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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number: 001-11796
____________________________
Masonite International Corporation
(Exact name of registrant as specified in its charter)
____________________________ | | | | | | | | |
British Columbia, Canada | | 98-0377314 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
2771 Rutherford Road
Concord, Ontario L4K 2N6 Canada
(Address of principal executive offices)
(800) 895-2723
(Registrant's telephone number, including area code)
____________________________ | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Common Stock (no par value) | DOOR | New York Stock Exchange |
(Title of class) | (Trading symbol) | (Name of exchange on which registered) |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | | ☑ | | Accelerated filer | | ☐ |
| | | |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
| | | |
Emerging growth company | | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
The registrant had outstanding 21,983,958 shares of Common Stock, no par value, as of May 3, 2024.
MASONITE INTERNATIONAL CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
March 31, 2024
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PART I | | | Page |
Item 1 | | | |
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Item 2 | | | |
Item 3 | | | |
Item 4 | | | |
PART II | | | |
Item 1 | | | |
Item 1A | | | |
Item 2 | | | |
Item 3 | | | |
Item 4 | | | |
Item 5 | | | |
Item 6 | | | |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements concerning the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business and growth strategy and product development efforts under "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "might," "could," "will," "would," "should," "expect," "believes," "outlook," "predict," "forecast," "objective," "remain," "anticipate," "estimate," "potential," "continue," "plan," "project," "targeting," and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation, those identified under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, subsequent reports on Form 10-Q and elsewhere in this Quarterly Report.
The following list represents some, but not necessarily all, of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these forward-looking statements:
•restrictions during the pendency of the Acquisition (as defined herein) that may impact our ability to pursue certain business opportunities or strategic transactions;
•risks related to diverting management’s attention from ongoing business operations and disrupting our relationships with third-parties and employees during the pendency of the Acquisition;
•the risk that the Acquisition may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common stock;
•the outcome of any legal proceedings that may be instituted against us related to the Arrangement Agreement (as defined herein) or the Acquisition;
•downward trends in our end markets and in economic conditions;
•reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing;
•competition;
•the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation;
•our ability to accurately anticipate demand for our products;
•impacts on our business from weather and climate change;
•our ability to successfully consummate and integrate mergers, acquisitions and dispositions, including the pending disposition of our Architectural reporting segment;
•our inability to remediate an identified material weakness on a timely basis;
•changes in prices of raw materials and fuel;
•tariffs and evolving trade policy and friction between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties;
•increases in labor costs, the availability of labor or labor relations (i.e., disruptions, strikes or work stoppages);
•our ability to manage our operations including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk;
•product liability claims and product recalls;
•our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations, including our obligations under our senior notes, our term loan credit agreement (the "Term Loan Facility") and our asset-based revolving credit facility (the "ABL Facility");
•limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes, the Term Loan Facility and the ABL Facility;
•fluctuating foreign exchange and interest rates;
•the continuous operation of our current information technology and enterprise resource planning ("ERP") systems, implementation of new ERPs and management of potential cyber security threats and attacks and data privacy requirements;
•political, economic and other risks that arise from operating a multinational business;
•retention of key management personnel;
•environmental and other government regulations, including the United States Foreign Corrupt Practices Act ("FCPA"), and any changes in such regulations;
•the scale and scope of public health issues and their impact on our operations, customer demand and supply chain; and
•our ability to replace our expiring patents and to innovate and keep pace with technological developments.
We caution you that the foregoing list of important factors is not all-inclusive. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Quarterly Report may not in fact occur. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
The Company may use its website and/or social media outlets, such as LinkedIn, as distribution channels of material Company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at http://investor.masonite.com and its LinkedIn page at https://www.linkedin.com/company/masonitedoors/mycompany/. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at http://investor.masonite.com.
PART I – FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
MASONITE INTERNATIONAL CORPORATION
Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 31, 2024 | | April 2, 2023 | | | | |
Net sales | $ | 668,339 | | | $ | 725,984 | | | | | |
Cost of goods sold | 502,869 | | | 555,493 | | | | | |
Gross profit | 165,470 | | | 170,491 | | | | | |
Selling, general and administration expenses | 152,644 | | | 101,705 | | | | | |
Restructuring costs | 1,394 | | | 3,678 | | | | | |
| | | | | | | |
| | | | | | | |
Operating income | 11,432 | | | 65,108 | | | | | |
Interest expense, net | 12,022 | | | 14,252 | | | | | |
| | | | | | | |
Other (income) expense, net | (85,250) | | | 52 | | | | | |
Income before income tax expense | 84,660 | | | 50,804 | | | | | |
Income tax expense | 23,278 | | | 11,360 | | | | | |
Net income | 61,382 | | | 39,444 | | | | | |
Less: net income attributable to non-controlling interests | 327 | | | 953 | | | | | |
Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | |
| | | | | | | |
Basic earnings per common share attributable to Masonite | $ | 2.79 | | | $ | 1.74 | | | | | |
Diluted earnings per common share attributable to Masonite | $ | 2.74 | | | $ | 1.71 | | | | | |
| | | | | | | |
Comprehensive income: | | | | | | | |
Net income | $ | 61,382 | | | $ | 39,444 | | | | | |
Other comprehensive (loss) income: | | | | | | | |
Foreign currency translation (loss) gain | (4,907) | | | 8,949 | | | | | |
| | | | | | | |
| | | | | | | |
Amortization of actuarial net losses | 218 | | | 191 | | | | | |
Income tax expense related to other comprehensive (loss) income | (9) | | | (45) | | | | | |
Other comprehensive (loss) income, net of tax: | (4,698) | | | 9,095 | | | | | |
Comprehensive income | 56,684 | | | 48,539 | | | | | |
Less: comprehensive income attributable to non-controlling interests | 172 | | | 945 | | | | | |
Comprehensive income attributable to Masonite | $ | 56,512 | | | $ | 47,594 | | | | | |
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See accompanying notes to the condensed consolidated financial statements.
MASONITE INTERNATIONAL CORPORATION
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars, except share amounts)
(Unaudited) | | | | | | | | | | | |
ASSETS | March 31, 2024 | | December 31, 2023 |
Current assets: | | | |
Cash and cash equivalents | $ | 230,441 | | | $ | 137,414 | |
Restricted cash | 12,426 | | | 11,926 | |
Accounts receivable, net | 336,472 | | | 326,224 | |
Inventories, net | 383,866 | | | 391,199 | |
Prepaid expenses and other assets | 60,168 | | | 60,092 | |
Income taxes receivable | 27,928 | | | 26,544 | |
Total current assets | 1,051,301 | | | 953,399 | |
Property, plant and equipment, net | 743,900 | | | 747,970 | |
Operating lease right-of-use assets | 235,408 | | | 202,806 | |
Investment in equity investees | 21,360 | | | 20,378 | |
Goodwill | 294,846 | | | 294,710 | |
Intangible assets, net | 391,913 | | | 402,941 | |
Deferred income taxes | 10,420 | | | 26,658 | |
Other assets | 37,570 | | | 36,517 | |
Total assets | $ | 2,786,718 | | | $ | 2,685,379 | |
| | | |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 151,392 | | | $ | 113,208 | |
Accrued expenses | 225,500 | | | 240,476 | |
Income taxes payable | 11,281 | | | 3,400 | |
Current portion of long-term debt | 37,500 | | | 37,500 | |
Total current liabilities | 425,673 | | | 394,584 | |
Long-term debt | 1,040,536 | | | 1,049,384 | |
| | | |
Long-term operating lease liabilities | 226,058 | | | 186,647 | |
Deferred income taxes | 116,348 | | | 120,278 | |
Other liabilities | 58,049 | | | 75,158 | |
Total liabilities | 1,866,664 | | | 1,826,051 | |
Commitments and Contingencies (Note 7) | | | |
Equity: | | | |
Share capital: unlimited shares authorized, no par value, 21,976,156 and 21,835,474 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively | 538,746 | | | 525,232 | |
Additional paid-in capital | 223,442 | | | 231,332 | |
Retained earnings | 272,936 | | | 211,881 | |
Accumulated other comprehensive loss | (124,735) | | | (120,192) | |
Total equity attributable to Masonite | 910,389 | | | 848,253 | |
Equity attributable to non-controlling interests | 9,665 | | | 11,075 | |
Total equity | 920,054 | | | 859,328 | |
Total liabilities and equity | $ | 2,786,718 | | | $ | 2,685,379 | |
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See accompanying notes to the condensed consolidated financial statements.
MASONITE INTERNATIONAL CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In thousands of U.S. dollars, except share amounts)
(Unaudited) | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 31, 2024 | | April 2, 2023 | | | | |
Total equity, beginning of period | $ | 859,328 | | | $ | 742,782 | | | | | |
Share capital: | | | | | | | |
Beginning of period | 525,232 | | | 520,003 | | | | | |
Common shares issued for delivery of share based awards | 12,504 | | | 12,372 | | | | | |
Common shares issued under employee stock purchase plan | 1,010 | | | 806 | | | | | |
Common shares repurchased | — | | | (4,025) | | | | | |
End of period | 538,746 | | | 529,156 | | | | | |
Additional paid-in capital: | | | | | | | |
Beginning of period | 231,332 | | | 226,514 | | | | | |
Share based compensation expense | 6,930 | | | 6,054 | | | | | |
Common shares issued for delivery of share based awards | (12,504) | | | (12,372) | | | | | |
Common shares withheld to cover income taxes payable due to delivery of share based awards | (2,094) | | | (1,960) | | | | | |
Common shares issued under employee stock purchase plan | (222) | | | (226) | | | | | |
| | | | | | | |
End of period | 223,442 | | | 218,010 | | | | | |
Retained earnings: | | | | | | | |
Beginning of period | 211,881 | | | 127,826 | | | | | |
Net income attributable to Masonite | 61,055 | | | 38,491 | | | | | |
Common shares repurchased | — | | | (10,692) | | | | | |
End of period | 272,936 | | | 155,625 | | | | | |
Accumulated other comprehensive loss: | | | | | | | |
Beginning of period | (120,192) | | | (142,224) | | | | | |
Other comprehensive (loss) income attributable to Masonite, net of tax | (4,543) | | | 9,103 | | | | | |
End of period | (124,735) | | | (133,121) | | | | | |
Equity attributable to non-controlling interests: | | | | | | | |
Beginning of period | 11,075 | | | 10,663 | | | | | |
Net income attributable to non-controlling interests | 327 | | | 953 | | | | | |
Other comprehensive loss attributable to non-controlling interests, net of tax | (155) | | | (8) | | | | | |
Dividends to non-controlling interests | (1,582) | | | (554) | | | | | |
End of period | 9,665 | | | 11,054 | | | | | |
Total equity, end of period | $ | 920,054 | | | $ | 780,724 | | | | | |
| | | | | | | |
Common shares outstanding: | | | | | | | |
Beginning of period | 21,835,474 | | | 22,155,035 | | | | | |
Common shares issued for delivery of share based awards | 130,179 | | | 142,943 | | | | | |
Common shares issued under employee stock purchase plan | 10,503 | | | 8,827 | | | | | |
Common shares repurchased | — | | | (168,523) | | | | | |
End of period | 21,976,156 | | | 22,138,282 | | | | | |
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See accompanying notes to the condensed consolidated financial statements.
MASONITE INTERNATIONAL CORPORATION
Condensed Consolidated Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited) | | | | | | | | | | | |
| Three Months Ended |
Cash flows from operating activities: | March 31, 2024 | | April 2, 2023 |
Net income | $ | 61,382 | | | $ | 39,444 | |
Adjustments to reconcile net income to net cash flow provided by operating activities: | | | |
| | | |
| | | |
Depreciation | 27,568 | | | 21,485 | |
Amortization | 10,876 | | | 7,421 | |
Share based compensation expense | 6,930 | | | 6,054 | |
Deferred income taxes | 12,196 | | | 885 | |
Unrealized foreign exchange gain | (234) | | | (97) | |
Share of income from equity investees, net of tax | (838) | | | (748) | |
| | | |
Pension and post-retirement funding, net of expense | (683) | | | (509) | |
Non-cash accruals and interest | 1,420 | | | 1,445 | |
Loss on sale of property, plant and equipment | 1,068 | | | 1,038 | |
| | | |
Changes in assets and liabilities, net of acquisitions: | | | |
Accounts receivable | (6,692) | | | (5,457) | |
Inventories | 6,494 | | | 34,024 | |
Prepaid expenses and other assets | (197) | | | (7,730) | |
Accounts payable and accrued expenses | 8,362 | | | (33,223) | |
Other assets and liabilities | 5,670 | | | (7,685) | |
Net cash flow provided by operating activities | 133,322 | | | 56,347 | |
Cash flows from investing activities: | | | |
Additions to property, plant and equipment | (25,764) | | | (27,827) | |
Acquisition of businesses, net of cash acquired | (392) | | | (353,618) | |
| | | |
Proceeds from sale of property, plant and equipment | — | | | 4 | |
Proceeds from repayment of note receivable | — | | | 12,000 | |
Other investing activities | (455) | | | (3,511) | |
Net cash flow used in investing activities | (26,611) | | | (372,952) | |
Cash flows from financing activities: | | | |
Proceeds from issuance of long-term debt | — | | | 250,000 | |
Repayments of long-term debt | (9,375) | | | — | |
| | | |
Payment of debt issuance costs | — | | | (3,628) | |
Proceeds from borrowings on revolving credit facilities | — | | | 100,000 | |
Repayments of borrowings on revolving credit facilities | — | | | (100,000) | |
Tax withholding on share based awards | (2,094) | | | (1,960) | |
Distributions to non-controlling interests | (1,582) | | | (554) | |
Repurchases of common shares | — | | | (14,717) | |
Net cash flow (used in) provided by financing activities | (13,051) | | | 229,141 | |
Net foreign currency translation adjustment on cash | (133) | | | 855 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 93,527 | | | (86,609) | |
Cash, cash equivalents and restricted cash, beginning of period | 149,340 | | | 308,921 | |
Cash, cash equivalents and restricted cash, at end of period | $ | 242,867 | | | $ | 222,312 | |
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| | | |
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| | | |
See accompanying notes to the condensed consolidated financial statements.
MASONITE INTERNATIONAL CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Business Overview and Significant Accounting Policies
Unless we state otherwise or the context otherwise requires, references to "Masonite," "we," "our," "us" and the "Company" in these notes to the condensed consolidated financial statements refer to Masonite International Corporation and its subsidiaries.
Description of Business
Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door solutions for the residential and non-residential building construction markets' new construction and repair, renovation and remodeling sectors. Masonite operates 64 manufacturing locations in seven countries and sells doors to customers throughout the world, including the United States, Canada and the United Kingdom.
Basis of Presentation
We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year.
Changes in Accounting Standards and Policies
There have been no changes in the significant accounting policies from those that were disclosed in the fiscal year 2023 audited consolidated financial statements, other than as noted below.
Adoption of Recent Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements.
Other Recent Accounting Pronouncements not yet Adopted
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.
2. Acquisitions and Divestitures
Arrangement Agreement with Owens Corning
On February 8, 2024, we entered into an Arrangement Agreement (the “Arrangement Agreement”) with Owens Corning (“Owens Corning”), a Delaware corporation, and MT Acquisition Co LLC (“Purchaser”), a British Columbia unlimited liability company and a wholly owned subsidiary of Owens Corning. Subject to the terms and conditions of the Arrangement Agreement, Owens Corning, through Purchaser, agreed to acquire the Company for $133.00 per issued and outstanding share of our common stock, no par value (the “Shares”), in an all-cash transaction. Pursuant to the Arrangement Agreement, following consummation of implementation of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”), the Company will be a wholly owned subsidiary of Owens Corning.
Pursuant to the terms of the Arrangement Agreement, and subject to the terms and conditions set forth therein, at the effective time of the Transaction (the “Effective Time”), each Share (other than any Share that is held by Owens Corning or any of its subsidiaries or any Share as to which dissent rights have been properly exercised by the holder thereof in accordance with British Columbia law) issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $133.00 in cash, without interest.
If the Arrangement Agreement is terminated under certain specified circumstances, we or Owens Corning will be required to pay a termination fee. We will be required to pay Owens Corning a termination fee of $75.0 million under specified circumstances, including (a) termination of the Arrangement Agreement in connection with our entry into an agreement with respect to a Superior Proposal (as defined in the Arrangement Agreement) prior to us receiving stockholder approval of the Transaction, (b) termination by Owens Corning upon an Adverse Recommendation Change (as defined in the Arrangement Agreement), or (c) termination in certain circumstances by either Owens Corning or us upon failure to obtain Masonite Shareholder Approval (as defined in the Arrangement Agreement) or by Owens Corning if we breach our representations, warranties or covenants in a manner that would result in a failure of an applicable closing condition to be satisfied and, if curable, we fail to cure such breach during specific time periods, in each case, if certain other conditions are met. Owens Corning will be required to pay us a reverse termination fee under specified circumstances, including termination of the Arrangement Agreement due to a permanent injunction arising from Competition Laws (as defined in the Arrangement Agreement) when we are not then in material breach of any provision of the Arrangement Agreement and if certain other conditions are met, in an amount equal to $150.0 million.
The consummation of the Transaction is subject to customary closing conditions, including, among others, (1) the adoption of a resolution approving the Transaction by at least two-thirds of the votes cast by our shareholders represented in person or by proxy at the special meeting, (2) the issuance of interim and final orders by the Supreme Court of British Columbia approving the Transaction, (3) the expiration or termination of any applicable waiting period or periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain required regulatory clearances and approvals in other jurisdictions under applicable antitrust and foreign direct investment laws and regulations, including in Canada, Mexico and the United Kingdom, and (4) the absence of any law, injunction, order or other judgment prohibiting, rendering illegal or permanently enjoining the consummation of the Transaction, certain of which are still pending. On April 25, 2024, Masonite shareholders approved the Transaction at a special meeting of shareholders and the applicable waiting period under the HSR Act expired at 11:59 p.m. on April 26, 2024. Each of Masonite’s and Owens Corning’s obligation to consummate the Transaction is also subject to the accuracy of the other party’s representations and warranties contained in the Arrangement Agreement (subject, with specified exceptions, to materiality or “Material Adverse Effect” standards), the other party’s performance of its covenants and agreements in the Arrangement Agreement in all material respects, and in the case of Purchaser’s obligation to consummate the Transaction, the absence of any “Material Adverse Effect” relating to us. The Transaction is currently expected to close by mid-2024, subject to the satisfaction (or waiver, if applicable) of each closing condition.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Acquisitions
Fleetwood
On October 19, 2023, the Company completed the acquisition of all of the issued and outstanding limited liability company interests of Fleetwood Aluminum Products, LLC (“Fleetwood”). The total consideration for this acquisition amounted to approximately $279.5 million, inclusive of $26.2 million designated for potential purchase price adjustments and indemnification claims and which is currently held in an escrow account controlled by a third party. The total consideration was funded with a combination of cash on hand and borrowings under the ABL Facility. Fleetwood is a leading designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. Their products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors and folding glass door wall systems, as well as accompanying premium window products. The acquisition aligns with the Doors That Do MoreTM strategy focused on bringing differentiated door systems to the residential market.
The Company has accounted for the acquisition as a business combination and allocated the preliminary estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The Company has not yet completed its evaluation and determination of the value of certain assets acquired and liabilities assumed, primarily involving (i) certain historical information used in the final valuation of intangible assets, and (ii) the final assessment and valuation of inventory and deferred income taxes, which could impact goodwill during the measurement period. The $73.9 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. Goodwill represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, such as the delivery of luxury products, which supports our Doors That Do MoreTM strategy. This goodwill is deductible for tax purposes and relates to the North American Residential segment.
The allocation of the purchase price to assets acquired and liabilities assumed is as follows:
| | | | | | | | | | | |
(In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation |
Cash acquired | $ | 5,169 | | $ | — | | $ | 5,169 | |
Accounts receivable, net | 5,584 | | — | | 5,584 | |
Inventories, net | 39,248 | | — | | 39,248 | |
Prepaid expenses and other | 957 | | — | | 957 | |
Property, plant and equipment, net | 8,072 | | — | | 8,072 | |
Right-of-use asset | 16,009 | | — | | 16,009 | |
Intangible assets | 163,900 | | — | | 163,900 | |
Total assets acquired | 238,939 | | — | | 238,939 | |
| | | |
Accounts payable and accrued expenses | (20,773) | | — | | (20,773) | |
Operating lease liability | (12,546) | | — | | (12,546) | |
Total liabilities assumed | (33,319) | | — | | (33,319) | |
| | | |
Goodwill | 73,464 | | 392 | | 73,856 | |
Total purchase price | $ | 279,084 | | $ | 392 | | $ | 279,476 | |
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The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. Customer relationships and patents acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $5.6 million.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Endura
On January 3, 2023, we completed the acquisition of 100% of the outstanding equity of EPI Holdings, Inc. ("Endura"), for total consideration of approximately $403.3 million, including an $18.0 million holdback which is payable 24 months after the acquisition date and was recorded in the consolidated balance sheets as a component of other liabilities. The total consideration was funded with borrowings under our Term Loan Facility and ABL Facility. Endura is a leading innovator and manufacturer of high-performance door frames and door system components in the United States. Endura’s product offerings include engineered frames, self-adjusting sill systems, weather sealing, multi-point locks and installation accessories used by builders and contractors in residential new construction as well as repair and remodeling applications. The acquisition is intended to accelerate our Doors That Do MoreTM strategy and maximize our growth potential. The $181.2 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our existing business and acquisition of the assembled workforce. This goodwill is not deductible for tax purposes and relates to the North American Residential segment.
The Company has accounted for the acquisition as a business combination and allocated the estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach.
The allocation of the purchase price to assets acquired and liabilities assumed is as follows:
| | | | | | | | | | | |
(In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation |
Cash acquired | $ | 32,501 | | $ | (100) | | $ | 32,401 | |
Accounts receivable, net | 7,871 | | 290 | | 8,161 | |
Inventories, net | 44,183 | | 35 | | 44,218 | |
Property, plant and equipment, net | 54,373 | | 10,520 | | 64,893 | |
Intangible assets | 135,800 | | (7,400) | | 128,400 | |
Other assets and liabilities, net | 2,868 | | (38) | | 2,830 | |
Total assets acquired | 277,596 | | 3,307 | | 280,903 | |
| | | |
Accounts payable and accrued expenses | (15,088) | | (190) | | (15,278) | |
Deferred income taxes | (44,345) | | 849 | | (43,496) | |
Total liabilities assumed | (59,433) | | 659 | | (58,774) | |
| | | |
Goodwill | 189,938 | | (8,780) | | 181,158 | |
Total purchase price | $ | 408,101 | | $ | (4,814) | | $ | 403,287 | |
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The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. The intangible assets acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $8.3 million.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Intangible assets acquired from the 2023 acquisitions consist of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
(In thousands, except useful life amounts) | Endura | | Expected Useful Life (Years) | | Fleetwood | | Expected Useful Life (Years) |
Customer relationships | $ | 108,600 | | | 15 | | $ | 112,100 | | | 12 |
Trademarks and trade names | 6,600 | | | 10 | | 25,200 | | | Indefinite |
Patents | 13,200 | | | 12 | | 22,600 | | | 10 |
Backlog | — | | | | | 4,000 | | | 1 |
Total intangible assets acquired | $ | 128,400 | | | | | $ | 163,900 | | | |
The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date.
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | Endura | | Fleetwood | | Total 2023 Acquisitions |
Net sales | $ | 53,434 | | | $ | 27,303 | | | $ | 80,737 | |
Net income attributable to Masonite | 3,440 | | | 1,682 | | | 5,122 | |
For the three months ended April 2, 2023, Endura had $59.8 million in net sales and $4.5 million in net loss attributable to Masonite.
Pro Forma Information
The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations.
| | | | | | | |
| Three Months Ended | | |
(In thousands, except per share information) | April 2, 2023 | | |
Net sales | $ | 780,584 | | | |
Net income attributable to Masonite | 49,174 | | | |
| | | |
Basic earnings per common share attributable to Masonite | $ | 2.22 | | | |
Diluted earnings per common share attributable to Masonite | $ | 2.19 | | | |
Divestitures
On April 23, 2024, we entered into an agreement to sell our Architectural reporting segment for a purchase price of approximately $75 million subject to customary post-closing adjustments. We expect to complete the transaction in the second quarter of 2024. Refer to Note 16. Subsequent Events for additional information.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
3. Accounts Receivable
Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 62.5% and 65.2% of total accounts receivable as of March 31, 2024, and December 31, 2023, respectively. Each of our two largest customers, The Home Depot, Inc. and Lowe's Companies, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of March 31, 2024, and December 31, 2023. The allowance for doubtful accounts balance was $1.8 million and $3.1 million as of March 31, 2024, and December 31, 2023, respectively.
We maintain an accounts receivable sales program with a third party (the "AR Sales Program"). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this AR Sales Program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income.
In most countries we pay and collect Value Added Tax ("VAT") when procuring goods and services within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims.
Certain wood moldings and millwork products being imported into the U.S. are subject to anti-dumping and countervailing duties. Duty deposits are paid to the government at time of entry into the U.S. and may later be adjusted through an administrative review process.
4. Inventories
The amounts of inventory on hand were as follows as of the dates indicated: | | | | | | | | | | | |
(In thousands) | March 31, 2024 | | December 31, 2023 |
Raw materials | $ | 284,818 | | | $ | 296,747 | |
Finished goods | 112,647 | | | 106,919 | |
Provision for obsolete or aged inventory | (13,599) | | | (12,467) | |
Inventories, net | $ | 383,866 | | | $ | 391,199 | |
| | | |
| | | |
5. Accrued Expenses
The details of our accrued expenses were as follows as of the dates indicated: | | | | | | | | | | | |
(In thousands) | March 31, 2024 | | December 31, 2023 |
Accrued payroll | $ | 61,581 | | | $ | 81,004 | |
Accrued rebates | 38,137 | | | 51,457 | |
Current portion of operating lease liabilities | 30,353 | | | 32,299 | |
Accrued interest | 8,428 | | | 18,296 | |
| | | |
Other accruals | 87,001 | | | 57,420 | |
Total accrued expenses | $ | 225,500 | | | $ | 240,476 | |
| | | |
| | | |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
6. Long-Term Debt | | | | | | | | | | | | |
(In thousands) | March 31, 2024 | | December 31, 2023 | |
Senior unsecured notes, interest rate of 3.50%, due 2030 | $ | 375,000 | | | $ | 375,000 | | |
Senior unsecured notes, interest rate of 5.375%, due 2028 | 500,000 | | | 500,000 | | |
Term Loan Facility, interest rate of SOFR plus 2.25%, due 2027 | 212,500 | | | 221,875 | | |
| | | | |
| | | | |
Debt issuance costs | (9,464) | | | (9,991) | | |
Total debt (including current portion) | 1,078,036 | | | 1,086,884 | | |
Less: debt due within one year | (37,500) | | | (37,500) | | |
Total long-term debt (excluding current portion) | $ | 1,040,536 | | | $ | 1,049,384 | | |
| | | | |
| | | | |
Interest expense related to our consolidated indebtedness under our senior unsecured notes, Term Loan Facility and ABL Facility was $12.1 million and $15.4 million for the three months ended March 31, 2024 and April 2, 2023, respectively.
