Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Feb. 06, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PGTI | ||
Entity Registrant Name | PGT Innovations, Inc. | ||
Entity Central Index Key | 0001354327 | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 58,579,714 | ||
Entity Public Float | $ 947,888,919 | ||
Entity File Number | 001-37971 | ||
Entity Tax Identification Number | 20-0634715 | ||
Entity Address, Address Line One | 1070 Technology Drive | ||
Entity Address, City or Town | North Venice | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 34275 | ||
City Area Code | 941 | ||
Local Phone Number | 480-1600 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the Company’s Proxy Statement for the Company’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The Company’s Proxy Statement will be filed with the Securities and Exchange Commission pursuant to Regulation 14A. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 |
Cost of sales | 484,588 | 455,025 | 352,097 | ||||||||
Gross profit | 56,163 | 69,995 | 72,940 | 61,270 | 65,750 | 72,998 | 59,947 | 44,773 | 260,368 | 243,468 | 158,984 |
Selling, general and administrative expenses | 176,312 | 150,910 | 98,803 | ||||||||
Gains on sales of assets | (2,551) | ||||||||||
Income from operations | 84,056 | 95,109 | 60,181 | ||||||||
Interest expense, net | 26,417 | 26,529 | 20,279 | ||||||||
Debt extinguishment costs | 1,512 | 3,375 | |||||||||
Income before income taxes | 56,127 | 65,205 | 39,902 | ||||||||
Income tax expense | 12,439 | 11,272 | 63 | ||||||||
Net income | $ 3,280 | $ 15,106 | $ 17,045 | $ 8,257 | $ 10,474 | $ 13,571 | $ 22,548 | $ 7,340 | $ 43,688 | $ 53,933 | $ 39,839 |
Net income per common share: | |||||||||||
Basic | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.45 | $ 0.15 | $ 0.75 | $ 1.03 | $ 0.80 |
Diluted | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.43 | $ 0.14 | $ 0.74 | $ 1 | $ 0.77 |
Weighted average shares outstanding: | |||||||||||
Basic | 58,346 | 52,461 | 49,522 | ||||||||
Diluted | 59,150 | 54,106 | 51,728 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income | $ 3,280 | $ 15,106 | $ 17,045 | $ 8,257 | $ 10,474 | $ 13,571 | $ 22,548 | $ 7,340 | $ 43,688 | $ 53,933 | $ 39,839 |
Other comprehensive income (loss) before tax: | |||||||||||
Change in fair value of derivatives | (1,229) | (4,357) | |||||||||
Reclassification to earnings | 5,030 | 239 | |||||||||
Other comprehensive income (loss) before tax | 3,801 | (4,118) | |||||||||
Income tax expense (benefit) related to other comprehensive income (loss) | 974 | (1,053) | |||||||||
Other comprehensive income (loss), net of tax | 2,827 | (3,065) | |||||||||
Comprehensive income | $ 46,515 | $ 50,868 | $ 39,839 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 97,243 | $ 52,650 |
Accounts receivable, net | 68,091 | 80,717 |
Inventories | 43,851 | 44,666 |
Contract assets, net | 10,547 | 6,757 |
Prepaid expenses | 3,362 | 2,863 |
Other current assets | 10,516 | 7,908 |
Total current assets | 233,610 | 195,561 |
Property, plant and equipment, net | 128,199 | 115,707 |
Operating lease right-of-use asset, net | 26,390 | |
Intangible assets, net | 255,962 | 271,818 |
Goodwill | 277,600 | 277,827 |
Other assets, net | 972 | 1,240 |
Total assets | 922,733 | 862,153 |
Current liabilities: | ||
Accounts payable | 13,443 | 15,288 |
Accrued liabilities | 37,951 | 53,269 |
Current portion of operating lease liability | 4,703 | |
Current portion of long-term debt | 163 | |
Total current liabilities | 56,097 | 68,720 |
Long-term debt, less current portion | 368,971 | 366,614 |
Operating lease liability, less current portion | 24,040 | |
Deferred income taxes | 27,945 | 22,758 |
Other liabilities | 14,132 | 18,517 |
Total liabilities | 491,185 | 476,609 |
Shareholders' equity: | ||
Preferred stock; par value $.01 per share; 10,000 shares authorized; none outstanding | ||
Common stock; par value $.01 per share; 200,000 shares authorized; 61,921 and 60,729 shares issued and 58,505 and 58,082 shares outstanding at December 28, 2019 and December 29, 2018, respectively | 619 | 607 |
Additional paid-in-capital | 414,688 | 409,661 |
Accumulated other comprehensive loss | (238) | (3,065) |
Retained earnings (accumulated deficit) | 34,788 | (8,900) |
Shareholders' equity | 449,857 | 398,303 |
Less: Treasury stock at cost | (18,309) | (12,759) |
Total shareholders' equity | 431,548 | 385,544 |
Total liabilities and shareholders' equity | $ 922,733 | $ 862,153 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2019 | Dec. 29, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, Shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,921,000 | 60,729,000 |
Common stock, shares outstanding | 58,505,000 | 58,082,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 43,688 | $ 53,933 | $ 39,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 18,876 | 14,225 | 13,051 |
Amortization | 15,856 | 10,225 | 6,477 |
Provision for allowance for doubtful accounts | 1,553 | 1,984 | 576 |
Stock-based compensation, including special employee grant | 3,923 | 3,383 | 1,948 |
Amortization and write-offs of deferred financing costs | 1,674 | 7,790 | 4,642 |
Debt extinguishment costs | 1,512 | 3,375 | |
Deferred income taxes | 4,410 | (4,962) | (9,066) |
Loss (gain) on sales of assets | 143 | (2,703) | (452) |
Change in operating assets and liabilities (net of acquisition effects): | |||
Accounts receivable | 12,682 | (17,681) | (17,922) |
Inventories | 815 | 88 | (7,305) |
Prepaid expenses and other current assets | (4,429) | 4,214 | (1,024) |
Accounts payable and accrued liabilities | (19,487) | 26,435 | 18,261 |
Net cash provided by operating activities | 81,216 | 100,306 | 49,025 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (31,268) | (29,769) | (17,818) |
Business acquisitions | (354,584) | ||
Proceeds from disposals of assets | 71 | 5,957 | 3,089 |
Net cash used in investing activities | (31,197) | (378,396) | (14,729) |
Cash flows from financing activities: | |||
Proceeds from issuance of senior notes | 315,000 | ||
Proceeds from issuance of common stock, net of issuance costs | 152,503 | ||
Payments of long-term debt | (64,138) | (160,294) | (40,132) |
Payments of financing costs | (854) | (12,066) | |
Proceeds from issuance of long-term debt | 64,000 | ||
Purchases of treasury stock under repurchase program | (5,550) | ||
Purchases of treasury stock or employee tax withholding | (505) | (687) | (284) |
Proceeds from exercise of stock options | 1,562 | 2,239 | 941 |
Proceeds from issuance of common stock under ESPP | 59 | 30 | 29 |
Other | (14) | (31) | |
Net cash (used in) provided by financing activities | (5,426) | 296,711 | (39,477) |
Net increase (decrease) in cash and cash equivalents | 44,593 | 18,621 | (5,181) |
Cash and cash equivalents at beginning of year | 52,650 | 34,029 | 39,210 |
Cash and cash equivalents at end of year | 97,243 | 52,650 | 34,029 |
Supplemental cash flow information: | |||
Interest paid | 24,455 | 11,145 | 16,329 |
Income tax payments, net of refunds | 11,862 | 19,546 | 46 |
Non-cash activity: | |||
Establish right-of-use asset, net of straight-line rent | 31,332 | ||
Establish operating lease liability | (33,072) | ||
Reclassification of accounts receivable to notes receivable | 4,401 | 1,161 | 286 |
Financed purchase of software license | 590 | ||
Property, plant and equipment additions in accounts payable | $ 449 | $ 197 | $ 111 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Equity Offering [Member] | Previously Reported [Member] | Common Stock [Member] | Common Stock [Member]Equity Offering [Member] | Common Stock [Member]Previously Reported [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Equity Offering [Member] | Additional Paid-in Capital [Member]Previously Reported [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Previously Reported [Member] | Treasury Stock [Member] | Treasury Stock [Member]Previously Reported [Member] |
Beginning Balance at Dec. 31, 2016 | $ 132,519 | $ 519 | $ 249,469 | $ (104,710) | $ (12,759) | |||||||||
Begining Balance, Shares at Dec. 31, 2016 | 49,176,149 | |||||||||||||
Cumulative effect of change in method of accounting principle, net of tax expense (Accounting Standards Update 2016-09 [Member]) at Dec. 31, 2016 | $ 69 | $ 178 | $ (109) | |||||||||||
Cumulative effect of change in accounting for unrecognized excess tax benefits at Dec. 31, 2016 | 264 | 264 | ||||||||||||
Beginning Balance at Dec. 31, 2016 | 132,852 | $ 519 | 249,647 | (104,555) | $ (12,759) | |||||||||
Beginning Balance, Shares at Dec. 31, 2016 | 49,176,149 | |||||||||||||
Grants of restricted stock | $ 3 | (3) | ||||||||||||
Vesting of restricted stock, Shares | 179,679 | |||||||||||||
Forfeitures of restricted stock | $ (1) | 1 | ||||||||||||
Purchases of treasury stock | (284) | (284) | ||||||||||||
Purchases of treasury stock, Shares | (23,826) | |||||||||||||
Retirement of treasury stock | (284) | 284 | ||||||||||||
Stock-based compensation | 1,948 | 1,948 | ||||||||||||
Exercise of stock options | $ 941 | $ 4 | 937 | |||||||||||
Exercise of stock options, Shares | 470,622 | 470,622 | ||||||||||||
Common stock issued under ESPP | $ 29 | 29 | ||||||||||||
Common stock issued under ESPP, Shares | 2,714 | |||||||||||||
Net income | 39,839 | 39,839 | ||||||||||||
Ending Balance at Dec. 30, 2017 | $ 175,325 | $ 525 | $ 252,275 | $ (64,716) | $ (12,759) | |||||||||
Ending Balance, Shares at Dec. 30, 2017 | 49,805,338 | |||||||||||||
Cumulative effect of change in method of accounting principle, net of tax expense (Accounting Standards Update 2014-09 [Member]) at Dec. 30, 2017 | 1,883 | 1,883 | ||||||||||||
Ending Balance at Dec. 30, 2017 | 177,208 | $ 525 | 252,275 | (62,833) | (12,759) | |||||||||
Ending Balance, Shares at Dec. 30, 2017 | 49,805,338 | |||||||||||||
Grants of restricted stock | $ 2 | (2) | ||||||||||||
Vesting of restricted stock, Shares | 162,841 | |||||||||||||
Forfeitures of restricted stock | $ (1) | 1 | ||||||||||||
Purchases of treasury stock | (687) | (687) | ||||||||||||
Purchases of treasury stock, Shares | (35,691) | |||||||||||||
Retirement of treasury stock | (687) | 687 | ||||||||||||
Stock-based compensation | 2,796 | 2,796 | ||||||||||||
Exercise of stock options | $ 2,239 | $ 11 | 2,228 | |||||||||||
Exercise of stock options, Shares | 1,119,247 | 1,119,247 | ||||||||||||
Common stock issued under equity offering | $ 152,503 | $ 70 | $ 152,433 | |||||||||||
Common stock issued under equity offering, Shares | 7,000,000 | |||||||||||||
Common stock issued in employee grant | $ 587 | 587 | ||||||||||||
Common stock issued in employee grant, Shares | 28,160 | 28,160 | ||||||||||||
Common stock issued under ESPP | $ 30 | 30 | ||||||||||||
Common stock issued under ESPP, Shares | 1,645 | |||||||||||||
Other comprehensive income (loss) | (3,065) | $ (3,065) | ||||||||||||
Net income | 53,933 | 53,933 | ||||||||||||
Ending Balance at Dec. 29, 2018 | 385,544 | $ 607 | 409,661 | (3,065) | (8,900) | (12,759) | ||||||||
Ending Balance, Shares at Dec. 29, 2018 | 58,081,540 | |||||||||||||
Grants of restricted stock | $ 6 | (6) | ||||||||||||
Vesting of restricted stock, Shares | 164,226 | |||||||||||||
Forfeitures of restricted stock | $ (1) | 1 | ||||||||||||
Purchases of treasury stock | (6,055) | (6,055) | ||||||||||||
Purchases of treasury stock, Shares | (428,059) | |||||||||||||
Retirement of treasury stock | (505) | 505 | ||||||||||||
Stock-based compensation | 3,923 | 3,923 | ||||||||||||
Exercise of stock options | $ 1,562 | $ 7 | 1,555 | |||||||||||
Exercise of stock options, Shares | 682,931 | 682,931 | ||||||||||||
Common stock issued under ESPP | $ 59 | 59 | ||||||||||||
Common stock issued under ESPP, Shares | 4,096 | |||||||||||||
Other comprehensive income (loss) | 2,827 | 2,827 | ||||||||||||
Net income | 43,688 | 43,688 | ||||||||||||
Ending Balance at Dec. 28, 2019 | $ 431,548 | $ 619 | $ 414,688 | $ (238) | $ 34,788 | $ (18,309) | ||||||||
Ending Balance, Shares at Dec. 28, 2019 | 58,504,734 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
Cumulative effect of change in method of recognizing revenue, net of tax expense | $ 647 | $ 69 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 28, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business PGT Innovations, Inc. (“PGTI”, “we,” or the “Company”), formerly named PGT, Inc., is a leading manufacturer of impact-resistant aluminum and vinyl-framed windows and doors and offers a broad range of fully customizable window and door products. The majority of our sales are to customers in the state of Florida; however, we also sell products in many other states, the Caribbean, Canada, and in South and Central America. With the acquisition of Western Window Systems (‘WWS’), we also have sales in the western United States. Products are sold primarily through an authorized dealer and distributor network. We were incorporated in the state of Delaware on December 16, 2003, as JLL Window Holdings, Inc., with primary operations in North Venice, Florida. On February 15, 2006, our Company was renamed PGT, Inc. On December 14, 2016, we announced that we changed our name to PGT Innovations, Inc. and, effective on December 28, 2016, the listing of our common stock was transferred to the New York Stock Exchange (“NYSE”) from the NASDAQ Global Market, and began trading on the NYSE under its existing ticker symbol of “PGTI”. We have four manufacturing operations in Florida, with one in North Venice, two in the greater Miami area, and one in Orlando and one in Arizona. Additionally, we have two glass tempering and laminating plants and one insulation glass plant, all located in North Venice. All references to PGTI or our Company apply to the consolidated financial statements of PGT Innovations, Inc. unless otherwise noted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Fiscal period Our fiscal year consists of 52 or 53 weeks ending on the Saturday nearest December 31 of the related year. The years ended December 28, 2019, December 29, 2018, and December 30, 2017, consisted of 52 weeks. Principles of consolidation The consolidated financial statements present the results of the operations, financial position and cash flows of PGTI, and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Segment information We operate as two segments based on geography: the Southeast segment, and the Western segment. See Note 20 for more information. Prior to 2019, we operated as one segment; the manufacture and sales of windows and doors. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Revenue recognition With the adoption of Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” together with subsequently issued related guidance, we recognize revenue pursuant to Topic 606 of the Accounting Standards Codification (ASC). See Note 4, “Revenue Recognition and Contracts with Customers.” Cost of sales Cost of sales represents costs directly related to the production of our products. Primary costs include raw materials, direct labor, and manufacturing overhead, which consist of salaries, wages, employee benefits, utilities, maintenance, lease costs and depreciation. Shipping and handling costs Shipping and handling costs incurred in the purchase of materials used in the manufacturing process are included in cost of sales. Costs relating to shipping and handling of our finished products are included in selling, general and administrative expenses and totaled $38.3 Advertising We expense advertising costs as incurred. Advertising expense, which is included in selling, general and administrative expenses, was $5.2 Cash and cash equivalents Cash and cash equivalents consist of cash on hand or highly liquid investments with an original maturity date of three months or less when purchased. Accounts receivable, net In the ordinary course of business, we extend credit to qualified dealers and distributors, generally on a non-collateralized basis. The Company maintains an allowance for doubtful accounts which is based on management’s assessments of the amount which may become uncollectible in the future and is determined through consideration of our write-off history, specific identification of uncollectible accounts based in part on the customer’s past due balance (based on contractual terms), and consideration of prevailing economic and industry conditions. Uncollectible accounts are written off after repeated attempts to collect from the customer have been unsuccessful. December 28, December 29, 2019 2018 (in thousands) Accounts receivable $ 71,411 $ 83,506 Less: Allowance for doubtful accounts (3,320 ) (2,789 ) Accounts receivable, net $ 68,091 $ 80,717 Self-insurance reserves We are primarily self-insured for employee health benefits and for years prior to 2010 for workers’ compensation claims. Provisions for losses under these programs are recorded based on the Company’s estimates of the aggregate liabilities for the claims incurred. Accruals for healthcare claims and workers’ compensation are included in accrued liabilities in the accompanying consolidated balance sheets. Warranty expense We have warranty obligations with respect to most of our manufactured products. Warranty periods, which vary by product components, generally range from 1 to 10 years, although the warranty period for a limited number of specifically identified components in certain applications is a lifetime. However, the majority of the products sold have warranties on components which range from 1 to 3 years. The Company has recorded a reserve for estimated warranty and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. Expected future obligations are discounted to a current value using a risk-free rate for obligations with similar maturities. During 2019, we recorded warranty expense at an average rate of 1.7% 1.7% Accrued Warranty Beginning of Period Acquired Charged to Expense Adjustments Settlements End of Period (in thousands) Year ended December 28, 2019 $ 6,149 $ - $ 12,720 $ 570 $ (13,195 ) $ 6,244 Year ended December 29, 2018 $ 5,386 $ 509 $ 11,835 $ (650 ) $ (10,931 ) $ 6,149 Year ended December 30, 2017 $ 5,569 $ - $ 10,675 $ (212 ) $ (10,646 ) $ 5,386 The accrual for warranty is included in accrued liabilities and other liabilities, depending on estimated settlement date, in the consolidated balance sheets as of December 28, 2019 and December 29, 2018. The portion of warranty expense related to the issuance of product of $2.7 $10.6 Inventories Inventories consist principally of raw materials purchased for the manufacture of our products. We have limited finished goods inventory as most products are custom, made-to-order products December 28, December 29, 2019 2018 (in thousands) Raw materials $ 41,255 $ 42,036 Work in progress 2,337 2,278 Finished goods 259 352 Inventories $ 43,851 $ 44,666 Property, plant and equipment Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Depreciable assets are assigned estimated lives as follows: Building and improvements 5 to 40 years Leasehold improvements Shorter of lease term or estimated useful life Furniture and equipment 3 to 10 years Vehicles 5 to 10 years Computer software 3 years Maintenance and repair expenditures are charged to expense as incurred. Long-lived assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated . Computer software We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is complete, and it is probable that computer software being developed will be completed and placed in service. Capitalized costs include: (i) external direct costs of materials and services consumed in developing or obtaining computer software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the software project, and (iii) interest costs incurred, when material, while developing internal-use software. Capitalization of such costs ceases no later than the point at which the project is substantially complete and ready for its intended purpose. Capitalized software as of December 28, 2019, and December 29, 2018, was $24.0 $21.2 Amortization expense for capitalized software was $2.4 We review the carrying value of capitalized software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets. Goodwill Goodwill is calculated as the excess of the consideration paid in a business combination over the fair value of the identifiable net assets acquired. We test goodwill for impairment at the reporting unit level at least annually or whenever events or circumstances indicate that the carrying value of goodwill may not be recoverable. Our annual test for impairment is done on the first date of our fiscal fourth quarter. We consider various qualitative factors, including macroeconomic and industry conditions, financial performance of the Company and changes in the stock price of the Company to determine whether it is necessary to perform a quantitative test for goodwill impairment. If we believe, as a result of our qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Under the quantitative test, goodwill is tested under a one-step method for impairment at a level of reporting referred to as a reporting unit. This quantitative analysis involves identifying potential impairment by comparing the fair value of each reporting unit with its carrying amount and, if the carrying amount of a reporting unit exceeds its fair value, then a charge for goodwill impairment will be recognized in the amount by which a reporting unit’s carrying value exceeds its fair value. For our Southeast reporting unit, based on a qualitative assessment, we concluded that a quantitative one-step assessment was not required to be performed. For our WWS reporting unit, for the nine-month period in 2019 ended September 28, 2019, we experienced financial results which were below our 2019 annual operating budget, and below the financial projections as included in our valuation of certain intangible assets relating to our WWS Acquisition. As such, we elected to forego a qualitative assessment of our Western reporting unit goodwill, and we completed a quantitative assessment of our Western reporting unit goodwill on the first day of our fourth quarter of 2019. The quantitative assessment was conducted using various valuation techniques, including a discounted cash flow analysis, which utilizes Level 3 fair value inputs, and included a reconciliation of the estimated combined fair values of both of our reporting units to the market capitalization of the Company, Based on that quantitative assessment, we concluded that it is not more likely than not that the carrying value our WWS reporting unit exceeds it fair value. Trade names The Company has indefinite-lived intangible assets in the form of trade names. The impairment evaluation of the carrying amount of our trade names is conducted annually, or more frequently, if events or changes in circumstances indicate that they might be impaired. We have the option of performing a qualitative assessment of impairment to determine whether any further quantitative testing for impairment is necessary. If we elect to bypass the qualitative assessment or if we determine, based on qualitative factors, that it is more likely than not that the fair value of our trade names is less than the carrying amount, an evaluation is performed by comparing their carrying amount to their estimated fair values. If the estimated fair value is less than the carrying amount of the trade name, then an impairment charge is recorded to reduce the carrying value to its estimated fair value. The estimated fair value is determined using the relief from royalty method that is based upon the discounted projected cost savings (value) attributable to ownership of our trade names, our only indefinite lived intangible assets. Based on qualitative assessments, we concluded that quantitative assessments were not required to be performed for our PGT or CGI trade names. In evaluating our WinDoor and WWS trade name as of the first day of our fourth quarter of 2019, we elected to bypass the qualitative assessment and perform a quantitative assessment. Based on these quantitative assessments, we concluded that no impairment was indicated. Derivative financial instruments We utilize certain derivative instruments, from time to time, including forward contracts to manage variability in cash flow associated with commodity market price risk exposure in the aluminum market. We do not enter into derivatives for speculative purposes. Concentrations of credit risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. Accounts receivable are due primarily from dealers and distributors of building materials, and other companies in the construction industry, primarily located in Florida, California, Texas and Arizona. Credit is extended based on an evaluation of the customer’s financial