Company Quick10K Filing
Jeld-Wen Holding
Price19.16 EPS1
Shares101 P/E20
MCap1,943 P/FCF12
Net Debt1,383 EBIT141
TEV3,326 TEV/EBIT24
TTM 2019-09-28, in MM, except price, ratios
10-Q 2021-03-27 Filed 2021-04-30
10-K 2020-12-31 Filed 2021-02-23
10-Q 2020-09-26 Filed 2020-11-03
10-Q 2020-06-27 Filed 2020-08-05
10-Q 2020-03-28 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-28 Filed 2019-11-06
10-Q 2019-06-29 Filed 2019-08-07
10-Q 2019-03-30 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-29 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-06
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-07-01 Filed 2017-08-08
10-Q 2017-04-01 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-03
8-K 2020-11-03
8-K 2020-08-31
8-K 2020-08-04
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-05-04
8-K 2020-04-27
8-K 2020-04-27
8-K 2020-03-28
8-K 2020-02-18
8-K 2019-12-31
8-K 2019-11-06
8-K 2019-10-10
8-K 2019-09-20
8-K 2019-08-07
8-K 2019-06-20
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-02-19
8-K 2018-12-27
8-K 2018-11-06
8-K 2018-10-16
8-K 2018-10-09
8-K 2018-08-07
8-K 2018-06-07
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-02-27
8-K 2018-02-21

JELD 10Q Quarterly Report

Part I - Financial Information
Item 1 - Unaudited Financial Statements
Note 1. Description of Company and Summary of Significant Accounting Policies
Note 2. Accounts Receivable
Note 3. Inventories
Note 4. Property and Equipment, Net
Note 5. Goodwill
Note 6. Intangible Assets, Net
Note 7. Accrued Expenses and Other Current Liabilities
Note 8. Warranty Liability
Note 9. Long - Term Debt
Note 10. Income Taxes
Note 11. Segment Information
Note 12. Capital Stock
Note 13. Earnings per Share
Note 14. Stock Compensation
Note 15. Impairment and Restructuring Charges
Note 16. Other Income
Note 17. Derivative Financial Instruments
Note 18. Fair Value of Financial Instruments
Note 19. Commitments and Contingencies
Note 20. Employee Retirement and Pension Benefits
Note 21. Supplemental Cash Flow Information
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 5 - Other Information
Item 6 - Exhibits
EX-10.1 a1012017omnibusequitypla.htm
EX-10.2 a102formofnonqualifiedst.htm
EX-10.3 a103formofrestrictedstoc.htm
EX-10.4 a104formofpsuawardagreem.htm
EX-31.1 q12021exhibit311.htm
EX-31.2 q12021exhibit312.htm
EX-32.1 q12021exhibit321.htm

Jeld-Wen Holding Earnings 2021-03-27

Balance SheetIncome StatementCash Flow
3.52.82.11.40.70.02017201820192020
Assets, Equity
1.20.90.70.40.2-0.12017201820192020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

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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 27, 2021
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: 001-38000
____________________________
JELD-WEN Holding, Inc.
(Exact name of registrant as specified in its charter)
____________________________
Delaware 93-1273278
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2645 Silver Crescent Drive
Charlotte, North Carolina 28273
(Address of principal executive offices, zip code)
(704) 378-5700
(Registrant’s telephone number, including area code)
____________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $0.01 per share)JELDNew York Stock Exchange

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 such files). Yes x 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 o  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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The registrant had 100,164,379 shares of Common Stock, par value $0.01 per share, outstanding as of April 28, 2021.




JELD-WEN HOLDING, Inc.
- Table of Contents –
Page No.
Part I - Financial Information
Item 1.Unaudited Financial Statements
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Balance Sheets
Consolidated Statements of Equity
Consolidated Statements of Cash Flows
Notes to Unaudited Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other Information
Item 6.Exhibits
Signature


