Masonite International (DOOR) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 03, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2022
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		22,268,293
Entity Central Index Key	0000893691
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	A1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Statement of Comprehensive Income [Abstract]
Net sales	$ 761,874	$ 662,410	$ 1,488,091	$ 1,308,747
Cost of goods sold	582,389	498,068	1,124,357	985,767
Gross profit	179,485	164,342	363,734	322,980
Selling, general and administration expenses	90,330	82,511	173,576	166,142
Restructuring (benefit) costs	(61)	2,192	(80)	3,835
Asset impairment	0	10,374	0	10,374
Loss on disposal of subsidiaries	0	(8,590)	0	(8,590)
Operating income	89,216	60,675	190,238	134,039
Interest expense, net	10,593	11,918	20,832	23,864
Other (income) expense, net	(400)	(1,586)	(1,815)	(2,929)
Income before income tax expense	79,023	50,343	171,221	113,104
Income tax expense	19,649	14,246	43,126	28,859
Net income	59,374	36,097	128,095	84,245
Less: net income attributable to non-controlling interests	859	1,051	1,998	2,218
Net income attributable to Masonite	$ 58,515	$ 35,046	$ 126,097	$ 82,027
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 2.60	$ 1.43	$ 5.53	$ 3.35
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 2.58	$ 1.41	$ 5.47	$ 3.30
Other comprehensive (loss) income:
Net income	$ 59,374	$ 36,097	$ 128,095	$ 84,245
Foreign currency translation (loss) gain	(28,392)	6,039	(30,497)	8,267
Amortization of actuarial net losses	6	332	12	666
Income tax benefit (expense) related to other comprehensive (loss) income	(23)	(59)	(13)	(113)
Other comprehensive (loss) income, net of tax	(28,409)	6,312	(30,498)	8,820
Comprehensive income	30,965	42,409	97,597	93,065
Less: comprehensive income attributable to non-controlling interests	1,358	1,149	2,639	2,487
Comprehensive income attributable to Masonite	$ 29,607	$ 41,260	$ 94,958	$ 90,578

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 231,541	$ 381,395
Restricted cash	11,099	10,110
Accounts receivable, net	405,762	343,414
Inventories, net	431,266	347,476
Prepaid expenses and other assets	54,670	50,399
Income taxes receivable	3,340	1,332
Total current assets	1,137,678	1,134,126
Property, plant and equipment, net	616,015	626,797
Operating lease right-of-use assets	168,700	176,445
Investment in equity investees	17,604	14,994
Goodwill	69,921	77,102
Intangible assets, net	136,962	150,487
Deferred income taxes	24,238	20,764
Other assets	48,119	45,903
Total assets	2,219,237	2,246,618
Current liabilities:
Accounts payable	145,628	138,788
Accrued expenses	245,505	237,300
Income taxes payable	8,004	8,551
Total current liabilities	399,137	384,639
Long-term debt	866,362	865,721
Long-term operating lease liabilities	157,987	165,670
Deferred income taxes	81,092	77,936
Other liabilities	51,594	52,874
Total liabilities	1,556,172	1,546,840
Commitments and Contingencies (Note 7)
Equity:
Share capital: unlimited shares authorized, no par value, 22,259,356 and 23,623,887 shares issued and outstanding as of July 3, 2022, and January 2, 2022, respectively	521,243	543,400
Additional paid-in capital	216,653	222,177
Retained earnings	46,271	24,244
Accumulated other comprehensive loss	(132,721)	(101,582)
Total equity attributable to Masonite	651,446	688,239
Equity attributable to non-controlling interests	11,619	11,539
Total equity	663,065	699,778
Total liabilities and equity	$ 2,219,237	$ 2,246,618

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Jul. 03, 2022	Jan. 02, 2022
Statement of Financial Position [Abstract]
Shares issued	22,259,356	23,623,887
Shares outstanding	22,259,356	23,623,887

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 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	0	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
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
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	0	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
Opening Balance, Value at Jan. 02, 2022	699,778	$ 543,400	222,177	24,244	(101,582)	11,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		12,976	(12,976)
Common shares issued under employee stock purchase plan, value		797	(134)
Common shares repurchased and retired, Value		35,930	0	104,070
Share based compensation expense			10,695
Common shares withheld to cover income taxes payable due to delivery of share based awards			(3,109)
Net income	128,095			126,097		1,998
Other comprehensive income (loss), net of tax	(30,498)				(31,139)	641
Dividends to noncontrolling interests						(2,559)
Ending Balance, Value at Jul. 03, 2022	$ 663,065	$ 521,243	216,653	46,271	(132,721)	11,619
Opening Balance, Shares at Jan. 02, 2022	23,623,887	23,623,887
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		183,448
Common shares issued under employee stock purchase plan		8,029
Common shares repurchased and retired, Shares		(1,556,008)
Ending Balance, Shares at Jul. 03, 2022	22,259,356	22,259,356
Opening Balance, Value at Apr. 03, 2022	$ 626,447	$ 527,386	194,459	(2,023)	(104,810)	11,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Value		1,346	(1,346)
Common shares issued under employee stock purchase plan, value		0	0
Common shares repurchased and retired, Value		7,489	17,710	10,221
Share based compensation expense			5,976
Common shares withheld to cover income taxes payable due to delivery of share based awards			(146)
Net income	59,374			58,515		859
Other comprehensive income (loss), net of tax	(28,409)				(27,911)	499
Dividends to noncontrolling interests						(1,174)
Ending Balance, Value at Jul. 03, 2022	$ 663,065	$ 521,243	$ 216,653	$ 46,271	$ (132,721)	$ 11,619
Opening Balance, Shares at Apr. 03, 2022		22,564,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards, Shares		14,078
Common shares issued under employee stock purchase plan		0
Common shares repurchased and retired, Shares		(319,678)
Ending Balance, Shares at Jul. 03, 2022	22,259,356	22,259,356

