness under senior unsecured notes was $11.4 million and $22.9 million for the three and six months ended July 4, 2021, respectively, and $11.3 million and $22.6 million for the three and six months ended June 28, 2020, 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. 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 January 3, 2021. As of July 4, 2021, 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 January 3, 2021. As of July 4, 2021, we were in compliance with all covenants under the indenture governing the 2026 Notes. 3.50% Senior Notes due 2030 On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes were issued in a private placement for resale to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Securities Act), and to buyers outside of the United States pursuant to Regulation S under the Securities Act. The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year commencing on February 15, 2022, and are due February 15, 2030. The 2030 Notes were issued at par. We received net proceeds of $370.2 million after deducting $4.8 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the 2030 Notes using the effective interest method. The net proceeds from the issuance of the 2030 Notes were used to redeem the remaining $300.0 million aggregate principal amount of the 2026 Notes (as described above), including the payment of related premiums, fees and expenses, with the balance of the proceeds available for general corporate purposes. Subsequent to the closing of the 2030 Notes offering, the 2026 Notes were redeemed, and the notes were considered extinguished as of July 26, 2021. Under the terms of the indenture governing the 2026 Notes, we paid the applicable premium of $10.8 million. Additionally, the unamortized debt issuance costs of $2.8 million relating to the 2026 Notes were written off in conjunction with the extinguishment of the 2026 Notes. The resulting loss on extinguishment of debt was $13.6 million and will be recorded as part of income from continuing operations before income tax expense in the condensed consolidated statements of comprehensive income in the third quarter of 2021. Additionally, the cash payment of interest accrued to, but not including, the redemption date was accelerated to the redemption date. Obligations under the 2030 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by certain of our directly or indirectly wholly-owned subsidiaries. We may redeem the 2030 Notes under certain circumstances specified therein. The indenture governing the 2030 Notes contains limited covenants that, among other things, limit our ability and the ability of our subsidiaries to (i) incur certain secured debt, (ii) engage in certain sale and leaseback transactions and (iii) merge or consolidate with other entities. The foregoing limitations are subject to exceptions as set forth in the indenture governing the 2030 Notes. The indenture governing the 2030 Notes contains customary events of default (subject to certain cases to customary grace and cure periods). 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 January 3, 2021. As of July 4, 2021, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $237.0 million under our ABL Facility and there were no amounts outstanding as of July 4, 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 04, 2021
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 January 3, 2021. Refer to Note 10. Commitments and Contingencies in the consolidated financial statements in our Annual Report on Form 10-K for the year ended January 3, 2021, for a full description of the previously disclosed legal proceedings. Indemnifications We have provided customary indemnifications to our landlords under certain property lease agreements for claims by third parties in connection with their use of the premises. We also have provided routine indemnifications against adverse effects related to changes in tax laws and patent infringements by third parties. The maximum amount of these indemnifications cannot be reasonably estimated due to their nature. In some cases, we have recourse against other parties to mitigate the risk of loss from these indemnifications. Historically, we have not made any significant payments relating to such indemnifications. Antitrust Class Action Proceedings - United States With respect to the putative class action antitrust cases pending in the Eastern District of Virginia, at a hearing held on June 2, 2021, the Court stated that it would grant final approval of the settlement with the direct purchaser plaintiffs, which it did in a written order issued the next day. Subsequently: (i) we paid $30.75 million in June 2021, representing the remainder of the previously agreed upon settlement that had been accrued for the direct purchaser settlement within accrued expenses in the condensed consolidated balance sheets, and (ii) the Court entered final judgment of dismissal as to defendants in the direct purchaser case. Additionally, at a hearing held on July 26, 2021, the Court stated that it would grant final approval of the settlement with the indirect purchaser plaintiffs, which it did in a written order issued the following day. Subsequently: (i) we paid $9.25 million in August 2021, representing the remainder of the previously agreed upon settlement that had been accrued for the indirect purchaser settlement within accrued expenses in the condensed consolidated balance sheet, and (ii) the Court entered final judgment of dismissal as to defendants in the indirect purchaser case. Class Action Proceedings - Canada With respect to the putative class action antitrust case pending in Quebec, Canada, all parties in the Quebec proceeding filed a motion with the Quebec court seeking to stay the proceeding on December 22, 2020. The Quebec court has not yet released its decision regarding this motion. With respect to the putative class action antitrust case pending in the Federal Court of Canada, the plaintiff served its certification record on March 31, 2021. The parties are conferring regarding a narrowing of issues and with respect to a mutually agreeable timeline of steps leading up to the plaintiff's certification motion. The parties have written to the Federal Court advising that the parties do not yet propose to set a timetable of steps leading to the certification motion and requesting that the parties be permitted to provide a further update to the Federal Court by September 30, 2021. We have not recognized an expense related to damages in connection with this matter because, although an adverse outcome is reasonably possible, 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. General In addition to the above, from time to time, we are involved in various claims and legal actions, including but not limited to wage and hour and labor lawsuits. In the opinion of management, the ultimate disposition of these matters, individually and in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows.