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Glossary of Terms

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2020
ABL FacilityOur $400 million asset-based loan revolving credit facility, dated as of October 15, 2014 and as amended from time to time, with JWI (as hereinafter defined) and JELD-WEN of Canada, Ltd., as borrowers, the guarantors party thereto, a syndicate of lenders, and Wells Fargo Bank, N.A., as administrative agent
ABSJWI d/b/a American Building Supply, Inc.
Adjusted EBITDAA supplemental non-GAAP financial measure of operating performance not based on any standardized methodology prescribed by GAAP that we define as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; other items; and costs related to debt restructuring and debt refinancing
ASCAccounting Standards Codification
ASUAccounting Standards Update
AUDAustralian Dollar
Australia Senior Secured Credit FacilityOur senior secured credit facility, dated as of October 6, 2015 and as amended from time to time, with certain of our Australian subsidiaries, as borrowers, and Australia and New Zealand Banking Group Limited, as lender
BBSYBank Bill Swap Bid Rate
CAPCleanup Action Plan
CEOChief Executive Officer
CFOChief Financial Officer
CARES ActCoronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020
CharterAmended and Restated Certificate of Incorporation of JELD-WEN Holding, Inc.
CMIJWI d/b/a CraftMaster Manufacturing, Inc.
COAConsent Order and Agreement
CODMChief Operating Decision Maker
Common StockThe 900,000,000 shares of common stock, par value $0.01 per share, authorized under our Charter
Corporate Credit FacilitiesCollectively, our ABL Facility and our Term Loan Facility
COVID-19A novel strain of the 2019-nCov coronavirus
Credit FacilitiesCollectively, our Corporate Credit Facilities and our Australia Senior Secured Credit Facility as well as other acquired term loans and revolving credit facilities
D&ODirectors and Officers
DKKDanish Krone
ERPEnterprise Resource Planning
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States
GHGsGreenhouse Gases
GILTIGlobal Intangible Low-Taxed Income
JELD-WEN
JELD-WEN Holding, Inc., together with its consolidated subsidiaries where the context requires
JEMJELD-WEN Excellence Model
JWAJELD-WEN of Australia Pty. Ltd.
JWIJELD-WEN, Inc., a Delaware corporation
LIBORLondon Interbank Offered Rate
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
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OnexOnex Partners III LP and certain affiliates
PaDEPPennsylvania Department of Environmental Protection
Preferred Stock90,000,000 shares of Preferred Stock, par value $0.01 per share, authorized under our Charter
PSUPerformance Stock Unit
R&RRepair and Remodel
Registration Rights AgreementThe agreement among JELD-WEN Holdings, Inc., Onex and its affiliates, and certain of our directors, executive officers and other pre-IPO stockholders entered into on October 3, 2011, as amended and restated on January 24, 2017 in connection with our IPO, and amended further on May 12, 2017 and November 12, 2017
RSURestricted Stock Unit
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior Notes$800.0 million of unsecured notes issued in December 2017 in a private placement in two tranches: $400.0 million bearing interest at 4.625% and maturing in December 2025 and $400.0 million bearing interest at 4.875% and maturing in December 2027
Senior Secured Notes$250.0 million of senior secured notes issued in May 2020 in a private placement bearing interest at 6.25% and maturing in May 2025
SG&ASelling, general, and administrative expenses
Tax ActTax Cuts and Jobs Act
Term Loan FacilityOur term loan facility, dated as of October 15, 2014, and as amended from time to time with JWI, as borrower, the guarantors party thereto, a syndicate of lenders, and Bank of America, N.A., as administrative agent
Common Stock900,000,000 shares of common stock, with a par value of $0.01 per share
U.S.United States of America
VPIJWI d/b/a VPI Quality Windows, Inc.
WADOEWashington State Department of Ecology
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CERTAIN TRADEMARKS, TRADE NAMES, AND SERVICE MARKS
    This report includes trademarks, trade names, and service marks owned by us. Our U.S. window and door trademarks include JELD-WEN®, AuraLast®, MiraTEC®, Extira®, LaCANTINATM, MMI Door®, KaronaTM, ImpactGard®, JW®, Aurora®, IWP®, True BLU®, ABSTM, Siteline®, and VPITM . Our trademarks are either registered or have been used as common law trademarks by us. The trademarks we use outside the U.S. include the Stegbar®, Regency®, William Russell Doors®, Airlite®, Trend®, The Perfect FitTM, Aneeta®, Breezway®, KolderTM , Corinthian® and A&L Windows® marks in Australia, and Swedoor®, Dooria®, DANA®, MattioviTM, Alupan® and Domoferm® marks in Europe. ENERGY STAR® is a registered trademark of the U.S. Environmental Protection Agency. This report contains additional trademarks, trade names, and service marks of others, which are, to our knowledge, the property of their respective owners. Solely for convenience, trademarks, trade names, and service marks referred to in this report appear without the ®, ™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names, and service marks. We do not intend our use of other parties’ trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.
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PART I - FINANCIAL INFORMATION

Item 1 - Unaudited Financial Statements

JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
(amounts in thousands, except share and per share data)March 27, 2021March 28, 2020
Net revenues$1,092,383 $979,187 
Cost of sales856,444 784,818 
Gross margin235,939 194,369 
Selling, general and administrative191,554 172,584 
Impairment and restructuring charges927 6,545 
Operating income43,458 15,240 
Interest expense, net18,455 16,604 
Other income(10,841)(2,331)
Income before taxes35,844 967 
Income tax expense10,359 1,197 
Net income (loss)$25,485 $(230)
Weighted average common shares outstanding:
Basic100,494,883 100,646,850 
Diluted102,642,440 100,646,850 
Net income (loss) per share
Basic$0.25 $ 
Diluted$0.25 $ 

