3.50% Senior Notes due 2030
On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par.
Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2030 Notes.
5.375% Senior Notes due 2028
On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par.
Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2028 Notes.
Term Loan Facility
On December 13, 2022, we and certain of our subsidiaries entered into a new delayed-draw term loan credit agreement (the "Term Loan Credit Agreement") maturing on December 12, 2027 (the "Term Loan Maturity Date"). The Term Loan Credit Agreement provides for a senior secured five-year delayed-draw term loan facility of $250.0 million (the "Term Loan Facility"). Loans under the Term Loan Facility (the "Term Loans") will bear interest at a rate equal to, at our option, (1) the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (2) an alternate base rate equal to the greatest of (i) the "Prime Rate" in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in U.S. dollars, (iii) 1.00% above the Adjusted Term SOFR Rate for a one month interest period and (iv) 1.00%, plus, in each case, an applicable margin of 1.25%, subject to, in each of cases (1) and (2), an agreed interest rate floor. The Term Loans are repayable in equal quarterly installments for an annual aggregate amortization payment equal to 15% of the aggregate principal amount of the Term Loans, with the balance of the principal being due on the Term Loan Maturity Date.
Obligations under the Term Loan Credit Agreement are fully and unconditionally guaranteed, jointly and severally, by us and by certain of our directly or indirectly wholly owned subsidiaries organized in the United States and are secured by the equity in, and substantially all the assets of, such subsidiaries. The Term Loans were funded in an amount of $250.0 million and applied to finance a portion of the consideration payable in connection with the consummation of the Endura acquisition on January 3, 2023. We received net proceeds of $246.4 million after deducting
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
$3.6 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the Term Loan using the effective interest method.
The Term Loan Credit Agreement contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the Term Loan Credit Agreement.
ABL Facility
On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. On October 28, 2022, we and certain of our subsidiaries entered into an amendment which, among other things, (i) increased the revolving credit commitments available thereunder by $100.0 million to an aggregate amount of $350.0 million and (ii) replaced the LIBOR-based interest rate applicable to borrowings thereunder in U.S. dollars with an interest rate based on the sum of (x) a "Term SOFR" rate published by the CME Group Benchmark Administration Limited (CBA) plus (y) 10 basis points ("Adjusted Term SOFR"). Additionally, on December 12, 2022, we entered into an amendment to the ABL Facility, which, among other things, extended the maturity of the ABL Facility from January 31, 2024 to December 12, 2027. The terms of the ABL Facility remained otherwise substantially unchanged and are described in detail in our Annual Report. On January 3, 2023, we borrowed $100.0 million under our ABL Facility in order to fund a portion of the cash consideration paid for the acquisition of Endura. During the first quarter of 2023, we repaid all amounts outstanding under the ABL Facility.
The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.1 million under our ABL Facility, and there were no amounts outstanding as of March 31, 2024.
Debt Maturities
The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024:
| | | | | |
(In thousands) | Scheduled Amortization Payments |
Fiscal year: | |
2024 (remainder) | $ | 28,125 | |
2025 | 37,500 | |
2026 | 37,500 | |
2027 | 109,375 | |
2028 | 500,000 | |
Thereafter | 375,000 | |
Total aggregated principal value | $ | 1,087,500 | |
7. Commitments and Contingencies
We may become involved from time-to-time in litigation and regulatory compliance matters incidental to our business, including employment and wage and hour claims, antitrust, tax, product liability, environmental, health and safety, commercial disputes, intellectual property, contracts and other matters arising out of the normal conduct of our business. Since litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review and accrue for contingencies related to litigation and regulatory compliance matters, if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on current information, in the opinion of management, the ultimate resolution of
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
these matters, individually or in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows.
Antitrust Class Action Proceedings - Canada
On May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Corporation Internationale Masonite, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. On December 22, 2020, the parties filed a motion with the court seeking to stay the proceeding.
On October 2, 2020, an intended class proceeding was commenced in the Federal Court of Canada naming as defendants Masonite International Corporation, Masonite Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. The plaintiff served its certification record on March 31, 2021.
On November 3, 2023, the Company entered into a preliminary settlement agreement with the plaintiff class that would result in the resolution of all the plaintiffs’ underlying claims and lawsuits in exchange for a payment by the Company of approximately $0.9 million. As a result, for the year ended December 31, 2023, we paid approximately $0.9 million and recorded a charge in selling, general and administrative expense in the condensed consolidated statement of income and comprehensive income in connection with this matter. The preliminary settlement agreement is subject to court approval. A settlement approval hearing date has not yet been set.
8. Share Based Compensation Plans
Share based compensation expense was $6.9 million and $6.1 million for the three months ended March 31, 2024 and April 2, 2023, respectively. As of March 31, 2024, the total remaining unrecognized compensation expense related to share based compensation amounted to $41.4 million, which will be amortized over the weighted average remaining requisite service period of 1.8 years.
Equity Incentive Plans
Our equity incentive plans under the 2021 Equity Plan and 2012 Plan are described in detail and defined in our Annual Report. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Equity Plan cannot exceed 880,000 shares; plus the number of shares reserved for the 2012 Plan that is in excess of the number of shares related to outstanding grants; plus the number of shares subject to existing grants under the 2012 Plan that may expire or be forfeited or cancelled. As of March 31, 2024, there were 649,363 shares of common stock available for future issuance under the 2021 Equity Plan.
Deferred Compensation Plan
We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described and defined in our Annual Report. As of March 31, 2024, the liability and asset relating to deferred compensation had a fair value of $9.8 million and $8.2 million, respectively. As of March 31, 2024, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework.
Stock Appreciation Rights
We have granted Stock Appreciation Rights ("SARs") to certain employees, which entitle the recipient to the appreciation in value of granted common shares over the exercise price over a period of time, each as specified in the applicable award agreement. The exercise price of any SAR granted may not be less than the fair market value of our common shares on the date of grant. The compensation expense for the SARs is measured based on the fair value of the SARs at the date of grant and is recognized over the requisite service period. The SARs vest over a maximum of three
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. We recognize forfeitures of SARs in the period in which they occur.
The total fair value of SARs vested was $0.8 million during the three months ended March 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended March 31, 2024 | Stock Appreciation Rights | | Aggregate Intrinsic Value (in thousands) | | Weighted Average Exercise Price | | Average Remaining Contractual Life (Years) |
Outstanding, beginning of period | 199,838 | | | $ | 2,365 | | | $ | 77.09 | | | 6.4 |
Granted | — | | | | | — | | | |
Exercised | (2,211) | | | 11 | | | 87.50 | | | |
Cancelled and forfeited | (892) | | | | | 107.68 | | | |
Outstanding, end of period | 196,735 | | | $ | 10,745 | | | $ | 76.83 | | | 6.3 |
| | | | | | | |
Exercisable, end of period | 166,359 | | | $ | 9,447 | | | $ | 74.66 | | | 5.9 |
| | | | | | | |
The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is expected to be recognized over the average requisite service period of 2.0 years. Expected volatility is based upon the historical volatility of our common shares amongst other considerations. The expected term is calculated based upon historical employee exercise behavior and the contractual term of the SAR amongst other considerations. As of March 31, 2024, there were no SARs granted.
Restricted Stock Units
We have granted Restricted Stock Units ("RSUs") to directors and certain employees under the 2021 Equity Plan and the 2012 Plan. The RSUs confer the right to receive shares of our common stock at a specified future date or when certain conditions are met. The compensation expense for the RSUs granted is based on the fair value of the RSUs at the date of grant, which is equal to the stock price on the date of grant and is recognized over the requisite service period. The RSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. It is assumed that all time-based RSUs will vest. We recognize forfeitures of RSUs in the period in which they occur. | | | | | | | | | | | |
Three Months Ended March 31, 2024 | Total Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value |
Outstanding, beginning of period | 340,024 | | | $ | 91.02 | |
Granted | 187,840 | | | 127.64 | |
| | | |
Delivered | (108,335) | | | 93.54 | |
Withheld to cover (1) | (8,033) | | | |
Forfeited | (4,417) | | | 95.27 | |
Outstanding, end of period | 407,079 | | | $ | 107.15 | |
| | | |
___________ (1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
RSUs granted during the three months ended March 31, 2024, vest at specified future dates with only service requirements. The value of RSUs granted in the three months ended March 31, 2024, was $24.0 million and is being recognized over the weighted average requisite service period of 2.0 years. During the three months ended March 31, 2024, 116,368 RSUs vested at a fair value of $10.9 million.
Performance-based Restricted Stock Units
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
We have granted certain Performance-based Restricted Stock Units ("PRSUs") under the 2021 Equity Plan and the 2012 Plan. These PRSUs are settled with payouts ranging from zero to 200% of the target award value depending on performance goal achievement. The compensation expense for the PRSUs awarded is based on the fair value of the PRSUs at the date of grant, which is equal to the stock price on the date of grant, and is recognized over the requisite service period. In 2023, we granted certain PRSUs with an additional condition measured by Relative Total Shareholder Return ("TSR"). The compensation expense for these PRSUs is determined using the Monte Carlo simulation method. The PRSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted.
| | | | | | | | | | | |
Three Months Ended March 31, 2024 | Total Performance Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value |
Outstanding, beginning of period | 319,221 | | | $ | 95.55 | |
Granted | — | | | — | |
Performance adjustment (1) | — | | | — | |
Delivered | (21,730) | | | 109.25 | |
Withheld to cover (2) | (8,077) | | | |
Forfeited | (15,553) | | | 108.72 | |
Outstanding, end of period | 273,861 | | | $ | 93.31 | |
| | | |
___________(1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target.
(2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
During the three months ended March 31, 2024, there were no PRSUs granted. During the three months ended March 31, 2024, 29,807 PRSUs vested at a fair value of $3.3 million.
9. Restructuring Costs
In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan"). The optimization of our manufacturing capacity involves specific plants in the Europe segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2024 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $5 million to $8 million of additional charges related to the 2024 Plan.
In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan"). The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2022 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $2 million to $7 million of additional charges related to the 2022 Plan.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
2024 Plan | $ | — | | | $ | 961 | | | $ | — | | | $ | — | | | $ | 961 | |
2022 Plan | 450 | | | — | | | — | | | (17) | | | 433 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Total Restructuring Costs | $ | 450 | | | $ | 961 | | | $ | — | | | $ | (17) | | | $ | 1,394 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended April 2, 2023 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
2022 Plan | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Total Restructuring (Benefit) Costs | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cumulative Amount Incurred Through March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
2024 Plan | $ | — | | | $ | 1,119 | | | $ | — | | | $ | — | | | $ | 1,119 | |
2022 Plan | 11,062 | | | — | | | 864 | | | 610 | | | 12,536 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Total Restructuring Costs | $ | 11,062 | | | $ | 1,119 | | | $ | 864 | | | $ | 610 | | | $ | 13,655 | |
| | | | | | | | | |
| | | | | | | | | |
The changes in the accrual for restructuring by activity were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands) | December 31, 2023 | | Severance | | Closure Costs | | Cash Payments | | | | March 31, 2024 |
2024 Plan | $ | — | | | $ | 845 | | | $ | 116 | | | $ | (929) | | | | | $ | 32 | |
2022 Plan | — | | | 352 | | | 81 | | | (433) | | | | | — | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Total | $ | — | | | $ | 1,197 | | | $ | 197 | | | $ | (1,362) | | | | | $ | 32 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
10. Income Taxes
The effective tax rate differs from the Canadian statutory rate of 26.13% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate. In addition, we recognized $1.1 million of income tax benefit due to exercise and delivery of share based awards during the three months ended March 31, 2024, compared to zero income tax benefit during the three months ended April 2, 2023.
11. Earnings Per Share
Basic earnings per share ("EPS") is calculated by dividing earnings attributable to Masonite by the weighted average number of our common shares outstanding during the period. Diluted EPS is calculated by dividing earnings attributable to Masonite by the weighted average number of common shares plus the incremental number of shares issuable from non-vested and vested RSUs and SARs outstanding during the period.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
| | | | | | | | | | | | | | | |
(In thousands, except share and per share information) | Three Months Ended | | |
March 31, 2024 | | April 2, 2023 | | | | |
Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | |
| | | | | | | |
Shares used in computing basic earnings per share | 21,891,366 | | | 22,183,068 | | | | | |
Effect of dilutive securities: | | | | | | | |
Incremental shares issuable under share compensation plans | 431,382 | | | 297,165 | | | | | |
Shares used in computing diluted earnings per share | 22,322,748 | | | 22,480,233 | | | | | |
| | | | | | | |
Basic earnings per common share attributable to Masonite | $ | 2.79 | | | $ | 1.74 | | | | | |
Diluted earnings per common share attributable to Masonite | $ | 2.74 | | | $ | 1.71 | | | | | |
| | | | | | | |
Anti-dilutive instruments excluded from diluted earnings per common share | 1,383 | | | 191,385 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method.
The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date.
The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation.
12. Segment Information
Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The Corporate & Other category includes unallocated corporate costs and the results of immaterial operating segments which were not aggregated into any reportable segment. In addition to similar economic characteristics, we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors.
Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Adjusted EBITDA is defined as net income (loss) attributable to Masonite adjusted to exclude the following items, as applicable:
• depreciation;
• amortization;
• share based compensation expense;
• loss (gain) on disposal of property, plant and equipment;
• registration and listing fees;
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
• restructuring costs (benefit);
• asset impairment;
• loss (gain) on disposal of subsidiaries;
• interest expense (income), net;
• loss on extinguishment of debt;
• other expense (income), net;
• income tax expense (benefit);
• other items;
• loss (income) from discontinued operations, net of tax; and
• net income (loss) attributable to non-controlling interest.
This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2030 Notes and the 2028 Notes and the credit agreements governing the Term Loan Facility and the ABL Facility. Although Adjusted EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, it is used to evaluate and compare the operating performance of our reportable segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices.
Certain information with respect to reportable segments is as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net sales | $ | 531,357 | | | $ | 58,487 | | | $ | 78,743 | | | $ | 3,765 | | | $ | 672,352 | |
Intersegment sales | (714) | | | (95) | | | (3,204) | | | — | | | (4,013) | |
Net sales to external customers | $ | 530,643 | | | $ | 58,392 | | | $ | 75,539 | | | $ | 3,765 | | | $ | 668,339 | |
| | | | | | | | | |
Adjusted EBITDA | $ | 106,801 | | | $ | 1,941 | | | $ | 4,816 | | | $ | (16,458) | | | $ | 97,100 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended April 2, 2023 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net sales | $ | 569,429 | | | $ | 63,716 | | | $ | 92,861 | | | $ | 5,349 | | | $ | 731,355 | |
Intersegment sales | (390) | | | (22) | | | (4,959) | | | — | | | (5,371) | |
Net sales to external customers | $ | 569,039 | | | $ | 63,694 | | | $ | 87,902 | | | $ | 5,349 | | | $ | 725,984 | |
| | | | | | | | | |
Adjusted EBITDA | $ | 107,881 | | | $ | 5,151 | | | $ | 5,350 | | | $ | (12,217) | | | $ | 106,165 | |
| | | | | | | | | |
| | | | | | | | | |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: | | | | | | | | | | | | | | | |
| Three Months Ended | | |
(In thousands) | March 31, 2024 | | April 2, 2023 | | | | |
Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | |
Plus: | | | | | | | |
Depreciation | 27,568 | | | 21,485 | | | | | |
Amortization | 10,876 | | | 7,421 | | | | | |
Share based compensation expense | 6,930 | | | 6,054 | | | | | |
Loss on disposal of property, plant and equipment | 1,068 | | | 1,038 | | | | | |
Restructuring costs | 1,394 | | | 3,678 | | | | | |
| | | | | | | |
| | | | | | | |
Interest expense, net | 12,022 | | | 14,252 | | | | | |
| | | | | | | |
Other (income) expense, net (1) | (85,250) | | | 52 | | | | | |
Income tax expense | 23,278 | | | 11,360 | | | | | |
Other items (2) | 37,832 | | | 1,381 | | | | | |
Net income attributable to non-controlling interest | 327 | | | 953 | | | | | |
Adjusted EBITDA | $ | 97,100 | | | $ | 106,165 | | | | | |
| | | | | | | |
| | | | | | | |
(1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024.
(2) Other items include $37,832 and $1,381 in acquisition, retention and due diligence related costs in the three months ended March 31, 2024 and April 2, 2023, respectively, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
13. Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income
A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: | | | | | | | | | | | | | | | |
| Three Months Ended | | |
(In thousands) | March 31, 2024 | | April 2, 2023 | | | | |
Accumulated foreign currency translation losses, beginning of period | $ | (113,023) | | | $ | (132,001) | | | | | |
Foreign currency translation (loss) gain | (4,907) | | | 8,949 | | | | | |
Income tax (benefit) expense on foreign currency translation loss | (9) | | | — | | | | | |
| | | | | | | |
Less: foreign currency translation (loss) gain attributable to non-controlling interest | (155) | | | (8) | | | | | |
Accumulated foreign currency translation losses, end of period | (117,784) | | | (123,044) | | | | | |
| | | | | | | |
Accumulated pension and other post-retirement adjustments, beginning of period | (7,169) | | | (10,223) | | | | | |
| | | | | | | |
| | | | | | | |
Amortization of actuarial net losses | 218 | | | 191 | | | | | |
Income tax expense on amortization of actuarial net losses | — | | | (45) | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated pension and other post-retirement adjustments | (6,951) | | | (10,077) | | | | | |
| | | | | | | |
Accumulated other comprehensive loss | $ | (124,735) | | | $ | (133,121) | | | | | |
| | | | | | | |
Other comprehensive (loss) income, net of tax | $ | (4,698) | | | $ | 9,095 | | | | | |
Less: other comprehensive (loss) income attributable to non-controlling interest | (155) | | | (8) | | | | | |
Other comprehensive (loss) income attributable to Masonite | $ | (4,543) | | | $ | 9,103 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of income and comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of income and comprehensive income.
Foreign currency translation losses as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended March 31, 2024, were $4.9 million, primarily driven by the weakening of the Canadian dollar, the British pound sterling and the Euro in comparison to the U.S. dollar during the period.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
14. Supplemental Cash Flow Information
Certain cash and non-cash transactions were as follows for the periods indicated: | | | | | | | | | | | |
| Three Months Ended |
(In thousands) | March 31, 2024 | | April 2, 2023 |
Transactions involving cash: | | | |
Interest paid | $ | 25,356 | | | $ | 23,872 | |
Interest received | 4,422 | | | 2,210 | |
Income taxes paid | 5,185 | | | 16,267 | |
Income tax refunds | 447 | | | 41 | |
Cash paid for operating lease liabilities | 9,302 | | | 9,095 | |
Cash paid for finance lease liabilities | 354 | | | 358 | |
Non-cash transactions: | | | |
Right-of-use assets acquired under operating leases | 43,414 | | | 11,374 | |
Holdback of portion of Endura purchase payable | 18,000 | | | 18,000 | |
The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: | | | | | | | | | | | |
(In thousands) | March 31, 2024 | | December 31, 2023 |
Cash and cash equivalents | $ | 230,441 | | | $ | 137,414 | |
Restricted cash | 12,426 | | | 11,926 | |
Total cash, cash equivalents and restricted cash | $ | 242,867 | | | $ | 149,340 | |
| | | |
| | | |
Property, plant and equipment additions in accounts payable were $9.5 million and $9.0 million as of March 31, 2024, and December 31, 2023, respectively.
On December 17, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PGT Innovations, Inc., (“PGTI”) in which Masonite would have acquired PGTI for a combination of cash and Masonite shares with a total transaction value of $3.0 billion. On January 15, 2024, PGTI delivered to Masonite a notice of receipt of a Superior Proposal (as defined in the Merger Agreement) in accordance with Section 6.04(d) of the Merger Agreement. On January 16, 2024, Masonite agreed to waive the four business day match period provided under the Merger Agreement. Accordingly, on January 16, 2024, PGTI terminated the Merger Agreement pursuant to Section 10.01(d)(i) thereunder, and, consistent with the terms of the Merger Agreement, Masonite received a termination fee of $84.0 million in cash. The termination fee was recognized as other income in the consolidated statements of income and comprehensive income.
During the fourth quarter of 2018, we provided debt financing to a distribution company via an interest-bearing note that was scheduled to mature in 2028. The interest-bearing note receivable was carried at amortized cost, with the interest payable in kind at the election of the borrower. The note receivable balance was $12.6 million as of January 1, 2023, and was recorded in the consolidated balance sheets as a component of prepaid expenses and other assets. On January 26, 2023, the note receivable was redeemed and fully repaid.
15. Fair Value of Financial Instruments
The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, income taxes receivable, accounts payable, accrued expenses and income taxes payable approximate fair value because of the short-term maturity of those instruments. The carrying amount of our Term Loan Facility approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair values and carrying values of our long-term
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
senior note debt instruments were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 | | | |
(In thousands) | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | | | |
3.50% senior unsecured notes due 2030 | $ | 332,194 | | | $ | 371,814 | | | $ | 324,956 | | | $ | 371,679 | | | | |
5.375% senior unsecured notes due 2028 | $ | 501,230 | | | $ | 496,794 | | | $ | 482,285 | | | $ | 496,609 | | | | |
| | | | | | | | | | |
These estimates are based on market quotes and calculations based on current market rates available to us and are categorized as having Level 2 valuation inputs as established by the FASB's Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management's expectations.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
16. Subsequent Event
Architectural Disposition
On April 23, 2024 (the "Signing Date"), the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") providing for the disposition (the "Disposition") of the Company's Architectural reporting segment (the "Architectural Business") for a purchase price of approximately $75 million subject to customary post-closing adjustments. The Disposition is expected to be completed in the second quarter of 2024.
The Company applied the criteria in ASC 360-10-45-9, "Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale," to determine whether the aforementioned long-lived asset group should be classified as held for sale as of the Signing Date and concluded that the material long-lived asset group did meet all the requisite criteria as of the Signing Date. The net assets will be recorded at fair value less the estimated cost to sell. Masonite anticipates recording a net non-cash impairment charge during the second quarter of 2024 in the preliminary range of $90 to $100 million (the “Impairment”) as a result of the Disposition. Masonite does not anticipate that this charge will result in future cash expenditures. The final amount of the non-cash impairment charge may vary from the preliminary range as a result of a number of factors, including (i) the fair value of any indemnification liabilities, (ii) changes in foreign exchange rates, (iii) the working capital of the Architectural Business upon consummation of the transaction, (iv) the evaluation of any income tax impacts and (v) other assumptions used including discount rates, allocations and costs to sell.
The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following:
| | | | | |
(In millions) | |
Architectural Assets | March 31, 2024 |
Accounts Receivable | $ | 27.7 | |
Inventory | 51.6 | |
Other Current Assets | 5.0 | |
PP&E | 98.9 | |
Intangibles | 1.8 | |
Other Assets | 11.2 | |
Current Liabilities | (27.3) | |
Long Term Liabilities | (5.9) | |
Net Assets | $ | 163.0 | |
Owens Corning Tender Offer
As previously disclosed, on April 15, 2024, the Company and Owens Corning jointly issued a press release to announce, in connection with the anticipated acquisition of the Company by Owens Corning, (i) the commencement of an offer (the “Offer to Purchase”) by Owens Corning to purchase for cash any and all of the 2028 Notes, issued pursuant to that certain Indenture, dated as of July 25, 2019 (the “Base Indenture” and, as amended, supplemented or otherwise modified prior to the Supplemental Indenture defined below, the “Indenture”), among Masonite International Corporation, the guarantors party thereto (the “Guarantors”) and Computershare Trust Company, N.A., as trustee (the “Trustee”), and (ii) a related consent solicitation by the Company soliciting consents of holders of the 2028 Notes to adopt certain proposed amendments (the “Proposed Amendments”) to the Indenture to eliminate certain covenants, restrictive provisions and events of default from the Base Indenture (the “Consent Solicitation”). The Offer to Purchase and Consent Solicitation were each made to holders pursuant to the terms of and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated April 15, 2024 (the “Statement”).
As of 5:00 p.m., New York City time, on April 26, 2024, $441,351,000 of the 2028 Notes, or approximately 88.27% of the outstanding principal amount thereof, were tendered and not validly withdrawn, and the related consents were delivered and not validly revoked, which amount was sufficient to constitute the requisite consents under the Indenture to approve the Proposed Amendments. On April 29, 2024, Masonite International Corporation, the Guarantors
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
and the Trustee accordingly entered into the Fourth Supplemental Indenture to the Indenture (the “Supplemental Indenture”) in order to adopt the Proposed Amendments.
The Supplemental Indenture became effective upon execution. However, the Proposed Amendments will not become operative unless and until all conditions to the Consent Solicitation set forth in the Statement have been satisfied or waived, as applicable, including, among other conditions, (i) that the 2028 Notes that are validly tendered (and not validly withdrawn) have been accepted for purchase and paid for by Owens Corning in accordance with the terms of the Offer to Purchase and the Consent Solicitation set forth in the Statement and (ii) the consummation of the anticipated acquisition of the Company by Owens Corning. As a result, the Proposed Amendments will have no force or effect unless and until all conditions set forth in the Statement have been satisfied or waived, as applicable, and all terms and conditions as set forth in the Indenture immediately prior to the execution of the Supplemental Indenture will continue to govern.
MASONITE INTERNATIONAL CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is based upon accounting principles generally accepted in the United States of America and discusses the financial condition and results of operations for Masonite International Corporation for the three months ended March 31, 2024, and April 2, 2023. In this MD&A, "Masonite," "we," "us," "our" and the "Company" refer to Masonite International Corporation and its subsidiaries.
This discussion should be read in conjunction with (i) the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and (ii) the annual audited consolidated financial statements, including the accompanying notes and MD&A, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"). The following discussion should also be read in conjunction with the disclosure under "Special Note Regarding Forward-Looking Statements" elsewhere in this Quarterly Report on Form 10-Q. Our actual results could differ materially from the forward-looking statements as a result of these risks and uncertainties.
Overview
We are a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, we have provided our customers with innovative products and superior service at compelling values. Through innovative door solutions, a better door buying experience for our customers and partners and advanced manufacturing and service delivery, we deliver a commitment of Doors That Do MoreTM.
We market and sell our products to remodeling contractors, builders, homeowners, retailers, dealers, lumberyards, commercial and general contractors and architects through well-established wholesale, retail and direct distribution channels as part of our cross-merchandising strategy. Customers are provided a broad product offering of interior and exterior doors and entry systems at various price points. We manufacture an extensive range of interior and exterior doors in a wide array of designs, materials and sizes. Our interior doors are made with wood and related materials such as hardboard (including wood composite molded and flat door facings). Our exterior doors are made primarily of steel, fiberglass or composite materials. Our residential doors are molded panel, flush, stile and rail, steel or fiberglass.