Share Based Compensation Plans

Share Based Compensation Plans	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Share Based Compensation Plans	Share Based Compensation Plans Share based compensation expense was $4.7 million and $9.1 million for the three and six months ended July 4, 2021, respectively, and $3.7 million and $7.2 million for the three and six months ended June 28, 2020, respectively. As of July 4, 2021, the total remaining unrecognized compensation expense related to share based compensation amounted to $25.4 million, which will be amortized over the weighted average remaining requisite service period of 1.7 years. Equity Incentive Plans On March 10, 2021, the Board of Directors adopted the Masonite International Corporation 2021 Omnibus Incentive Equity Plan (the "2021 Plan"), which was approved by our shareholders at the Annual General Meeting of Shareholders on May 13, 2021. The 2021 Plan is effective for ten years from the date of approval. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Plan cannot exceed 880,000 shares; plus the number of shares reserved for the 2012 Plan that is in excess of the number of shares related to outstanding grants; plus the number of shares subject to existing grants under the 2012 Plan that may expire or be forfeited or cancelled. As of July 4, 2021, there were 1,490,030 shares of common stock available for future issuance under the 2021 Plan. 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 January 3, 2021. Aside from shares issuable for outstanding awards, there are no further shares of common stock available for future issuance under the 2009 and 2012 Plans. 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 January 3, 2021. As of July 4, 2021, the liability and asset relating to deferred compensation had a fair value of $8.4 million and $8.7 million, respectively. As of July 4, 2021, 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 $0.8 million during the six months ended July 4, 2021. Six Months Ended July 4, 2021 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 207,094 $ 7,409 $ 62.56 7.5 Granted 28,707 107.68 Exercised (26,262) 1,869 48.17 Outstanding, end of period 209,539 $ 8,830 $ 70.55 7.6 Exercisable, end of period 124,435 $ 6,128 $ 63.44 6.9 The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is expected to be recognized over the average requisite service period of 2.0 years. 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: 2021 Grants SAR value (model conclusion) $ 28.08 Risk-free rate 0.8 % Expected dividend yield 0.0 % Expected volatility 25.2 % Expected term (years) 6.0 Restricted Stock Units We have granted Restricted Stock Units ("RSUs") to directors and certain employees under the 2012 and 2021 Plans. 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, which is equal to the stock price on 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 July 4, 2021 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 488,057 $ 68.15 Granted 180,638 109.71 Performance adjustment (1) 14,474 63.05 Delivered (167,732) 65.84 Withheld to cover (2) (31,803) Forfeited (12,713) 77.91 Outstanding, end of period 470,921 $ 85.06 ___________ (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 July 4, 2021, vest at specified future dates with only service requirements, while the remaining portion of the RSUs vest based on both performance and service requirements. The value of RSUs granted in the six months ended July 4, 2021, is being recognized over the weighted average requisite service period of 2.3 years. During the six months ended July 4, 2021, 199,535 RSUs vested at a fair value of $12.9 million.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jul. 04, 2021
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In May 2021, we initiated further actions to improve overall business performance that includes the reorganization of our specialty door manufacturing capacity in our Architectural reportable segment. The reorganization of our manufacturing capacity resulted in the closure of one existing stile and rail facility and related headcount reductions beginning in the second quarter of 2021 (collectively, the "2021 Plan"). Costs associated with the 2021 Plan include severance and closure charges and will continue through 2022. As of July 4, 2021, we expect to incur up to $1 million of additional charges related to the 2021 Plan. In November 2020, 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 primarily in our Architectural reportable segment as well as limited actions in the North American Residential reportable segment. The reorganization of our manufacturing capacity involves specific facilities in the Architectural segment and costs associated with the closure of these facilities and related headcount reductions began taking place in the fourth quarter of 2020 (collectively, the "2020 Plan"). Costs associated with the 2020 Plan include severance and closure charges and will continue through 2021. As of July 4, 2021, we expect to incur up to $1 million of additional charges related to the 2020 Plan. 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 2021. As of July 4, 2021, we expect to incur up to $1 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 included severance, retention and closure charges and continued throughout 2019. As of July 4, 2021, 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 July 4, 2021 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 539 $ — $ 539 2020 Plan 19 1,501 — 1,520 2019 Plan 333 (339) 139 133 Total Restructuring Costs $ 352 $ 1,701 $ 139 $ 2,192 Three Months Ended June 28, 2020 (In thousands) North American Residential Architectural Corporate & Other Total 2019 Plan $ 569 $ 86 $ 148 $ 803 2018 Plan 345 — — 345 Total Restructuring Costs $ 914 $ 86 $ 148 $ 1,148 Six Months Ended July 4, 2021 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 539 $ — $ 539 2020 Plan 19 3,015 — 3,034 2019 Plan (28) — 290 262 Total Restructuring Costs $ (9) $ 3,554 $ 290 $ 3,835 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 Cumulative Amount Incurred Through July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2021 Plan $ — $ — $ 539 $ — $ 539 2020 Plan 48 — 4,748 — 4,796 2019 Plan 9,294 359 1,671 2,357 13,681 2018 Plan 2,180 2,275 — — 4,455 Total Restructuring Costs $ 11,522 $ 2,634 $ 6,958 $ 2,357 $ 23,471 The changes in the accrual for restructuring by activity were as follows for the periods indicated: (In thousands) January 3, Severance Closure Costs Cash Payments July 4, 2021 Plan $ — $ 539 $ — $ (3) $ 536 2020 Plan 1,492 260 2,774 (4,472) 54 2019 Plan 291 174 88 (388) 165 Total $ 1,783 $ 973 $ 2,862 $ (4,863) $ 755 (In thousands) December 29, Severance Closure Costs Cash Payments June 28, 2019 Plan $ 1,535 $ 219 $ 2,404 $ (3,833) $ 325 2018 Plan — 131 335 (466) — Total $ 1,535 $ 350 $ 2,739 $ (4,299) $ 325