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021
Cash flows from operating activities:
Net income	$ 128,095	$ 84,245
Adjustments to reconcile net income to net cash flow provided by operating activities:
Loss on disposal of subsidiaries	0	(8,590)
Depreciation	34,516	35,511
Amortization	8,908	11,326
Share based compensation expense	10,695	9,124
Deferred income taxes	1,042	12,164
Unrealized foreign exchange loss (gain)	356	(372)
Share of income from equity investees, net of tax	(2,610)	(1,339)
Dividend from equity investee	0	4,500
Pension and post-retirement funding, net of expense	0	(1,873)
Non-cash accruals and interest	(114)	839
Gain on sale of property, plant and equipment	(1,400)	(210)
Asset impairment	0	10,374
Accounts receivable	(67,611)	(72,437)
Inventories	(89,508)	(24,182)
Prepaid expenses and other assets	(4,821)	(536)
Accounts payable and accrued expenses	23,302	(28,651)
Other assets and liabilities	(6,736)	(13,863)
Net cash flow provided by operating activities	34,114	33,210
Cash flows from investing activities:
Additions to property, plant and equipment	(39,955)	(29,659)
Acquisition of businesses, net of cash acquired	0	(160)
Proceeds from sale of subsidiaries, net of cash disposed	0	7,001
Proceeds from sale of property, plant and equipment	6,394	3,392
Other investing activities	(1,152)	(1,247)
Net cash flow used in investing activities	(34,713)	(20,673)
Cash flows from financing activities:
Repayments of long-term debt	0	(945)
Tax withholding on share based awards	(3,109)	(3,944)
Distributions to non-controlling interests	(2,559)	(1,804)
Repurchases of common shares	(140,000)	(42,026)
Net cash flow used in financing activities	(145,668)	(48,719)
Net foreign currency translation adjustment on cash	(2,598)	106
Decrease in cash, cash equivalents and restricted cash	(148,865)	(36,076)
Cash, cash equivalents and restricted cash, beginning of period	391,505	375,234
Cash, cash equivalents and restricted cash, at end of period	$ 242,640	$ 339,158

Business Overview and Significa

Business Overview and Significant Accounting Policies	6 Months Ended
	Jul. 03, 2022
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 59 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 2, 2022, as filed with the SEC (the "Annual Report"). 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 2021 audited consolidated financial statements, other than as noted below. Adoption of Recent Accounting Pronouncements In December 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-10, "Government Assistance," which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions and (3) the effect of those transactions on an entity's financial statements. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. We have adopted the new guidance as of January 3, 2022, the beginning of fiscal year 2022, and the adoption did not have a material impact on our financial statements. We do not anticipate the adoption will have a material impact on our annual disclosures.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jul. 03, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and DivestituresOn 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 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.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jul. 03, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 62.5% and 56.7% of total accounts receivable as of July 3, 2022, and January 2, 2022, respectively. Our largest customer, The Home Depot, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of July 3, 2022, and January 2, 2022. The allowance for doubtful accounts balance was $2.5 million and $2.1 million as of July 3, 2022, and January 2, 2022, 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 income and comprehensive income. In most countries we pay and collect value-added tax ("VAT") when procuring goods and services within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims.

Inventories

Inventories	6 Months Ended
	Jul. 03, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) July 3, 2022 January 2, 2022 Raw materials $ 331,369 $ 275,269 Finished goods 108,579 78,324 Provision for obsolete or aged inventory (8,682) (6,117) Inventories, net $ 431,266 $ 347,476

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jul. 03, 2022
Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses The details of our accrued expenses were as follows as of the dates indicated: (In thousands) July 3, 2022 January 2, 2022 Accrued payroll $ 75,793 $ 66,048 Accrued rebates 49,911 51,200 Current portion of operating lease liabilities 25,798 25,551 Accrued interest 16,442 17,125 Other accruals 77,561 77,376 Total accrued expenses $ 245,505 $ 237,300