We operate 64 manufacturing and distribution facilities in seven countries in North America, South America, Europe and Asia, which are strategically located to serve our customers through multiple distribution channels. These distribution channels include: (i) direct distribution to retail home center customers; (ii) one-step distribution that sells directly to homebuilders and contractors; and (iii) two-step distribution through wholesale distributors. For retail home center customers, numerous door fabrication facilities provide value-added fabrication and logistical services, including pre-finishing and store delivery of pre-hung interior and exterior doors. We believe our ability to provide: (i) a broad product range; (ii) frequent, rapid, on-time and complete delivery; (iii) consistency in products and merchandising; (iv) national service; and (v) special order programs enable retail customers to increase comparable store sales and helps to differentiate us from our competitors. We believe investments in innovative new product manufacturing and distribution capabilities, coupled with an ongoing commitment to operational excellence, provides a strong platform for future growth.
Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. In the three months ended March 31, 2024, we generated net sales of $530.6 million or 79.4%, $58.4 million or 8.7% and $75.5 million or 11.3% in our North American Residential, Europe and Architectural segments, respectively. See "Segment Information" below for a description of our reportable segments.
During the first quarter, we experienced lower end market demand and negative impacts from macro-economic conditions such as rising interest rates and unfavorable consumer sentiment. Base volumes, excluding the acquisition of Fleetwood on October 19, 2023, decreased in our North American Residential segment due to continuing new housing softness and declines in the residential repair, renovation and remodeling channel compared to the prior year period. Net sales and Adjusted EBITDA in our Europe segment declined as compared to the first quarter of 2023 due to lower volumes from consumer sentiment and inflationary pressures, partially offset by favorable foreign exchange. The extent to which changes in interest rates, rising energy and fuel costs, and consumer sentiment impact our business, results of
MASONITE INTERNATIONAL CORPORATION
operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
Arrangement Agreement with Owens Corning
On February 8, 2024, we entered into an Arrangement Agreement (the “Arrangement Agreement”) with Owens Corning (“Owens Corning”), a Delaware corporation, and MT Acquisition Co LLC (“Purchaser”), a British Columbia unlimited liability company and a wholly owned subsidiary of Owens Corning. Subject to the terms and conditions of the Arrangement Agreement, Owens Corning, through Purchaser, agreed to acquire the Company for $133.00 per issued and outstanding share of our common stock, no par value (the “Shares”), in an all-cash transaction. Pursuant to the Arrangement Agreement, following consummation of implementation of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”), the Company will be a wholly owned subsidiary of Owens Corning.
Pursuant to the terms of the Arrangement Agreement, and subject to the terms and conditions set forth therein, at the effective time of the Transaction (the “Effective Time”), each Share (other than any Share that is held by Owens Corning or any of its subsidiaries or any Share as to which dissent rights have been properly exercised by the holder thereof in accordance with British Columbia law) issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $133.00 in cash, without interest.
If the Arrangement Agreement is terminated under certain specified circumstances, we or Owens Corning will be required to pay a termination fee. We will be required to pay Owens Corning a termination fee of $75.0 million under specified circumstances, including (a) termination of the Arrangement Agreement in connection with our entry into an agreement with respect to a Superior Proposal (as defined in the Arrangement Agreement) prior to us receiving stockholder approval of the Transaction, (b) termination by Owens Corning upon an Adverse Recommendation Change (as defined in the Arrangement Agreement), or (c) termination in certain circumstances by either Owens Corning or us upon failure to obtain Masonite Shareholder Approval (as defined in the Arrangement Agreement) or by Owens Corning if we breach our representations, warranties or covenants in a manner that would result in a failure of an applicable closing condition to be satisfied and, if curable, we fail to cure such breach during specific time periods, in each case, if certain other conditions are met. Owens Corning will be required to pay us a reverse termination fee under specified circumstances, including termination of the Arrangement Agreement due to a permanent injunction arising from Competition Laws (as defined in the Arrangement Agreement) when we are not then in material breach of any provision of the Arrangement Agreement and if certain other conditions are met, in an amount equal to $150.0 million.
The consummation of the Transaction is subject to customary closing conditions, including, among others, (1) the adoption of a resolution approving the Transaction by at least two-thirds of the votes cast by our shareholders represented in person or by proxy at the special meeting, (2) the issuance of interim and final orders by the Supreme Court of British Columbia approving the Transaction, (3) the expiration or termination of any applicable waiting period or periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain required regulatory clearances and approvals in other jurisdictions under applicable antitrust and foreign direct investment laws and regulations, including in Canada, Mexico and the United Kingdom, and (4) the absence of any law, injunction, order or other judgment prohibiting, rendering illegal or permanently enjoining the consummation of the Transaction, certain of which are still pending. On April 25, 2024, Masonite shareholders approved the Transaction at a special meeting of shareholders and the applicable waiting period under the HSR Act expired at 11:59 p.m. on April 26, 2024. Each of Masonite’s and Owens Corning’s obligation to consummate the Transaction is also subject to the accuracy of the other party’s representations and warranties contained in the Arrangement Agreement (subject, with specified exceptions, to materiality or “Material Adverse Effect” standards), the other party’s performance of its covenants and agreements in the Arrangement Agreement in all material respects, and in the case of Purchaser’s obligation to consummate the Transaction, the absence of any “Material Adverse Effect” relating to us. The Transaction is currently expected to close by mid-2024, subject to the satisfaction (or waiver, if applicable) of each closing condition.
Key Factors Affecting Our Results of Operations
Product Demand
There are numerous factors that influence overall market demand for our products. Demand for new homes, home improvement products and other building construction products have a direct impact on our financial condition and results of operations. Demand for our products may be impacted by changes in global economic conditions, including
MASONITE INTERNATIONAL CORPORATION
inflation, deflation, interest rates, availability of capital, supply chain constraints, consumer spending rates, energy availability and costs and the effects of governmental initiatives to manage economic conditions. Additionally, trends in residential new construction, repair, renovation and remodeling and architectural building construction may directly impact our financial performance. Accordingly, the following factors may have a direct impact on our business in the countries and regions in which our products are sold:
•the strength of the economy;
•the amount and type of residential and commercial construction;
•housing sales and home values;
•the age of existing home stock, home vacancy rates and foreclosures;
•non-residential building occupancy rates;
•increases in the cost of raw materials or wages or any shortage in supplies or labor;
•the availability and cost of credit;
•employment rates and consumer confidence; and
•demographic factors such as immigration and migration of the population and trends in household formation.
Product Pricing and Mix
The building products industry is highly competitive, and we therefore face pressure on sales prices of our products. In addition, our competitors may adopt more aggressive sales policies and devote greater resources to the development, promotion and sale of their products than we do, which could result in a loss of customers. Our business in general is subject to changing consumer and industry trends, demands and preferences. Trends within the industry change often and our failure to anticipate, identify or quickly react to changes in these trends could lead to, among other things, rejection of a new product line and reduced demand and price reductions for our products, which could materially adversely affect us. Changes in consumer preferences may also lead to increased demand for our lower margin products relative to our higher margin products, which could reduce our future profitability.
Business Wins and Losses
Our customers consist mainly of wholesalers and retail home centers. Net sales from customers that represent a significant portion of our net sales in past periods, individually or as a group, may not continue in future periods, or if continued, may not reach or exceed historical levels in any period. Certain customers perform periodic product line reviews to assess their product offerings, which have, on past occasions, led to business wins and losses. In addition, as a result of competitive bidding processes, we may not be able to increase or maintain the margins at which we sell our products to our customers.
Organizational Restructuring
Over the past several years, we have engaged in a series of restructuring programs related to exiting certain geographies and non-core businesses, optimizing our manufacturing capacity, consolidating certain internal support functions and engaging in other actions designed to reduce our cost structure and improve productivity. These initiatives primarily consist of severance actions and lease termination costs. Management continues to evaluate our business; therefore, in future years, there may be additional provisions for new plan initiatives, as well as changes in previously recorded estimates, as payments are made, or actions are completed. Asset impairment charges were also incurred in connection with these restructuring actions for those assets sold, abandoned or made obsolete as a result of these programs.
In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan"). The optimization of our manufacturing capacity involves specific plants in the Europe segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2024 Plan include severance and closure charges and will continue throughout 2024.
In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration
MASONITE INTERNATIONAL CORPORATION
workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan"). The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2022 Plan include severance and closure charges and will continue throughout 2024.
Inflation
In prior years, we realized higher costs across the various materials we purchase as a result of macroeconomic factors as well as increased logistics costs, wages and energy and fuel costs. We expect the macroeconomic pressures on wood, resins and other certain key product categories and supply chain costs will moderate throughout 2024. Rising interest rates may impact the ability of our end consumers to purchase our products. Our profitability, margins and net sales could be adversely affected if we are not able to pass these costs on to our customers or otherwise mitigate the impact of these inflationary pressures.
Acquisitions and Divestitures
We are pursuing a strategic initiative of optimizing our global business portfolio. On a continual basis, we evaluate and consider strategic acquisitions, divestitures and joint ventures to create shareholder value and enhance financial performance.
On December 17, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PGT Innovations, Inc., (“PGTI”) in which Masonite would have acquired PGTI for a combination of cash and Masonite shares with a total transaction value of $3.0 billion. On January 15, 2024, PGTI delivered to Masonite a notice of receipt of a Superior Proposal (as defined in the Merger Agreement) in accordance with Section 6.04(d) of the Merger Agreement. On January 16, 2024, Masonite agreed to waive the 4 business day match period provided under the Merger Agreement. Accordingly, on January 16, 2024, PGTI terminated the Merger Agreement pursuant to Section 10.01(d)(i) thereunder, and, consistent with the terms of the Merger Agreement, Masonite received a termination fee of $84.0 million in cash. The termination fee was recognized as other income in the consolidated statements of income and comprehensive income.
Acquisitions
•On October 19, 2023, the Company completed the acquisition of all of the issued and outstanding limited liability company interests of Fleetwood Aluminum Products, LLC (“Fleetwood”), for total consideration of approximately $279.5 million. The total consideration was funded with a combination of cash on hand and borrowings under the ABL Facility. Fleetwood is a leading designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes.
•On January 3, 2023, we completed the acquisition of 100% of the outstanding equity of EPI Holdings, Inc. ("Endura"), for total consideration of approximately $403.3 million. The total consideration was funded with borrowings under our Term Loan Facility and ABL Facility. Endura is a leading innovator and manufacturer of high-performance door frames and door system components in the United States.
Divestitures
•On April 23, 2024, we entered into an agreement to sell our Architectural reporting segment for a purchase price of approximately $75 million subject to customary post-closing adjustments. We expect to complete the transaction in the second quarter of 2024.
MASONITE INTERNATIONAL CORPORATION
Results of Operations | | | | | | | | | | | | | | | |
| Three Months Ended | | |
(In thousands) | March 31, 2024 | | April 2, 2023 | | | | |
Net sales | $ | 668,339 | | | $ | 725,984 | | | | | |
Cost of goods sold | 502,869 | | | 555,493 | | | | | |
Gross profit | 165,470 | | | 170,491 | | | | | |
Gross profit as a % of net sales | 24.8 | % | | 23.5 | % | | | | |
Selling, general and administration expenses | 152,644 | | | 101,705 | | | | | |
Selling, general and administration expenses as a % of net sales | 22.8 | % | | 14.0 | % | | | | |
Restructuring costs | 1,394 | | | 3,678 | | | | | |
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Operating income | 11,432 | | | 65,108 | | | | | |
Interest expense, net | 12,022 | | | 14,252 | | | | | |
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Other (income) expense, net | (85,250) | | | 52 | | | | | |
Income before income tax expense | 84,660 | | | 50,804 | | | | | |
Income tax expense | 23,278 | | | 11,360 | | | | | |
Net income | 61,382 | | | 39,444 | | | | | |
Less: net income attributable to non-controlling interests | 327 | | | 953 | | | | | |
Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | |
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Three Months Ended March 31, 2024, Compared with Three Months Ended April 2, 2023
Net Sales
Net sales in the three months ended March 31, 2024, were $668.3 million, a decrease of $57.7 million from $726.0 million in the three months ended April 2, 2023. Foreign exchange rate fluctuations positively impacted net sales in the first quarter of 2024 by $2.4 million. The acquisition of Fleetwood in late 2023 increased net sales by $27.3 million or 3.8%. Excluding the impact of foreign currency and our acquisition of Fleetwood, net sales would have decreased by $87.4 million or 12.0% due to changes in volume, average unit price and sales of components. Lower volumes excluding the incremental impact of acquisitions or divestitures ("base volume") decreased net sales by $72.8 million or 10.0% in the first quarter of 2024 compared to the 2023 period. Average unit price decreased net sales in the first quarter of 2024 by $10.1 million or 1.4% compared to the 2023 period. Net sales of components to external customers decreased $4.5 million or 0.6% in the first quarter of 2024 compared to the 2023 period.
Net Sales and Percentage of Net Sales by Reportable Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net sales | $ | 531,357 | | | $ | 58,487 | | | $ | 78,743 | | | $ | 3,765 | | | $ | 672,352 | |
Intersegment sales | (714) | | | (95) | | | (3,204) | | | — | | | (4,013) | |
Net sales to external customers | $ | 530,643 | | | $ | 58,392 | | | $ | 75,539 | | | $ | 3,765 | | | $ | 668,339 | |
Percentage of consolidated external net sales | 79.4 | % | | 8.7 | % | | 11.3 | % | | | | |
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MASONITE INTERNATIONAL CORPORATION
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| Three Months Ended April 2, 2023 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net sales | $ | 569,429 | | | $ | 63,716 | | | $ | 92,861 | | | $ | 5,349 | | | $ | 731,355 | |
Intersegment sales | (390) | | | (22) | | | (4,959) | | | — | | | (5,371) | |
Net sales to external customers | $ | 569,039 | | | $ | 63,694 | | | $ | 87,902 | | | $ | 5,349 | | | $ | 725,984 | |
Percentage of consolidated external net sales | 78.4 | % | | 8.8 | % | | 12.1 | % | | | | |
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North American Residential
Net sales to external customers from facilities in the North American Residential segment in the three months ended March 31, 2024, were $530.6 million, a decrease of $38.4 million or 6.7% from $569.0 million in the three months ended April 2, 2023. Foreign exchange rate fluctuations positively impacted net sales in the first quarter of 2024 by $0.2 million. The acquisition of Fleetwood in late 2023 increased net sales by $27.3 million or 4.8% in the first quarter of 2024. Excluding the impact of foreign currency and our acquisition of Fleetwood, net sales would have decreased by $65.9 million or 11.6% due to changes in volume, average unit price and sales of components. Lower base volume decreased net sales in the first quarter of 2024 by $57.7 million or 10.1% compared to the 2023 period due to softening end market demand in new construction and residential repair, renovation and remodeling channels. Average unit price decreased net sales in the first quarter of 2024 by $8.7 million or 1.5% compared to the 2023 period. Net sales of components to external customers were $0.5 million higher in the first quarter of 2024 compared to the 2023 period.
Europe
Net sales to external customers from facilities in the Europe segment in the three months ended March 31, 2024, were $58.4 million, a decrease of $5.3 million or 8.3% from $63.7 million in the three months ended April 2, 2023. Foreign exchange rate fluctuations positively impacted net sales in the first quarter of 2024 by $2.3 million. Excluding this exchange rate impact, net sales would have decreased by $7.6 million or 11.9% due to changes in average unit price, volume and sales of components. Average unit price decreased net sales in the first quarter of 2024 by $3.6 million or 5.7% compared to the 2023 period. Lower base volume decreased net sales by $3.5 million or 5.5% in the first quarter of 2024 compared to the 2023 period due to overall economic trends in the United Kingdom. Net sales of components to external customers were $0.5 million lower in the first quarter of 2024 compared to the 2023 period.
Architectural
Net sales to external customers from facilities in the Architectural segment in the three months ended March 31, 2024, were $75.5 million, a decrease of $12.4 million or 14.1% from $87.9 million in the three months ended April 2, 2023. Lower base volume decreased net sales in the first quarter of 2024 by $11.7 million or 13.3% compared to the 2023 period. Net sales of components to external customers were $2.5 million lower in the first quarter of 2024 compared to the 2023 period. Average unit price increased net sales in the first quarter of 2024 by $1.8 million or 2.0% compared to the 2023 period.
Cost of Goods Sold
Cost of goods sold as a percentage of net sales was 75.2% and 76.5% for the three months ended March 31, 2024, and April 2, 2023, respectively. Material cost of sales as a percentage of net sales decreased by 4.5% compared to the first quarter of 2023. Overhead, depreciation, distribution and direct labor as a percentage of net sales increased by 1.6%, 0.9%, 0.4% and 0.3%, respectively, compared to the 2023 period. The decrease in material cost of sales as a percentage of net sales was driven by anti-dumping and countervailing duty recoveries and other material cost savings projects. Overhead as a percentage of net sales increased due to higher factory costs and wage inflation as compared to the 2023 period. The increase in depreciation as a percentage of net sales was driven by accelerated depreciation on certain fixed assets as compared to the 2023 period. Distribution as a percentage of net sales increased due to outbound freight inflation as compared to the 2023 period. Direct labor as a percentage of net sales increased due to manufacturing wage and benefit inflation.
MASONITE INTERNATIONAL CORPORATION
Selling, General and Administration Expenses
In the three months ended March 31, 2024, selling, general and administration ("SG&A") expenses, as a percentage of net sales, were 22.8%, as compared to 14.0% in the three months ended April 2, 2023, an increase of 880 basis points.
SG&A expenses in the three months ended March 31, 2024, were $152.6 million, an increase of $50.9 million from $101.7 million in the three months ended April 2, 2023. The overall increase was driven by a $36.5 million increase in acquisition and due diligence related costs; incremental SG&A from the acquisition of Fleetwood of $9.3 million; a $4.5 million increase in professional and other fees; a $1.1 million increase in non-cash items including share based compensation, deferred compensation and depreciation and amortization; and $0.3 million of unfavorable foreign exchange impacts. These increases were partially offset by a $0.8 million decrease in personnel costs.
Restructuring Costs
Restructuring costs in the three months ended March 31, 2024, were $1.4 million, compared to $3.7 million in the three months ended April 2, 2023. Restructuring costs in the prior year period related primarily to the 2022 Plan.
Interest Expense, Net
Interest expense, net, in the three months ended March 31, 2024, was $12.0 million, compared to $14.3 million in the three months ended April 2, 2023. The decrease in interest expense, net, is primarily due to the incremental borrowings under the Term Loan Facility and ABL Facility related to the Endura and Fleetwood acquisitions in the prior year.
Other (Income) Expense, Net
Other (income) expense, net includes profits and losses related to our non-majority owned unconsolidated subsidiaries that we recognize under the equity method of accounting, unrealized gains and losses on foreign currency remeasurements and other miscellaneous non-operating expenses. Other (income) expense, net, in the three months ended March 31, 2024, was $85.3 million of income, compared to $0.1 million of expense in the three months ended April 2, 2023. The change in other (income) expense, net is primarily due to a change in non-recurring income as a result of the termination fee paid to Masonite.
Income Tax Expense
Income tax expense in the three months ended March 31, 2024, was $23.3 million, compared to $11.4 million in the three months ended April 2, 2023. The increase in income tax expense is primarily due to the mix of income and losses within the tax jurisdictions in which we operate.
Segment Information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Adjusted EBITDA | $ | 106,801 | | | $ | 1,941 | | | $ | 4,816 | | | $ | (16,458) | | | $ | 97,100 | |
Adjusted EBITDA as a percentage of segment net sales | 20.1 | % | | 3.3 | % | | 6.4 | % | | | | 14.5 | % |
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| Three Months Ended April 2, 2023 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Adjusted EBITDA | $ | 107,881 | | | $ | 5,151 | | | $ | 5,350 | | | $ | (12,217) | | | $ | 106,165 | |
Adjusted EBITDA as a percentage of segment net sales | 19.0 | % | | 8.1 | % | | 6.1 | % | | | | 14.6 | % |
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MASONITE INTERNATIONAL CORPORATION
The following reconciles net income (loss) attributable to Masonite to Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net income (loss) attributable to Masonite | $ | 83,282 | | | $ | (4,286) | | | $ | 1,595 | | | $ | (19,536) | | | $ | 61,055 | |
Plus: | | | | | | | | | |
Depreciation | 15,392 | | | 2,285 | | | 3,070 | | | 6,821 | | | 27,568 | |
Amortization | 7,137 | | | 2,836 | | | 185 | | | 718 | | | 10,876 | |
Share based compensation expense | — | | | — | | | — | | | 6,930 | | | 6,930 | |
Loss (gain) on disposal of property, plant and equipment | 95 | | | 7 | | | (34) | | | 1,000 | | | 1,068 | |
Restructuring costs (benefits) | 450 | | | 961 | | | — | | | (17) | | | 1,394 | |
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Interest expense, net | — | | | — | | | — | | | 12,022 | | | 12,022 | |
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Other expense (income), net (1) | 11 | | | 138 | | | — | | | (85,399) | | | (85,250) | |
Income tax expense | — | | | — | | | — | | | 23,278 | | | 23,278 | |
Other items (2) | 145 | | | — | | | — | | | 37,687 | | | 37,832 | |
Net income attributable to non-controlling interest | 289 | | | — | | | — | | | 38 | | | 327 | |
Adjusted EBITDA | $ | 106,801 | | | $ | 1,941 | | | $ | 4,816 | | | $ | (16,458) | | | $ | 97,100 | |
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(1) Other expense (income), net includes $85,250 in income primarily related to the PGTI termination fee in the three months ended March 31, 2024.
(2) Other items include $37,832 in acquisition and due diligence related costs in the three months ended March 31, 2024, and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income.
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| Three Months Ended April 2, 2023 |
(In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total |
Net income (loss) attributable to Masonite | $ | 86,755 | | | $ | 203 | | | $ | 1,465 | | | $ | (49,932) | | | $ | 38,491 | |
Plus: | | | | | | | | | |
Depreciation | 13,232 | | | 2,204 | | | 2,957 | | | 3,092 | | | 21,485 | |
Amortization | 3,790 | | | 2,808 | | | 252 | | | 571 | | | 7,421 | |
Share based compensation expense | — | | | — | | | — | | | 6,054 | | | 6,054 | |
Loss (gain) on disposal of property, plant and equipment | 1,040 | | | (3) | | | (13) | | | 14 | | | 1,038 | |
Restructuring costs | 2,380 | | | — | | | 684 | | | 614 | | | 3,678 | |
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Interest expense, net | — | | | — | | | — | | | 14,252 | | | 14,252 | |
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Other (income) expense, net | (28) | | | (61) | | | — | | | 141 | | | 52 | |
Income tax expense | — | | | — | | | — | | | 11,360 | | | 11,360 | |
Other items (1) | — | | | — | | | 5 | | | 1,376 | | | 1,381 | |
Net income attributable to non-controlling interest | 712 | | | — | | | — | | | 241 | | | 953 | |
Adjusted EBITDA | $ | 107,881 | | | $ | 5,151 | | | $ | 5,350 | | | $ | (12,217) | | | $ | 106,165 | |
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(1) Other items include $1,381 in acquisition and due diligence related costs in the three months ended April 2, 2023, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.
MASONITE INTERNATIONAL CORPORATION
Adjusted EBITDA in our North American Residential segment was $106.8 million in the three months ended March 31, 2024, a decrease of $1.1 million, or 1.0%, from $107.9 million in the three months ended April 2, 2023. Adjusted EBITDA in the North American Residential segment included corporate allocations of shared costs of $24.0 million and $22.7 million in the first quarter of 2024 and 2023, respectively. The allocations generally consist of certain costs of human resources, legal, finance, information technology, research and development, marketing and share based compensation.
Adjusted EBITDA in our Europe segment was $1.9 million in the three months ended March 31, 2024, a decrease of $3.3 million, or 63.1%, from $5.2 million in the three months ended April 2, 2023. Adjusted EBITDA in the Europe segment included corporate allocations of shared costs of $1.3 million and $1.8 million in the first quarter of 2024 and 2023, respectively. The allocations generally consist of certain costs of human resources, legal, finance, information technology, marketing and share based compensation.
Adjusted EBITDA in our Architectural segment was $4.8 million in the three months ended March 31, 2024, a decrease of $0.6 million, or 10.3%, from $5.4 million in the three months ended April 2, 2023. Adjusted EBITDA in the Architectural segment also included corporate allocations of shared costs of $2.5 million and $2.9 million in the first quarter of 2024 and 2023, respectively. The allocations generally consist of certain costs of human resources, legal, finance, information technology, research and development, marketing and share based compensation.
Liquidity and Capital Resources
Our liquidity needs for operations vary throughout the year. Our principal sources of liquidity are cash flows from operating activities, the borrowings under our ABL Facility, an accounts receivable sales program with a third party ("AR Sales Program") and our existing cash balance. Our anticipated uses of cash in the near term include working capital needs and capital expenditures for critical maintenance. On a continual basis, we evaluate and consider strategic acquisitions, divestitures and joint ventures to create shareholder value and enhance financial performance.
We believe that our cash balance on hand, future cash generated from operations, the use of our AR Sales Program, our ABL Facility and our Term Loan Facility along with our ability to access the capital markets will provide adequate liquidity for the foreseeable future. As of March 31, 2024, we had $230.4 million of cash and cash equivalents, $249.1 million of availability under our ABL Facility and $27.9 million of availability under our AR Sales Program.
Cash Flows
Cash provided by operating activities was $133.3 million during the three months ended March 31, 2024, compared to $56.3 million in the three months ended April 2, 2023. This $77.0 million increase in cash provided by operating activities was due to $33.7 million in cash provided by working capital and other assets and liabilities and a $43.3 million increase in net income attributable to Masonite, adjusted for non-cash and non-operating items in the first three months of 2024 compared to the same period in 2023.
Cash used in investing activities was $26.6 million during the three months ended March 31, 2024, compared to $373.0 million in the three months ended April 2, 2023. This $346.4 million decrease in cash used in investing activities was primarily driven by the absence of $353.2 million in cash used in the acquisitions of Endura and Fleetwood (net of cash acquired), a $3.1 million decrease in cash used in other investing activities and $2.1 million fewer additions of property, plant and equipment, partially offset by the absence of $12.0 million of proceeds from repayment of a note receivable in the first three months of 2024 compared to the same period in 2023.
Cash provided by financing activities was $13.1 million during the three months ended March 31, 2024, compared to $229.1 million of cash provided by financing activities during the three months ended April 2, 2023. This $242.2 million increase in cash used in financing activities was driven by the absence of $255.8 million in cash provided by debt-related transactions, a $1.0 million increase in distributions to non-controlling interests and a $0.1 million increase in cash used for tax withholding on share based awards, partially offset by a $14.7 million decrease in cash used for repurchases of common shares in the first three months of 2024 compared to the same period in 2023.
Share Repurchases
The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company
MASONITE INTERNATIONAL CORPORATION
may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date.
The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation. During the three months ended March 31, 2024, we did not repurchase any of our common shares in the open market. During the three months ended April 2, 2023, we repurchased and retired 168,523 of our common shares in the open market at an aggregate cost of $14.7 million as part of the share repurchase programs and ASR. As of March 31, 2024, there was $200.3 million available for repurchase in accordance with the share repurchase programs.