condition and credit history, and generally collateral is not required. The Company maintains an allowance for potential credit losses on trade receivables. We maintain our cash with several financial institutions, the balance of which exceeds federally insured limits. At December 28, 2019, and December 29, 2018, our cash balance exceeded the insured limit by $95.2 Comprehensive income The Company reports comprehensive income (loss), defined as the total of net income and other comprehensive income (loss), which is composed of all other non-owner changes in equity, and the components thereof, in its consolidated statements of comprehensive income. The components of other comprehensive income (loss) relate to gains and losses on cash flow hedges. Reclassification adjustments reflecting such gains and losses are recorded as income in the same period as the hedged items affect earnings. Stock-based compensation We use a fair-value based approach for measuring stock-based compensation and record compensation expense over an award’s vesting period based on the award’s fair value at the date of grant. Our Company’s awards vest based on service conditions and compensation expense is recognized on a straight-line basis for each separately vesting portion of an award. Stock-based compensation expense is recognized only for those awards that ultimately vest. Income and Sales Taxes We account for income taxes utilizing the liability method. Deferred income taxes are recorded to reflect consequences on future years of differences between financial reporting and the tax basis of assets and liabilities measured using the enacted statutory tax rates and tax laws applicable to the periods in which differences are expected to affect taxable earnings. We have no liability for unrecognized tax benefits. However, should we accrue for such liabilities, when and if they arise in the future, we will recognize interest and penalties associated with uncertain tax positions as part of our income tax provision. Refer to Note 13 for additional information regarding the Company’s income taxes. Sales taxes collected from customers have been recorded on a net basis. Net income per common share Basic earnings per share is computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the year, plus the dilutive effect of common stock equivalents using the treasury stock method. Our weighted average number of diluted shares outstanding excludes underlying securities of 74 The table below presents the calculation of basic and diluted earnings per share, including a reconciliation of weighted average common shares: Year Ended December 28, December 29, December 30, 2019 2018 2017 (in thousands, except per share amounts) Numerator: Net income $ 43,688 $ 53,933 $ 39,839 Denominator: Weighted-average common shares - Basic 58,346 52,461 49,522 Add: Dilutive effect of stock compensation plans 804 1,645 2,206 Weighted-average common shares - Diluted 59,150 54,106 51,728 Net income per common share: Basic $ 0.75 $ 1.03 $ 0.80 Diluted $ 0.74 $ 1.00 $ 0.77 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASU 2016-02 was subsequently amended by ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842”; ASU 2018-10, “Codification Improvements to Topic 842, Leases”; and ASU 2018-11, “Targeted Improvements”. The new standard requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective for us on December 30, 2018 (the first day of our 2019 fiscal year), with early adoption permitted. We adopted the new standard on this date, using the required modified retrospective transition approach, applying the new standard to all leases existing on the effective date. Consequently, financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods prior to December 30, 2018. As of the date of adoption, all of our leases were operating leases, and we have no financing leases as of December 28, 2019. The new standard provided a number of optional practical expedients in transition. We elected the “package of practical expedients”, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and direct costs, and implemented internal controls and additional lease accounting and tracking procedures to enable the preparation of financial information on adoption. We did not elect the use-of-hindsight practical expedient, or the practical expedient pertaining to land easements as it was not applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualified, primarily for leases that are month-to-month leases. This means, for those leases, we did not recognize right-of-use assets or lease liabilities. We also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets. This standard had a material effect on our consolidated balance sheet relating to the recognition of an operating lease right-of-use asset and operating lease liability for our real estate leases and related to new disclosures about our leasing activities. On adoption, we recognized an operating lease right-of-use asset of $30.5 $32.3 Leases Accounting Policy We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liability, and operating lease liability, less current portion, on our consolidated balance sheets. Should we engage in any finance leases in the future, finance leases would be included in property and equipment, other current liabilities, and other liabilities on our consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease right-of-use asset also includes any up-front lease payments made and initial direct costs incurred, less lease incentives received. Our lease terms may include options to extend or terminate the lease. Judgment is required to determine when it is reasonably certain that we will exercise an option and should therefore include the optional period in the lease term. Lease expense is recognized on a straight-line basis over the lease term. Accounting Pronouncements Recently Issued, Not Yet Adopted Fair Value Measurement Disclosures In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The new guidance modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company does not believe that the adoption of this guidance will have a significant impact on its fair value disclosures. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. Subsequently, in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU 2018-19 clarifies the codification and corrects unintended application of the guidance. ASU’s 2016-13 and 2018-19 are effective for us for our fiscal year beginning after December 15, 2019. We do not believe that the adoption of this guidance will have a significant impact on our |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 12 Months Ended |
Dec. 28, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition and Contracts with Customers | 4. Revenue Recognition and Contracts with Customers Adoption of ASU 2014-09, “Revenue from Contracts with Customers” We adopted ASU 2014-09, “Revenue from Contracts with Customers”, together with subsequently issued related guidance, Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the year ended December 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying consolidated statement of operations, and the consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Year Ended December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 698,493 $ 2,553 $ 701,046 Cost of sales 455,025 1,875 456,900 Gross profit 243,468 678 244,146 Selling, general and administrative expenses 150,910 104 151,014 Gains on sales of assets (2,551 ) - (2,551 ) Income from operations 95,109 574 95,683 Interest expense, net 26,529 - 26,529 Debt extinguishment costs 3,375 - 3,375 Income before income taxes 65,205 574 65,779 Income tax expense 11,272 146 11,418 Net income $ 53,933 $ 428 $ 54,361 Basic $ 1.03 $ 1.04 Diluted $ 1.00 $ 1.00 Other comprehensive loss before tax: Change in fair value of derivatives (4,357 ) - (4,357 ) Reclassification to earnings 239 - 239 Other comprehensive loss before tax (4,118 ) - (4,118 ) Income tax benefit related to other comprehensive loss (1,053 ) - (1,053 ) Other comprehensive loss, net of tax (3,065 ) - (3,065 ) Comprehensive income $ 50,868 $ 428 $ 51,296 At December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Cash and cash equivalents $ 52,650 $ - $ 52,650 Accounts receivable, net 80,717 - 80,717 Inventories 44,666 4,186 48,852 Contract assets, net 6,757 (6,757 ) - Prepaid expenses 2,863 - 2,863 Other current assets 7,908 - 7,908 Total current assets 195,561 (2,571 ) 192,990 Property, plant and equipment, net 115,707 - 115,707 Trade name and other intangible assets, net 271,818 - 271,818 Goodwill 277,827 - 277,827 Other assets, net 1,240 - 1,240 Total assets $ 862,153 $ (2,571 ) $ 859,582 Accounts payable $ 15,288 $ - $ 15,288 Accrued liabilities 53,269 64 53,333 Current portion of long-term debt 163 - 163 Total current liabilities 68,720 64 68,784 Long-term debt, less current portion 366,614 - 366,614 Deferred income taxes 22,758 (647 ) 22,111 Other liabilities 18,517 - 18,517 Total liabilities 476,609 (583 ) 476,026 Total shareholders' equity 385,544 (1,988 ) 383,556 Total liabilities and shareholders' equity $ 862,153 $ (2,571 ) $ 859,582 Amounts in the tables above presented under “Previous Standard” represent balances as-if ASU 2014-09 had not been adopted, which primarily reflects finished goods and certain unused glass components directly attributable to noncancelable sales orders and with no alternative future use, and therefore recognized as revenue over time under the new standard but still classified in inventory under the previous standard, and no net contract assets on the consolidated balance sheet. Revenue Recognition Accounting Policy The Company primarily manufactures fully customized windows and doors, and manufactures products based on design specifications, measurements, colors, finishes, framing materials, glass-types, and other options selected by the customer at the point in time an order is received from the customer. The Company has an enforceable right to payment at the time an order is received and accepted at the agreed-upon sales prices contained in our agreements with our customers for all manufacturing efforts expended by the Company on behalf of its customers. Due to the customized build-to-order nature of the Company’s products, the Company’s assessment is that the substantial portion of its finished goods and certain unused glass components have no alternative use, and that control of these products and components passes to the customer over time during the manufacturing of the products in an order, or upon our receipt of certain pre-cut glass components from our supplier attributed to specific customer orders. Based on these factors, the Company recognizes a substantial portion of revenue over time during the manufacturing process once customization begins, and for certain unused glass components on hand, at the end of a reporting period. Revenue on work-in-process at the end of a reporting period is recognized in proportion to costs incurred to total estimated cost of the product being manufactured. Except for the Western segment’s volume products, discussed in the section titled Disaggregation of Revenue from Contracts with Customers below, revenue recognized at a point in time is immaterial. Disaggregation of Revenues from Contracts with Customers The following table provides information about our revenue differentiated based on reportable segment, product category, and market (dollars in millions): Year Ended December 28, December 29, Disaggregation of revenue: 2019 2018 Reporting segment: Southeast $ 595.1 $ 636.4 Western 149.9 62.1 Total net sales $ 745.0 $ 698.5 Product category: Impact-resistant window and door products $ 516.1 $ 561.8 Non-impact window and door products 228.9 136.7 Total net sales $ 745.0 $ 698.5 Market: New construction $ 368.4 $ 283.1 Repair and remodel 376.6 415.4 Total net sales $ 745.0 $ 698.5 The Company’s Western segment includes both custom and volume products. This segment’s volume products are not made-to-order and are of standardized sizes and design specifications. Therefore, the Company’s assessment is that the Western segment’s volume products have alternative uses, and that control of these products passes to the customer at a point in time, which is typically when the product has been delivered to the customer. For the year ended December 28, 2019, the Western segment’s net sales of its volume products were $53.9 $23.5 Contract Balances Contract assets represent sales recognized in excess of billings related to finished goods not yet shipped and certain unused glass components not yet placed into the production process for which revenue is recognized over time as noted above. Contract liabilities relate to customer deposits at the end of reporting periods. At December 28, 2019, and December 29, 2018, those contract liabilities totaled $7.9 $8.3 $7.4 $7.8 $0.5 $0.5 Because of the short-term nature of our performance obligations, as discussed below, substantially all of our performance obligations are satisfied within the quarter following the end of a reporting period. As such, substantially all of the contract liabilities at December 29, 2018 were satisfied in the first quarter of 2019, and contract assets at December 29, 2018 were transferred to accounts receivable in the first quarter of 2019. Contract liabilities at December 28, 2019 represents cash received during the three-month period ended December 28, 2019, excluding amounts recognized as revenue during that period. Contract assets at December 28, 2019 represents revenue recognized during the three-month period ended December 28, 2019, excluding amounts transferred to accounts receivable during that period. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Our contracts with our customers generally represent an approved purchase order, together with our standard terms and conditions. Our custom product contracts include distinct goods that are substantially the same and have the same pattern of transfer to the customer over time, and therefore represent a series of distinct goods accounted for as a single performance obligation. For volume products, we allocate the contract’s transaction price to each distinct performance obligation based on the estimated relative standalone selling price of each distinct good. Observable standalone sales are used to determine the standalone selling price. Certain customers are eligible for rebates based on their volume or purchases during an annual period. Rebates are recorded as a reduction to sales and were immaterial in all periods presented. Performance obligations are satisfied over time, generally for our custom products, and as of a point in time for our volume products. Performance obligations are supported by contracts with customers, and we have elected not to disclose our unsatisfied performance obligations as of December 28, 2019 under the short-term contract exemption as we expect such performance obligations will be satisfied within the quarter following the end of a reporting period. Policies Regarding Shipping and Handling Costs and Commissions on Contract Assets The Company has made a policy election to continue to recognize shipping and handling costs as a fulfillment activity. Treating shipping and handling as a fulfillment activity requires estimated shipping and handling costs for undelivered custom products and certain glass components on which we have recognized revenue and created a contract asset, to be accrued to match this cost with the recognized revenue. This policy is unchanged from the Company’s policy for recognizing shipping and handling costs prior to the adoption of the new revenue standard. The Company utilizes the practical expedient which permits expensing of costs to obtain a contract when the expected amortization period is one year or less, which typically results in expensing commissions paid to employees. We expense sales commissions paid to employees as sales are recognized, including sales from the creation of contract assets, as the expected amortization period is less than one year. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions Western Window Systems On August 13, 2018, PGT Innovations, Inc. completed the acquisition of GEF WW Parent LLC (now known as “Western Window Systems” or “WWS”) and its subsidiaries (the “WWS Acquisition”). Headquartered in Phoenix, Arizona, Western Window Systems designs and manufactures contemporary door and window systems that unify indoor/outdoor living for the residential, commercial and multi-family markets. As a result of the acquisition, WWS became a wholly owned subsidiary of PGT Innovations, Inc. and its accounts and results are reflected in the accompanying consolidated financial statements as of and from August 13, 2018. Purchase Price Allocation The fair value of consideration transferred in the WWS Acquisition was $354.6 million. The WWS Acquisition was financed primarily with proceeds of $315.0 million from the issuance of the 2018 Senior Notes due 2026, and with $39.6 million in cash on hand. See Note 10 for a discussion of the 2018 Senior Notes due 2026. The fair value of assets acquired, and liabilities assumed as of the closing date, are as follows: Initial Allocation Adjustments to Allocation Final Allocation Accounts and notes receivable $ 7,555 $ (217 ) $ 7,338 Inventories 12,580 - 12,580 Contract assets, net 890 - 890 Prepaid expenses and other assets 1,190 - 1,190 Property and equipment 16,416 (447 ) 15,969 Intangible assets 167,000 - 167,000 Goodwill 164,379 5,162 169,541 Accounts payable (5,622 ) - (5,622 ) Accrued and other liabilities (9,175 ) 53 (9,122 ) Deferred income tax liabilities - (5,180 ) (5,180 ) Purchase price $ 355,213 $ (629 ) $ 354,584 Consideration: Cash $ 355,213 $ (629 ) $ 354,584 Total fair value of consideration $ 355,213 $ (629 ) $ 354,584 The fair value of certain working capital related items, including accounts receivable, prepaid expenses, and accounts payable and accrued liabilities, approximated their book values at the date of the WWS Acquisition. The fair value of inventory was estimated by major category, at net realizable value. The substantial majority of inventories at the acquisition date was composed of raw materials. The fair value of property and equipment and remaining useful lives were estimated by management, with the assistance of a third-party valuation firm, using the cost approach. Valuations of the intangible assets (See Note 12 ) were done using income and royalty relief approaches based on projections provided by management, which we consider to be Level 3 inputs. The WWS Acquisition included its subsidiary, WWS Blocker LLC (“Blocker”). Blocker was a single-purpose U.S. tax blocker which held a 18.06% $5.2 We incurred costs totaling $4.4 $0.7 The remaining consideration, after identified intangible assets and the net assets and liabilities recorded at fair value, has been determined to be $169.5 $139.6 The purchase agreement relating to the WWS Acquisition has a post-closing working capital calculation whereby we were required to prepare, and which we delivered to the sellers, a final statement of purchase price, including our calculation of actual net working capital as of the closing date. The calculation resulted in a net decrease in purchase price of $0.6 Net sales of WWS, included in the consolidated statement of operations for the year ended December 28, 2019, was $138.3 $49.7 Valuation of Identified Intangible Assets The valuation of the identifiable intangible assets acquired in the WWS Acquisition and our estimate of their respective useful lives are as follows: Initial Valuation Useful Life Amount (in years) (in thousands) Trade names $ 73,000 indefinite Customer relationships 94,000 10 Other intangible assets, net $ 167,000 Pro Forma Financial Information The following unaudited pro forma financial information assumes the WWS Acquisition had occurred at the beginning of the earliest period presented. Pro forma results have been prepared by adjusting our historical results to include the results of WWS adjusted for the following: amortization expense related to the amortizable intangible assets arising from the acquisition, interest expense to reflect the 2018 Senior Notes issued in connection with the acquisition. The following pro forma results of WWS do not include any adjustment for the adoption of the revenue recognition guidance under Topic 606 at the beginning of each period as it was not practicable to determine its effects. The unaudited pro forma results below do not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the earliest periods presented, nor does it indicate the results of operations in future periods. The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Year Ended December 29, December 30, Pro Forma Results (unaudited) 2018 2017 (in thousands, except per share amounts) Net sales $ 775,473 $ 611,240 Net income $ 50,407 $ 29,270 Net income per common share: Basic $ 0.96 $ 0.59 Diluted $ 0.93 $ 0.57 |
Sale of Assets
Sale of Assets | 12 Months Ended |