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 03, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt (In thousands) July 3, 2022 January 2, 2022 3.50% senior unsecured notes due 2030 $ 375,000 $ 375,000 5.375% senior unsecured notes due 2028 500,000 500,000 Debt issuance costs (8,638) (9,279) Total long-term debt $ 866,362 $ 865,721 Interest expense related to our consolidated indebtedness under our senior unsecured notes was $10.4 million and $20.7 million for the three and six months ended July 3, 2022, respectively, and $11.4 million and $22.9 million for the three and six months ended July 4, 2021, respectively. 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 bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par. Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of July 3, 2022, we were in compliance with all covenants under the indenture governing the 2030 Notes. 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. As of July 3, 2022, we were in compliance with all covenants under the indenture governing the 2028 Notes. ABL Facility On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. Borrowings under the ABL Facility bear interest at a rate equal to, at our option, (i) the United States, Canadian or United Kingdom Base Rate (each as defined in the credit agreement relating to the ABL Facility, the "Amended and Restated Credit Agreement") plus a margin ranging from 0.25% to 0.50% per annum, or (ii) the Adjusted LIBO Rate or BA Rate (each as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 1.25% to 1.50% per annum. In addition to paying interest on any outstanding principal under the ABL Facility, a commitment fee is payable on the undrawn portion of the ABL Facility in an amount equal to 0.25% per annum of the average daily balance of unused commitments during each calendar quarter. The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of July 3, 2022, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.0 million under our ABL Facility and there were no amounts outstanding as of July 3, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 03, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe following discussion describes material developments in our legal proceedings since January 2, 2022. Refer to Note 10. Commitments and Contingencies in the consolidated financial statements in our Annual Report for a full description of 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 - Canada On May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Masonite International Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages and other relief. On December 22, 2020, the parties filed a motion with the court seeking to stay the proceeding. Also, on October 2, 2020, an intended class proceeding was commenced in the Federal Court of Canada naming as defendants Masonite International Corporation, Masonite Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages and other relief. This proceeding is at an early stage. The plaintiff served its certification record on March 31, 2021. The parties have written to the Federal Court asking for available dates in late June 2023 to schedule a two-day certification hearing. 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. 03, 2022
Share-based Payment Arrangement [Abstract]
Share Based Compensation Plans	Share Based Compensation Plans Share based compensation expense was $6.0 million and $10.7 million for the three and six months ended July 3, 2022, respectively, and $4.7 million and $9.1 million for the three and six months ended July 4, 2021, respectively. As of July 3, 2022, the total remaining unrecognized compensation expense related to share based compensation amounted to $28.0 million, which will be amortized over the weighted average remaining requisite service period of 1.9 years. Equity Incentive Plans Our equity incentive plans under the 2021 Equity Plan and 2012 Plan are described in detail and defined in our Annual Report. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Equity 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 3, 2022, there were 1,240,237 shares of common stock available for future issuance under the 2021 Equity Plan. Deferred Compensation Plan We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described in our Annual Report. As of July 3, 2022, the liability and asset relating to deferred compensation had a fair value of $7.5 million and $8.2 million, respectively. As of July 3, 2022, 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 2021 Equity 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 3, 2022. Six Months Ended July 3, 2022 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 158,725 $ 7,324 $ 71.81 7.5 Granted 33,803 88.43 Exercised (3,780) 122 61.55 Forfeited (1,814) 99.58 Outstanding, end of period 186,934 $ 2,002 $ 74.75 7.4 Exercisable, end of period 127,571 $ 1,968 $ 66.33 6.6 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 based upon historical employee exercise behavior and the contractual term of the options amongst other considerations. The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated: 2022 Grants SAR value (model conclusion) $ 26.52 Risk-free rate 2.0 % Expected dividend yield 0.0 % Expected volatility 26.5 % 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 3, 2022 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 442,106 $ 87.24 Granted 244,664 88.45 Performance adjustment (1) 25,234 57.19 Delivered (181,149) 77.67 Withheld to cover (2) (32,148) Forfeited (29,540) 95.31 Outstanding, end of period 469,167 $ 92.89 ___________ (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 shares 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 3, 2022, 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 3, 2022, is being recognized over the weighted average requisite service period of 2.3 years. During the six months ended July 3, 2022, 213,297 RSUs vested at a fair value of $15.3 million.

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jul. 03, 2022
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. As of July 3, 2022, we do not expect to incur any material future 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. As of July 3, 2022, we do not expect to incur any material future 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. As of July 3, 2022, we do not expect to incur any material future charges related to the 2019 Plan. The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: Three Months Ended July 3, 2022 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 4 $ — $ 4 2020 Plan — (3) 16 13 2019 Plan (90) — 12 (78) Total Restructuring (Benefit) Costs $ (90) $ 1 $ 28 $ (61) 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 Six Months Ended July 3, 2022 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 18 $ — $ 18 2020 Plan — 30 16 46 2019 Plan (181) — 37 (144) Total Restructuring (Benefit) Costs $ (181) $ 48 $ 53 $ (80) 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 Cumulative Amount Incurred Through July 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2021 Plan $ — $ — $ 1,684 $ — $ 1,684 2020 Plan 52 — 5,262 39 5,353 2019 Plan 8,969 359 1,671 2,632 13,631 Total Restructuring Costs $ 9,021 $ 359 $ 8,617 $ 2,671 $ 20,668 The changes in the accrual for restructuring by activity were as follows for the periods indicated: (In thousands) January 2, Severance Closure Costs Cash Payments July 3, 2021 Plan $ 25 $ (26) $ 44 $ (43) $ — 2020 Plan 22 (35) 81 (69) (1) 2019 Plan 2 15 (159) 143 1 Total $ 49 $ (46) $ (34) $ 31 $ — (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

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 income and comprehensive income.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 03, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe 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 $0.0 million and $1.1 million of income tax benefit due to the exercise and delivery of share based awards during the three and six months ended July 3, 2022, respectively, compared to $0.3 million and $2.3 million of income tax benefit during the three and six months ended July 4, 2021.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 03, 2022
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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Net income attributable to Masonite $ 58,515 $ 35,046 $ 126,097 $ 82,027 Shares used in computing basic earnings per share 22,525,333 24,450,542 22,803,403 24,460,098 Effect of dilutive securities: Incremental shares issuable under share compensation plans 179,620 391,477 254,628 423,716 Shares used in computing diluted earnings per share 22,704,953 24,842,019 23,058,031 24,883,814 Basic earnings per common share attributable to Masonite $ 2.60 $ 1.43 $ 5.53 $ 3.35 Diluted earnings per common share attributable to Masonite $ 2.58 $ 1.41 $ 5.47 $ 3.30 Anti-dilutive instruments excluded from diluted earnings per common share 104,332 31,432 79,764 31,432 The Company's Board of Directors has approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. In addition, the Company announced that its Board of Directors authorized it to enter into an accelerated share repurchase ("ASR") transaction as part of the new share repurchase program. The Company entered into an ASR transaction during the first quarter of 2022 with a third-party financial institution for the repurchase of $100.0 million of its outstanding common shares. At inception, pursuant to the agreement, the Company paid $100.0 million to the financial institution using cash on hand and received an initial delivery of 848,087 common shares on the same day. As of July 3, 2022, the $100.0 million ASR transaction was completed with a total delivery of 1,167,765 common shares at a volume-weighted average price (“VWAP”) per share minus an agreed upon discount totaling $85.63 per share. The final delivery of 319,678 common shares were delivered in the second quarter. The cash paid was reflected as a reduction of equity at the initial delivery of shares and the number of shares outstanding were reduced at the dates of physical delivery.