Other Liquidity Matters
Our cash and cash equivalents balance includes cash held in foreign countries in which we operate. Cash held outside Canada, in which we are incorporated, is free from significant restrictions that would prevent the cash from being accessed to meet our liquidity needs including, if necessary, to fund operations and service debt obligations in Canada. However, earnings from certain jurisdictions are indefinitely reinvested in those jurisdictions. Upon the repatriation of any earnings to Canada, in the form of dividends or otherwise, we may be subject to Canadian income taxes and withholding taxes payable to the various foreign countries. As of March 31, 2024, we do not believe adverse tax consequences exist that restrict our use of cash or cash equivalents in a material manner.
We also routinely monitor the changes in the financial condition of our customers and the potential impact on our results of operations. There has not been a change in the financial condition of any customer that has had a material adverse effect on our results of operations. However, if economic conditions were to deteriorate, it is possible there could be an impact on our results of operations in a future period and this impact could be material.
Accounts Receivable Sales Program
Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this AR Sales Program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income.
Senior Notes
On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"), all of which was outstanding as of March 31, 2024. The 2030 Notes bear interest at 3.50% per annum. The 2030 Notes were issued under an indenture which contains limited covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2030 Notes.
On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"), all of which was outstanding as of March 31, 2024. The 2028 Notes bear interest at 5.375% per annum. The 2028 Notes were issued under an indenture which contains restrictive covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2028 Notes.
Term Loan Facility
On December 13, 2022, we and certain of our subsidiaries entered into a new delayed-draw term loan credit agreement (the "Term Loan Credit Agreement") maturing on December 12, 2027 (the "Term Loan Maturity Date"). The Term Loan Credit Agreement provides for a senior secured five-year delayed-draw term loan facility of $250.0 million
MASONITE INTERNATIONAL CORPORATION
(the "Term Loan Facility"). Loans under the Term Loan Facility (the "Term Loans") will bear interest at a rate equal to, at our option, (1) the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (2) an alternate base rate equal to the greatest of (i) the "Prime Rate" in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in U.S. dollars, (iii) 1.00% above the Adjusted Term SOFR Rate for a one month interest period and (iv) 1.00%, plus, in each case, an applicable margin of 1.25%, subject to, in each of cases (1) and (2), an agreed interest rate floor. The Term Loans are repayable in equal quarterly installments for an annual aggregate amortization payment equal to 15% of the aggregate principal amount of the Term Loans, with the balance of the principal being due on the Term Loan Maturity Date.
Obligations under the Term Loan Credit Agreement are fully and unconditionally guaranteed, jointly and severally, by us and by certain of our directly or indirectly wholly-owned subsidiaries organized in the United States and are secured by the equity in, and substantially all the assets of, such subsidiaries. The Term Loans were funded in an amount of $250.0 million and applied to finance a portion of the consideration paid in connection with the consummation of the Endura acquisition on January 3, 2023. We received net proceeds of $246.4 million after deducting $3.6 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the loan using the effective interest method.
The Term Loan Credit Agreement contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the Term Loan Credit Agreement.
ABL Facility
On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. On October 28, 2022, we and certain of our subsidiaries entered into an amendment which, among other things, (i) increased the revolving credit commitments available thereunder by $100.0 million to an aggregate amount of $350.0 million and (ii) replaced the LIBOR-based interest rate applicable to borrowings thereunder in U.S. dollars with an interest rate based on the sum of (x) a "Term SOFR" rate published by the CME Group Benchmark Administration Limited (CBA) plus (y) 10 basis points ("Adjusted Term SOFR"). Additionally, on December 12, 2022, we entered into an amendment to the ABL Facility, which, among other things, extended the maturity of the ABL Facility from January 31, 2024 to December 12, 2027. The terms of the ABL Facility remained otherwise substantially unchanged and are described in detail in our Annual Report. On January 3, 2023, we borrowed $100.0 million under our ABL Facility in order to fund a portion of the cash consideration paid for the acquisition of Endura. During the first quarter of 2023, we repaid all amounts outstanding under the ABL Facility.
The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.1 million under our ABL Facility, and there were no amounts outstanding as of March 31, 2024.
Changes in Accounting Standards and Policies
Changes in accounting standards and policies are discussed in Note 1. Business Overview and Significant Accounting Policies in the Notes to the Condensed Consolidated Financial Statements in this Quarterly Report.
Critical Accounting Policies and Estimates
Our management’s discussion and analysis of financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period.
Please refer to "Critical Accounting Policies and Estimates" described in Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, from which there have been no material changes.
MASONITE INTERNATIONAL CORPORATION
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For our disclosures about market risk, please see Part II, Item 7A. "Quantitative and Qualitative Disclosures about Market Risk," in our Annual Report. We believe there have been no material changes to the information provided therein.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We maintain disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Based on management's evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were not effective because of the material weakness in internal control over financial reporting previously identified and disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, the end of the most recent fiscal year. Specifically, management identified a material weakness in our internal control over financial reporting relating to business combinations. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.
Notwithstanding the above, the material weakness did not result in any material misstatements to the condensed consolidated financial statements. Further, management believes and has concluded that the condensed consolidated financial statements included in this report fairly present, in all material respects, the Company's financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America.
Management continues to work to improve its controls related to the material weakness and believes that the implementation of business combination controls relating to finalizing the preliminary purchase allocations or to new business combinations will substantially remediate the material weakness identified. As we continue to evaluate and take actions to improve our internal control over financial reporting, we may determine to take additional actions to address control deficiencies or determine to modify certain of the remediation measures described above.
Changes in Internal Control over Financial Reporting
Other than the material weakness detailed above, there have been no changes in our internal control over financial reporting during the fiscal quarter covered by this report that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
The information required with respect to this item can be found in Note 7. Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements in this Quarterly Report and is incorporated by reference into this Part II, Item 1. Such information should be read in conjunction with the information contained under Part I, Item 3 "Legal Proceedings" included in our Annual Report.
Item 1A. Risk Factors
You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition or future results as set forth under Item 1A "Risk Factors" in our Annual Report. There have been no material changes from the risk factors disclosed in such Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) Unregistered Sale of Equity Securities.
None.
(b) Use of Proceeds.
Not applicable.
(c) Repurchases of Our Equity Securities.
During the three months ended March 31, 2024, we did not repurchase any of our common shares in the open market.
The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date.
The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation. As of March 31, 2024, $200.3 million was available for repurchase in accordance with the share repurchase programs.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
(c) Trading Plans
During the three months ended March 31, 2024, no director or Section 16 officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements in each case, as defined in Item 408 of Regulation S-K.
Item 6. Exhibits
The following is a list of all exhibits filed or furnished as part of this report: | | | | | | | | | |
Exhibit No. | Description | |
| Securities Purchase Agreement, dated as of November 2, 2022, by and among Masonite, Endura, Endura Stockholders, Endura Warrant Holders and Endura’s equityholders’ representative (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K (File No. 011-11796) filed with the Securities and Exchange Commission on November 3, 2022) | |
| Securities Purchase Agreement, dated as of October 19, 2023, by and among Masonite Corporation, Fleetwood Aluminum Products, LLC, the sellers listed on Schedule I of the agreement, and Gary Gumbleton, as the sellers' representative (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K (File No.011-11796) filed with the Securities and Exchange Commission on October 19, 2023) | |
| Arrangement Agreement, dated as of February 8, 2024, by and among Owens Corning, MT Acquisition Co ULC and Masonite International Corporation (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K (File No. 011-11796) filed with the Securities and Exchange Commission on February 8, 2024) | |
| Form of Restricted Stock Unit Agreement pursuant to the Masonite International Corporation 2021 Omnibus Incentive Plan (February 2024) | |
| 2024 Masonite Incentive Plan (MIP) Plan Document (correcting Exhibit 10.4 to the Company's Annual Report on Form 10-K (File No. 011-11796) filed with the Securities and Exchange Commission on February 29, 2024) | |
| Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002 | |
| Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002 | |
| Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101* | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL"): (i) the Registrant's Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2024, and April 2, 2023; (ii) the Registrant's Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023; (iii) the Registrant's Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2024, and April 2, 2023; (iv) the Registrant's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and April 2, 2023; and (v) the notes to the Registrant's Condensed Consolidated Financial Statements | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
| | | |
* | Filed or furnished herewith. | |
# | Denotes management contract or compensatory plan. | |
† | Schedules and certain exhibits have been omitted pursuant to Item 601 (b)(2) of Regulation S-K. The registrant hereby agrees to supplementally furnish to the SEC upon request. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | | | | | | | | | | | | | | |
| | MASONITE INTERNATIONAL CORPORATION | |
| | (Registrant) | |
| | | | |
Date: | May 7, 2024 | By | /s/ Russell T. Tiejema | |
| | Russell T. Tiejema | |
| | Executive Vice President and Chief Financial Officer | |
| | (Principal Financial Officer) | |
| | | | |
Date: | May 7, 2024 | By | /s/ Catherine A. Shellabarger | |
| | Catherine A. Shellabarger | |
| | Vice President, Chief Accounting Officer | |
| | (Principal Accounting Officer) | |
RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
MASONITE INTERNATIONAL CORPORATION
2021 OMNIBUS INCENTIVE PLAN
UNITED STATES
* * * * *
Participant:
Grant Date: [_____]
Number of Restricted Stock Units Granted:
* * * * *
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Masonite International Corporation, a British Columbia corporation (the “Company”), and the Participant specified above, pursuant to the Masonite International Corporation 2021 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”), which is administered by the Committee; and
WHEREAS, it has been determined under the Plan that the Company will grant the Restricted Stock Units (“RSUs”) provided herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the grant of the RSUs hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
2. Grant of Restricted Stock Unit Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant shall not have the rights of a stockholder in respect of the shares of Common Stock underlying this Award until such shares are delivered to the Participant in accordance with Section 4.
3. Vesting.
(a) General. Provided that the Participant is continuously employed by the Company and/or one of its Subsidiaries or Affiliates through each such vesting date and except as otherwise provided in this Section 3, RSUs subject to this grant shall vest as follows: 33% on [_____], 33% on [_____] and 34% on [_____].
(b) Certain Terminations. All unvested RSUs shall immediately become vested upon a Termination due to (i) the Participant’s death or (ii) the Participant’s Disability.
(c) Change in Control. Notwithstanding anything to the contrary set forth in Section 3(a) hereof, if, within thirty (30) days prior to or twenty four (24) months following the completion of a Change in Control or at any time prior to a Change in Control at the request of a prospective purchaser whose proposed purchase would constitute a Change in Control upon its completion, the Company, or any of its Subsidiaries, terminates the Participant’s employment without Cause or the Participant terminates employment for Good Reason (such termination, a “Qualifying Termination”), all unvested RSUs shall immediately become vested on the date of the Qualifying Termination (or, in the event that the Participant experiences a Qualifying Termination prior to the completion of a Change in Control other than at the request of a prospective purchaser, on the Change in Control). For the avoidance of doubt, all references to a Termination of the Participant’s employment “without Cause” in this Agreement shall, to the extent applicable, include any Termination due to the expiration of the employment term under the Participant’s Employment Agreement (as defined below) following notice of nonrenewal thereof by the Company. In order to accomplish the intention of this provision, if the Participant experiences a Qualifying Termination prior to the completion of a Change in Control (other than at the request of a prospective purchaser), all unvested RSUs shall remain outstanding for a period of thirty (30) days following the date of such Participant’s Qualifying Termination and (A) if a Change in Control occurs during such thirty (30)-day period, such unvested RSUs shall become fully vested upon the completion of the Change in Control or (B) if a Change in Control does not occur prior to the expiration of such thirty (30)-day period, the unvested RSUs shall be cancelled and forfeited upon the expiration of such thirty (30)-day period.
(d) Forfeiture. Subject to Section 3(b) and 3(c), all unvested RSUs shall be immediately forfeited upon the Participant’s Termination for any reason.
(e) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the RSUs at any time and for any reason.
4. Delivery of Shares of Common Stock.
(a) General. Subject to Section 4(b) hereof and Section 14.17 of the Plan, the Company shall deliver to the Participant the aggregate shares of Common Stock underlying the outstanding RSUs within thirty (30) days following such vesting date. In connection with the delivery of the shares of Common Stock pursuant to this Agreement, the Participant agrees to execute any documents reasonably requested by the Company. In no event shall the Participant be entitled to receive any shares of Common Stock with respect to any unvested or forfeited portion of the RSUs.
(b) Blackout Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 4(a), the Company may elect to delay such distribution until the date the Participant is not subject to any such policy or restriction or such earlier or later date as required by applicable law, consistent with the requirements of Section 409A of the Code.
(c) Deferrals. If permitted by the Company, the Participant may elect, subject to the terms and conditions of the Plan and any other applicable written plan or procedure adopted by the Company from time to time for purposes of such election, to defer the distribution of all or any portion of the shares of Common Stock that would otherwise be distributed to the Participant hereunder (the “Deferred Shares”), consistent with the requirements of Section 409A
of the Code. Upon the vesting of RSUs that have been so deferred, the applicable number of Deferred Shares shall be credited to a bookkeeping account established on the Participant’s behalf (the “Account”). Subject to Section 6 below, the number of shares of Common Stock equal to the number of Deferred Shares credited to the Participant’s Account shall be distributed to the Participant in accordance with the terms and conditions of the Plan and the other applicable written plans or procedures of the Company, consistent with the requirements of Section 409A of the Code.
5. Dividends and Other Distributions. The Participant shall be entitled to receive all dividends and other distributions paid with respect to the shares of Common Stock underlying the RSUs, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying RSUs and shall be paid at the time the shares of Common Stock are delivered pursuant to Section 4. If any dividends or distributions are paid in shares of Common Stock with respect to unvested shares, the shares of Common Stock shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeiture as the RSUs with respect to which they were paid.
6. Forfeiture and Clawback. In the event the Company determines that the Participant has (i) materially violated any of the provisions set forth in Section 7 hereof and has failed to cure such violation within fifteen (15) days of written notice that is given within thirty (30) days of the Company becoming aware of such violation, or (ii) engaged in Detrimental Misconduct or Financial Misconduct, unless otherwise determined by the Company, the following shall result:
(a) any outstanding RSUs, whether vested or unvested, shall immediately be terminated and forfeited for no consideration,
(b) if the shares of Common Stock subject to this Agreement have been distributed to the Participant (or any transferee permitted pursuant to Section 8(b) hereof) and the Participant (or transferee, as applicable) no longer holds some or all of such shares, the Participant shall repay to the Company, in cash, within five (5) business days after demand is made therefore by the Company (which must be made within thirty (30) days of such failure to cure), an amount equal to the sum of (I) the total amount of any cash previously paid to the Participant hereunder; and (II) the total amount of any value received by the Participant upon any disposition of any shares of Common Stock paid to the Participant hereunder; and
(c) if the shares of Common Stock subject to this Agreement have been distributed to the Participant and the Participant (or any transferee permitted pursuant to Section 8(b) hereof) continues to hold some or all of such shares of Common Stock, the Participant or such transferee shall forfeit and transfer to the Company for no consideration such shares. If the Participant or such transferee fails to deliver all or any of the shares of Common Stock upon the Company’s demand, then the Secretary of the Company shall be authorized to effect the Company’s repurchase of such shares of Common Stock on the Company’s books and records, without further notice with zero value being paid to the Participant.
7. Restrictive Covenants. As a condition to the receipt of the RSUs and/or the delivery of shares of Common Stock hereunder, the Participant agrees as follows:
(a) Confidentiality, Non-Disclosure and Non-Competition Agreement. The Company and the Participant acknowledge and agree that during the Participant’s employment with the Company or its Affiliates, the Participant will have access to and may assist in developing Confidential Information and will occupy a position of trust and confidence with respect to the affairs and business of the Company and its Affiliates. The Participant agrees that the obligations set forth in this Section 7 are necessary to preserve the confidential and
proprietary nature of Confidential Information and to protect the Company and its Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by the Participant that would result in serious adverse consequences for the Company and its Affiliates.
(b) Non-Disclosure. During and after the Participant’s employment with the Company or its Affiliates, the Participant will not use, disclose, copy or transfer any Confidential Information other than as authorized in writing by the Company or within the scope of the Participant’s duties with the Company as determined reasonably and in good faith by the Participant. Anything herein to the contrary notwithstanding, the provisions of this Section 7(b) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Participant to disclose or make accessible any information; provided that prior to any such disclosure the Participant shall provide the Company with prompt written notice of the requirements to disclose and an opportunity to object to such disclosure and the Participant shall cooperate with the Company in filing such objection; or (ii) as to information that becomes generally known to the public or within the relevant trade or industry other than due to the Participant’s violation of this Section 7(b). Notwithstanding the foregoing, nothing in this Agreement shall prohibit or impede the Participant from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”), or otherwise fully participating in or cooperating with any investigation or proceeding that may be conducted by any Government Entity, including providing documents or other information, without notice to or approval from the Company and without risk of being held liable by the Company for financial penalties. This Agreement also does not limit the Participant’s right to receive an award for information provided to any Government Entity The Participant understands and acknowledges that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The Participant understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. Notwithstanding the foregoing, under no circumstance is the Participant authorized to disclose any information covered by the Company’s attorney-client privilege or attorney work product or the Company’s trade secrets without the prior written consent of the Company’s General Counsel or other officer designated by the Company.
(c) Materials. The Participant will use Confidential Information only for normal and customary use in the Company’s business, as determined reasonably and in good faith by the Company. The Participant will return to the Company all Confidential Information and copies thereof and all other property of the Company or any of its Affiliates at any time upon the request of the Company and in any event immediately after termination of the Participant’s employment. The Participant agrees to identify and return to the Company any copies of any Confidential Information after the Participant ceases to be employed by the Company or its Affiliates. Anything to the contrary notwithstanding, nothing in this Section 7 shall prevent the Participant from retaining a home computer (provided all Confidential Information has been removed), papers and other materials of a personal nature, including diaries, calendars and Rolodexes, information relating to his/her compensation or relating to reimbursement of expenses, information that may be needed for tax purposes, and copies of the compensation and benefits plans, programs and agreements relating to his/her employment with the Company.
(d) No Solicitation or Hiring of Employees. During the Non-Compete Period, the Participant shall not solicit, entice, persuade or induce any individual who is employed by the Company or its Affiliates (or who was so employed within twelve (12) months prior to the Participant’s action) to terminate or refrain from continuing such employment or to become employed by or enter into contractual relations with any other individual or entity other than the Company or its Affiliates, and the Participant shall not hire, directly or indirectly, for himself or any other person, as an employee, consultant or otherwise, any such person. Anything to the contrary notwithstanding, the Company agrees that (i) the Participant’s responding to an unsolicited request from any former employee of the Company for advice on employment matters; and (ii) the Participant’s responding to an unsolicited request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting forth his/her personal views about such former employee, shall not be deemed a violation of this Section 7(d); in each case, to the extent the Participant does not encourage the former employee to become employed by a company or business that employs the Participant or with which the Participant is otherwise associated (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director or otherwise).
(e) Non-Competition.
(i) During the Non-Compete Period, the Participant shall not, directly or indirectly, (A) solicit, service, or assist any other individual, person, firm or other entity in soliciting or servicing any Customer for the purpose of providing and/or selling any products that are provided and/or sold by the Company or its Affiliates, or performing any services that are performed by the Company or its Affiliates, (B) interfere with or damage (or attempt to interfere with or damage) any relationship and/or agreement between the Company or its Affiliates and any Customer or (C) associate (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director or otherwise) with any Competitive Enterprise; provided, however, that the Participant may own, as a passive investor, securities of any such entity that has outstanding publicly traded securities so long as his/her direct holdings in any such entity shall not in the aggregate constitute more than one percent (1%) of the voting power of such entity. The Participant agrees that, before providing services, whether as an employee or consultant, to any entity during the Non-Compete Period, he/she will provide a copy of this Agreement to such entity, and shall cause such entity to acknowledge to the Company in writing that it has read this Agreement. The Participant acknowledges that this covenant has a unique, very substantial and immeasurable value to the Company, that the Participant has sufficient assets and skills to provide a livelihood for the Participant while such covenant remains in force and that, as a result of the foregoing, in the event that the Participant breaches such covenant, monetary damages would be an insufficient remedy for the Company and equitable enforcement of the covenant would be proper.
(ii) If the restrictions contained in Section 7(e)(i) shall be determined by any court of competent jurisdiction to be unenforceable in whole or in part, Section 7(e)(i) shall be modified to be effective for the maximum period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum extent in all other respects as to which it may be enforceable.
(iii) Prohibited by Applicable Law. Notwithstanding any provision of this Agreement to the contrary, this Section 7(e) (Non-Competition) shall be inapplicable to the Participant if the Company or its Affiliates employs the Participant in California, Minnesota, North Dakota, Oklahoma or any other jurisdiction in which such covenants are prohibited by applicable law.
(f) Conflicting Obligations and Rights. The Participant agrees to inform the Company of any apparent conflicts between the Participant’s work for the Company or its Affiliates and any obligations the Participant may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the Company’s behalf. The Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest.
(g) Enforcement. The Participant acknowledges that in the event of any breach or threatened breach of this Section 7, the business interests of the Company and its Affiliates will be irreparably injured, the full extent of the damages to the Company and its Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Company and its Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Participant expressly waives. The Participant understands that the Company may, in its sole discretion, waive any of the requirements expressed in this Agreement, but that for such a waiver to be effective it must be made in writing and shall not in any way be deemed a waiver of the Company’s right to enforce any other requirements or provisions of this Agreement. The Participant agrees that each of the Participant’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement.
8. Non-transferability.
(a) Restriction on Transfers. Except as provided in Section 8(b) below, all RSUs, and any rights or interests therein, (i) shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or by the laws of descent and distribution, (ii) shall not be pledged or encumbered in any way at any time by the Participant (or any beneficiary(ies) of the Participant) and (iii) shall not be subject to execution, attachment or similar legal process. Any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of these RSUs, or the levy of any execution, attachment or similar legal process upon RSUs contrary to the terms of this Agreement and/or the Plan shall be null and void and without legal force or effect.
(b) Permissible Transfers. During the Participant’s lifetime, the Participant may, with the consent of the Committee, transfer without consideration all or any portion of RSUs granted under this Agreement to one or more Family Members, to a trust established for the exclusive benefit of one or more Family Members, to a partnership in which all the partners are Family Members, or to a limited liability company in which all the members are Family Members.
9. Entire Agreement; Amendment. This Agreement, together with the Plan contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10. Acknowledgment of Participant. This award of RSUs does not entitle the Participant to any benefit other than that granted under this Agreement. Any benefits granted under this Agreement are not part of the Participant’s ordinary salary and shall not be considered as part of such salary in the event of severance, redundancy or resignation.
11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without reference to the principles of conflict of laws thereof.
12. Withholding of Tax. As a condition to the (a) vesting of the RSUs or (b) distribution of shares of Common Stock to the Participant, in both instances, as applicable, the Participant shall be required to pay in cash, or to make other arrangements satisfactory to the Company to cover, the minimum amount of any federal, provincial, state, local and foreign tax withholdings or other obligation of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) that the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs (the “Withholdings”). Without limiting the foregoing, the Company, in its sole discretion, may (i) permit or require the Participant to satisfy such Withholdings by having shares of Common Stock withheld by the Company from any shares of Common Stock that would have otherwise been delivered to the Participant in respect of the RSUs hereunder and/or (ii) permit the Participant to also satisfy any federal, provincial, state, local and foreign tax obligations arising from the vesting or settlement of the RSUs that are in excess of the Withholdings by having shares of Common Stock withheld by the Company from any shares of Common Stock that would have otherwise been delivered to the Participant in respect of the RSUs hereunder, in an amount up to the maximum individual statutory rate for each applicable jurisdiction. Further, at the Company’s sole discretion, the Company can mandate that the Participant satisfy all or part of its obligations to pay the Withholdings by the sale of shares of Common Stock through a broker designated by the Company, and require that the proceeds of the sale be conveyed by the broker directly to the Company. If the Company makes this election, the Company in its sole discretion can further require the Participant to enter into a trading plan designed to be compliant with Rule 10b5-1 under the Exchange Act so as to permit the sale of such shares of Common Stock during periods where trading by the Participant would otherwise be restricted.
13. No Right to Employment. Any questions as to whether and when there has been a Termination of such employment and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.
14. Notices. Any notice that may be required or permitted under this Agreement shall be in writing and shall be delivered in person or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows:
(a) If such notice is to the Company, to the attention of the General Counsel of the Company or at such other address as the Company, by notice to the Participant, shall designate in writing from time to time.
(b) If such notice is to the Participant, at his/her address as shown on the Company’s records, or at such other address as the Participant, by notice to the Company, shall designate in writing from time to time.
15. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Affiliate) of any personal
data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Participant.
16. Compliance with Laws. This issuance of RSUs (and the shares of Common Stock underlying the RSUs) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act and the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue RSUs or any of the shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements.
17. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as permitted under Section 8 hereof) any part of this Agreement without the prior express written consent of the Company.
18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
19. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
20. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
21. Severability. The invalidity or unenforceability of any provisions of this Agreement, including, without limitation Section 7, in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
22. Compensatory Arrangements. The Company and the Participant hereby acknowledge and agree that this Agreement has been executed and delivered, and RSUs, and the shares of Common Stock delivered upon settlement, have been issued hereunder, in connection with and as a part of the compensation and incentive arrangements between the Company and its Affiliates, on the one hand, and the Participant, on the other hand.
23. Definitions. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. For purposes of this Agreement, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:
(a) “Competitive Enterprise” means a business enterprise that engages in, or owns or controls a significant interest in any entity that engages in the sale or manufacture of entryway doors or door components or other products that are manufactured and sold by the Company and its Subsidiaries during the time the Participant was employed by the Company or
its Subsidiaries, and does business (the “Company’s Business”) (i) in the United States of America, (ii) Canada or (iii) any other country where the Company or its Subsidiaries operates facilities or sells products, but only if the Participant had operational, financial reporting, marketing or other responsibility or oversight for the facility or business in the respective country. Notwithstanding the foregoing, in the event that a business enterprise has one or more lines of business that do not involve the Company’s Business, the Participant shall be permitted to associate with such business enterprise if, and only if, the Participant does not participate in, or have supervisory authority with respect to, any line of business involving the Company’s Business.
(b) “Confidential Information” means all non-public information concerning trade secrets, know-how, software, developments, inventions, processes, technology, designs, financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors, customers, advertising and marketing, and other non-public, proprietary, and confidential information of the Company or its Affiliates. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained during the Participant’s employment or service with the Company, information publicly available or generally known within the industry or trade in which the Company competes and information or knowledge possessed by the Participant prior to his/her employment by the Company shall not be considered Confidential Information.
(c) “Customer” means any person, firm, corporation or other entity whatsoever to whom the Company or its Subsidiaries provided services or sold any products to within a twelve (12) month period on, before or after the Participant’s date of Termination.
(d) “Detrimental Misconduct” means (i) conduct which is injurious to the Company or its business or reputation, involving a material breach of Company policy, or applicable laws or regulations to which the Participant is subject, or an agreement between the Company and the Participant, or (ii) any other action (or failure to act) involving illegal acts, theft, fraud, intentional misconduct, or gross negligence on the part of the Participant, related to his or her position with the Company.