Asset Impairment

Asset Impairment	6 Months Ended
	Jul. 04, 2021
Asset Impairment Charges [Abstract]
Asset Impairment	Asset ImpairmentDuring the three and six months ended July 4, 2021, we recognized asset impairment charges of $10.4 million related to assets in the Architectural segment and an asset in the Corporate & Other category, as a result of announced plant closures under the 2021 and 2020 Plans. This amount was determined based upon the excess of the carrying values of property, plant and equipment 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 assets. The fair value of the assets was determined to be $6.3 million, compared to a book value of $16.7 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
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate differs from the Canadian statutory rate of 26.5% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate. In addition, we recognized $0.3 million and $2.3 million of income tax benefit due to the exercise and delivery of share-based awards during the three and six months ended July 4, 2021, respectively, compared to $0.1 million and $0.8 million of income tax benefit during the three and six months ended June 28, 2020, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 04, 2021
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. The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method. (In thousands, except share and per share information) Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net income attributable to Masonite $ 35,046 $ 33,997 $ 82,027 $ 63,882 Shares used in computing basic earnings per share 24,450,542 24,466,575 24,460,098 24,664,008 Effect of dilutive securities: Incremental shares issuable under share compensation plans 391,477 184,832 423,716 268,856 Shares used in computing diluted earnings per share 24,842,019 24,651,407 24,883,814 24,932,864 Basic earnings per common share attributable to Masonite $ 1.43 $ 1.39 $ 3.35 $ 2.59 Diluted earnings per common share attributable to Masonite $ 1.41 $ 1.38 $ 3.30 $ 2.56 Anti-dilutive instruments excluded from diluted earnings per common share 31,432 461,367 31,432 289,490

Segment Information

Segment Information	6 Months Ended
	Jul. 04, 2021
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); • other items; • loss (income) from discontinued operations, net of tax; and • net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA was updated in the third quarter of 2020 to exclude other items as these charges are not part of our underlying business performance. This change had no impact to Adjusted EBITDA for the three and six months ended June 28, 2020. 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 reportable segments is as follows for the periods indicated: Three Months Ended July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 493,973 $ 90,179 $ 78,234 $ 5,388 $ 667,774 Intersegment sales (584) (2,369) (2,411) — (5,364) Net sales to external customers $ 493,389 $ 87,810 $ 75,823 $ 5,388 $ 662,410 Adjusted EBITDA $ 100,045 $ 16,584 $ 480 $ (6,545) $ 110,564 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 Six Months Ended July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 971,202 $ 180,385 $ 156,308 $ 11,731 $ 1,319,626 Intersegment sales (1,349) (4,036) (5,494) — (10,879) Net sales to external customers $ 969,853 $ 176,349 $ 150,814 $ 11,731 $ 1,308,747 Adjusted EBITDA $ 194,527 $ 33,339 $ 2,474 $ (17,751) $ 212,589 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 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) July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net income attributable to Masonite $ 35,046 $ 33,997 $ 82,027 $ 63,882 Plus: Depreciation 17,232 16,843 35,511 32,861 Amortization 6,408 5,922 11,326 12,381 Share based compensation expense 4,706 3,740 9,124 7,210 Loss (gain) on disposal of property, plant and equipment 387 2,423 (210) 4,045 Restructuring costs 2,192 1,148 3,835 3,089 Asset impairment 10,374 — 10,374 — Loss on disposal of subsidiaries 8,590 2,091 8,590 2,091 Interest expense, net 11,918 11,824 23,864 23,106 Other (income) expense, net (1,586) (1,446) (2,929) (1,397) Income tax expense 14,246 14,687 28,859 24,326 Net income attributable to non-controlling interest 1,051 663 2,218 1,815 Adjusted EBITDA $ 110,564 $ 91,892 $ 212,589 $ 173,409