Dec. 28, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Sale of Assets | 6. Sale of Assets On September 22, 2017, we entered into an Asset Purchase Agreement (“APA”) with Cardinal LG Company (“Cardinal”) for the sale to Cardinal of certain manufacturing equipment we used in processing glass components for PGT-branded doors for a cash purchase price of $27.8 million. Contemporaneously with entering into the APA, we entered into a seven-year The Company has determined that, although the APA and SA are separate agreements, they were negotiated contemporaneously. Therefore, the Company has concluded that the $27.8 million of proceeds under the APA should be bifurcated between the sale of the door glass manufacturing assets, and as payment received from a supplier for the Company’s agreement to buy glass components for PGT-branded doors from Cardinal under the SA. The bifurcation of the proceeds in excess of the stand-alone selling price of the assets acquired would be allocated to the SA and recognized as a reduction of cost of sales as glass components are purchased by PGTI. Based on the established stand-alone selling price of the assets sold, as determined by an independent appraisal, approximately $7.7 million was allocated to the sale of the assets, with the remaining $20.1 million representing consideration received from Cardinal related to the agreement to buy door glass components for PGT-branded doors from Cardinal. This consideration is being amortized over the seven-year At the time we ceased using these assets in production, at which time they became available for immediate sale, their net book value was $4.7 million, and they were reclassified from property, plant and equipment, to assets held for sale within other current assets. The APA provided for the transfer of the assets from the Company to Cardinal in two phases, with the first date in 2017, and the second date in 2018, on dates which the Company and Cardinal agree to use. Under the APA, the cash purchase price of $27.8 million was to be paid by Cardinal to the Company in three separate payments of $3.0 million on or about the time of the first transfer of the assets to Cardinal, $10.0 million on or about January 15, 2018, and $14.8 million at or about the time of the second transfer of assets to Cardinal. Cardinal paid us $3.0 million in cash on November 1, 2017, $10.0 million in cash on January 16, 2018, and $14.8 million on June 8, 2018, pursuant to the APA. On December 15, 2017, machinery and equipment classified as assets held for sale with net book value of $1.5 million, and fair value of $1.9 million was transferred to Cardinal and their equipment rigger, and we recognized a gain for the difference. Substantially all of the remaining machinery and equipment was transferred to Cardinal during the second quarter of 2018, which had a net book value of $3.2 million and fair value of $5.8 million. We recognized gains on disposals for the difference totaling $2.6 million during the year ended December 29, 2018, classified as a separate line item in the accompanying consolidated statement of operations. The SA provides that the Company will purchase, and Cardinal will supply, all the Company’s requirements for certain glass components used in PGT-branded doors through the end of 2024. The terms of the manufacture by Cardinal and purchase by the Company of such glass components as to purchase orders, forecasts of purchases, pricing, invoicing, delivery and payment terms and other terms, are all as described in the SA. Early in the fourth quarter of 2017, we began purchasing and receiving glass components from Cardinal under the SA. At that time, we began amortizing the advance consideration received from Cardinal initially allocated to the SA, recognizing $628 thousand in the year ended December 30, 2017, and $2.8 2018, and December 28, 2019, w hich are classified as reductions to cost of sales in the accompanying consolidated statements of operations in each year . The remaining unamortized balance of $13.9 million is classified in the accompanying consolidated balance sheet as of December 2 8 , 201 9 , as $2.8 million within accrued liabilities and $11.1 million within other liabilities. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 28, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment The following table presents the composition of property, plant and equipment as of: December 28, December 29, 2019 2018 (in thousands) Land $ 6,664 $ 6,664 Buildings and improvements 77,860 71,319 Machinery and equipment 112,046 98,917 Vehicles 14,799 13,592 Software 24,047 22,173 Construction in progress 14,116 7,617 Property, plant and equipment 249,532 220,282 Less: Accumulated depreciation (121,333 ) (104,575 ) Property, plant and equipment, net $ 128,199 $ 115,707 The Company recognized depreciation expense of $18.9 $14.2 $13.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 28, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill and i ntangible assets are as follows as of: Initial December 28, December 29, Useful Life 2019 2018 (in years) (in thousands) Goodwill $ 277,600 $ 277,827 indefinite Other intangible assets: Trade names $ 148,841 $ 148,841 indefinite Customer relationships 200,647 200,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete agreements 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (98,784 ) (82,928 ) Subtotal 107,121 122,977 Other intangible assets, net $ 255,962 $ 271,818 Goodwill at December 29, 2018 $ 277,827 Adjustment to liabilities assumed in acquisition of WWS (53 ) Decrease from change in deferred tax liability in acquisition of WWS (174 ) Goodwill at December 28, 2019 $ 277,600 Amortizable Intangible Assets We test amortizable intangible assets for impairment when indicators of impairment exist. No impairment was recorded for any period presented. Estimated amortization of our amortizable intangible assets is as follows for future fiscal years: (in thousands) Total 2020 $ 15,885 2021 15,400 2022 14,541 2023 12,380 2024 12,333 Thereafter 36,582 Total $ 107,121 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 28, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 9. Accrued Liabilities Accrued liabilities consisted of the following as of: December 28, December 29, 2019 2018 (in thousands) Accrued interest $ 9,021 $ 8,700 Accrued payroll and benefits 9,421 16,498 Customer deposits 7,414 7,810 Accrued warranty 5,258 5,182 Advance supplier consideration 2,808 2,808 Accrued health claims insurance payable 1,301 954 Fair value of derivative financial instruments 510 3,907 Accrued federal and state income taxes 40 3,189 Other 2,178 4,221 Accrued liabilities $ 37,951 $ 53,269 Other accrued liabilities are comprised primarily of state sales taxes, property taxes and customer rebates. See Note 6 for a discussion of the net advance supplier consideration relating to the SA with Cardinal Glass Industries. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt Long-term debt consists of the following: December 28, December 29, 2019 2018 (in thousands) 2018 Senior Notes Due 2026 - Senior notes issued on August 10, 2018, due August 10, 2026. Interest payable semi- annually, in arrears, beginning on February 16, 2019, accruing at a rate of 6.75% per annum beginning August 10, 2018. $ 315,000 $ 315,000 2016 Credit Agreement Due 2022 - Term loan payable with no contractually scheduled amortization payments. A lump sum payment of $64.0 million due on October 31, 2022. Interest payable quarterly at LIBOR or the Base prime rate plus an applicable margin. At December 28, 2019, the average rate was 2.00% plus a margin of 1.77%. At December 29, 2018, the average rate was 2.34% plus a margin of 3.50%. 64,000 63,975 Other debt - 163 Long-term debt 379,000 379,138 Fees, costs and original issue discount (1) (10,029 ) (12,361 ) Long-term debt, net 368,971 366,777 Less current portion of long-term debt - (163 ) Long-term debt, net, less current portion $ 368,971 $ 366,614 (1) Fees, costs and original issue discount represents third-party fees, lender fees, other debt-related costs, and original issue discount, recorded as a reduction of the carrying value of the debt, and is being amortized over the life of the debt instrument under the effective interest method. 2018 Senior Notes Due 2026 On August 10, 2018, we completed the issuance of $315.0 other than any restricted subsidiary of the Company that does not guarantee the existing senior secured credit facilities or any permitted refinancing thereof. The 2018 Senior Notes due 2026 are senior unsecured obligations of the Company and the guarantors, respectively, and rank pari passu in right of payment with all existing and future senior debt and senior to all existing and future subordinated debt of the Company and the guarantors. The 2018 Senior Notes due 2026 were offered under Rule 144A of the Securities Act, and in transactions outside the United States under Regulation S of the Securities Act, and have not been, and will not be, registered under the Securities Act. The 2018 Senior Notes due 2026 mature on August 10, 2026. Interest on the 2018 Senior Notes due 2026 is payable semi-annually, in arrears, beginning on February 16, 2019, with interest accruing at a rate of 6.75% per annum from August 10, 2018. We incurred financing costs relating to bank fees and professional services costs relating to the offering and issuance of the 2018 Senior Notes due 2026 totaling $10.4 $315.0 $8.7 The indenture for the 2018 Senior Notes due 2026 gives us the ability to optionally redeem some or all of the 2018 Senior Notes due 2026 at the redemption prices and on the terms specified in the indenture governing the 2018 Senior Notes due 2026. The indenture governing the 2018 Senior Notes due 2026 does not require us to make any mandatory redemptions or sinking fund payments. However, upon the occurrence of a change of control, as defined in the indenture, the Company is required to offer to repurchase the notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. The indenture for the 2018 Senior Notes due 2026 includes certain covenants limiting the ability of the Company and any guarantors to, (i) incur additional indebtedness; (ii) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments; (iii) enter into agreements that restrict distributions from restricted subsidiaries; (iv) sell or otherwise dispose of assets; (v) enter into transactions with affiliates; (vi) create or incur liens; merge, consolidate or sell all or substantially all of the Company’s assets; (vii) place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company; and (viii) designate the Company’s subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. 2016 Credit Agreement Due 2022 On February 16, 2016, we entered into the 2016 Credit Agreement due 2022, among us, the lending institutions identified in the 2016 Credit Agreement due 2022, and SunTrust Bank, as Administrative Agent and Collateral Agent. The 2016 Credit Agreement due 2022 established new senior secured credit facilities in an aggregate amount of $310.0 million, consisting of a $270.0 million Term B term loan facility maturing in February 2022 that amortized on a basis of 1% annually during its six-year On October 31, 2019, we entered into an amendment of our 2016 Credit Agreement due 2022 (“Third Amendment”). The Third Amendment provides for, among other things, (i) a new three-year five-year Pursuant to the Third Amendment, interest on all loans under the 2016 Credit Agreement is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. The Third Amendment decreases the applicable interest rate margins for the Initial Term Loan A from (i) 2.50% to a spread of 1.00% to 1.75% based on our first lien net leverage ratio, in the case of the Base Rate Loans (with a floor of 100 basis points), and (ii) 3.50% to a spread ranging from 2.00% to 2.75% based on our first lien leverage ratio, in the case of the Eurodollar Loans (with a floor of zero basis points). Also, in connection with the Third Amendment, we will pay quarterly fees on the unused portion of the revolving credit facility equal to a percentage spread (ranging from 0.25% to 0.35%) based on our first lien net leverage ratio. The Third Amendment also modifies the springing financial covenant under the 2016 Credit Agreement to provide that such financial covenant will not be tested until the Initial Term A Loan is paid in full. As of December 28, 2019, there were $2.0 $78.0 Fees and costs relating to the Third Amendment were $0.9 $1.5 $64.0 $280 On March 16, 2018, we entered into a second amendment of our 2016 Credit Agreement due 2022. The Second Amendment, among other things, decreased the applicable interest rate margins for the Initial Term Loans (as defined in the 2016 Credit Agreement due 2022) from (i) 3.75% to 2.50%, in the case of the Base Rate Loans (as defined in the 2016 Credit Agreement due 2022), and (ii) 4.75% to 3.50%, in the case of the Eurodollar Loans (as defined in the 2016 Credit Agreement due 2022). On February 17, 2017, we entered into the first amendment to our 2016 Credit Agreement due 2022, which also resulted in decreases in the applicable margins, but which did not include any changes in lender positions. In connection with the Second Amendment, certain existing lenders changed their positions in or exited the 2016 Credit Agreement due 2022, which resulted in the write-offs of portions of the deferred financing costs and original issue discount allocated to these lenders. Additionally, at the time of the issuance of the 2018 Senior Notes due 2026, certain existing lenders reduced their positions in the revolving credit portion of the 2016 Credit Agreement due 2022, which resulted in the write-offs of the deferred financing costs allocated to these lenders. As such, write-offs totaling $3.4 million is classified as debt extinguishment costs in the accompanying consolidated statement of operations for the year ended December 29, 2018. Regarding the first amendment as described above, as there were no changes in lender positions, this action did not result in any modifications or extinguishments of debt. Therefore, there was no charge for debt extinguishment costs in the year ended December 30, 2017. Interest on all loans under the 2016 Credit Agreement due 2022 is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. Prior to amending the 2016 Credit Agreement due 2022 on March 16, 2018, as described above, borrowings under the term loans and the revolving credit facility accrued interest at a rate equal to, at our option, LIBOR (with a floor of 100 basis points in respect of the term loan), or a base rate (with a floor of 200 basis points in respect of the term loan) plus an applicable margin. The applicable margin was 475 basis points in the case of LIBOR and 375 basis points in the case of the base rate. The weighted average all-in interest rate for borrowings under the term-loan portion of the 2016 Credit Agreement due 2022 was 3.77% 5.84% Pursuant to the Third Amendment, the 2016 Credit Agreement due 2022 contains a springing financial covenant that would apply if we draw in excess of thirty-five percent (35%) of the revolving facility commitment (excluding $7.5 million of undrawn letters of credit and letters of credit and draws thereunder that are cash collateralized at 103% of the stated amount thereof from such availability test). To the extent in effect, the springing financial covenant would prohibit us from exceeding a maximum first lien net leverage ratio (based on the ratio of total first lien (less unrestricted cash) debt to EBITDA) as of the last day of each applicable fiscal quarter. To the extent the springing financial covenant is in effect, the first lien net leverage ratio currently cannot exceed 4.00:1.00 (4.50:1.00 during a significant acquisition period as defined). We have not been required to test our first lien net leverage ratio because we have not exceeded 35% of our revolving capacity. The 2016 Credit Agreement due 2022 also contains a number of affirmative and restrictive covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions and investments, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, dividends and other payments in respect of our capital stock, entry into restrictive agreements, prepayments of certain debt and transactions with affiliates, in each case, subject to exceptions and qualifications. The 2016 Credit Agreement due 2022 also contains customary events of default. Upon the occurrence of an event of default, the amounts outstanding under the 2016 Credit Agreement due 2022 may be accelerated and may become immediately due and payable. On September 18, 2018, contemporaneously with the 2018 Equity Issuance, we prepaid $152.0 $8.0 $5.6 $152.0 $8.0 Deferred Financing Costs All debt-related fees, costs and original issue discount, including those related to the revolving credit portion of the facility, is classified as a reduction of the carrying value of long-term debt. The activity relating to third-party fees and costs, lender fees and discount for the year ended December 28, 2019, are as follows: (in thousands) Total At beginning of year $ 12,361 Less: Amortization expense relating to 2016 Credit Agreement due 2022 (663 ) Add: Third amendment of 2016 Credit Agreement refinancing costs 854 Less: Debt extinguishment costs relating to third amendment (1,512 ) Less: Amortization expense relating to 2018 Senior Notes due 2026 (1,011 ) At end of year $ 10,029 Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated, as of December 28, 2019, is as follows: (in thousands) Total 2020 $ 1,390 2021 1,454 2022 1,521 2023 1,476 2024 1,561 Thereafter 2,627 Total $ 10,029 As a result of prepayments of the term loan portion of the 2016 Credit Agreement due 2022 totaling $204.0 (in thousands) Total 2020 $ - 2021 - 2022 64,000 2023 - 2024 - Thereafter 315,000 Total $ 379,000 Other Debt In July 2017, we entered into a two-year financing arrangement for the purchase of an enterprise-wide software license relating to office productivity software. This financing arrangement requires 24 monthly payments of $26 thousand each. We estimated the value of this financing arrangement to be $590 thousand, using an imputed annual interest rate of 6.00%, which approximates our borrowing rate under the 2016 Credit Agreement due 2022, a Level 3 input. Interest Expense, Net Interest expense, net consisted of the following: Year Ended December 28, December 29, December 30, 2019 2018 2017 (in thousands) Long-term debt $ 24,750 $ 18,946 $ 15,644 Debt fees 383 251 290 Amortization and write-offs of deferred financing costs and debt discount 1,674 7,790 4,642 Interest income (339 ) (389 ) (236 ) Interest expense 26,468 26,598 20,340 Capitalized interest (51 ) (69 ) (61 ) Interest expense, net $ 26,417 $ 26,529 $ 20,279 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 11. Derivatives Aluminum Forward Contracts We enter into aluminum forward contracts to hedge the fluctuations in the purchase price of aluminum extrusion (the contractually specific component) we use in production. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted purchases of aluminum. We record our hedge contracts at fair value, based on trading values for aluminum forward contracts. Aluminum forward contracts identical to those held by us trade on the London Metal Exchange (“LME”). The LME provides a transparent forum and is the world’s largest center for the trading of futures contracts for non-ferrous metals. The prices are used by the metals industry worldwide as the basis for contracts for the movement of physical material throughout the production cycle. Based on this high degree of volume and liquidity in the LME, we believe the valuation price at any measurement date for contracts with identical terms as to prompt date, trade date and trade price as those we hold at any time represents a contract’s exit price to be used for purposes of determining fair value. At December 28, 2019, the fair value of our aluminum forward contracts was in a net liability $317 29 26.3 $0.84 Gains or losses on our aluminum forward contracts is reported as a component of accumulated other comprehensive loss and is reclassified into earnings in the same line item in the income statement as the hedged item in the same period or periods during which the transaction affects earnings. The amount of losses, net, recognized in the “accumulated other comprehensive loss” line item in the accompanying condensed consolidated balance sheet as of December 28, 2019, that we expect will be reclassified to earnings within the next twelve months, will be approximately $317 The fair value of our aluminum hedges are classified in the accompanying consolidated balance sheets as follows (in thousands): Derivative Assets Derivative (Liabilities) December 28, 2019 December 28, 2019 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ 193 Accrued liabilities $ (510 ) Aluminum forward contracts Other assets - Other liabilities - Total derivative instruments Total derivative assets $ 193 Total derivative liabilities $ (510 ) Derivative Assets Derivative (Liabilities) December 29, 2018 December 29, 2018 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ - Accrued liabilities $ (3,907 ) Aluminum forward contracts Other assets - Other liabilities (211 ) Total derivative instruments Total derivative assets $ - Total derivative liabilities $ (4,118 ) The ending accumulated balance for the aluminum forward contracts included in accumulated other comprehensive losses, net of tax, was $238 $3.1 The following represents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements for the year ended December 28, 2019 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives Location of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Amount of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Year Ended Year Ended December 28, December 28, 2019 2019 Aluminum forward contracts $ (1,229 ) Cost of sales $ 5,030 Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives Location of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Amount of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Year Ended Year Ended December 29, December 29, 2018 2018 Aluminum forward contracts $ (4,357 ) Cost of sales $ 239 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A three-tier fair value hierarchy is used to prioritize the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The accounting guidance concerning fair value allows us to elect to measure financial instruments at fair value and report the changes in fair value through earnings. This election can only be made at certain specified dates and is irrevocable once made. We do not have a policy regarding specific assets or liabilities to elect to measure at fair value, but rather we make the election on an instrument-by-instrument basis as they are acquired or incurred. During 2019, 2018, or 2017, we did not make any transfers between Level 1, Level 2 or Level 3 financial assets. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. Fair Value of Financial Instruments Our financial instruments include cash equivalents, accounts and notes receivable, and accounts payable, accrued liabilities and other debt, whose carrying amounts approximate their fair values due to their short-term nature. Our financial instruments also include borrowings under our 2016 Credit Agreement due 2022, as well as the 2018 Senior Notes due 2026, both classified as long-term debt. The fair value of borrowings under the 2016 Credit Agreement due 2022 is based on debt with similar terms and characteristics and was approximately $64.0 $64.0 $338.6 $315.0 The carrying amounts for financial instruments measured at fair value are as follows: Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable December 28, Markets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts, net $ (317 ) $ - $ (317 ) $ - $ (317 ) $ - $ (317 ) $ - Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable December 29, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts $ (4,118 ) $ - $ (4,118 ) $ - $ (4,118 ) $ - $ (4,118 ) $ - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Income Tax Expense We consider all income sources, including other comprehensive income, in determining the amount of tax expense allocated to continuing operations. The components of income tax expense are as follows (in thousands): Year Ended December 28, December 29, December 30, 2019 2018 2017 Current: Federal $ 5,747 $ 11,818 $ 8,063 State 2,282 4,416 1,066 8,029 16,234 9,129 Deferred: Federal 3,179 (3,407 ) (10,010 ) State 1,231 (1,555 ) 944 4,410 (4,962 ) (9,066 ) Income tax expense $ 12,439 $ 11,272 $ 63 The aggregate amount of income taxes included in the consolidated statements of operations and consolidated statements of shareholders’ equity are as follows (in thousands): Year Ended December 28, December 29, December 30, 2019 2018 2017 Consolidated statements of operations: Income tax expense relating to continuing operations $ 12,439 $ 11,272 $ 63 Consolidated statements of shareholders' equity: Income tax (expense) benefit relating to derivative financial instruments $ (974 ) $ 1,053 $ - Reconciliation of t he Statutory Rate to t he Effective Rate A reconciliation of the statutory federal income tax rate to our effective rate is provided below: Year Ended December 28, December 29, December 30, 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 4.0 % 4.5 % 3.8 % Excess stock-based compensation tax benefits (3.7 )% (8.0 )% (4.6 )% Research activities credits (1.2 )% (0.7 )% (0.2 )% Non-deductible expenses 1.6 % 0.9 % 0.5 % Disaster tax credit for Hurricane Irma - (0.7 )% - Change in deferred taxes related to state rate changes and U.S. tax reform 0.7 % 0.4 % (31.1 )% Domestic manufacturing deduction - - (2.5 )% Florida jobs creation incentive credits - - (0.5 )% Other (0.2 )% (0.1 )% (0.2 )% 22.2 % 17.3 % 0.2 % Acquisition of WWS As described in Notes 1 and 5, on August 13, 2018, we completed the WWS Acquisition, which included its subsidiary, WWS Blocker LLC (“Blocker”). Blocker was a single-purpose U.S. tax blocker which held a 18.06% Deferred tax assets (liabilities) relate to: Final Allocation Amortizable intangible assets $ (1,082 ) Other indefinite lived intangible assets (3,372 ) Property, plant and equipment (759 ) Other 33 Net deferred tax liability $ (5,180 ) Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our net deferred tax liability are as follows: December 28, December 29, 2019 2018 (in thousands) Deferred tax assets: Operating lease liability $ 7,328 $ - Advance supplier consideration 3,527 4,280 Other deferrals and accruals, net 2,533 2,100 Stock-based compensation expense 1,640 1,796 Accrued warranty 1,485 1,442 State bonus depreciation and net operating loss carryforwards 1,705 1,414 Derivative financial instruments 79 1,053 Acquisition costs 1,305 1,022 Allowance for doubtful accounts 915 642 Obsolete inventory and UNICAP adjustment 606 515 Total deferred tax assets 21,123 14,264 Deferred tax liabilities: Trade names and other intangible assets, net (20,801 ) (20,935 ) Property, plant and equipment (12,923 ) (10,741 ) Goodwill (8,525 ) (5,092 ) Operating lease right-of-use asset (6,521 ) - Prepaid expenses (298 ) (254 ) Total deferred tax liabilities (49,068 ) (37,022 ) Total deferred tax liabilities, net $ (27,945 ) $ (22,758 ) Tax-Deductible Goodwill We acquired goodwill deductible for tax purposes in the CGI acquisition as the transaction was treated as an acquisition of stock for tax purposes. At the date of the acquisition, the amount of goodwill deductible for tax purposes from the CGI acquisition was $9.3 7.4 $2.7 $4.0 We have goodwill deductible for tax purposes in the WinDoor acquisition as the transaction was an acquisition of stock that was treated as a step-up acquisition of assets and assumption of liabilities pursuant to our election under section 338(h)(10) of the Internal Revenue Code. We are deducting goodwill for tax purposes of $38.9 $28.7 $31.3 We have goodwill deductible for tax purposes in the US Impact acquisition as the transaction was treated as an acquisition of assets and assumption of liabilities for both book and tax purposes. We expect to be able to deduct goodwill for tax purposes of $569 $440 $478 We have goodwill deductible for tax purposes in the WWS Acquisition. Goodwill relating to the 81.94% $133.6 $121.0 $129.9 18.06% $6.0 approximately $5.3 million and $5.8 million at December 2 8 , 201 9, and December 29, 2018, respectively . This component can continue to be deducted by the Company for tax purposes. Net Operating Loss Carryforwards and Valuation Allowance We estimate that we have $1.7 We have no valuation allowances on deferred tax assets at December 28, 2019, or December 29, 2018, as management’s assessment of our ability to realize our deferred tax assets is that it is more likely than not that we will generate sufficient future taxable income to realize all of our deferred tax assets. Excess Tax Benefits We adopted ASU 2016-09 effective on January 1, 2017. As a result, excess tax benefits resulting from the exercise of stock options and lapse of restriction on stock awards are now recognized as a discrete item in tax expense, where previously such tax effects had been recognized in additional paid-in-capital. Income tax expense in the years ended December 28, 2019, and December 29, 2018, includes excess tax benefits totaling $2.1 $5.2 Open Tax Years The tax years 2014 to 2019 remain open for examination by the IRS due to the statute of limitations and net operating losses utilized in prior tax years. The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) On December 22, 2017, the President of the United States signed into law the Tax Act. The Tax Act includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%, effective January 1, 2018, limitations on the deductibility of interest expense and executive compensation, the elimination of the Section 199 domestic production activities deduction, and further restricting the deductibility of certain already restricted expenses. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Act, the Company revalued its ending net deferred tax liabilities at December 30, 2017 and recognized a $12.4 $231 |