(e) “Financial Misconduct” means fraud, gross negligence or intentional or willful misconduct that contributes, directly or indirectly, to the Company’s financial or operational results that are used to determine the extent to which any award of cash or stock under the Plan being misstated, regardless of whether the Company is required to prepare an accounting restatement of its consolidated financial statements, which is discovered during the relevant year in which such award is awarded or payable or within three years thereafter.
(f) “Good Reason” means (i) in the event the Participant is a party to an Employment Agreement between the Participant and the Company or its Affiliates in effect on the Participant’s date of Termination (the “Employment Agreement”), “Good Reason” as defined under the Employment Agreement as in effect on the Participant’s date of Termination (including any notice and cure provisions set forth therein); or (ii) in the event the Participant is not a party to an Employment Agreement as in effect on the Participant’s date of Termination, “Good Reason” shall mean, unless otherwise agreed to in writing by the Participant: (x) a reduction in the Participant’s base salary or wage rate; provided that the Participant’s base salary or wage rate may be reduced by an aggregate amount equal to ten percent (10%) of the Participant’s base salary or wage rate in effect at the effective time of a Change in Control pursuant to across-the-board reductions to base salaries or wage rates applicable to all similarly situated employees of the Company and its Subsidiaries; or (y) a relocation of the Participant’s primary place of employment to a location more than fifty (50) miles further from the Participant’s primary residence than the location of such primary place of employment
immediately prior to such relocation. In order to invoke a termination for Good Reason, in the event the Participant is not a party to an Employment Agreement as in effect on the Participant’s date of Termination, (A) the Participant must provide written notice within ninety (90) days of the occurrence of any event of “Good Reason,” (B) the Company must fail to cure such event within thirty (30) days of the giving of such notice and (C) the Participant must terminate employment within thirty (30) days following the expiration of the Company’s cure period.
(g) “Non-Compete Period” means, (i) in the event the Participant is a party to an Employment Agreement in effect on the Participant’s date of Termination, the period during which the Participant is subject to the non-competition covenant set forth in the Employment Agreement or (ii) if the Employment Agreement is not in effect on the Participant’s date of Termination or if the Participant is not a party to the Employment Agreement or such Employment Agreement does not contain a non-competition covenant, “Non-Compete Period” shall mean the period commencing on the Grant Date and ending twelve (12) months after the Participant’s date of Termination, or (iii) if after Termination of employment, the Participant enters into a consulting agreement the “Non-Compete Period” shall mean the period commencing on the Grant Date and ending twelve (12) months after the termination of the consulting arrangement unless the consulting agreement specifies a different time period.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
MASONITE INTERNATIONAL CORPORATION
By:
Name: Howard C. Heckes
Title: President and Chief Executive Officer
PARTICIPANT
Name:_______________________________
2024 Masonite Incentive Plan (MIP)
Plan Document
Overview
This document sets forth the terms and conditions of the Masonite International Corporation Incentive Plan (the “MIP” or “Plan”) and is intended for internal use only. This Plan supersedes any previous annual incentive or other bonus plans for Participants (as defined below).
The MIP is an annual cash incentive compensation program, providing for payments of awards under the Plan (each, a “MIP Award”) to eligible employees of Masonite International Corporation (“Masonite” or the “Company”) and its subsidiaries and affiliates if certain performance objectives are met. The purpose of the MIP is to reward Participants for the achievement of positive results based on annual financial and operational objectives and individual performance.
The Plan is administered based on the Company’s fiscal year (the “Plan Year”). The Company’s fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31 each year.
| | |
Eligibility and Participation |
Employees of Masonite or its subsidiaries and affiliates are eligible to participate in the MIP based on their position and scope of responsibilities. The Plan Administrator (as defined below), with input from members of Masonite’s senior management, shall determine which such employees will become participants in the Plan (a “Participant”) for a Plan Year based on their position. The Plan Administrator reserves the right to evaluate positions on an annual basis to determine eligibility to participate in the Plan. Employees who are selected to participate in the Plan for the first time will be notified of their participation.
Impact of Changes in Employment Status
The table below summarizes the impact of employment status changes by a Participant during a Plan Year on MIP Award eligibility and payout for such Plan Year. These provisions may be interpreted by the Plan Administrator in its sole discretion and are subject to compliance with applicable law and such other terms and conditions set forth herein. Note that, for the sake of administrative simplicity and consistency of application, all pro-rating for newly eligible participants and those participants with changes during a Plan Year which impact their final payout for that year will be calculated on a calendar year basis (i.e., January 1 through December 31) with 365 days as the baseline (or 366 for Leap Years).
| | | | | |
Employment Event Occurring During a Plan Year | Eligibility / Payout |
New Hires/Rehires | Eligible to participate in the Plan and will be pro-rated based on their date of hire/rehire through December 31 of the year of hire. |
Positions from a Newly Acquired Business | Eligibility to participate in the Plan is determined case-by-case, in the Plan Administrator’s sole discretion. |
Transfers, Position Changes and Promotions | Eligibility to participate in the Plan may be pro-rated based on the effective date of the change. Participation will be pro-rated based on the period employed in the applicable position in each business/country during the year of the change. |
Demotions | The Plan Administrator may, in its sole discretion, provide for a pro-rated payment of the MIP Award for such Plan Year based on the facts and circumstances of each case for the eligible period prior to the demotion. |
LOA/Disability/Workers’ Compensation | Payout of the MIP Award for such Plan Year is pro-rated based on the period during the Plan Year in which the Participant was actively employed. |
Termination due to Retirement,1 Disability or Death | The Plan Administrator may, in its sole discretion, provide for a pro-rated payment of the MIP Award for such Plan Year based on the facts and circumstances of each case. |
Termination by the Company without Cause (as determined by the Plan Administrator in its sole discretion) | No payout, except to the extent specifically required by applicable law; provided, that the Plan Administrator may, in its sole discretion, provide for a pro-rated payment based on the period employed during such Plan Year based on the facts and circumstances of each case. |
Termination by the Company for Cause | No payout. |
Termination by Participant for any reason | No payout, except to the extent specifically required by applicable law. |
1 “Retirement” means a voluntary termination of employment by a Participant who is age 55 or older with 10 or more years of service with the Company and its subsidiaries and affiliates.
Notwithstanding any other provision of the Plan to the contrary, if any MIP Award payable under the Plan is subject to a valid deferral election under the terms of another plan or arrangement maintained by the Company (including the Masonite Savings Plan or the Masonite International Corporation Deferred Compensation Plan), the payment of such MIP Award shall be made in accordance with, and subject to, such deferral election.
Each Plan Year, the Plan Administrator will establish a target bonus (expressed as a percentage of annual base salary) for each Participant (the “Target Bonus Percentage”) that will apply for purposes of determining the amount of any MIP Award that may become payable under the Plan for such Plan Year.
Each Plan Year, the Human Resources and Compensation Committee of Masonite’s Board of Directors (the “Committee”) will approve the applicable performance measures, including any adjustments thereto, weighting of performance measures, payout parameters and specific targets at threshold, target and maximum levels of performance for each performance measure that will apply to MIP Awards payable under the Plan for such Plan Year. Participants will be advised of the performance measures applicable to their MIP participation for the Plan Year, including their respective Target Bonus Percentage.
For most MIP performance measures, the level of achievement of the applicable performance measures will result in the following payout:
(i) achievement below the threshold performance level results in no payout,
(ii) achievement at the threshold level results in a payout at less than 100% of the bonus target,
(iii) achievement at the target level results in a payout at 100% of the bonus target; and
(iv) achievement at or above the maximum performance level results in a payout at greater than 100% of the applicable bonus target.
Performance measures may have additional achievement levels between threshold and target and/or target and maximum. The payout percentage for performance between any of threshold, target, or maximum or any additional achievement levels is determined using straight-line interpolation between the two points. Certain performance measures may have threshold and maximum payouts set at different levels. The percentage payout below target for achievement of the threshold performance level and the percentage payout above target for achievement at or above the maximum performance level may vary for each performance measure.
Notwithstanding the foregoing, the Committee shall have discretion each Plan Year to establish a minimum performance measure threshold which must be met for such Plan Year for any MIP Award to become payable under the MIP regardless of the level at which any other performance measures are achieved.
In addition to the performance measures described above, each participant shall receive an Individual Performance Multiplier (IPM) as part of the final calculated bonus each Plan Year, based on their personal performance and contributions during the Plan Year. In particular, the IPM will be based on each participant’s defined Goals and Objectives for the Plan Year, previously agreed upon by each participant and their manager during the Performance Management Goal-Setting process. See below for an explanation of the calculation of the final bonus payouts.
Following the completion of the Company’s fiscal year, the Plan Administrator will evaluate the applicable performance measures for purposes of determining the amount of any MIP Awards payable under the Plan for the Plan Year. The Plan Administrator will take into account the Company’s audited financial results with respect to any financial or operational performance measures and evaluations and recommendations of appropriate members of management of the Company with respect to individual performance. The actual bonus payout for each Participant is calculated by multiplying (1) the amount of his or her annual base salary payable
during the Plan Year (as may be adjusted pursuant to the table under the section entitled “Impact of Changes in Employment Status”), multiplied by (2) his or her Target Bonus Percentage, multiplied by (3) the MIP payout percentage as determined by the Plan Administrator based upon the level of achievement of the applicable performance measures for such Plan Year and modified by a multiplier ranging from 0.75 to 1.25, based on each participant’s performance and contributions during the Plan Year, as assessed by their manager and approved by their Masonite Leadership Team (MLT) leader and the Plan Administrator. Payout levels will be measured and rounded to the nearest one-tenth of one percent (0.1%) for each metric and then summed across all metrics to achieve the final payout.
A Participant must be an Active Employee of the Company on the date MIP Awards are paid out to be eligible to receive a MIP payment, unless otherwise expressly provided in this Plan (see the table under the section entitled “Impact of Changes in Employment Status”) or required by applicable law. For purposes of the Plan, the term “Active Employee” means an employee who is actively employed by the Company or any of its subsidiaries or affiliates, including those employees on approved leaves of absence. Any Participant who is either suspended for disciplinary actions or under a performance improvement plan on the date MIP Awards are paid out may have payment of his or her MIP Award delayed or denied, as determined in the sole discretion of the Plan Administrator or the Senior Vice President of Human Resources (“SVP of HR”).
Form and Timing of Payout
MIP Awards for a Plan Year will be paid to Participants no later than two and one half (2-1/2) months following the end of the Plan Year to which the MIP Award relates, in the form of a single lump-sum cash payment. Payments are subject to all applicable payroll tax withholding and other deductions as required by applicable law. Payment of MIP Awards will be made via regular payroll processing.
Code Section 409A
MIP Awards payable under the Plan are intended to be exempt from the requirements of Code Section 409A and the regulations and other guidance issued thereunder and shall not constitute “deferred compensation” within the meaning of Code Section 409A (absent a valid deferral election under the terms of another plan or arrangement maintained by the Company). The Plan shall be interpreted, construed and administered in accordance with the foregoing intent. The Company shall have no liability as to any Participant or any other party if the Plan or any amounts paid or payable thereunder become subject to the additional tax and penalties under Code Section 409A.
Overpayments, Offset and Clawback Provisions
The Company reserves the right to collect any overpayment of any MIP Award, regardless of reason, as soon as such overpayment is discovered. The Plan Administrator may, in its sole discretion, offset any amount payable under the MIP by any amount owed by a Participant to the Company; provided that such offsets may be applied to any amounts payable hereunder that are subject to Code Section 409A only if, and to the extent expressly permissible, under Code Section 409A.
Notwithstanding anything to the contrary in this Plan, subject to applicable law, in the event that the Plan Administrator determines that a Participant has engaged in Detrimental Conduct or Financial Misconduct (each as defined below), any outstanding MIP Awards for the Plan Year(s) during which such Detrimental Conduct or Financial Misconduct occurred (or continued) shall be
forfeited and any amounts relating to previously paid MIP Awards to the Participant for such Plan Year(s) shall be repaid to the Company, in each case as determined by the Plan Administrator in its discretion. For purposes of this Plan, “Detrimental Conduct” means (i) conduct which is injurious to the Company or its business or reputation, involving a material breach of Company policy, or applicable laws or regulations to which the Participant is subject, or an agreement between the Company and the Participant, or (ii) any other action (or failure to act) involving illegal acts, theft, fraud, intentional misconduct, or gross negligence on the part of the Participant, related to his or her position with the Company. For purposes of this Plan, “Financial Misconduct” means fraud, gross negligence or intentional or willful misconduct that contributes, directly or indirectly, to the Company’s financial or operational results that are used to determine the extent to which any MIP Award is payable under the Plan being misstated, regardless of whether the Company is required to prepare an accounting restatement of its consolidated financial statements, which is discovered during the relevant Plan Year or within three years thereafter.
Any recoupment under this Plan shall be in addition to any other remedies that may be available to the Company, including such remedies contained, without limitation, in the Company’s employment agreements or equity award agreements. Nothing in this Plan shall be viewed as limiting the right of the Company to recoup any MIP Award or payment under or as required by the applicable provisions of any law, rule or regulation (including, without limitation, Section 10D of Securities Exchange Act of 1934, as amended, or Section 304 of the Sarbanes-Oxley Act of 2002), or stock exchange listing requirement (or any future policy adopted by the Company pursuant to any such law, rule, regulation or requirement). Without limiting the generality of the foregoing, all payments under the Plan shall be subject to the Company’s Incentive Compensation Clawback Policy.
The Plan shall be administered by (i) in respect of any Participant who participates in the MIP at the executive zone level (each, an “Executive Zone Officer”), the Committee, and (ii) in respect of any Participant who is not an Executive Zone Officer, a committee comprised of Masonite’s VP, Global Total Rewards, the SVP of Human Resources and the President & CEO, unless otherwise determined by the Committee (each or with the Committee, as applicable, the “Plan Administrator”).
The Plan Administrator will have the full power and authority to interpret, construe and administer the Plan and the related terms and conditions thereof, to prescribe operational rules and guidelines with respect to the Plan, and to make all other determinations deemed necessary or advisable in administering the Plan. The decisions, determinations and other actions of the Plan Administrator hereunder shall be final and binding on all Participants and other persons for all purposes.
Except as otherwise expressly provided in this Plan, the Plan Administrator will have the power and discretionary authority to (i) determine the employees who are selected to become Participants in the Plan; (ii) approve the performance measures and measurement criteria to be used with respect to each MIP Award payable under the Plan or any sub-plan thereof, (iii) determine the amount of a MIP Award, if any, to be paid to each Participant, (iv) interpret and administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any MIP Award, (v) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Plan Administrator shall deem appropriate for the proper administration of the Plan, (vi) administer, interpret and answer all questions which may arise under the Plan, and (vii) make any other determination and take any other action that the Plan
Administrator deems necessary or desirable for the administration of the Plan or to comply with any applicable law. Without limiting the foregoing, the Plan Administrator reserves the right in its sole discretion to withhold or permit payment of a MIP Award in the case of certain changes in the employment status of a Participant as set forth herein.
| | |
Plan Amendment or Termination |
The Plan may be amended, terminated, changed or altered at any time and for any reason as determined by the Committee. The Committee may, in its sole discretion, reduce or eliminate a MIP Award to any Participant at any time and for any reason.
| | |
No Right to Assign or Transfer |
No MIP Award payable hereunder, nor any right or interest of a Participant in the MIP, shall be assignable or transferable, except in the event of the Participant’s death prior to any payout as so determined by the Plan Administrator in its sole discretion, in which case, payment will be made to the designated beneficiary elected by the Participant under the Company’s basic life insurance program or the Participant’s estate, as required by law. Any attempt to sell, assign, pledge or otherwise transfer the right to payment of any MIP Award from the MIP shall be void and have no effect.
This document is proprietary and is not for use or disclosure outside of the Company. It represents the intellectual property and business strategy of Masonite, and it should be kept confidential.
The MIP does not create or modify any Participant’s at-will status and does not create a contract or guarantee of employment for any specified duration. Nothing contained in the MIP shall interfere with the right of the Company to dismiss or terminate the employment of any Participant at any time for any reason, with or without cause.
The Company shall have the right to deduct and withhold from all MIP Awards all federal, state and local taxes as may be required by applicable law.
The Plan shall be governed and construed in accordance with the laws of the State of Florida (regardless of the law that might otherwise govern under applicable Florida principles of conflict of laws).
CERTIFICATION
I, Howard C. Heckes, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024, of Masonite International Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
| | | | | |
Date: | May 7, 2024 |
| /s/ Howard C. Heckes |
| Howard C. Heckes |
| President and Chief Executive Officer |
| (Principal Executive Officer) |
CERTIFICATION
I, Russell T. Tiejema, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024, of Masonite International Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
| | | | | |
Date: | May 7, 2024 |
| /s/ Russell T. Tiejema |
| Russell T. Tiejema |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Howard C. Heckes, President and Chief Executive Officer of Masonite International Corporation (the "Company"), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: | May 7, 2024 |
| /s/ Howard C. Heckes |
| Howard C. Heckes |
| President and Chief Executive Officer |
| (Principal Executive Officer) |
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Russell T. Tiejema, Executive Vice President and Chief Financial Officer of Masonite International Corporation (the "Company"), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: | May 7, 2024 |
| /s/ Russell T. Tiejema |
| Russell T. Tiejema |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |
v3.24.1.u1
Cover Page - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 03, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-11796
|
|
Entity Registrant Name |
Masonite International Corporation
|
|
Entity Tax Identification Number |
98-0377314
|
|
Entity Address, Address Line One |
2771 Rutherford Road
|
|
Entity Address, City or Town |
Concord
|
|
Entity Address, State or Province |
ON
|
|
Entity Address, Postal Zip Code |
L4K 2N6
|
|
Entity Address, Country |
CA
|
|
City Area Code |
800
|
|
Local Phone Number |
895-2723
|
|
Title of 12(b) Security |
Common Stock (no par value)
|
|
Trading Symbol |
DOOR
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
21,983,958
|
Entity Central Index Key |
0000893691
|
|
Current Fiscal Year End Date |
--12-29
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q1
|
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Amendment Flag |
false
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Entity Incorporation, State or Country Code |
A1
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v3.24.1.u1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
Net sales |
$ 668,339
|
$ 725,984
|
Cost of goods sold |
502,869
|
555,493
|
Gross profit |
165,470
|
170,491
|
Selling, general and administration expenses |
152,644
|
101,705
|
Restructuring costs |
1,394
|
3,678
|
Operating income |
11,432
|
65,108
|
Interest expense, net |
12,022
|
14,252
|
Other (income) expense, net |
(85,250)
|
52
|
Income before income tax expense |
84,660
|
50,804
|
Income tax expense |
23,278
|
11,360
|
Net income |
61,382
|
39,444
|
Less: net income attributable to non-controlling interests |
327
|
953
|
Net income attributable to Masonite |
$ 61,055
|
$ 38,491
|
Basic earnings per common share attributable to Masonite (in dollars per share) |
$ 2.79
|
$ 1.74
|
Diluted earnings per common share attributable to Masonite (in dollars per share) |
$ 2.74
|
$ 1.71
|
Comprehensive income: |
|
|
Net income |
$ 61,382
|
$ 39,444
|
Other comprehensive (loss) income: |
|
|
Foreign currency translation (loss) gain |
(4,907)
|
8,949
|
Amortization of actuarial net losses |
218
|
191
|
Income tax expense related to other comprehensive (loss) income |
(9)
|
(45)
|
Other comprehensive (loss) income, net of tax |
(4,698)
|
9,095
|
Comprehensive income |
56,684
|
48,539
|
Less: comprehensive income attributable to non-controlling interests |
172
|
945
|
Comprehensive income attributable to Masonite |
$ 56,512
|
$ 47,594
|
X |
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 230,441
|
$ 137,414
|
Restricted cash |
12,426
|
11,926
|
Accounts receivable, net |
336,472
|
326,224
|
Inventories, net |
383,866
|
391,199
|
Prepaid expenses and other assets |
60,168
|
60,092
|
Income taxes receivable |
27,928
|
26,544
|
Total current assets |
1,051,301
|
953,399
|
Property, plant and equipment, net |
743,900
|
747,970
|
Operating lease right-of-use assets |
235,408
|
202,806
|
Investment in equity investees |
21,360
|
20,378
|
Goodwill |
294,846
|
294,710
|
Intangible assets, net |
391,913
|
402,941
|
Deferred income taxes |
10,420
|
26,658
|
Other assets |
37,570
|
36,517
|
Total assets |
2,786,718
|
2,685,379
|
Current liabilities: |
|
|
Accounts payable |
151,392
|
113,208
|
Accrued expenses |
225,500
|
240,476
|
Income taxes payable |
11,281
|
3,400
|
Long-Term Debt, Current Maturities |
37,500
|
37,500
|
Total current liabilities |
425,673
|
394,584
|
Long-term debt |
1,040,536
|
1,049,384
|
Long-term operating lease liabilities |
226,058
|
186,647
|
Deferred income taxes |
116,348
|
120,278
|
Other liabilities |
58,049
|
75,158
|
Total liabilities |
1,866,664
|
1,826,051
|
Commitments and Contingencies |
|
|
Equity: |
|
|
Share capital: unlimited shares authorized, no par value, 21,976,156 and 21,835,474 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively |
538,746
|
525,232
|
Additional paid-in capital |
223,442
|
231,332
|
Retained earnings |
272,936
|
211,881
|
Accumulated other comprehensive loss |
(124,735)
|
(120,192)
|
Total equity attributable to Masonite |
910,389
|
848,253
|
Equity attributable to non-controlling interests |
9,665
|
11,075
|
Total equity |
920,054
|
859,328
|
Total liabilities and equity |
$ 2,786,718
|
$ 2,685,379
|
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Shares issued (in shares) |
21,976,156
|
21,835,474
|
Shares outstanding (in shares) |
21,976,156
|
21,835,474
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
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v3.24.1.u1
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Equity Attributable to Noncontrolling Interests |
Balance at beginning of period at Jan. 01, 2023 |
$ 742,782
|
$ 520,003
|
$ 226,514
|
$ 127,826
|
$ (142,224)
|
$ 10,663
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Common shares issued for delivery of share based awards |
|
12,372
|
(12,372)
|
|
|
|
Common shares issued under employee stock purchase plan |
|
806
|
(226)
|
|
|
|
Common shares repurchased |
|
4,025
|
|
10,692
|
|
|
Share based compensation expense |
|
|
6,054
|
|
|
|
Common shares withheld to cover income taxes payable due to delivery of share based awards |
|
|
(1,960)
|
|
|
|
Net income |
39,444
|
|
|
38,491
|
|
953
|
Other comprehensive income (loss), net of tax |
9,095
|
|
|
|
9,103
|
(8)
|
Dividends to non-controlling interests |
|
|
|
|
|
(554)
|
Balance at end of period at Apr. 02, 2023 |
780,724
|
$ 529,156
|
218,010
|
155,625
|
(133,121)
|
11,054
|
Balance at beginning of period (in shares) at Jan. 01, 2023 |
|
22,155,035
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Common shares issued for delivery of share based awards (in shares) |
|
142,943
|
|
|
|
|
Common shares issued under employee stock purchase plan (in shares) |
|
8,827
|
|
|
|
|
Common shares repurchased (in shares) |
|
(168,523)
|
|
|
|
|
Balance at end of period (in shares) at Apr. 02, 2023 |
|
22,138,282
|
|
|
|
|
Balance at beginning of period at Dec. 31, 2023 |
859,328
|
$ 525,232
|
231,332
|
211,881
|
(120,192)
|
11,075
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Common shares issued for delivery of share based awards |
|
12,504
|
(12,504)
|
|
|
|
Common shares issued under employee stock purchase plan |
|
1,010
|
(222)
|
|
|
|
Common shares repurchased |
|
0
|
|
0
|
|
|
Share based compensation expense |
|
|
6,930
|
|
|
|
Common shares withheld to cover income taxes payable due to delivery of share based awards |
|
|
(2,094)
|
|
|
|
Net income |
61,382
|
|
|
61,055
|
|
327
|
Other comprehensive income (loss), net of tax |
(4,698)
|
|
|
|
(4,543)
|
(155)
|
Dividends to non-controlling interests |
|
|
|
|
|
(1,582)
|
Balance at end of period at Mar. 31, 2024 |
$ 920,054
|
$ 538,746
|
$ 223,442
|
$ 272,936
|
$ (124,735)
|
$ 9,665
|
Balance at beginning of period (in shares) at Dec. 31, 2023 |
21,835,474
|
21,835,474
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Common shares issued for delivery of share based awards (in shares) |
|
130,179
|
|
|
|
|
Common shares issued under employee stock purchase plan (in shares) |
|
10,503
|
|
|
|
|
Common shares repurchased (in shares) |
|
0
|
|
|
|
|
Balance at end of period (in shares) at Mar. 31, 2024 |
21,976,156
|
21,976,156
|
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 61,382
|
$ 39,444
|
Adjustments to reconcile net income to net cash flow provided by operating activities: |
|
|
Depreciation |
27,568
|
21,485
|
Amortization |
10,876
|
7,421
|
Share based compensation expense |
6,930
|
6,054
|
Deferred income taxes |
12,196
|
885
|
Unrealized foreign exchange gain |
(234)
|
(97)
|
Share of income from equity investees, net of tax |
(838)
|
(748)
|
Pension and post-retirement funding, net of expense |
(683)
|
(509)
|
Non-cash accruals and interest |
1,420
|
1,445
|
Loss on sale of property, plant and equipment |
1,068
|
1,038
|
Changes in assets and liabilities, net of acquisitions: |
|
|
Accounts receivable |
(6,692)
|
(5,457)
|
Inventories |
6,494
|
34,024
|
Prepaid expenses and other assets |
(197)
|
(7,730)
|
Accounts payable and accrued expenses |
8,362
|
(33,223)
|
Other assets and liabilities |
5,670
|
(7,685)
|
Net cash flow provided by operating activities |
133,322
|
56,347
|
Cash flows from investing activities: |
|
|
Additions to property, plant and equipment |
(25,764)
|
(27,827)
|
Acquisition of businesses, net of cash acquired |
(392)
|
(353,618)
|
Proceeds from sale of property, plant and equipment |
0
|
4
|
Proceeds from repayment of note receivable |
0
|
12,000
|
Other investing activities |
(455)
|
(3,511)
|
Net cash flow used in investing activities |
(26,611)
|
(372,952)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of long-term debt |
0
|
250,000
|
Repayments of Long-term Debt |
9,375
|
0
|
Payment of debt issuance costs |
0
|
(3,628)
|
Proceeds from borrowings on revolving credit facilities |
0
|
100,000
|
Repayments of borrowings on revolving credit facilities |
0
|
(100,000)
|
Tax withholding on share based awards |
(2,094)
|
(1,960)
|
Distributions to non-controlling interests |
(1,582)
|
(554)
|
Repurchases of common shares |
0
|
(14,717)
|
Net cash flow (used in) provided by financing activities |
(13,051)
|
229,141
|
Net foreign currency translation adjustment on cash |
(133)
|
855
|
Increase (decrease) in cash, cash equivalents and restricted cash |
93,527
|
(86,609)
|
Cash, cash equivalents and restricted cash, beginning of period |
149,340
|
308,921
|
Cash, cash equivalents and restricted cash, at end of period |
$ 242,867
|
$ 222,312
|
X |
- DefinitionThe aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
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v3.24.1.u1
Business Overview and Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Business Overview and Significant Accounting Policies |