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 04, 2021
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) July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Accumulated foreign currency translation losses, beginning of period $ (91,613) $ (151,488) $ (93,684) $ (113,336) Foreign currency translation gain (loss) 2,495 12,478 4,723 (26,209) Income tax benefit (expense) on foreign currency translation gain (loss) 8 17 22 (27) Cumulative translation adjustment recognized upon deconsolidation of subsidiary 3,544 2,254 3,544 2,254 Less: foreign currency translation gain (loss) attributable to non-controlling interest 98 230 269 (349) Accumulated foreign currency translation losses, end of period (85,664) (136,969) (85,664) (136,969) Accumulated pension and other post-retirement adjustments, beginning of period (18,113) (16,705) (18,379) (16,833) Amortization of actuarial net losses 332 172 666 345 Income tax expense on amortization of actuarial net losses (67) (45) (135) (90) Accumulated pension and other post-retirement adjustments (17,848) (16,578) (17,848) (16,578) Accumulated other comprehensive loss $ (103,512) $ (153,547) $ (103,512) $ (153,547) Other comprehensive income (loss), net of tax $ 6,312 $ 14,876 $ 8,820 $ (23,727) Less: other comprehensive income (loss) attributable to non-controlling interest 98 230 269 (349) Other comprehensive income (loss) attributable to Masonite $ 6,214 $ 14,646 $ 8,551 $ (23,378) 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 July 4, 2021, were $2.5 million, primarily driven by the strengthening of the Canadian Dollar, partially offset by weakening of the Pound Sterling in comparison to the U.S. Dollar during the period. During the six months ended July 4, 2021, foreign currency translation gains were $4.7 million, primarily driven by the strengthening of the Canadian Dollar and the Pound Sterling, partially offset by weakening of the Euro in comparison to the U.S. Dollar during the period.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jul. 04, 2021
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) July 4, 2021 June 28, 2020 Transactions involving cash: Interest paid $ 22,462 $ 22,952 Interest received 106 852 Income taxes paid 26,658 4,101 Income tax refunds 442 469 Cash paid for operating lease liabilities 15,598 14,296 Cash paid for finance lease liabilities 653 634 Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 6,883 25,425 The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: July 4, 2021 January 3, 2021 Cash and cash equivalents $ 328,598 $ 364,674 Restricted cash 10,560 10,560 Total cash, cash equivalents and restricted cash $ 339,158 $ 375,234 Property, plant and equipment additions in accounts payable were $3.5 million and $5.6 million as of July 4, 2021, and January 3, 2021, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jul. 04, 2021
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: July 4, 2021 January 3, 2021 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 5.375% senior unsecured notes due 2028 $ 532,825 $ 494,765 $ 535,580 $ 494,393 5.750% senior unsecured notes due 2026 $ 311,430 $ 297,185 $ 315,972 $ 296,913 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Jul. 04, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On August 9, 2021, the Company’s Board of Directors approved an incremental $210.0 million share repurchase program. The new $210.0 million authorization is in addition to the previously authorized share repurchase of up to $600.0 million stemming from three separate authorizations by our Board of Directors, which as of August 6, 2021, had approximately $40.8 million remaining.

Business Overview and Signifi_2

Business Overview and Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements	Adoption of Recent Accounting Pronouncements 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. We have adopted the new guidance prospectively as of January 4, 2021, the beginning of fiscal year 2021, and the adoption did not have a material impact 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. We adopted the new guidance using a retrospective approach as of January 3, 2021, the end of fiscal year 2020, and the adoption did not have a material impact on our financial statements or disclosures.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Inventories	The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) July 4, 2021 January 3, 2021 Raw materials $ 209,648 $ 191,784 Finished goods 78,638 75,483 Provision for obsolete or aged inventory (7,107) (6,305) Inventories, net $ 281,179 $ 260,962

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jul. 04, 2021
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	The details of our accrued expenses were as follows as of the dates indicated: (In thousands) July 4, 2021 January 3, 2021 Accrued payroll $ 64,354 $ 86,517 Accrued rebates 42,502 49,531 Current portion of operating lease liabilities 23,935 22,667 Accrued interest 16,452 16,435 Accrued legal settlement 9,250 40,000 Other accruals 67,921 62,566 Total accrued expenses $ 224,414 $ 277,716

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	(In thousands) July 4, 2021 January 3, 2021 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 (8,050) (8,694) Other long-term debt — 936 Total long-term debt $ 791,950 $ 792,242

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	6 Months Ended
	Jul. 04, 2021
Share-based Payment Arrangement [Abstract]
Stock appreciation rights award activity	Six Months Ended July 4, 2021 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 207,094 $ 7,409 $ 62.56 7.5 Granted 28,707 107.68 Exercised (26,262) 1,869 48.17 Outstanding, end of period 209,539 $ 8,830 $ 70.55 7.6 Exercisable, end of period 124,435 $ 6,128 $ 63.44 6.9
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: 2021 Grants SAR value (model conclusion) $ 28.08 Risk-free rate 0.8 % Expected dividend yield 0.0 % Expected volatility 25.2 % Expected term (years) 6.0
Restricted stock units award activity	Six Months Ended July 4, 2021 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 488,057 $ 68.15 Granted 180,638 109.71 Performance adjustment (1) 14,474 63.05 Delivered (167,732) 65.84 Withheld to cover (2) (31,803) Forfeited (12,713) 77.91 Outstanding, end of period 470,921 $ 85.06 ___________ (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
	Jul. 04, 2021
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 July 4, 2021 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 539 $ — $ 539 2020 Plan 19 1,501 — 1,520 2019 Plan 333 (339) 139 133 Total Restructuring Costs $ 352 $ 1,701 $ 139 $ 2,192 Three Months Ended June 28, 2020 (In thousands) North American Residential Architectural Corporate & Other Total 2019 Plan $ 569 $ 86 $ 148 $ 803 2018 Plan 345 — — 345 Total Restructuring Costs $ 914 $ 86 $ 148 $ 1,148 Six Months Ended July 4, 2021 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 539 $ — $ 539 2020 Plan 19 3,015 — 3,034 2019 Plan (28) — 290 262 Total Restructuring Costs $ (9) $ 3,554 $ 290 $ 3,835 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 Cumulative Amount Incurred Through July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2021 Plan $ — $ — $ 539 $ — $ 539 2020 Plan 48 — 4,748 — 4,796 2019 Plan 9,294 359 1,671 2,357 13,681 2018 Plan 2,180 2,275 — — 4,455 Total Restructuring Costs $ 11,522 $ 2,634 $ 6,958 $ 2,357 $ 23,471
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) January 3, Severance Closure Costs Cash Payments July 4, 2021 Plan $ — $ 539 $ — $ (3) $ 536 2020 Plan 1,492 260 2,774 (4,472) 54 2019 Plan 291 174 88 (388) 165 Total $ 1,783 $ 973 $ 2,862 $ (4,863) $ 755 (In thousands) December 29, Severance Closure Costs Cash Payments June 28, 2019 Plan $ 1,535 $ 219 $ 2,404 $ (3,833) $ 325 2018 Plan — 131 335 (466) — Total $ 1,535 $ 350 $ 2,739 $ (4,299) $ 325