Segment Information

Segment Information	6 Months Ended
	Jul. 03, 2022
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 (benefit); • 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 differs from the definitions of EBITDA contained in the indentures governing the 2030 Notes and 2028 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 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 608,483 $ 74,172 $ 79,894 $ 4,820 $ 767,369 Intersegment sales (707) (319) (4,469) — (5,495) Net sales to external customers $ 607,776 $ 73,853 $ 75,425 $ 4,820 $ 761,874 Adjusted EBITDA $ 124,974 $ 8,566 $ 78 $ (15,493) $ 118,125 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 Six Months Ended July 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net Sales $ 1,177,912 $ 156,011 $ 154,553 $ 11,016 $ 1,499,492 Intersegment sales (1,572) (1,690) (8,139) — (11,401) Net sales to external customers $ 1,176,340 $ 154,321 $ 146,414 $ 11,016 $ 1,488,091 Adjusted EBITDA $ 252,641 $ 20,409 $ (2,820) $ (27,353) $ 242,877 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 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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Net income attributable to Masonite $ 58,515 $ 35,046 $ 126,097 $ 82,027 Plus: Depreciation 17,244 17,232 34,516 35,511 Amortization 4,296 6,408 8,908 11,326 Share based compensation expense 5,976 4,706 10,695 9,124 Loss (gain) on disposal of property, plant and equipment 1,454 387 (1,400) (210) Restructuring (benefit) costs (61) 2,192 (80) 3,835 Asset impairment — 10,374 — 10,374 Loss on disposal of subsidiaries — 8,590 — 8,590 Interest expense, net 10,593 11,918 20,832 23,864 Other (income) expense, net (400) (1,586) (1,815) (2,929) Income tax expense 19,649 14,246 43,126 28,859 Net income attributable to non-controlling interest 859 1,051 1,998 2,218 Adjusted EBITDA $ 118,125 $ 110,564 $ 242,877 $ 212,589

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income	6 Months Ended
	Jul. 03, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income	Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income 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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Accumulated foreign currency translation losses, beginning of period $ (100,152) $ (91,613) $ (96,919) $ (93,684) Foreign currency translation (loss) gain (28,392) 2,495 (30,497) 4,723 Income tax benefit on foreign currency translation (loss) gain (24) 8 (13) 22 Cumulative translation adjustment recognized upon deconsolidation of subsidiary — 3,544 — 3,544 Less: foreign currency translation gain attributable to non-controlling interest (498) 98 641 269 Accumulated foreign currency translation losses, end of period (128,070) (85,664) (128,070) (85,664) Accumulated pension and other post-retirement adjustments, beginning of period (4,658) (18,113) (4,663) (18,379) Amortization of actuarial net losses 6 332 12 666 Income tax expense on amortization of actuarial net losses 1 (67) — (135) Accumulated pension and other post-retirement adjustments (4,651) (17,848) (4,651) (17,848) Accumulated other comprehensive loss $ (132,721) $ (103,512) $ (132,721) $ (103,512) Other comprehensive (loss) income, net of tax $ (28,409) $ 6,312 $ (30,498) $ 8,820 Less: other comprehensive income attributable to non-controlling interest (498) 98 641 269 Other comprehensive (loss) income attributable to Masonite $ (27,911) $ 6,214 $ (31,139) $ 8,551 Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of income and comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of income and comprehensive income. Foreign currency translation losses as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended July 3, 2022, were $28.4 million, primarily driven by weakening of the Pound Sterling, the Euro, and the Canadian Dollar in comparison to the U.S. Dollar during the period. During the six months ended July 3, 2022, foreign currency translation losses were $30.5 million primarily driven by weakening of the Pound Sterling, the Euro, and the Canadian Dollar in comparison to the U.S. Dollar during the period.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jul. 03, 2022
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 3, 2022 July 4, 2021 Transactions involving cash: Interest paid $ 20,500 $ 22,462 Interest received 404 106 Income taxes paid 47,453 26,658 Income tax refunds 919 442 Cash paid for operating lease liabilities 16,430 15,598 Cash paid for finance lease liabilities 654 653 Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 2,931 6,883 The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: July 3, 2022 January 2, 2022 Cash and cash equivalents $ 231,541 $ 381,395 Restricted cash 11,099 10,110 Total cash, cash equivalents and restricted cash $ 242,640 $ 391,505 Property, plant and equipment additions in accounts payable were $7.7 million and $10.7 million as of July 3, 2022, and January 2, 2022, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jul. 03, 2022
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 3, 2022 January 2, 2022 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 3.50% senior unsecured notes due 2030 $ 302,273 $ 370,864 $ 373,238 $ 370,593 5.375% senior unsecured notes due 2028 $ 457,075 $ 495,498 $ 526,730 $ 495,128 These estimates are based on market quotes and calculations based on current market rates available to us and are categorized as having Level 2 valuation inputs as established by the FASB's Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management's expectations.