Business Overview and Significant Accounting Policies Unless we state otherwise or the context otherwise requires, references to "Masonite," "we," "our," "us" and the "Company" in these notes to the condensed consolidated financial statements refer to Masonite International Corporation and its subsidiaries. Description of Business Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door solutions for the residential and non-residential building construction markets' new construction and repair, renovation and remodeling sectors. Masonite operates 64 manufacturing locations in seven countries and sells doors to customers throughout the world, including the United States, Canada and the United Kingdom. Basis of Presentation We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year. Changes in Accounting Standards and Policies There have been no changes in the significant accounting policies from those that were disclosed in the fiscal year 2023 audited consolidated financial statements, other than as noted below. Adoption of Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements. Other Recent Accounting Pronouncements not yet Adopted In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.24.1.u1
Acquisitions and Divestitures
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3 Months Ended |
Mar. 31, 2024 |
Business Combination and Asset Acquisition [Abstract] |
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Acquisitions and Divestitures |
Acquisitions and Divestitures Arrangement Agreement with Owens Corning On February 8, 2024, we entered into an Arrangement Agreement (the “Arrangement Agreement”) with Owens Corning (“Owens Corning”), a Delaware corporation, and MT Acquisition Co LLC (“Purchaser”), a British Columbia unlimited liability company and a wholly owned subsidiary of Owens Corning. Subject to the terms and conditions of the Arrangement Agreement, Owens Corning, through Purchaser, agreed to acquire the Company for $133.00 per issued and outstanding share of our common stock, no par value (the “Shares”), in an all-cash transaction. Pursuant to the Arrangement Agreement, following consummation of implementation of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”), the Company will be a wholly owned subsidiary of Owens Corning. Pursuant to the terms of the Arrangement Agreement, and subject to the terms and conditions set forth therein, at the effective time of the Transaction (the “Effective Time”), each Share (other than any Share that is held by Owens Corning or any of its subsidiaries or any Share as to which dissent rights have been properly exercised by the holder thereof in accordance with British Columbia law) issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $133.00 in cash, without interest. If the Arrangement Agreement is terminated under certain specified circumstances, we or Owens Corning will be required to pay a termination fee. We will be required to pay Owens Corning a termination fee of $75.0 million under specified circumstances, including (a) termination of the Arrangement Agreement in connection with our entry into an agreement with respect to a Superior Proposal (as defined in the Arrangement Agreement) prior to us receiving stockholder approval of the Transaction, (b) termination by Owens Corning upon an Adverse Recommendation Change (as defined in the Arrangement Agreement), or (c) termination in certain circumstances by either Owens Corning or us upon failure to obtain Masonite Shareholder Approval (as defined in the Arrangement Agreement) or by Owens Corning if we breach our representations, warranties or covenants in a manner that would result in a failure of an applicable closing condition to be satisfied and, if curable, we fail to cure such breach during specific time periods, in each case, if certain other conditions are met. Owens Corning will be required to pay us a reverse termination fee under specified circumstances, including termination of the Arrangement Agreement due to a permanent injunction arising from Competition Laws (as defined in the Arrangement Agreement) when we are not then in material breach of any provision of the Arrangement Agreement and if certain other conditions are met, in an amount equal to $150.0 million. The consummation of the Transaction is subject to customary closing conditions, including, among others, (1) the adoption of a resolution approving the Transaction by at least two-thirds of the votes cast by our shareholders represented in person or by proxy at the special meeting, (2) the issuance of interim and final orders by the Supreme Court of British Columbia approving the Transaction, (3) the expiration or termination of any applicable waiting period or periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain required regulatory clearances and approvals in other jurisdictions under applicable antitrust and foreign direct investment laws and regulations, including in Canada, Mexico and the United Kingdom, and (4) the absence of any law, injunction, order or other judgment prohibiting, rendering illegal or permanently enjoining the consummation of the Transaction, certain of which are still pending. On April 25, 2024, Masonite shareholders approved the Transaction at a special meeting of shareholders and the applicable waiting period under the HSR Act expired at 11:59 p.m. on April 26, 2024. Each of Masonite’s and Owens Corning’s obligation to consummate the Transaction is also subject to the accuracy of the other party’s representations and warranties contained in the Arrangement Agreement (subject, with specified exceptions, to materiality or “Material Adverse Effect” standards), the other party’s performance of its covenants and agreements in the Arrangement Agreement in all material respects, and in the case of Purchaser’s obligation to consummate the Transaction, the absence of any “Material Adverse Effect” relating to us. The Transaction is currently expected to close by mid-2024, subject to the satisfaction (or waiver, if applicable) of each closing condition. Acquisitions Fleetwood On October 19, 2023, the Company completed the acquisition of all of the issued and outstanding limited liability company interests of Fleetwood Aluminum Products, LLC (“Fleetwood”). The total consideration for this acquisition amounted to approximately $279.5 million, inclusive of $26.2 million designated for potential purchase price adjustments and indemnification claims and which is currently held in an escrow account controlled by a third party. The total consideration was funded with a combination of cash on hand and borrowings under the ABL Facility. Fleetwood is a leading designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. Their products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors and folding glass door wall systems, as well as accompanying premium window products. The acquisition aligns with the Doors That Do MoreTM strategy focused on bringing differentiated door systems to the residential market. The Company has accounted for the acquisition as a business combination and allocated the preliminary estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The Company has not yet completed its evaluation and determination of the value of certain assets acquired and liabilities assumed, primarily involving (i) certain historical information used in the final valuation of intangible assets, and (ii) the final assessment and valuation of inventory and deferred income taxes, which could impact goodwill during the measurement period. The $73.9 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. Goodwill represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, such as the delivery of luxury products, which supports our Doors That Do MoreTM strategy. This goodwill is deductible for tax purposes and relates to the North American Residential segment. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: | | | | | | | | | | | | (In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation | Cash acquired | $ | 5,169 | | $ | — | | $ | 5,169 | | Accounts receivable, net | 5,584 | | — | | 5,584 | | Inventories, net | 39,248 | | — | | 39,248 | | Prepaid expenses and other | 957 | | — | | 957 | | Property, plant and equipment, net | 8,072 | | — | | 8,072 | | Right-of-use asset | 16,009 | | — | | 16,009 | | Intangible assets | 163,900 | | — | | 163,900 | | Total assets acquired | 238,939 | | — | | 238,939 | | | | | | Accounts payable and accrued expenses | (20,773) | | — | | (20,773) | | Operating lease liability | (12,546) | | — | | (12,546) | | Total liabilities assumed | (33,319) | | — | | (33,319) | | | | | | Goodwill | 73,464 | | 392 | | 73,856 | | Total purchase price | $ | 279,084 | | $ | 392 | | $ | 279,476 | | | | | | | | | | | | | | | | | | | | | |
The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. Customer relationships and patents acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $5.6 million. Endura On January 3, 2023, we completed the acquisition of 100% of the outstanding equity of EPI Holdings, Inc. ("Endura"), for total consideration of approximately $403.3 million, including an $18.0 million holdback which is payable 24 months after the acquisition date and was recorded in the consolidated balance sheets as a component of other liabilities. The total consideration was funded with borrowings under our Term Loan Facility and ABL Facility. Endura is a leading innovator and manufacturer of high-performance door frames and door system components in the United States. Endura’s product offerings include engineered frames, self-adjusting sill systems, weather sealing, multi-point locks and installation accessories used by builders and contractors in residential new construction as well as repair and remodeling applications. The acquisition is intended to accelerate our Doors That Do MoreTM strategy and maximize our growth potential. The $181.2 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our existing business and acquisition of the assembled workforce. This goodwill is not deductible for tax purposes and relates to the North American Residential segment. The Company has accounted for the acquisition as a business combination and allocated the estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: | | | | | | | | | | | | (In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation | Cash acquired | $ | 32,501 | | $ | (100) | | $ | 32,401 | | Accounts receivable, net | 7,871 | | 290 | | 8,161 | | Inventories, net | 44,183 | | 35 | | 44,218 | | Property, plant and equipment, net | 54,373 | | 10,520 | | 64,893 | | Intangible assets | 135,800 | | (7,400) | | 128,400 | | Other assets and liabilities, net | 2,868 | | (38) | | 2,830 | | Total assets acquired | 277,596 | | 3,307 | | 280,903 | | | | | | Accounts payable and accrued expenses | (15,088) | | (190) | | (15,278) | | Deferred income taxes | (44,345) | | 849 | | (43,496) | | Total liabilities assumed | (59,433) | | 659 | | (58,774) | | | | | | Goodwill | 189,938 | | (8,780) | | 181,158 | | Total purchase price | $ | 408,101 | | $ | (4,814) | | $ | 403,287 | | | | | | | | | | | | | | | | | | | | | |
The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. The intangible assets acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $8.3 million. Intangible assets acquired from the 2023 acquisitions consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | (In thousands, except useful life amounts) | Endura | | Expected Useful Life (Years) | | Fleetwood | | Expected Useful Life (Years) | Customer relationships | $ | 108,600 | | | 15 | | $ | 112,100 | | | 12 | Trademarks and trade names | 6,600 | | | 10 | | 25,200 | | | Indefinite | Patents | 13,200 | | | 12 | | 22,600 | | | 10 | Backlog | — | | | | | 4,000 | | | 1 | Total intangible assets acquired | $ | 128,400 | | | | | $ | 163,900 | | | |
The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date. | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | Endura | | Fleetwood | | Total 2023 Acquisitions | Net sales | $ | 53,434 | | | $ | 27,303 | | | $ | 80,737 | | Net income attributable to Masonite | 3,440 | | | 1,682 | | | 5,122 | |
For the three months ended April 2, 2023, Endura had $59.8 million in net sales and $4.5 million in net loss attributable to Masonite. Pro Forma Information The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations. | | | | | | | | | Three Months Ended | | | (In thousands, except per share information) | April 2, 2023 | | | Net sales | $ | 780,584 | | | | Net income attributable to Masonite | 49,174 | | | | | | | | Basic earnings per common share attributable to Masonite | $ | 2.22 | | | | Diluted earnings per common share attributable to Masonite | $ | 2.19 | | | |
Divestitures On April 23, 2024, we entered into an agreement to sell our Architectural reporting segment for a purchase price of approximately $75 million subject to customary post-closing adjustments. We expect to complete the transaction in the second quarter of 2024. Refer to Note 16. Subsequent Events for additional information.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.24.1.u1
Accounts Receivable
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3 Months Ended |
Mar. 31, 2024 |
Receivables [Abstract] |
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Accounts Receivable |
Accounts Receivable Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 62.5% and 65.2% of total accounts receivable as of March 31, 2024, and December 31, 2023, respectively. Each of our two largest customers, The Home Depot, Inc. and Lowe's Companies, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of March 31, 2024, and December 31, 2023. The allowance for doubtful accounts balance was $1.8 million and $3.1 million as of March 31, 2024, and December 31, 2023, respectively. We maintain an accounts receivable sales program with a third party (the "AR Sales Program"). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this AR Sales Program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income. In most countries we pay and collect Value Added Tax ("VAT") when procuring goods and services within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. Certain wood moldings and millwork products being imported into the U.S. are subject to anti-dumping and countervailing duties. Duty deposits are paid to the government at time of entry into the U.S. and may later be adjusted through an administrative review process.
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.1.u1
Inventories
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3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
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Inventories |
InventoriesThe amounts of inventory on hand were as follows as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Raw materials | $ | 284,818 | | | $ | 296,747 | | Finished goods | 112,647 | | | 106,919 | | Provision for obsolete or aged inventory | (13,599) | | | (12,467) | | Inventories, net | $ | 383,866 | | | $ | 391,199 | | | | | | | | | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.1.u1
Accrued Expenses
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3 Months Ended |
Mar. 31, 2024 |
Accrued Expenses [Abstract] |
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Accrued Expenses |
Accrued ExpensesThe details of our accrued expenses were as follows as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Accrued payroll | $ | 61,581 | | | $ | 81,004 | | Accrued rebates | 38,137 | | | 51,457 | | Current portion of operating lease liabilities | 30,353 | | | 32,299 | | Accrued interest | 8,428 | | | 18,296 | | | | | | Other accruals | 87,001 | | | 57,420 | | Total accrued expenses | $ | 225,500 | | | $ | 240,476 | | | | | | | | | |
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v3.24.1.u1
Long-Term Debt
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3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
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Long-Term Debt |
Long-Term Debt | | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | | Senior unsecured notes, interest rate of 3.50%, due 2030 | $ | 375,000 | | | $ | 375,000 | | | Senior unsecured notes, interest rate of 5.375%, due 2028 | 500,000 | | | 500,000 | | | Term Loan Facility, interest rate of SOFR plus 2.25%, due 2027 | 212,500 | | | 221,875 | | | | | | | | | | | | | Debt issuance costs | (9,464) | | | (9,991) | | | Total debt (including current portion) | 1,078,036 | | | 1,086,884 | | | Less: debt due within one year | (37,500) | | | (37,500) | | | Total long-term debt (excluding current portion) | $ | 1,040,536 | | | $ | 1,049,384 | | | | | | | | | | | | |
Interest expense related to our consolidated indebtedness under our senior unsecured notes, Term Loan Facility and ABL Facility was $12.1 million and $15.4 million for the three months ended March 31, 2024 and April 2, 2023, respectively. 3.50% Senior Notes due 2030 On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par. Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2030 Notes. 5.375% Senior Notes due 2028 On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par. Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2028 Notes. Term Loan Facility On December 13, 2022, we and certain of our subsidiaries entered into a new delayed-draw term loan credit agreement (the "Term Loan Credit Agreement") maturing on December 12, 2027 (the "Term Loan Maturity Date"). The Term Loan Credit Agreement provides for a senior secured five-year delayed-draw term loan facility of $250.0 million (the "Term Loan Facility"). Loans under the Term Loan Facility (the "Term Loans") will bear interest at a rate equal to, at our option, (1) the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (2) an alternate base rate equal to the greatest of (i) the "Prime Rate" in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in U.S. dollars, (iii) 1.00% above the Adjusted Term SOFR Rate for a one month interest period and (iv) 1.00%, plus, in each case, an applicable margin of 1.25%, subject to, in each of cases (1) and (2), an agreed interest rate floor. The Term Loans are repayable in equal quarterly installments for an annual aggregate amortization payment equal to 15% of the aggregate principal amount of the Term Loans, with the balance of the principal being due on the Term Loan Maturity Date. Obligations under the Term Loan Credit Agreement are fully and unconditionally guaranteed, jointly and severally, by us and by certain of our directly or indirectly wholly owned subsidiaries organized in the United States and are secured by the equity in, and substantially all the assets of, such subsidiaries. The Term Loans were funded in an amount of $250.0 million and applied to finance a portion of the consideration payable in connection with the consummation of the Endura acquisition on January 3, 2023. We received net proceeds of $246.4 million after deducting $3.6 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the Term Loan using the effective interest method. The Term Loan Credit Agreement contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the Term Loan Credit Agreement. ABL Facility On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. On October 28, 2022, we and certain of our subsidiaries entered into an amendment which, among other things, (i) increased the revolving credit commitments available thereunder by $100.0 million to an aggregate amount of $350.0 million and (ii) replaced the LIBOR-based interest rate applicable to borrowings thereunder in U.S. dollars with an interest rate based on the sum of (x) a "Term SOFR" rate published by the CME Group Benchmark Administration Limited (CBA) plus (y) 10 basis points ("Adjusted Term SOFR"). Additionally, on December 12, 2022, we entered into an amendment to the ABL Facility, which, among other things, extended the maturity of the ABL Facility from January 31, 2024 to December 12, 2027. The terms of the ABL Facility remained otherwise substantially unchanged and are described in detail in our Annual Report. On January 3, 2023, we borrowed $100.0 million under our ABL Facility in order to fund a portion of the cash consideration paid for the acquisition of Endura. During the first quarter of 2023, we repaid all amounts outstanding under the ABL Facility. The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.1 million under our ABL Facility, and there were no amounts outstanding as of March 31, 2024. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: | | | | | | (In thousands) | Scheduled Amortization Payments | Fiscal year: | | 2024 (remainder) | $ | 28,125 | | 2025 | 37,500 | | 2026 | 37,500 | | 2027 | 109,375 | | 2028 | 500,000 | | Thereafter | 375,000 | | Total aggregated principal value | $ | 1,087,500 | |
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies We may become involved from time-to-time in litigation and regulatory compliance matters incidental to our business, including employment and wage and hour claims, antitrust, tax, product liability, environmental, health and safety, commercial disputes, intellectual property, contracts and other matters arising out of the normal conduct of our business. Since litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review and accrue for contingencies related to litigation and regulatory compliance matters, if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on current information, in the opinion of management, the ultimate resolution of these matters, individually or in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows. Antitrust Class Action Proceedings - Canada On May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Corporation Internationale Masonite, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. On December 22, 2020, the parties filed a motion with the court seeking to stay the proceeding. On October 2, 2020, an intended class proceeding was commenced in the Federal Court of Canada naming as defendants Masonite International Corporation, Masonite Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. The plaintiff served its certification record on March 31, 2021. On November 3, 2023, the Company entered into a preliminary settlement agreement with the plaintiff class that would result in the resolution of all the plaintiffs’ underlying claims and lawsuits in exchange for a payment by the Company of approximately $0.9 million. As a result, for the year ended December 31, 2023, we paid approximately $0.9 million and recorded a charge in selling, general and administrative expense in the condensed consolidated statement of income and comprehensive income in connection with this matter. The preliminary settlement agreement is subject to court approval. A settlement approval hearing date has not yet been set.
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v3.24.1.u1
Share Based Compensation Plans
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share Based Compensation Plans |
Share Based Compensation Plans Share based compensation expense was $6.9 million and $6.1 million for the three months ended March 31, 2024 and April 2, 2023, respectively. As of March 31, 2024, the total remaining unrecognized compensation expense related to share based compensation amounted to $41.4 million, which will be amortized over the weighted average remaining requisite service period of 1.8 years. Equity Incentive Plans Our equity incentive plans under the 2021 Equity Plan and 2012 Plan are described in detail and defined in our Annual Report. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Equity Plan cannot exceed 880,000 shares; plus the number of shares reserved for the 2012 Plan that is in excess of the number of shares related to outstanding grants; plus the number of shares subject to existing grants under the 2012 Plan that may expire or be forfeited or cancelled. As of March 31, 2024, there were 649,363 shares of common stock available for future issuance under the 2021 Equity Plan. Deferred Compensation Plan We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described and defined in our Annual Report. As of March 31, 2024, the liability and asset relating to deferred compensation had a fair value of $9.8 million and $8.2 million, respectively. As of March 31, 2024, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework. Stock Appreciation Rights We have granted Stock Appreciation Rights ("SARs") to certain employees, which entitle the recipient to the appreciation in value of granted common shares over the exercise price over a period of time, each as specified in the applicable award agreement. The exercise price of any SAR granted may not be less than the fair market value of our common shares on the date of grant. The compensation expense for the SARs is measured based on the fair value of the SARs at the date of grant and is recognized over the requisite service period. The SARs vest over a maximum of three years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. We recognize forfeitures of SARs in the period in which they occur. The total fair value of SARs vested was $0.8 million during the three months ended March 31, 2024. | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | Stock Appreciation Rights | | Aggregate Intrinsic Value (in thousands) | | Weighted Average Exercise Price | | Average Remaining Contractual Life (Years) | Outstanding, beginning of period | 199,838 | | | $ | 2,365 | | | $ | 77.09 | | | 6.4 | Granted | — | | | | | — | | | | Exercised | (2,211) | | | 11 | | | 87.50 | | | | Cancelled and forfeited | (892) | | | | | 107.68 | | | | Outstanding, end of period | 196,735 | | | $ | 10,745 | | | $ | 76.83 | | | 6.3 | | | | | | | | | Exercisable, end of period | 166,359 | | | $ | 9,447 | | | $ | 74.66 | | | 5.9 | | | | | | | | |
The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is expected to be recognized over the average requisite service period of 2.0 years. Expected volatility is based upon the historical volatility of our common shares amongst other considerations. The expected term is calculated based upon historical employee exercise behavior and the contractual term of the SAR amongst other considerations. As of March 31, 2024, there were no SARs granted. Restricted Stock Units We have granted Restricted Stock Units ("RSUs") to directors and certain employees under the 2021 Equity Plan and the 2012 Plan. The RSUs confer the right to receive shares of our common stock at a specified future date or when certain conditions are met. The compensation expense for the RSUs granted is based on the fair value of the RSUs at the date of grant, which is equal to the stock price on the date of grant and is recognized over the requisite service period. The RSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. It is assumed that all time-based RSUs will vest. We recognize forfeitures of RSUs in the period in which they occur. | | | | | | | | | | | | Three Months Ended March 31, 2024 | Total Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value | Outstanding, beginning of period | 340,024 | | | $ | 91.02 | | Granted | 187,840 | | | 127.64 | | | | | | Delivered | (108,335) | | | 93.54 | | Withheld to cover (1) | (8,033) | | | | Forfeited | (4,417) | | | 95.27 | | Outstanding, end of period | 407,079 | | | $ | 107.15 | | | | | | ___________ (1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. RSUs granted during the three months ended March 31, 2024, vest at specified future dates with only service requirements. The value of RSUs granted in the three months ended March 31, 2024, was $24.0 million and is being recognized over the weighted average requisite service period of 2.0 years. During the three months ended March 31, 2024, 116,368 RSUs vested at a fair value of $10.9 million. Performance-based Restricted Stock Units We have granted certain Performance-based Restricted Stock Units ("PRSUs") under the 2021 Equity Plan and the 2012 Plan. These PRSUs are settled with payouts ranging from zero to 200% of the target award value depending on performance goal achievement. The compensation expense for the PRSUs awarded is based on the fair value of the PRSUs at the date of grant, which is equal to the stock price on the date of grant, and is recognized over the requisite service period. In 2023, we granted certain PRSUs with an additional condition measured by Relative Total Shareholder Return ("TSR"). The compensation expense for these PRSUs is determined using the Monte Carlo simulation method. The PRSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. | | | | | | | | | | | | Three Months Ended March 31, 2024 | Total Performance Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value | Outstanding, beginning of period | 319,221 | | | $ | 95.55 | | Granted | — | | | — | | Performance adjustment (1) | — | | | — | | Delivered | (21,730) | | | 109.25 | | Withheld to cover (2) | (8,077) | | | | Forfeited | (15,553) | | | 108.72 | | Outstanding, end of period | 273,861 | | | $ | 93.31 | | | | | | ___________(1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. During the three months ended March 31, 2024, there were no PRSUs granted. During the three months ended March 31, 2024, 29,807 PRSUs vested at a fair value of $3.3 million.
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v3.24.1.u1
Restructuring Costs
|
3 Months Ended |
Mar. 31, 2024 |
Restructuring and Related Activities [Abstract] |
|
Restructuring Costs |
Restructuring Costs In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan"). The optimization of our manufacturing capacity involves specific plants in the Europe segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2024 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $5 million to $8 million of additional charges related to the 2024 Plan. In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan"). The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2022 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $2 million to $7 million of additional charges related to the 2022 Plan. The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2024 Plan | $ | — | | | $ | 961 | | | $ | — | | | $ | — | | | $ | 961 | | 2022 Plan | 450 | | | — | | | — | | | (17) | | | 433 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring Costs | $ | 450 | | | $ | 961 | | | $ | — | | | $ | (17) | | | $ | 1,394 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 2, 2023 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2022 Plan | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring (Benefit) Costs | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cumulative Amount Incurred Through March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2024 Plan | $ | — | | | $ | 1,119 | | | $ | — | | | $ | — | | | $ | 1,119 | | 2022 Plan | 11,062 | | | — | | | 864 | | | 610 | | | 12,536 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring Costs | $ | 11,062 | | | $ | 1,119 | | | $ | 864 | | | $ | 610 | | | $ | 13,655 | | | | | | | | | | | | | | | | | | | | | |
The changes in the accrual for restructuring by activity were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | December 31, 2023 | | Severance | | Closure Costs | | Cash Payments | | | | March 31, 2024 | 2024 Plan | $ | — | | | $ | 845 | | | $ | 116 | | | $ | (929) | | | | | $ | 32 | | 2022 Plan | — | | | 352 | | | 81 | | | (433) | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | — | | | $ | 1,197 | | | $ | 197 | | | $ | (1,362) | | | | | $ | 32 | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The effective tax rate differs from the Canadian statutory rate of 26.13% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate. In addition, we recognized $1.1 million of income tax benefit due to exercise and delivery of share based awards during the three months ended March 31, 2024, compared to zero income tax benefit during the three months ended April 2, 2023.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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Earnings Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Earnings Per Share Basic earnings per share ("EPS") is calculated by dividing earnings attributable to Masonite by the weighted average number of our common shares outstanding during the period. Diluted EPS is calculated by dividing earnings attributable to Masonite by the weighted average number of common shares plus the incremental number of shares issuable from non-vested and vested RSUs and SARs outstanding during the period. | | | | | | | | | | | | | | | | (In thousands, except share and per share information) | Three Months Ended | | | March 31, 2024 | | April 2, 2023 | | | | | Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | | | | | | | | | | Shares used in computing basic earnings per share | 21,891,366 | | | 22,183,068 | | | | | | Effect of dilutive securities: | | | | | | | | Incremental shares issuable under share compensation plans | 431,382 | | | 297,165 | | | | | | Shares used in computing diluted earnings per share | 22,322,748 | | | 22,480,233 | | | | | | | | | | | | | | Basic earnings per common share attributable to Masonite | $ | 2.79 | | | $ | 1.74 | | | | | | Diluted earnings per common share attributable to Masonite | $ | 2.74 | | | $ | 1.71 | | | | | | | | | | | | | | Anti-dilutive instruments excluded from diluted earnings per common share | 1,383 | | | 191,385 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method. The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date. The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation.