The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
 Three Months Ended
(amounts in thousands)March 27, 2021March 28, 2020
Net income (loss)$25,485 $(230)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax expense of $9 and $0, respectively
(40,084)(53,639)
Interest rate hedge adjustments, net of tax expense of $347 and $0, respectively
1,025  
Defined benefit pension plans, net of tax expense of $834 and $1,060, respectively
2,001 2,763 
Total other comprehensive income (loss), net of tax(37,058)(50,876)
Comprehensive loss$(11,573)$(51,106)











































The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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JELD-WEN HOLDING, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands, except share and per share data)March 27, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$612,818 $735,820 
Restricted cash524 774 
Accounts receivable, net633,582 477,472 
Inventories531,549 512,228 
Other current assets44,820 34,359 
Total current assets1,823,293 1,760,653 
Property and equipment, net853,533 872,585 
Deferred tax assets196,896 199,194 
Goodwill625,738 639,867 
Intangible assets, net241,567 246,055 
Operating lease assets, net212,730 214,727 
Other assets29,708 31,604 
Total assets$3,983,465 $3,964,685 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$326,121 $269,891 
Accrued payroll and benefits158,276 151,742 
Accrued expenses and other current liabilities377,716 379,289 
Current maturities of long-term debt40,922 66,702 
Total current liabilities903,035 867,624 
Long-term debt1,718,508 1,701,340 
Unfunded pension liability111,215 115,077 
Operating lease liability175,951 177,491 
Deferred credits and other liabilities90,494 91,368 
Deferred tax liabilities7,110 7,321 
Total liabilities3,006,313 2,960,221 
Commitments and contingencies (Note 19)
Shareholders’ equity
Preferred Stock, par value $0.01 per share, 90,000,000 shares authorized; no shares issued and outstanding
  
Common Stock: 900,000,000 shares authorized, par value $0.01 per share, 100,146,904 shares outstanding as of March 27, 2021; 900,000,000 shares authorized, par value $0.01 per share, 100,806,068 shares outstanding as of December 31, 2020
1,001 1,008 
Additional paid-in capital698,090 690,687 
Retained earnings373,812 371,462 
Accumulated other comprehensive loss(95,751)(58,693)
Total shareholders’ equity 977,152 1,004,464 
Total liabilities and shareholders’ equity$3,983,465 $3,964,685 




The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
Three Months Ended
March 27, 2021March 28, 2020
(amounts in thousands, except share and per share amounts)SharesAmountSharesAmount
Preferred stock, $0.01 par value per share
 $  $ 
Common stock, $0.01 par value per share
Balance at beginning of period100,806,068 $1,008 100,668,003 $1,007 
Shares issued for exercise/vesting of share-based compensation awards177,283 2 94,471 1 
Shares repurchased
(809,884)(8)(265,589)(3)
Shares surrendered for tax obligations for employee share-based transactions(26,563)(1)(9,400) 
Balance at period end100,146,904 $1,001 100,487,485 $1,005 
Additional paid-in capital
Balance at beginning of period
$691,360 $672,445 
Shares issued for exercise/vesting of share-based compensation awards
1,263 — 
Shares surrendered for tax obligations for employee share-based transactions
(715)(237)
Amortization of share-based compensation
6,855 3,733 
Balance at period end
698,763 675,941 
Employee stock notes
Balance at beginning of period
(673)(673)
Net issuances, payments and accrued interest on notes
—  
Balance at period end
(673)(673)
Balance at period end
$698,090 $675,268 
Retained earnings
Balance at beginning of period
$371,462 $290,583 
Shares repurchased(23,135)(4,997)
Adoption of new accounting standard ASU 2016-13— (5,710)
Net income (loss)25,485 (230)
Balance at period end
$373,812 $279,646 
Accumulated other comprehensive income (loss)
Balance at beginning of period
$(58,693)$(151,275)
Foreign currency adjustments
(40,084)(53,639)
Unrealized gain on interest rate hedges1,025 — 
Net actuarial pension gain
2,001 2,763 
Balance at period end
$(95,751)$(202,151)
Total shareholders’ equity at period end$977,152 $753,768 