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 04, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	(In thousands, except share and per share information) Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net income attributable to Masonite $ 35,046 $ 33,997 $ 82,027 $ 63,882 Shares used in computing basic earnings per share 24,450,542 24,466,575 24,460,098 24,664,008 Effect of dilutive securities: Incremental shares issuable under share compensation plans 391,477 184,832 423,716 268,856 Shares used in computing diluted earnings per share 24,842,019 24,651,407 24,883,814 24,932,864 Basic earnings per common share attributable to Masonite $ 1.43 $ 1.39 $ 3.35 $ 2.59 Diluted earnings per common share attributable to Masonite $ 1.41 $ 1.38 $ 3.30 $ 2.56 Anti-dilutive instruments excluded from diluted earnings per common share 31,432 461,367 31,432 289,490

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 04, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information with respect to reportable segments is as follows for the periods indicated: Three Months Ended July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 493,973 $ 90,179 $ 78,234 $ 5,388 $ 667,774 Intersegment sales (584) (2,369) (2,411) — (5,364) Net sales to external customers $ 493,389 $ 87,810 $ 75,823 $ 5,388 $ 662,410 Adjusted EBITDA $ 100,045 $ 16,584 $ 480 $ (6,545) $ 110,564 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 Six Months Ended July 4, 2021 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 971,202 $ 180,385 $ 156,308 $ 11,731 $ 1,319,626 Intersegment sales (1,349) (4,036) (5,494) — (10,879) Net sales to external customers $ 969,853 $ 176,349 $ 150,814 $ 11,731 $ 1,308,747 Adjusted EBITDA $ 194,527 $ 33,339 $ 2,474 $ (17,751) $ 212,589 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
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) July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Net income attributable to Masonite $ 35,046 $ 33,997 $ 82,027 $ 63,882 Plus: Depreciation 17,232 16,843 35,511 32,861 Amortization 6,408 5,922 11,326 12,381 Share based compensation expense 4,706 3,740 9,124 7,210 Loss (gain) on disposal of property, plant and equipment 387 2,423 (210) 4,045 Restructuring costs 2,192 1,148 3,835 3,089 Asset impairment 10,374 — 10,374 — Loss on disposal of subsidiaries 8,590 2,091 8,590 2,091 Interest expense, net 11,918 11,824 23,864 23,106 Other (income) expense, net (1,586) (1,446) (2,929) (1,397) Income tax expense 14,246 14,687 28,859 24,326 Net income attributable to non-controlling interest 1,051 663 2,218 1,815 Adjusted EBITDA $ 110,564 $ 91,892 $ 212,589 $ 173,409

Other Comprehensive Income and

Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 04, 2021
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) July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Accumulated foreign currency translation losses, beginning of period $ (91,613) $ (151,488) $ (93,684) $ (113,336) Foreign currency translation gain (loss) 2,495 12,478 4,723 (26,209) Income tax benefit (expense) on foreign currency translation gain (loss) 8 17 22 (27) Cumulative translation adjustment recognized upon deconsolidation of subsidiary 3,544 2,254 3,544 2,254 Less: foreign currency translation gain (loss) attributable to non-controlling interest 98 230 269 (349) Accumulated foreign currency translation losses, end of period (85,664) (136,969) (85,664) (136,969) Accumulated pension and other post-retirement adjustments, beginning of period (18,113) (16,705) (18,379) (16,833) Amortization of actuarial net losses 332 172 666 345 Income tax expense on amortization of actuarial net losses (67) (45) (135) (90) Accumulated pension and other post-retirement adjustments (17,848) (16,578) (17,848) (16,578) Accumulated other comprehensive loss $ (103,512) $ (153,547) $ (103,512) $ (153,547) Other comprehensive income (loss), net of tax $ 6,312 $ 14,876 $ 8,820 $ (23,727) Less: other comprehensive income (loss) attributable to non-controlling interest 98 230 269 (349) Other comprehensive income (loss) attributable to Masonite $ 6,214 $ 14,646 $ 8,551 $ (23,378)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jul. 04, 2021
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) July 4, 2021 June 28, 2020 Transactions involving cash: Interest paid $ 22,462 $ 22,952 Interest received 106 852 Income taxes paid 26,658 4,101 Income tax refunds 442 469 Cash paid for operating lease liabilities 15,598 14,296 Cash paid for finance lease liabilities 653 634 Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 6,883 25,425
Schedule of Cash, Cash Equivalents and Restricted Cash	The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: July 4, 2021 January 3, 2021 Cash and cash equivalents $ 328,598 $ 364,674 Restricted cash 10,560 10,560 Total cash, cash equivalents and restricted cash $ 339,158 $ 375,234