Business Overview and Signifi_2

Business Overview and Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 03, 2022
Accounting Policies [Abstract]
New Accounting Pronouncements	Adoption of Recent Accounting Pronouncements In December 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-10, "Government Assistance," which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions and (3) the effect of those transactions on an entity's financial statements. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. We have adopted the new guidance as of January 3, 2022, the beginning of fiscal year 2022, and the adoption did not have a material impact on our financial statements. We do not anticipate the adoption will have a material impact on our annual disclosures.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 03, 2022
Inventory Disclosure [Abstract]
Inventories	The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) July 3, 2022 January 2, 2022 Raw materials $ 331,369 $ 275,269 Finished goods 108,579 78,324 Provision for obsolete or aged inventory (8,682) (6,117) Inventories, net $ 431,266 $ 347,476

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jul. 03, 2022
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	The details of our accrued expenses were as follows as of the dates indicated: (In thousands) July 3, 2022 January 2, 2022 Accrued payroll $ 75,793 $ 66,048 Accrued rebates 49,911 51,200 Current portion of operating lease liabilities 25,798 25,551 Accrued interest 16,442 17,125 Other accruals 77,561 77,376 Total accrued expenses $ 245,505 $ 237,300

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jul. 03, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	(In thousands) July 3, 2022 January 2, 2022 3.50% senior unsecured notes due 2030 $ 375,000 $ 375,000 5.375% senior unsecured notes due 2028 500,000 500,000 Debt issuance costs (8,638) (9,279) Total long-term debt $ 866,362 $ 865,721

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	6 Months Ended
	Jul. 03, 2022
Share-based Payment Arrangement [Abstract]
Stock appreciation rights award activity	Six Months Ended July 3, 2022 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands) Weighted Average Exercise Price Average Remaining Contractual Life (Years) Outstanding, beginning of period 158,725 $ 7,324 $ 71.81 7.5 Granted 33,803 88.43 Exercised (3,780) 122 61.55 Forfeited (1,814) 99.58 Outstanding, end of period 186,934 $ 2,002 $ 74.75 7.4 Exercisable, end of period 127,571 $ 1,968 $ 66.33 6.6
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: 2022 Grants SAR value (model conclusion) $ 26.52 Risk-free rate 2.0 % Expected dividend yield 0.0 % Expected volatility 26.5 % Expected term (years) 6.0
Restricted stock units award activity	Six Months Ended July 3, 2022 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 442,106 $ 87.24 Granted 244,664 88.45 Performance adjustment (1) 25,234 57.19 Delivered (181,149) 77.67 Withheld to cover (2) (32,148) Forfeited (29,540) 95.31 Outstanding, end of period 469,167 $ 92.89 ___________ (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 shares 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. 03, 2022
Restructuring and Related Activities [Abstract]
Total restructuring costs by plan	The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: Three Months Ended July 3, 2022 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 4 $ — $ 4 2020 Plan — (3) 16 13 2019 Plan (90) — 12 (78) Total Restructuring (Benefit) Costs $ (90) $ 1 $ 28 $ (61) 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 Six Months Ended July 3, 2022 (In thousands) North American Residential Architectural Corporate & Other Total 2021 Plan $ — $ 18 $ — $ 18 2020 Plan — 30 16 46 2019 Plan (181) — 37 (144) Total Restructuring (Benefit) Costs $ (181) $ 48 $ 53 $ (80) 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 Cumulative Amount Incurred Through July 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2021 Plan $ — $ — $ 1,684 $ — $ 1,684 2020 Plan 52 — 5,262 39 5,353 2019 Plan 8,969 359 1,671 2,632 13,631 Total Restructuring Costs $ 9,021 $ 359 $ 8,617 $ 2,671 $ 20,668
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 2, Severance Closure Costs Cash Payments July 3, 2021 Plan $ 25 $ (26) $ 44 $ (43) $ — 2020 Plan 22 (35) 81 (69) (1) 2019 Plan 2 15 (159) 143 1 Total $ 49 $ (46) $ (34) $ 31 $ — (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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 03, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	(In thousands, except share and per share information) Three Months Ended Six Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Net income attributable to Masonite $ 58,515 $ 35,046 $ 126,097 $ 82,027 Shares used in computing basic earnings per share 22,525,333 24,450,542 22,803,403 24,460,098 Effect of dilutive securities: Incremental shares issuable under share compensation plans 179,620 391,477 254,628 423,716 Shares used in computing diluted earnings per share 22,704,953 24,842,019 23,058,031 24,883,814 Basic earnings per common share attributable to Masonite $ 2.60 $ 1.43 $ 5.53 $ 3.35 Diluted earnings per common share attributable to Masonite $ 2.58 $ 1.41 $ 5.47 $ 3.30 Anti-dilutive instruments excluded from diluted earnings per common share 104,332 31,432 79,764 31,432

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 608,483 $ 74,172 $ 79,894 $ 4,820 $ 767,369 Intersegment sales (707) (319) (4,469) — (5,495) Net sales to external customers $ 607,776 $ 73,853 $ 75,425 $ 4,820 $ 761,874 Adjusted EBITDA $ 124,974 $ 8,566 $ 78 $ (15,493) $ 118,125 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 Six Months Ended July 3, 2022 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net Sales $ 1,177,912 $ 156,011 $ 154,553 $ 11,016 $ 1,499,492 Intersegment sales (1,572) (1,690) (8,139) — (11,401) Net sales to external customers $ 1,176,340 $ 154,321 $ 146,414 $ 11,016 $ 1,488,091 Adjusted EBITDA $ 252,641 $ 20,409 $ (2,820) $ (27,353) $ 242,877 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
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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Net income attributable to Masonite $ 58,515 $ 35,046 $ 126,097 $ 82,027 Plus: Depreciation 17,244 17,232 34,516 35,511 Amortization 4,296 6,408 8,908 11,326 Share based compensation expense 5,976 4,706 10,695 9,124 Loss (gain) on disposal of property, plant and equipment 1,454 387 (1,400) (210) Restructuring (benefit) costs (61) 2,192 (80) 3,835 Asset impairment — 10,374 — 10,374 Loss on disposal of subsidiaries — 8,590 — 8,590 Interest expense, net 10,593 11,918 20,832 23,864 Other (income) expense, net (400) (1,586) (1,815) (2,929) Income tax expense 19,649 14,246 43,126 28,859 Net income attributable to non-controlling interest 859 1,051 1,998 2,218 Adjusted EBITDA $ 118,125 $ 110,564 $ 242,877 $ 212,589