The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
(amounts in thousands)March 27, 2021March 28, 2020
OPERATING ACTIVITIES
Net income (loss)$25,485 $(230)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization34,210 33,446 
Deferred income taxes366 604 
Gain on sale of business units, property and equipment(946)(2,073)
Adjustment to carrying value of assets255 4,254 
Amortization of deferred financing costs707 492 
Stock-based compensation6,855 3,733 
Contributions to U.S. pension plan (1,619)
Amortization of U.S. pension expense2,325 2,225 
Other items, net(5,740)13,382 
Net change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable(162,947)(95,477)
Inventories(25,369)(32,686)
Other assets(10,860)(17,840)
Accounts payable and accrued expenses75,738 20,389 
Change in short term and long-term tax liabilities(4,960)(5,175)
Net cash used in operating activities(64,881)(76,575)
INVESTING ACTIVITIES
Purchases of property and equipment(17,894)(22,635)
Proceeds from sale of business units, property and equipment2,489 7,775 
Purchase of intangible assets(3,118)(7,521)
Cash received for notes receivable177 15 
Net cash used in investing activities(18,346)(22,366)
FINANCING ACTIVITIES
Change in long-term debt(8,642)94,995 
Common stock issued for exercise of options1,265 1 
Common stock repurchased(23,143)(5,000)
Payments to tax authorities for employee share-based compensation (706)
Net cash provided by (used in) financing activities(30,520)89,290 
Effect of foreign currency exchange rates on cash(9,505)(5,616)
Net increase (decrease) in cash and cash equivalents(123,252)(15,267)
Cash, cash equivalents and restricted cash, beginning736,594 229,876 
Cash, cash equivalents and restricted cash, ending$613,342 $214,609 
For further information see Note 21 - Supplemental Cash Flow.