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 04, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The estimated fair values and carrying values of our long-term debt instruments were as follows for the periods indicated: July 4, 2021 January 3, 2021 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 5.375% senior unsecured notes due 2028 $ 532,825 $ 494,765 $ 535,580 $ 494,393 5.750% senior unsecured notes due 2026 $ 311,430 $ 297,185 $ 315,972 $ 296,913

Business Overview and Signifi_3

Business Overview and Significant Accounting Policies (Details)	Jul. 04, 2021facilityCountry
Accounting Policies [Abstract]
Number of manufacturing locations | facility	58
Number of countries | Country	7

Acquisitions and Divestitures (

Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands	Jun. 14, 2021	Dec. 04, 2020	Aug. 31, 2020	Jul. 04, 2021	Apr. 04, 2021	Sep. 27, 2020	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries				$ 8,590			$ 2,091	$ 8,590	$ 2,091
Czech Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, net of cash disposed	$ 7,000
Loss on disposal of subsidiaries	8,600			$ 8,590
Write-off of assets and other professional fees	5,100
Recognition of cumulative translation adjustment ourt of accumulated other comprehensive loss	$ 3,500
India
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries						$ 2,100
Write-off of assets and other professional fees						200
Recognition of cumulative translation adjustment ourt of accumulated other comprehensive loss						$ 2,300
Lowes Door Manufacturing Facility
Business Acquisition [Line Items]
Cash consideration		$ 3,900
Additional payments to acquire business					$ 200
Development Entity
Business Acquisition [Line Items]
Cash consideration			$ 1,900

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 04, 2021Customer	Jul. 04, 2021USD ($)Customer	Jan. 03, 2021USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts | $		$ 2,900	$ 2,800
Accounts Receivable | Customer Concentration Risk | Ten Largest Customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, customers | Customer	10	10
Concentration risk, percent		58.60%	53.10%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 209,648	$ 191,784
Finished goods	78,638	75,483
Provision for obsolete or aged inventory	(7,107)	(6,305)
Inventories, net	$ 281,179	$ 260,962

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Accrued Expenses [Abstract]
Accrued payroll	$ 64,354	$ 86,517
Accrued rebates	42,502	49,531
Current portion of operating lease liabilities	23,935	22,667
Accrued interest	16,452	16,435
Accrued legal settlement	9,250	40,000
Other accruals	67,921	62,566
Total accrued expenses	$ 224,414	$ 277,716

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
Debt Instrument [Line Items]
Other long-term debt	$ 0	$ 936
Total long-term debt	791,950	792,242
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	(8,050)	(8,694)
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt	500,000	500,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 300,000	$ 300,000

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	Jul. 26, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jul. 25, 2019	Jan. 31, 2019	Aug. 27, 2018
Senior Notes
Debt Instrument [Line Items]
Interest expense		$ 11,400,000	$ 11,300,000	$ 22,900,000	$ 22,600,000
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 2026 | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt	$ 300,000,000
Extinguishment of debt, premium paid	10,800,000
Write off of unamortized deferred issuance costs	2,800,000
Loss on extinguishment of debt	13,600,000
Senior Notes | Senior Notes 2030 | Subsequent Event
Debt Instrument [Line Items]
Aggregate principal	$ 375,000,000
Interest rate stated percentage	3.50%
Proceeds from issuance of long-term debt	$ 370,200,000
Debt issuance costs	$ 4,800,000
Revolving Credit Facility | ABL Facility 2024
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 250,000,000
Revolving credit facility availability		$ 237,000,000		$ 237,000,000
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%

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	Aug. 10, 2021	Jun. 30, 2021
In re: Interior Molded Doors Direct Purchaser Antitrust Litigation
Loss Contingencies [Line Items]
Legal settlement awarded to other parties		$ 30,750
In re: Interior Molded Doors Indirect Purchaser Antitrust Litigation | Subsequent Event
Loss Contingencies [Line Items]
Legal settlement awarded to other parties	$ 9,250

Share Based Compensation Plan_2

Share Based Compensation Plans Narrative (Details) - USD ($) $ in Thousands	Mar. 10, 2021	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 4,706	$ 3,740	$ 9,124	$ 7,210
Share based compensation unrecognized		25,400		$ 25,400
Weighted average remaining requisite service period				1 year 8 months 12 days
Deferred compensation liability		8,400		$ 8,400
Deferred compensation asset		$ 8,700		$ 8,700
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, period in force	10 years
2021 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards not to exceed	880,000
Common stock available for future issuance		1,490,030		1,490,030
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Plan term				10 years
Vested, fair value				$ 800
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 3 months 18 days
Units vested				199,535
Fair value of shares vested				$ 12,900
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	6 Months Ended	12 Months Ended
	Jul. 04, 2021	Jan. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period, shares	207,094
Granted, shares	28,707
Exercised, shares	(26,262)
Outstanding, end of period, shares	209,539	207,094
Exercisable, shares	124,435
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	$ 7,409
Exercised, aggregate intrinsic value	1,869
Outstanding, end period, aggregate intrinsic value	8,830	$ 7,409
Exercisable, aggregate intrinsic value	$ 6,128
Outstanding, beginning of period, weighted average remaining contractual term	7 years 7 months 6 days	7 years 6 months
Outstanding, end of period, weighted average remaining contractual term	7 years 7 months 6 days	7 years 6 months
Exercisable, weighted average remaining contractual term	6 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	$ 62.56
Granted, weighted average exercise price	107.68
Exercised, weighted average exercise price	48.17
Outstanding, end of period, weighted average exercise price	70.55	$ 62.56
Exercisable, weighted average exercise price	$ 63.44