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.1.u1
Segment Information
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The Corporate & Other category includes unallocated corporate costs and the results of immaterial operating segments which were not aggregated into any reportable segment. In addition to similar economic characteristics, we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Adjusted EBITDA is defined as net income (loss) attributable to Masonite adjusted to exclude the following items, as applicable: • depreciation; • amortization; • share based compensation expense; • loss (gain) on disposal of property, plant and equipment; • registration and listing fees; • restructuring costs (benefit); • asset impairment; • loss (gain) on disposal of subsidiaries; • interest expense (income), net; • loss on extinguishment of debt; • other expense (income), net; • income tax expense (benefit); • other items; • loss (income) from discontinued operations, net of tax; and • net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2030 Notes and the 2028 Notes and the credit agreements governing the Term Loan Facility and the ABL Facility. Although Adjusted EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, it is used to evaluate and compare the operating performance of our reportable segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices. Certain information with respect to reportable segments is as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | Net sales | $ | 531,357 | | | $ | 58,487 | | | $ | 78,743 | | | $ | 3,765 | | | $ | 672,352 | | Intersegment sales | (714) | | | (95) | | | (3,204) | | | — | | | (4,013) | | Net sales to external customers | $ | 530,643 | | | $ | 58,392 | | | $ | 75,539 | | | $ | 3,765 | | | $ | 668,339 | | | | | | | | | | | | Adjusted EBITDA | $ | 106,801 | | | $ | 1,941 | | | $ | 4,816 | | | $ | (16,458) | | | $ | 97,100 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 2, 2023 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | Net sales | $ | 569,429 | | | $ | 63,716 | | | $ | 92,861 | | | $ | 5,349 | | | $ | 731,355 | | Intersegment sales | (390) | | | (22) | | | (4,959) | | | — | | | (5,371) | | Net sales to external customers | $ | 569,039 | | | $ | 63,694 | | | $ | 87,902 | | | $ | 5,349 | | | $ | 725,984 | | | | | | | | | | | | Adjusted EBITDA | $ | 107,881 | | | $ | 5,151 | | | $ | 5,350 | | | $ | (12,217) | | | $ | 106,165 | | | | | | | | | | | | | | | | | | | | | |
A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | (In thousands) | March 31, 2024 | | April 2, 2023 | | | | | Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | | Plus: | | | | | | | | Depreciation | 27,568 | | | 21,485 | | | | | | Amortization | 10,876 | | | 7,421 | | | | | | Share based compensation expense | 6,930 | | | 6,054 | | | | | | Loss on disposal of property, plant and equipment | 1,068 | | | 1,038 | | | | | | Restructuring costs | 1,394 | | | 3,678 | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 12,022 | | | 14,252 | | | | | | | | | | | | | | Other (income) expense, net (1) | (85,250) | | | 52 | | | | | | Income tax expense | 23,278 | | | 11,360 | | | | | | Other items (2) | 37,832 | | | 1,381 | | | | | | Net income attributable to non-controlling interest | 327 | | | 953 | | | | | | Adjusted EBITDA | $ | 97,100 | | | $ | 106,165 | | | | | | | | | | | | | | | | | | | | | |
(1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024. (2) Other items include $37,832 and $1,381 in acquisition, retention and due diligence related costs in the three months ended March 31, 2024 and April 2, 2023, respectively, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.1.u1
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income |
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) IncomeA rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | (In thousands) | March 31, 2024 | | April 2, 2023 | | | | | Accumulated foreign currency translation losses, beginning of period | $ | (113,023) | | | $ | (132,001) | | | | | | Foreign currency translation (loss) gain | (4,907) | | | 8,949 | | | | | | Income tax (benefit) expense on foreign currency translation loss | (9) | | | — | | | | | | | | | | | | | | Less: foreign currency translation (loss) gain attributable to non-controlling interest | (155) | | | (8) | | | | | | Accumulated foreign currency translation losses, end of period | (117,784) | | | (123,044) | | | | | | | | | | | | | | Accumulated pension and other post-retirement adjustments, beginning of period | (7,169) | | | (10,223) | | | | | | | | | | | | | | | | | | | | | | Amortization of actuarial net losses | 218 | | | 191 | | | | | | Income tax expense on amortization of actuarial net losses | — | | | (45) | | | | | | | | | | | | | | | | | | | | | | Accumulated pension and other post-retirement adjustments | (6,951) | | | (10,077) | | | | | | | | | | | | | | Accumulated other comprehensive loss | $ | (124,735) | | | $ | (133,121) | | | | | | | | | | | | | | Other comprehensive (loss) income, net of tax | $ | (4,698) | | | $ | 9,095 | | | | | | Less: other comprehensive (loss) income attributable to non-controlling interest | (155) | | | (8) | | | | | | Other comprehensive (loss) income attributable to Masonite | $ | (4,543) | | | $ | 9,103 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of income and comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of income and comprehensive income. Foreign currency translation losses as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended March 31, 2024, were $4.9 million, primarily driven by the weakening of the Canadian dollar, the British pound sterling and the Euro in comparison to the U.S. dollar during the period.
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.24.1.u1
Supplemental Cash Flow Information
|
3 Months Ended |
Mar. 31, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Cash Flow Information |
Supplemental Cash Flow InformationCertain cash and non-cash transactions were as follows for the periods indicated: | | | | | | | | | | | | | Three Months Ended | (In thousands) | March 31, 2024 | | April 2, 2023 | Transactions involving cash: | | | | Interest paid | $ | 25,356 | | | $ | 23,872 | | Interest received | 4,422 | | | 2,210 | | Income taxes paid | 5,185 | | | 16,267 | | Income tax refunds | 447 | | | 41 | | Cash paid for operating lease liabilities | 9,302 | | | 9,095 | | Cash paid for finance lease liabilities | 354 | | | 358 | | Non-cash transactions: | | | | Right-of-use assets acquired under operating leases | 43,414 | | | 11,374 | | Holdback of portion of Endura purchase payable | 18,000 | | | 18,000 | |
The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Cash and cash equivalents | $ | 230,441 | | | $ | 137,414 | | Restricted cash | 12,426 | | | 11,926 | | Total cash, cash equivalents and restricted cash | $ | 242,867 | | | $ | 149,340 | | | | | | | | | |
Property, plant and equipment additions in accounts payable were $9.5 million and $9.0 million as of March 31, 2024, and December 31, 2023, respectively. On December 17, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PGT Innovations, Inc., (“PGTI”) in which Masonite would have acquired PGTI for a combination of cash and Masonite shares with a total transaction value of $3.0 billion. On January 15, 2024, PGTI delivered to Masonite a notice of receipt of a Superior Proposal (as defined in the Merger Agreement) in accordance with Section 6.04(d) of the Merger Agreement. On January 16, 2024, Masonite agreed to waive the four business day match period provided under the Merger Agreement. Accordingly, on January 16, 2024, PGTI terminated the Merger Agreement pursuant to Section 10.01(d)(i) thereunder, and, consistent with the terms of the Merger Agreement, Masonite received a termination fee of $84.0 million in cash. The termination fee was recognized as other income in the consolidated statements of income and comprehensive income. During the fourth quarter of 2018, we provided debt financing to a distribution company via an interest-bearing note that was scheduled to mature in 2028. The interest-bearing note receivable was carried at amortized cost, with the interest payable in kind at the election of the borrower. The note receivable balance was $12.6 million as of January 1, 2023, and was recorded in the consolidated balance sheets as a component of prepaid expenses and other assets. On January 26, 2023, the note receivable was redeemed and fully repaid.
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v3.24.1.u1
Fair Value of Financial Instruments
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, income taxes receivable, accounts payable, accrued expenses and income taxes payable approximate fair value because of the short-term maturity of those instruments. The carrying amount of our Term Loan Facility approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair values and carrying values of our long-term senior note debt instruments were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | (In thousands) | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | | | | 3.50% senior unsecured notes due 2030 | $ | 332,194 | | | $ | 371,814 | | | $ | 324,956 | | | $ | 371,679 | | | | | 5.375% senior unsecured notes due 2028 | $ | 501,230 | | | $ | 496,794 | | | $ | 482,285 | | | $ | 496,609 | | | | | | | | | | | | | | | |
These estimates are based on market quotes and calculations based on current market rates available to us and are categorized as having Level 2 valuation inputs as established by the FASB's Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management's expectations.
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v3.24.1.u1
Subsequent Events
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Event |
Subsequent Event Architectural Disposition On April 23, 2024 (the "Signing Date"), the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") providing for the disposition (the "Disposition") of the Company's Architectural reporting segment (the "Architectural Business") for a purchase price of approximately $75 million subject to customary post-closing adjustments. The Disposition is expected to be completed in the second quarter of 2024. The Company applied the criteria in ASC 360-10-45-9, "Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale," to determine whether the aforementioned long-lived asset group should be classified as held for sale as of the Signing Date and concluded that the material long-lived asset group did meet all the requisite criteria as of the Signing Date. The net assets will be recorded at fair value less the estimated cost to sell. Masonite anticipates recording a net non-cash impairment charge during the second quarter of 2024 in the preliminary range of $90 to $100 million (the “Impairment”) as a result of the Disposition. Masonite does not anticipate that this charge will result in future cash expenditures. The final amount of the non-cash impairment charge may vary from the preliminary range as a result of a number of factors, including (i) the fair value of any indemnification liabilities, (ii) changes in foreign exchange rates, (iii) the working capital of the Architectural Business upon consummation of the transaction, (iv) the evaluation of any income tax impacts and (v) other assumptions used including discount rates, allocations and costs to sell. The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following: | | | | | | (In millions) | | Architectural Assets | March 31, 2024 | Accounts Receivable | $ | 27.7 | | Inventory | 51.6 | | Other Current Assets | 5.0 | | PP&E | 98.9 | | Intangibles | 1.8 | | Other Assets | 11.2 | | Current Liabilities | (27.3) | | Long Term Liabilities | (5.9) | | Net Assets | $ | 163.0 | |
Owens Corning Tender Offer As previously disclosed, on April 15, 2024, the Company and Owens Corning jointly issued a press release to announce, in connection with the anticipated acquisition of the Company by Owens Corning, (i) the commencement of an offer (the “Offer to Purchase”) by Owens Corning to purchase for cash any and all of the 2028 Notes, issued pursuant to that certain Indenture, dated as of July 25, 2019 (the “Base Indenture” and, as amended, supplemented or otherwise modified prior to the Supplemental Indenture defined below, the “Indenture”), among Masonite International Corporation, the guarantors party thereto (the “Guarantors”) and Computershare Trust Company, N.A., as trustee (the “Trustee”), and (ii) a related consent solicitation by the Company soliciting consents of holders of the 2028 Notes to adopt certain proposed amendments (the “Proposed Amendments”) to the Indenture to eliminate certain covenants, restrictive provisions and events of default from the Base Indenture (the “Consent Solicitation”). The Offer to Purchase and Consent Solicitation were each made to holders pursuant to the terms of and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated April 15, 2024 (the “Statement”). As of 5:00 p.m., New York City time, on April 26, 2024, $441,351,000 of the 2028 Notes, or approximately 88.27% of the outstanding principal amount thereof, were tendered and not validly withdrawn, and the related consents were delivered and not validly revoked, which amount was sufficient to constitute the requisite consents under the Indenture to approve the Proposed Amendments. On April 29, 2024, Masonite International Corporation, the Guarantors and the Trustee accordingly entered into the Fourth Supplemental Indenture to the Indenture (the “Supplemental Indenture”) in order to adopt the Proposed Amendments. The Supplemental Indenture became effective upon execution. However, the Proposed Amendments will not become operative unless and until all conditions to the Consent Solicitation set forth in the Statement have been satisfied or waived, as applicable, including, among other conditions, (i) that the 2028 Notes that are validly tendered (and not validly withdrawn) have been accepted for purchase and paid for by Owens Corning in accordance with the terms of the Offer to Purchase and the Consent Solicitation set forth in the Statement and (ii) the consummation of the anticipated acquisition of the Company by Owens Corning. As a result, the Proposed Amendments will have no force or effect unless and until all conditions set forth in the Statement have been satisfied or waived, as applicable, and all terms and conditions as set forth in the Indenture immediately prior to the execution of the Supplemental Indenture will continue to govern.
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v3.24.1.u1
Business Overview and Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year.
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Adoption of Recent Accounting Pronouncements and Other Recent Accounting Pronouncements not yet Adopted |
Adoption of Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements. Other Recent Accounting Pronouncements not yet Adopted In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.
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v3.24.1.u1
Acquisitions and Divestitures (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The allocation of the purchase price to assets acquired and liabilities assumed is as follows: | | | | | | | | | | | | (In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation | Cash acquired | $ | 5,169 | | $ | — | | $ | 5,169 | | Accounts receivable, net | 5,584 | | — | | 5,584 | | Inventories, net | 39,248 | | — | | 39,248 | | Prepaid expenses and other | 957 | | — | | 957 | | Property, plant and equipment, net | 8,072 | | — | | 8,072 | | Right-of-use asset | 16,009 | | — | | 16,009 | | Intangible assets | 163,900 | | — | | 163,900 | | Total assets acquired | 238,939 | | — | | 238,939 | | | | | | Accounts payable and accrued expenses | (20,773) | | — | | (20,773) | | Operating lease liability | (12,546) | | — | | (12,546) | | Total liabilities assumed | (33,319) | | — | | (33,319) | | | | | | Goodwill | 73,464 | | 392 | | 73,856 | | Total purchase price | $ | 279,084 | | $ | 392 | | $ | 279,476 | | | | | | | | | | | | | | | | | | | | | |
The allocation of the purchase price to assets acquired and liabilities assumed is as follows: | | | | | | | | | | | | (In thousands) | Initial Purchase Price Allocation | Measurement Period Adjustments | Purchase Price Allocation | Cash acquired | $ | 32,501 | | $ | (100) | | $ | 32,401 | | Accounts receivable, net | 7,871 | | 290 | | 8,161 | | Inventories, net | 44,183 | | 35 | | 44,218 | | Property, plant and equipment, net | 54,373 | | 10,520 | | 64,893 | | Intangible assets | 135,800 | | (7,400) | | 128,400 | | Other assets and liabilities, net | 2,868 | | (38) | | 2,830 | | Total assets acquired | 277,596 | | 3,307 | | 280,903 | | | | | | Accounts payable and accrued expenses | (15,088) | | (190) | | (15,278) | | Deferred income taxes | (44,345) | | 849 | | (43,496) | | Total liabilities assumed | (59,433) | | 659 | | (58,774) | | | | | | Goodwill | 189,938 | | (8,780) | | 181,158 | | Total purchase price | $ | 408,101 | | $ | (4,814) | | $ | 403,287 | | | | | | | | | | | | | | | | | | | | | |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets acquired from the 2023 acquisitions consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | (In thousands, except useful life amounts) | Endura | | Expected Useful Life (Years) | | Fleetwood | | Expected Useful Life (Years) | Customer relationships | $ | 108,600 | | | 15 | | $ | 112,100 | | | 12 | Trademarks and trade names | 6,600 | | | 10 | | 25,200 | | | Indefinite | Patents | 13,200 | | | 12 | | 22,600 | | | 10 | Backlog | — | | | | | 4,000 | | | 1 | Total intangible assets acquired | $ | 128,400 | | | | | $ | 163,900 | | | |
|
Schedule of Pro Forma Information |
The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date. | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | Endura | | Fleetwood | | Total 2023 Acquisitions | Net sales | $ | 53,434 | | | $ | 27,303 | | | $ | 80,737 | | Net income attributable to Masonite | 3,440 | | | 1,682 | | | 5,122 | |
The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations. | | | | | | | | | Three Months Ended | | | (In thousands, except per share information) | April 2, 2023 | | | Net sales | $ | 780,584 | | | | Net income attributable to Masonite | 49,174 | | | | | | | | Basic earnings per common share attributable to Masonite | $ | 2.22 | | | | Diluted earnings per common share attributable to Masonite | $ | 2.19 | | | |
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v3.24.1.u1
Inventories (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
The amounts of inventory on hand were as follows as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Raw materials | $ | 284,818 | | | $ | 296,747 | | Finished goods | 112,647 | | | 106,919 | | Provision for obsolete or aged inventory | (13,599) | | | (12,467) | | Inventories, net | $ | 383,866 | | | $ | 391,199 | | | | | | | | | |
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v3.24.1.u1
Accrued Expenses (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accrued Expenses [Abstract] |
|
Schedule of Accrued Expenses |
The details of our accrued expenses were as follows as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Accrued payroll | $ | 61,581 | | | $ | 81,004 | | Accrued rebates | 38,137 | | | 51,457 | | Current portion of operating lease liabilities | 30,353 | | | 32,299 | | Accrued interest | 8,428 | | | 18,296 | | | | | | Other accruals | 87,001 | | | 57,420 | | Total accrued expenses | $ | 225,500 | | | $ | 240,476 | | | | | | | | | |
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v3.24.1.u1
Long-Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-Term Debt |
| | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | | Senior unsecured notes, interest rate of 3.50%, due 2030 | $ | 375,000 | | | $ | 375,000 | | | Senior unsecured notes, interest rate of 5.375%, due 2028 | 500,000 | | | 500,000 | | | Term Loan Facility, interest rate of SOFR plus 2.25%, due 2027 | 212,500 | | | 221,875 | | | | | | | | | | | | | Debt issuance costs | (9,464) | | | (9,991) | | | Total debt (including current portion) | 1,078,036 | | | 1,086,884 | | | Less: debt due within one year | (37,500) | | | (37,500) | | | Total long-term debt (excluding current portion) | $ | 1,040,536 | | | $ | 1,049,384 | | | | | | | | | | | | |
|
Schedule of Maturities of Long-Term Debt |
The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: | | | | | | (In thousands) | Scheduled Amortization Payments | Fiscal year: | | 2024 (remainder) | $ | 28,125 | | 2025 | 37,500 | | 2026 | 37,500 | | 2027 | 109,375 | | 2028 | 500,000 | | Thereafter | 375,000 | | Total aggregated principal value | $ | 1,087,500 | |
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v3.24.1.u1
Share Based Compensation Plans (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Appreciation Rights Award Activity |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | Stock Appreciation Rights | | Aggregate Intrinsic Value (in thousands) | | Weighted Average Exercise Price | | Average Remaining Contractual Life (Years) | Outstanding, beginning of period | 199,838 | | | $ | 2,365 | | | $ | 77.09 | | | 6.4 | Granted | — | | | | | — | | | | Exercised | (2,211) | | | 11 | | | 87.50 | | | | Cancelled and forfeited | (892) | | | | | 107.68 | | | | Outstanding, end of period | 196,735 | | | $ | 10,745 | | | $ | 76.83 | | | 6.3 | | | | | | | | | Exercisable, end of period | 166,359 | | | $ | 9,447 | | | $ | 74.66 | | | 5.9 | | | | | | | | |
|
Restricted Stock Units Award Activity |
| | | | | | | | | | | | Three Months Ended March 31, 2024 | Total Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value | Outstanding, beginning of period | 340,024 | | | $ | 91.02 | | Granted | 187,840 | | | 127.64 | | | | | | Delivered | (108,335) | | | 93.54 | | Withheld to cover (1) | (8,033) | | | | Forfeited | (4,417) | | | 95.27 | | Outstanding, end of period | 407,079 | | | $ | 107.15 | | | | | | ___________(1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
|
Share-Based Payment Arrangement, Performance Shares, Activity |
| | | | | | | | | | | | Three Months Ended March 31, 2024 | Total Performance Restricted Stock Units Outstanding | | Weighted Average Grant Date Fair Value | Outstanding, beginning of period | 319,221 | | | $ | 95.55 | | Granted | — | | | — | | Performance adjustment (1) | — | | | — | | Delivered | (21,730) | | | 109.25 | | Withheld to cover (2) | (8,077) | | | | Forfeited | (15,553) | | | 108.72 | | Outstanding, end of period | 273,861 | | | $ | 93.31 | | | | | | ___________(1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
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v3.24.1.u1
Restructuring Costs (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Restructuring and Related Activities [Abstract] |
|
Summary of Restructuring (Benefit) Costs by Plan |
The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2024 Plan | $ | — | | | $ | 961 | | | $ | — | | | $ | — | | | $ | 961 | | 2022 Plan | 450 | | | — | | | — | | | (17) | | | 433 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring Costs | $ | 450 | | | $ | 961 | | | $ | — | | | $ | (17) | | | $ | 1,394 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 2, 2023 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2022 Plan | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring (Benefit) Costs | $ | 2,380 | | | $ | — | | | $ | 684 | | | $ | 614 | | | $ | 3,678 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cumulative Amount Incurred Through March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | 2024 Plan | $ | — | | | $ | 1,119 | | | $ | — | | | $ | — | | | $ | 1,119 | | 2022 Plan | 11,062 | | | — | | | 864 | | | 610 | | | 12,536 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Restructuring Costs | $ | 11,062 | | | $ | 1,119 | | | $ | 864 | | | $ | 610 | | | $ | 13,655 | | | | | | | | | | | | | | | | | | | | | |
|
Schedule of Restructuring Reserve by Type of Cost |
The changes in the accrual for restructuring by activity were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | December 31, 2023 | | Severance | | Closure Costs | | Cash Payments | | | | March 31, 2024 | 2024 Plan | $ | — | | | $ | 845 | | | $ | 116 | | | $ | (929) | | | | | $ | 32 | | 2022 Plan | — | | | 352 | | | 81 | | | (433) | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | — | | | $ | 1,197 | | | $ | 197 | | | $ | (1,362) | | | | | $ | 32 | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Earnings Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share |
| | | | | | | | | | | | | | | | (In thousands, except share and per share information) | Three Months Ended | | | March 31, 2024 | | April 2, 2023 | | | | | Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | | | | | | | | | | Shares used in computing basic earnings per share | 21,891,366 | | | 22,183,068 | | | | | | Effect of dilutive securities: | | | | | | | | Incremental shares issuable under share compensation plans | 431,382 | | | 297,165 | | | | | | Shares used in computing diluted earnings per share | 22,322,748 | | | 22,480,233 | | | | | | | | | | | | | | Basic earnings per common share attributable to Masonite | $ | 2.79 | | | $ | 1.74 | | | | | | Diluted earnings per common share attributable to Masonite | $ | 2.74 | | | $ | 1.71 | | | | | | | | | | | | | | Anti-dilutive instruments excluded from diluted earnings per common share | 1,383 | | | 191,385 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Segment Information (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
Certain information with respect to reportable segments is as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | Net sales | $ | 531,357 | | | $ | 58,487 | | | $ | 78,743 | | | $ | 3,765 | | | $ | 672,352 | | Intersegment sales | (714) | | | (95) | | | (3,204) | | | — | | | (4,013) | | Net sales to external customers | $ | 530,643 | | | $ | 58,392 | | | $ | 75,539 | | | $ | 3,765 | | | $ | 668,339 | | | | | | | | | | | | Adjusted EBITDA | $ | 106,801 | | | $ | 1,941 | | | $ | 4,816 | | | $ | (16,458) | | | $ | 97,100 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended April 2, 2023 | (In thousands) | North American Residential | | Europe | | Architectural | | Corporate & Other | | Total | Net sales | $ | 569,429 | | | $ | 63,716 | | | $ | 92,861 | | | $ | 5,349 | | | $ | 731,355 | | Intersegment sales | (390) | | | (22) | | | (4,959) | | | — | | | (5,371) | | Net sales to external customers | $ | 569,039 | | | $ | 63,694 | | | $ | 87,902 | | | $ | 5,349 | | | $ | 725,984 | | | | | | | | | | | | Adjusted EBITDA | $ | 107,881 | | | $ | 5,151 | | | $ | 5,350 | | | $ | (12,217) | | | $ | 106,165 | | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss) Attributable to Masonite |
A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | (In thousands) | March 31, 2024 | | April 2, 2023 | | | | | Net income attributable to Masonite | $ | 61,055 | | | $ | 38,491 | | | | | | Plus: | | | | | | | | Depreciation | 27,568 | | | 21,485 | | | | | | Amortization | 10,876 | | | 7,421 | | | | | | Share based compensation expense | 6,930 | | | 6,054 | | | | | | Loss on disposal of property, plant and equipment | 1,068 | | | 1,038 | | | | | | Restructuring costs | 1,394 | | | 3,678 | | | | | | | | | | | | | | | | | | | | | | Interest expense, net | 12,022 | | | 14,252 | | | | | | | | | | | | | | Other (income) expense, net (1) | (85,250) | | | 52 | | | | | | Income tax expense | 23,278 | | | 11,360 | | | | | | Other items (2) | 37,832 | | | 1,381 | | | | | | Net income attributable to non-controlling interest | 327 | | | 953 | | | | | | Adjusted EBITDA | $ | 97,100 | | | $ | 106,165 | | | | | | | | | | | | | | | | | | | | | |
(1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024. (2) Other items include $37,832 and $1,381 in acquisition, retention and due diligence related costs in the three months ended March 31, 2024 and April 2, 2023, respectively, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.