The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
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JELD-WEN HOLDING, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Description of Company and Summary of Significant Accounting Policies
Nature of Business – JELD-WEN Holding, Inc., along with its subsidiaries, is a vertically integrated global manufacturer and distributor of windows, doors, and other building products that derives substantially all of its revenues from the sale of its door and window products. Unless otherwise specified or the context otherwise requires, all references in these notes to “JELD-WEN,” “we,” “us,” “our,” or the “Company” are to JELD-WEN Holding, Inc. and its subsidiaries.
We have facilities located in the U.S., Canada, Europe, Australia, Asia, and Mexico. Our products are marketed primarily under the JELD-WEN brand name in the U.S. and Canada and under JELD-WEN and a variety of acquired brand names in Europe, Australia, and Asia.
Our revenues are affected by the level of new housing starts and remodeling activity in each of our markets. Our sales typically follow seasonal new construction and repair and remodeling industry patterns. The peak season for home construction and remodeling in many of our markets generally corresponds with the second and third calendar quarters, and therefore, sales volume is typically higher during those quarters. Our first and fourth quarter sales volumes are generally lower due to reduced repair and remodeling activity and reduced activity in the building and construction industry as a result of colder and more inclement weather in certain areas of our geographic end markets.
Basis of Presentation – The accompanying unaudited consolidated financial statements as of March 27, 2021 and for the three months ended March 27, 2021 and March 28, 2020, respectively, have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the periods presented. The results for the three months ended March 27, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or any other period. The accompanying consolidated balance sheet as of December 31, 2020 was derived from audited financial statements included in the Company’s Form 10-K. The accompanying consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.
All U.S. dollar and other currency amounts, except per share amounts, are presented in thousands unless otherwise noted.
Ownership – As of December 31, 2020, Onex owned approximately 33% of the outstanding shares of our Common Stock. On March 1, 2021, Onex exercised its rights under its Registration Rights Agreement and requested the registration for resale of 8,000,000 shares of our Common Stock in an underwritten public offering (the “Secondary Offering”), and as provided under the terms of the Registration Rights Agreement, we were responsible for all related fees and expenses except for the underwriters’ discounts and commissions, which were paid by Onex. The Secondary Offering was completed on March 3, 2021. After the Secondary Offering, Onex held approximately 25% of our outstanding shares of Common Stock. In addition, in connection with the Secondary Offering, the Company purchased from the underwriter 800,000 of the aggregate 8,000,000 shares of our Common Stock that were the subject of the Secondary Offering at a price per share of $28.61, which is the price at which the underwriter purchased the shares from Onex in the Secondary Offering.
Fiscal Year – We operate on a fiscal calendar year, and each interim quarter is comprised of two 4-week periods and one 5-week period, with each week ending on a Saturday. Our fiscal year always begins on January 1 and ends on December 31. As a result, our first and fourth quarters may have more or fewer days included than a traditional 91-day fiscal quarter.
Use of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets including goodwill and other intangible assets, employee benefit obligations, income tax uncertainties, contingent assets and liabilities, provisions for bad debt, inventory, warranty liabilities, legal claims, valuation of derivatives, environmental remediation, and claims relating to self-insurance. Actual results could differ due to the uncertainty inherent in the nature of these estimates.
COVID-19 – The CARES Act in the U.S. and similar legislation in other jurisdictions includes measures that assist companies in responding to the COVID-19 pandemic. These measures consisted primarily of cash assistance to support employment levels and deferment of remittance of certain non-income tax expense payments. The most significant impact
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was the CARES Act in the U.S., which included a provision that allows employers to defer the remittance of the employer portion of the social security tax. The deferred employment tax must be paid over two years, with half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022. For the year ended December 31, 2020, the Company deferred $20.9 million of the employer portion of social security tax. As of March 27, 2021 and December 31, 2020, $10.4 million is included in accrued payroll and benefits and the remaining is included in deferred credits and other liabilities and in the consolidated balance sheet. For our Europe and Australasia regions, the deferrals totaled approximately $5.6 million and $1.7 million, respectively, at March 27, 2021 and $11.5 million and $1.8 million, respectively at December 31, 2020. The impact of the CARES Act and similar legislation in prospective periods may differ from our estimates as of March 27, 2021 due to changes in interpretations and assumptions, guidance that may be issued, and actions we may take in respect to these measures. The CARES Act and similar legislation in other jurisdictions are highly detailed and we will continue to assess the impact that various provisions will have on our business.
Recently Adopted Accounting Standards – In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles of ASC 740, including, but not limited to, accounting relating to intraperiod tax allocations, deferred tax liabilities related to outside basis differences, and year to date losses in interim periods. This guidance is effective for fiscal years beginning after December 15, 2020. We adopted this standard in the first quarter of 2021 and the adoption did not have an impact on our unaudited consolidated financial statements as of the date of adoption.
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of LIBOR or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, to clarify the scope of ASU No. 2020-04. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. In May 2020, we elected the expedient within ASC 848 which allows us to assume that our hedged interest payments are probable of occurring regardless of any expected modifications in their terms related to reference rate return. In addition, ASC 848 allows for the option to change the method of assessing effectiveness upon a change in critical terms of the derivative or the hedged transactions and upon the end of relief under ASC 848. At this time, we have elected to continue the method of assessing effectiveness as documented in the original hedge documentation and apply the practical expedients related to probability to assume that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. We plan to evaluate the remaining expedients for adoption, as applicable, when contracts are modified. Refer to Note 17 - Derivative Financial Instruments for additional disclosure information relating to our hedging activity.
We have considered the applicability and impact of all ASUs. We have assessed ASUs not listed above and have determined that they were either not applicable or were not expected to have a material impact on our financial statements.
Note 2. Accounts Receivable
We sell our manufactured products to a large number of customers, primarily in the residential housing construction and remodel sectors, broadly dispersed across many domestic and foreign geographic regions. We assess the credit risk relating to our accounts receivable based on quantitative and qualitative factors, primarily historical credit collections within each region where we have operations. We perform ongoing credit evaluations of our customers to minimize credit risk. We do not usually require collateral for accounts receivable, but will require advance payment, guarantees, a security interest in the products sold to a customer, and/or letters of credit in certain situations. Customer accounts receivable converted to notes receivable are collateralized by inventory or other collateral.
At March 27, 2021 and December 31, 2020, we had an allowance for doubtful accounts of $12.8 million and $12.9 million, respectively.
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Note 3. Inventories
Inventories are stated at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor, and manufacturing overhead costs.
(amounts in thousands)March 27, 2021December 31, 2020
Raw materials
$388,227 $382,698 
Work in process
37,397 35,712 
Finished goods
105,925 93,818 
Total inventories$531,549 $512,228 
Note 4. Property and Equipment, Net
(amounts in thousands)March 27, 2021December 31, 2020
Property and equipment
$2,206,541 $2,222,008 
Accumulated depreciation
(1,353,008)(1,349,423)
Total property and equipment, net$853,533 $872,585 
We recorded impairment charges of $0.3 million and $0.9 million for the three months ended March 27, 2021 and March 28, 2020, respectively.
Depreciation expense was recorded as follows:
Three Months Ended
(amounts in thousands)March 27, 2021March 28, 2020
Cost of sales
$22,536 $21,741 
Selling, general and administrative
2,396 2,629 
Total depreciation expense$24,932 $24,370 
Note 5. Goodwill
The following table summarizes the changes in goodwill by reportable segment:
(amounts in thousands)North
America
EuropeAustralasiaTotal
Reportable
Segments
Balance as of December 31, 2020$247,650 $303,397 $88,820 $639,867 
Currency translation
78 (13,129)(1,078)(14,129)
Balance as of March 27, 2021
$247,728 $290,268 $87,742 $625,738 
Note 6. Intangible Assets, Net
The cost and accumulated amortization values of our intangible assets were as follows:
March 27, 2021
(amounts in thousands)CostAccumulated
Amortization
Net
Book Value
Customer relationships and agreements
$151,680 $(69,117)$82,563 
Software
111,036 (28,520)82,516 
Trademarks and trade names
59,881 (10,336)49,545 
Patents, licenses and rights
48,247 (21,304)26,943 
Total amortizable intangibles$370,844 $(129,277)$241,567 
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December 31, 2020
(amounts in thousands)CostAccumulated
Amortization
Net
Book Value
Customer relationships and agreements
$155,006 $(68,186)$86,820 
Software
106,697 (26,801)79,896 
Trademarks and trade names
60,699 (9,821)50,878 
Patents, licenses and rights
48,759 (20,298)28,461 
Total amortizable intangibles$371,161 $(125,106)$246,055 
Through March 27, 2021, we have capitalized software costs of $80.5 million related to the application development stage of our global ERP system implementation, including $4.1 million during the three months ended March 27, 2021. In March 2020, we impaired $3.4 million of capitalized software within impairment and restructuring charges in the accompanying unaudited consolidated statements of operations due to delays in implementation of certain ERP modules and the uncertainty of its future. In the third quarter 2020, we reduced the estimated useful life of our initial ERP instance from 15 years to 10 years to align with our current plans for our future global ERP system. In the fourth quarter 2020, we placed in service and began amortizing our current global ERP instance over its estimated useful life of 10 years. As of March 27, 2021, we have placed $69.0 million in service and are amortizing the cost of our global ERP system over its estimated useful life.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Intangible assets that become fully amortized are removed from the accounts in the period that they become fully amortized. Amortization expense was recorded as follows:
Three Months Ended
(amounts in thousands)March 27, 2021March 28, 2020
Amortization expense$8,047 $6,603 