Share Based Compensation Plan_4

Share Based Compensation Plans (Weighted Average Grant Date Assumptions) (Details) - Stock Appreciation Rights (SARs)	6 Months Ended
	Jul. 04, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SAR Value (model conclusion)	$ 28.08
Risk-free rate	0.80%
Expected dividend yield	0.00%
Expected volatility	25.20%
Expected term (years)	6 years

Share Based Compensation Plan_5

Share Based Compensation Plans (RSUs) (Details)	6 Months Ended
	Jul. 04, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Performance adjustment (weighted average grant date fair value) | $ / shares	$ 63.05
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)	488,057
Granted (shares)	180,638
Performance adjustment (shares)	(14,474)
Delivered (shares)	(167,732)
Withheld to cover (shares)	(31,803)
Forfeited (shares)	(12,713)
Outstanding, end of period (shares)	470,921
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	$ 68.15
Granted (weighted average grant date fair value) | $ / shares	109.71
Delivered (weighted average grant date fair value) | $ / shares	65.84
Forfeited (weighted average grant date fair value) | $ / shares	77.91
Outstanding, end of period (weighted average grant date fair value) | $ / shares	$ 85.06

Restructuring Costs (Details)

Restructuring Costs (Details) - Maximum $ in Millions	Jul. 04, 2021USD ($)
2021 Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	$ 1
2020 Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	1
2019 Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	$ 1

Restructuring Costs (Restructur

Restructuring Costs (Restructuring Costs by Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021	Dec. 29, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,192	$ 1,148	$ 3,835	$ 3,089
Cumulative amount incurred to date	23,471		23,471
Restructuring Reserve	755	325	755	325	$ 1,783	$ 1,535
Payments for Restructuring			4,863	4,299
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			973	350
Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs			2,862	2,739
North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	352	914	(9)	1,763
Cumulative amount incurred to date	11,522		11,522
Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs				(37)
Cumulative amount incurred to date	2,634		2,634
Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,701	86	3,554	948
Cumulative amount incurred to date	6,958		6,958
Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	139	148	290	415
Cumulative amount incurred to date	2,357		2,357
2021 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	539		539
Cumulative amount incurred to date	539		539
Restructuring Reserve	536		536		0
Payments for Restructuring			3
2021 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			539
2021 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs			0
2021 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		0
Cumulative amount incurred to date	0		0
2021 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	0		0
2021 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	539		539
Cumulative amount incurred to date	539		539
2021 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		0
Cumulative amount incurred to date	0		0
2020 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,520		3,034
Cumulative amount incurred to date	4,796		4,796
Restructuring Reserve	54		54		1,492
Payments for Restructuring			4,472
2020 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			260
2020 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs			2,774
2020 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	19		19
Cumulative amount incurred to date	48		48
2020 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	0		0
2020 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,501		3,015
Cumulative amount incurred to date	4,748		4,748
2020 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		0
Cumulative amount incurred to date	0		0
2019 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	133	803	262	2,623
Cumulative amount incurred to date	13,681		13,681
Restructuring Reserve	165	325	165	325	$ 291	1,535
Payments for Restructuring			388	3,833
2019 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs			174	219
2019 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs			88	2,404
2019 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	333	569	(28)	1,297
Cumulative amount incurred to date	9,294		9,294
2019 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs				(37)
Cumulative amount incurred to date	359		359
2019 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(339)	86	0	948
Cumulative amount incurred to date	1,671		1,671
2019 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	139	148	290	415
Cumulative amount incurred to date	2,357		2,357
2018 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs		345		466
Cumulative amount incurred to date	4,455		4,455
Restructuring Reserve		0		0		$ 0
Payments for Restructuring				466
2018 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs				131
2018 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs				335
2018 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs		345		466
Cumulative amount incurred to date	2,180		2,180
2018 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs				0
Cumulative amount incurred to date	2,275		2,275
2018 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0		0
Cumulative amount incurred to date	0		0
2018 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 0		$ 0
Cumulative amount incurred to date	$ 0		$ 0

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment	$ 10,374	$ 0	$ 10,374	$ 0
Architectural and Corporate & Other | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Book value of asset group	$ 16,700		16,700
Level 3 | Architectural and Corporate & Other
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			$ 6,300

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Canadian federal statutory rate			26.50%
Income tax benefit due to the exercise and delivery of share-based awards	$ 300	$ 100	$ 2,300	$ 800

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Masonite	$ 35,046	$ 33,997	$ 82,027	$ 63,882
Shares used in computing basic earnings per share	24,450,542	24,466,575	24,460,098	24,664,008
Effect of dilutive securities:
Incremental shares issuable under share compensation plans	391,477	184,832	423,716	268,856
Shares used in computing diluted earnings per share	24,842,019	24,651,407	24,883,814	24,932,864
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 1.43	$ 1.39	$ 3.35	$ 2.59
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 1.41	$ 1.38	$ 3.30	$ 2.56
Stock Appreciation Rights (SARs)
Effect of dilutive securities:
Anti-dilutive instruments excluded from diluted earnings per common share	31,432	461,367	31,432	289,490