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jul. 03, 2022
Equity [Abstract]
Schedule of components of accumulated other comprehensive (loss) income	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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Accumulated foreign currency translation losses, beginning of period $ (100,152) $ (91,613) $ (96,919) $ (93,684) Foreign currency translation (loss) gain (28,392) 2,495 (30,497) 4,723 Income tax benefit on foreign currency translation (loss) gain (24) 8 (13) 22 Cumulative translation adjustment recognized upon deconsolidation of subsidiary — 3,544 — 3,544 Less: foreign currency translation gain attributable to non-controlling interest (498) 98 641 269 Accumulated foreign currency translation losses, end of period (128,070) (85,664) (128,070) (85,664) Accumulated pension and other post-retirement adjustments, beginning of period (4,658) (18,113) (4,663) (18,379) Amortization of actuarial net losses 6 332 12 666 Income tax expense on amortization of actuarial net losses 1 (67) — (135) Accumulated pension and other post-retirement adjustments (4,651) (17,848) (4,651) (17,848) Accumulated other comprehensive loss $ (132,721) $ (103,512) $ (132,721) $ (103,512) Other comprehensive (loss) income, net of tax $ (28,409) $ 6,312 $ (30,498) $ 8,820 Less: other comprehensive income attributable to non-controlling interest (498) 98 641 269 Other comprehensive (loss) income attributable to Masonite $ (27,911) $ 6,214 $ (31,139) $ 8,551

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022 July 4, 2021 Transactions involving cash: Interest paid $ 20,500 $ 22,462 Interest received 404 106 Income taxes paid 47,453 26,658 Income tax refunds 919 442 Cash paid for operating lease liabilities 16,430 15,598 Cash paid for finance lease liabilities 654 653 Non-cash transactions from operating activities: Right-of-use assets acquired under operating leases 2,931 6,883
Schedule of Cash, Cash Equivalents and Restricted Cash	The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: July 3, 2022 January 2, 2022 Cash and cash equivalents $ 231,541 $ 381,395 Restricted cash 11,099 10,110 Total cash, cash equivalents and restricted cash $ 242,640 $ 391,505

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022 January 2, 2022 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 3.50% senior unsecured notes due 2030 $ 302,273 $ 370,864 $ 373,238 $ 370,593 5.375% senior unsecured notes due 2028 $ 457,075 $ 495,498 $ 526,730 $ 495,128

Business Overview and Signifi_3

Business Overview and Significant Accounting Policies (Details)	Jul. 03, 2022 Country facility
Accounting Policies [Abstract]
Number of manufacturing locations | facility	59
Number of countries | Country	7

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 14, 2021	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of subsidiaries	$ 8,600	$ 0	$ 8,590	$ 0	$ 8,590
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		$ 0
Write-off of assets and other professional fees	5,100
Recognition of cumulative translation adjustment ourt of accumulated other comprehensive loss	$ 3,500

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 03, 2022 Customer	Jul. 03, 2022 USD ($) Customer	Jan. 02, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts | $		$ 2,500	$ 2,100
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		62.50%	56.70%
Accounts Receivable | Customer Concentration Risk | The Home Depot, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent		10%	10%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 331,369	$ 275,269
Finished goods	108,579	78,324
Provision for obsolete or aged inventory	(8,682)	(6,117)
Inventories, net	$ 431,266	$ 347,476

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022
Accrued Expenses [Abstract]
Accrued payroll	$ 75,793	$ 66,048
Accrued rebates	49,911	51,200
Current portion of operating lease liabilities	25,798	25,551
Accrued interest	16,442	17,125
Other accruals	77,561	77,376
Total accrued expenses	$ 245,505	$ 237,300

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022	Jul. 26, 2021	Jul. 25, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 866,362	$ 865,721
Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	(8,638)	(9,279)
Senior Notes | Senior Notes 2030
Debt Instrument [Line Items]
Long-term debt	375,000	375,000
Interest rate stated percentage			3.50%
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 500,000
Interest rate stated percentage				5.375%

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021	Jul. 26, 2021	Jul. 25, 2019	Jan. 31, 2019
Senior Notes
Debt Instrument [Line Items]
Interest expense	$ 10,400,000	$ 11,400,000	$ 20,700,000	$ 22,900,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Aggregate principal						$ 500,000,000
Interest rate stated percentage						5.375%
Senior Notes | Senior Notes 2030
Debt Instrument [Line Items]
Aggregate principal					$ 375,000,000
Interest rate stated percentage					3.50%
Revolving Credit Facility | ABL Facility 2024
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 250,000,000
Revolving credit facility availability	249,000,000		249,000,000
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%

Share Based Compensation Plan_2

Share Based Compensation Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021	Mar. 10, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,976	$ 4,706	$ 10,695	$ 9,124
Share based compensation unrecognized	28,000		$ 28,000
Weighted average remaining requisite service period			1 year 10 months 24 days
Deferred compensation liability	7,500		$ 7,500
Deferred compensation asset	$ 8,200		$ 8,200
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	1,240,237		1,240,237
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			213,297
Fair value of shares vested			$ 15,300
Restricted Stock Units (RSUs) | Service Requirement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			65%
Restricted Stock Units (RSUs) | Service and Performance Requirements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			35%