Leases, Commitments and Conting
Leases, Commitments and Contingencies | 12 Months Ended |
Dec. 28, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Leases, Commitments And Contingencies | 14. Leases, Commitments and Contingencies Leases We lease certain of our manufacturing facilities under operating leases. We also lease production equipment, vehicles, computer equipment, storage units and office equipment under operating leases. Our leases have remaining lease terms of 1 year to 9 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. All of our leases are operating leases. We did not recognize right-of-use assets or lease liabilities for certain short-term leases that are month-to-month leases. The lease expense relating to these leases is not significant. As of December 28, 2019, we had no additional operating or finance leases that have not yet commenced. Our operating leases expire at various times through 2028. Lease expense was $8.9 $4.7 The components of lease expense for the year ended December 28, 2019, are as follows (in thousands): Year Ended December 28, 2019 Operating lease cost $ 6,213 Variable lease cost 2,730 Total lease cost $ 8,943 Other information relating to leases for the year ended December 28, 2019, are as follows (in thousands, except years and percentages): Year Ended December 28, 2019 Supplemental cash flows information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ (6,213 ) Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 796 Weighted average remaining lease term in years Operating leases 3.88 Weighted average discount rate Operating leases 6.2 % Future minimum lease commitments for non-cancelable operating leases are as follows (in thousands): December 28, December 29, 2019 2018 2019 $ - $ 6,343 2020 6,319 6,354 2021 4,771 4,748 2022 3,878 3,831 2023 3,741 3,801 2024 3,771 3,892 Thereafter 13,691 13,993 Total future minimum lease payments 36,171 $ 42,962 Less: Imputed interest (7,428 ) Operating lease liability - total $ 28,743 Reported as of December 28, 2019 Current portion of operating lease liability $ 4,703 Operating lease liability, less current portion 24,040 Operating lease liability - total $ 28,743 Purchase Commitments We are obligated to purchase certain raw materials used in the production of our products from certain suppliers pursuant to stocking programs. If these programs were cancelled by us, as of December 28, 2019, we would be required to pay $14.9 $216.0 At December 28, 2019, we had $2.0 $1.4 Legal Proceedings We are a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of those proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on our operations, financial position or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 28, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Defined Contribution Plan We have a 401(k) plan covering substantially all employees 18 years of age or older who have at least three months of service. Employees may contribute up to 100% of their annual compensation subject to Internal Revenue Code maximum limitations. We currently make matching contributions based on our operating results. During the years ended December 28, 2019, December 29, 2018, and December 30, 2017, there was a matching contribution of up to 3% $2.9 2019 Employee Stock Purchase Plan On May 22, 2019, our shareholders approved and we adopted the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) whereby eligible employees may purchase the Company’s common stock at a discount from fair market value represented by the trading price of the Company’s common stock on the NYSE. Eligible employees may purchase the Company’s common stock at a price which is determined by the Compensation Committee of the Board of Directors of the Company, but which will be no less than 85% of fair market value, as defined in the 2019 ESPP. There is a maximum of 700,000 shares issuable under the 2019 ESPP. In the year ended December 28, 2019, the number of shares issued and compensation expense recognized under the 2019 ESPP were not significant. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 28, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | 16. Related Parties In the ordinary course of business, we sell windows to Builders FirstSource, Inc. Two of our directors, Floyd F. Sherman, and Brett Milgrim, are directors of Builders FirstSource, Inc. Total net sales to Builders FirstSource, Inc. were $21.9 $2.6 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | 17. Shareholders’ Equity Special Employee Grants of Company Common Stock At three times during 2018, we made grants of the Company’s common stock totaling 28,160 $20.84 $587 2018 Equity Issuance On September 18, 2018, we completed an underwritten, public offering of 7,000,000 $23.00 The offering resulted in gross proceeds to the Company of $161.0 $1.15 $153.0 $152.0 $447 Repurchases of Company Common Stock During 2019 and 2018, we repurchased 34,240 35,691 $505 $687 Program for Repurchases of Company Common Stock On May 22, 2019, our Board of Directors authorized and approved a share repurchase program of up to $30 million. The repurchases may be made in open market or private transactions from time to time. Repurchases of shares may be made under a Rule 10b5-1 plan, which would permit repurchases when the Company might otherwise be precluded from doing so under applicable laws. The Company bases repurchase decisions, including the timing of repurchases, on factors such as the Company’s stock price, general economic and market conditions, the potential impact on the Company’s capital structure, the expected return on competing uses of capital such as strategic acquisitions and capital investments, and other corporate considerations, as determined by management. From the inception of the program on May 22, 2019, through December 28, 2019,we made repurchases of 393,819 $5.5 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 28, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 18. Stock-Based Compensation 2019 Equity Plan On May 22, 2019, our shareholders approved, and we adopted the 2019 Equity and Incentive Compensation Plan (the “2019 Equity Plan”) whereby equity-based awards may be granted by the Board to eligible non-employee directors, selected officers and other employees, advisors and consultants of ours. A summary of certain key features and terms of the 2019 Equity Plan is set forth below. A more complete discussion about the 2019 Equity Plan is set forth in the Company’s proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on April 23, 2019. 2019 Equity and Incentive Compensation Plan • sets forth the total number of shares of common stock available for grant thereunder, at 1,550,000, • sets forth the types of awards eligible under the plan, including issuances of options, share appreciation rights, restricted shares, restricted share units, share bonuses, other share-based awards and cash awards, and • set forth the maximum number of shares that may be made subject to awards in any calendar year to any “covered employee” (within the meaning of Section 162(m) of the Internal Revenue Code). • shares previously granted under predecessor plans, including the 2014 Equity Plan and the 2006 Equity Plan, may be available for issuance under the 2019 Equity Plan under certain circumstances described below. There were 1,505,705 2014 Equity Plan On March 28, 2014, we adopted the 2014 Omnibus Equity Incentive Plan (the “2014 Equity Plan”) whereby equity-based awards may be granted by the Board to eligible non-employee directors, selected officers and other employees, advisors and consultants of ours. On May 7, 2014, our stockholders approved the 2014 Equity Plan. 2014 Omnibus Equity Incentive Plan • set forth the total number of shares of common stock available for grant thereunder, at 1,500,000, • sets forth the types of awards eligible under the plan, including issuances of options, share appreciation rights, restricted shares, restricted share units, share bonuses, other share-based awards and cash awards, and • set forth the maximum number of shares that may be made subject to awards in any calendar year to any “covered employee” (within the meaning of Section 162(m) of the Internal Revenue Code). With the adoption of the 2019 Equity Plan effective on May 22, 2019, no further shares will be granted and, therefore, no shares are available under the 2014 Equity Plan. However, a previously issued grant under the 2014 Equity Plan which is cancelled or forfeited, expires, is settled for cash, or is unearned, is available to be issued under the 2019 Equity Plan. 2006 Equity Plan On June 6, 2006, we adopted the 2006 Equity Incentive Plan (the “2006 Equity Plan”) whereby equity-based awards could be granted by the Board to eligible non-employee directors, selected officers and other employees, advisors and consultants of ours. On April 6, 2010, our stockholders approved the PGT Innovations, Inc. (formerly PGT, Inc.) Amended and Restated 2006 Equity Incentive Plan (the “Amended and Restated 2006 Equity Incentive Plan”). With the adoption of the 2014 Equity Plan effective on March 28, 2014, no further shares were granted under and, therefore, no shares were available under the Amended and Restated 2006 Equity Incentive Plan. However, a previously issued grant made under the Amended and Restated 2006 Equity Incentive Plan which is cancelled or forfeited, expires, is settled for cash, or is unearned, is available to be issued under the 2019 Equity Plan. New Issuances During 2019, we issued a total of 609,245 80,000 $16.81 On January 10, 2019, we issued 176,775 $16.86 On February 14, 2019, we issued 258,628 258,628 129,314 129,314 $17.76 On March 1, 2019, we issued 33,663 $18.40 On May 22, 2019, we issued a total of 37,000 $15.35 At three times during 2018, we made grants of the Company’s common stock to employees of the Company who do not participate in the in the Company’s long-term equity incentive plan. See Note 17, “Special Employee Grants of Company Common Stock”, which includes a discussion of the related total stock-based compensation expense recognized. We record stock compensation expense over an equity award’s vesting period based on the award’s fair value at the date of grant. In 2019, we recorded compensation expense for stock-based awards of $3.9 Stock Options A summary of the status of our stock options as of December 28, 2019, and changes during the year then ended, is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Life in Years Outstanding at December 29, 2018 1,035,081 $ 2.20 Exercised (682,931 ) $ 2.29 Outstanding at December 28, 2019 352,150 $ 2.02 0.7 Exercisable at December 28, 2019 352,150 $ 2.02 0.7 The following table summarizes information about employee stock options outstanding at December 28, 2019, (dollars in thousands, except share and per share amounts): Exercise Price Remaining Contractual Life Outstanding Outstanding Intrinsic Value Exercisable Exercisable Intrinsic Value $2.00-$2.31 0.7 Years 352,150 $ 4,502 352,150 $ 4,502 352,150 $ 4,502 352,150 $ 4,502 The aggregate intrinsic value of options outstanding and of options exercisable as of December 29, 2018, was $14.0 million and $14.0 million, respectively. The aggregate intrinsic value of options outstanding and of options exercisable as of December 30, 2017, was $31.8 million and $31.7 million, respectively. The total grant date fair value of options vested during the years ended December 28, 2019, December 29, 2018, and December 30, 2017, was $21 For the year ended December 28, 2019, we received approximately $1.6 682,931 $2.1 $8.8 $2.2 Restricted Share Awards There were 609,245 A summary of the status of restricted share awards as of December 28, 2019, and changes during the year then ended, are presented below: Number of Shares Weighted Average Fair Value Outstanding at December 29, 2018 362,626 $ 14.26 Granted 609,245 $ 16.81 Vested (164,226 ) $ 12.70 Forfeited/Performance adjustment (69,980 ) $ 16.75 Outstanding at December 28, 2019 737,665 $ 16.58 As of December 28, 2019, the remaining compensation cost related to non-vested share awards was $5.7 1.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 19. Accumulated Other Comprehensive Loss The following table shows the components of accumulated other comprehensive loss for the years ended December 28, 2019 and December 29, 2018. There was no activity within accumulated other comprehensive income or loss during the year ended December 30, 2017: Aluminum Forward (in thousands) Contracts Balance at December 30, 2017 $ - Other comprehensive loss before reclassification (4,357 ) Amounts reclassified from other comprehensive loss 239 Less: Income tax benefit 1,053 Net current-period other comprehensive loss (3,065 ) Balance at December 29, 2018 $ (3,065 ) Balance at December 29, 2018 $ (3,065 ) Other comprehensive loss before reclassification (1,229 ) Amounts reclassified from other comprehensive loss 5,030 Less: Income tax (expense) (974 ) Net current-period other comprehensive income 2,827 Balance at December 28, 2019 $ (238 ) |
Segments
Segments | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Segments | 20. Segments We have two reportable segments: the Southeast segment, and the Western segment. The Southeast reporting segment, which is also an operating segment, is composed of our sales in Florida, the core market of our legacy business, as well as Alabama, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and the Caribbean. The Western reporting segment, also an operating segment, is composed of sales in the remainder of the United States, along with Canada and Mexico. The operations of the Western segment are composed primarily of the results of WWS and the results of the legacy operations of the Company in the west. While both of our operating segments have products, distribution methods and customers of a similar nature, we determined to not aggregate them due to the differences in their geographic markets. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income from operations basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”), with oversight by the Board of Directors. Total asset information by segment is not included herein as asset information by segment is not presented to or reviewed by the CODM. The following table represents summary financial data attributable to our operating segments for the years ended December 28, 2019, and December 29, 2018. Corporate overhead has been allocated to each segment using an allocation method we believe is reasonable. Results of the Western segment for the year ended December 29, 2018 include the results of WWS for its post-acquisition period from August 13, 2018 (in thousands): Year Ended December 28, December 29, 2019 2018 Net sales: Southeastern segment $ 595,066 $ 636,409 Western segment 149,890 62,084 Total net sales $ 744,956 $ 698,493 Income from operations: Southeastern segment $ 73,458 $ 90,083 Western segment 10,598 5,026 Total income from operations 84,056 95,109 Interest expense, net 26,417 26,529 Debt extinguishment costs 1,512 3,375 Total income before income taxes $ 56,127 $ 65,205 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | 2 1 . Unaudited Quarterly Financial Data The following tables summarize the consolidated quarterly results of operations for the years ended December 28, 2019, and December 29, 2018 (in thousands, except per share amounts): Year Ended December 28, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 173,737 $ 198,570 $ 197,823 $ 174,826 Gross profit 61,270 72,940 69,995 56,163 Net income 8,257 17,045 15,106 3,280 Net income per share – basic $ 0.14 $ 0.29 $ 0.26 $ 0.06 Net income per share – diluted $ 0.14 $ 0.29 $ 0.26 $ 0.06 Year Ended December 29, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 140,253 $ 169,269 $ 199,084 $ 189,887 Gross profit 44,773 59,947 72,998 65,750 Net income 7,340 22,548 13,571 10,474 Net income per share – basic $ 0.15 $ 0.45 $ 0.26 $ 0.18 Net income per share – diluted $ 0.14 $ 0.43 $ 0.26 $ 0.18 Earnings per share are computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the annual earnings per share. Each of our fiscal quarters above consists of 13 weeks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 28, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events On February 1, 2020, we completed the acquisition of NewSouth Window Solutions of Orlando, LLC, a Florida limited liability company, and NewSouth Window Solutions, LLC, a Delaware limited liability company and its subsidiaries (together “NewSouth”), doing business as NewSouth Window Solutions, for $92 $50.0 $3.2 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 28, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | (2) Schedule II – Valuation and Qualifying Accounts Balance at Balance at Beginning Costs and End of Allowance for Doubtful Accounts of Period expenses Deductions* Period (in thousands) Year ended December 28, 2019 $ 2,789 $ 1,553 $ (1,022 ) $ 3,320 Year ended December 29, 2018 $ 964 $ 1,984 $ (159 ) $ 2,789 Year ended December 30, 2017 $ 399 $ 576 $ (11 ) $ 964 * Represents uncollectible accounts charged against the allowance for doubtful accounts, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Fiscal period | Fiscal period Our fiscal year consists of 52 or 53 weeks ending on the Saturday nearest December 31 of the related year. The years ended December 28, 2019, December 29, 2018, and December 30, 2017, consisted of 52 weeks. |
Principles of consolidation | Principles of consolidation The consolidated financial statements present the results of the operations, financial position and cash flows of PGTI, and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Segment information | Segment information We operate as two segments based on geography: the Southeast segment, and the Western segment. See Note 20 for more information. Prior to 2019, we operated as one segment; the manufacture and sales of windows and doors. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Revenue recognition | Revenue recognition With the adoption of Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” together with subsequently issued related guidance, we recognize revenue pursuant to Topic 606 of the Accounting Standards Codification (ASC). See Note 4, “Revenue Recognition and Contracts with Customers.” Adoption of ASU 2014-09, “Revenue from Contracts with Customers” We adopted ASU 2014-09, “Revenue from Contracts with Customers”, together with subsequently issued related guidance, Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the year ended December 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying consolidated statement of operations, and the consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Year Ended December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 698,493 $ 2,553 $ 701,046 Cost of sales 455,025 1,875 456,900 Gross profit 243,468 678 244,146 Selling, general and administrative expenses 150,910 104 151,014 Gains on sales of assets (2,551 ) - (2,551 ) Income from operations 95,109 574 95,683 Interest expense, net 26,529 - 26,529 Debt extinguishment costs 3,375 - 3,375 Income before income taxes 65,205 574 65,779 Income tax expense 11,272 146 11,418 Net income $ 53,933 $ 428 $ 54,361 Basic $ 1.03 $ 1.04 Diluted $ 1.00 $ 1.00 Other comprehensive loss before tax: Change in fair value of derivatives (4,357 ) - (4,357 ) Reclassification to earnings 239 - 239 Other comprehensive loss before tax (4,118 ) - (4,118 ) Income tax benefit related to other comprehensive loss (1,053 ) - (1,053 ) Other comprehensive loss, net of tax (3,065 ) - (3,065 ) Comprehensive income $ 50,868 $ 428 $ 51,296 At December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Cash and cash equivalents $ 52,650 $ - $ 52,650 Accounts receivable, net 80,717 - 80,717 Inventories 44,666 4,186 48,852 Contract assets, net 6,757 (6,757 ) - Prepaid expenses 2,863 - 2,863 Other current assets 7,908 - 7,908 Total current assets 195,561 (2,571 ) 192,990 Property, plant and equipment, net 115,707 - 115,707 Trade name and other intangible assets, net 271,818 - 271,818 Goodwill 277,827 - 277,827 Other assets, net 1,240 - 1,240 Total assets $ 862,153 $ (2,571 ) $ 859,582 Accounts payable $ 15,288 $ - $ 15,288 Accrued liabilities 53,269 64 53,333 Current portion of long-term debt 163 - 163 Total current liabilities 68,720 64 68,784 Long-term debt, less current portion 366,614 - 366,614 Deferred income taxes 22,758 (647 ) 22,111 Other liabilities 18,517 - 18,517 Total liabilities 476,609 (583 ) 476,026 Total shareholders' equity 385,544 (1,988 ) 383,556 Total liabilities and shareholders' equity $ 862,153 $ (2,571 ) $ 859,582 Amounts in the tables above presented under “Previous Standard” represent balances as-if ASU 2014-09 had not been adopted, which primarily reflects finished goods and certain unused glass components directly attributable to noncancelable sales orders and with no alternative future use, and therefore recognized as revenue over time under the new standard but still classified in inventory under the previous standard, and no net contract assets on the consolidated balance sheet. Revenue Recognition Accounting Policy The Company primarily manufactures fully customized windows and doors, and manufactures products based on design specifications, measurements, colors, finishes, framing materials, glass-types, and other options selected by the customer at the point in time an order is received from the customer. The Company has an enforceable right to payment at the time an order is received and accepted at the agreed-upon sales prices contained in our agreements with our customers for all manufacturing efforts expended by the Company on behalf of its customers. Due to the customized build-to-order nature of the Company’s products, the Company’s assessment is that the substantial portion of its finished goods and certain unused glass components have no alternative use, and that control of these products and components passes to the customer over time during the manufacturing of the products in an order, or upon our receipt of certain pre-cut glass components from our supplier attributed to specific customer orders. Based on these factors, the Company recognizes a substantial portion of revenue over time during the manufacturing process once customization begins, and for certain unused glass components on hand, at the end of a reporting period. Revenue on work-in-process at the end of a reporting period is recognized in proportion to costs incurred to total estimated cost of the product being manufactured. Except for the Western segment’s volume products, discussed in the section titled Disaggregation of Revenue from Contracts with Customers below, revenue recognized at a point in time is immaterial. |