Segment Information (Geographic

Segment Information (Geographic Segments Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 662,410	$ 499,658	$ 1,308,747	$ 1,050,886
Adjusted EBITDA	110,564	91,892	212,589	173,409
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	667,774	504,400	1,319,626	1,059,983
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(5,364)	(4,742)	(10,879)	(9,097)
North American Residential
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	493,389	381,165	969,853	765,022
Adjusted EBITDA	100,045	91,131	194,527	162,827
North American Residential | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	493,973	381,608	971,202	766,053
North American Residential | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(584)	(443)	(1,349)	(1,031)
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	87,810	29,888	176,349	100,614
Adjusted EBITDA	16,584	(918)	33,339	8,761
Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	90,179	30,430	180,385	101,586
Europe | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(2,369)	(542)	(4,036)	(972)
Architectural
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	75,823	85,639	150,814	176,857
Adjusted EBITDA	480	11,500	2,474	22,082
Architectural | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	78,234	89,396	156,308	183,951
Architectural | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(2,411)	(3,757)	(5,494)	(7,094)
Corporate & Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	5,388	2,966	11,731	8,393
Adjusted EBITDA	(6,545)	(9,821)	(17,751)	(20,261)
Corporate & Other | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	5,388	2,966	11,731	8,393
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
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Segment Reporting [Abstract]
Net income attributable to Masonite	$ 35,046	$ 33,997	$ 82,027	$ 63,882
Depreciation	17,232	16,843	35,511	32,861
Amortization	6,408	5,922	11,326	12,381
Share based compensation expense	4,706	3,740	9,124	7,210
Loss (gain) on disposal of property, plant and equipment	387	2,423	(210)	4,045
Restructuring costs	2,192	1,148	3,835	3,089
Asset impairment	10,374	0	10,374	0
Loss on disposal of subsidiaries	(8,590)	(2,091)	(8,590)	(2,091)
Interest expense, net	11,918	11,824	23,864	23,106
Other (income) expense, net	(1,586)	(1,446)	(2,929)	(1,397)
Income tax expense	14,246	14,687	28,859	24,326
Net income attributable to non-controlling interest	1,051	663	2,218	1,815
Adjusted EBITDA	$ 110,564	$ 91,892	$ 212,589	$ 173,409

Other Comprehensive Income an_2

Other Comprehensive Income and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021
Accumulated Foreign Currency Translation Gains (Losses) [Roll Forward]
Accumulated foreign currency translation gains (losses), beginning of period	$ (91,613)	$ (151,488)	$ (93,684)	$ (113,336)
Foreign currency translation gain (loss)	2,495	12,478	4,723	(26,209)
Income tax benefit (expense) on foreign currency translation gain (loss)	8	17	22	(27)
Cumulative translation adjustment recognized upon deconsolidation of subsidiary	3,544	2,254	3,544	2,254
Less: foreign currency translation gain (loss) attributable to non-controlling interest	98	230	269	(349)
Accumulated foreign currency translation gains (losses), end of period	(85,664)	(136,969)	(85,664)	(136,969)
Accumulated Amortization of Actuarial Net Losses [Roll Forward]
Accumulated pension and other post-retirement adjustments, beginning of period	(18,113)	(16,705)	(18,379)	(16,833)
Amortization of actuarial net losses	332	172	666	345
Income tax expense on amortization of actuarial net losses	(67)	(45)	(135)	(90)
Accumulated pension and other post-retirement adjustments	(17,848)	(16,578)	(17,848)	(16,578)
Accumulated other comprehensive loss	(103,512)	(153,547)	(103,512)	(153,547)	$ (112,063)
Other comprehensive income (loss), net of tax	6,312	14,876	8,820	(23,727)
Less: other comprehensive income (loss) attributable to non-controlling interest	98	230	269	(349)
Other comprehensive income (loss) attributable to Masonite	$ 6,214	$ 14,646	$ 8,551	$ (23,378)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jan. 03, 2021
Supplemental Cash Flow Elements [Abstract]
Property, Plant and Equipment, Additions	$ 3,500		$ 5,600
Transactions involving cash:
Interest paid	22,462	$ 22,952
Interest received	106	852
Income taxes paid	26,658	4,101
Income tax refunds	442	469
Cash paid for operating lease liabilities	15,598	14,296
Cash paid for finance lease liabilities	653	634
Non-cash transactions from operating activities:
Right-of-use assets acquired in under operating leases	$ 6,883	$ 25,425

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021	Jun. 28, 2020	Dec. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 328,598	$ 364,674
Restricted cash	10,560	10,560
Total cash, cash equivalents and restricted cash	$ 339,158	$ 375,234	$ 208,150	$ 177,608

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Senior Notes - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Jul. 04, 2021	Jan. 03, 2021
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	$ 532,825	$ 535,580
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	494,765	494,393
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	311,430	315,972
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	$ 297,185	$ 296,913

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Aug. 09, 2021	Aug. 06, 2021	Jul. 04, 2021
Subsequent Event [Line Items]
Stock repurchase program, authorized amount			$ 600,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 40,800,000
Incremental Share Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 210,000,000