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v3.24.1.u1
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of Components of Accumulated Other Comprehensive (Loss) Income |
A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | (In thousands) | March 31, 2024 | | April 2, 2023 | | | | | Accumulated foreign currency translation losses, beginning of period | $ | (113,023) | | | $ | (132,001) | | | | | | Foreign currency translation (loss) gain | (4,907) | | | 8,949 | | | | | | Income tax (benefit) expense on foreign currency translation loss | (9) | | | — | | | | | | | | | | | | | | Less: foreign currency translation (loss) gain attributable to non-controlling interest | (155) | | | (8) | | | | | | Accumulated foreign currency translation losses, end of period | (117,784) | | | (123,044) | | | | | | | | | | | | | | Accumulated pension and other post-retirement adjustments, beginning of period | (7,169) | | | (10,223) | | | | | | | | | | | | | | | | | | | | | | Amortization of actuarial net losses | 218 | | | 191 | | | | | | Income tax expense on amortization of actuarial net losses | — | | | (45) | | | | | | | | | | | | | | | | | | | | | | Accumulated pension and other post-retirement adjustments | (6,951) | | | (10,077) | | | | | | | | | | | | | | Accumulated other comprehensive loss | $ | (124,735) | | | $ | (133,121) | | | | | | | | | | | | | | Other comprehensive (loss) income, net of tax | $ | (4,698) | | | $ | 9,095 | | | | | | Less: other comprehensive (loss) income attributable to non-controlling interest | (155) | | | (8) | | | | | | Other comprehensive (loss) income attributable to Masonite | $ | (4,543) | | | $ | 9,103 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Supplemental Cash Flow Information (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
Cash and Non-Cash Transactions |
Certain cash and non-cash transactions were as follows for the periods indicated: | | | | | | | | | | | | | Three Months Ended | (In thousands) | March 31, 2024 | | April 2, 2023 | Transactions involving cash: | | | | Interest paid | $ | 25,356 | | | $ | 23,872 | | Interest received | 4,422 | | | 2,210 | | Income taxes paid | 5,185 | | | 16,267 | | Income tax refunds | 447 | | | 41 | | Cash paid for operating lease liabilities | 9,302 | | | 9,095 | | Cash paid for finance lease liabilities | 354 | | | 358 | | Non-cash transactions: | | | | Right-of-use assets acquired under operating leases | 43,414 | | | 11,374 | | Holdback of portion of Endura purchase payable | 18,000 | | | 18,000 | |
|
Schedule of Cash, Cash Equivalents and Restricted Cash |
The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: | | | | | | | | | | | | (In thousands) | March 31, 2024 | | December 31, 2023 | Cash and cash equivalents | $ | 230,441 | | | $ | 137,414 | | Restricted cash | 12,426 | | | 11,926 | | Total cash, cash equivalents and restricted cash | $ | 242,867 | | | $ | 149,340 | | | | | | | | | |
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v3.24.1.u1
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The estimated fair values and carrying values of our long-term senior note debt instruments were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | (In thousands) | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | | | | 3.50% senior unsecured notes due 2030 | $ | 332,194 | | | $ | 371,814 | | | $ | 324,956 | | | $ | 371,679 | | | | | 5.375% senior unsecured notes due 2028 | $ | 501,230 | | | $ | 496,794 | | | $ | 482,285 | | | $ | 496,609 | | | | | | | | | | | | | | | |
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v3.24.1.u1
Subsequent Events (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Disposal Groups, Including Discontinued Operations |
The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following: | | | | | | (In millions) | | Architectural Assets | March 31, 2024 | Accounts Receivable | $ | 27.7 | | Inventory | 51.6 | | Other Current Assets | 5.0 | | PP&E | 98.9 | | Intangibles | 1.8 | | Other Assets | 11.2 | | Current Liabilities | (27.3) | | Long Term Liabilities | (5.9) | | Net Assets | $ | 163.0 | |
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v3.24.1.u1
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
3 Months Ended |
|
Feb. 08, 2024 |
Oct. 19, 2023 |
Jan. 03, 2023 |
Mar. 31, 2024 |
Apr. 02, 2023 |
Dec. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Disposal group, contract termination fee |
$ 75,000
|
|
|
|
|
|
Holdback of portion of Endura purchase payable |
|
|
|
|
$ 18,000
|
|
Goodwill |
|
|
|
$ 294,846
|
|
$ 294,710
|
Net sales |
|
|
|
80,737
|
|
|
Net income attributable to Masonite |
|
|
|
5,122
|
|
|
Disposal group, consideration |
|
|
|
163,000
|
|
|
Masonite International Corporation | Owens Corning |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, share price (in dollars per share) |
$ 133.00
|
|
|
|
|
|
Business combination, contract termination fee |
$ 150,000
|
|
|
|
|
|
Fleetwood |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business combination, consideration transferred |
|
$ 279,500
|
|
|
|
|
Holdback of portion of Endura purchase payable |
|
26,200
|
|
|
|
|
Goodwill |
|
73,464
|
|
73,856
|
|
|
Accounts receivable, net |
|
$ 5,584
|
|
5,584
|
|
|
Net sales |
|
|
|
27,303
|
|
|
Net income attributable to Masonite |
|
|
|
1,682
|
|
|
Endura |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business combination, consideration transferred |
|
|
$ 403,300
|
|
|
|
Holdback of portion of Endura purchase payable |
|
|
|
18,000
|
|
|
Goodwill |
|
|
189,938
|
|
|
181,158
|
Accounts receivable, net |
|
|
$ 7,871
|
|
|
$ 8,161
|
Acquired equity interests, percent |
|
|
100.00%
|
|
|
|
Gross contractual value of acquired trade receivables |
|
|
$ 8,300
|
|
|
|
Net sales |
|
|
|
53,434
|
59,800
|
|
Net income attributable to Masonite |
|
|
|
$ 3,440
|
$ 4,500
|
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v3.24.1.u1
Acquisitions and Divestitures (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
5 Months Ended |
12 Months Ended |
|
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Oct. 19, 2023 |
Jan. 03, 2023 |
Initial Purchase Price Allocation |
|
|
|
|
Goodwill |
$ 294,846
|
$ 294,710
|
|
|
Fleetwood |
|
|
|
|
Initial Purchase Price Allocation |
|
|
|
|
Cash acquired |
5,169
|
|
$ 5,169
|
|
Accounts receivable, net |
5,584
|
|
5,584
|
|
Inventories, net |
39,248
|
|
39,248
|
|
Prepaid expenses and other |
957
|
|
957
|
|
Property, plant and equipment, net |
8,072
|
|
8,072
|
|
Right-of-use asset |
16,009
|
|
16,009
|
|
Intangible assets |
163,900
|
|
163,900
|
|
Total assets acquired |
238,939
|
|
238,939
|
|
Accounts payable and accrued expenses |
(20,773)
|
|
(20,773)
|
|
Operating lease liability |
12,546
|
|
12,546
|
|
Total liabilities assumed |
33,319
|
|
33,319
|
|
Goodwill |
73,856
|
|
73,464
|
|
Total purchase price |
279,476
|
|
$ 279,084
|
|
Measurement Period Adjustments |
|
|
|
|
Goodwill |
392
|
|
|
|
Total purchase price |
$ (392)
|
|
|
|
Endura |
|
|
|
|
Initial Purchase Price Allocation |
|
|
|
|
Cash acquired |
|
32,401
|
|
$ 32,501
|
Accounts receivable, net |
|
8,161
|
|
7,871
|
Inventories, net |
|
44,218
|
|
44,183
|
Property, plant and equipment, net |
|
64,893
|
|
54,373
|
Intangible assets |
|
128,400
|
|
135,800
|
Other assets and liabilities, net |
|
2,830
|
|
2,868
|
Total assets acquired |
|
280,903
|
|
277,596
|
Accounts payable and accrued expenses |
|
(15,278)
|
|
(15,088)
|
Deferred income taxes |
|
(43,496)
|
|
(44,345)
|
Total liabilities assumed |
|
58,774
|
|
59,433
|
Goodwill |
|
181,158
|
|
189,938
|
Total purchase price |
|
403,287
|
|
$ 408,101
|
Measurement Period Adjustments |
|
|
|
|
Cash acquired |
|
(100)
|
|
|
Accounts receivable, net |
|
290
|
|
|
Inventories, net |
|
35
|
|
|
Property, plant and equipment, net |
|
10,520
|
|
|
Intangible assets |
|
(7,400)
|
|
|
Other assets and liabilities, net |
|
(38)
|
|
|
Total assets acquired |
|
3,307
|
|
|
Accounts payable and accrued expenses |
|
(190)
|
|
|
Deferred income taxes |
|
849
|
|
|
Total liabilities assumed |
|
(659)
|
|
|
Goodwill |
|
(8,780)
|
|
|
Total purchase price |
|
$ (4,814)
|
|
|
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v3.24.1.u1
Acquisitions and Divestitures (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands |
Oct. 19, 2023 |
Jan. 03, 2023 |
Endura |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
|
$ 128,400
|
Endura | Customer relationships |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
|
$ 108,600
|
Expected useful life |
|
15 years
|
Endura | Trademarks and trade names |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
|
$ 6,600
|
Expected useful life |
|
10 years
|
Endura | Patents |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
|
$ 13,200
|
Expected useful life |
|
12 years
|
Endura | Backlog |
|
|
Business Acquisition [Line Items] |
|
|
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|
$ 0
|
Fleetwood |
|
|
Business Acquisition [Line Items] |
|
|
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$ 163,900
|
|
Fleetwood | Customer relationships |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
$ 112,100
|
|
Expected useful life |
12 years
|
|
Fleetwood | Trademarks and trade names |
|
|
Business Acquisition [Line Items] |
|
|
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$ 25,200
|
|
Fleetwood | Patents |
|
|
Business Acquisition [Line Items] |
|
|
Fair value |
$ 22,600
|
|
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10 years
|
|
Fleetwood | Backlog |
|
|
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|
|
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$ 4,000
|
|
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1 year
|
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Acquisitions and Divestitures (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
Net sales |
$ 80,737
|
|
Net income attributable to Masonite |
5,122
|
|
Net sales |
|
$ 780,584
|
Net income attributable to Masonite |
|
$ 49,174
|
Basic earnings per common share attributable to Masonite (in dollars per share) |
|
$ 2.22
|
Diluted earnings per common share attributable to Masonite (in dollars per share) |
|
$ 2.19
|
Endura |
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
Net sales |
53,434
|
$ 59,800
|
Net income attributable to Masonite |
3,440
|
$ 4,500
|
Fleetwood |
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
Net sales |
27,303
|
|
Net income attributable to Masonite |
$ 1,682
|
|
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Accounts Receivable (Details) $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024
USD ($)
Customer
|
Dec. 31, 2023
USD ($)
Customer
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Allowance for doubtful accounts | $ |
$ 1,800
|
$ 3,100
|
Accounts Receivable | Customer Concentration Risk | Ten Largest Customers |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Concentration risk, customers | Customer |
10
|
10
|
Concentration risk, percent |
62.50%
|
65.20%
|
Accounts Receivable | Customer Concentration Risk | The Home Depot, Inc. |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Concentration risk, percent |
10.00%
|
10.00%
|
Accounts Receivable | Customer Concentration Risk | Lowe's Companies, Inc. |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
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10.00%
|
10.00%
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v3.24.1.u1
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 284,818
|
$ 296,747
|
Finished goods |
112,647
|
106,919
|
Provision for obsolete or aged inventory |
(13,599)
|
(12,467)
|
Inventories, net |
$ 383,866
|
$ 391,199
|
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Accrued Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accrued Expenses [Abstract] |
|
|
Accrued payroll |
$ 61,581
|
$ 81,004
|
Accrued rebates |
38,137
|
51,457
|
Current portion of operating lease liabilities |
30,353
|
32,299
|
Accrued interest |
8,428
|
18,296
|
Other accruals |
87,001
|
57,420
|
Total accrued expenses |
$ 225,500
|
$ 240,476
|
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v3.24.1.u1
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jul. 26, 2021 |
Jul. 25, 2019 |
Debt Instrument [Line Items] |
|
|
|
|
Long-term debt, gross |
$ 1,087,500
|
|
|
|
Debt issuance costs |
(9,464)
|
$ (9,991)
|
|
|
Total debt (including current portion) |
1,078,036
|
1,086,884
|
|
|
Less: debt due within one year |
(37,500)
|
(37,500)
|
|
|
Total long-term debt (excluding current portion) |
1,040,536
|
1,049,384
|
|
|
Senior Notes | Senior Notes 2030 |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term debt, gross |
375,000
|
375,000
|
|
|
Interest rate stated percentage |
|
|
3.50%
|
|
Senior Notes | Senior Notes Due 2028 |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term debt, gross |
500,000
|
500,000
|
|
|
Interest rate stated percentage |
|
|
|
5.375%
|
Line of Credit | Term Loan A | Secured Debt |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term debt, gross |
212,500
|
$ 221,875
|
|
|
Debt issuance costs |
$ (3,600)
|
|
|
|
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v3.24.1.u1
Long-Term Debt (Narrative) (Details) - USD ($)
|
|
|
|
3 Months Ended |
|
|
|
Jan. 03, 2023 |
Dec. 13, 2022 |
Oct. 28, 2022 |
Mar. 31, 2024 |
Apr. 02, 2023 |
Jul. 26, 2021 |
Jul. 25, 2019 |
Jan. 31, 2019 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt |
|
|
|
$ 0
|
$ 250,000,000
|
|
|
|
Revolving Credit Facility | ABL Facility 2024 |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
|
|
|
|
|
$ 250,000,000
|
Line of credit facility, increase (decrease), net |
|
|
$ 100,000,000
|
|
|
|
|
|
Revolving credit facility availability |
|
|
|
249,100,000
|
|
|
|
|
Revolving credit facilities |
|
|
|
0
|
|
|
|
|
Revolving Credit Facility | ABL Facility 2027 |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
|
$ 350,000,000
|
|
|
|
|
|
Proceeds from borrowings on revolving credit facilities |
$ 100,000,000
|
|
|
|
|
|
|
|
Senior Notes |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
$ 12,100,000
|
$ 15,400,000
|
|
|
|
Senior Notes | Senior Notes 2030 |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Interest rate stated percentage |
|
|
|
|
|
3.50%
|
|
|
Aggregate principal |
|
|
|
|
|
$ 375,000,000
|
|
|
Senior Notes | Senior Notes Due 2028 |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Interest rate stated percentage |
|
|
|
|
|
|
5.375%
|
|
Aggregate principal |
|
|
|
|
|
|
$ 500,000,000
|
|
Line of Credit | Secured Debt | Term Loan A |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal |
|
$ 250,000,000
|
|
|
|
|
|
|
Debt instrument, term |
|
5 years
|
|
|
|
|
|
|
Maximum borrowing capacity |
|
$ 250,000,000
|
|
|
|
|
|
|
Annual principal payment, percentage |
|
15.00%
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt |
|
$ 246,400,000
|
|
|
|
|
|
|
Line of Credit | Secured Debt | Term Loan A | Adjusted Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
2.25%
|
|
|
|
|
|
|
Line of Credit | Secured Debt | Term Loan A | Adjusted Base Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
0.50%
|
|
|
|
|
|
|
Line of Credit | Secured Debt | Term Loan A | Premium Adjusted Term Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
1.00%
|
|
|
|
|
|
|
Line of Credit | Secured Debt | Term Loan A | Base Rate |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
1.00%
|
|
|
|
|
|
|
Line of Credit | Secured Debt | Term Loan A | Applicable Margin |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
1.25%
|
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|
|
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v3.24.1.u1
Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
Debt Disclosure [Abstract] |
|
Long-Term Debt, Maturity, Year One |
$ 28,125
|
Long-Term Debt, Maturity, Year Two |
37,500
|
Long-Term Debt, Maturity, Year Three |
37,500
|
Long-Term Debt, Maturity, Year Four |
109,375
|
Long-Term Debt, Maturity, Year Five |
500,000
|
Long-Term Debt, Maturity, after Year Five |
375,000
|
Long-term debt, gross |
$ 1,087,500
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Share Based Compensation Plans (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Apr. 02, 2023 |
Mar. 10, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Share-based compensation |
$ 6,930
|
$ 6,054
|
|
Share based compensation unrecognized |
$ 41,400
|
|
|
Weighted average remaining requisite service period |
1 year 9 months 18 days
|
|
|
Deferred compensation liability |
$ 9,800
|
|
|
Deferred compensation asset |
$ 8,200
|
|
|
2021 Plan | Common Stock |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Equity awards not to exceed (in shares) |
|
|
880,000
|
Common stock available for future issuance (in shares) |
649,363
|
|
|
Stock Appreciation Rights (SARs) |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Award vesting period |
3 years
|
|
|
Plan term |
10 years
|
|
|
Vested, fair value |
$ 800
|
|
|
Average requisite service period |
2 years
|
|
|
Granted (in shares) |
0
|
|
|
Restricted Stock Units (RSUs) |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Average requisite service period |
2 years
|
|
|
Grants in period, fair value |
$ 24,000
|
|
|
Units vested (in shares) |
116,368
|
|
|
Fair value of shares vested |
$ 10,900
|
|
|
Restricted Stock Units (RSUs) | Service Requirement |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Vesting percentage |
100.00%
|
|
|
Restricted Stock Units (RSUs) | Service and Performance Requirements |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Vesting percentage |
0.00%
|
|
|
Performance Shares |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Award vesting period |
3 years
|
|
|
Grants in period, fair value |
$ 0
|
|
|
Units vested (in shares) |
29,807
|
|
|
Fair value of shares vested |
$ 3,300
|
|
|
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v3.24.1.u1
Share Based Compensation Plans (SARs) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Stock Appreciation Rights |
|
|
Outstanding, beginning of period (in shares) |
199,838
|
|
Granted (in shares) |
0
|
|
Exercised (in shares) |
(2,211)
|
|
Forfeited (in shares) |
(892)
|
|
Outstanding, end of period (in shares) |
196,735
|
199,838
|
Exercisable, shares |
166,359
|
|
Aggregate Intrinsic Value & Average Remaining Contractual Life |
|
|
Outstanding, beginning of period, aggregate intrinsic value |
$ 2,365
|
|
Exercised, aggregate intrinsic value |
11
|
|
Outstanding, end period, aggregate intrinsic value |
10,745
|
$ 2,365
|
Exercisable, aggregate intrinsic value |
$ 9,447
|
|
Outstanding, beginning of period, weighted average remaining contractual term |
6 years 3 months 18 days
|
6 years 4 months 24 days
|
Outstanding, end of period, weighted average remaining contractual term |
6 years 3 months 18 days
|
6 years 4 months 24 days
|
Exercisable, weighted average remaining contractual term |
5 years 10 months 24 days
|
|
Weighted Average Exercise Price |
|
|
Outstanding, beginning of period (in dollars per share) |
$ 77.09
|
|
Granted (in dollars per share) |
0
|
|
Exercised (in dollars per share) |
87.50
|
|
Forfeited (in dollars per share) |
107.68
|
|
Outstanding, end of period (in dollars per share) |
76.83
|
$ 77.09
|
Exercisable, end of period (in dollars per share) |
$ 74.66
|
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Share Based Compensation Plans (RSUs) (Details)
|
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
Restricted Stock Units (RSUs) |
|
Total Restricted Stock Units Outstanding |
|
Outstanding, beginning of period (in shares) |
340,024
|
Granted (in shares) |
187,840
|
Delivered (in shares) |
(108,335)
|
Withheld to cover (in shares) |
(8,033)
|
Forfeited (in shares) |
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|
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407,079
|
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|
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|
Granted (in dollars per share) | $ / shares |
127.64
|
Delivered (in dollars per share) | $ / shares |
93.54
|
Forfeited (in dollars per share) | $ / shares |
95.27
|
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$ 107.15
|
Performance Shares |
|
Total Restricted Stock Units Outstanding |
|
Outstanding, beginning of period (in shares) |
319,221
|
Granted (in shares) |
0
|
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0
|
Delivered (in shares) |
(21,730)
|
Withheld to cover (in shares) |
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|
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273,861
|
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|
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$ 95.55
|
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0
|
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0
|
Delivered (in dollars per share) | $ / shares |
109.25
|
Forfeited (in dollars per share) | $ / shares |
108.72
|
Outstanding, end of period (in dollars per share) | $ / shares |
$ 93.31
|
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3 Months Ended |
|
Mar. 31, 2024 |
Apr. 02, 2023 |
Dec. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
$ 1,394
|
$ 3,678
|
|
Cumulative amount incurred to date |
13,655
|
|
|
Restructuring reserve |
(32)
|
|
$ 0
|
Cash payments |
(1,362)
|
|
|
Severance |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
1,197
|
|
|
Closure Costs |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
197
|
|
|
North American Residential |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
450
|
2,380
|
|
Cumulative amount incurred to date |
11,062
|
|
|
Europe |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
961
|
0
|
|
Cumulative amount incurred to date |
1,119
|
|
|
Architectural |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
684
|
|
Cumulative amount incurred to date |
864
|
|
|
Corporate & Other |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
(17)
|
614
|
|
Cumulative amount incurred to date |
610
|
|
|
2024 Plan |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
961
|
|
|
Cumulative amount incurred to date |
1,119
|
|
|
Restructuring reserve |
(32)
|
|
0
|
Cash payments |
(929)
|
|
|
2024 Plan | Severance |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
845
|
|
|
2024 Plan | Closure Costs |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
116
|
|
|
2024 Plan | North American Residential |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
|
|
Cumulative amount incurred to date |
0
|
|
|
2024 Plan | Europe |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
961
|
|
|
Cumulative amount incurred to date |
1,119
|
|
|
2024 Plan | Architectural |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
|
|
Cumulative amount incurred to date |
0
|
|
|
2024 Plan | Corporate & Other |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
|
|
Cumulative amount incurred to date |
0
|
|
|
2022 Plan |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
433
|
3,678
|
|
Cumulative amount incurred to date |
12,536
|
|
|
Restructuring reserve |
0
|
|
$ 0
|
Cash payments |
(433)
|
|
|
2022 Plan | Severance |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
352
|
|
|
2022 Plan | Closure Costs |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
81
|
|
|
2022 Plan | North American Residential |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
450
|
2,380
|
|
Cumulative amount incurred to date |
11,062
|
|
|
2022 Plan | Europe |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
|
|
Cumulative amount incurred to date |
0
|
|
|
2022 Plan | Architectural |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
0
|
684
|
|
Cumulative amount incurred to date |
864
|
|
|
2022 Plan | Corporate & Other |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Restructuring costs |
(17)
|
$ 614
|
|
Cumulative amount incurred to date |
$ 610
|
|
|
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v3.24.1.u1
v3.24.1.u1
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Net income attributable to Masonite |
$ 61,055
|
$ 38,491
|
Shares used in computing basic earnings per share |
21,891,366
|
22,183,068
|
Effect of dilutive securities: |
|
|
Incremental shares issuable under share compensation plans |
431,382
|
297,165
|
Shares used in computing diluted earnings per share |
22,322,748
|
22,480,233
|
Basic earnings per common share attributable to Masonite (in dollars per share) |
$ 2.79
|
$ 1.74
|
Diluted earnings per common share attributable to Masonite (in dollars per share) |
$ 2.74
|
$ 1.71
|
Stock Appreciation Rights (SARs) |
|
|
Effect of dilutive securities: |
|
|
Anti-dilutive instruments excluded from diluted earnings per common share (in shares) |
1,383
|
191,385
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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Segment Information (Geographic Segments Information) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
$ 668,339
|
$ 725,984
|
Adjusted EBITDA |
97,100
|
106,165
|
Operating Segments |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
672,352
|
731,355
|
Intersegment Eliminations |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
(4,013)
|
(5,371)
|
North American Residential |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
530,643
|
569,039
|
Adjusted EBITDA |
106,801
|
107,881
|
North American Residential | Operating Segments |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
531,357
|
569,429
|
North American Residential | Intersegment Eliminations |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
(714)
|
(390)
|
Europe |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
58,392
|
63,694
|
Adjusted EBITDA |
1,941
|
5,151
|
Europe | Operating Segments |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
58,487
|
63,716
|
Europe | Intersegment Eliminations |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
(95)
|
(22)
|
Architectural |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
75,539
|
87,902
|
Adjusted EBITDA |
4,816
|
5,350
|
Architectural | Operating Segments |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
78,743
|
92,861
|
Architectural | Intersegment Eliminations |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
(3,204)
|
(4,959)
|
Corporate & Other |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
3,765
|
5,349
|
Adjusted EBITDA |
(16,458)
|
(12,217)
|
Corporate & Other | Operating Segments |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Net sales |
3,765
|
5,349
|
Corporate & Other | Intersegment Eliminations |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
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$ 0
|
$ 0
|
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Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Segment Reporting [Abstract] |
|
|
Net income attributable to Masonite |
$ 61,055
|
$ 38,491
|
Depreciation |
27,568
|
21,485
|
Amortization |
10,876
|
7,421
|
Share based compensation expense |
6,930
|
6,054
|
Loss on disposal of property, plant and equipment |
1,068
|
1,038
|
Restructuring costs |
1,394
|
3,678
|
Interest expense, net |
12,022
|
14,252
|
Other (income) expense, net |
(85,250)
|
52
|
Income tax expense |
23,278
|
11,360
|
Other items |
37,832
|
1,381
|
Net income attributable to non-controlling interest |
327
|
953
|
Adjusted EBITDA |
$ 97,100
|
$ 106,165
|
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v3.24.1.u1
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Apr. 02, 2023 |
Dec. 31, 2023 |
Accumulated Foreign Currency Translation Gains (Losses) [Roll Forward] |
|
|
|
Accumulated foreign currency translation losses, beginning of period |
$ (113,023)
|
$ (132,001)
|
|
Foreign currency translation (loss) gain |
(4,907)
|
8,949
|
|
Income tax (benefit) expense on foreign currency translation loss |
(9)
|
0
|
|
Less: foreign currency translation (loss) gain attributable to non-controlling interest |
(155)
|
(8)
|
|
Accumulated foreign currency translation losses, end of period |
(117,784)
|
(123,044)
|
|
Accumulated Amortization of Actuarial Net Losses [Roll Forward] |
|
|
|
Accumulated pension and other post-retirement adjustments, beginning of period |
(7,169)
|
(10,223)
|
|
Amortization of actuarial net losses |
218
|
191
|
|
Income tax expense on amortization of actuarial net losses |
0
|
45
|
|
Accumulated pension and other post-retirement adjustments |
(6,951)
|
(10,077)
|
|
Accumulated other comprehensive loss |
(124,735)
|
(133,121)
|
$ (120,192)
|
Other comprehensive (loss) income, net of tax |
(4,698)
|
9,095
|
|
Less: other comprehensive (loss) income attributable to non-controlling interest |
(155)
|
(8)
|
|
Other comprehensive (loss) income attributable to Masonite |
$ (4,543)
|
$ 9,103
|
|
X |
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v3.24.1.u1
Supplemental Cash Flow Information (Cash and Non-Cash Transactions) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Apr. 02, 2023 |
Transactions involving cash: |
|
|
Interest paid |
$ 25,356
|
$ 23,872
|
Interest received |
4,422
|
2,210
|
Income taxes paid |
5,185
|
16,267
|
Income tax refunds |
447
|
41
|
Cash paid for operating lease liabilities |
9,302
|
9,095
|
Cash paid for finance lease liabilities |
354
|
358
|
Non-cash transactions: |
|
|
Right-of-use assets acquired under operating leases |
$ 43,414
|
11,374
|
Holdback of portion of Endura purchase payable |
|
$ 18,000
|
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v3.24.1.u1
Supplemental Cash Flow Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Apr. 02, 2023 |
Jan. 01, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 230,441
|
$ 137,414
|
|
|
Restricted cash |
12,426
|
11,926
|
|
|
Total cash, cash equivalents and restricted cash |
$ 242,867
|
$ 149,340
|
$ 222,312
|
$ 308,921
|
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v3.24.1.u1
Supplemental Cash Flow Information (Narrative) (Details) $ in Millions |
|
|
3 Months Ended |
12 Months Ended |
|
Jan. 16, 2024
USD ($)
d
|
Dec. 17, 2023
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jan. 01, 2023
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
Property, plant and equipment, additions |
|
|
$ 9.5
|
$ 9.0
|
|
Financing receivable, current |
|
|
|
|
$ 12.6
|
PGT Innovations, Inc. |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Gain (loss) on contract termination |
$ 84.0
|
|
|
|
|
PGT Innovations, Inc. |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Contract termination |
|
$ 3,000.0
|
|
|
|
Contract termination, match period | d |
4
|
|
|
|
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Fair Value of Financial Instruments (Details) - Senior Notes - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jul. 26, 2021 |
Jul. 25, 2019 |
Senior Notes 2030 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Interest rate stated percentage |
|
|
3.50%
|
|
Senior Notes 2030 | Fair Value | Fair Value, Inputs, Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Estimated fair value of senior notes |
$ 332,194
|
$ 324,956
|
|
|
Senior Notes 2030 | Carrying Value | Fair Value, Inputs, Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Estimated fair value of senior notes |
371,814
|
371,679
|
|
|
Senior Notes Due 2028 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Interest rate stated percentage |
|
|
|
5.375%
|
Senior Notes Due 2028 | Fair Value | Fair Value, Inputs, Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Estimated fair value of senior notes |
501,230
|
482,285
|
|
|
Senior Notes Due 2028 | Carrying Value | Fair Value, Inputs, Level 2 |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Estimated fair value of senior notes |
$ 496,794
|
$ 496,609
|
|
|
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v3.24.1.u1
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
|
Jun. 30, 2024 |
Apr. 26, 2024 |
Mar. 31, 2024 |
Subsequent Event [Line Items] |
|
|
|
Disposal group, consideration |
|
|
$ 163,000
|
Subsequent Event | Senior Notes Due 2028 | Senior Notes |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Repurchased face amount |
|
$ 441,351
|
|
Repurchased face amount, percentage |
|
88.27%
|
|
Forecast |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Disposal group, consideration |
$ 75,000
|
|
|
Forecast | Subsequent Event | Minimum |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Loss on write-down |
90,000
|
|
|
Forecast | Subsequent Event | Maximum |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Loss on write-down |
$ 100,000
|
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