Cost of sales | Cost of sales Cost of sales represents costs directly related to the production of our products. Primary costs include raw materials, direct labor, and manufacturing overhead, which consist of salaries, wages, employee benefits, utilities, maintenance, lease costs and depreciation. |
Shipping and handling costs | Shipping and handling costs Shipping and handling costs incurred in the purchase of materials used in the manufacturing process are included in cost of sales. Costs relating to shipping and handling of our finished products are included in selling, general and administrative expenses and totaled $38.3 |
Advertising | Advertising We expense advertising costs as incurred. Advertising expense, which is included in selling, general and administrative expenses, was $5.2 |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand or highly liquid investments with an original maturity date of three months or less when purchased. |
Accounts receivable, net | Accounts receivable, net In the ordinary course of business, we extend credit to qualified dealers and distributors, generally on a non-collateralized basis. The Company maintains an allowance for doubtful accounts which is based on management’s assessments of the amount which may become uncollectible in the future and is determined through consideration of our write-off history, specific identification of uncollectible accounts based in part on the customer’s past due balance (based on contractual terms), and consideration of prevailing economic and industry conditions. Uncollectible accounts are written off after repeated attempts to collect from the customer have been unsuccessful. December 28, December 29, 2019 2018 (in thousands) Accounts receivable $ 71,411 $ 83,506 Less: Allowance for doubtful accounts (3,320 ) (2,789 ) Accounts receivable, net $ 68,091 $ 80,717 |
Self-insurance reserves | Self-insurance reserves We are primarily self-insured for employee health benefits and for years prior to 2010 for workers’ compensation claims. Provisions for losses under these programs are recorded based on the Company’s estimates of the aggregate liabilities for the claims incurred. Accruals for healthcare claims and workers’ compensation are included in accrued liabilities in the accompanying consolidated balance sheets. |
Warranty expense | Warranty expense We have warranty obligations with respect to most of our manufactured products. Warranty periods, which vary by product components, generally range from 1 to 10 years, although the warranty period for a limited number of specifically identified components in certain applications is a lifetime. However, the majority of the products sold have warranties on components which range from 1 to 3 years. The Company has recorded a reserve for estimated warranty and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. Expected future obligations are discounted to a current value using a risk-free rate for obligations with similar maturities. During 2019, we recorded warranty expense at an average rate of 1.7% 1.7% Accrued Warranty Beginning of Period Acquired Charged to Expense Adjustments Settlements End of Period (in thousands) Year ended December 28, 2019 $ 6,149 $ - $ 12,720 $ 570 $ (13,195 ) $ 6,244 Year ended December 29, 2018 $ 5,386 $ 509 $ 11,835 $ (650 ) $ (10,931 ) $ 6,149 Year ended December 30, 2017 $ 5,569 $ - $ 10,675 $ (212 ) $ (10,646 ) $ 5,386 The accrual for warranty is included in accrued liabilities and other liabilities, depending on estimated settlement date, in the consolidated balance sheets as of December 28, 2019 and December 29, 2018. The portion of warranty expense related to the issuance of product of $2.7 $10.6 |
Inventories | Inventories Inventories consist principally of raw materials purchased for the manufacture of our products. We have limited finished goods inventory as most products are custom, made-to-order products December 28, December 29, 2019 2018 (in thousands) Raw materials $ 41,255 $ 42,036 Work in progress 2,337 2,278 Finished goods 259 352 Inventories $ 43,851 $ 44,666 |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Depreciable assets are assigned estimated lives as follows: Building and improvements 5 to 40 years Leasehold improvements Shorter of lease term or estimated useful life Furniture and equipment 3 to 10 years Vehicles 5 to 10 years Computer software 3 years Maintenance and repair expenditures are charged to expense as incurred. |
Long-lived assets | Long-lived assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated . |
Computer software | Computer software We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is complete, and it is probable that computer software being developed will be completed and placed in service. Capitalized costs include: (i) external direct costs of materials and services consumed in developing or obtaining computer software, (ii) payroll and other related costs for employees who are directly associated with and who devote time to the software project, and (iii) interest costs incurred, when material, while developing internal-use software. Capitalization of such costs ceases no later than the point at which the project is substantially complete and ready for its intended purpose. Capitalized software as of December 28, 2019, and December 29, 2018, was $24.0 $21.2 Amortization expense for capitalized software was $2.4 We review the carrying value of capitalized software and development costs for impairment in accordance with our policy pertaining to the impairment of long-lived assets. |
Goodwill | Goodwill Goodwill is calculated as the excess of the consideration paid in a business combination over the fair value of the identifiable net assets acquired. We test goodwill for impairment at the reporting unit level at least annually or whenever events or circumstances indicate that the carrying value of goodwill may not be recoverable. Our annual test for impairment is done on the first date of our fiscal fourth quarter. We consider various qualitative factors, including macroeconomic and industry conditions, financial performance of the Company and changes in the stock price of the Company to determine whether it is necessary to perform a quantitative test for goodwill impairment. If we believe, as a result of our qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Under the quantitative test, goodwill is tested under a one-step method for impairment at a level of reporting referred to as a reporting unit. This quantitative analysis involves identifying potential impairment by comparing the fair value of each reporting unit with its carrying amount and, if the carrying amount of a reporting unit exceeds its fair value, then a charge for goodwill impairment will be recognized in the amount by which a reporting unit’s carrying value exceeds its fair value. For our Southeast reporting unit, based on a qualitative assessment, we concluded that a quantitative one-step assessment was not required to be performed. For our WWS reporting unit, for the nine-month period in 2019 ended September 28, 2019, we experienced financial results which were below our 2019 annual operating budget, and below the financial projections as included in our valuation of certain intangible assets relating to our WWS Acquisition. As such, we elected to forego a qualitative assessment of our Western reporting unit goodwill, and we completed a quantitative assessment of our Western reporting unit goodwill on the first day of our fourth quarter of 2019. The quantitative assessment was conducted using various valuation techniques, including a discounted cash flow analysis, which utilizes Level 3 fair value inputs, and included a reconciliation of the estimated combined fair values of both of our reporting units to the market capitalization of the Company, Based on that quantitative assessment, we concluded that it is not more likely than not that the carrying value our WWS reporting unit exceeds it fair value. |
Trade names | Trade names The Company has indefinite-lived intangible assets in the form of trade names. The impairment evaluation of the carrying amount of our trade names is conducted annually, or more frequently, if events or changes in circumstances indicate that they might be impaired. We have the option of performing a qualitative assessment of impairment to determine whether any further quantitative testing for impairment is necessary. If we elect to bypass the qualitative assessment or if we determine, based on qualitative factors, that it is more likely than not that the fair value of our trade names is less than the carrying amount, an evaluation is performed by comparing their carrying amount to their estimated fair values. If the estimated fair value is less than the carrying amount of the trade name, then an impairment charge is recorded to reduce the carrying value to its estimated fair value. The estimated fair value is determined using the relief from royalty method that is based upon the discounted projected cost savings (value) attributable to ownership of our trade names, our only indefinite lived intangible assets. Based on qualitative assessments, we concluded that quantitative assessments were not required to be performed for our PGT or CGI trade names. In evaluating our WinDoor and WWS trade name as of the first day of our fourth quarter of 2019, we elected to bypass the qualitative assessment and perform a quantitative assessment. Based on these quantitative assessments, we concluded that no impairment was indicated. |
Derivative financial instruments | Derivative financial instruments We utilize certain derivative instruments, from time to time, including forward contracts to manage variability in cash flow associated with commodity market price risk exposure in the aluminum market. We do not enter into derivatives for speculative purposes. |
Concentrations of credit risk | Concentrations of credit risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. Accounts receivable are due primarily from dealers and distributors of building materials, and other companies in the construction industry, primarily located in Florida, California, Texas and Arizona. Credit is extended based on an evaluation of the customer’s financial condition and credit history, and generally collateral is not required. The Company maintains an allowance for potential credit losses on trade receivables. We maintain our cash with several financial institutions, the balance of which exceeds federally insured limits. At December 28, 2019, and December 29, 2018, our cash balance exceeded the insured limit by $95.2 |
Comprehensive income (loss) | Comprehensive income The Company reports comprehensive income (loss), defined as the total of net income and other comprehensive income (loss), which is composed of all other non-owner changes in equity, and the components thereof, in its consolidated statements of comprehensive income. The components of other comprehensive income (loss) relate to gains and losses on cash flow hedges. Reclassification adjustments reflecting such gains and losses are recorded as income in the same period as the hedged items affect earnings. |
Stock-based compensation | Stock-based compensation We use a fair-value based approach for measuring stock-based compensation and record compensation expense over an award’s vesting period based on the award’s fair value at the date of grant. Our Company’s awards vest based on service conditions and compensation expense is recognized on a straight-line basis for each separately vesting portion of an award. Stock-based compensation expense is recognized only for those awards that ultimately vest. |
Income and Sales Taxes | Income and Sales Taxes We account for income taxes utilizing the liability method. Deferred income taxes are recorded to reflect consequences on future years of differences between financial reporting and the tax basis of assets and liabilities measured using the enacted statutory tax rates and tax laws applicable to the periods in which differences are expected to affect taxable earnings. We have no liability for unrecognized tax benefits. However, should we accrue for such liabilities, when and if they arise in the future, we will recognize interest and penalties associated with uncertain tax positions as part of our income tax provision. Refer to Note 13 for additional information regarding the Company’s income taxes. Sales taxes collected from customers have been recorded on a net basis. |
Net income per common share | Net income per common share Basic earnings per share is computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the year, plus the dilutive effect of common stock equivalents using the treasury stock method. Our weighted average number of diluted shares outstanding excludes underlying securities of 74 The table below presents the calculation of basic and diluted earnings per share, including a reconciliation of weighted average common shares: Year Ended December 28, December 29, December 30, 2019 2018 2017 (in thousands, except per share amounts) Numerator: Net income $ 43,688 $ 53,933 $ 39,839 Denominator: Weighted-average common shares - Basic 58,346 52,461 49,522 Add: Dilutive effect of stock compensation plans 804 1,645 2,206 Weighted-average common shares - Diluted 59,150 54,106 51,728 Net income per common share: Basic $ 0.75 $ 1.03 $ 0.80 Diluted $ 0.74 $ 1.00 $ 0.77 |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted Leases In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASU 2016-02 was subsequently amended by ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842”; ASU 2018-10, “Codification Improvements to Topic 842, Leases”; and ASU 2018-11, “Targeted Improvements”. The new standard requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective for us on December 30, 2018 (the first day of our 2019 fiscal year), with early adoption permitted. We adopted the new standard on this date, using the required modified retrospective transition approach, applying the new standard to all leases existing on the effective date. Consequently, financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods prior to December 30, 2018. As of the date of adoption, all of our leases were operating leases, and we have no financing leases as of December 28, 2019. The new standard provided a number of optional practical expedients in transition. We elected the “package of practical expedients”, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and direct costs, and implemented internal controls and additional lease accounting and tracking procedures to enable the preparation of financial information on adoption. We did not elect the use-of-hindsight practical expedient, or the practical expedient pertaining to land easements as it was not applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualified, primarily for leases that are month-to-month leases. This means, for those leases, we did not recognize right-of-use assets or lease liabilities. We also elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets. This standard had a material effect on our consolidated balance sheet relating to the recognition of an operating lease right-of-use asset and operating lease liability for our real estate leases and related to new disclosures about our leasing activities. On adoption, we recognized an operating lease right-of-use asset of $30.5 $32.3 Leases Accounting Policy We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liability, and operating lease liability, less current portion, on our consolidated balance sheets. Should we engage in any finance leases in the future, finance leases would be included in property and equipment, other current liabilities, and other liabilities on our consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease right-of-use asset also includes any up-front lease payments made and initial direct costs incurred, less lease incentives received. Our lease terms may include options to extend or terminate the lease. Judgment is required to determine when it is reasonably certain that we will exercise an option and should therefore include the optional period in the lease term. Lease expense is recognized on a straight-line basis over the lease term. Accounting Pronouncements Recently Issued, Not Yet Adopted Fair Value Measurement Disclosures In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The new guidance modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company does not believe that the adoption of this guidance will have a significant impact on its fair value disclosures. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. Subsequently, in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU 2018-19 clarifies the codification and corrects unintended application of the guidance. ASU’s 2016-13 and 2018-19 are effective for us for our fiscal year beginning after December 15, 2019. We do not believe that the adoption of this guidance will have a significant impact on our |
Shipping and Handling Cost and Commissions on Contract Assets | Policies Regarding Shipping and Handling Costs and Commissions on Contract Assets The Company has made a policy election to continue to recognize shipping and handling costs as a fulfillment activity. Treating shipping and handling as a fulfillment activity requires estimated shipping and handling costs for undelivered custom products and certain glass components on which we have recognized revenue and created a contract asset, to be accrued to match this cost with the recognized revenue. This policy is unchanged from the Company’s policy for recognizing shipping and handling costs prior to the adoption of the new revenue standard. The Company utilizes the practical expedient which permits expensing of costs to obtain a contract when the expected amortization period is one year or less, which typically results in expensing commissions paid to employees. We expense sales commissions paid to employees as sales are recognized, including sales from the creation of contract assets, as the expected amortization period is less than one year. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes Receivable and Allowance for Doubtful Accounts | December 28, December 29, 2019 2018 (in thousands) Accounts receivable $ 71,411 $ 83,506 Less: Allowance for doubtful accounts (3,320 ) (2,789 ) Accounts receivable, net $ 68,091 $ 80,717 |
Information Regarding Warranty Accrual | The following provides information with respect to our warranty accrual. Accrued Warranty Beginning of Period Acquired Charged to Expense Adjustments Settlements End of Period (in thousands) Year ended December 28, 2019 $ 6,149 $ - $ 12,720 $ 570 $ (13,195 ) $ 6,244 Year ended December 29, 2018 $ 5,386 $ 509 $ 11,835 $ (650 ) $ (10,931 ) $ 6,149 Year ended December 30, 2017 $ 5,569 $ - $ 10,675 $ (212 ) $ (10,646 ) $ 5,386 |
Inventories | Inventories consist of the following: December 28, December 29, 2019 2018 (in thousands) Raw materials $ 41,255 $ 42,036 Work in progress 2,337 2,278 Finished goods 259 352 Inventories $ 43,851 $ 44,666 |
Schedule of Property, Plant and Equipment | Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Depreciable assets are assigned estimated lives as follows: Building and improvements 5 to 40 years Leasehold improvements Shorter of lease term or estimated useful life Furniture and equipment 3 to 10 years Vehicles 5 to 10 years Computer software 3 years |
Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in the Calculation of Basic and Diluted EPS | The table below presents the calculation of basic and diluted earnings per share, including a reconciliation of weighted average common shares: Year Ended December 28, December 29, December 30, 2019 2018 2017 (in thousands, except per share amounts) Numerator: Net income $ 43,688 $ 53,933 $ 39,839 Denominator: Weighted-average common shares - Basic 58,346 52,461 49,522 Add: Dilutive effect of stock compensation plans 804 1,645 2,206 Weighted-average common shares - Diluted 59,150 54,106 51,728 Net income per common share: Basic $ 0.75 $ 1.03 $ 0.80 Diluted $ 0.74 $ 1.00 $ 0.77 |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | The details of the adjustment to accumulated deficit upon adoption on December 31, 2017 is as follows (in thousands): Cumulative Effect Description of Effects on Line Item Net sales $ 8,704 Additional contract asset sales Cost of sales (5,642 ) Inventory classified as cost of sales SG&A expenses (532 ) Accruals for selling costs Income tax expense (647 ) Estimated income tax effects Net income $ 1,883 Additional net income The following tables reconcile the balances as presented as of and for the year ended December 29, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying consolidated statement of operations, and the consolidated balance sheet. Adoption of the revenue recognition standard did not impact our cash from operating, investing, or financing activities on our condensed consolidated statements of cash flows. (in thousands, except per share amounts): Year Ended December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Net sales $ 698,493 $ 2,553 $ 701,046 Cost of sales 455,025 1,875 456,900 Gross profit 243,468 678 244,146 Selling, general and administrative expenses 150,910 104 151,014 Gains on sales of assets (2,551 ) - (2,551 ) Income from operations 95,109 574 95,683 Interest expense, net 26,529 - 26,529 Debt extinguishment costs 3,375 - 3,375 Income before income taxes 65,205 574 65,779 Income tax expense 11,272 146 11,418 Net income $ 53,933 $ 428 $ 54,361 Basic $ 1.03 $ 1.04 Diluted $ 1.00 $ 1.00 Other comprehensive loss before tax: Change in fair value of derivatives (4,357 ) - (4,357 ) Reclassification to earnings 239 - 239 Other comprehensive loss before tax (4,118 ) - (4,118 ) Income tax benefit related to other comprehensive loss (1,053 ) - (1,053 ) Other comprehensive loss, net of tax (3,065 ) - (3,065 ) Comprehensive income $ 50,868 $ 428 $ 51,296 At December 29, 2018 As Impact of Previous Presented ASU 2014-09 Standard Cash and cash equivalents $ 52,650 $ - $ 52,650 Accounts receivable, net 80,717 - 80,717 Inventories 44,666 4,186 48,852 Contract assets, net 6,757 (6,757 ) - Prepaid expenses 2,863 - 2,863 Other current assets 7,908 - 7,908 Total current assets 195,561 (2,571 ) 192,990 Property, plant and equipment, net 115,707 - 115,707 Trade name and other intangible assets, net 271,818 - 271,818 Goodwill 277,827 - 277,827 Other assets, net 1,240 - 1,240 Total assets $ 862,153 $ (2,571 ) $ 859,582 Accounts payable $ 15,288 $ - $ 15,288 Accrued liabilities 53,269 64 53,333 Current portion of long-term debt 163 - 163 Total current liabilities 68,720 64 68,784 Long-term debt, less current portion 366,614 - 366,614 Deferred income taxes 22,758 (647 ) 22,111 Other liabilities 18,517 - 18,517 Total liabilities 476,609 (583 ) 476,026 Total shareholders' equity 385,544 (1,988 ) 383,556 Total liabilities and shareholders' equity $ 862,153 $ (2,571 ) $ 859,582 |
Revenue Based on Business Unit, Product Category, and Market | The following table provides information about our revenue differentiated based on reportable segment, product category, and market (dollars in millions): Year Ended December 28, December 29, Disaggregation of revenue: 2019 2018 Reporting segment: Southeast $ 595.1 $ 636.4 Western 149.9 62.1 Total net sales $ 745.0 $ 698.5 Product category: Impact-resistant window and door products $ 516.1 $ 561.8 Non-impact window and door products 228.9 136.7 Total net sales $ 745.0 $ 698.5 Market: New construction $ 368.4 $ 283.1 Repair and remodel 376.6 415.4 Total net sales $ 745.0 $ 698.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Assumed | The fair value of assets acquired, and liabilities assumed as of the closing date, are as follows: Initial Allocation Adjustments to Allocation Final Allocation Accounts and notes receivable $ 7,555 $ (217 ) $ 7,338 Inventories 12,580 - 12,580 Contract assets, net 890 - 890 Prepaid expenses and other assets 1,190 - 1,190 Property and equipment 16,416 (447 ) 15,969 Intangible assets 167,000 - 167,000 Goodwill 164,379 5,162 169,541 Accounts payable (5,622 ) - (5,622 ) Accrued and other liabilities (9,175 ) 53 (9,122 ) Deferred income tax liabilities - (5,180 ) (5,180 ) Purchase price $ 355,213 $ (629 ) $ 354,584 Consideration: Cash $ 355,213 $ (629 ) $ 354,584 Total fair value of consideration $ 355,213 $ (629 ) $ 354,584 |
Schedule for Valuation of Identifiable Intangible Assets Acquired and Estimate of Useful Lives | The valuation of the identifiable intangible assets acquired in the WWS Acquisition and our estimate of their respective useful lives are as follows: Initial Valuation Useful Life Amount (in years) (in thousands) Trade names $ 73,000 indefinite Customer relationships 94,000 10 Other intangible assets, net $ 167,000 |