Note 7. Accrued Expenses and Other Current Liabilities
(amounts in thousands)March 27, 2021December 31, 2020
Legal claims provision$113,625 $108,629 
Accrued sales and advertising rebates
67,190 87,030 
Current portion of operating lease liability45,095 44,319 
Non-income related taxes
33,918 31,436 
Current portion of warranty liability (Note 8)
21,771 21,766 
Accrued freight18,911 18,967 
Accrued interest payable
17,907 3,681 
Accrued expenses
15,784 15,751 
Deferred revenue15,039 13,453 
Current portion of accrued claim costs relating to self-insurance programs
12,649 11,882 
Current portion of derivative liability (Note 17)
7,413 9,778 
Accrued income taxes payable 6,977 11,224 
Current portion of restructuring accrual (Note 15)
1,437 1,373 
Total accrued expenses and other current liabilities$377,716 $379,289 
The legal claims provision relates primarily to contingencies associated with the ongoing legal matters disclosed in Note 19 - Commitments and Contingencies.
The accrued sales and advertising rebates, accrued interest payable, accrued freight, and non-income related taxes can fluctuate significantly period-over-period due to timing of payments.
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Note 8. Warranty Liability
Warranty terms vary from one year to lifetime on certain window and door components. Warranties are normally limited to servicing or replacing defective components for the original customer. Product defects arising within six months of sale are classified as manufacturing defects and are not included in the current period expense below. Some warranties are transferable to subsequent owners and are either limited to 10 years from the date of manufacture or require pro-rata payments from the customer. A provision for estimated warranty costs is recorded at the time of sale based on historical experience and is periodically adjusted to reflect actual experience.
An analysis of our warranty liability is as follows:
(amounts in thousands)March 27, 2021March 28, 2020
Balance as of January 1$52,296 $49,716 
Current period charges6,252 4,668 
Experience adjustments
2,135 1,902 
Payments
(7,449)(6,476)
Currency translation
(102)(756)
Balance at period end53,132 49,054 
Current portion
(21,771)(20,397)
Long-term portion
$31,361 $28,657 
The most significant component of our warranty liability is in the North America segment, which totaled $46.6 million at March 27, 2021, after discounting future estimated cash flows at rates between 0.53% and 4.75%. Without discounting, the liability would have been higher by approximately $2.6 million.
Note 9. Long-Term Debt
Our long-term debt, net of original issue discount and unamortized debt issuance costs, consisted of the following:
March 27, 2021March 27, 2021December 31, 2020
(amounts in thousands)Interest Rate
Senior Secured Notes and Senior Notes
4.63% - 6.25%
$1,050,000 $1,050,000 
Term loans
1.06% - 2.11%
588,358 588,881 
Finance leases and other financing arrangements
1.25% - 5.95%
106,081 113,174 
Mortgage notes1.65%27,681 29,296 
Total Debt
1,772,120 1,781,351 
Unamortized debt issuance costs and original issue discounts(12,690)(13,309)
 Current maturities of long-term debt(40,922)(66,702)
Long-term debt$1,718,508 $1,701,340 
Summaries of our significant changes to outstanding debt agreements as of March 27, 2021 are as follows:
Senior Secured Notes and Senior Notes
In May 2020, we issued $250.0 million of Senior Secured Notes bearing interest at 6.25% and maturing in May 2025 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The proceeds were net of fees and expenses associated with debt issuance, including an underwriting fee of 1.25%. Interest is payable semiannually, in arrears, each May and November through maturity, beginning November 2020.
In December 2017, we issued $800.0 million of unsecured Senior Notes in two tranches: $400.0 million bearing interest at 4.63% and maturing in December 2025, and $400.0 million bearing interest at 4.88% and maturing in December 2027 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
Term Loans
U.S. Facility - In December 2017, along with the issuance of the Senior Notes, we re-priced and amended the facility, which resulted in a principal balance of $440.0 million. These re-priced term loans were offered at par and bear interest at the rate of LIBOR (subject to a floor of 0.00%) plus a margin of 1.75% to 2.00%, determined by our corporate credit
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ratings. This amendment also modified other terms and provisions, including providing for additional covenant flexibility and additional capacity under the facility.
In February 2019, we purchased interest rate caps in order to effectively fix a 3.0% per annum ceiling on the LIBOR component of an aggregate $150.0 million of our term loans. The caps became effective March 29, 2019 and expire December 31, 2021.
In September 2019, we amended the Term Loan Facility to provide for an incremental aggregate principal amount of $125.0 million and used the proceeds primarily to repay $115.0 million of outstanding borrowings under the ABL Facility. The proceeds were net of the original issue discount of 0.5%, or $0.6 million, as well as $0.6 million in fees and expenses associated with the debt issuance. This amendment requires that approximately $1.4 million of the aggregate principal amount be repaid quarterly until the maturity date. There were no other changes to key terms and the facility maintains its original maturity date in December 2024. At March 27, 2021, the outstanding principal balance, net of original issue discount, was $549.5 million.