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. 03, 2022	Jan. 02, 2022
Stock Appreciation Rights
Outstanding, beginning of period, shares	158,725
Granted, shares	33,803
Exercised, shares	(3,780)
Forfeited, shares	(1,814)
Outstanding, end of period, shares	186,934	158,725
Exercisable, shares	127,571
Aggregate Intrinsic Value & Average Remaining Contractual Life
Outstanding, beginning of period, aggregate intrinsic value	$ 7,324
Exercised, aggregate intrinsic value	122
Outstanding, end period, aggregate intrinsic value	2,002	$ 7,324
Exercisable, aggregate intrinsic value	$ 1,968
Outstanding, beginning of period, weighted average remaining contractual term	7 years 4 months 24 days	7 years 6 months
Outstanding, end of period, weighted average remaining contractual term	7 years 4 months 24 days	7 years 6 months
Exercisable, weighted average remaining contractual term	6 years 7 months 6 days
Weighted Average Exercise Price
Outstanding, beginning of period, weighted average exercise price	$ 71.81
Granted, weighted average exercise price	88.43
Exercised, weighted average exercise price	61.55
Forfeited, weighted average exercise price	99.58
Outstanding, end of period, weighted average exercise price	74.75	$ 71.81
Exercisable, weighted average exercise price	$ 66.33

Share Based Compensation Plan_4

Share Based Compensation Plans (Weighted Average Grant Date Assumptions) (Details) - Stock Appreciation Rights (SARs)	6 Months Ended
	Jul. 03, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SAR Value (model conclusion)	$ 26.52
Risk-free rate	2%
Expected dividend yield	0%
Expected volatility	26.50%
Expected term (years)	6 years

Share Based Compensation Plan_5

Share Based Compensation Plans (RSUs) (Details)	6 Months Ended
	Jul. 03, 2022 $ / shares shares
Weighted Average Grant Date Fair Value
Performance adjustment (weighted average grant date fair value) | $ / shares	$ 57.19
Restricted Stock Units (RSUs)
Total Restricted Stock Units Outstanding
Outstanding, beginning of period (shares)	442,106
Granted (shares)	244,664
Performance adjustment (shares)	25,234
Delivered (shares)	(181,149)
Withheld to cover (shares)	(32,148)
Forfeited (shares)	(29,540)
Outstanding, end of period (shares)	469,167
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (weighted average grant date fair value) | $ / shares	$ 87.24
Granted (weighted average grant date fair value) | $ / shares	88.45
Delivered (weighted average grant date fair value) | $ / shares	77.67
Forfeited (weighted average grant date fair value) | $ / shares	95.31
Outstanding, end of period (weighted average grant date fair value) | $ / shares	$ 92.89

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021	Jan. 02, 2022	Jan. 03, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	$ (61)	$ 2,192	$ (80)	$ 3,835
Cumulative amount incurred to date	20,668		20,668
Restructuring Reserve	0	(755)	0	(755)	$ (49)	$ (1,783)
Payments for Restructuring			31	4,863
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			(46)	973
Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			(34)	2,862
North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	(90)	352	(181)	(9)
Cumulative amount incurred to date	9,021		9,021
Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	359		359
Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	1	1,701	48	3,554
Cumulative amount incurred to date	8,617		8,617
Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	28	139	53	290
Cumulative amount incurred to date	2,671		2,671
2021 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	4	539	18	539
Cumulative amount incurred to date	1,684		1,684
Restructuring Reserve	0	(536)	0	(536)	(25)	0
Payments for Restructuring			43	3
2021 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			(26)	539
2021 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			44	0
2021 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	0	0	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 (benefit) costs	4	539	18	539
Cumulative amount incurred to date	1,684		1,684
2021 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	0	0	0	0
Cumulative amount incurred to date	0		0
2020 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	13	1,520	46	3,034
Cumulative amount incurred to date	5,353		5,353
Restructuring Reserve	(1)	(54)	(1)	(54)	(22)	(1,492)
Payments for Restructuring			69	4,472
2020 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			(35)	260
2020 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			81	2,774
2020 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	0	19	0	19
Cumulative amount incurred to date	52		52
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 (benefit) costs	(3)	1,501	30	3,015
Cumulative amount incurred to date	5,262		5,262
2020 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	16	0	16	0
Cumulative amount incurred to date	39		39
2019 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	(78)	133	(144)	262
Cumulative amount incurred to date	13,631		13,631
Restructuring Reserve	(1)	(165)	(1)	(165)	$ (2)	$ (291)
Payments for Restructuring			143	388
2019 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			15	174
2019 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs			(159)	88
2019 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	(90)	333	(181)	(28)
Cumulative amount incurred to date	8,969		8,969
2019 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date	359		359
2019 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	0	(339)	0	0
Cumulative amount incurred to date	1,671		1,671
2019 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring (benefit) costs	12	$ 139	37	$ 290
Cumulative amount incurred to date	$ 2,632		$ 2,632

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment	$ 0	$ 10,374	$ 0	$ 10,374
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 (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Canadian federal statutory rate			26.50%
Income tax benefit due to the exercise and delivery of share-based awards	$ 0	$ 0.3	$ 1.1	$ 2.3

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Masonite	$ 58,515	$ 35,046	$ 126,097	$ 82,027
Shares used in computing basic earnings per share	22,525,333	24,450,542	22,803,403	24,460,098
Effect of dilutive securities:
Incremental shares issuable under share compensation plans	179,620	391,477	254,628	423,716
Shares used in computing diluted earnings per share	22,704,953	24,842,019	23,058,031	24,883,814
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 2.60	$ 1.43	$ 5.53	$ 3.35
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 2.58	$ 1.41	$ 5.47	$ 3.30
Stock Appreciation Rights (SARs)
Effect of dilutive securities:
Anti-dilutive instruments excluded from diluted earnings per common share	104,332	31,432	79,764	31,432