Summary of Unaudited Proforma Results | The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results. Year Ended December 29, December 30, Pro Forma Results (unaudited) 2018 2017 (in thousands, except per share amounts) Net sales $ 775,473 $ 611,240 Net income $ 50,407 $ 29,270 Net income per common share: Basic $ 0.96 $ 0.59 Diluted $ 0.93 $ 0.57 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table presents the composition of property, plant and equipment as of: December 28, December 29, 2019 2018 (in thousands) Land $ 6,664 $ 6,664 Buildings and improvements 77,860 71,319 Machinery and equipment 112,046 98,917 Vehicles 14,799 13,592 Software 24,047 22,173 Construction in progress 14,116 7,617 Property, plant and equipment 249,532 220,282 Less: Accumulated depreciation (121,333 ) (104,575 ) Property, plant and equipment, net $ 128,199 $ 115,707 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets Net | Goodwill and i ntangible assets are as follows as of: Initial December 28, December 29, Useful Life 2019 2018 (in years) (in thousands) Goodwill $ 277,600 $ 277,827 indefinite Other intangible assets: Trade names $ 148,841 $ 148,841 indefinite Customer relationships 200,647 200,647 3-10 Developed technology 3,000 3,000 9-10 Non-compete agreements 1,668 1,668 2-5 Software license 590 590 2 Less: Accumulated amortization (98,784 ) (82,928 ) Subtotal 107,121 122,977 Other intangible assets, net $ 255,962 $ 271,818 Goodwill at December 29, 2018 $ 277,827 Adjustment to liabilities assumed in acquisition of WWS (53 ) Decrease from change in deferred tax liability in acquisition of WWS (174 ) Goodwill at December 28, 2019 $ 277,600 |
Estimated Amortization for Future Fiscal Year | Estimated amortization of our amortizable intangible assets is as follows for future fiscal years: (in thousands) Total 2020 $ 15,885 2021 15,400 2022 14,541 2023 12,380 2024 12,333 Thereafter 36,582 Total $ 107,121 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following as of: December 28, December 29, 2019 2018 (in thousands) Accrued interest $ 9,021 $ 8,700 Accrued payroll and benefits 9,421 16,498 Customer deposits 7,414 7,810 Accrued warranty 5,258 5,182 Advance supplier consideration 2,808 2,808 Accrued health claims insurance payable 1,301 954 Fair value of derivative financial instruments 510 3,907 Accrued federal and state income taxes 40 3,189 Other 2,178 4,221 Accrued liabilities $ 37,951 $ 53,269 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following: December 28, December 29, 2019 2018 (in thousands) 2018 Senior Notes Due 2026 - Senior notes issued on August 10, 2018, due August 10, 2026. Interest payable semi- annually, in arrears, beginning on February 16, 2019, accruing at a rate of 6.75% per annum beginning August 10, 2018. $ 315,000 $ 315,000 2016 Credit Agreement Due 2022 - Term loan payable with no contractually scheduled amortization payments. A lump sum payment of $64.0 million due on October 31, 2022. Interest payable quarterly at LIBOR or the Base prime rate plus an applicable margin. At December 28, 2019, the average rate was 2.00% plus a margin of 1.77%. At December 29, 2018, the average rate was 2.34% plus a margin of 3.50%. 64,000 63,975 Other debt - 163 Long-term debt 379,000 379,138 Fees, costs and original issue discount (1) (10,029 ) (12,361 ) Long-term debt, net 368,971 366,777 Less current portion of long-term debt - (163 ) Long-term debt, net, less current portion $ 368,971 $ 366,614 (1) Fees, costs and original issue discount represents third-party fees, lender fees, other debt-related costs, and original issue discount, recorded as a reduction of the carrying value of the debt, and is being amortized over the life of the debt instrument under the effective interest method. |
Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount | All debt-related fees, costs and original issue discount, including those related to the revolving credit portion of the facility, is classified as a reduction of the carrying value of long-term debt. The activity relating to third-party fees and costs, lender fees and discount for the year ended December 28, 2019, are as follows: (in thousands) Total At beginning of year $ 12,361 Less: Amortization expense relating to 2016 Credit Agreement due 2022 (663 ) Add: Third amendment of 2016 Credit Agreement refinancing costs 854 Less: Debt extinguishment costs relating to third amendment (1,512 ) Less: Amortization expense relating to 2018 Senior Notes due 2026 (1,011 ) At end of year $ 10,029 |
Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount and Debt Issuance Costs | Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated, as of December 28, 2019, is as follows: (in thousands) Total 2020 $ 1,390 2021 1,454 2022 1,521 2023 1,476 2024 1,561 Thereafter 2,627 Total $ 10,029 |
Contractual Future Maturities of Long-Term Debt Outstanding, Including Other Debt Relating to Software License Financing Arrangement | As a result of prepayments of the term loan portion of the 2016 Credit Agreement due 2022 totaling $204.0 (in thousands) Total 2020 $ - 2021 - 2022 64,000 2023 - 2024 - Thereafter 315,000 Total $ 379,000 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 28, December 29, December 30, 2019 2018 2017 (in thousands) Long-term debt $ 24,750 $ 18,946 $ 15,644 Debt fees 383 251 290 Amortization and write-offs of deferred financing costs and debt discount 1,674 7,790 4,642 Interest income (339 ) (389 ) (236 ) Interest expense 26,468 26,598 20,340 Capitalized interest (51 ) (69 ) (61 ) Interest expense, net $ 26,417 $ 26,529 $ 20,279 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Hedges | The fair value of our aluminum hedges are classified in the accompanying consolidated balance sheets as follows (in thousands): Derivative Assets Derivative (Liabilities) December 28, 2019 December 28, 2019 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ 193 Accrued liabilities $ (510 ) Aluminum forward contracts Other assets - Other liabilities - Total derivative instruments Total derivative assets $ 193 Total derivative liabilities $ (510 ) Derivative Assets Derivative (Liabilities) December 29, 2018 December 29, 2018 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Aluminum forward contracts Other current assets $ - Accrued liabilities $ (3,907 ) Aluminum forward contracts Other assets - Other liabilities (211 ) Total derivative instruments Total derivative assets $ - Total derivative liabilities $ (4,118 ) |
Gains (Losses) on Derivative Financial Instruments | The following represents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements for the year ended December 28, 2019 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives Location of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Amount of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Year Ended Year Ended December 28, December 28, 2019 2019 Aluminum forward contracts $ (1,229 ) Cost of sales $ 5,030 Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives Location of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Amount of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income Year Ended Year Ended December 29, December 29, 2018 2018 Aluminum forward contracts $ (4,357 ) Cost of sales $ 239 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value on Recurring Basis | Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable December 28, Markets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts, net $ (317 ) $ - $ (317 ) $ - $ (317 ) $ - $ (317 ) $ - Fair Value Measurements Assets (Liabilities) Quoted Significant Prices in Other Significant Active Observable Unobservable December 29, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Description Aluminum forward contracts $ (4,118 ) $ - $ (4,118 ) $ - $ (4,118 ) $ - $ (4,118 ) $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Components of Income Tax Expense | The components of income tax expense are as follows (in thousands): Year Ended December 28, December 29, December 30, 2019 2018 2017 Current: Federal $ 5,747 $ 11,818 $ 8,063 State 2,282 4,416 1,066 8,029 16,234 9,129 Deferred: Federal 3,179 (3,407 ) (10,010 ) State 1,231 (1,555 ) 944 4,410 (4,962 ) (9,066 ) Income tax expense $ 12,439 $ 11,272 $ 63 |
Summary of Income Taxes Included in Consolidated Statement of Operations and Consolidated Statement of Equity | The aggregate amount of income taxes included in the consolidated statements of operations and consolidated statements of shareholders’ equity are as follows (in thousands): Year Ended December 28, December 29, December 30, 2019 2018 2017 Consolidated statements of operations: Income tax expense relating to continuing operations $ 12,439 $ 11,272 $ 63 Consolidated statements of shareholders' equity: Income tax (expense) benefit relating to derivative financial instruments $ (974 ) $ 1,053 $ - |
Reconciliation of Statutory Federal Income Tax Rate | A reconciliation of the statutory federal income tax rate to our effective rate is provided below: Year Ended December 28, December 29, December 30, 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 4.0 % 4.5 % 3.8 % Excess stock-based compensation tax benefits (3.7 )% (8.0 )% (4.6 )% Research activities credits (1.2 )% (0.7 )% (0.2 )% Non-deductible expenses 1.6 % 0.9 % 0.5 % Disaster tax credit for Hurricane Irma - (0.7 )% - Change in deferred taxes related to state rate changes and U.S. tax reform 0.7 % 0.4 % (31.1 )% Domestic manufacturing deduction - - (2.5 )% Florida jobs creation incentive credits - - (0.5 )% Other (0.2 )% (0.1 )% (0.2 )% 22.2 % 17.3 % 0.2 % |
Components of Net Deferred Tax Asset and Liability | Significant components of our net deferred tax liability are as follows: December 28, December 29, 2019 2018 (in thousands) Deferred tax assets: Operating lease liability $ 7,328 $ - Advance supplier consideration 3,527 4,280 Other deferrals and accruals, net 2,533 2,100 Stock-based compensation expense 1,640 1,796 Accrued warranty 1,485 1,442 State bonus depreciation and net operating loss carryforwards 1,705 1,414 Derivative financial instruments 79 1,053 Acquisition costs 1,305 1,022 Allowance for doubtful accounts 915 642 Obsolete inventory and UNICAP adjustment 606 515 Total deferred tax assets 21,123 14,264 Deferred tax liabilities: Trade names and other intangible assets, net (20,801 ) (20,935 ) Property, plant and equipment (12,923 ) (10,741 ) Goodwill (8,525 ) (5,092 ) Operating lease right-of-use asset (6,521 ) - Prepaid expenses (298 ) (254 ) Total deferred tax liabilities (49,068 ) (37,022 ) Total deferred tax liabilities, net $ (27,945 ) $ (22,758 ) |
Western Window Systems [Member] | |
Components of Net Deferred Tax Asset and Liability | The components of the net deferred tax liability recorded in the WWS Acquisition is as follows: Deferred tax assets (liabilities) relate to: Final Allocation Amortizable intangible assets $ (1,082 ) Other indefinite lived intangible assets (3,372 ) Property, plant and equipment (759 ) Other 33 Net deferred tax liability $ (5,180 ) |
Leases, Commitments and Conti_2
Leases, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Leases Commitments And Contingencies Disclosure [Abstract] | |
Components of Lease Expense | The components of lease expense for the year ended December 28, 2019, are as follows (in thousands): Year Ended December 28, 2019 Operating lease cost $ 6,213 Variable lease cost 2,730 Total lease cost $ 8,943 |
Other Information Relating to Leases | Other information relating to leases for the year ended December 28, 2019, are as follows (in thousands, except years and percentages): Year Ended December 28, 2019 Supplemental cash flows information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows relating to operating leases $ (6,213 ) Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 796 Weighted average remaining lease term in years Operating leases 3.88 Weighted average discount rate Operating leases 6.2 % |
Future Minimum Lease Commitments for Non-Cancelable Operating Leases | Future minimum lease commitments for non-cancelable operating leases are as follows (in thousands): December 28, December 29, 2019 2018 2019 $ - $ 6,343 2020 6,319 6,354 2021 4,771 4,748 2022 3,878 3,831 2023 3,741 3,801 2024 3,771 3,892 Thereafter 13,691 13,993 Total future minimum lease payments 36,171 $ 42,962 Less: Imputed interest (7,428 ) Operating lease liability - total $ 28,743 Reported as of December 28, 2019 Current portion of operating lease liability $ 4,703 Operating lease liability, less current portion 24,040 Operating lease liability - total $ 28,743 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of the Status of Stock Options | A summary of the status of our stock options as of December 28, 2019, and changes during the year then ended, is presented below: Number of Shares Weighted Average Exercise Price Weighted Average Life in Years Outstanding at December 29, 2018 1,035,081 $ 2.20 Exercised (682,931 ) $ 2.29 Outstanding at December 28, 2019 352,150 $ 2.02 0.7 Exercisable at December 28, 2019 352,150 $ 2.02 0.7 |
Summary of Information about Employee Stock Options Outstanding | The following table summarizes information about employee stock options outstanding at December 28, 2019, (dollars in thousands, except share and per share amounts): Exercise Price Remaining Contractual Life Outstanding Outstanding Intrinsic Value Exercisable Exercisable Intrinsic Value $2.00-$2.31 0.7 Years 352,150 $ 4,502 352,150 $ 4,502 352,150 $ 4,502 352,150 $ 4,502 |
Summary of the Status of Restricted Share Awards | A summary of the status of restricted share awards as of December 28, 2019, and changes during the year then ended, are presented below: Number of Shares Weighted Average Fair Value Outstanding at December 29, 2018 362,626 $ 14.26 Granted 609,245 $ 16.81 Vested (164,226 ) $ 12.70 Forfeited/Performance adjustment (69,980 ) $ 16.75 Outstanding at December 28, 2019 737,665 $ 16.58 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following table shows the components of accumulated other comprehensive loss for the years ended December 28, 2019 and December 29, 2018. Aluminum Forward (in thousands) Contracts Balance at December 30, 2017 $ - Other comprehensive loss before reclassification (4,357 ) Amounts reclassified from other comprehensive loss 239 Less: Income tax benefit 1,053 Net current-period other comprehensive loss (3,065 ) Balance at December 29, 2018 $ (3,065 ) Balance at December 29, 2018 $ (3,065 ) Other comprehensive loss before reclassification (1,229 ) Amounts reclassified from other comprehensive loss 5,030 Less: Income tax (expense) (974 ) Net current-period other comprehensive income 2,827 Balance at December 28, 2019 $ (238 ) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Summary of Financial Data Attributable to Operating Segments | The following table represents summary financial data attributable to our operating segments for the years ended December 28, 2019, and December 29, 2018. Corporate overhead has been allocated to each segment using an allocation method we believe is reasonable. Results of the Western segment for the year ended December 29, 2018 include the results of WWS for its post-acquisition period from August 13, 2018 (in thousands): Year Ended December 28, December 29, 2019 2018 Net sales: Southeastern segment $ 595,066 $ 636,409 Western segment 149,890 62,084 Total net sales $ 744,956 $ 698,493 Income from operations: Southeastern segment $ 73,458 $ 90,083 Western segment 10,598 5,026 Total income from operations 84,056 95,109 Interest expense, net 26,417 26,529 Debt extinguishment costs 1,512 3,375 Total income before income taxes $ 56,127 $ 65,205 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Consolidated Quarterly Results of Operations | The following tables summarize the consolidated quarterly results of operations for the years ended December 28, 2019, and December 29, 2018 (in thousands, except per share amounts): Year Ended December 28, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 173,737 $ 198,570 $ 197,823 $ 174,826 Gross profit 61,270 72,940 69,995 56,163 Net income 8,257 17,045 15,106 3,280 Net income per share – basic $ 0.14 $ 0.29 $ 0.26 $ 0.06 Net income per share – diluted $ 0.14 $ 0.29 $ 0.26 $ 0.06 Year Ended December 29, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 140,253 $ 169,269 $ 199,084 $ 189,887 Gross profit 44,773 59,947 72,998 65,750 Net income 7,340 22,548 13,571 10,474 Net income per share – basic $ 0.15 $ 0.45 $ 0.26 $ 0.18 Net income per share – diluted $ 0.14 $ 0.43 $ 0.26 $ 0.18 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 28, 2019OperationPlant | |
Florida [Member] | |
Description Of Business [Line Items] | |
Number of manufacturing operations | 4 |
North Venice, Florida [Member] | |
Description Of Business [Line Items] | |
Number of manufacturing operations | 1 |
Greater Miami, Florida [Member] | |
Description Of Business [Line Items] | |
Number of manufacturing operations | 2 |
Orlando, Florida [Member] | |
Description Of Business [Line Items] | |
Number of manufacturing operations | 1 |
Arizona [Member] | |
Description Of Business [Line Items] | |
Number of manufacturing operations | 1 |
Glass Tempering and Laminating Plant [Member] | |
Description Of Business [Line Items] | |
Number of plants | Plant | 2 |
Glass Tempering and Laminating Plant [Member] | North Venice [Member] | |
Description Of Business [Line Items] | |
Number of plants | Plant | 2 |
Insulation Glass Plants [Member] | |
Description Of Business [Line Items] | |
Number of plants | Plant | 1 |
Insulation Glass Plants [Member] | North Venice [Member] | |
Description Of Business [Line Items] | |
Number of plants | Plant | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 28, 2019USD ($)Segmentshares | Dec. 29, 2018USD ($)shares | Dec. 30, 2017USD ($)shares | |
Business Description And Accounting Policies [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Cost of sales | $ 484,588,000 | $ 455,025,000 | $ 352,097,000 |
Advertising Expense | $ 5,200,000 | $ 3,200,000 | 1,300,000 |
Original maturity date of cash and cash equivalents | three months or less | ||
Warranty expense, average rate | 1.70% | 1.70% | |
Portion of warranty expense related to issuance of product | $ 2,700,000 | $ 4,900,000 | 4,800,000 |
Servicing warranty claims | 10,600,000 | 6,300,000 | 5,700,000 |
Capitalization of software | 24,000,000 | 22,200,000 | |
Accumulated depreciation of capitalized software | 21,200,000 | 18,800,000 | |
Amortization expense for capitalized software | 2,400,000 | 1,900,000 | 1,500,000 |
Impairment of indefinite-lived intangible assets | 0 | 0 | $ 0 |
The amount of insured limit exceeds by the balance | 95,200,000 | $ 50,900,000 | |
Material liability for unrecognized tax benefits | $ 0 | ||
Weighted average diluted shares outstanding excluding underlying securities | shares | 74,000 | 0 | 19,000 |
Trade Names [Member] | |||
Business Description And Accounting Policies [Line Items] | |||
Impairment of indefinite-lived intangible assets | $ 0 | ||
Minimum [Member] | |||
Business Description And Accounting Policies [Line Items] | |||
Warranty periods | 1 year | ||
Warranty period of the majority of products sold | 1 year | ||
Maximum [Member] | |||
Business Description And Accounting Policies [Line Items] | |||
Warranty periods | 10 years | ||
Warranty period of the majority of products sold | 3 years | ||
Shipping and Handling [Member] | |||
Business Description And Accounting Policies [Line Items] | |||
Cost of sales | $ 38,300,000 | $ 29,900,000 | $ 20,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accounts, Notes Receivable and Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 71,411 | $ 83,506 |
Less: Allowance for doubtful accounts | (3,320) | (2,789) |
Accounts receivable, net | $ 68,091 | $ 80,717 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Information Regarding Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Guarantees [Abstract] | |||
Accrued Warranty, Beginning of Period | $ 6,149 | $ 5,386 | $ 5,569 |
Accrued Warranty, Acquired | 509 | ||
Accrued Warranty, Charged to Expense | 12,720 | 11,835 | 10,675 |
Accrued Warranty, Adjustments | 570 | (650) | (212) |
Accrued Warranty, Settlements | (13,195) | (10,931) | (10,646) |
Accrued Warranty, End of Period | $ 6,244 | $ 6,149 | $ 5,386 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 41,255 | $ 42,036 |
Work in progress | 2,337 | 2,278 |
Finished goods | 259 | 352 |
Inventories | $ 43,851 | $ 44,666 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 28, 2019 | |
Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 3 years |
Minimum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 5 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 3 years |
Minimum [Member] | Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 5 years |
Maximum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 40 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated life | 10 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Calculation of EPS and Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Numerator: | |||||||||||
Net income | $ 3,280 | $ 15,106 | $ 17,045 | $ 8,257 | $ 10,474 | $ 13,571 | $ 22,548 | $ 7,340 | $ 43,688 | $ 53,933 | $ 39,839 |
Denominator: | |||||||||||
Weighted-average common shares - Basic | 58,346 | 52,461 | 49,522 | ||||||||
Add: Dilutive effect of stock compensation plans | 804 | 1,645 | 2,206 | ||||||||
Weighted-average common shares - Diluted | 59,150 | 54,106 | 51,728 | ||||||||
Net income per common share: | |||||||||||
Basic | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.45 | $ 0.15 | $ 0.75 | $ 1.03 | $ 0.80 |
Diluted | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.43 | $ 0.14 | $ 0.74 | $ 1 | $ 0.77 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) $ in Thousands | Dec. 28, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease right-of-use asset, net | $ 26,390 |
Operating lease liability | 28,743 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease right-of-use asset, net | 30,500 |
Operating lease liability | $ 32,300 |
Accounting Standards Update 2016-02 [Member] | 2018 Senior Notes due 2026 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Weighted-average interest rate | 6.20% |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Disaggregation Of Revenue [Line Items] | |||||||||||||
Change in related to sales | $ 1,883 | ||||||||||||
Net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 | ||
Contract liabilities | 7,900 | 8,300 | $ 8,300 | $ 7,900 | 8,300 | ||||||||
Revenue recognition, practical expedient | true | ||||||||||||
Accrued Liabilities [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Contract liabilities | 7,400 | 7,800 | 7,800 | $ 7,400 | 7,800 | ||||||||
Contract Assets, Net [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Contract liabilities | $ 500 | $ 500 | 500 | 500 | 500 | ||||||||
Western Segment [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Net sales | 149,890 | 62,084 | |||||||||||
Western Segment [Member] | Volume Products [Member] | Passes at Point in Time [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Net sales | $ 23,500 | $ 53,900 | |||||||||||
Net Sales [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Change in related to sales | 8,704 | ||||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Net decrease in accumulated deficit | (1,900) | ||||||||||||
Net sales | $ 2,553 | ||||||||||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Net Sales [Member] | |||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||
Change in related to sales | $ 8,700 |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Adjustment to Accumulated Deficit (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Disaggregation Of Revenue [Line Items] | |
Effect of a change in accounting principle on net income | $ 1,883 |
Net Sales [Member] | |
Disaggregation Of Revenue [Line Items] | |
Effect of a change in accounting principle on net income | 8,704 |
Inventory Classified as Cost of Sales [Member] | |
Disaggregation Of Revenue [Line Items] | |
Effect of a change in accounting principle on net income | (5,642) |
Selling, General and Administrative Expenses [Member] | |
Disaggregation Of Revenue [Line Items] | |
Effect of a change in accounting principle on net income | (532) |
Income Tax Expense [Member] | |
Disaggregation Of Revenue [Line Items] | |
Effect of a change in accounting principle on net income | $ (647) |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers - Revenue Recognition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 |
Cost of sales | 484,588 | 455,025 | 352,097 | ||||||||