In May 2020, we entered into interest rate swap agreements with a weighted average fixed rate of 0.395% paid against one-month LIBOR floored at 0.00% with outstanding notional amounts aggregating to $370.0 million corresponding to that amount of the debt outstanding under our Term Loan Facility. The interest rate swap agreements are designated as cash flow hedges of a portion of the interest obligations on our Term Loan Facility borrowings and mature in December 2023. See Note 17-Derivative Financial Instruments for additional information on our derivative assets and liabilities.
Australia Facility - In June 2019, we reallocated AUD 5.0 million from the term loan commitment to the interchangeable commitment of the Australia Senior Secured Credit Facility. The amended AUD 50.0 million floating rate term loan facility bears interest at a base rate of BBSY plus a margin ranging from 1.00% to 1.10%, includes a line fee of 1.25% on the commitment amount, and matures in February 2023. This facility had an outstanding principal balance of AUD 50.0 million ($38.0 million) as of March 27, 2021.
Both the term loan and non-term loan portions of the Australia Senior Secured Credit Facility are secured by guarantees of JWA and its subsidiaries, fixed and floating charges on the assets of JWA group, and mortgages on certain real properties owned by the JWA group. The agreement requires that JWA maintain certain financial ratios, including a minimum consolidated interest coverage ratio and a maximum consolidated debt to EBITDA ratio. The agreement limits dividends and repayments of intercompany loans where the JWA group is the borrower and limits acquisitions without the bank’s consent.
Revolving Credit Facilities
ABL Facility - In December 2019, we amended the ABL facility, a $400 million asset-based loan revolving credit facility maturing in December 2022, which did not have a financial impact. This facility bears interest primarily at LIBOR (subject to a floor of 0.00%) plus a margin of 1.25% to 1.75%, determined by availability. Extensions of credit are limited by a borrowing base calculated based on specified percentages of the value of eligible accounts receivable and inventory, subject to certain reserves and other adjustments. We pay a fee of 0.25% on the unused portion of the commitments. The ABL Facility has a minimum fixed charge coverage ratio that we are obligated to comply with under certain circumstances. The ABL Facility has various non-financial covenants, including restrictions on liens, indebtedness, dividends, customary representations and warranties, and share repurchases, as well as customary events of defaults and remedies.
In March 2020, we drew $100.0 million under our ABL Facility as a precautionary measure to ensure funding of our seasonal working capital cash requirements given the significant impact of the COVID-19 pandemic on global financial markets and economies. In May 2020, we utilized a portion of the proceeds received from our issuance of the $250.0 million of Senior Secured Notes to repay the outstanding balance on our ABL Facility. In the fourth quarter of 2020, we began to include the accounts receivable and inventory balances of certain recently acquired U.S. businesses in determining our availability, which expanded our borrowing base. As of March 27, 2021, we had no outstanding borrowings, $39.1 million in letters of credit and $340.4 million available under the ABL Facility.
Australia Senior Secured Credit Facility - In June 2019, we amended the Australia Senior Secured Credit Facility, reallocating availability from the Australia Term Loan Facility and collapsing the floating rate revolving loan facility into an AUD 35.0 million interchangeable facility to be used for guarantees, asset financing, and loans of 12 months or less. In May 2020, we amended this facility to relax certain financial covenants and provide for a supplemental AUD 30.0 million floating rate revolving loan facility to be used for loans bearing interest at BBSY plus a margin of 1.10%, and a line fee of 0.90%, and maturing on June 30, 2021. The facility may be used only if and when the AUD 35.0 million interchangeable facility is fully utilized. As of March 27, 2021, we had AUD 30.0 million ($22.8 million) available under this facility. In addition, the AUD 35.0 million interchangeable facility was renewed with relaxed financial maintenance covenants to at least June 30, 2021 and its line fee increased to 0.70%, compared to a line fee of 0.50% under the previous amendment. The non-term loan portion of the Australia Senior Secured Credit Facility no longer has a set maturity date but is instead subject to an annual review. As of March 27, 2021, we had AUD 22.0 million ($16.7 million) available under this facility.
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At March 27, 2021, we had combined borrowing availability of $379.9 million under our revolving credit facilities.
Mortgage Notes – In December 2007, we entered into thirty-year mortgage notes secured by land and buildings with principal payments which began in 2018. At March 27, 2021, we had DKK 174.7 million ($27.7 million) outstanding under these notes.
Finance leases and other financing arrangements In addition to finance leases, we include insurance premium financing arrangements and loans secured by equipment in this category. At March 27, 2021, we had $106.1 million outstanding in this category, with maturities ranging from 2021 to 2028.
As of March 27, 2021, we were in compliance with the terms of all of our credit facilities and the indentures governing the Senior Notes and Senior Secured Notes.
Note 10. Income Taxes