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jul. 03, 2022 USD ($) authorization shares	Apr. 03, 2022 shares	Jul. 03, 2022 USD ($) authorization $ / shares shares	Feb. 21, 2022 shares
Equity, Class of Treasury Stock [Line Items]
Number of share repurchase authorizations | authorization	5		5
Number of shares authorized to be repurchased (in shares) | shares				200,000,000
Accelerated Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 100,000,000		$ 100,000,000
Share repurchases, settlement (payment) | $	$ 100,000,000		$ 100,000,000
Treasury stock, acquired (in shares) | shares	319,678	848,087	1,167,765
Treasury stock, acquired (in dollars per share) | $ / shares			$ 85.63

Segment Information (Geographic

Segment Information (Geographic Segments Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 761,874	$ 662,410	$ 1,488,091	$ 1,308,747
Adjusted EBITDA	118,125	110,564	242,877	212,589
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	767,369	667,774	1,499,492	1,319,626
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(5,495)	(5,364)	(11,401)	(10,879)
North American Residential
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	607,776	493,389	1,176,340	969,853
Adjusted EBITDA	124,974	100,045	252,641	194,527
North American Residential | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	608,483	493,973	1,177,912	971,202
North American Residential | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(707)	(584)	(1,572)	(1,349)
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	73,853	87,810	154,321	176,349
Adjusted EBITDA	8,566	16,584	20,409	33,339
Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	74,172	90,179	156,011	180,385
Europe | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(319)	(2,369)	(1,690)	(4,036)
Architectural
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	75,425	75,823	146,414	150,814
Adjusted EBITDA	78	480	(2,820)	2,474
Architectural | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	79,894	78,234	154,553	156,308
Architectural | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(4,469)	(2,411)	(8,139)	(5,494)
Corporate & Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	4,820	5,388	11,016	11,731
Adjusted EBITDA	(15,493)	(6,545)	(27,353)	(17,751)
Corporate & Other | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	4,820	5,388	11,016	11,731
Corporate & Other | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Segment Information (Reconcilia

Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 14, 2021	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Segment Reporting [Abstract]
Net income attributable to Masonite		$ 58,515	$ 35,046	$ 126,097	$ 82,027
Depreciation		17,244	17,232	34,516	35,511
Amortization		4,296	6,408	8,908	11,326
Share based compensation expense		5,976	4,706	10,695	9,124
Loss (gain) on disposal of property, plant and equipment		1,454	387	(1,400)	(210)
Restructuring (benefit) costs		(61)	2,192	(80)	3,835
Asset impairment		0	10,374	0	10,374
Loss on disposal of subsidiaries	$ 8,600	0	8,590	0	8,590
Interest expense, net		10,593	11,918	20,832	23,864
Other (income) expense, net		(400)	(1,586)	(1,815)	(2,929)
Income tax expense		19,649	14,246	43,126	28,859
Net income attributable to non-controlling interest		859	1,051	1,998	2,218
Adjusted EBITDA		$ 118,125	$ 110,564	$ 242,877	$ 212,589

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021	Jan. 02, 2022
Accumulated Foreign Currency Translation Gains (Losses) [Roll Forward]
Accumulated foreign currency translation gains (losses), beginning of period	$ (100,152)	$ (91,613)	$ (96,919)	$ (93,684)
Foreign currency translation gain (loss)	(28,392)	2,495	(30,497)	4,723
Income tax benefit (expense) on foreign currency translation gain (loss)	(24)	8	(13)	22
Cumulative translation adjustment recognized upon deconsolidation of subsidiary	0	3,544	0	3,544
Less: foreign currency translation gain (loss) attributable to non-controlling interest	(498)	98	641	269
Accumulated foreign currency translation gains (losses), end of period	(128,070)	(85,664)	(128,070)	(85,664)
Accumulated Amortization of Actuarial Net Losses [Roll Forward]
Accumulated pension and other post-retirement adjustments, beginning of period	(4,658)	(18,113)	(4,663)	(18,379)
Amortization of actuarial net losses	6	332	12	666
Income tax expense on amortization of actuarial net losses	(1)	67	0	(135)
Accumulated pension and other post-retirement adjustments	(4,651)	(17,848)	(4,651)	(17,848)
Accumulated other comprehensive loss	(132,721)	(103,512)	(132,721)	(103,512)	$ (101,582)
Other comprehensive (loss) income, net of tax	(28,409)	6,312	(30,498)	8,820
Less: other comprehensive income attributable to non-controlling interest	(498)	98	641	269
Other comprehensive (loss) income attributable to Masonite	$ (27,911)	$ 6,214	$ (31,139)	$ 8,551

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jan. 02, 2022
Supplemental Cash Flow Elements [Abstract]
Property, Plant and Equipment, Additions	$ 7,700		$ 10,700
Transactions involving cash:
Interest paid	20,500	$ 22,462
Interest received	404	106
Income taxes paid	47,453	26,658
Income tax refunds	919	442
Cash paid for operating lease liabilities	16,430	15,598
Cash paid for finance lease liabilities	654	653
Non-cash transactions from operating activities:
Right-of-use assets acquired in under operating leases	$ 2,931	$ 6,883

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022	Jul. 04, 2021	Jan. 03, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 231,541	$ 381,395
Restricted cash	11,099	10,110
Total cash, cash equivalents and restricted cash	$ 242,640	$ 391,505	$ 339,158	$ 375,234

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Senior Notes - USD ($) $ in Thousands	Jul. 03, 2022	Jan. 02, 2022	Jul. 26, 2021	Jul. 25, 2019
Senior Notes 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate stated percentage			3.50%
Senior Notes 2030 | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 302,273	$ 373,238
Senior Notes 2030 | Reported Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	370,864	370,593
Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate stated percentage				5.375%
Senior Notes Due 2028 | Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	457,075	526,730
Senior Notes Due 2028 | Reported Value Measurement | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 495,498	$ 495,128