Gross profit | 56,163 | 69,995 | 72,940 | 61,270 | 65,750 | 72,998 | 59,947 | 44,773 | 260,368 | 243,468 | 158,984 |
Selling, general and administrative expenses | 176,312 | 150,910 | 98,803 | ||||||||
Gains on sales of assets | (2,551) | ||||||||||
Income from operations | 84,056 | 95,109 | 60,181 | ||||||||
Interest expense, net | 26,417 | 26,529 | 20,279 | ||||||||
Debt extinguishment costs | 1,512 | 3,375 | |||||||||
Income before income taxes | 56,127 | 65,205 | 39,902 | ||||||||
Income tax expense | 12,439 | 11,272 | 63 | ||||||||
Net income | $ 3,280 | $ 15,106 | $ 17,045 | $ 8,257 | $ 10,474 | $ 13,571 | $ 22,548 | $ 7,340 | $ 43,688 | $ 53,933 | $ 39,839 |
Basic | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.45 | $ 0.15 | $ 0.75 | $ 1.03 | $ 0.80 |
Diluted | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.43 | $ 0.14 | $ 0.74 | $ 1 | $ 0.77 |
Other comprehensive income (loss) before tax: | |||||||||||
Change in fair value of derivatives | $ (1,229) | $ (4,357) | |||||||||
Reclassification to earnings | 5,030 | 239 | |||||||||
Other comprehensive income (loss) before tax | 3,801 | (4,118) | |||||||||
Income tax benefit related to other comprehensive loss | 974 | (1,053) | |||||||||
Other comprehensive income (loss), net of tax | 2,827 | (3,065) | |||||||||
Comprehensive income | 46,515 | 50,868 | $ 39,839 | ||||||||
Cash and cash equivalents | $ 97,243 | $ 52,650 | 97,243 | 52,650 | |||||||
Accounts receivable, net | 68,091 | 80,717 | 68,091 | 80,717 | |||||||
Inventories | 43,851 | 44,666 | 43,851 | 44,666 | |||||||
Contract assets, net | 6,757 | 6,757 | |||||||||
Prepaid expenses | 3,362 | 2,863 | 3,362 | 2,863 | |||||||
Other current assets | 10,516 | 7,908 | 10,516 | 7,908 | |||||||
Total current assets | 233,610 | 195,561 | 233,610 | 195,561 | |||||||
Property, plant and equipment, net | 128,199 | 115,707 | 128,199 | 115,707 | |||||||
Trade name and other intangible assets, net | 255,962 | 271,818 | 255,962 | 271,818 | |||||||
Goodwill | 277,600 | 277,827 | 277,600 | 277,827 | |||||||
Other assets, net | 972 | 1,240 | 972 | 1,240 | |||||||
Total assets | 922,733 | 862,153 | 922,733 | 862,153 | |||||||
Accounts payable | 13,443 | 15,288 | 13,443 | 15,288 | |||||||
Accrued liabilities | 37,951 | 53,269 | 37,951 | 53,269 | |||||||
Current portion of long-term debt | 163 | 163 | |||||||||
Total current liabilities | 56,097 | 68,720 | 56,097 | 68,720 | |||||||
Long-term debt, less current portion | 368,971 | 366,614 | 368,971 | 366,614 | |||||||
Deferred income taxes | 27,945 | 22,758 | 27,945 | 22,758 | |||||||
Other liabilities | 14,132 | 18,517 | 14,132 | 18,517 | |||||||
Total liabilities | 491,185 | 476,609 | 491,185 | 476,609 | |||||||
Total shareholders' equity | 431,548 | 385,544 | 431,548 | 385,544 | |||||||
Total liabilities and shareholders' equity | $ 922,733 | 862,153 | $ 922,733 | 862,153 | |||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | 2,553 | ||||||||||
Cost of sales | 1,875 | ||||||||||
Gross profit | 678 | ||||||||||
Selling, general and administrative expenses | 104 | ||||||||||
Income from operations | 574 | ||||||||||
Income before income taxes | 574 | ||||||||||
Income tax expense | 146 | ||||||||||
Net income | 428 | ||||||||||
Other comprehensive income (loss) before tax: | |||||||||||
Comprehensive income | 428 | ||||||||||
Inventories | 4,186 | 4,186 | |||||||||
Contract assets, net | (6,757) | (6,757) | |||||||||
Total current assets | (2,571) | (2,571) | |||||||||
Total assets | (2,571) | (2,571) | |||||||||
Accrued liabilities | 64 | 64 | |||||||||
Total current liabilities | 64 | 64 | |||||||||
Deferred income taxes | (647) | (647) | |||||||||
Total liabilities | (583) | (583) | |||||||||
Total shareholders' equity | (1,988) | (1,988) | |||||||||
Total liabilities and shareholders' equity | (2,571) | (2,571) | |||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Net sales | 701,046 | ||||||||||
Cost of sales | 456,900 | ||||||||||
Gross profit | 244,146 | ||||||||||
Selling, general and administrative expenses | 151,014 | ||||||||||
Gains on sales of assets | (2,551) | ||||||||||
Income from operations | 95,683 | ||||||||||
Interest expense, net | 26,529 | ||||||||||
Debt extinguishment costs | 3,375 | ||||||||||
Income before income taxes | 65,779 | ||||||||||
Income tax expense | 11,418 | ||||||||||
Net income | $ 54,361 | ||||||||||
Basic | $ 1.04 | ||||||||||
Diluted | $ 1 | ||||||||||
Other comprehensive income (loss) before tax: | |||||||||||
Change in fair value of derivatives | $ (4,357) | ||||||||||
Reclassification to earnings | 239 | ||||||||||
Other comprehensive income (loss) before tax | (4,118) | ||||||||||
Income tax benefit related to other comprehensive loss | (1,053) | ||||||||||
Other comprehensive income (loss), net of tax | (3,065) | ||||||||||
Comprehensive income | 51,296 | ||||||||||
Cash and cash equivalents | 52,650 | 52,650 | |||||||||
Accounts receivable, net | 80,717 | 80,717 | |||||||||
Inventories | 48,852 | 48,852 | |||||||||
Prepaid expenses | 2,863 | 2,863 | |||||||||
Other current assets | 7,908 | 7,908 | |||||||||
Total current assets | 192,990 | 192,990 | |||||||||
Property, plant and equipment, net | 115,707 | 115,707 | |||||||||
Trade name and other intangible assets, net | 271,818 | 271,818 | |||||||||
Goodwill | 277,827 | 277,827 | |||||||||
Other assets, net | 1,240 | 1,240 | |||||||||
Total assets | 859,582 | 859,582 | |||||||||
Accounts payable | 15,288 | 15,288 | |||||||||
Accrued liabilities | 53,333 | 53,333 | |||||||||
Current portion of long-term debt | 163 | 163 | |||||||||
Total current liabilities | 68,784 | 68,784 | |||||||||
Long-term debt, less current portion | 366,614 | 366,614 | |||||||||
Deferred income taxes | 22,111 | 22,111 | |||||||||
Other liabilities | 18,517 | 18,517 | |||||||||
Total liabilities | 476,026 | 476,026 | |||||||||
Total shareholders' equity | 383,556 | 383,556 | |||||||||
Total liabilities and shareholders' equity | $ 859,582 | $ 859,582 |
Revenue Recognition and Contr_6
Revenue Recognition and Contracts with Customers - Revenue Based on Business Unit, Product Category, and Market (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 |
Southeast Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 595,066 | 636,409 | |||||||||
Western Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 149,890 | 62,084 | |||||||||
Impact-Resistant Windows and Door Products [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 516,100 | 561,800 | |||||||||
Non-Impact Window and Door Products [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 228,900 | 136,700 | |||||||||
New Construction [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 368,400 | 283,100 | |||||||||
Repair and Remodel [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 376,600 | $ 415,400 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 13, 2018 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 277,827 | $ 277,600 | $ 277,827 | |
Western Window Systems [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, effective date of acquisition | Aug. 13, 2018 | |||
Fair value of consideration | $ 354,584 | |||
Cash payment to acquire business | 354,584 | |||
Net deferred tax liability | 5,180 | |||
Business combination, acquisition related costs | 4,400 | 700 | $ 700 | |
Goodwill | 169,541 | |||
Goodwill deductible for tax purposes | 139,600 | |||
Net decrease in the purchase price | $ 600 | |||
Net sales from acquisition | $ 49,700 | $ 138,300 | ||
Western Window Systems [Member] | Western Window Systems Blocker LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage acquired | 18.06% | |||
Western Window Systems [Member] | Cash On Hand [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | $ 39,600 | |||
Western Window Systems [Member] | 2018 Senior Notes due 2026 [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash payment to acquire business | $ 315,000 |
Acquisitions - Schedule of Fair
Acquisitions - Schedule of Fair Value of Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 13, 2018 | Dec. 28, 2019 | Dec. 29, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 277,600 | $ 277,827 | |
Western Window Systems [Member] | |||
Business Acquisition [Line Items] | |||
Accounts and notes receivable | $ 7,338 | ||
Inventories | 12,580 | ||
Contract assets, net | 890 | ||
Prepaid expenses and other assets | 1,190 | ||
Property and equipment | 15,969 | ||
Intangible assets | 167,000 | ||
Goodwill | 169,541 | ||
Accounts payable | (5,622) | ||
Accrued and other liabilities | (9,122) | ||
Deferred income tax liabilities | (5,180) | ||
Purchase price | 354,584 | ||
Cash | 354,584 | ||
Total fair value of consideration | 354,584 | ||
Western Window Systems [Member] | Previously Reported [Member] | |||
Business Acquisition [Line Items] | |||
Accounts and notes receivable | 7,555 | ||
Inventories | 12,580 | ||
Contract assets, net | 890 | ||
Prepaid expenses and other assets | 1,190 | ||
Property and equipment | 16,416 | ||
Intangible assets | 167,000 | ||
Goodwill | 164,379 | ||
Accounts payable | (5,622) | ||
Accrued and other liabilities | (9,175) | ||
Purchase price | 355,213 | ||
Cash | 355,213 | ||
Total fair value of consideration | 355,213 | ||
Western Window Systems [Member] | Adjustments to Allocation [Member] | |||
Business Acquisition [Line Items] | |||
Accounts and notes receivable | (217) | ||
Property and equipment | (447) | ||
Goodwill | 5,162 | ||
Accrued and other liabilities | 53 | ||
Deferred income tax liabilities | (5,180) | ||
Purchase price | (629) | ||
Cash | (629) | ||
Total fair value of consideration | $ (629) |
Acquisition - Schedule for Valu
Acquisition - Schedule for Valuation of Identifiable Intangible Assets Acquired and Estimate of Useful Lives (Detail) - Western Window Systems [Member] $ in Thousands | Aug. 13, 2018USD ($) |
Business Acquisition [Line Items] | |
Valuation Amount | $ 167,000 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Valuation Amount | $ 94,000 |
Initial Useful Life (in years) | 10 years |
Trade Names [Member] | |
Business Acquisition [Line Items] | |
Valuation Amount | $ 73,000 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Proforma Results (Detail) - Western Window Systems [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition [Line Items] | ||
Net sales | $ 775,473 | $ 611,240 |
Net income | $ 50,407 | $ 29,270 |
Net income per common share: | ||
Basic | $ 0.96 | $ 0.59 |
Diluted | $ 0.93 | $ 0.57 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 08, 2018 | Mar. 01, 2018 | Jan. 16, 2018 | Jan. 15, 2018 | Nov. 01, 2017 | Sep. 22, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jun. 30, 2018 | Dec. 15, 2017 |
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of manufacturing equipment | $ 71 | $ 5,957 | $ 3,089 | ||||||||
Gain on disposals of assets | (143) | 2,703 | 452 | ||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from sale of manufacturing equipment | $ 14,800 | $ 14,800 | $ 10,000 | $ 10,000 | $ 3,000 | $ 27,800 | |||||
Asset supply agreement term | 7 years | ||||||||||
Property, plant and equipment, fair market value | $ 5,800 | $ 1,900 | |||||||||
Deferred income | $ 20,100 | ||||||||||
Payment amortized under supply agreement term | 7 years | ||||||||||
Net book value of assets held for sale | $ 3,200 | $ 1,500 | |||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain on disposals of assets | 2,600 | ||||||||||
Cardinal [Member] | Asset Purchase Agreement [Member] | Manufacturing Equipment [Member] | Other Current Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Property, plant and equipment, fair market value | $ 7,700 | ||||||||||
Net book value of assets held for sale | $ 4,700 | ||||||||||
Cardinal [Member] | Supply Agreement [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | 13,900 | ||||||||||
Cardinal [Member] | Supply Agreement [Member] | Inventory Classified as Cost of Sales [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization of deferred gain | 2,800 | $ 2,800 | $ 628 | ||||||||
Cardinal [Member] | Supply Agreement [Member] | Accrued Liabilities [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | 2,800 | ||||||||||
Cardinal [Member] | Supply Agreement [Member] | Other Liabilities [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Unamortized balance of deffred gain | $ 11,100 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 249,532 | $ 220,282 |
Less: Accumulated depreciation | (121,333) | (104,575) |
Property, plant and equipment, net | 128,199 | 115,707 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,664 | 6,664 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77,860 | 71,319 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 112,046 | 98,917 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,799 | 13,592 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,047 | 22,173 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,116 | $ 7,617 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 18,876 | $ 14,225 | $ 13,051 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Less: Accumulated amortization | $ (98,784) | $ (82,928) |
Subtotal | 107,121 | 122,977 |
Other intangible assets, net | 255,962 | 271,818 |
Goodwill at December 29, 2018 | 277,827 | |
Goodwill at December 28, 2019 | 277,600 | |
Western Window Systems [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Adjustment to liabilities assumed in acquisition of WWS | (53) | |
Decrease from change in deferred tax liability in acquisition of WWS | (174) | |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | 148,841 | 148,841 |
Customer Relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 200,647 | 200,647 |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 3 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 10 years | |
Developed Technology [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 3,000 | 3,000 |
Developed Technology [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 9 years | |
Developed Technology [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 10 years | |
Noncompete Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,668 | 1,668 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 2 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Initial Useful Life (in years) | 5 years | |
Software License [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets | $ 590 | $ 590 |
Initial Useful Life (in years) | 2 years |
Goodwill, Trade Names and Other
Goodwill, Trade Names and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Intangible Liability Disclosure [Abstract] | |||
Impairment charges | $ 0 | $ 0 | $ 0 |
Goodwill, Trade Names, and Othe
Goodwill, Trade Names, and Other Intangible Assets - Estimated Amortization for Future Fiscal Year (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 15,885 | |
2021 | 15,400 | |
2022 | 14,541 | |
2023 | 12,380 | |
2024 | 12,333 | |
Thereafter | 36,582 | |
Subtotal | $ 107,121 | $ 122,977 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Payables And Accruals [Abstract] | ||
Accrued interest | $ 9,021 | $ 8,700 |
Accrued payroll and benefits | 9,421 | 16,498 |
Customer deposits | 7,414 | 7,810 |
Accrued warranty | 5,258 | 5,182 |
Advance supplier consideration | 2,808 | 2,808 |
Accrued health claims insurance payable | 1,301 | 954 |
Fair value of derivative financial instruments | 510 | 3,907 |
Accrued federal and state income taxes | 40 | 3,189 |
Other | 2,178 | 4,221 |
Accrued liabilities | $ 37,951 | $ 53,269 |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Jul. 31, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 379,000 | $ 379,138 | |
Fees, costs and original issue discount | (10,029) | (12,361) | |
Long-term debt, net | 368,971 | 366,777 | |
Less current portion of long-term debt | (163) | ||
Long-term debt, less current portion | 368,971 | 366,614 | |
Financing Arrangement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 163 | $ 590 | |
2016 Credit Agreement Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 64,000 | ||
2016 Credit Agreement Due 2022 [Member] | Term Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 64,000 | 63,975 | |
2018 Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 315,000 | $ 315,000 |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of Long-term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Aug. 10, 2018 | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Instrument [Line Items] | |||
Lump sum payment due | $ 379,000 | $ 379,138 | |
2016 Credit Agreement Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Lump sum payment due | $ 64,000 | ||
2016 Credit Agreement Due 2022 [Member] | Term Loan Payable with 0.675 [Member] | |||
Debt Instrument [Line Items] | |||
Average rate of interest payable | 2.00% | 2.34% | |
Average rate margin of interest payable | 1.77% | 3.50% | |
2016 Credit Agreement Due 2022 [Member] | Term Loan Payable with 0.675 [Member] | Due on October 31, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Lump sum payment due | $ 64,000 | $ 64,000 | |
2018 Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Accrued Interest rate | 6.75% | 6.75% | 6.75% |
Lump sum payment due | $ 315,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Oct. 31, 2019USD ($) | Dec. 19, 2018USD ($) | Aug. 10, 2018USD ($) | Mar. 16, 2018 | Feb. 16, 2016USD ($) | Jul. 31, 2017USD ($)Installment | Feb. 29, 2016USD ($) | Dec. 29, 2018USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 18, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | $ 379,138,000 | $ 379,000,000 | $ 379,138,000 | ||||||||
Letters of credit outstanding | $ 2,000,000 | 2,000,000 | 2,000,000 | ||||||||
Fees and cost | 10,029,000 | ||||||||||
Debt extinguishment costs | 1,512,000 | 3,375,000 | |||||||||
Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 3.75% | ||||||||||
LIBOR [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 4.75% | ||||||||||
2016 Credit Agreement Due 2022 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | 64,000,000 | ||||||||||
Accrued interest | $ 280,000,000 | ||||||||||
Credit agreement date | Feb. 16, 2016 | ||||||||||
Accelerated amortization relating to prepayment under the 2016 Credit Agreement | $ (5,600,000) | ||||||||||
Prepayment of term loan | $ 204,000,000 | ||||||||||
Credit agreement inception year month | 2016-02 | ||||||||||
Credit facility maturity date | Oct. 31, 2022 | ||||||||||
2016 Credit Agreement Due 2022 [Member] | 2018 Equity Issuance [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Outstanding Borrowing | $ 8,000,000 | $ 152,000,000 | |||||||||
Repayment of credit facility | $ 8,000,000 | ||||||||||
Senior Secured Credit Facilities [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Amount available under credit facility | $ 310,000,000 | ||||||||||
Term Loan Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Amount available under credit facility | $ 270,000,000 | ||||||||||
Maturity term of credit agreement | 6 years | ||||||||||
Credit facility amortization percentage | 1.00% | ||||||||||
Weighted average interest rate | 5.84% | 3.77% | 5.84% | ||||||||
Term Loan Facility [Member] | Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 2.00% | ||||||||||
Term Loan Facility [Member] | LIBOR [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 1.00% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Amount available under credit facility | $ 40,000,000 | ||||||||||
Credit available on revolver | $ 78,000,000 | $ 78,000,000 | |||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility amortization percentage | 0.35% | ||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Credit facility amortization percentage | 0.25% | ||||||||||
Third Amendment [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | $ 64,000,000 | ||||||||||
Term of credit facility | 3 years | ||||||||||
Interest rate terms | The Third Amendment decreases the applicable interest rate margins for the Initial Term Loan A from (i) 2.50% to a spread of 1.00% to 1.75% based on our first lien net leverage ratio, in the case of the Base Rate Loans (with a floor of 100 basis points), and (ii) 3.50% to a spread ranging from 2.00% to 2.75% based on our first lien leverage ratio, in the case of the Eurodollar Loans (with a floor of zero basis points). | ||||||||||
Fees and cost | $ 900,000 | ||||||||||
Expected written-off of deferred financing costs | $ 1,500,000 | ||||||||||
Debt extinguishment costs | $ 1,512,000 | ||||||||||
Maximum net leverage ratio | 400.00% | ||||||||||
Maximum net leverage ratio thereafter | 450.00% | ||||||||||
Current first lien net leverage ratio description | We have not been required to test our first lien net leverage ratio because we have not exceeded 35% of our revolving capacity | ||||||||||
Third Amendment [Member] | Letter of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Excluded unused borrowing capacity from financial covenant leverage | $ 7,500,000 | ||||||||||
Cash collateralized percentage for borrowings excluded from financial covenant leverage | 103.00% | ||||||||||
Third Amendment [Member] | Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 2.50% | ||||||||||
Basis points, floor | 1.00% | ||||||||||
Third Amendment [Member] | Euro Dollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 3.50% | ||||||||||
Basis points, floor | 0.00% | ||||||||||
Third Amendment [Member] | Maximum [Member] | Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 1.75% | ||||||||||
Third Amendment [Member] | Maximum [Member] | Euro Dollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 2.75% | ||||||||||
Third Amendment [Member] | Minimum [Member] | Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 1.00% | ||||||||||
Third Amendment [Member] | Minimum [Member] | Euro Dollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 2.00% | ||||||||||
Revolving Credit Facility due 2024 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | $ 40,000,000 | ||||||||||
Term of credit facility | 5 years | ||||||||||
Revolving Credit Facility due 2024 [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | $ 80,000,000 | ||||||||||
Second Amendment [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate terms | The Second Amendment, among other things, decreased the applicable interest rate margins for the Initial Term Loans (as defined in the 2016 Credit Agreement due 2022) from (i) 3.75% to 2.50%, in the case of the Base Rate Loans (as defined in the 2016 Credit Agreement due 2022), and (ii) 4.75% to 3.50%, in the case of the Eurodollar Loans (as defined in the 2016 Credit Agreement due 2022). | ||||||||||
Debt extinguishment costs | $ 3,400,000 | ||||||||||
Second Amendment [Member] | Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 2.50% | 3.75% | |||||||||
Second Amendment [Member] | Euro Dollar [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Basis spread on LIBOR | 3.50% | 4.75% | |||||||||
2018 Senior Notes due 2026 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Long-term debt | $ 315,000,000 | ||||||||||
Accrued Interest rate | 6.75% | 6.75% | 6.75% | ||||||||
Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Debt instrument, maturity date | Aug. 10, 2026 | ||||||||||
Face value of Debt Outstanding | $ 315,000,000 | ||||||||||
Accrued interest | $ 8,700,000 | ||||||||||
Financing Costs | $ 10,400,000 | ||||||||||
Repurchase notes percentage of aggregate principal amount | 101.00% | ||||||||||
Financing Arrangement [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Face value of Debt Outstanding | $ 590,000 | $ 163,000 | $ 163,000 | ||||||||
Debt Instrument, Number of installments | Installment | 24 | ||||||||||
Debt Instrument, Installment Amount | $ 26,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Long-Term Debt - Activity Relat
Long-Term Debt - Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | ||
Add: Third amendment of 2016 Credit Agreement refinancing costs | $ 854 | $ 12,066 |
Less: Debt extinguishment costs | (1,512) | $ (3,375) |
At end of year | 10,029 | |
2016 Credit Agreement Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
At beginning of year | 12,361 | |
Less: Amortization expense | (663) | |
Third Amendment [Member] | ||
Debt Instrument [Line Items] | ||
Add: Third amendment of 2016 Credit Agreement refinancing costs | 854 | |
Less: Debt extinguishment costs | (1,512) | |
2018 Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Less: Amortization expense | $ (1,011) |
Long-Term Debt - Activity Rel_2
Long-Term Debt - Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount (Parenthetical) (Detail) | 12 Months Ended |
Dec. 28, 2019 | |
2016 Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Debt instrument maturity year | 2022 |
2018 Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument maturity year | 2026 |
Long-Term Debt - Estimated Amor