The Company previously completed its accounting for the income tax effects of the Tax Act. We have considered ongoing developments released through the date hereof and determined that they have no material impact on our tax accounts for the three months ended March 27, 2021. Final guidance, once issued, may materially affect our conclusions regarding the net related effects of the Tax Act on our unaudited consolidated financial statements. Until then, management will continue to monitor and work with its tax advisors to interpret any guidance issued.
The effective income tax rate for continuing operations was 28.9% for the three months ended March 27, 2021 compared to 123.8% for the three months ended March 28, 2020. In accordance with ASC 740-270, we recorded tax expense of $10.4 million from operations in the three months ended March 27, 2021 compared to a tax expense of $1.2 million in the three months ended March 28, 2020, by applying an estimated annual effective tax rate to our year-to-date income for includable entities during the respective periods. Our estimated annual effective tax rate for both years includes the impact of the tax on GILTI. The application of the estimated annual effective tax rate in interim periods may result in a significant variation in the customary relationship between income tax expense and pretax accounting income due to the seasonality of our global business. Entities that are currently generating losses and for which there is a full valuation allowance are excluded from the worldwide effective tax rate calculation and are calculated separately. The estimated annual effective tax rate for the current year may be materially impacted by changes in management’s judgment regarding the realizability of deferred tax assets, including the ongoing financial and operational impacts on our business arising from COVID-19. To the extent that actual results and/or events differ from our predicted results, our estimated annual effective tax rate may be affected.
The impact of significant discrete items is separately recognized in the quarter in which they occur. The tax expense for discrete items included in the tax provision for continuing operations for the three months ended March 27, 2021 was $0.1 million compared to $0.8 million of tax expense for the three months ended March 28, 2020, respectively. The discrete amounts for the three months ended March 27, 2021 were comprised primarily of a tax expense of $0.3 million attributable to current period interest expense on uncertain tax positions, partially offset by a tax benefit of $0.2 million attributable to a windfall tax deduction on share-based compensation. The discrete amounts for the three months ended March 28, 2020 were similarly attributable to current period interest expense on uncertain tax positions.
Under ASC 740-10, we provide for uncertain tax positions and the related interest expense by adjusting unrecognized tax benefits and accrued interest accordingly. We recognize potential interest and penalties related to unrecognized tax benefits in income tax expense. We had unrecognized tax benefits without regard to accrued interest of $16.4 million and $17.0 million as of March 27, 2021 and December 31, 2020, respectively.
There are no changes to the Company’s indefinite reinvestment assertion on unremitted earnings, as outlined at December 31, 2020. However, with the continued uncertainty in the global economy due to the COVID-19 pandemic and impact on the Company’s business operations and liquidity, the Company may consider changes to this position in future periods as the Company’s outlook or operational needs change.
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Note 11. Segment Information
We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding allocation of resources in accordance with ASC 280-10- Segment Reporting. We determined that we have three reportable segments, organized and managed principally by geographic region. Our reportable segments are North America, Europe, and Australasia. We report all other business activities in Corporate and unallocated costs. Factors considered in determining the three reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information available and the information regularly reviewed by the CODM. Management reviews net revenues and Adjusted EBITDA to evaluate segment performance and allocate resources. We define Adjusted EBITDA as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other items; other non-cash items; and costs related to debt restructuring and debt refinancing.
The following tables set forth certain information relating to our segments’ operations:
(amounts in thousands)North
America
EuropeAustralasiaTotal Operating
Segments
Corporate
and
Unallocated
Costs
Total
Consolidated
Three Months Ended March 27, 2021
Total net revenues
$639,735 $