Long-Term Debt - Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount (Detail) $ in Thousands | Dec. 28, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 1,390 |
2021 | 1,454 |
2022 | 1,521 |
2023 | 1,476 |
2024 | 1,561 |
Thereafter | 2,627 |
Total | $ 10,029 |
Long-Term Debt - Contractual Fu
Long-Term Debt - Contractual Future Maturities of Long-Term Debt Outstanding, Including Other Debt Relating to Software License Financing Arrangement (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Disclosure [Abstract] | ||
2021 | $ 0 | |
2022 | 64,000 | |
2024 | 0 | |
Thereafter | 315,000 | |
Total | $ 379,000 | $ 379,138 |
Long Term Debt - Interest Expen
Long Term Debt - Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |||
Long-term debt | $ 24,750 | $ 18,946 | $ 15,644 |
Debt fees | 383 | 251 | 290 |
Amortization and write-offs of deferred financing costs and debt discount | 1,674 | 7,790 | 4,642 |
Interest income | (339) | (389) | (236) |
Interest expense | 26,468 | 26,598 | 20,340 |
Capitalized interest | (51) | (69) | (61) |
Interest expense, net | $ 26,417 | $ 26,529 | $ 20,279 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |
Dec. 28, 2019USD ($)ForwardContractlb$ / lb | Dec. 29, 2018USD ($) | |
Derivative [Line Items] | ||
Derivative liabilities, net | $ 510 | $ 4,118 |
Fair Value of Derivative | 317 | |
Aluminum Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities, net | $ 317 | |
Number of outstanding forward contracts | ForwardContract | 29 | |
Derivative, amount of hedged item | lb | 26.3 | |
Derivative average price | $ / lb | 0.84 | |
Maturity period of contract, minimum | 1 month | |
Maturity period of contract, maximum | 12 months | |
Accumulated other comprehensive income, net of tax | $ 238 | $ 3,100 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value of Hedges (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Derivative Instruments And Hedging Activities [Line Items] | ||
Total derivative instruments Assets | $ 193 | |
Total derivative instruments Liabilities | (510) | $ (4,118) |
Aluminum Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Total derivative instruments Assets | 193 | |
Aluminum Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Total derivative instruments Liabilities | $ (510) | (3,907) |
Aluminum Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Total derivative instruments Liabilities | $ (211) |
Derivatives - Gains (Losses) on
Derivatives - Gains (Losses) on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives | $ (1,229) | $ (4,357) |
Aluminum Contracts [Member] | Inventory Classified as Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI(L) on Derivatives | (1,229) | (4,357) |
Amount of Loss or (Gain) Reclassified from Accumulated OCI(L) into Income | $ 5,030 | $ 239 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of assets, level 1 to level 2 or level 3 transfers | $ 0 | $ 0 | $ 0 |
Principal outstanding value | 379,000,000 | 379,138,000 | |
2016 Credit Agreement [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of current long-term debt | 64,000,000 | 63,200,000 | |
Principal outstanding value | 64,000,000 | 64,000,000 | |
2018 Senior Notes [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of current long-term debt | 338,600,000 | 311,900,000 | |
Principal outstanding value | $ 315,000,000 | $ 315,000,000 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (Liabilities) | $ (317) | $ (4,118) |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (Liabilities) | (317) | (4,118) |
Aluminum Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (Liabilities) | (317) | (4,118) |
Aluminum Forward Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (Liabilities) | $ (317) | $ (4,118) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 5,747 | $ 11,818 | $ 8,063 |
State | 2,282 | 4,416 | 1,066 |
Total current | 8,029 | 16,234 | 9,129 |
Federal | 3,179 | (3,407) | (10,010) |
State | 1,231 | (1,555) | 944 |
Total deferred | 4,410 | (4,962) | (9,066) |
Income tax expense | $ 12,439 | $ 11,272 | $ 63 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes Included in Consolidated Statement of Operations and Consolidated Statement of Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Consolidated statements of operations: | |||
Income tax expense relating to continuing operations | $ 12,439 | $ 11,272 | $ 63 |
Consolidated statements of shareholders' equity: | |||
Income tax (expense) benefit relating to derivative financial instruments | $ (974) | $ 1,053 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal income tax benefit | 4.00% | 4.50% | 3.80% |
Excess stock-based compensation tax benefits | (3.70%) | (8.00%) | (4.60%) |
Research activities credits | (1.20%) | (0.70%) | (0.20%) |
Non-deductible expenses | 1.60% | 0.90% | 0.50% |
Disaster tax credit for hurricane Irma | (0.70%) | ||
Change in deferred taxes related to state rate changes and U.S. tax reform | 0.70% | 0.40% | (31.10%) |
Domestic manufacturing deduction | (2.50%) | ||
Florida jobs creation incentive credits | (0.50%) | ||
Other | (0.20%) | (0.10%) | (0.20%) |
Total statutory federal income tax rate | 22.20% | 17.30% | 0.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Aug. 13, 2018 | |
Income Taxes [Line Items] | ||||
Bonus depreciation and operating loss carryforwards | $ 1,705,000 | $ 1,414,000 | ||
Bonus depreciation and operating loss carryforwards, expiration date | 2028 | |||
Valuation allowance | $ 0 | $ 0 | ||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% | |
Tax benefit due to tax rate change | $ 12,400,000 | |||
Adjustment of income tax expense | $ 231,000 | |||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax years for examination | 2014 | |||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax years for examination | 2019 | |||
ASU 2016-09 [Member] | ||||
Income Taxes [Line Items] | ||||
Excess tax benefit | $ 2,100,000 | 5,200,000 | ||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Bonus depreciation and operating loss carryforwards | 1,700,000 | |||
Western Window Systems [Member] | ||||
Income Taxes [Line Items] | ||||
Goodwill deductible for tax purpose | $ 139,600,000 | |||
Unamortized goodwill | $ 121,000,000 | 129,900,000 | ||
Step-up acquisition of goodwill percentage | 81.94% | |||
Acquisition of assets and assumption of liabilities | $ 133,600,000 | |||
Western Window Systems [Member] | Western Window Systems Blocker LLC [Member] | ||||
Income Taxes [Line Items] | ||||
Ownership percentage acquired | 18.06% | |||
Unamortized goodwill | $ 5,300,000 | 5,800,000 | ||
Step-up acquisition of goodwill percentage | 18.06% | |||
Acquisition of assets and assumption of liabilities | $ 6,000,000 | |||
CGI [Member] | ||||
Income Taxes [Line Items] | ||||
Goodwill deductible for tax purpose | 9,300,000 | |||
Deferred tax asset and liability | $ 0 | |||
Goodwill remaining amortization period for tax purposes | 7 years 4 months 24 days | |||
Unamortized goodwill | $ 2,700,000 | 4,000,000 | ||
WinDoor [Member] | ||||
Income Taxes [Line Items] | ||||
Goodwill deductible for tax purpose | 38,900,000 | |||
Unamortized goodwill | 28,700,000 | 31,300,000 | ||
US Impact Systems Inc. [Member] | ||||
Income Taxes [Line Items] | ||||
Goodwill deductible for tax purpose | 569,000 | |||
Unamortized goodwill | $ 440,000 | $ 478,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset and Liability (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 | Aug. 13, 2018 |
Deferred tax assets: | |||
Operating lease liability | $ 7,328 | ||
Advance supplier consideration | 3,527 | $ 4,280 | |
Other deferrals and accruals, net | 2,533 | 2,100 | |
Stock-based compensation expense | 1,640 | 1,796 | |
Accrued warranty | 1,485 | 1,442 | |
State bonus depreciation and net operating loss carryforwards | 1,705 | 1,414 | |
Derivative financial instruments | 79 | 1,053 | |
Acquisition costs | 1,305 | 1,022 | |
Allowance for doubtful accounts | 915 | 642 | |
Obsolete inventory and UNICAP adjustment | 606 | 515 | |
Total deferred tax assets | 21,123 | 14,264 | |
Deferred tax liabilities: | |||
Trade names and other intangible assets, net | (20,801) | (20,935) | |
Property, plant and equipment | (12,923) | (10,741) | |
Goodwill | (8,525) | (5,092) | |
Operating lease right-of-use asset | (6,521) | ||
Prepaid expenses | (298) | (254) | |
Total deferred tax liabilities | (49,068) | (37,022) | |
Net deferred tax liability | $ (27,945) | $ (22,758) | |
Western Window Systems [Member] | |||
Deferred tax liabilities: | |||
Trade names and other intangible assets, net | $ (1,082) | ||
Other indefinite lived intangible assets | (3,372) | ||
Property, plant and equipment | (759) | ||
Other | 33 | ||
Net deferred tax liability | $ (5,180) |
Leases, Commitments and Conti_3
Leases, Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Commitments Contingencies And Other Matters | |||
Operating lease existence of option to extend | true | ||
Operating lease extension period | 5 years | ||
Operating lease existence of option to terminate | true | ||
Operating lease not yet commenced description | no additional operating or finance leases that have not yet commenced | ||
Finance lease not yet commenced description | no additional operating or finance leases that have not yet commenced | ||
Lease expenses | $ 8.9 | $ 6.4 | $ 4.7 |
Amount required for payment of materials | 14.9 | ||
Purchase of materials | 216 | 278.9 | $ 175.7 |
Letters of credit | 2 | $ 2 | |
Commitments to purchase equipment | 1.4 | ||
Cost of Sales [Member] | |||
Commitments Contingencies And Other Matters | |||
Lease expenses | $ 4.7 | ||
Minimum [Member] | |||
Commitments Contingencies And Other Matters | |||
Operating lease term | 1 year | ||
Maximum [Member] | |||
Commitments Contingencies And Other Matters | |||
Operating lease term | 9 years | ||
Operating lease termination period | 1 year |
Leases, Commitments and Conti_4
Leases, Commitments and Contingencies - Components of Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Leases Commitments And Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 6,213 |
Variable lease cost | 2,730 |
Total lease cost | $ 8,943 |
Leases, Commitments and Conti_5
Leases, Commitments and Contingencies - Other Information Relating to Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows relating to operating leases | $ (6,213) |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 796 |
Weighted average remaining lease term in years | |
Operating leases | 3 years 10 months 17 days |
Weighted average discount rate | |
Operating leases | 6.20% |
Leases, Commitments and Conti_6
Leases, Commitments and Contingencies - Future Minimum Lease Commitments for Non-Cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Leases Commitments And Contingencies Disclosure [Abstract] | ||
2020 | $ 6,319 | |
2021 | 4,771 | |
2022 | 3,878 | |
2023 | 3,741 | |
2024 | 3,771 | |
Thereafter | 13,691 | |
Total future minimum lease payments | 36,171 | |
Less: Imputed interest | (7,428) | |
Operating lease liability - total | 28,743 | |
Current portion of operating lease liability | 4,703 | |
Operating lease liability, less current portion | $ 24,040 | |
2019 | $ 6,343 | |
2020 | 6,354 | |
2021 | 4,748 | |
2022 | 3,831 | |
2023 | 3,801 | |
2024 | 3,892 | |
Thereafter | 13,993 | |
Total future minimum lease payments | $ 42,962 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | May 22, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Age of employees | 401(k) plan covering substantially all employees 18 years of age or older who have at least three months of service. | |||
Service period required | 3 months | |||
Employee's contribution | 100.00% | |||
Matching contribution | 3.00% | 3.00% | 3.00% | |
Vesting rate | 20.00% | |||
Requisite hours of work | at least 1,000 hours | |||
Recognized employee benefit | $ 2.9 | $ 2.7 | $ 1.8 | |
2019 Employee Stock Purchase Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Common stock issued under ESPP, Shares | 700,000 | |||
2019 Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Purchase price of common stock as percentage of fair market value | 85.00% |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Builders FirstSource, Inc [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Related Party Transaction [Line Items] | |||
Total net sales to Builders FirstSource | $ 21.9 | $ 17.2 | $ 13.8 |
Accounts receivable due from Builders FirstSource | $ 2.6 | $ 2.2 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Sep. 18, 2018$ / sharesshares | Dec. 28, 2019USD ($)shares | Dec. 29, 2018USD ($)Time$ / sharesshares | Dec. 30, 2017USD ($) | May 22, 2019USD ($) |
Schedule Of Equity [Line Items] | |||||
Number of times common stock grants issued, under special employee grants | Time | 3 | ||||
Shares issued to employees, under special employee grants | shares | 28,160 | ||||
Number of shares received by each employee under special employee grants | shares | 10 | ||||
Weighted average grant date fair value per share, issued under special employee grants | $ / shares | $ 20.84 | ||||
Common stock , gross proceeds | $ 161,000,000 | ||||
Common stock underwriting fee , per share | $ / shares | $ 1.15 | ||||
Proceeds from issuance of common stock | $ 153,000,000 | ||||
Proceeds to prepay outstanding borrowings | 152,000,000 | ||||
Payment of offering expenses | 447,000 | ||||
Acquisition of treasury stock | $ 6,055,000 | $ 687,000 | $ 284,000 | ||
Program for Repurchases of Company Common Stock [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Shares repurchased | shares | 393,819 | ||||
Stock repurchase program, authorized amount | $ 30,000,000 | ||||
Total cost of common stock repurchased | $ 5,500,000 | ||||
Restricted Stock [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Shares repurchased | shares | 34,240 | 35,691 | |||
Acquisition of treasury stock | $ 505,000 | $ 687,000 | |||
Underwritten Public Offering [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Common stock , issued | shares | 7,000,000 | ||||
Common stock, price per share | $ / shares | $ 23 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Allocated stock-based compensation expense | $ 587,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 22, 2019Member$ / sharesshares | Mar. 01, 2019shares | Feb. 14, 2019$ / sharesshares | Jan. 10, 2019$ / sharesshares | Dec. 28, 2019USD ($)$ / sharesshares | Dec. 29, 2018USD ($)$ / sharesshares | Dec. 30, 2017USD ($)shares | Dec. 31, 2016USD ($) | Mar. 02, 2018$ / shares | May 07, 2014shares | Mar. 28, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock issued in employee grant, Shares | 28,160 | ||||||||||
Compensation expense for stock based awards | $ | $ 3,923 | $ 3,383 | $ 1,948 | ||||||||
Aggregate intrinsic value of stock options exercised | $ | $ 8,800 | $ 20,300 | $ 5,100 | ||||||||
Number of shares exercised | 682,931 | 1,119,247 | 470,622 | ||||||||
Proceeds from exercise of stock options | $ | $ 1,562 | $ 2,239 | $ 941 | ||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation expense for stock based awards | $ | $ 587 | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 37,000 | 609,245 | |||||||||
Performance criteria defined in share awards | The percentages, ranging from less than 80% to greater than 120% of the target amount of that EBIT metric, provide for the awarding of shares ranging from 0% to 150% of the target amount of shares with respect to half of the 258,628 shares, or 129,314 shares. | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 16.81 | ||||||||||
Weighted average fair value of common stock | $ / shares | 16.58 | $ 14.26 | |||||||||
Number of non management board members | Member | 8 | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 15.35 | $ 12.70 | |||||||||
Total unrecognized compensation | $ | $ 5,700 | ||||||||||
Weighted-average period | 1 year 8 months 12 days | ||||||||||
Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 609,245 | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 16.81 | ||||||||||
Restricted Stock [Member] | Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 176,775 | ||||||||||
Performance criteria defined in share awards | Each participating employee received either 50, 75 or 100 shares of restricted stock based on the employee’s tenure with the Company, which vests on the third anniversary of the grant date. | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 16.86 | ||||||||||
Restricted Stock [Member] | Seven Non-Employee Board Members [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Lapsing period of restrictions related to restricted stock issued | 1 year | ||||||||||
Stock Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Outstanding Intrinsic Value | $ | $ 14,000 | 31,800 | |||||||||
Exercisable options intrinsic value | $ | 14,000 | 31,700 | |||||||||
Total fair value of options vested | $ | 21 | 21 | $ 29 | ||||||||
Proceeds from exercise of stock options | $ | $ 1,600 | 2,200 | 900 | ||||||||
Tax benefit realized | $ | $ 2,100 | $ 5,200 | $ 1,800 | ||||||||
2019 Equity and Incentive Compensation Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common shares available for grant | 1,550,000 | 1,505,705 | |||||||||
Common stock issued in employee grant, Shares | 0 | ||||||||||
2019 Equity and Incentive Compensation Plan [Member] | Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 80,000 | ||||||||||
2014 Omnibus Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common shares available for grant | 0 | 1,500,000 | |||||||||
2006 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common shares available for grant | 0 | ||||||||||
2019 Long-Term Incentive Plan [Member] | Executives and Non-Executive Employees [Member] | Fixed Criteria [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 129,314 | ||||||||||
2019 Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 258,628 | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 17.76 | ||||||||||
2019 Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Performance percentage | 80.00% | ||||||||||
Percentage of shares issuable based on target performance | 0.00% | ||||||||||
2019 Long-Term Incentive Plan [Member] | Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Performance percentage | 120.00% | ||||||||||
Percentage of shares issuable based on target performance | 150.00% | ||||||||||
2019 Long-Term Incentive Plan [Member] | Company Performance Criteria [Member] | Executives and Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 129,314 | ||||||||||
2018 LTIP [Member] | Restricted Stock [Member] | Executives and Non-Executive Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awards | 33,663 | ||||||||||
Weighted average fair value of common stock | $ / shares | $ 18.40 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of the Status of Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Outstanding Beginning balance | 1,035,081 | ||
Number of Shares, Exercised | (682,931) | (1,119,247) | (470,622) |
Number of Shares, Outstanding Ending balance | 352,150 | 1,035,081 | |
Number of Shares, Exercisable Balance | 352,150 | ||
Weighted Average Exercise Price | $ 2.20 | ||
Exercised | 2.29 | ||
Weighted Average Exercise Price | 2.02 | $ 2.20 | |
Exercisable at December 28, 2019 | $ 2.02 | ||
Weighted Average Remaining Life, Outstanding Balance | 8 months 12 days | ||
Weighted Average Remaining Life, Exercisable Balance | 8 months 12 days |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Information about Employee Stock Options Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 2.02 | $ 2.20 |
Range One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining Contractual Life | 8 months 12 days | |
Outstanding | 352,150 | |
Outstanding Intrinsic Value | $ 4,502 | |
Exercisable | 352,150 | |
Exercisable Intrinsic Value | $ 4,502 | |
Range One [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 2 | |
Range One [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 2.31 | |
Range Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding | 352,150 | |
Outstanding Intrinsic Value | $ 4,502 | |
Exercisable | 352,150 | |
Exercisable Intrinsic Value | $ 4,502 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of the Status of Restricted Share Awards (Detail) - Restricted Stock [Member] - $ / shares | May 22, 2019 | Dec. 28, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at December 29, 2018 | 362,626 | |
Granted | 37,000 | 609,245 |
Vested | (164,226) | |
Forfeited/Performance adjustment | (69,980) | |
Outstanding at December 28, 2019 | 737,665 | |
Weighted Average Fair Value, Outstanding Beginning balance | $ 14.26 | |
Weighted average fair value of common stock | 16.81 | |
Weighted Average Fair Value, Vested | $ 15.35 | 12.70 |
Weighted Average Fair Value, Forfeited/Performance adjustment | 16.75 | |
Weighted Average Fair Value, Outstanding Ending balance | $ 16.58 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 385,544 | |
Less: Income tax (expense) benefit | (974) | $ 1,053 |
Other comprehensive income (loss), net of tax | 2,827 | (3,065) |
Ending Balance | 431,548 | 385,544 |
Accumulated Other Comprehensive Loss [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (3,065) | |
Other comprehensive income (loss), net of tax | 2,827 | (3,065) |
Ending Balance | (238) | (3,065) |
Aluminum Forward Contracts [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive loss before reclassification | (1,229) | (4,357) |
Amounts reclassified from other comprehensive loss | 5,030 | 239 |
Less: Income tax (expense) benefit | (974) | 1,053 |
Other comprehensive income (loss), net of tax | 2,827 | (3,065) |
Aluminum Forward Contracts [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (3,065) | |
Ending Balance | $ (238) | $ (3,065) |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Summary of Financial
Segments - Summary of Financial Data Attributable to Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net sales: | |||||||||||
Total net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 |
Income from operations: | |||||||||||
Total income from operations | 84,056 | 95,109 | 60,181 | ||||||||
Interest expense, net | 26,417 | 26,529 | 20,279 | ||||||||
Debt extinguishment costs | 1,512 | 3,375 | |||||||||
Total income before income taxes | 56,127 | 65,205 | $ 39,902 | ||||||||
Southeast Segment [Member] | |||||||||||
Net sales: | |||||||||||
Total net sales | 595,066 | 636,409 | |||||||||
Income from operations: | |||||||||||
Total income from operations | 73,458 | 90,083 | |||||||||
Western Segment [Member] | |||||||||||
Net sales: | |||||||||||
Total net sales | 149,890 | 62,084 | |||||||||
Income from operations: | |||||||||||
Total income from operations | $ 10,598 | $ 5,026 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data - Summary of Consolidated Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 174,826 | $ 197,823 | $ 198,570 | $ 173,737 | $ 189,887 | $ 199,084 | $ 169,269 | $ 140,253 | $ 744,956 | $ 698,493 | $ 511,081 |
Gross profit | 56,163 | 69,995 | 72,940 | 61,270 | 65,750 | 72,998 | 59,947 | 44,773 | 260,368 | 243,468 | 158,984 |
Net income | $ 3,280 | $ 15,106 | $ 17,045 | $ 8,257 | $ 10,474 | $ 13,571 | $ 22,548 | $ 7,340 | $ 43,688 | $ 53,933 | $ 39,839 |
Net income per share – basic | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.45 | $ 0.15 | $ 0.75 | $ 1.03 | $ 0.80 |
Net income per share – diluted | $ 0.06 | $ 0.26 | $ 0.29 | $ 0.14 | $ 0.18 | $ 0.26 | $ 0.43 | $ 0.14 | $ 0.74 | $ 1 | $ 0.77 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Feb. 01, 2020USD ($)Showroom | Jan. 24, 2020USD ($) | Aug. 10, 2018 | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) |
Subsequent Event [Line Items] | |||||
Aggregate principal amount issuance | $ 379,000 | $ 379,138 | |||
2018 Senior Notes due 2026 [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate principal amount issuance | $ 315,000 | ||||
Accrued Interest rate | 6.75% | 6.75% | 6.75% | ||
Percentage of Principal Amount Redeemed | 100.00% | ||||
NewSouth Window Solutions [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Business combination, effective date of acquisition | Feb. 1, 2020 | ||||
Number of retail showrooms | Showroom | 8 | ||||
NewSouth Window Solutions [Member] | 2018 Senior Notes due 2026 [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate principal amount issuance | $ 50,000 | ||||
Accrued Interest rate | 6.75% | ||||
Percentage of Principal Amount Redeemed | 106.375% | ||||
Debt instrument premium | $ 3,200 | ||||
NewSouth Window Solutions [Member] | Cash On Hand [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash payment to acquire business | $ 92,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 2,789 | $ 964 | $ 399 |
Costs and expenses | 1,553 | 1,984 | 576 |
Deductions | (1,022) | (159) | (11) |
Balance at End of Period | $ 3,320 | $ 2,789 | $ 964 |